..............................New Charts Uploaded
The major upcycle's (since 5-16-05) Wave 5 minor intermediate term upcycle (see latest 1 year charts, http://www.joefrocks.com/GoldStockCharts.html ) began on 3-10-06 shortly after the XAU filled it's downside gap at 122.49 from 12-22. HUI's monthly upcycle (since 3-10-06) may have peaked on Wednesday 5-3, NEM's monthly upcycle peaked on Monday 5-1, and the XAU's monthly upcycle may have peaked on Friday 5-5.
The NEM Lead Indicator was a very bearish -5.09% vs the XAU this week and the US Dollar is due to bounce. The Bulls will probably get gored next week, and, this week it was aggressive Fed lending ($19.25 Billion in repos on 5-4 and Tuesday through Friday saw aggressive Fed lending) and a very strong Barrick (ABX) after a good earnings report that kept things together. The latest COT data (http://www.cftc.gov/dea/options/deacmxsof.htm) is bearish/mixed, portending weakness accompanied by some strength in gold next week, but, most of the strength probably occurred this week, since the data is 3 days old when released on Friday and a spike move occurred this week. The gold Commercial Traders added 5401 long futures and options contracts and added 7399 short futures and options contracts which portends weakness this week (non contrarian indicator), but the long trade points to some strength. See 5 day HUI chart: http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c= ....... http://www.JoeFRocks.com/
The NEM Lead Indicator was a very bearish -5.09% vs the XAU this week and the US Dollar is due to bounce. The Bulls will probably get gored next week, and, this week it was aggressive Fed lending ($19.25 Billion in repos on 5-4 and Tuesday through Friday saw aggressive Fed lending) and a very strong Barrick (ABX) after a good earnings report that kept things together. The latest COT data (http://www.cftc.gov/dea/options/deacmxsof.htm) is bearish/mixed, portending weakness accompanied by some strength in gold next week, but, most of the strength probably occurred this week, since the data is 3 days old when released on Friday and a spike move occurred this week. The gold Commercial Traders added 5401 long futures and options contracts and added 7399 short futures and options contracts which portends weakness this week (non contrarian indicator), but the long trade points to some strength. See 5 day HUI chart: http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c= ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
9:23 AM
