A Short Covering Spike Occurred At Session's End
A short covering spike occurred at session's end, after SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24hui) had failed to rally significantly up to that point, see 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=. The large spike is a countertrend Wave B move, so, a good shorting opportunity should present itself early on Monday. I'll be looking to day trade the major averages ultra short via SDS, QID, or TWM early on Monday.
The reliable WMT Lead Indicator turned bearish at session's end after being bullish for most of the session, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC, and, closed at a bearish -0.43% versus SPX (S & P 500) today 2-22.
HUI (http://stockcharts.com/charts/gallery.html?%24hui) is in a second/Wave 3 of a very short term countertrend Wave B move since putting in a Wave B of a short term Wave C (began 1-30-08) cycle high at 477.73 yesterday, 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 nearly -5% Wave A move from 477.73 to 454.23 in less than a session's time bottomed early today. I'll be looking to go short GDX, the Gold Miners ETF, on Monday, and, I might buy some XAU put options.
The NEM Lead Indicator was a bearish -0.84% versus the XAU today/2-22, and, the five day NEM Lead Indicator is extremely bearish, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=l&q=l&p=&a=&c=%5Ehui,nem. The NEM Lead Indicator is extremely bearish in February, at
-0.84% on 2-22, -1.53% on 2-21, -0.53% on 2-20, +0.46% on 2-19, -1.65% on 2-15, -0.03% on 2-14, +0.08% on 2-13, -1.79% on 2-12, -1.18% on 2-11, -1.51% on 2-8, +0.75% on 2-7, -0.21% on 2-6, +1.08% on 2-5, -1.99% on 2-4, -0.97% on 2-1.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
The reliable WMT Lead Indicator turned bearish at session's end after being bullish for most of the session, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC, and, closed at a bearish -0.43% versus SPX (S & P 500) today 2-22.
HUI (http://stockcharts.com/charts/gallery.html?%24hui) is in a second/Wave 3 of a very short term countertrend Wave B move since putting in a Wave B of a short term Wave C (began 1-30-08) cycle high at 477.73 yesterday, 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 nearly -5% Wave A move from 477.73 to 454.23 in less than a session's time bottomed early today. I'll be looking to go short GDX, the Gold Miners ETF, on Monday, and, I might buy some XAU put options.
The NEM Lead Indicator was a bearish -0.84% versus the XAU today/2-22, and, the five day NEM Lead Indicator is extremely bearish, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=l&q=l&p=&a=&c=%5Ehui,nem. The NEM Lead Indicator is extremely bearish in February, at
-0.84% on 2-22, -1.53% on 2-21, -0.53% on 2-20, +0.46% on 2-19, -1.65% on 2-15, -0.03% on 2-14, +0.08% on 2-13, -1.79% on 2-12, -1.18% on 2-11, -1.51% on 2-8, +0.75% on 2-7, -0.21% on 2-6, +1.08% on 2-5, -1.99% on 2-4, -0.97% on 2-1.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
4:20 PM
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