NEM Underperformed The XAU By A Very Bearish -1.13% Today

After a very early spike move NEM traded sideways the remainder of the session while HUI/XAU rose significantly. Minor int term cycle highs may have finally occurred today. The S & P 500 (SPX) fell 5 points during the last hour after being in plus territory nearly the entire session, so SPX is probably leading gold/silver stocks to the downside, which is why SPX component NEM lagged HUI/XAU dramatically today.

Gold/silver stocks followed the zig zags of SPX as usual, though the % moves by SPX are much smaller, so it takes some work to clearly see the relationship on some days. Note that SPX popped early then trended down and so did gold/silver stocks. Remember that SPX tends to lead. Late in the session ^GSPC = SPX trended down ahead of NEM, HUI, XAU and then trended sideways at session's end for about 45 minutes while NEM trended modestly higher and HUI/XAU were in sharper uptrends.

http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=l&q=b&p=&a=m26-12-9,m26-12-9,p12,m26-12-9,p12,fs,m26-12-9,p12,fs,w14&c=%5Ehui,nem,%5EGSPC