The Taylor Report (6/29/21)

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Simple Thoughts in Complex Markets

By Bill Taylor, Contributor/CIO-Entoro Wealth


The opinions expressed below are my own & do not necessarily represent those of Entoro Wealth or any of its affiliates


Bullish for week of 6/29

ETH BTC


Neutral for week of 6/29

GOLD

Bearish for week of 6/29

S&P 500

6/29/21 Closing Prices:

Bitcoin:  $36,283.92 (+$1,894.44)
Ether: $2,224.47 (+$195.63)
Gold:  $1,753 (-$18.00)
S&P 500:  4,291.80 (+1.19)

Trading Summary Notes for Tuesday, 6/29/21:

What’s new?

BITCOIN and ETH have bottomed………..GOLD is dead (I lowered it to neutral as noted above)……….BITCOIN is back above $35K AND back above the DJIA……ETH is back above $2IK…….and S&P 500 (yadda, yadda yadda) hits new highs (again)………..BITCOIN shorts have been covering realizing the $30K number is solid……..fears of regulations and China cracking down are in the rear view mirror……….ETH follows BTC and looks solid above $2k…….Sorry GOLD bugs, it is reported that folks in India are replacing GOLD with BITCOIN (see below)……..that big market has changed………….equities (S&P 500) continue the new high marathon (yawn)

U.S. July 4th weekend coming up and the 2nd quarter is coming to a close. Realistically the 3rd quarter won’t really begin till after the 4th.

What to do now?

Buy BITCOIN in the $30K-$35K area……..may get a little dip or re-test of lower $30K area after the end of the 2nd quarter (tomorrow)…..BITCOIN could sit for a bit just cause its summer……….ETH can be bought at $2K +/-…..realize crypto selling is drying up……GOLD, own it if you must but it has no friends right now….its a hold…..S&P 500…..I’ve been (and am) a bear….what can I say

WASH YOUR MASKS………WILL THE COVID DELTA VARIANT CAUSE A NEW LOCK DOWN? THAT’S NOT IN THE MARKETS.

Trading Thoughts:

  • BITCOIN has shaken off the fears that caused the recent selloff;
  • BITCOIN still heading to $75,000…..then $95,000…..and beyond
  • Low $2K area for ETH great entry/add to point. If you missed the recent upside move, here’s your chance;
  • ETH long term target $4,200;
  • Money seems to be coming out of GOLD;
  • According to World Gold Council data indicated Indians under the age of 34 are less interested in gold when compared to older generations. Indians’ investment in crypto went from $200 million to around $40 billion in the last 12 months according to reports;
  • Expect S&P 500 and equity markets to retreat. When markets go down there will be no time to get short. Be ready;
  • 2021 S&P 500 “dips” to 2,900-3,000; NO CHANGE!
  • Equities have a whole lot of good news priced in; valuations are way too extended….too much margin holdings, too. WARNING AGAIN!

Current trading positions: 

  • LONG BITCOIN
  • LONG ETH
  • SHORT S&P 500
  • NEUTRAL GOLD

Entoro Wealth offers SMA’s to accredited investors that include Bitcoin, Ethereum, Gold and short S&P 500


We compare the price of Bitcoin, Ethereum, Gold & the S&P 500. We use the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement on the digital assets & gold.


Bill Taylor is Managing Director/CIO at Entoro Wealth & is widely published in financial industry media throughout the world