The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Yet another strong day for equities yesterday saw SPX and NDQ climb another 0.7 and 0.8% resepctively. We are so close to breaching ATHs in stocks now which would then put us in price discovery mode. Futures are opening higher this morning, to the tune of 0.1% and 0.2%. Interest rates have mostly been chilling and there isn't a huge move int he curve with 2Y still around 4.73%. An interesting datapoint is that UK inflation dropped more than expected last month to 7.9%; still very elevated of course compared to the US but it's good to see that finally coming lower. Keep an eye out for TSLA earnings today after the market close which is always a good bellwether for tech/meme sentiment.
CRYPTO - After being stuck in the mud a little bit yesterday we did bounce back to 30K momentarily on BTC but have since dropped. It looks like the word on the street is the US govt silk road BTC holding was partially sold (about 50% of it) which does explain a lot; ie they could be the big seller at 31k we've been trying to get rid of. If this were true I think it's pretty bullish as we know once this clears we can transcend higher. The problem is there is still al ot of Binance FUD out there and I think that continues to put a dampener on things, and rightly so, you can't be too complacent. ETH has outperformed a touch and is back above 1900 while altcoins are smalls higher. BTC dominance has actually dropped a little, below 50% to 49.9% for the first time in about a month which shows that the selling seems to be concentrated in BTC.
NFTs - A lot of red across the board today and it looks like pretty much everything in the top 20 is down apart from Ringers and Fluf World. Some decent declines we've had in the past 7 days after the recent NFT bounce and the question is do we keep going lower thru new lows or will we find some sort of stability again. The best performer in the past 7 days continues to be Opepen Edition which is up 70% in the past week but did shed some gains yesterday, while Punks seem to be stable around 50ETH. We saw a couple more hoodie punk sales, one at 180ETH and another at 220ETH so it's good to see continued volumes at the upper end there.
GL today!
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