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 strong start for stucks sees SPX up 0.2% and NDQ up 0.3%, although I would note that futures were higher this morning. A lot of this rally is being led by Nvidia which is up 5% this morning after reporting strong earnings yesterday on the back of it doubling its quarterly revenue due to continued AI-driven demand. This is a theme that will not go away anytime soon and it has certainly shown some strength across chipmakers and as a result tech stocks. The good news masks the fact that interest rates have once again drifter higher with 2Y back above 5% and 10Y still lingering at around 4.2%; the curve has further inverted a little bit today. We got initial jonless claims data today which came in at 230k vs 240k expectations, once again showing the strength in the US labour market which tbh is of great concern to the market now as people start to think about forward inflation. A reminder that Jackson Hole starts today, so be on the look out for any headlines or comments that come from the symposium.
**CRYPTO** - We saw some good strength in crypto yesterday as BTC kicked on back up to 26.3K while ETH edged a little higher to 1664, having tested 1700 twice. Looking at funding, it appears there's a growing short base in crypto as it has turned positive for both BTC and ETH, while open interest has steadily increased for both. That makes me think even more that the recent downtick and current positioning was maybe done by macro funds given what's been happening with interest rates recently; I'm sure some people out there use crypto as a hedge. TBH, given positive funding and increased open interest I think that's a short-term bullish indicator for crypto and if we get no major news or headlines next couple of days I can see there being a further bounce. BTC dominance remains at 49.25% so we are kind of setup to see that IMO. Let's see, purely guesswork/instinct on my part but we'll find out in a couple of days; imo no news is good news for crypto here.
**NFTs** - I had to frantically refresh my screen a few times to make sure I was getting the right numbers, because low and behold I'm seeing a lot of green on my screen today for once! It looks like things have bounced about 5-7% across the board with The Azuki complex outpeforming, up 22% on Elementals and Elemental Beans which sees those at 0.48 and 0.7ETH floors respectively. The only thing that's a big stagnant still is BAYC at 23.5ETH but I think there were some fears it would drop into the teens so it's done well to hold that. Not much in the way of large sales; there was a CryptoPunk sale for 70ETH for a mid-tier which I think looks like an expensive buy imo. The final thing worth mentioning is the bid on Sam Spratt's 1/1 piece is now up to a whopping 242ETH (basically XCOPY levels) which is incredible to see and if you're a regular reader you probably know what I'm going to say next; there is still a *very* deep bid for art and culture.
GL today