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 11/12/24
GOLD | BTC | ETH
Neutral for the week of 11/12/24
S&P 500
Bearish for week of 11/12/24
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11/12/24 Closing Prices :
BTC: $89,547.57 | +29% | (Tue-Tue)
ETH: $3,287.15 | +35% | (Tue-Tue)
Gold: $2,570| -5.3% | (Tue-Tue)
S&P 500: 5,983.99| +3.5% | (Tue-Tue)
Ding Dong, The Election is OVER. And what a show……..except for gold. Guess gold was a Democrat play. Oh well.
First, it’s all about bitcoin. The star of the week for sure. With a Trump win, there is a lot of optimism that crypto regulation will become very bitcoin friendly (ETH too). Of course there is chatter about a U.S. soveriegn wealth fund which would include bitcoin. That’s being murmured among traders.
I want to call your attention to the podcast (Al & Ivy discuss MicroStrategy and Bitcoin) posted this week on the website and the DWN newsletter. You think you are bullish on bitcoin now, wait till you hear about Michael Saylor and his plans. WOW!
Not to be outdone, the S&P 500 had a pretty damn good week too. There can be no doubt that the presidential winner had a positive effect on financial markets. Again, except gold.
Tomorrow (Wednesday) brings the CPI (Consumer Price Index) and then Thursday the PPI (Producer Price Index). Expect a bit “hotter” number from both, or at least no more improvement. Uh oh. THAT could be a bit of an issue. Once again, the Fed may have some “splaining” to do.
And, to be sure, inflation is NOT dead. Lot’s of uncertainty ahead. It might be the election honeymoon could have a pause. But, enjoy for now……..before???
Thoughts…
BITCOIN: I have had a $95K price target on BTC for quite a while. Getting close. It may print $100K here in the short term, or stall here for a bit. Make no mistake, BITCOIN is going much higher long term. A new regime is in power and the stars are aligned. Listen to that podcast. If there is a pullback, $75K might be looming.
ETH: Smoking hot along with BTC…..and for the same reasons. ETH is now way back above GOLD (again) and may not look back. The best is yet to come.
GOLD: Not such a good week. A Democratic trade gone bad. The prospect of higher interest rates could be the culprit. Or, out of GOLD and into BITCOIN. Whatever, GOLD may have a bounce but a new move up could be in the future. With all the economic uncertainty and new leadership, it still has a place in investments…..but trading could be subdued. Slightly bullish.
S&P 500: Way too much, way too fast. Of course I’ve been saying that for a very long time. I note Warren Buffet has been selling and building a huge cash reserve. He ain’t dumb. He probably is looking for a pullback to invest. I’ll go with him. I’m neutral.
THERE ARE STILL A LOT OF PROBLEMS OUT IN INVESTMENT LAND. WILL A NEW LEADERSHIP AND A MORE BUSINESS FRIENDLY ENVIRONMENT MATCH THE INITIAL ENTHUSIASM? BE CAUTIOUS.
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.
