GDX/HUI/XAU Took Out Friday's Cycle low, Reliable Lead Indicator NEM Might Have Bottomed On Friday
GDX/HUI/XAU took out Friday 9-5's cycle low, though not by much so far, see http://stockcharts.com/charts/gallery.html?gdx, and, reliable lead indicator NEM appears to have bottomed (Wave 2 major intermediate term cycle low) at 39 on Friday, see http://stockcharts.com/charts/gallery.html?nem. GDX/HUI/XAU's Wave A down of the Wave 2 Cyclical Bear Market since 3-17-08 (3-14-08 for the XAU) might have bottomed today.
One should at least wait for a strong multi day short term Wave 1 upcycle before looking to go long shortly after a short term Wave 2 downcycle bottoms (a major 5% follow through (after breaking the Wave A major intermediate term downcycle (since 3-17-08) trendline) buy signal might not occur until after a short term Wave 3 upcycle or even after a complete monthly upcycle).
The intraday sector NEM Lead Indicator has turned very bullish, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem, and, the five day sector NEM Lead Indicator (http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem) and the three month NEM Lead Indicator (http://finance.yahoo.com/q/ta?s=%5EXAU&t=3m&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem) are extremely bullish.
The five day (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) and the three month (http://finance.yahoo.com/q/ta?s=%5EHUI&t=3m&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC) broad market Walmart (WMT) Lead Indicator, used in concert with the sector NEM Lead Indicator, are extremely bullish, which is another sign that GDX/HUI/XAU/GLD and reliable lead indicator NEM are probably very near an important cycle low (GDX/HUI/XAU might have bottomed today/on 9-8, NEM probably bottomed on 9-5, GLD (Gold ETF) is probably lagging and hasn't bottomed yet).
The Russell 2000 (and most if not all major averages) appears to have put in a monthly cycle low on Friday 9-5, see http://stockcharts.com/charts/gallery.html?%24rut. Note the very large very bullish inverse spike on 9-5's candle.
I have some things to do today, so, I probably won't do a post market update today. Ciao.
.......http://www.JoeFRocks.com/
NEM XAU HUI
One should at least wait for a strong multi day short term Wave 1 upcycle before looking to go long shortly after a short term Wave 2 downcycle bottoms (a major 5% follow through (after breaking the Wave A major intermediate term downcycle (since 3-17-08) trendline) buy signal might not occur until after a short term Wave 3 upcycle or even after a complete monthly upcycle).
The intraday sector NEM Lead Indicator has turned very bullish, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem, and, the five day sector NEM Lead Indicator (http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem) and the three month NEM Lead Indicator (http://finance.yahoo.com/q/ta?s=%5EXAU&t=3m&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem) are extremely bullish.
The five day (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) and the three month (http://finance.yahoo.com/q/ta?s=%5EHUI&t=3m&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC) broad market Walmart (WMT) Lead Indicator, used in concert with the sector NEM Lead Indicator, are extremely bullish, which is another sign that GDX/HUI/XAU/GLD and reliable lead indicator NEM are probably very near an important cycle low (GDX/HUI/XAU might have bottomed today/on 9-8, NEM probably bottomed on 9-5, GLD (Gold ETF) is probably lagging and hasn't bottomed yet).
The Russell 2000 (and most if not all major averages) appears to have put in a monthly cycle low on Friday 9-5, see http://stockcharts.com/charts/gallery.html?%24rut. Note the very large very bullish inverse spike on 9-5's candle.
I have some things to do today, so, I probably won't do a post market update today. Ciao.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
8:03 AM
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