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 10/1/24
Neutral for the week of 10/1/24
GOLD [ S&P 500 [ BTC [ ETH
Bearish for week of 10/1/24
10/1/24 Closing Prices :
BTC: $61,876.35 | -3.2% | (Tue-Tue)
ETH: $2,496.84 | -5.5% | (Tue-Tue)
Gold: $2,630| -0.01% | (Tue-Tue)
S&P 500: 5,730.28| -0.001% | (Tue-Tue)
Well well well. Welcome to October. Welcome to start of the 4th quarter. Welcome to the last month before the presidential election. Are you ready?
I say that because all of a sudden, with the turning of the calendar, things that have been overlooked and brushed aside are now getting attention. Oh, that threatened dockworkers strike actually happened? Well yeah. Oh, there’s a war in the Mideast? Yeah, and getting bigger. Personally I find it weird. Israel beats the crap out of its enemies and then Iran says “Oh Yoo Hoo Israel, we’re gonna shoot missiles at you. Get ready.” WHAT?
Anyway, like I have been saying, anyone who has some nice profits over the past year should really think about lightening up. So much uncertainty (who will win the White House? Higher taxes next year? Will there be election “shenanigans?” Will there be an election?) the financial markets are extremely vulnerable. AND, all those things are what we know of. What could possibly go wrong? Answer, a lot.
October is not the kindest month for investors. Waiting for one more big push up might be like picking up quarters on the freeway. Odds are not good. If being short isn’t for you, at least be defensive and cautious.
Now what?
BITCOIN is a real enigma. The problem is there is a wall of sellers between $65K-$70K. AND a steel curtain between $70K-$75K. There are a massive amount of bulls but they are mostly all in. It’s going to take a stampede of new buyers to get to new highs. I don’t know where those buyers are. I need to remain neutral and a smidge long.
ETH has more sellers than buyers. Its under some pressure and won’t be going anywhere until BTC goes first. Neutral.
GOLD. It’s getting frothy but if you need to be somewhere GOLD seems to be the place. I get it. I wouldn’t put all your holiday gift money into the metal, but some exposure sure seems to be working. Neutral to long,
S&P 500. I can’t play this “markets only go up game.” I just doesn’t work that way (yeah, I now, this time its different) so I will remain neutral.
WANT TO HEAR SOMETHING SCARY? A ONE TIME WEALTH TAX ON FINANCIAL ASSETS. OR, A 50% CAPITAL GAINS TAX. YA NEVER KNOW.
SPEAKING OF SCARY, A GOOD HALLOWEEN COSTUME MIGHT BE THE TAX COLLECTOR. OMG.
2024 TARGETS:
- BITCOIN 2024……..????????
- ETH 2024…………???????????????
- GOLD 2024……….??????????
- S&P 500 2024……..??????????
Current trading positions:
- NEUTRAL 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.
