The Taylor Market Report (10/31/23)

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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 10/31/23

BTC | ETH

 


Neutral for week of 10/31/23

GOLD

 

Bearish for week of 10/31/23
S&P 500  

 

10/31/23 Closing Prices:

BTC: $34,503.83   (+1.8% Tue-Tue)
ETH: $1,810.08  (-0-% Tue-Tue)
Gold: $1,966  (+.006% Tue-Tue)
S&P 500: 4,193.80 (-1.3% Tue-Tue)


BREAKING NEWS:  Tomorrow (Wednesday) the Fed will announce it is holding interest rates steady to take time to analyze economic conditions and let the interest rate hikes take effect. The Fed is committed to getting inflation down to the target of 2%.

OK! No need to wait for tomorrow. You got the news here first. You can go back to buying equities before anyone else gets this news. Sneak up on those poor uninformed investors. (I love sarcasm)

Next thing to “front run?” Friday’s non-farm payroll numbers. Pretty sure the Fed will wait to see those numbers before they do anything else…….UNLESS they already know the numbers. Hmmmm!  Just a guess (mine) NFP increased 195K vs 336K previous.

Last week investors got a glimpse of a market selloff. Only a big rally on Monday (end of month “window dressing”) saved a bigger decline. Last week was not a fluke. There are a lot (a whole lot) of investors long and anxious about next year’s prospects. The selling will get more intense pretty quick.  (My opinion? S&P 500 will be down on the year)

The BIG “gorilla” in the room is the war between Israel and Hamas. Expect more players and an expanding war. This is serious and not to be overlooked. Wars are NOT bullish.

However, speaking of bullish, bitcoin is flexing its muscle. The SEC can’t put off approving a spot bitcoin ETF much longer.  Should be some activity on that fairly soon.

So I’ve front run myself by tipping my “what to do now” hand. Continue holding or adding to BITCOIN and ETH positions. GOLD is a hold. I remain neutral mainly because I missed this rally to $2K and I’m embarrassed and afraid to buy it here. So there.

The S&P 500 is a “dead index walking.” Be out or short. The downside will be nasty. Again, my opinion, down on the year. Be careful.


 OH…….HAPPY HALLOWEEN.  BOO.  WATCH THE CANDY INTAKE.


NEW TARGETS:

  • BITCOIN 2023…….UP……$40K
  • ETH 2023…………UP……..$2K
  • GOLD 2023……….??????????
  • S&P 500 2023……..DOWN…….DOWN……DOWN……...LOOKING AT 3,250

Current trading positions: 

  •  LONG BITCOIN
  •  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.