I'm Looking To Short SPX (S & P 500) And GDX (Gold Miners ETF)

From looking at SPX's (S & P 500) daily candlestick chart, see http://stockcharts.com/charts/gallery.html?%24spx, one can tell that SPX probably didn't bottom yet/put in a Wave 2 minor intermediate term (since 5-19-08) cycle low. Friday 6-27's candle is black, indicating a bearish close below the open, and, the inverse spike is relatively small/not that bullish. Today 6-30's candle is white, but, has a relatively bearish "large medium" spike on it.

Also, the Walmart (WMT) Lead Indicator has turned bearish again, at -0.31% versus SPX today/on 6-30, and, at -0.56% on 6-27. WMT has a large bearish spike on today's black candle, see http://stockcharts.com/charts/gallery.html?wmt, so, the WMT Lead Indicator will probably turn even more bearish tomorrow.

Tomorrow 7-1 will probably bring a good SPX/NDX/RUT shorting opportunity. I'll look to ultra short them via SDS, QID, or TWM. I also might short Walmart (WMT). I ended up day trading GDX (Gold Miners ETF) short today, because, I realized I was probably a little early. I shorted it at 48.56 and covered at 48.53 for a modest profit.

I'm also looking to short GDX (Gold Miners ETF) tomorrow 7-1, because, the Newmont Mining (NEM) Lead Indicator has turned extremely bearish short term, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem, and, the countertrend Wave B type upcycle since early June is peaking. GDX/HUI/XAU/GLD's cycles are very bearish. The NEM Lead Indicator was -1.38% versus the XAU today/on 6-30, -2.45% on 6-27, -0.95% on 6-26, -0.08% on 6-25.

The countertrend GDX/HUI/XAU/GLD Wave B (since early June) upcycle of the Wave C minor intermediate term downcycle since 5-21-08, see http://stockcharts.com/charts/gallery.html?gdx, might have more upside for GDX, GLD and the XAU tomorrow 7-1, but, HUI appears to/might have peaked today, see http://stockcharts.com/charts/gallery.html?%24hui, based on today's bearish candle.

GNOLF.OB didn't hit a 5% follow through major buy signal on 6-16, because, it spiked at the open and trended down, see http://finance.yahoo.com/q/ta?s=gnolf.ob&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c, and, see http://stockcharts.com/charts/gallery.html?gnolf. If GNOLF.OB had trended up for a few hours on 6-16 it probably would have hit a 5% follow through major buy signal.

That being said, GNOLF.OB appears to have entered a Cyclical Bull Market in early June, note the huge very bullish inverse spike, after being in a Cyclical Bear Market (did an Elliott Wave ABC down up down pattern, see chart two at http://stockcharts.com/charts/gallery.html?gnolf) for over two years. Volume has exploded recently, which is obviously a good sign.

GNOLF.OB put in a short term Wave 1 cycle high on 6-16 at 0.478, note the large bearish spike on 6-16's candle, see http://stockcharts.com/charts/gallery.html?gnolf. I'm looking to go long, since GNOLF.OB completed a short term Wave 2 downcycle on Friday 6-27 (bullish large inverse spike on a white candle, and, 1.617 million shares on 6-27 and 1.26 million shares today 6-30). I'll be looking to go long tomorrow 7-1 or on 7-2, early in a very short term Wave 3 upcycle, after a very short term Wave 2 downcycle bottoms.

For all additional info normally included in the daily update see http://tradethecycles.blogspot.com/2008/06/theres-probably-significant-additional.html.

.......http://wwwJoeFRocks.com/

NEM XAU HUI