The Taylor Market Report (11/28/23)

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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 11/28/23

BTC | ETH

 


Neutral for week of 11/28/23

GOLD

 

Bearish for week of 11/28/23
S&P 500  

 

11/28/23 Closing Prices:

BTC: $38,193.10  (+3.3% Tue-Tue)
ETH: $2,060.84  (+3.6% Tue-Tue)
Gold: $2.022  (+2% Tue-Tue)
S&P 500: 4,554.89  (+.004% Tue-Tue)


Well, there goes Thanksgiving. There goes Black Friday. There go all the turkey leftovers. Now what?

The really BIG news was the plea agreement between Binance and its CEO “CZ” and the government. Will this “clear the air” and (hopefully) finally put to rest all the legal actions against crypto firms? I say YES! Binance and FTX were the big ones and a lot of overhanging uncertainty has been cleared. Go bitcoin.

So the end of 2023 is near. One more month. Pretty soon there will be a rush to make 2024 predictions. Of course no one remembers last year’s predictions so everyone is on a level playing field. December be damned. Lets get ready for 2024.

In the meantime, the equity market has had one helluva “year end rally.” Logic (remember that?) says there should be a year end pullback, BUT more likely a very quiet holiday month with little movement. Have to wait and see and just enjoy the holidays.

Gold is having a nice ‘pop.’ Nice to see it react to some softening in the interest rate arena. Again, even if its a quiet month some sectors will do well. Maybe even gold. I mean Santa might be buying lots of gold jewelry to put under the tree.

Bitcoin and ETH are really picking up steam. Nice rally this week. Expectations of a spot Bitcoin ETF being approved by year end is running through the markets. You listening Santa?

The S&P 500 slowly inched up a tiny amount. No real conviction and looks like holiday mode is what’s going on. Snooze.

Thoughts for a slow month end?    Super (no, super duper) bullish on BITCOIN and ETH. Can’t go wrong being long.    GOLD. I’ve been neutral but I can see more upside. Be neutral or long.    S&P 500. Oh crap. I’ve been bearish (in my defense, long bitcoin short S&P 500 has been good) and keep thinking inflation, higher for longer interest rates and recession would cause a market decline. My bad. No opinion for this last month.

Shop early and often.


LOOKS LIKE THE RACE IS ON.  ETH AND GOLD.  THE BETS ARE ON ETH ULTIMATELY TRADING ABOVE GOLD.   BITCOIN SURPASSED GOLD WAY BACK IN 2017 AND NEVER LOOKED BACK.  ITS ETH’S TURN.


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.