The Taylor Market Report (5/14/24)

358

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 5/14/24
       


Neutral for the week of 5/14/24
GOLD     BTC      ETH


Bearish for week of 5/14/24
S&P 500

5/14/24 Closing Prices :

BTC: $61,504.70 | -2.6% | (Tue-Tue)
ETH: $2,891.77  | -5.2% | (Tue-Tue)
Gold: $2,333 | +1.9% | (Tue-Tue)
S&P 500: 5,246.68 | +1% | (Tue-Tue


There are BULL MARKETS…….there are BEAR MARKETS…..and then there are WHO CARES MARKETS. It appears that financial markets are in the final category. And it’s not even summer yet.

So, inflation numbers are running HOTTER than expected?  Who cares.

So, the Fed Chairman says interest rates will remain higher for longer?  Who cares.

So, the war in the Mideast goes on and geopolitical risks heat up?  Who cares.

So, consumer debt at record high, protests in the streets of the U.S., cost of living crushing people. political unrest, etc.?  You guessed it…..WHO CARES.

Now these are ‘uncommon markets’ and common sense says something is really out of whack. Could it be that computers and artificial intelligence have teamed up to make sure the equity markets don’t sell off before the November elections? Maybe. Could it be investors/traders just have their heads in the sand and are ignoring the obvious? (It happened in 2000, 2008 and 2020) Probably.

To be very blunt, there is nothing going on right now. Any position you may take is one where you are taking on risk and the potential reward is……….well, undefined. I sure don’t have any great ideas  so…………WHEN IN DOUBT, SIT IT OUT.

BITCOIN and ETH eased off over the past week. They are both in the “who cares” malaise. BTC at $60K-$64K for now, ETH $2,800-$3,100 for now also. Kind of stuck. I am still very long term bullish and expect new highs later this year. Either lighten up or “suck it up” and hold. Rewards are in the future.

GOLD eased back up a bit last week. Seems like investors are locking up the shiny metal in these uncertain times. Or, out of BITCOIN and into GOLD………for now.

The S&P 500 added a bit more this past week. Why? I don’t get it. Obviously being short ain’t fun, but in my defense being long BITCOIN and short the S&P 500 (hedged) has worked well. Very well. Now? Like I said last week…..I don’t get it. Apparently they revoked the law of gravity when I wasn’t looking.

Summer’s coming, get your sunscreen ready. Reduce your risk and relax.

See you next week.


2024 TARGETS:

  • BITCOIN 2024…….???????????????
  • ETH 2024…………???????????????
  • GOLD 2024……….??????????
  • S&P 500 2024……..?????????? 

Current trading positions: 

  •  NEUTRAL BITCOIN
  •  NEUTRAL 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.