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 - We saw stocks close off their highs yesterday and futures are pointing a touch lower this morning, down 0.3% on both the SPX and NDQ. Interest rates continue to rally in a pretty strong way which now puts the curve at 443/378/366/387bps respectively across 2/5/10/30y. On Thursday we get ISM data which is usually a good bellwether for economic activity, as well as iniital jobless claims. Both are forecast to be lower than last month. Then on Friday we get Payrolls which is expected to be 195k vs last month's 253k. All of this data, as it stands, is expected to show a weakening economy which if comes to fruition will likely fuel a rally interest rates but a more mixed impact on equities. Of course, if the data once again comes in hot, I feel like we can see a big move higher in rates.
CRYPTO - Recent pump once again rejected which leaves us at 27.2K and 1870 respectively on BTC and ETH. For whatever reason, we can't seem to hold onto rallies and crypto feels a little bit like it's in no person's land here. Altcoins have suffered a pretty decent blow and look to be about 5-10% lower across the board. In particular, memecoins don't seem to be doing that great, led by $PEPE which is down about 20% this week now tinkering with a $500m market cap.
NFTs - Going to try my best not to comment on recent drama/gossip in this space because the timeline really is a wreck right now! Total market volumes yesterday were $26m. Price action is somewhat mixed with Opepen continuing to lead hte charge climbing another 15% to a price of 0.9ETH while Nakamigos lost 15% to fall back below 0.5. Volumes across most other projects look relatively low at the moment. We had a good few weeks for the art part of the market and things there seem to have died down/gotten quieter barring the continued success we're seeing in Jack Butcher's ecosystem.
GL today!
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