The Taylor Market Report (4/23/24)

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Common Sense for Uncommon Markets

By Bill Taylor, CEO / Digital Wealth News and AI & Finance


DISCLAIMER: The opinions expressed below are my own & do not represent those of Digital Wealth News or any affiliates.  Any financial advice included in the column is for entertainment purposes only.

Bullish for week of 4/23/24
BTC     ETH   


Neutral for the week of 4/23/24
GOLD    


Bearish for week of 4/23/24
S&P 500

4/23/24 Closing Prices :

BTC: $66,591.48 | +5.9% | (Tue-Tue)
ETH: $3,220.81  | +5.1% | (Tue-Tue)
Gold: $2,298 | -2.8% | (Tue-Tue)
S&P 500: 5,070.55 | -0.04% | (Tue-Tue


Yesterday was “Earth Day.” I hope everybody remembered to go out and thank the earth for letting us live on it.

It appears the war between Israel and Hamas/Iran/other proxies (pick one…or more) is happening on the streets of America. I don’t know what that means but it is sure to be not good.

However, financial (specifically equities) markets don’t seem to care or be fazed. I am branding the equity market a “Honey Badger” market. If you don’t know what a honey badger is, check it out. Nothing…NOTHING bothers a honey badger. It has no fear.

The big thing this week (other than protests, trials, war, etc.) is the Friday report of the Fed’s preferred inflation gauge. The PCE, or Personal Consumption Expenditures index. You know, that’s what it costs you to live…..if you don’t eat, drive a car, live in a tent/van or, basically, have a life. Even after stripping those things out, inflation is still stubbornly high. Will this report Friday make the Fed cut interest rates??  Giggle Giggle.

With only one week to go in April, I would be remiss not to mention and old market adage; “sell in May and go away.” Not sure it still works, but the news heads on TV will be talking about it.

And now? The S&P has bounced back up after recent selloffs but there’s still not a big change on the week. Gold had a fun trip to $2,400 and just took an almost $100 drop. Hmmmm. Everybody in? Interest rates have moved higher this week and AND bitcoin and ether have ‘survived’ the halving. Damn, they still haven’t gone to zero. How about that?!

With that, looks like BITCOIN and ETH had their “dip.” $60K looks solid and I have resumed a strongly bullish stance. BITCOIN will begin (oh, it has) creeping up and the next thing you know its $95K or so. ETH follows and maybe $4K.

I know (and had it pointed out) that I missed the jump in GOLD. I still must remain neutral since I think interest rates will rise. At this point GOLD is a bit over-owned and I would rather have BITCOIN. But, hold it if you must. FYI, its down on the week.

The S&P 500 sure has some strong followers……….for now. Its up a bit over the past week and I respect that, but…..come on……its vastly in need of a correction (20%).

“I’d rather be out of the markets wishing I was in rather than in the markets wishing I was out.”


EVEN AI (ARTIFICIAL INTELLIGENCE) CAN’T HELP YOU IN THESE MARKETS.


2024 TARGETS:

  • BITCOIN 2024…….UP……New highs above $70K  (winner……..now $95,000)
  • ETH 2024…………UP……..New highs above $3K  (winner….now $4,800)
  • GOLD 2024……….$2,200-$2,800
  • S&P 500 2024……..?????????? 

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. 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.