The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - What a day for equities yesterday which finished the day up 0.7% and 1.7% respectively on the SPX and NDQ. "Macro feels awful" is what I kept hearing last week...numbers don't show it man...stocks have been performing ok and while interest rates did blow out yesterday we seem to have settled off the highs with 2Y currently at 4.99% and 10Y at 4.31%. A lot of the NDQ strength is continued to be led by chip-makers with Nvidia rising 8.5% higher and also news of an IPO of British chipmaker ARM. It's this whole "AI gud for chipmaker" narrative that continues to buoy tech stocks and you have to remember that a vast and meaningful increase in technological efficiencies is a strong factor that can outweigh fears of high interest rates. IMO it continues to look good here for tech stocks and I'm personally not that worried about the China stuff or US debt stuff in the short term.
CRYPTO - Not much movement here as 26K remains on BTC and 1665 is the level on ETH...it feels like these current levels may be the "new normal" of boringness but I sure hope that's not the case. BTC dominance remains rather depressed at 49.14% as alts continue to hold up well and it still makes you wonder whether being long BTC or ETH here is an interesting trade. The reality is the market just continues to be uncertain as no one seems to have been able to figure out where the selling pressure is coming from and I see fresh rumours once again today on the TL that it's Binance selling BTC and ETH in order to prop up its BNB price. Tough to think of a strategy that's better than DCAing here atm.
NFTs - It looks like price action continues to drift lower as most floor prices are down by about 3-5%...it you look at 7-day price action most things are down 20-30% and it just really continues to be a rather grim affair for NFTs. Just feels like there is SO much supply out there and hardly any buyers with most pfp roadmaps having failed. We saw one large sale in BAYC to the tune of 99ETH which had laser eyes while Sam Spratt was able to sell out his entire edition of 256 at around 3ETH or so in the space of just 2 minutes. That is once again a testament to where the demand is at the moment; pfps which act as start-up tech companies and rely on hype cycles get intermittent demand, whereas the demand for art and culture is clearly stable, solid and long standing and that has been the stuff that has performed the best during a bear and will do well in a bull too IMO.
REPORTS - Today we will be looking at one of the leading developer of the world’s most popular social games, Zynga! Sugartown is going to be Zynga’s first ever Web3 game and revolves around three farm animals who accidentally open a wormhole into Sugartown from another dimension, allowing peculiar beings called Ora’s to enter the city. These Ora’s use their creativity to transform Sugartown into a vibrant place filled with fun and games. Sugartown is built on the Ethereum network, providing players with an immersive environment where they can earn rewards.
GL today!