Wave 4's Wave B Short Term Upcycle May Have Peaked Today
The XAU has a perfect double top at 141.95 the past two days: http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau that may be it's Wave B short term cycle high. HUI and NEM's Wave B short term upcycle may have peaked today also. The fact that NEM outperformed the XAU by +0.34% today castes some doubt on that, but they definitely appear to have peaked today and I Watch revealed strong NEM sell interest again http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem similar to yesterday's. The Fed's massive punch spiking in recent days has been a major factor propping up many indexes, including SPX, HUI, XAU, etc. and NEM is a component of SPX (S & P 500), so it benefits from index fund buying though SPX 's cycles are clearly different. http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:14 PM
1 Comments:
Hi Dale. I'm not sure when they report. Unless NEM exceeds expecations, NEM and most gold/silver stocks are likely to head lower tomorrow. Typically earnings reports are followed by a sell the news effect unless the report really surpises to the upside. There's been a lot of insider selling in NEM recently http://finance.yahoo.com/q/it?s=NEM
so the report isn't likely to be a very good one. Ciao
By
Joe Ferrazzano, at 1:44 PM
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