The Taylor Market Report (12/26/23)

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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 12/26/23

BTC | ETH

 


Neutral for week of 12/26/23

GOLD

 

Bearish for week of 12/26/23
S&P 500  

 

12/26/23 Closing Prices:

BTC: $42,137.45  (-.002%% Tue-Tue)
ETH: $2,215.99  (+2.1%% Tue-Tue)
Gold: $2,048  (+1.3% Tue-Tue)
S&P 500: 4,774.75  (+.001% Tue-Tue)


Countdown to 2024. Short four day market week (except bitcoin and crypto……..24/7 for that group). And then? It’s a new year AND another short four day market week except for btc, eth, etc, etc.

So don’t expect anything huge. The next couple weeks are dedicated to a continuing holiday season AND football (US type). College (semi-pro) and NFL (pro, except in certain cities). The REAL 2024 market “action” may have to wait for the first full week of January (Jan 8th).

ONE BIG WILD CARD. There are unsubstantiated rumors the SEC may, MAY, approve one or more bitcoin ETF’s THIS WEEK. By year end. Maybe late Friday on a “quiet media dump” when nobody is watching. If not, if, IF, it happens next week then of course bitcoin trading should erupt. Again, if not, go back to napping.

It appears that the market prices today are kind of where they will be come Friday (last trading day of 2023). Meaning, not much has happened (as predicted). Can’t draw any conclusions here. Next week probably the same.

S&P 500 is hanging here above 4,700 and near all time highs (Yippee) Next? Lets wait for a couple weeks.

GOLD is holding around 2,050 and that’s it. Where next? I personally don’t care so much, so I will be neutral. I’ve said it before, BITCOIN has replaced GOLD.

Speaking of BITCOIN (and I was) and ETHER, here’s the deal – there will most certainly be a spot BITCOIN ETF. There is a lot of “chatter” that the official announcement is in the market, or better put, “buy the rumor, sell the news.” That may happen, BUT there is huge pent up demand for BTC. With the recent FASB (Financial Accounting Standards Board) ruling on how BITCOIN can be valued on corporate (others) balance sheets, that opens the door for companies to hold BITCOIN just like T-bills. Also, there are several huge sovereign wealth funds looking to add BITCOIN to their balance sheets. Or, better put, yes BTC may dip BUT demand far outstrips supply (basic economics) which means higher prices. Next year? New highs. Buy dips, hold long positions and enjoy.

Let me wait for a couple weeks with some “brilliant???” predictions.


BEGINNING VERY SOON YOU WILL BE SUBJECTED TO EVERY MARKET “GURU”, ANALYST, FORTUNE TELLER, TIKTOK GENIUS AND LUNATIC FORECASTING WHERE THINGS ARE GOING IN 2024.  TAKE YOUR TIME AND REALIZE VERY FEW WERE RIGHT ALL LAST YEAR (2023)………………EXCEPT BITCOINERS.

AN EARLY HAPPY NEW YEAR TO ALL.


NEW TARGETS:

  • BITCOIN 2023…….UP……$50K
  • ETH 2023…………UP……..$2,400K
  • GOLD 2023……….$2,050
  • S&P 500 2023……..Looks like 4,700

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.