.......Got The Expected Action, But It Was Slow
4-14 Synopsis:
SPX (S & P 500, monthly downcycle began 4-7, see http://stockcharts.com/charts/gallery.html?%24spx) tried to fill it's downside gap at 1322.70 today as expected, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=.
HUI/XAU/GDX bounced early as expected, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, NEM is trying to fill it's downside gap at 44.80 as expected, see http://finance.yahoo.com/q/ta?s=nem&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=.
However, the very bullish short term Walmart (WMT) Lead Indicator (+0.98% versus SPX today/on 4-14, +2.30% on 4-11, +0.51% on 4-10, +0.24% on 4-9, +0.92% on 4-8, ), 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, moderated today 4-14's weakness.
Tomorrow WMT will probably fill today's downside gap at 54.80, SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) will probably fill it's downside gap at 1322.70 and put in a monthly cycle low shortly thereafter at 1320ish, GDX (Gold Miners ETF) will probably fill it's downside gap at 46.39 and put in a Wave 2 (since 4-7) of a short term Wave B (since 4-1) cycle low at 46.20ish, and, NEM will probably fill it's downside gap at 44.80 and bottom at 44.60ish.
The SPX wall of worry points to some significant strength on Tuesday 4-15, following likely early weakness/an SPX monthly cycle low occurring. VIX rose a significant +1.54% today/on 4-14 versus the S & P 500 falling a modest -0.34% on 4-14, which is a significant +1.20% rise in fear (the SPX wall of worry grew by +1.20% = +1.54% + -0.34% = +1.20% rise in fear) that points to some significant strength on Tuesday 4-15, following likely early weakness.
The NEM Lead Indicator was an extremely bearish -2.10% versus the XAU today 4-14. The very bearish short term NEM Lead Indicator, at +0.30% versus the XAU on 4-11, at +0.50% versus the XAU on 4-10, at -1.59% on 4-9 (http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem), at +1.16% on 4-8, -0.62% on 4-7, -0.65% on 4-4, -0.60% on 4-3, -1.00% on 4-2, correctly pointed to a good shorting opportunity.
End of the 4-14-08 Synopsis.
I day traded GDX (Gold Miners ETF) short today, with an entry point at 48.6001 and an exit point at 48.3399.
I'll be looking to day trade GDX (the Gold Miners ETF) short early/maybe long later on on Tuesday if I'm convinced that the very short term Wave 2 downcycle since 4-7 has bottomed, and, I'll look to day trade SPX/NDX/RUT ultra long via SSO, QLD, or UWM, and, I might day trade some calls, once I'm convinced that the monthly downcycle since 4-7 has bottomed.
That's all for today, see the rest of the pertinent info at http://tradethecycles.blogspot.com/2008/04/spx-s-p-500-might-have-put-in-short_07.html.
.......http://www.JoeFROCKS.com/ .
HUI NEM XAU
SPX (S & P 500, monthly downcycle began 4-7, see http://stockcharts.com/charts/gallery.html?%24spx) tried to fill it's downside gap at 1322.70 today as expected, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=.
HUI/XAU/GDX bounced early as expected, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, NEM is trying to fill it's downside gap at 44.80 as expected, see http://finance.yahoo.com/q/ta?s=nem&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=.
However, the very bullish short term Walmart (WMT) Lead Indicator (+0.98% versus SPX today/on 4-14, +2.30% on 4-11, +0.51% on 4-10, +0.24% on 4-9, +0.92% on 4-8, ), 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, moderated today 4-14's weakness.
Tomorrow WMT will probably fill today's downside gap at 54.80, SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) will probably fill it's downside gap at 1322.70 and put in a monthly cycle low shortly thereafter at 1320ish, GDX (Gold Miners ETF) will probably fill it's downside gap at 46.39 and put in a Wave 2 (since 4-7) of a short term Wave B (since 4-1) cycle low at 46.20ish, and, NEM will probably fill it's downside gap at 44.80 and bottom at 44.60ish.
The SPX wall of worry points to some significant strength on Tuesday 4-15, following likely early weakness/an SPX monthly cycle low occurring. VIX rose a significant +1.54% today/on 4-14 versus the S & P 500 falling a modest -0.34% on 4-14, which is a significant +1.20% rise in fear (the SPX wall of worry grew by +1.20% = +1.54% + -0.34% = +1.20% rise in fear) that points to some significant strength on Tuesday 4-15, following likely early weakness.
The NEM Lead Indicator was an extremely bearish -2.10% versus the XAU today 4-14. The very bearish short term NEM Lead Indicator, at +0.30% versus the XAU on 4-11, at +0.50% versus the XAU on 4-10, at -1.59% on 4-9 (http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem), at +1.16% on 4-8, -0.62% on 4-7, -0.65% on 4-4, -0.60% on 4-3, -1.00% on 4-2, correctly pointed to a good shorting opportunity.
End of the 4-14-08 Synopsis.
I day traded GDX (Gold Miners ETF) short today, with an entry point at 48.6001 and an exit point at 48.3399.
I'll be looking to day trade GDX (the Gold Miners ETF) short early/maybe long later on on Tuesday if I'm convinced that the very short term Wave 2 downcycle since 4-7 has bottomed, and, I'll look to day trade SPX/NDX/RUT ultra long via SSO, QLD, or UWM, and, I might day trade some calls, once I'm convinced that the monthly downcycle since 4-7 has bottomed.
That's all for today, see the rest of the pertinent info at http://tradethecycles.blogspot.com/2008/04/spx-s-p-500-might-have-put-in-short_07.html.
.......http://www.JoeFROCKS.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
1:35 PM
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