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 7/2/24
Neutral for the week of 7/2/24
GOLD | S&P 500 | ETH [ BTC
Bearish for week of 7/2/24
N/A
7/2/24 Closing Prices :
BTC: $61,990.58 | +0.001% | (Tue-Tue)
ETH: $3,418.32 | +0.01% | (Tue-Tue)
Gold: $2,306| +0.05% | (Tue-Tue)
S&P 500: 5,509.01 | +0.07% | (Tue-Tue)
Well, the second half of the year has begun. Is it all you had hoped for so far? The Fed didn’t cut interest rates yet, but now they have fewer days remaining this year to do so. Hope springs eternal.
Oh, before I forget, Happy Canada Day (it was Monday) and Happy 4th of July (Thursday) coming up. I know it sounds crazy, but isn’t it a coincidence the 4th of July always happens on the 4th? Anyway, it’s a very short week and markets are very dull.
Not a whole lot to report. Looks like a good many portfolios were adjusted last week at the end of the second quarter and first half of the year. With summer in full flow and political conventions looming perhaps adjusting (adding/subtracting) positions are on hold. Why do anything big for a couple of months. Sit, watch and sit.
Jobs report (NFP) on Friday may cause a twitch or two, but it won’t make any big difference. With Friday falling between the 4th and a weekend ,it will be surprising if anybody is around.
Hit the pool or beach (watch out for hurricanes) and relax you’re not going to miss much. UNLESS, there is a major geopolitical event. Any moves won’t come from financial news. Yawn.
Now what? Neutral, neutral NEUTRAL.
BITCOIN is hanging out in the low $60K area. Almost totally unchanged on the week. I’m holding positions but not adding or subtracting. Long term bullish and short term neutral. Nervous at $55K, excited at $75K.
ETH is flat on the week just like BTC. The $3,100- $3,200 area looks firm. Staying neutral.
GOLD has joined the “I ain’t going nowhere and you can’t make me” club. It continues to wander around $2,300 teasing everyone. Neutral.
S&P 500. The index gyrates up and down but mostly higher. Its up a touch on the week but after years and years of bull market it can go the last few feet without me. 1987 looked unstoppable too. Then…… Neutral.
SUPER AWESOME TRADE? THE OWNERS OF THE BOSTON CELTICS BASKETBALL TEAM HAVE ANNOUNCED THEY ARE SELLING THE TEAM. BUY LOW, SELL HIGH. AFTER WINNING THE NBA CHAMPIONSHIP THEY ARE OUT ON TOP. SURE THEY MIGHT WIN IT AGAIN, BUT WHY BE GREEDY. CONGRATULATIONS.
STOCK MARKET BULLS SHOULD NOTE ABOVE.
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.
