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 6/25/24
Neutral for the week of 6/25/24
GOLD | S&P 500 | ETH [ BTC
Bearish for week of 6/25/24
N/A
6/25/24 Closing Prices :
BTC: $61,961.49 | -3.8% | (Tue-Tue)
ETH: $3,414.24 | -0.05% | (Tue-Tue)
Gold: $2,295 | -0.04% | (Tue-Tue)
S&P 500: 5,469.30 | -0.03% | (Tue-Tue)
Countdown to the second half of the year. End of the second quarter AND 2024 halftime is only days away. Yet there is still no sign of an interest rate cut from the Fed. Party poopers.
So on the last trading day (not for crypto) of the first half of the year (Friday), the Fed’s favorite gauge of inflation, the PCE (“personal consumption expenditures” for those who dont know that acronym), will be released. What to expect? Nothing. I’m pretty sure any and all portfolio adjustments for the first half of 2024 will have been made by Friday. Ain’t no chance of any big news either. Get ready for a slow start of the next quarter with a July 4th holiday next week. It’s summer.
What has been going on? Well, with the equity averages taking turns going up and down at different times and different days, the word of the week has been rotation. Out of one sector and rotate into another. Rinse and repeat, and what it should be called is chop. Chaos (in slow motion). Out of what has been working and going into what hasn’t been working. Sounds smart but it’s really stupid. Being fully (or heavily) invested going into the second half of THIS year is full of risk. TOO MUCH RISK.
What now? (other than the pool or beach)
BITCOIN has been a touch disappointing. Off for the week and acting “spongy.” MicroStrategy and Michael Saylor just bought a bunch more BTC. I’m still bullish but a touch frustrated and disappointed in the price action. Need to listen to myself and continue to be patient and long term bullish. But, because it’s summer, hold off on new purchases and just hold. Neutral for a while.
ETH is following big brother BITCOIN. Soft price action, too. Lets hold and be neutral for a while.
GOLD is going nowhere. Basically unchanged on the week, GOLD investors have to feel the same way the BTC and ETH folks do. Once again, sit tight and I am staying neutral.
S&P 500…….formally S&P 7…..currently S&P 1 (NVIDIA). The index was off a slight amount on the week. Summer is full swing. Staying neutral.
THE SECOND HALF OF THIS YEAR IS FULL OF RISK, RISK, RISK. NOT SURE WHERE THE REWARD IS (OTHER THAN SHORT). THE NEXT SEVERAL MONTHS ARE GOING TO BE NASTY…..WITH AN EMPHASIS ON SEPTEMBER/OCTOBER. DON’T BE FOOLED WITH THE LACK OF ACTIVITY…..IT’S SUMMER.
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.
