The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - We saw stocks rally off the lows yesterday as they ended the day down 0.2% and 0.5% respectively on SPX and NDQ. Interest rates continue to be stable although have edged a touch higher to 428/366/345/343bps across 2/5/10/30y. Oil continues to be weak, sitting at pretty much ytd lows of 72. One thing worth noting on the treasury yield curve is that 2s10s is the most "inverted" (ie 2Y interest rates being higher than 10Y interest rates) it's ever been since 1981. This has a relatively high predictability of an impending recession (which I think is highly expected) but also implies that the market expects short-term rates to be high. I still think that could potentially change if we see a lower-than-expected inflation number next week and I think we can expect some pretty big interest rate vol in either direction as a result.
CRYPTO - Soft but stable as BTC continues to hover around 16.8K and ETH around 1230. $APE has been a recent underperformer as it fell from 4.2 back to 3.8 ahead of next week's staking rewards starting to accrue. Elsewhere altcoins seem to have suffered a bit of weakness across the board yesterday to the tune of about 10%. Not much more to add here on crypto other than I would expect us to see some vol next week along with macro.
NFTs - Kind of a mixed bag with Valhalla classically trading down about 23% post reveal on 1.5K ETH of volumes. We continue to see good activity in CloneX as that floor sits at YTD lows of around 6.5E while the Yuga ecosystem generally seems unchanged. On the whole it does seem like listings have been ticking up throughout the course of the week on a lot of collections as collectors try to monetise higher levels. I still think $APE staking and $BLUR airdrop are two big potential tailwinds for the market and am exited to see how that plays out next year.
A light day today, GL!
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