.....Likely GDX/HUI/XAU/GLD Countertrend Action
GDX/HUI/XAU/GLD's upcycle since late 8-11 is probably countertrend Wave B type action, 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=, and, see http://stockcharts.com/charts/gallery.html?%24hui.
Looking at both the intraday and the daily candlestick charts, it doesn't look like the Wave C (since 7-15-08) crash of the Wave A Major Intermediate Term Downcycle since mid March (Wave A down of the Wave 2 Cyclical Bear Market) has bottomed, due to the absence of a large bullish inverse spike. The NEM Lead Indicator was a very bearish -1.03% versus the XAU yesterday/on 8-12, and, today it's near neutral right now.
It isn't clear how long this countertrend Wave B upcycle (of the Wave C crash/downcycle since 7-15-08) since 8-11 will last, but, it could last a week or two. However, today's big spike move (tend to occur near important cycle highs) might be a sign that this countertrend Wave B upcycle since 8-11 will be a very short term upcycle (likely). The NEM Lead Indicator should turn very bearish today, once/if this upcycle peaks. It was a very bearish -1.03% versus the XAU yesterday/on 8-12.
NEM created what appears to be a bullish breakaway gap at today's open at 42.36, and, GDX did so at 35.37, HUI did so at 324.45, and, the XAU did so at 140.84.
Assuming this is countertrend action, a lot of goldbugs will get annihilated again once Wave C of Wave C occurs. The gold sector seems to (most are much smarter than the nitwits masquerading as analysts and the relatively few nitwits on the message boards, who often have multiple aliases) have the most complacent/goofy investors and writers (calling most of them analysts or timers would be absurd) of probably any sector.
99% of goldbugs probably think the low is in, and, that even when the cycle low occurs it's only Wave A down of the Wave 2 Cyclical Bear Market (The US Dollar entered a Cyclical Bull Market on 3-17-08). A very small % of nitwits in the gold sector, and, the fact that most gold writers are weak (to be nice about it) or bogus, have made gold investors look much worse than they really are.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Looking at both the intraday and the daily candlestick charts, it doesn't look like the Wave C (since 7-15-08) crash of the Wave A Major Intermediate Term Downcycle since mid March (Wave A down of the Wave 2 Cyclical Bear Market) has bottomed, due to the absence of a large bullish inverse spike. The NEM Lead Indicator was a very bearish -1.03% versus the XAU yesterday/on 8-12, and, today it's near neutral right now.
It isn't clear how long this countertrend Wave B upcycle (of the Wave C crash/downcycle since 7-15-08) since 8-11 will last, but, it could last a week or two. However, today's big spike move (tend to occur near important cycle highs) might be a sign that this countertrend Wave B upcycle since 8-11 will be a very short term upcycle (likely). The NEM Lead Indicator should turn very bearish today, once/if this upcycle peaks. It was a very bearish -1.03% versus the XAU yesterday/on 8-12.
NEM created what appears to be a bullish breakaway gap at today's open at 42.36, and, GDX did so at 35.37, HUI did so at 324.45, and, the XAU did so at 140.84.
Assuming this is countertrend action, a lot of goldbugs will get annihilated again once Wave C of Wave C occurs. The gold sector seems to (most are much smarter than the nitwits masquerading as analysts and the relatively few nitwits on the message boards, who often have multiple aliases) have the most complacent/goofy investors and writers (calling most of them analysts or timers would be absurd) of probably any sector.
99% of goldbugs probably think the low is in, and, that even when the cycle low occurs it's only Wave A down of the Wave 2 Cyclical Bear Market (The US Dollar entered a Cyclical Bull Market on 3-17-08). A very small % of nitwits in the gold sector, and, the fact that most gold writers are weak (to be nice about it) or bogus, have made gold investors look much worse than they really are.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
7:45 AM
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