.................NEM Bad News A Factor Today
I think NEM would have been down significantly and possibly sharply anyway, but, there was bad news today that obviously contributed to NEM's mini crash from an early session cycle high at 44.15 to a session cycle low so far at 41.75, see http://www.rockymountainnews.com/drmn/local/article/0,1299,DRMN_15_5024691,00.html.
NEM has plunged to within shouting distance of it's Secular Bull Market/very long term upcycle trendline, currently at 41ish, see first chart at http://www.joefrocks.com/GoldStockCharts.html. This means that NEM's Wave 2 Cyclical Bear Market since 1-31-06 is probably bottoming, and, may bottom today or in the next few sessions, and, that HUI/XAU's Wave 2 Cyclical Bear Market since 5-11-06 will probably be 9-18 months instead of over 18 months. ....... http://www.JoeFRocks.com/
HUI NEM XAU
NEM has plunged to within shouting distance of it's Secular Bull Market/very long term upcycle trendline, currently at 41ish, see first chart at http://www.joefrocks.com/GoldStockCharts.html. This means that NEM's Wave 2 Cyclical Bear Market since 1-31-06 is probably bottoming, and, may bottom today or in the next few sessions, and, that HUI/XAU's Wave 2 Cyclical Bear Market since 5-11-06 will probably be 9-18 months instead of over 18 months. ....... http://www.JoeFRocks.com/
HUI NEM XAU
posted by Joe Ferrazzano at
11:52 AM
