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 5/21/24
BTC
Neutral for the week of 5/21/24
GOLD S&P 500 ETH
Bearish for week of 5/21/24
5/21/24 Closing Prices :
BTC: $69,575.16 | +13.1% | (Tue-Tue)
ETH: $3,716.74 | +28.5% | (Tue-Tue)
Gold: $2,398 | +2.8% | (Tue-Tue)
S&P 500: 5,321.41 | +1.4% | (Tue-Tue)
The month of May has been nothing short of boring…….so far. It probably will become even more boring since the month is two thirds over already and coming up on a three day Memorial Day weekend. So if you haven’t been attending a graduation event (college, high school, middle school, grade school or kindergarten), protesting in the streets (I hear the pay is good), or watching political trials on television, it’s been fairly dull. Yeah, so what right?
Enough of the “boo hoo,” it’s so quiet and dull crap. What have we got to work with here? Let’s get some some thoughts out and see what sticks.
BITCOIN has awakened. Its at the top of my “up up and away” list. After spending a bit of time bouncing around the lower $60K area the ‘BIT’ woke up and has had a great week, It appears that the “old” highs up through $75K are gonna be dust in the rear view mirror. A print at $100K might happen, but lets look at $95k for now.
ETH has also had a great week (up 28%). Speculation that an ETH spot ETF is close to being approved has helped. Maybe yes, maybe wai,t but a no is not expected. I would expect some profit taking should the spot ETH ETF be announced.
GOLD had a nice week. I just feel like being neutral on the shiny metal. However, if there is is a huge market “blow off” it should participate. I won’t mind missing a GOLD rally since I will/do have BITCOIN.
Now, the S&P 500. After a long (really long…..damn) time of preaching the short side I am going neutral (gasp). The markets feel like they are going to have a huge “blow off” to the upside. I may be wrong BUT if that were to happen, I would rather not be short. If I miss equities I will have……BITCOIN. The S&P 500 did have a decent week, too.
OVERALL. ALL the markets (equities, commodities, crypto) feel like there may be a huge speculative upside “blow off” coming. Exciting? Yes. Scary? Yes, that too.
AN UPSIDE FINANCIAL MARKET EXPLOSION? JUST LIKE A VOLCANO, WHEN IT BLOWS EVERYTHING GOES.
2024 TARGETS:
- BITCOIN 2024…….???????????????
- ETH 2024…………???????????????
- GOLD 2024……….??????????
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- NEUTRAL ETH
- NEUTRAL GOLD
- NEUTRAL 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.
