The NEM Lead Indicator Was A Bearish -0.32% Vs The XAU Today
The NEM Lead Indicator was a bearish -0.59% vs the XAU yesterday. So, there should be weakness tomorrow, which makes sense since this is the Wave A short term downcycle of the monthly cycle. HUI, NEM, and the XAU appeared to be in a Wave C down at session's end, which points to weakness at Wednesday's open (see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau). The Fed spiked the punch as they always do on Thursday, but not as much as they normally do, and Friday's, Monday's & today's were relatively modest, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE. ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:18 PM
3 Comments:
TRE's big two day spike looks like an important Wave 5 minor intermediate term cycle high. Volume appears to be well above average, which is another sign of an important cycle high.
By
Joe Ferrazzano, at 9:13 AM
I only mentioned a likely monthly cycle high in my latest update based on EW and the indicators, spike move etc. You're thinking about the Wave 3 short term cycle high.
By
Joe Ferrazzano, at 9:50 AM
There was a big Wave 3 short term upcycle. I had very good reasons for being short term cautious. My system was still bullish concerning the monthly cycle, looking for Wave 5, so it never turned bearish concerning the monthly cycle until last week. That bearish discussion was PURELY short term, though now the monthly cycle has probably turned down or at best will roll over.
By
Joe Ferrazzano, at 9:57 AM
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