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 8/20/24
Neutral for the week of 8/20/24
GOLD
Bearish for week of 8/20/24
S&P 500 [ BTC [ ETH
8/20/24 Closing Prices :
BTC: $59,394.95 | -2.2% | (Tue-Tue)
ETH: $2,598.83 | -3.8% | (Tue-Tue)
Gold: $2,488| +2% | (Tue-Tue)
S&P 500: 5,597.12| +3% | (Tue-Tue)
WILL THE LAST MARKET BULL REMEMBER TO TURN OUT THE LIGHTS.
What could possibly go wrong? Inflation has moderated, the Fed is set to ease interest rates, markets just keep going up and life is good. What’s to worry about? That’s silly…..nothing of course. Go for a walk on the beach and come back richer.
FYI….that’s sarcasm Sort of.
It’s only a few days till the ‘official’ end of summer. Labor day here in the US is only a week and a half away. The Fed’s annual Jackson Hole shindig wraps up this week, the political conventions are almost done and it won’t be long and football season begins, Go (name your favorite team) and wait for………..???
Boy, I hope everyone has a plan. Mine is get neutral and be in as much cash as you can. I have seen and been involved in the 1987 crash, the dot.com bust, the 2008 financial crisis, the COVID crash and a few “extras.” THIS is one of the most dangerous times to be in financial markets I have seen. That’s a lot.
The next few months through the end of the year is going to be…..interesting. Will there actually be an election? Will there be violence? Will the US become socialist? Will there be an expanding Mideast war? Demonstrations? Recession? Worse? Will former president Trump be sentenced to jail? Let’s be real. Those are very possible scenarios and NOBODY knows what it will mean for financial markets. Hint. It’s not a plus.
I don’t mean to be all ‘doomy and gloomy’ but years of running hedge funds, being CIO at others leads me to be capital protective. Just be aware.
So…
BITCOIN and ETH both are both acting and trading very badly. Neutral to short. I have been a bull for a long long time, but now…..watch out.
GOLD looks like it might move higher on potential price controls endorsed by the Democratic candidate. Real or not, neutral to slightly long.
S&P 500. I don’t believe in Santa Clause, the Easter Bunny or the tooth fairy. I also don’t believe equities only go up. Gotta have some short exposure. Watch out.
2024 TARGETS:
- BITCOIN 2024……..????????
- ETH 2024…………???????????????
- GOLD 2024……….??????????
- S&P 500 2024……..??????????
Current trading positions:
- SHORT BITCOIN
- SHORT 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.
