The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A soft close to markets in the end as SPX closed 0.72% lower and NDQ down 0.4%. Futures are bouncing this morning and completely reversing those gains and some. There continues to be panic across regional banks which have greatly suffered and we await to find out the final fate of the likes of PacWest and Western Alliance, the latter of which has denied any potential sale. Nonetheless, interest rates remain strong with 2Y settling in at the 3.82% area as markets continue to expect the Fed to be forced to pivot by the end of the year. Today we have payrolls which are to be released shortly and as previously mentioned we are "hoping" for a low number there.
CRYPTO - Majors have been strong following this week's action and BTC and ETH remain in at 29.2K and 1915 respectively. I suppose it's now impossible for me not to mention the shitcoin market which really has gathered a tonne of momentum in the past few days. Today $PEPE surpassed a $1bn market cap after Binance announced a listing and it's quite insane how it has managed to achieve such in simply 3 weeks. It just goes to show the power of the meme and right-place-right-time impact being able to gather insane momentum. IMO this is the sort of thing that's going to start making big headlines and will result in a lot of people entering the shitcoin market. I've heard a lot of people saying "I just bought my first shitcoin" and rags to riches stories will undoubtedly bring people in. My 2C is that we'll see this buoy some of the related meme coins which could maybe experience a strong rally over the next few days, but eventually you have to think at some point this gets sold after which there'll be 1-2 survivors, and IMO $PEPE will be one of them. It's really insane stuff, you gotta love crypto.
NFTs - A sea of red across the board and I can only imagine people are selling NFTs to chase shitcoins. Volumes are still depressed and activity seems very mundane. I've been calling for a jpeg rebound for the summer but rn it feels like it's gonna be a shitcoin summer. Not really sure what else to add here other than I think there'll be some amazing purchases to be had in the "fine/historical art" part of the market but outside of that it's kind of slim pickings. Stay safe out there. Touch some grass this weekend...GL
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