The NEM Lead Indicator = -1.16% Vs The XAU Today
Today's very bearish NEM Lead Indicator is a sign that the short term downcycle that began early today probably didn't bottom yet. Also, it wasn't nearly as severe as the one last Thursday, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=l&q=b&p=&a=m26-12-9,p12,fs,w14&c=. Another sign that a short term downcycle probably remains in effect is there wasn't any sideways action after today's plunge/downside gap filling action.
Friday's Employment Report makes buying tomorrow somewhat scary because it sometimes moves the market significantly, but would probably be a relatively short lived blip and shouldn't ruin a trade. Most news tends to cause blips rather than dramatically affect a monthly cycle.
The Monthly Upcycle began early on Monday 7-24 and a 2% buy signal occurred on Tuesday 7-25. An entry point for short term or monthly cycle traders should occur in the next few sessions when a short term cycle low occurs (probably tomorrow). ....... http://www.JoeFRocks.com/
Friday's Employment Report makes buying tomorrow somewhat scary because it sometimes moves the market significantly, but would probably be a relatively short lived blip and shouldn't ruin a trade. Most news tends to cause blips rather than dramatically affect a monthly cycle.
The Monthly Upcycle began early on Monday 7-24 and a 2% buy signal occurred on Tuesday 7-25. An entry point for short term or monthly cycle traders should occur in the next few sessions when a short term cycle low occurs (probably tomorrow). ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:56 PM
