...............Quick Update - SPX, HUI, XAU

SPX (S & P 500) might have entered a countertrend Wave B monthly or maybe minor intermediate term upcycle today, creating a potential bullish breakaway gap at today's open at 1428.23, see http://stockcharts.com/charts/gallery.html?%24spx.

A strong short term Wave 1 upcycle, with a few higher cycle highs occurring (follow through), will be a monthly cycle buy signal (2%+ follow through should occur after the intermediate term downcycle trendline is broken), but, since it's a countertrend monthly upcycle, the risk involved with trading SPX long is obviously higher. Those looking to trade SPX long should wait for a short term Wave 2 downcycle before buying.

SPX (S & P 500) might try to fill today's downside gap at 1428.23 in the next few days. The countertrend Wave B monthly or minor intermediate term upcycle should bottom below 10-11-07's likely Cyclical Bull Market cycle high at 1576.09.

HUI/XAU are in (probably) Wave 3 of a countertrend short term Wave B upcycle since 11-19-07. They put in likely Wave 1 Cyclical Bull Market and intermediate term (cycle began 8-16-07) cycle highs on 11-7-07, see http://stockcharts.com/charts/gallery.html?%24hui. ....... http://www.JoeFRocks.com/ .

HUI NEM XAU