Why HUI/NEM/XAU May Be Weak Early Tomorrow
HUI/NEM/XAU may be weak early tomorrow, because the NEM Lead Indicator turned negative (on an intraday basis) during the second half of today's session, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem, and, NEM and WMT's (Walmart) I Watch was very bearish today see http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem and http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=wmt.
Another reason why HUI/NEM/XAU may be weak early tomorrow is that SPX (S & P 500) completed a very short term Elliott Wave 12345 up down up down up upcycle pattern that began late yesterday, which points to SPX weakness early tomorrow that will result in index fund program selling that will affect HUI/NEM/XAU, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==.
See previous post at http://tradethecycles.blogspot.com/2007/01/some-modest-huinemxau-strength-early.html.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 6 and 8 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 7 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Another reason why HUI/NEM/XAU may be weak early tomorrow is that SPX (S & P 500) completed a very short term Elliott Wave 12345 up down up down up upcycle pattern that began late yesterday, which points to SPX weakness early tomorrow that will result in index fund program selling that will affect HUI/NEM/XAU, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==.
See previous post at http://tradethecycles.blogspot.com/2007/01/some-modest-huinemxau-strength-early.html.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 6 and 8 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 7 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
6:23 PM
