.....................Trouble With Blogger
Blogger is giving me problems (royal pain), so I'm just going to say that I shorted GDX at 38.70 today and I bought XAU April 120 puts (XAVPD) at 1.50 yesterday. The NEM/WMT Lead Indicators are bearish.
HUI/XAU's very short term countertrend Wave B (began early on Monday) probably peaked early today in rollover mode (http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c==), thanks largely to massive Fed Credit ($22.25 Billion) as usual on punch spiking Thursday (http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE), resulting in index fund program buying that led to significant S & P 500 strength and strength in most indices. NEM's very short term countertrend Wave B peaked yesterday.
Reliable lead indicator NEM has a bearish triple top the prior two days, with Tuesday's double top cycle high at 43.52 and yesterday's cycle high at 43.53. Also, HUI/NEM/XAU appear to have completed an Elliott Wave 12345 up down up down up upcycle pattern yesterday for NEM and today for HUI/XAU.
In the next few months HUI/XAU should decline 40-45%+ (from 2-23-07's minor intermediate term cycle highs) to their primary multi year Secular Bull Market trendlines in effect since November/October 2000, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. HUI's target range is 200-220 (220 if the primary trendline turns up) and the XAU's is 85-90. Good luck!
HUI/XAU's very short term countertrend Wave B (began early on Monday) probably peaked early today in rollover mode (http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c==), thanks largely to massive Fed Credit ($22.25 Billion) as usual on punch spiking Thursday (http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE), resulting in index fund program buying that led to significant S & P 500 strength and strength in most indices. NEM's very short term countertrend Wave B peaked yesterday.
Reliable lead indicator NEM has a bearish triple top the prior two days, with Tuesday's double top cycle high at 43.52 and yesterday's cycle high at 43.53. Also, HUI/NEM/XAU appear to have completed an Elliott Wave 12345 up down up down up upcycle pattern yesterday for NEM and today for HUI/XAU.
In the next few months HUI/XAU should decline 40-45%+ (from 2-23-07's minor intermediate term cycle highs) to their primary multi year Secular Bull Market trendlines in effect since November/October 2000, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. HUI's target range is 200-220 (220 if the primary trendline turns up) and the XAU's is 85-90. Good luck!
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
8:01 AM
