The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A very strong day for equtiies yesterday which saw SPX close 1.3% higher and NDQ just north of 2% higher. Futures are a small amount lower to start, about 0.2-0.3% weaker. Interest rates remain stable with 10Y still at 3.66%. We've also seen volatility in oil drop off materially this year with it currently being at $78 as geopolitical tensions have played a much smaller role in market price action. If you read the financial press there is an increasing amount of commentary speculating a soft landing scenario. Shameless brag, if you were reading this report a few months ago last year you would already have been familiar with that concept and corresponding outcome being a non-zero probability. In any case the market continues to price in a greater probability here, but it mainly depends on the Fed and if Powell gets worried by it. IMO, if we extrapolate the last FOMC and we continue to get lower inflation + a strong labour market, it's probably a good thing. It kind of allows the Fed to keep rates at current levels and puts them in a powerful position to decide when to cut, rather than being in a forced position from a weaker economy.
CRYPTO - We're seeing some good strength in line with macro with BTC above 23k, ETH outperforming to climb to 1672 and alts displaying some lovely strength rising about 5-10% yesterday. There's a big buzz around AI coins and stuff like GRT, AGIX, FET, ALI have all seen 2-5x returns so far. That narrative seems obvious in hindsight now, but looking ad diluted market caps I personally don't have the balls to get involved there. CANTO which is all the range these days has remained stable while $APE saw almost a 10% jump yesterday. Still think the play there is to hold through upcoming Yuga announcements and think about selling pre unlock.
NFTs - We saw another $47m of market volumes ysterday which continues to be in line with recent daily volumes, with OpenSea continuing to be the leader. Indeed I was a fool to try to fade Checks the other day as they surged another 16% to a floor of 2.52 ETH, with the unique owners actually increasing by 100. Checks posted another 1.6K ETH of volume in the last 24H. Sewer Passes also did another 1.5k ETH ovf volume while shedding 5%. Elsewhere it seems like most collections are bouncing a little by about 5-10%; I'm not sure if this is anticipation of $BLUR next week or not. Rug Radio Faces of Web3 by Cory Van Lew continues to be stable at roughly a 0.17ETH with the amount claimed currently standing at 13.2K.
GL today!
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