By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are my own & do not represent those of DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 10/15/24
GOLD | BTC | ETH
Neutral for the week of 10/15/24
S&P 500
Bearish for week of 10/15/24
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10/15/24 Closing Prices :
BTC: $66,807.24 | +7.6% | (Tue-Tue)
ETH: $2,586.23 | +6.3% | (Tue-Tue)
Gold: $2,632| +1.5% | (Tue-Tue)
S&P 500: 5,815.26| +1.1% | (Tue-Tue)
Countdown to the election. Only a few weeks to go. Don’t put off voting and DON’T vote for the people opposing my choices. (haha)
So far it has been a very interesting October. And year. Pretty sure not many people have expected or predicted all this. But that’s why things happen.
So, what’s been going on? UP. That’s what’s happening. It appears there is just no stopping many of the financial markets. Sure, some sectors ease off a bit, but then rebound and go higher. Its called sector rotation. BTW, that rotation can drive you crazy. Its hard to keep up.
Of course COMMON SENSE says this can’t continue, but since nobody pays attention to COMMON SENSE anymore, maybe it can. Inflation is alive and well (not conquered) and will become an issue again. Think of inflation as being in a sector rotation. Wage inflation is on the way.
Interest rates? Not going down and in fact may surprise everyone and creep higher. War? Just waiting for one of these countries to push the “red button” (nuclear). China recession? Ah, so what. Bigger deficits? Yawn. Nothing seems to matter…..for now. COMMON SENSE and reality says this is wrong……..so very wrong. When will it all end? We will all know WHEN it happens. Not before.
How to “play?” If you must.
S&P 500. Neutral. I can’t play the “only up” game. I’ll watch and be neutral.
GOLD. Go with the momentum. Slightly long and 70% bullish
BITCOIN. 80% bullish and adding slightly as it move higher. BTC is working through a lot of supply between $65K-$70K…..then a struggle to $75K. After that it will be a SpaceX rocket ride.
ETH. Riding with BITCOIN.
CURB YOUR ENTHUSIASM , MANAGE RISK AND STAY WITHIN YOURSELF. IT’S STILL A VERY DANGEROUS MARKET.
2024 TARGETS:
- BITCOIN 2024……..$95K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG ETH
- LONG 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.
