The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A real bumper day for equities yesterday as SPX and NDQ closed 3% higher, once again proving that the YTD lows have been consistent support levels. We saw a huge rally interest rates, which have since sold off a touch putting the curve at 413/392/371/375bps across 2y/5y/10y/30y. Something worth noting is that oil has had a pretty sustained climb over the past few days putting it at $86. We've had a couple of pieces of data this week which have been a bit softer, ISM Manufacturing and US Job vacancies, the latter at which dropped by a whopping 1m, the largest amount since COVID. Weaker data will put pressure on the Fed to be less aggressive in their hiking policy (ie less hawkish), which is why we saw some big moves yesterday. It puts even greater significance on Friday's payrolls number.
CRYPTO - Really lacking things to write here these days. BTC is above 20K and ETH at around 1350 but we really have been insanely rangebound for a while now and not experiencing nearly as much vol as in traditional markets which is kinda crazy. We did see a bit of a rally yesterday along with macro, but prices have generally pulled back today. Some people have been pointing to crypto being a buy here given the huge interest rate and equity rally, but I looked at the last time 2Y treasuries were at these levels which was on 21st September, and stocks were also at similar levels. Back then, ETH was at 1250, so arguably we have seen some crypto outperformance across a longer time period even still.
NFTs - a small uptick in volumes across a wider distribution today. RENGA still leads the charts with 500E of volumes altho the floor price of that has dropped back below 3E. Elsewhere CloneX seems to have a decent surge, with a 10% increase in price. All in all, I think it's healthy (and somewhat surprising to me) that we've seen sustained volumes, albeit at lower levels, throughout the entire bear market, and many projects have been able to hold onto their floor prices of at least 3 months now. IMO it tells you a lot of stuff will end up surviving.
GL today!
-OS
F