The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - A pretty quiet day for equities yesterday which saw SPX close 0.2% lower and NDQ unchanged. Futures are a small amount lower this morning while interest rates have been relatively stable hanging out at 446/380/367/387bps across 2/5/10/30y. Honestly there's not much more to add here on the macro front before we get the big data next week. Of course, Apple's release of Vision Pro is doing the round but it seems to have had a negligible impact on the stock while sentiment across other tech stocks remained benign. More sitting on hands here.
CRYPTO - Well well well, looks like we got to the bottom of why crypto has been so heavy recently. Yesterday we saw the SEC announce that it is suing Binance and CZ on 13 different charges, many of which look similar to the Coinbase action. I'm sure lots of insiders were aware of this and this for me certainly explains the reason why crypto has been undperforming for such a long time; of course, we knew the writing was on the wall a bit here too. Given we are still somewhat fresh from FTX, I think people often assume the worst in these situations. These processes however take months and possibly years to come to a head and IMO the worst case here is some sort of fine which doesn't wipe Binance out but perhaps results in its withdrawal from US activities, alongside other exchanges is my guess. It's a shame to see the US dropping the ball really hard here on crypto and I hope you all share my utter disgust for Gary Gensler. One of my favourite quotes is "always buy regulatory FUD" it tends to be a good short term trade....I wonder if it will work once again here.
NFTs - A fairly standard day of volumes yesterday for the NFT market which came in at sub $30m with price action mainly quiet. I think it's good to see that the weekend pump in the "majors" has held for the most part with Azuki sitting at a rather striking 17.8ETH floor. It's also worth mentioning mfers have done well recently and are now up to a floor of 1.11 ETH - I believe they raised funds to move all the artwork on chain which personally I am a huge fan off, so hats off to them for achieving that and immortalising their work on Ethereum. Other than that, not a whole lot going on in the market IMO and it continues to be rather slim pickings!
GL today
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