The Taylor Market Report (2/6/24)

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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 2/6/24
BTC | ETH

Neutral for week of 2/6/24
GOLD

Bearish for week of 2/6/24
S&P 500  

2/6/24 Closing Prices :

BTC: $43,153.41  | -1.1% | (Tue-Tue)
ETH: $2,383.79  | +.002% | (Tue-Tue)
Gold: $2,015 | +0% | (Tue-Tue)
S&P 500: 4,954.23 | +1.8% | (Tue-Tue)


The Fed left interest rates unchanged last week at their January meeting.  The employment numbers (non-farm payrolls…NFP) came in really hot +353K, double estimates.  Things went down and then things went back up.  That means only one thing.

ITS SUPER BOWL COUNTDOWN TO THIS SUNDAY.  That must be it since the financial markets are really quiet.  Hmmmm, another answer may be folks doing their taxes? Damn.

As advertised, the brand new spot bitcoin ETFs launched to great fanfare. Billions of new money have poured into the new ETFs. Investors who wanted out of the Grayscale Trust got out and many went right into one of the new ETFs. After that Grayscale selling dried up, things kind of settled down and here we are. Bitcoin……and ETH…..are joining equities and gold in the malaise.

So while it’s quiet and markets are slow, do your homework on the Super Bowl so you can be really knowledgeable around the nacho serving.  The Taylor Swift-led Chiefs -OR- the Santa Clara 49ers?  

GOLD (once again) goes nowhere. A few ticks up on the week and that’s all she got. NEUTRAL.

S&P 500 moved up slightly over the week. Unless the S&P is being manipulated (gasp) by buying the same 5-7 stocks to keep the market higher, gravity will take its toll. I personally believe in manipulation but if/when the manipulators stop……..gotta have a short exposure.

BITCOIN and ETH are consolidating in the low $40K area. Next move up will be huge. Buy, add to holdings and be ready. Extremely bullish.


LETS SEE;  EXPANDING WAR. INTEREST RATES STAYING HIGH. INFLATION INCHING UP. ELECTION SHENANIGANS. WHAT COULD POSSIBLY GO WRONG? PRETTY SURE WE WILL FIND OUT AT SOME POINT. 


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.