The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - A reasonable bounce in stocks this morning with SPX up 0.4% and NDQ up 0.5% as we seem to be climbing back up off local lows. Similarly, interest rates are off recent highs with 2Y back down to 4.96% and 10Y at 4.24%. The local moves feel like rates higher => stocks lower which is a move that we are typically more familiar with, but of course the context of this year has been an anomaly with both rates and equities progressing a decent amount higher throughout the year. I have been stalking the CPI consensus numbers for next week and although there is nothing yet out for the headline YoY number, the expectation is that MoM inflation will be 0.5% (vs last month's 0.2%), so it's expected to rise. The big factor here will be increased energy costs, and as such core MoM inflation is expected to be flat at 0.2%. I sometimes find that markets move once a consensus is formed so it's something to watch out for there.
**CRYPTO** - The slow bleed of death continues with BTC losing to 25.8K and ETH to 1628. The ETH/BTC ratio currently sits at 0.063 which is where it has been since the end of June; it's a pretty long period now for which the two have moved in lockstep. Similarly, BTC dominance remains stuck at 49.25% as well...the lack of volatility in these ratios is a testament to how boring things have been recently. Something to add on the ETF front is that Van Eck also applied for a spot ETH ETF, in addition to Ark. As a reminder the next deadline for the BTC ETFs is 17th October so we still have a while to wait before communication from the SEC (which could be a further delay), but of course they could theoretically come to a decision at any point in time. The law of probability says the more days of boringness we have, the more likely it is we're gonna get a big fat market moving headline. What I can't tell you whether that will be a good headline or not lol
**NFTs** - The green seems to be thinning out for red and we're seeing the recent bounce in pfp projecs lose some steam. This is the point where I'm curious to see if things stay where they are or if they do have room to move lower. Nouns have been topical of late after a fork has come into place allowing existing nouns to rage quit with their share of the treasury; as a result we've seen Nouns rally back to what their implied value is. There seem to be a few more art sales about with Vinne Hager minting an Open Edition on OpenSea which currently stands at 2.5k minted, that's a pretty decent sale I think in this climate and it appears there are a few variations of what you can get. Personally I think it's nice to see that artists still have fans who just want to collect the art for art and support them, it doesn't seem like to me OEs have that speculative aspect to them now that they did earlier this year. Other htan that it continues to be quiet in NFT land for now.
**REPORTS** - new reports will be released in an hour!
GL today and have a good weekend