The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - A strong finish to markets yesterday saw SPX close 0.9% higher and NDQ 2.5% higher as tech stocks were buoyed by NVDA earnings. On the flip side, it continues to look a little ugly for interest rates as 2Y yields. hit as high as 4.55% yesterday before dropping back down to 4.5%. Headlines this morning suggest that Congress is closer to achieving a deal on the US debt ceiling although I would note that we are heading into a holiday weekend for US Labour Day so I'm not sure anything gets done by then. I do think that if a deal get struck we'll see a bit of a relief rally for the market; probably want happens is we rally into any deal announcement and then it might end up being a lukewarm response once it's officially struck. This week will end what has been the "quiet part" of the month and from next week as we hit June we'll start to see some important data roll in once again starting with payrolls. It's going to be a very interesting FOMC in mid June too.
CRYPTO - Seems like we've held onto current levels, if not edging ever so slightly forward which sees BTC at 26.4K and ETH at 1812. Altcoins are a bit meh but seem to be doing OK overall. The crypto market feels a bit dead with a lack of volatility for the timebeing, I wonder if we'll see a pump post debt ceiling resolution or if crypto has been suppressed for other reasons. Either way it does feel awfully quiet at the moment and maybe some stability is a nice thing as we head into summer...it's certainly a very different dynamic right now than it was this time last year as ETH plummeted to triple digits!
NFTs - Once again we are seeing art thrive in this market. Jack Butcher's Elementals drop made over 450ETH yesterday while Patrick Amadon/Transient Labs' "Dopplegaenger" has minted 124 items at a price of 1ETH. This follows massive Fidenza and Autoglyph sales last week which ignited a generative art rally. What this tells me is people actually want to collect digital art, and I think interesting projects from genuine artists will continue to do well and there is clearly capital there ready to be allocated to it. It's nice to see artists win of vapourware pfp projects IMO and I hope it's a trend that continues. Volumes in the overall market were rather quiet and I was impressed to see a bounce in Milady after its recent decline while the Jack Butcher ecosystem continues to do very well.
GL today and touch some grass this weekend
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