The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A decent start to equities with SPX up 0.2% and NDQ up 1%; it's nice to see a continuation of the stock market rally from what we saw last week. Interestingly it actually puts equities thru YTD highs which sees SPX up 9% YTD and NDQ up a whopping 30% YTD. That's a rather striking return and certainly in the faces of any bears - IMO at this point when you're almost halfway through the year you have to admit you're wrong. Sure, we could drop from here, but in my book 6 months is a long enough timeframe to have missed out on a big gain like that and it's fair to say at this point in time bulls have been right so far. I still think we end the year higher than where we are now too. Rates have seen a decent rally and we're back down to 4.5% on 2Y, which is still elevated compared to this time last week.
CRYPTO - IMO we are still underperforming macro here - BTC at 27.7K and ETH at 1900 so we haven't really moved much. Let me put it this way; stocks are breaching YTD highs today while crypto majors are still 10-15% off recent highs and alts are down like 50-60% off YTD highs in many cases. It's another testament to how much crypto/macro correlation has broken down this year, but I do think if we have sustained macro strength (especially during the summer) we are going to see crypto react in a positive way.
NFTs - 29M of marketplace volumes amid price action that is impressively stable. We saw Nakamigos give up recent gains although they still sit at a floor of 7.3%, while Opepen Edition is a big winner, climbing 17% to a floor of 0.96ETH, flirting with the 1ETH mark. Elsewhere price action is mixed but I am seeing more green than red and it does feel like we've found some sort of support level here to balance around. It does still feel kind of quiet in the run of the mill stuff and I think that's why things like Kevin Rose/Proof/Moonbirds drama gets scrutinised. Ignoring that kind of noise, I'm curious to see if we see NFTs follow a macro/crypto run and my guess is yes, although it will be a delayed reaction.
GL today!
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