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 10/8/24
Ø
Neutral for the week of 10/8/24
GOLD | S&P 500 | BTC | ETH
Bearish for week of 10/8/24
Ø
10/8/24 Closing Prices :
BTC: $62,100.03 | +0.04% | (Tue-Tue)
ETH: $2,433.53 | -2.5% | (Tue-Tue)
Gold: $2,594| -1.4% | (Tue-Tue)
S&P 500: 5,751.13| +0.04% | (Tue-Tue)
So far attempting to navigate the financial markets in October is like wandering around in circles, lost in the forest. Going nowhere, feeling like you ARE going somewhere but really not going anywhere. Bring summer back.
So it might just be that the month of October is going to be a big nothing, sprinkled with a touch of bullishness and a dab of bearishness. Very nervous and skittish. What with wars, geopolitical events, election uncertainty and a slew of possible black swan events, sitting on your hands and doing nothing is the correct action. The old adage of “markets climb a wall of worry” should be prefaced with the “financial markets have been climbing that wall for quite some time”. At some point everyone reaches the top of the wall. Then?
Everyone got their wish when the Fed cut interest rates, but then interest rates went…..up. Hmmm! The government announced a much bigger than expected employment number (+254K jobs) and this week they will report inflation numbers (CPI and PPI). I betcha they come in a bit better then expected. Election ya know. This is a time to NOT believe or trust ANY government number or economic report. Same as election polls. Its all c***.
What to do now (if you just must do something)?
Best idea? Stay neutral, lighten up on positions (don’t get greedy) and sit tight.
Worst idea? Take all your cash and put it into 1) stocks, 2) bitcoin/eth, 3) gold
Medium ideas?
BITCOIN. Looks good and certainly if it churns higher and gets through $65K-$70 (first) and then $70K-$75K (second) it will explode higher. So, just add a dab here and smidge there. I am neutral to slightly bullish.
ETH. Its lagging but will follow BITCOIN. Just go with BTC with the same thought as above. Neutral.
GOLD. The shiny metal has had a super run. Historic actually. Enough. Neutral, neutral neutral.
S&P 500. I have no idea. None. That’s the best straight and honest answer I got. Neutral
START THINKING ABOUT A HALLOWEEN COSTUME. SALVAGE OCTOBER.
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.
