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 10/22/24
GOLD | BTC | ETH
Neutral for the week of 10/22/24
S&P 500
Bearish for week of 10/22/24
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10/22/24 Closing Prices :
BTC: $67,467.64 | +1% | (Tue-Tue)
ETH: $2,627.45 | +1.6% | (Tue-Tue)
Gold: $2,718| +3.3% | (Tue-Tue)
S&P 500: 5,851.20| +0.06% | (Tue-Tue)
Countdown to the election. Oh please get it over with. Mailbox is stuffed every day with flyers trying to get me to vote for people and things that I have already made up my mind about. Enough already.
Financial markets (in general) seem to be waiting for more clarification on who will be the next president. Individual stocks are moving both up and down with earnings and rumors. Indices keep moving higher. Ever since the Fed cut interest rates, those same rates have actually risen. Go figure. The hottest sectors are gold and bitcoin (crypto). Reasons for all these moves? Who knows. Charts, group think, Reddit (lol) or just plain momentum.
Since any economic number release is best not to be believed, waiting for weekly jobless claims, inflation numbers (choose one….CPI, PPI, PCE), employment numbers, etc. doesn’t matter right now. Neither do wars or geopolitical events. WTF. Financial markets are in “la la land.” (not Los Angeles)
How do you play this mixed picture?
BITCOIN is working through overhead supply between $65K and $70K. It’s eating away at it. Looks like new highs (over $75K) will be coming. Shallow dips can be used for adding (lightly) to positions. Nibble away like PacMan and expect a breakout. Long.
ETH will follow BITCOIN. Come on ETH. Don’t let GOLD trade above you. Slightly long.
GOLD is certainly in an uptrend. Will BRICS and a new currency be backed with GOLD? Long.
S&P 500. No thank you. I believe in gravity, reality and bubbles. I can’t be short and I can’t be long. Neutral. Good luck if you’re bullish.
VOTE. UNLESS YOU ARE NOT GOING TO VOTE FOR MY CANDIDATES. THEN DON’T VOTE.
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.
