By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are those of Bill Taylor & do not represent those of DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 12/3/24
BTC | ETH
Neutral for the week of 12/3/24
S&P 500 | GOLD
Bearish for week of 12/3/24
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12/3/24 Closing Prices :
BTC: $95,536.46 | +4.6% | (Tue-Tue)
ETH: $3,592.42 | +8.5% | (Tue-Tue)
Gold: $2,612| +0.04% | (Tue-Tue)
S&P 500: 6,049| +0.05% | (Tue-Tue)
And here we are. The last month of the year. Hope it’s all you dreamed of and even if it’s not, we start all over again (2025) in a few weeks.
Election is over with a new (refreshed and updated) president ready to rock and roll come January. One more Fed FOMC meeting slated in two weeks. One last interest rate cut? This Friday (12/6) brings the last employment (NFP) numbers. Will it influence the Fed? Nah! And, bitcoin came so SO close to that “magic” $100K number. Will it or won’t it hit $100K? Then Santa comes, football winds down and a new year comes in. Wheeeeee!!!!!!
In the meantime while we wait for the “real” end of the year (31st), it appears all the fun has been had. Barring anything earth shattering (and that is a possibility) out in the “real world,” the year may already be over. Gold looks to have settled just above/below $2,600, the S&P 500 (equities) look to finish at, or near, record highs. BUT there may be a bit of life left in the crypto area. Bitcoin and Ether. Otherwise, holiday time rules.
Keep in mind that a lot of what is being proposed by the new administration may not happen for quite some time, if at all. Some of the proposals are certain to be painful (job losses) as Elon and Vivek seek to cut $2 Trillion USD in spending. Maybe that will be easier than we think. Disruptions carry risks that may not be in the market.
Michael Saylor is on a rampage. You know M.S. who is Mr. Bitcoin and head of Microstrategy. He is still buying and has billions to go and even pitching Microsoft to get on a buying program. Of course in the other corner is Citron Research saying Microstrategy is overpriced…..and short. Hmmm. Betting against a guy with billions to buy versus some research (and short) firm. I know who I’m with.
So, I am sticking to what I have been saying. Long bitcoin and ETH. Neutral (probably ’til next month) on gold and S&P500 (equities). That’s it.
IT’S REALLY KIND OF TOO QUIET. EITHER IT’S HOLIDAY SEASON OR SOMETHING’S UP. ALWAYS BE CAUTIOUS.
2024 TARGETS:
- BITCOIN 2024……..$95K………..$125K-$130K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000………now $3,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG 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.
