Monster Day, NEM Outperformed the XAU By +1.03%
NEM was up +6.99% today and the XAU was up +5.96%. It was amazing the way reliable lead indicator NEM kept defying gravity today on huge volume of 11.14 million shares, double it's 3 month average daily volume of 5.51 million shares.
The NEM Lead Indicator was very bullish today at +1.03% which portends more strength tomorrow, but, HUI, NEM, and the XAU are extremely overbought, so it's unwise to chase this rally and short term cycle traders , and, maybe even monthly cycle traders, given how frothy the monthly upcycle has become, should look to sell. Something to remember also is that part of this is probably NEM playing catchup after taking a big hit due to the Placer Dome bid by Barrick.
The NEM Lead Indicator was very bullish today at +1.03% which portends more strength tomorrow, but, HUI, NEM, and the XAU are extremely overbought, so it's unwise to chase this rally and short term cycle traders , and, maybe even monthly cycle traders, given how frothy the monthly upcycle has become, should look to sell. Something to remember also is that part of this is probably NEM playing catchup after taking a big hit due to the Placer Dome bid by Barrick.
posted by Joe Ferrazzano at
1:11 PM
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