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 - So yesterday we saw inflation come in at a whopping 4%, below the 4.1% expectations and a big move lower from last month's 4.9%. Psychologically, that is a huge differential vs June last year when we were almost at 10% and it's safe to say the Fed's interest rate policy has worked. You know what's funny, the amount of bearishness we saw in the market in June last year...well check out the price comparisons in the tweet I have here:
https://twitter.com/osf_rekt/status/1668926698367090688?s=20
It just once again goes to show that people get so bearish at the lows "after the fact", when in fact that is the very moment they should be using the benefit of lower prices to put on risk. 2022 H2 was unreal for DCAing so congrats to everyone who did, and make sure you don't fuck up next time we have a big crash. Today we get the FOMC, it looks like market expectations are for interest rates to be held at 5.25% which would be the first tine in over a year the Fed doesn't hike rates - curious to see what happens and their communication around it given the low inflation print we saw yesterday.
CRYPTO - Not much change from yesterday's price action which sees BTC just below 26K and ETH hovering around 1750. I guess it's good to see some stability at these levels but I am of course still upset that we've had this monstrous macro rally while crypto actually shed gains in that same time period. I feel like a few days of stability are a good thing and if we get a good FOMC you have to have to think we see some kind of a rebound...and if we do I think there is a lot of upside in alts, many of which are now unchanged or down on the year. IDK, I could be wrong but I think it's a decent gamble here. In general buying dips in things I like has never failed me as a strategy (until I dislike them).
NFTs - Slightly elevated volumes yesterday with $35m trading across the market as we saw yet another large Fidenza sale, this time to the tune of 130ETH. It's tough to ignore the activity we've seen in generative art and IMO these are leading indicators of positive momentum...it may be slow and it's a long and winding road to ATHs but I believe specific parts of this genre will eventually get there and beyond. Elsewhere in pfp land price action looks pretty flat across the board; we've seen a good performance in the Memeland complex with Captainz and Potatoz doing well ahead of the $MEME coin airdrop - as usual my expectation is these NFTs will drop in value post airdrop - but I'm certainly curious to see how $MEME price action plays out given that it feels like we've moved on from shitcoin szn. Degenz - In the process of publishing some new reports this week, but if you haven't yet, please make sure you check out https://degenz.finance for the new-look website and information on our Pro features!
GL today!