SPX (S & P 500) And HUI/XAU Wave A Type Move That Began Yesterday Probably Bottomed
SPX's (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) and HUI/XAU's (http://stockcharts.com/charts/gallery.html?%24xau) Wave A type move that began yesterday probably bottomed late today, because, they appear to have completed Elliott Wave ABC down up down patterns, see SPX's 5 day intraday candlestick chart at 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, and, see HUI's 5 day intraday candlestick chart at http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==, and, the WMT (+0.92% versus SPX today 4-8) and NEM Lead Indicators (+1.16% versus the XAU today 4-8) were very bullish today, which obviously jives with a countertrend Wave B rebound tomorrow.
SPX (S & P 500) probably put in a monthly cycle (began 3-17) high yesterday, and, HUI/gold probably put in a Wave 1 of a short term countertrend Wave B upcycle (began 4-1) cycle high yesterday.
HUI is probably now in Wave B of Wave 2 of the short term Wave B (less likely Wave 3 of short term Wave B). Gold appears to have already entered Wave C today (of Wave 2 of Wave B), see http://finance.yahoo.com/q/ta?s=gld&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c. GLD created a likely bearish breakaway gap today 4-8 at 91.17.
I'll be looking to short lead indicators NEM and WMT as well as gold (GLD ETF) early on tomorrow, and, later on I'll look to short SPX via SDS, maybe buy some SPX puts, and, I'll look to short GDX, the Gold Miners ETF.
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) probably put in a monthly cycle (began 3-17) high yesterday, and, HUI/gold probably put in a Wave 1 of a short term countertrend Wave B upcycle (began 4-1) cycle high yesterday.
HUI is probably now in Wave B of Wave 2 of the short term Wave B (less likely Wave 3 of short term Wave B). Gold appears to have already entered Wave C today (of Wave 2 of Wave B), see http://finance.yahoo.com/q/ta?s=gld&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c. GLD created a likely bearish breakaway gap today 4-8 at 91.17.
I'll be looking to short lead indicators NEM and WMT as well as gold (GLD ETF) early on tomorrow, and, later on I'll look to short SPX via SDS, maybe buy some SPX puts, and, I'll look to short GDX, the Gold Miners ETF.
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
1:18 PM
3 Comments:
Ask one of the sucker chump con artist gold writers how massive worldwide asset deflation and a major economic downcycle is good for commodities.
To the cockroaches/nitwits (one or two morons) leaving BS retard comments. BS is obvious, you aren't bright enough to figure that out. You are pathetic losers. How to keep a nitwit busy.
By
Joe Ferrazzano, at 7:05 AM
The central banks have been trying to inflate the economy with rapid money supply growth because they fear DEFLATION.
If they feared inflation they obviously wouldn't be trying to inflate with rapid money supply growth, now would they? Yet, some goofball gold writers are citing rapid money supply growth as a major positive for gold.
By
Joe Ferrazzano, at 7:12 AM
"With all thy getting get understanding"
By
Joe Ferrazzano, at 10:17 AM
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