NEM Outperformed The XAU By +0.21% Today
But modestly underperformed late in the session. NEM may fill it's upside gap at 56.53 from last Friday tomorrow. Fed Credit rose by +6.737 Billion in the week ending 2-15-06, which normally would portend strength for the next few days, but if Wave C is in effect then a substantial decline should soon begin. NEM took out yesterday's cycle high by 10 cents, so Wave C's Wave C may have begun today. Without the massive Fed lending the past two days ( http://www.newyorkfed.org/markets/omo/dmm/temp.cfm ) there wouldn't have been nearly this much strength, and even this strength should quickly fade. Note that the very bullish NEM Lead Indicator at +1.80% vs the XAU yesterday correctly pointed to strength today. http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
2:30 PM
1 Comments:
Andy,
They're lagging SPX by about an hour. SPX spiked late yesterday. SPX is why NEM is such a great lead indicator. Gold/silver stock strength in recent days coincided closely with SPX's, which was due to massive punch spiking by the Fed. Also, gold/silver stocks only trended up about an hour today before rolling over quickly and turning down. Much of the strength was the gap up at the open. Ciao
By
Joe Ferrazzano, at 9:06 AM
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