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 DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 7/23/24
BTC | ETH | GOLD
Neutral for the week of 7/23/24
S&P 500
Bearish for week of 7/23/24
N/A
7/23/24 Closing Prices :
BTC: $65,831.53 | +1.4% | (Tue-Tue)
ETH: $3,476.55 | +0.02% | (Tue-Tue)
Gold: $2,382| -2,5% | (Tue-Tue)
S&P 500: 5,555.74 | -2% | (Tue-Tue)
Let’s start this with a great big………WTF. Seriously, assassination attempts, a sitting president stepping aside, a ‘hand picked’ replacement, cybersecurity lapses and something new everyday, it seems. Kind of hard to make any kind of meaningful investment decisions.
Let’s face it. The next few months leading up to the November elections (or, no elections) are going to be full of surprises. Economic numbers are going to be a lot less meaningful as the focus becomes “poll watching.” The eagerly awaited (possible) interest rate cut by the Fed is probably already in the market. So, with so much uncertainty looming, let’s make it short and direct. No f***ing around.
The equity market has had a great first half of the year. Now what? The S&P 500 had a bad week and looks “toppy.” With all that’s going on (and things we don’t know about yet), it would be foolish to not sell or lighten up on holdings. Don’t be greedy but many are. Looking for that last dime is, again, foolish.
S&P 500. Be neutral or short.
Gold is kind of a mystery. It has a great rally and then gives up hunks. The IT cyber event exposed a flaw. If there are outages you can’t get your gold. Wherever you bought it is where you have to sell it. It’s not totally fungible. You can’t take delivery and spend it, nor flee the country with it (the TSA will bust you). I am slightly bullish to neutral only because gold should do well in a calamity.
GOLD. Neutral or slight long.
Bitcoin. A lot of the overhanging selling has been absorbed. Buyers are back but are more professional and not chasing at any cost. Obviously there is a lot of “junk” between $70K and $75K. It goes through and lurches higher. Not sure when. And, unlike gold, you don’t need to worry about outages. You buy BTC, hold it in a personal wallet and if you need to buy things, you can. If you need to flee the country, just take your phone (wallet), walk through TSA and open a bank account in Switzerland or El Salvador. Bitcoin, on the blockchain, is fungible.
BITCOIN. Long and buying.
Ether just got its very own spot ETF. I’ts had a solid week, but gone nowhere. Holding value.
ETH. Be long
AFTER THE LAST FEW WEEKS YOU HAVE TO ASK “WHAT COULD POSSIBLY GO WRONG?” ANSWER; A WHOLE LOT.
2024 TARGETS:
- BITCOIN 2024……..$95K
- ETH 2024…………???????????????
- GOLD 2024……….??????????
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- NEUTRAL 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.
