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 11/5/24
GOLD | BTC | ETH
Neutral for the week of 11/5/24
S&P 500
Bearish for week of 11/5/24
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11/5/24 Closing Prices :
BTC: $69,424.01 | -5% | (Tue-Tue)
ETH: $2,427.04 | -8% | (Tue-Tue)
Gold: $2,713| -1% | (Tue-Tue)
S&P 500: 5,782.76| -0.09% | (Tue-Tue)
OK. It’s here. Election day. The polls and election forecasters make stock financial analysts look like rank amateurs. And, the beauty is, NOBODY KNOWS what the election results will be.
Next? The Fed’s FOMC meeting concludes tomorrow (Wed. 11/6) with hopes and dreams banking on another interest rate cut. 25bps, 50 bps? No change?
So, will the Fed cut rates? Will Trump win? Will Harris win? Stay tuned to the financial soap opera “One Day at a Time” and wait to see. If there was ever a TGIF (Thank God It’s Friday), let’s hope it’s this one coming up.
That’s about it. Not much to dwell on with so much on hold. Bitcoin, ETH, Gold and the S&P 500 are all lower on the week (Tue-Tue). Cutting positions before the election?
Thoughts:
BITCOIN. No matter who wins the presidency, ya gotta love BITCOIN. New highs coming and when (not if) it goes through $75K the next stop is $95K-$100K. Microstrategy (Michael Saylor) is lining up $42B to buy more BITCOIN over the next three years. No matter who wins. Bullish and long.
ETH. A laggard behind BTC but when (not if) BITCOIN breaks out to new highs, ETH will follow. Slightly long and hopefully $4,500.
GOLD. Over the past year I have been resistant to the shiny metal. I’ve been wrong…..slightly wrong. No matter which candidate wins, there will be more inflation AND a dollar “problem.” Great for GOLD. Bullish and looking at $4K.
S&P 500. I know it looks good, it has been good, BUT if there was a place in the financial markets that have outsized risk….here it is. I like being neutral. Too much potential risk……no matter who winds up as president.
THE WINNER IN TODAY’S ELECTION PROCESS? WE THE VOTERS. NO MATTER WHAT, WE ALL HAD A SAY.
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.
