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 session for equities yesterday as we closed 0.8% lower on SPX and 1.5% lower on NDQ. Futures are unchanged this morning and interest rates seem to have found some stability here at their new "lower" levels, 437/389/374/388bps across the curve. Oil is steady at $85 too. We are now in what I call "middle of the month" vibes where we're still like 2 weeks out for the most meaningful macro data and everything in between is kind of just noise or irrelevant until we get it. We do get initial jobless claims today and also some housing data which could have some medium impact. In particular, there is a common belief that a US recession will be led with a housing market crash so weak housing data will continue to put pressure on the Fed, along with all the other data that already has done. It's funny when I write these comments and I talk about "putting pressure on the Fed" I secretly think maybe Jerome Powell is reading this and feeling the heat lol.
CRYPTO - Withdrawals from Genesis yesterday were suspended which in turn affected the Gemini Earn program which was actually with Genesis. Although Gemini it self remains unaffected, optically it doesn't look or feel great if you have money stuck there. It's once again a reminder to not have any money on exchanges right now, we still don't know the full extent of this contagion and even if an exchange comes out and says they're fine, we've seen multiple times when that has crippled. We saw crypto take a bit of a leg lower yesterday with BTC at 16.5k but ETH now back below 1200 and other altcoins following suit. It's definitely a bit of headline tennis from here, but I continue to think no news is good news, and despite the Genesis insolvency we didn't have a huge leg lower.
NFTs - I was certainly fearing a prolonged NFT selloff but honestly I am quite impressed at the sharp rebound. It's a sea of green in the top half of the screen withOtherside back above 1E, BAYC back to 62E and decent rallies across a few different projects, notably Art Gobblers up 50% to almost a 5E floor. Maybe the liquidity impact of people salvaging money having been hit by FTX was a short and sharp one and it's impressive to see this NFT dip get bought in decent size. Elsewhere SuperRare's RarePass dutch auction settled at 17.25ETH yesterday, which I think is lower than some people expected although still quite impressive given the recent market dynamics. There's been good secondary activity on that with the floor up to 28ETH.
GL today!
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