SPX (S & P 500) Wave A Down Of Monthly Downcycle Since 4-7 Might Have Bottomed
4-9 Synopsis:
SPX's (S & P 500) Wave A down of the monthly downcycle since 4-7 might have bottomed late today, see the 5 day intraday candlestick chart at http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, see the daily candlestick chart at http://stockcharts.com/charts/gallery.html?%24spx. NDX (NASDAQ 100) and RUT (Russell 2000) have also been doing Wave A down of a monthly downcycle.
The WMT Lead Indicator was +0.24% versus SPX today/on 4-9 and was +0.92% on 4-8, which points to the countertrend Wave B upcycle (about 1 to 2 days) of SPX's monthly downcycle since 4-7 beginning probably tomorrow.
Also, the SPX wall of worry points to strength tomorrow 4-10. VIX rose a sharp +2.01% today/on 4-9 versus the S & P 500 falling a significant -0.81% on 4-9, which is a significant +1.20% rise in fear (the SPX wall of worry grew by +1.20% = +2.01% + -0.81% = +1.20% rise in fear) that points to some significant strength on Thursday 4-10.
HUI's countertrend Wave B (began late yesterday) of Wave 2 (began Monday 4-7) of the short term countertrend Wave B upcycle since 4-1-08 looks like it'll peak early tomorrow, because, near session's end it entered Wave 5 of the Wave B type move that began late yesterday, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c.
Today's very bearish NEM Lead Indicator, at -1.59% versus the XAU today/on 4-9 (http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem), points to a good shorting opportunity early tomorrow. It was +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, so, the short term NEM Lead Indicator is very bearish.
I day traded GDX (Gold Miners ETF) short today, with an entry point at 49.14 and an exit point at 48.97882.
End of the 4-9-08 Synopsis.
I'll be looking to short GDX, the Gold Miners ETF, early tomorrow, and, I'll look to day trade SPX/NDX/RUT ultra long via SSO, QLD, or UWM, and, I might day trade some calls. GDX has a downside gap from 4-2 at 46.39 that might get filled in the next day or two.
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 (S & P 500) Wave A down of the monthly downcycle since 4-7 might have bottomed late today, see the 5 day intraday candlestick chart at http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, see the daily candlestick chart at http://stockcharts.com/charts/gallery.html?%24spx. NDX (NASDAQ 100) and RUT (Russell 2000) have also been doing Wave A down of a monthly downcycle.
The WMT Lead Indicator was +0.24% versus SPX today/on 4-9 and was +0.92% on 4-8, which points to the countertrend Wave B upcycle (about 1 to 2 days) of SPX's monthly downcycle since 4-7 beginning probably tomorrow.
Also, the SPX wall of worry points to strength tomorrow 4-10. VIX rose a sharp +2.01% today/on 4-9 versus the S & P 500 falling a significant -0.81% on 4-9, which is a significant +1.20% rise in fear (the SPX wall of worry grew by +1.20% = +2.01% + -0.81% = +1.20% rise in fear) that points to some significant strength on Thursday 4-10.
HUI's countertrend Wave B (began late yesterday) of Wave 2 (began Monday 4-7) of the short term countertrend Wave B upcycle since 4-1-08 looks like it'll peak early tomorrow, because, near session's end it entered Wave 5 of the Wave B type move that began late yesterday, see http://finance.yahoo.com/q/ta?s=%5Ehui&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c.
Today's very bearish NEM Lead Indicator, at -1.59% versus the XAU today/on 4-9 (http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem), points to a good shorting opportunity early tomorrow. It was +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, so, the short term NEM Lead Indicator is very bearish.
I day traded GDX (Gold Miners ETF) short today, with an entry point at 49.14 and an exit point at 48.97882.
End of the 4-9-08 Synopsis.
I'll be looking to short GDX, the Gold Miners ETF, early tomorrow, and, I'll look to day trade SPX/NDX/RUT ultra long via SSO, QLD, or UWM, and, I might day trade some calls. GDX has a downside gap from 4-2 at 46.39 that might get filled in the next day or two.
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
1:23 PM
14 Comments:
Report gold con artists to the SEC!
By
Joe Ferrazzano, at 6:53 AM
HUI/XAU did a Wave 5 type move/spike at today 4-10's open as expected, then crashed and did a Wave A type move. I'm looking to short an intraday Wave B rebound, which should be a good shorting opportunity.
By
Joe Ferrazzano, at 7:03 AM
Ask a gold pimp how massive asset (stocks, credit instruments, real estate) deflation and a worldwide major economic downcycle is good for commodities. Plummeting stock markets and other markets/assets around the world are supposed to be inflationary?
By
Joe Ferrazzano, at 7:13 AM
Trees/markets don't grow to the sky!
By
Joe Ferrazzano, at 7:14 AM
Are some gold writers basically engaged in a get rich quick scam? Remember, a deception for personal gain is fraud, which is criminal activity. Why are so many gold writers always bullish?
By
Joe Ferrazzano, at 8:07 AM
Some nitwit just wrote this pile of garbage and there were three other garbage comments:
"Holy xxxx ..... You REALLY suck as an Analyst.
Did you know that??
Wow. If I were you I'd go get some professional training somewhere. This is really some of the most amateurish commentary I have ever read. From one day to the next, its like you have no clue about the overall trend and your strategy is consistently going against the best way to make the highest percentage gain. You cannot seriously claim to know what you're doing here, can you?
Damn! You're like some kind of blockhead or something. Are you really this dense or is this just something you do to entertain yourself. You're like some cartoon character who constantly blows it, but thinks he's doing well. A caricature of some dude who is a complete imbecile but who thinks he's on top of things. Goober Pyle comes to mind. Are you even old enough to remember who Goober Pyle is? He was Gomer Pyle's brother who worked at the local gas station in Mayberry on The Andy Griffith Show. A real screwup. Reminds me of you, dude. Sorry if thats hard for you to hear. Its just so true, though.
You really don't know your ass from a hole in the ground when it comes to gold ...let me tell you. I've been laughing at your analysis for a while. I don't where in hell you get some of these fibonacci forecasts but you are using this stuff wrong, guy. You have got to go back and re-learn your basic TA. You are waaay out in left field. I can't believe anyone could do this everyday and have his head so deep up his own ass. And don't tell me about your past gains. I don't believe a word of that crap. You really blew it yesterday. That was an amazingly bad call. All the easiest money, you leave on the table. It blows my mind. -- Whew!! "
My response: Right moron, that's why I haven't had a losing trade in well over a year and my market timing system/work/research ranks with some of the best ever done. People know BS and garbage when they see it. You're a moron and a cockroach.
By
Joe Ferrazzano, at 8:18 AM
Send gold Nazi scam artists to jail!
By
Joe Ferrazzano, at 8:22 AM
Good people need to stand up to evil, greed, and ignorance.
By
Joe Ferrazzano, at 8:32 AM
By the way cockroach, what was the "bad call" I made? You're a liar and a fraud. What's the matter, does the truth hurt? You and your criminal SCAM will be over REAL SOON.
By
Joe Ferrazzano, at 8:36 AM
Gold's down -$11.00 right now. Gold should soon if it hasn't already enter an 18 monthish Wave 2 Cyclical Bear Market. Gold and silver had two Cyclical Bear Markets in the previous Secular Bull Market that peaked in 1980, corresponding to Elliott Wave 2 and 4 downcycles.
By
Joe Ferrazzano, at 8:59 AM
Here's part of a comment a cockroach just left:
"Hey Douche Bag .... when gold was under 900 a few days back, you indicated any rally would be negligible... right up until the day before yesterday. Then gold has a +$20 day and you come out with the disparaging comments against gold bulls --right on schedule. "
In what post did I say that any gold rally would be negligible? I've been saying that I expect gold to put in a bearish double top near $1033 in the next few weeks/months.
By the way asswipe cockroach, I AM a gold bull, a REAL one, you are a FRAUD. I just despise the small % of gold bugs who are fraudulent cockroaches like YOU.
By
Joe Ferrazzano, at 9:36 AM
By the way clown, yesterday's day trade, in which I correctly had a quick trigger, was a little greater than 16 cents profit, not 15 cents, which is over $160 profit for every 1000 shares traded. For 10,000 shares it's over $1600 obviously. Not chump change.
By
Joe Ferrazzano, at 9:50 AM
"HUI's countertrend Wave B (began late yesterday) of Wave 2 (began Monday 4-7) of the short term countertrend Wave B upcycle since 4-1-08 looks like it'll peak early tomorrow, because, near session's end it entered Wave 5 of the Wave B type move that began late yesterday."
Exactly what happened early today. The reason I'm looking to (did again today, made 34 cents on GDX in 24 minutes) short HUI/XAU via GDX right now is because a very short term Wave 2 downcycle is in effect, of a short term countertrend Wave B upcycle since 4-1. This comment is for the moron cockroach leaving retarded comments. The decent people already know this.
Heh cockroach, are you the head cockroach or an associate, and, are you involved in a gold stock scam?
By
Joe Ferrazzano, at 12:15 PM
Obviously I meant 34 cents per share profit.
By
Joe Ferrazzano, at 12:18 PM
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