The Babbling Senile Gold Pimps Are Having A BAD Day!
The babbling senile gold pimps are having a BAD day! In an obvious very short term Wave A type move HUI has fallen nearly -5% in less than a session's time, from yesterday's Wave B of a short term Wave C (began 1-30-08) cycle high at 477.73 to today's cycle low so far at 454.29, 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=.
HUI is now in the "apocalyptic" Wave C of a short term Wave C downcycle, in which the XAU should bottom at 161ish shortly after filling it's downside gap at 161.75, and GDX, the Gold Miners ETF, should bottom at 42.50ish shortly after filling it's downside gap at 42.87.
It's very likely that HUI/XAU (http://stockcharts.com/charts/gallery.html?%24hui) entered a 12-18 month Wave 2 Cyclical Bear Market on 1-14-08. I've known this since shortly after the 1-14-08 cycle highs occurred. The obvious sign was the dramatic rollover action by HUI/XAU, in which HUI only made upside progress in three sessions from the 11-7-07 cycle high to the 1-14-08 cycle high and the XAU only made upside progress in one session from the 11-7-07 cycle high to the 1-14-08 cycle high. Also, the US Dollar probably bottomed/entered a Cyclical Bull Market in November 2007 after being in a Cyclical Bear Market that began in late 2005, see http://stockcharts.com/charts/gallery.html?%24usd. Got cycles?
The babbling senile gold pimps are no better than the mortgage pimps who hung out so many homebuyers to dry. Money/greed brings out the worst in many people. Also, remember that professionals focus on risk and amateurs focus on reward.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
HUI is now in the "apocalyptic" Wave C of a short term Wave C downcycle, in which the XAU should bottom at 161ish shortly after filling it's downside gap at 161.75, and GDX, the Gold Miners ETF, should bottom at 42.50ish shortly after filling it's downside gap at 42.87.
It's very likely that HUI/XAU (http://stockcharts.com/charts/gallery.html?%24hui) entered a 12-18 month Wave 2 Cyclical Bear Market on 1-14-08. I've known this since shortly after the 1-14-08 cycle highs occurred. The obvious sign was the dramatic rollover action by HUI/XAU, in which HUI only made upside progress in three sessions from the 11-7-07 cycle high to the 1-14-08 cycle high and the XAU only made upside progress in one session from the 11-7-07 cycle high to the 1-14-08 cycle high. Also, the US Dollar probably bottomed/entered a Cyclical Bull Market in November 2007 after being in a Cyclical Bear Market that began in late 2005, see http://stockcharts.com/charts/gallery.html?%24usd. Got cycles?
The babbling senile gold pimps are no better than the mortgage pimps who hung out so many homebuyers to dry. Money/greed brings out the worst in many people. Also, remember that professionals focus on risk and amateurs focus on reward.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
7:24 AM
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