The Taylor Market Report (6/11/24)

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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 6/11/24
BTC       

Neutral for the week of 6/11/24
GOLD | S&P 500 | ETH

Bearish for week of 6/11/24
N/A

6/11/24 Closing Prices :

BTC: $67,268.17 | -4.5% | (Tue-Tue)
ETH: $3,489.25  | -8% | (Tue-Tue)
Gold: $2,291 | -0.05% | (Tue-Tue)
S&P 500: 5,375.32 | +1.6% | (Tue-Tue)


First, the FED has begun its June meeting with tomorrow (Wednesday 6/12) being another interest rate announcement day. Coincidentally, tomorrow also brings the CPI (consumer price index) and AND, Thursday (6/13) the PPI (producer price index). Oh boy and oh wow! But don’t saddle up just yet. Likely to be no big deal.

The Fed is NOT going to ease interest rates. The CPI may be a touch “hot” and the PPI a touch “light.” Then, here we are. By the way, I’m pretty sure the Fed has already had an advance look at the numbers so there should be no surprises.  Yawn, back to the swimming pool.

Next, how many “dips” does one get to buy bitcoin before it screams higher? I sure don’t know, BUT its the one dip you DON’T buy that will go into new high orbit. Frustrating.

There is a whole lot of chatter starting to realize that civil unrest before the elections could be an “issue.” I began writing about that possibility a few months ago. And, I will continue to…”CITING POSSIBLE CIVIL UNREST (A/K/A VIOLENCE) AND POSSIBLE ELECTION INTERFERENCE, THE WH DECLARES MARTIAL LAW AND POSTPONES THE ELECTION UNTIL………..??”

I have no idea what that would to financial markets, but it ain’t good. Indeed, markets may be closed. Plan(??) accordingly. On a happier note, our vodka store here has 10% off Tuesdays. As you can see, I have some plans.

And NOW?

OK, you’re dead set on not just hanging by the pool or laying on the beach and need something to do.

BITCOIN. Stay long. buy dips and hold on. Maybe scalp a few dips and rallies but keep a core position. New highs are coming ($95K?) but timing is difficult. Oh, remember, should there be unrest and markets close, BTC is 24/7.

ETHER. Great run on expectations of spot ETH ETF. Let it settle down and see what kind of pullback there is ($3,200-$3,300?).

GOLD. I need to be neutral. I still think inflation picks back up again with corresponding higher interest rates which is bearish for GOLD. However, if my above unrest scenario does come to fruition GOLD will probably explode higher. Crap shoot. Stay neutral.

S&P 500. Damn, this is the longest lasting “tired market” EVER! The AI stocks are holding the S&P index up (and I’m very bullish on AI) but the majority of stocks are crap. I want to be short but I am staying neutral. Again, if my scenario happens, it’s down DOWN on steroids.

IT’S GOING TO BE A LONG INTERESTING SUMMER. BACK TO THE POOL.


2024 TARGETS:

  • BITCOIN 2024……..$95K
  • 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.