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 1/2/24
BTC | ETH
Neutral for week of 1/2/24
GOLD
Bearish for week of 1/2/24
S&P 500
1/2/24 Closing Prices :
BTC: $44,981.83 | +$2,845 | +6.8% | (Tue-Tue)
ETH: $2,369.46 | +$153 | +6.9% | (Tue-Tue)
Gold: $2,038 | -$10 | 0% | (Tue-Tue)
S&P 500: 4,742.83 | -32 | -.007% | (Tue-Tue)
Well, it’s here……2024. And, 2023 is ……back there. Is the new year all you expected so far? It is if you are Michigan or Washington fans. Not so much for Texas or Alabama fans. Oh well, wait ’til next year.
It’s a short trading week (4 days) winding up with the release of NFP (non-farm payroll) numbers on Friday. Don’t get too excited because NOTHING really gets settled in the first couple weeks of a new year. You have to give it some time to digest all the new year forecasts form every media head, analyst, TikTok guru, lunatic and every paid brokerage salesperson. In other words, let the dust settle. No hurry, it’s a long year.
So what’s in store for 2024? My very own question is totally bogus. Of course nobody knows. Next week, or the week after, I will have some specific thoughts (like, if anyone cares) but I’ll let all the self described gurus go first. Always worth a shrug or giggle. BUT, my first prediction (which can be verified next week) is…..ta da……Washington beats Michigan for national title.
I can take a very broad stroke at the year ahead. It’s common sense which has been in remission for several years. The equity market will not go up 25% again. There are way WAY too many bullish (and invested) people out in investing land. Scary. All the things that were overlooked last year will become problems this year. Wars continue…..and expand. Scary (really). The word “deflation” has been interrupting my thoughts. Hmmmm! I feel 2024 has a very unsettling feeling. More in a few weeks.
In the meantime;
Higher and higher bitcoin goes,
Where it stops nobody knows,
But here’s a tip,
Continue to buy the dip.
(thank you, thank you very much)
2024
“These are the good old days, they’re ahead and behind
These are the good old days, have to keep that in mind
These are the good old days, they’re ahead and behind
These are thе good old days, the good old days”
(“Good Old Days”, The Revivalists)
2024 TARGETS:
- BITCOIN 2024…….UP……New highs above $70K
- ETH 2024…………UP……..New highs above $3K
- GOLD 2024……….$1,800-$2,200
- S&P 500 2024……..3,700-3,900 (down 20%)
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.
