By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are those of Bill Taylor & do not represent those of DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 12/10/24
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Neutral for the week of 12/10/24
S&P 500 | GOLD | BTC | ETH
Bearish for week of 12/10/24
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12/10/24 Closing Prices :
BTC: $96,266.30 | +0.08% | (Tue-Tue)
ETH: $3,642.90 | +1.4% | (Tue-Tue)
Gold: $2,662 | +1.9% | (Tue-Tue)
S&P 500: 6,034.91 | -0.02% | (Tue-Tue)
Countdown to the new year….2025. Won’t be long and the “game” begins all over. Oh boy.
There are only a couple things on the horizon that may be important….or not. Wednesday brings the CPI (Consumer Price Index) and Thursday the PPI (Producer Price Index) which maybe/might/possibly have an influence on the final Fed meeting of 2024 next week. A holiday 25bp interest rate cut? Would make a nice gift.
There could be some real fireworks next week since Friday (20th) is the third Friday of the month and the final triple/quadruple/etc options/futures/etc expiration. Lots to be unwound at the end of the year…..especially this year. We’ll see.
Just as a dog chases a car (why?) you have to wonder what happens if the pup catches it? Well, that’s bitcoin. Long time investors got the widely touted $100K level. They “caught” it. Now what? The future for bitcoin seems to be very bright and the bullish fever is on steroids. BUT, those looking for $100K are out selling in full force. Or, highly leveraged force. A true fundamental bull/bear battle. Hmmmmm!
So, will there be a year end (Santa Clause) rally? Has it already happened? Is this all there is? With that, let’s all just even up and get neutral, enjoy the holidays, relax and forget about picking up a few extra pennies.
GOLD. Look’s like its out of BITCOIN and into GOLD. For now. Then it reverses. Neutral
BITCOIN. Near term downside but keeping a bullish eye on the upside. It ain’t over, but for now……neutral.
ETH. Same as above.
S&P 500. All these great new economic ideas still have to be passed and even then there will be pain. Just can’t love equities at these levels. Neutral.
2024 TARGETS:
- BITCOIN 2024……..$95K………..$125K-$130K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000………now $3,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG 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.
