Massive Fed Credit Today Propping Up The Market
The Fed's massive $21 Billion in Repos today is ratcheting up SPX and many indexes. The XAU could even fill an upside gap near 142 then weakness should set in soon thereafter. NEM is underperforming the XAU by a very wide margin of roughly -2.00% which portends weakness soon.
posted by Joe Ferrazzano at
10:11 AM
2 Comments:
Alice, why? What's your reasoning?
By
Joe Ferrazzano, at 1:57 PM
Alice,
With NEM underperforming the XAU by a very bearish -2.09% today there's unlikely to be much if any upside tomorrow. NEM does have an unfilled upside gap a bit below 59, but it failed to fill it yesterday (came close) and today, which is another sign that NEM will probably continue lower tomorrow, from it's late session downtrend today. Ciao
By
Joe Ferrazzano, at 7:10 PM
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