...............................NEM Broke Out

NEM's high so far today is 49.99 and it has experienced a breakout above major resistance since it's long term cycle high at 50.28 on 12-2-03. All indicators portend strength. The NEM Lead Indicator was very bullish at +1.28% yesterday and is about +0.25% today as I write this. XAU Implied Volatility rose slightly to 30.515 yesterday from 30.48 on 12-5 despite a sharp +2.80% rise in the XAU yesterday which is a sharp rise in fear that portends strength during some of today's session. The XAU Put/Call rose very sharply (over 3%) to 0.62820 today from 0.60963 yesterday which portends strength during some of today's session. Since HUI, NEM, and the XAU are very overbought a pullback is likely at some point today, probably in the middle or late in the session. Given the major breakout by NEM the monthly upcycle should have a few more days of upside. Ciao