TheBRRR’s Thoughts

We’ve got a fun announcement today.

We started training a chatbot with ChatGPT’s new “create-your-own-chatbot” feature - it’s impressive.

Upload a screenshot of any candlestick chart, and the bot will identify support, resistance, patterns and trendlines. It’ll also call out how bullish or bearish each element of its analysis is, and numerically grade the overall bullish/bearish bias.

We plan to share the bot with our premium subscribers when we have a V1 we’re comfortable with.

Stay tuned!

Market News

Stocks Stumble as Fed Chair Flexes

What's New:

Fed Chair Jerome Powell's hawkish comments at an IMF conference, hinting at further tightening of monetary policy lead to a significant impact on financial markets.

Powell's speech emphasized the Fed's readiness to tighten monetary policy further if necessary, contrasting with earlier more dovish comments from other Fed officials.

Why It Matters:

• Hawkish Stance Shakes Markets: JPowell’s hawkish remarks significantly impacted markets, ending a potential 9-day winning streak for stocks. His comments, along with a poor 30-year bond auction, led to a drop in stocks and bonds, with the S&P 500, NASDAQ, and Dow Jones all closing lower.

• European Markets Follow: European stocks and bonds mirrored the U.S. market's downturn, influenced by Powell's comments and a weak 30-year bond auction. The Stoxx 600 experienced its largest one-day drop in three weeks, with sectors like consumer products, food/beverage, and mining leading the declines.

• Cryptocurrencies Buck the Trend: Despite the overall market downturn, cryptocurrencies, particularly Bitcoin, saw a notable rally. Bitcoin surged to its highest level since the Terra stablecoin collapse in May 2022, marking a standout performance in a generally bearish market environment.

  Read more

NFT News

From Robux to Riches: Roblox Eyes NFT Market

What's New:

Roblox Corporation, led by CEO David Baszucki, is considering integrating non-fungible tokens (NFTs) into its gaming platform.

This strategic move comes as the company reports a robust 20% increase in bookings, reaching $839.5 million.

Why It Matters:

• Economic Momentum for Innovation: The financial success of Roblox, particularly the growth in bookings, sets a strong foundation for experimenting with NFTs, potentially revolutionizing digital asset interoperability and ownership.

• Celebrity Partnerships and Charitable Impact: Baszucki's vision of unique NFT collaborations, possibly involving celebrities for charity, could merge digital innovation with social responsibility, enhancing user engagement.

• Redefining Digital Interactions: The shift towards NFTs and digital asset control aligns with industry trends, potentially leading to a new era where virtual and real-world assets converge, changing how users interact with digital content.
  Read more

Today’s Reader Poll

We want to know about your usage (or lack thereof) with OpenAI’s LLM AI:

Wednesday’s poll results continue to reflect a diverse crypto holding group:

And our thoughtful subscriber “jackie” offered insight into her hesitancy:

“We don't understand it enough & are in a higher age bracket."

I’d agree with the approach.

It’s best to invest in things you understand and care about. Your investment priorities and risk tolerance will also change over time, so there’s less need for exposure to highly volatile and speculative assets after a certain age.

AI Art of The Day

Jerome bringing red candles to the market.

Got feedback? Follow the writer on Twitter @frank_locascio and send a message.

The BRRR is meant for informational purposes only. It is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.