The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Well I mean stocks just keep keep going and it's price discovery in the context of this year with SPX and NDQ up yet another 0.3-0.5% to start the day. INterest rates have been edging higher the past few sessions which now sees 2Y back up to 4.62%, but on a macro level it's rather healthy to see high interest rates (required to combat inflation) alongside what appears to be a thriving equity market. This week is a big week as we have CPI tomorrow and then the FOMC concluding on Weds. As it stands expectations for inflation are 4.1% vs 4.9%, while core is 5.3% vs 5.5%...and it feels like there is a lot more focus on core which appears to be stickier. IMO if we hit those numbers we can expect a sustained rally in risk assets, but it does feel like there is also a lot of room to miss here which I am cognisant of.
CRYPTO - Despite a soaring equity market, crypto continues to drastically underperform with BTC sitting just below 26K and ETH at 1750 as we saw a pretty hefty pullback over the weekend. It appears we are navigating illiquid markets and the SEC overhang is playing its part in panicking big sellers and/or retail out of the market. With this additional backup I am finding it extremely hard not to step in and buy but I will stay disciplined and stick to my target of 1400 on ETH (which btw I'm not sure hits). It's tough because we're watching macro...but this year has seem an immense breakdown of correlation so I'm not sure what to say really...but I do think this will pass and we'll have a moment where we we'll be thinking "why didn't I buy?"...it's just a question of how low one can catch the knife.
NFTs - I think it's safe to say we've been tracking at $25-30m a day volumes for a while now which is the new normal in the post mass $BLUR harvesting era, and the last 24H were no different. Price action continues to be rather meh...something notable is a drop in Kanpai Pandas to the tune of 20% to a floor price of 0.76, that was alarming to me as for some reason I thought they were still at around 2ETH! A couple more that alarmed me were Cool Cats at 0.54 and Chimpers at 0.48...maybe also RENGA at 0.56 although I feel like that's been down there a while...but yeah the selling continues and it's not pretty out there with many pfp projects reduced to their barebones of core communities. I highly commend and project team/founders who are still going here!
GL this week
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