The Gold ETF GLD Entered A Short Term Wave C Downcycle Yesterday
The Gold ETF GLD entered a short term Wave C downcycle yesterday 2-11-08, see http://stockcharts.com/charts/gallery.html?gld, lagging HUI/XAU as it tends to do, which entered a short term Wave C downcycle on 1-30-08 (HUI countertrend Wave B cycle high at 478.70), see http://stockcharts.com/charts/gallery.html?%24hui. GLD's Wave A bottomed at 87.30, so, Wave C should bottom at 82ish, shortly after filling it's downside gap at 82.46.
The US Dollar was up sharply on Thursday 2-7, see http://stockcharts.com/charts/gallery.html?%24usd. The US Dollar put in a Wave 2 intermediate term cycle low at 74.85 on Friday 2-1-08, see http://stockcharts.com/charts/gallery.html?%24usd, and, put in a Cyclical Bear Market cycle low in November 2007 at 74.48 (probably entered a Cyclical Bull Market in November 2007).
For the fourth time in five weeks, the savvy non contrarian US Dollar Commercial Traders traded aggressively net long, see the last/sixth data at http://www.cftc.gov/dea/options/deanybtsof.htm.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
The US Dollar was up sharply on Thursday 2-7, see http://stockcharts.com/charts/gallery.html?%24usd. The US Dollar put in a Wave 2 intermediate term cycle low at 74.85 on Friday 2-1-08, see http://stockcharts.com/charts/gallery.html?%24usd, and, put in a Cyclical Bear Market cycle low in November 2007 at 74.48 (probably entered a Cyclical Bull Market in November 2007).
For the fourth time in five weeks, the savvy non contrarian US Dollar Commercial Traders traded aggressively net long, see the last/sixth data at http://www.cftc.gov/dea/options/deanybtsof.htm.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
9:38 AM
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