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 - So IMO the FOMC was a big nothing burger. Powell didn't say anything unexpected or different to what's already been communicating; those hoping for the Fed to signal a cut this year will be disappointed, but tbh for me that would have been an "upside" event and definitely not the one anyone was expecting. Given how much of a rally we've had in risk assets heading into this week's CPI and FOMC, it feels like markets are due to take a breather and as such we're starting the day with futures down 0.4-0.6% on SPX and NDQ. Interest rates saw a decent sell-off yesterday but we've since rallied back a little bit which puts us at 4.68% on 2Y and 3.76% on 10Y. With these main datapoints now out of the way, we enter the lull period of the month (usually the second half of each month). I'm curious to see what stocks do here...personally still in favour of a grind higher if there's no material news but it's tough to ignore the immense run we've had.
CRYPTO - Well, I probably don't need to tell you but indeed we saw a further move lower yesterday and it seems to be coming from altcoins; which sadly this time includes ETH. BTC has dropped back below 25K but ETH seems to be the sufferer falling to 1640, the lowest level for the last 3 months and 24% off the highs. Many altcoins are down a further 10-20% across the board although it's worth noting that the BTC dominance is unchanged over the last 3 days, currently at 49.17% (granted that is still at 1Y highs). Tough to judge where crypto goes from here, I broke my discipline of waiting for 1400 on ETH and put on a 25x levered trade at 1650...at 1584 I get liquidated lol. I suppose that's more of a gamble for me whereas if we get to 1400 on ETH and below I feel like I'm going to want to start DCAing in good size, especially if we head lower. Personally still don't think we get there and my TL is max bearish at the moment but factors are tough to judge here with the SEC wildcard. I still think meant to buy regulatory FUD, but when price action is like this you have to balance your dry powder.
NFTs - Market volumes were a bit higher than usual yesterday as we saw 39M of volumes. It feels like this may have been led by continued generative art sales for which Fidenzas led the way with another 75ETH and 80ETH sale which takes the floor back up to 85ETH. Today we will see the Goose auction at Sotheby's close - I think most people "in the know" are expecting a hammer price upwards of $3m which I think is definitely a morale-boosting sign in the depths of an NFT bear market. Elsewhere price action seems to be mostly south in PFP land but only by a small amount.
Degenz - We got our first pro subscribers yesterday which is great to see! Pro subscriptions can be for a 1-month or 6-month period which cost 0.03ETH or 0.14ETH respectively. Owning a Degenz Code (https://opensea.io/collection/degenzcode) gives you unlimited access and that's currently priced at 0.15ETH so obviously the value play at the moment. For subscribers - make sure you check out our Fidenza and Ringers reports on https://www.degenz.finance/Reports if you want a refresher ahead of today's auction!
GL today
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