The NEM Lead Indicator Was A Bearish -0.70% Vs The XAU Today

The NEM Lead Indicator was a bearish -0.48% vs the XAU yesterday, after being a very bullish +1.76% vs the XAU on Monday. A Monthly Cycle High may have occurred today for HUI/NEM/XAU or is probably imminent. The past few weeks COT data revealed that the gold Commercial Traders appeared to be anticipating a monthly cycle high, but, correctly anticipated strength last week and this week. There has been a lot of NEM sell interest at Thomson Lycos I Watch for well over a week: http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?t=NEM&range=7&mgp=0&i=3&hdate=&x=11&y=11, the 3 month NEM Lead Indicator is extremely bearish: http://finance.yahoo.com/q/ta?s=%5EXAU&t=3m&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem, and Williams %R for HUI/NEM/XAU is at an overbought extreme near 0. It's very risky to be long on a monthly cycle basis. 10-12% declines in HUI/NEM/XAU over the next week or two appear likely. The XAU Put/Call Ratio at a very high fear level of 1.25213 today and XAU Implied Volatility at a high fear level of 34.460 yesterday indicate that the major upcycle since 5-16-05 probably is in Wave 5 since 3-10-06, and, as the major upcycle nears an end (July maybe) it makes sense for the 3 month NEM Lead Indicator to turn extremely bearish. ....... http://www.JoeFRocks.com/