Reliable Broad Market Lead Indicator Walmart (WMT) Has a Downtrend
Reliable broad market lead indicator Walmart (WMT) has a downtrend, going back to the cycle high at 63.85 in mid September 2008, see http://stockcharts.com/charts/gallery.html?wmt. Note the bearish large spike on today's bearish red (close below the open) candle.
So, since reliable broad market lead indicator Walmart's (WMT) chart is bearish, one has to be cautious about the major averages and most sectors. The broad market WMT Lead Indicator was a super bearish -6.75% versus the S & P 500 today 11-24-08.
The gold/silver stock sector (GDX/HUI/XAU, http://stockcharts.com/charts/gallery.html?gdx) appears to have entered a Wave 3 Cyclical Bull Market in late October (metals lag), but, has yet to hit a 5% major buy signal. The NEM Lead Indicator was an extremely bullish +2.60% versus the XAU today 11-24, which is a very short term bearish indication.
Reliable gold sector lead indicator Newmont Mining (NEM) appears to have entered a Wave 3 Cyclical Bull Market on 11-20-08, after putting in a cycle low at 21.17, see http://stockcharts.com/charts/gallery.html?nem, but, has yet to hit a 5% major buy signal. NEM has a large bullish inverse spike on 11-20-08's candle, and, has a large bearish spike on today 11-24-08's candle.
The XOI's (AMEX oil and Gas, http://stockcharts.com/charts/gallery.html?%24xoi) chart pattern obviously isn't a bullish one, so, one has to be cautious about trading it long, if one does so at all.
The XOM (Exxon Mobil) Lead Indicator was an extremely bearish -3.52% versus the XOI today 11-24-08. DUG (UltraShort Oil and Gas ETF) took out it's recent cycle low at 33.83 today, that appeared to be a major cycle low. Not surprising.
I'm on travel this week, and, won't be back home until December 1, so, the next full update probably won't be until the 2nd of December.
.......http://www.JoeFRocks.com/
So, since reliable broad market lead indicator Walmart's (WMT) chart is bearish, one has to be cautious about the major averages and most sectors. The broad market WMT Lead Indicator was a super bearish -6.75% versus the S & P 500 today 11-24-08.
The gold/silver stock sector (GDX/HUI/XAU, http://stockcharts.com/charts/gallery.html?gdx) appears to have entered a Wave 3 Cyclical Bull Market in late October (metals lag), but, has yet to hit a 5% major buy signal. The NEM Lead Indicator was an extremely bullish +2.60% versus the XAU today 11-24, which is a very short term bearish indication.
Reliable gold sector lead indicator Newmont Mining (NEM) appears to have entered a Wave 3 Cyclical Bull Market on 11-20-08, after putting in a cycle low at 21.17, see http://stockcharts.com/charts/gallery.html?nem, but, has yet to hit a 5% major buy signal. NEM has a large bullish inverse spike on 11-20-08's candle, and, has a large bearish spike on today 11-24-08's candle.
The XOI's (AMEX oil and Gas, http://stockcharts.com/charts/gallery.html?%24xoi) chart pattern obviously isn't a bullish one, so, one has to be cautious about trading it long, if one does so at all.
The XOM (Exxon Mobil) Lead Indicator was an extremely bearish -3.52% versus the XOI today 11-24-08. DUG (UltraShort Oil and Gas ETF) took out it's recent cycle low at 33.83 today, that appeared to be a major cycle low. Not surprising.
I'm on travel this week, and, won't be back home until December 1, so, the next full update probably won't be until the 2nd of December.
.......http://www.JoeFRocks.com/
Labels: DUG, GDX, Gold, Gold Stocks, HUI, NEM, RUT, Silver, Silver Stocks, SPX, XAU, XOI, XOM
posted by Joe Ferrazzano at
4:07 PM
1 Comments:
The fact that reliable gold sector lead indicator Newmont Mining (NEM) took out it's late October 2008 cycle low (21.40) last Thursday 11-20-08 (21.17) means that GDX/HUI/XAU have a good chance of doing the same. Don't get complacent fellow gold bugs!
Professionals focus on risk, while amateurs focus on reward.
By
Joe Ferrazzano, at 8:46 PM
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