Not Convinced That The Major Correction's Wave A Has Bottomed

The fact that NEM is underperforming the XAU (by about -0.30%) right now casts serious doubt on the possibility that NEM/HUI/XAU have entered the major correction's (since 9-5 for reliable lead indicator NEM and since 9-6 for HUI/XAU) wave B short term upcycle. Much of this strength is due to a firm SPX (S & P 500), which has led to automatic computerized index fund buying. Having said this, I think there's a 60-70% chance that wave B has begun, because volume has been very high yesterday and today for NEM, and, probably most gold/silver stocks. Volume tends to spike near important cycle highs/lows. Stay tuned! ....... http://www.JoeFRocks.com/

HUI NEM XAU