The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Stocks had a strong finish yesterday climbing 1-1.3% on SPX and NDQ and futures are continuing those gains this morning up around 0.4-0.5% which puts equities once again at new YTD highs I think. Interest rates continued to rally yesterday which now sees 2Y back down at 4.35%. We had strong labour market data yesterday but weak ISM data and it seems like the market is thinking about the latter a bit more. However, today's payrolls I think is probably the most important and I'm curious to see how that plays out; IMO a number that's in line or lower will be good for markets and could probably send things higher.
CRYPTO - Seeing some strength in line with macro which puts BTC back above 27K and ETH flirting with 1900 again. Altcoins are up modestly in sympathy and as stocks once again breach YTD highs we're all wondering if we're going to see a crypto rebound we're hoping for given ETH and BTC are like 15% off yTD highs still. I think we're at a very interesting point of inflection for crypto where if macro keeps going at the rate it is, it's going to be very hard for crypto not to catch up even with the breakdown in correlation we've seen this year.
NFTs - $29m of volumes yesterday with price action once again mixed across the board. It just feels like a game of hot potato to me in NFTs still with very few active traders in what feels like a declining market for the mass scale PFP stuff. Opepen gave up 19% of its recent gains to fall back to 0.9ETH which is the most notable move to me. Something that I think is really impressive is how well Azuki has held up. The floor there is still 16ETH and it's incredible how strong that bid has been amid many other "bluechip" projects falling 70-80%. Other than that, there's not much more to report here in NFT land and I recommend everyone touching some grass!
GL today