There Might Be A Good Entry Point To Short GDX (Gold Miners ETF) Tomorrow
There might be a good entry point to short GDX (Gold Miners ETF) early tomorrow, see 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=. The NEM Lead Indicator was a bearish -0.55% versus the XAU today/1-29, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=on&z=l&q=l&p=&a=&c=%5Ehui,nem.
As I wrote earlier: Since 11-7-07 the XAU has had only one session (1-14-08) where it made any upside progress, see http://stockcharts.com/charts/gallery.html?%24xau. The XAU obviously dramatically rolled over, probably put in a Wave 1 Cyclical Bull Market cycle high on 1-14-08 at 199.25, then put in a short term countertrend Wave B cycle high at 191.58 on 1-25-08, and, probably put in a very short term countertrend Wave B cycle high at 190.09 today/on 1-29-08.
The 5 day Walmart (WMT) Lead Indicator is extremely bearish (was neutral at +0.00% versus the S & P 500 (SPX) today), see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
After putting in a Wave A intermediate term cycle low last week, it isn't clear whether the major averages entered a short term Wave 3 upcycle early yesterday (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=), or, are doing a long countertrend Wave B of a short term Wave 2 downcycle, thanks to Fed punch spiking the past two days ($24.25 Billion in credit added), see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE.
When I'm convinced that RUT (Russell 2000) has entered a short term Wave 3 upcycle I'll look to trade "ultra" long via UWM, probably tomorrow or Thursday.
Likely Wave A intermediate term (Cyclical Bear Market began 10-11-07 for SPX, late October 2007 for NDX, late July 2007 for RUT) cycle lows occurred on 1-23 for SPX/NDX and on 1-22 for RUT (Russell 2000).
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
As I wrote earlier: Since 11-7-07 the XAU has had only one session (1-14-08) where it made any upside progress, see http://stockcharts.com/charts/gallery.html?%24xau. The XAU obviously dramatically rolled over, probably put in a Wave 1 Cyclical Bull Market cycle high on 1-14-08 at 199.25, then put in a short term countertrend Wave B cycle high at 191.58 on 1-25-08, and, probably put in a very short term countertrend Wave B cycle high at 190.09 today/on 1-29-08.
The 5 day Walmart (WMT) Lead Indicator is extremely bearish (was neutral at +0.00% versus the S & P 500 (SPX) today), see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
After putting in a Wave A intermediate term cycle low last week, it isn't clear whether the major averages entered a short term Wave 3 upcycle early yesterday (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=), or, are doing a long countertrend Wave B of a short term Wave 2 downcycle, thanks to Fed punch spiking the past two days ($24.25 Billion in credit added), see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE.
When I'm convinced that RUT (Russell 2000) has entered a short term Wave 3 upcycle I'll look to trade "ultra" long via UWM, probably tomorrow or Thursday.
Likely Wave A intermediate term (Cyclical Bear Market began 10-11-07 for SPX, late October 2007 for NDX, late July 2007 for RUT) cycle lows occurred on 1-23 for SPX/NDX and on 1-22 for RUT (Russell 2000).
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
1:19 PM
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