Common Sense for Uncommon Markets
By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are my own & do not represent those of Digital Wealth News or any affiliates. Any financial advice included in the column is for entertainment purposes only.
Bullish for week of 5/7/24
Neutral for the week of 5/7/24
GOLD BTC ETH
Bearish for week of 5/7/24
S&P 500
5/7/24 Closing Prices :
BTC: $63,127.18 | +5.3% | (Tue-Tue)
ETH: $3,050.93 | +3.4% | (Tue-Tue)
Gold: $2,290 | +1.1% | (Tue-Tue)
S&P 500: 5,187.70 | +3% | (Tue-Tue
Well, this is interesting. The Fed kept interest rates where they are (you can’t be surprised), Friday’s employment numbers were a little softer, the financial markets seemed happy and then………..nothing. Dull, blah, snooze-worthy. Maybe rather than “Sell in May and go away” it should be “Nap through May and be OK?”
It seems investors/traders are still clinging to the fairy tale that there will be one or two interest rate cuts this year. WHY? Until there is some kind of “shock”, the Fed needs to do nothing. Which means, it could be very quiet for quite some time.
The best performance for the week was…….the S&P 500. Good gracious, another long-held truism got broken. Markets CAN go up forever. Gravity doesn’t apply to equities. Gold added a little as did bitcoin and ethereum. Feels like August already.
Ideas? Kind of out of ideas here. I’d go watch the grass grow, but we haven’t had Spring here in Montana yet.
Id’ just say get neutral and lighten up. BITCOIN and ETH are biding their time before heading for new highs. I stay long term super bullish but right now it may be just holding risk….reward to be in the future.
GOLD is where it is. Maybe it’s just where it should be. Neutral.
The S&P 500. Beats me. Its fascinating. “What goes up must come down?” I guess not. Correction? I guess not. Neutral.
See you next week.
“I’d rather be out of the markets wishing I was in rather than in the markets wishing I was out.”
2024 TARGETS:
- BITCOIN 2024…….???????????????
- ETH 2024…………???????????????
- GOLD 2024……….??????????
- S&P 500 2024……..??????????
Current trading positions:
- NEUTRAL BITCOIN
- NEUTRAL ETH
- NEUTRAL GOLD
- SHORT 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.
