NEM Lead Indicator = Bearish -0.34% Versus The XAU Today
The NEM Lead Indicator was a bearish -0.34% versus the XAU today, so, some weakness is likely (probably) early on Monday. The past nine weeks (including this week) the NEM Lead Indicator was a very bearish -9.21% vs the XAU. This week was a bearish -1.03% vs the XAU.
The monthly downcycle's (since 8-9) declining peaks downtrend line appears to have turned down and increased in strength/become more sharply declining (see the first chart at http://www.joefrocks.com/GoldStockCharts.html), so, there shouldn't be much relief for longs until Wave A down of the Wave 2 Cyclical Bear Market (since 5-11-06 for HUI/XAU and since 1-31-06 for reliable lead indicator NEM) bottoms in the 100-110 range (XAU) in the next few weeks.
For recent action see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. ....... http://www.JoeFRocks.com/
The monthly downcycle's (since 8-9) declining peaks downtrend line appears to have turned down and increased in strength/become more sharply declining (see the first chart at http://www.joefrocks.com/GoldStockCharts.html), so, there shouldn't be much relief for longs until Wave A down of the Wave 2 Cyclical Bear Market (since 5-11-06 for HUI/XAU and since 1-31-06 for reliable lead indicator NEM) bottoms in the 100-110 range (XAU) in the next few weeks.
For recent action see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:14 PM
