The Taylor Market Report (1/30/24)

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Common Sense for Uncommon Markets

By Bill Taylor, Contributor/CIO-Entoro Investments


DISCLAIMER: 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 1/30/24
BTC | ETH

Neutral for week of 1/30/24
GOLD

Bearish for week of 1/30/24
S&P 500  

1/30/24 Closing Prices :

BTC: $43,616.55  | +11.2% | (Tue-Tue)
ETH: $2,379.65  | +8.5% | (Tue-Tue)
Gold: $2,015 | +.003% | (Tue-Tue)
S&P 500: 4,864.60  | +1.2% | (Tue-Tue)


The big news? The two teams for the Super Bowl are now known, meaning only one more football game left. Then……basketball (sorry hockey fans).

As the end of January comes to a close, we wait for the Fed announcement tomorrow to let us know they aren’t going to do anything. No rate cut this time. Then, Friday (Feb 2) we get to see how the labor market (NFP’s…..non farm payrolls) is doing. Again, probably no big deal. So get your napping jammies ready.

Well, it’s now been a couple weeks since the SEC gave the green light to several spot bitcoin ETFs. The “sell on the news” crowd got a drop in bitcoin and the selling dried up in the $39K-$40K area. Resuming BTC’s upward trend, these new ETFs are now going new cash positive. AND, it appears Schwab is looking at launching a spot bitcoin ETF as well. THAT WOULD BE HUGE.

ETH is now in the “maybe yes, maybe no” cycle to get a spot ETH ETF. The SEC is back to its’ old habits. Deny, wait, court action and then they lose…..again. Really?

The old adage is, as January goes in the markets, so goes the year. Well, the S&P 500 is up for the month, so we will see. Another old adage? If the winner of the Super Bowl is an original AFC team (KC is) the market goes DOWN. And, if the winner is an original NFC team (SF is) the market goes UP. (The Taylor Swift effect is brand new). Don’t call your bookie on just that, though.

Now what?

Let’s touch on GOLD. Or rather, why bother? Don’t get me wrong, there is a place for GOLD, just not so much in an investment portfolio. It’s dead money and is basically unchanged since 2011……even with inflation and zero interest rates. However, it makes great jewelry, or so says my wife.  Be neutral if you must.

The S&P 500. Spoiler alert; don’t expect 20% plus returns this year. I know this will come as a HUGE surprise, but markets do go down (unless it’s politicized and ‘manipulated’ up….gasp). Since I am bearish (and been wrong) and a KC fan, with everything going on in the world, I will double down on being short the S&P 500.

BITCOIN. Tons of new demand, diminishing (and fixed) supply equals UP. Looks like the recent selling is wrapped up so add to, or initiate new, positions. There is a high probability new highs ($70K) are closer than you might think. I am extremely bullish.  

HEY, I KNOW I HAVE BEEN BULLISH FOREVER, BUT I DIDN’T START THE GREATEST BULL MARKET EVER.

ETH will follow BTC up. News of a spot ETH ETF will continue to put a floor under ETH. Very bullish, but like BTC better.


INFLATION.  FOR THE LIFE OF ME I CANNOT UNDERSTAND HOW JUMPING PEOPLE’S COST OF LIVING UP 20% AND THEN CHEERING WHEN THAT 20% RISE IS “ONLY” ADDING 3% A YEAR NOW IS A WIN.  HUH??


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.