The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - We are seeing continued strength in macro which is tough to ignore. SPX and NDQ closed 0.6% and 1% higher yesterday, and futures are up another 0.3-0.4% higher again this morning. This comes after what was a pretty strong interest rate rally yesterday which now sees the curve at 448/390/371/374bps respectively across 2/5/10/30y. Oil remains subdued at $77-78 area. I don't have a lot more to add here other than one again remarking on the sustained strength we've seen since the last CPI number. I continue to maintain we are probably just one or two "good" datapoints away from a much bigger interest rate rally. If this comes as a result of CPI going lower then I think stocks rally. If it comes as a result of payrolls being worse than expected I think it's less clear how equity markets react but gut says knee-jerk reaction is actually to rally.
CRYPTO - Slowly but surely catching up a bit to macro with BTC up to 16.5K and ETH just shy of 1200. We've seen a bit of moving around in $APE coin, yesterday was a strong day for price action but we had a bit of a blip after Horizen Labs announced that staking would be geo-blocked from a few countries including the US and Canada. This outcome, IMO, tells you the real reason why we've seen delays and I feel like the bug bounty program could have been a cover up...tough to say as they did find genuine bugs so I'm sure it was useful, but quite clearly there have been other issues. Of course, anyone can just use a VPN and tbh you can probably interact with the smart contract directly too. IMO there's been very shoddy communication from $APEcoin DAO, I would note that this is not a Yuga Labs thing and is more of an $APE Council thing. It sounds like on December 5th, ApeStake.io will go live and users can deposit, after which the reward accruals will begin a week later on December 12th. I still expect there to be some good demand created for $APE and potentially Yuga NFTs into this, but I have less conviction about actually wanting to stake given the poor organisation here.
NFTs - Well it does actually seem that BAYC liked the announcement with 1.2K ETH in volumes in the last 24H resulting in a 6% increase in price. It's worth noting more than half of that was on a single ape sale, one that I thought was not the most aesthetic but I won't be the one to judge
Elsewhere we are seeing a big reduction in Valhalla which finds itself down 22% to a 0.57E floor, while Cel Mates continues to push on, up another 10% to 0.86E. There's also been some good activity on Chimpers which is up 15% after a trailer which shows what appears to be a collab with the Teenage Mutant Ninja Turtles and Paramount...certainly a bullish sign!
GL today!