NEM Up +7.02% Today Versus +6.30% For The XAU
So, the NEM Lead Indicator was a bullish +0.72% today which points to more upside in the next day or two. Keep in mind that the more dramatic the spike move the more severe the subsequent selloff usually is. NEM is up modestly after hours in my streamer. The bid is 57.18 and the ask is 57.35 versus a close at 57.15 today. Volume was very high at 11.29 million shares for NEM, so some of this strength is "shorts cremation" which is short covering in case you don't know. Notice that much of today's strength was index fund related. SPX gapped up, fell into negative territory early, then closed up +20.51 points at 1268.80. SPX is still on the relatively flat part of it's minor int term downcycle. In the next few weeks SPX should drag gold/silver stocks down though there could be another day or two of upside.
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