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 10/29/24
GOLD | BTC | ETH
Neutral for the week of 10/29/24
S&P 500
Bearish for week of 10/29/24
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10/29/24 Closing Prices :
BTC: $73,007.81 | +8.2% | (Tue-Tue)
ETH: $2,644.71 | +0.07% | (Tue-Tue)
Gold: $2,741| +0.08% | (Tue-Tue)
S&P 500: 5,832.92| -0.03% | (Tue-Tue)
Well, well well. What have we got here? Halloween for sure on the last day of the month. Then this Friday job numbers followed by THE ELECTION and then a Fed meeting. OMG. Now all that is scary (hence the Halloween connection).
What happens AFTER the election is what’s important. Unless there is a huge landslide, winner results may not be known for a while. You know lawyers, they like to drag things on (billable hours). Also, the “unhappy group” (losers) may have some tricks up their sleeve, too.
Then the Fed. Not having any inside information, it doesn’t appear that another interest rate cut is coming. Probably for the best since after the last cut, rates actually went up. There is really no pressure to cut rates anymore either. Voters have voted so political pressure is off.
So that leaves us with sticky inflation, no rate cuts, a very elevated equity valuation level and potential post-election “shenanigans” (or violence) with no clear winner. Sure sounds bullish, right? Maybe Halloween isn’t the scariest time.
But hey, let’s look at what might be some (more) good ideas.
BITCOIN. Yes BITCOIN. If you have been adding to positions slightly like I have been saying the past few weeks/month, ya gotta be happy. It’s pretty certain BTC will go through $75K and new highs. Then? $95K, close enough to $100K to be meaningful. LONG.
ETH. Obviously it follows BTC. I thought it would always trade above GOLD when it actually traded above it a while back. But, ETH is still a lower priced way to play BITCOIN. Slightly long.
GOLD. Moving ever higher. Chatter that some form of new currency (BRICS, CBDG, etc) will have some GOLD backing. Great idea. Long.
S&P 500. Too much bullishness and valuations way too high. I don’t know about after the election but I am remaining neutral. Stocks are way to frothy and I’ll sit this dance out. Neutral.
BUCKLE UP AND GET PREPARED FOR NEXT WEEK. I DON’T KNOW WHAT SURPRISES ARE IN STORE BUT YOU HAVE TO BELIEVE THERE WILL BE A SURPRISE.
2024 TARGETS:
- BITCOIN 2024……..$95K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG ETH
- LONG 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.
