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 a modest close to stocks yesterday which ended up 0.25% on SPX and unchanged on NDQ; futures this morning are a touch higher at 0.15% and 0.2% on both. Interest rates have continued their rally as 2Y has now dropped to 4.83%, a big move from the 5.1% highs we saw last week. This now puts the curve at 483/421/396/400bps across 2/5/10/30y. Maybe we've seen a bit of a squeeze in interest rates ahead of CPI tomorrow as I am told short positioning was massive. Not much more to add here but I think tomorrow is going to be a big and important day. Personally still feel like risk is skewed towards the upside.
CRYPTO - Well, we saw a bit of a pump yesterday with BTC touching 31K before falling back lower to 30.3K while ETH breached 1900 before falling back to 1870. Pretty interesting price action although it is once again another rejection of the 31K mark it's almost as if someone has a massive short there and is aggressively defending it. We're at a point of inflection and one would think tomorrow's CPI number could be the catalyst that tips us either way. For those who want to gamble, it may not be a bad moment to roll some dice on alts, something I'm debating myself this morning.
NFTs - Overall price action in NFTs actually seems OK once again with most things +/- 10% but BAYC impressively climbing another 5% which now makes it +9% over the course of a week, while MAYC approaches a 7ETH floor. We saw the hype from gen art yesterday get sold down a little bit and given how small/illuquid some of the collections are you can generally expect a gappy type of price action there. Grifters by XCOPY have been holding up well and have climbed back up to a price of 14ETH, they've been a great performer throughout this bear and it's once again yet another sign of how art-focused projects have been winning.
GL today!
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