Common Sense for Uncommon Markets
By Bill Taylor, Contributor/CIO-Entoro Investments
The opinions expressed below are my own & do not represent those of Entoro Investments, Digital Wealth News or any affiliates. Any financial advice included in the column is for entertainment purposes only.
Bullish for week of 4/18/23
BTC | ETH
Neutral for week of 4/18/23
GOLD
Bearish for week of 4/18/23
S&P 500
4/18/23 Closing Prices:
BITCOIN: $30,260.60 (+$729.15) | (+.003% change Tue-Tue)
ETH: $2,101.07 (+$17.07) | (+9.7% change Tue-Tue)
Gold: $1,988 (+$8.00) | (0% change Tue-Tue)
S&P 500: 4,154.87 (+3.55) | (+1% change Tue-Tue)
Another week, another “blah.” Frustrating. Volatility is down and movements are extremely limited. Bitcoin made it to $30K and likes it here. Ether is well above $2K and is (so far) the star of the week (up almost 10%). Gold, can’t decide if $2K is the place to be….or not. The S&P 500 (equities) is defying gravity and sneaks quietly higher.
(Just a reminder, I like using a Tuesday to Tuesday week which cuts down on weekend and Monday ‘noise.’ I think it paints a better picture)
Big news? ETH now trades higher than GOLD. Bitcoin made that jump over five years ago. Congrats ETH.
So not much going on. Inflation is staying stubbornly high. The Fed will probably raise interest rates again (.25 bps) in May. The economy is slowing. The actual news of these things happening doesn’t move markets. Like I said…..blah. At least (so far) another bank hasn’t failed.
Real quick; What to do. Hold BITCOIN, add on dips. Would not be a surprise to see a pullback after this big run. Long term VERY bullish. ETH. Same thoughts as BITCOIN. Those two are in a strong new bull market.
GOLD is a hold (hey, that rhymes). For all the same reason that would make GOLD go up, both BTC and ETH would be a better investment.
S&P 500 is in “funny land.” Inflation, stagflation, recession, soft/hard landing etc. etc. is not good for equities. When the mood changes and reality hits, you will wish you were short. So, get short and be patient.
NEW ‘OLD WORD’……..STAGFLATION. STAGNANT GROWTH, ELEVATED INFLATION. ITS THE 70’S SHOW ALL OVER AGAIN. (P.S. IT ENDS BADLY)
NEW TARGETS:
- BITCOIN 2023…….UP
- ETH 2023…………UP
- GOLD 2023……….??????????
- S&P 500 2023……..DOWN…….DOWN……DOWN……...LOOKING AT 3,250
Current trading positions:
- SLIGHTLY LONG BITCOIN
- SLIGHTLY LONG ETH
- NEUTRAL GOLD
- 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 CEO of Digital Wealth News and an advisor to Entoro Investments. He is widely published & quoted in financial media and an international expert on markets and BTC, ETH, Gold & SP500.
His opinions are solely his own and for informative purposes only.
