.......HUI/XAU Wave B Of Wave C Is Still In Effect

HUI/XAU's Wave B of a short term Wave C since 1-30-08 is still in effect (HUI might have put in a double top with last week's cycle high that looked like the Wave B of Wave C cycle high), see http://stockcharts.com/charts/gallery.html?%24hui. HUI's short term Wave B peaked at 478.70 on 1-30-08, it's labeled in the StockCharts chart. Today's spike move changes nothing cyclewise, and, it obviously makes for a better shorting opportunity.

Reliable lead indicator NEM is strong early on and the NEM Lead Indicator is very bullish right now, but, should turn very bearish again soon, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem.

The Fed spiked the program trader punch today with a large $10.75 Billion 1 day Repo, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE, and, Walmart (WMT) beat their earnings estimate, which is helping market psychology early today.

I'm looking to go ultra short NDX (NASDAQ 100) via QID. When NDX does an intraday countertrend Wave B, see http://finance.yahoo.com/q/ta?s=%5ENDX&t=1d&l=on&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c=, I'll look to go short, probably for a day trade.

....... http://www.JoeFRocks.com/ .

HUI NEM XAU