The Precious Metals Sector Hit a 5% Follow Through Major Sell Signal
The precious metals sector hit a 5% follow through major sell signal recently (probably did last week, in the week ending 1-22-10), see the XAU's second weekly view candlestick chart at http://bit.ly/aMNz3g. Note that the XAU has broken well below (5%+ below) it's uptrending channel that was in effect since early 2009.
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The XAU's Wave 1 Major Intermediate Upcycle of the Wave 3 Cyclical Bull Market since October 2008 probably peaked in early December 2009, see the second weekly view candlestick chart at http://bit.ly/aMNz3g, and, more importantly, this major sell signal indicates that the environment for trading the precious metals sector long is risky.
For the major averages I'll use a similar approach for a 5% follow through major sell signal. I'll use the uptrending channel since early to mid 2009 (NDX (NASDAQ 100) Major Upcycle began in November 2008 versus 3-6-09 for SPX (S & P 500)), so, the major averages didn't hit a 5% follow through major sell signal yet (look at the second weekly view chart and visualize the channel since early to mid 2009), and, probably won't in this Short Term Downcycle since 1-19-10 for SPX, see charts one and two at http://bit.ly/i0nsT.
.......http://www.JoeFRocks.com/
NEM XAU HUI
If you use Blogger you can follow this Blog by clicking the Follow Link at the top left part of this page. Or, simply save this Blog to your favorite places, whether you use Blogger or not. Also, just after this post there's a link that enables you to email this post to someone. Lastly, be sure to follow me on Twitter (highly recommended), see http://twitter.com/tradethecycles.
The XAU's Wave 1 Major Intermediate Upcycle of the Wave 3 Cyclical Bull Market since October 2008 probably peaked in early December 2009, see the second weekly view candlestick chart at http://bit.ly/aMNz3g, and, more importantly, this major sell signal indicates that the environment for trading the precious metals sector long is risky.
For the major averages I'll use a similar approach for a 5% follow through major sell signal. I'll use the uptrending channel since early to mid 2009 (NDX (NASDAQ 100) Major Upcycle began in November 2008 versus 3-6-09 for SPX (S & P 500)), so, the major averages didn't hit a 5% follow through major sell signal yet (look at the second weekly view chart and visualize the channel since early to mid 2009), and, probably won't in this Short Term Downcycle since 1-19-10 for SPX, see charts one and two at http://bit.ly/i0nsT.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: DUG, GDX, Gold, Gold Stocks, HUI, NDX, NEM, RUT, Silver, Silver Stocks, SPX, SRS, TAN, XAU, XOI, XOM
posted by Joe Ferrazzano at
12:36 PM
3 Comments:
"On An Inflation-Adjusted Basis SPX Has Been In A Secular Bear Market Since March 2000" see http://bit.ly/JKhdZ
By
Joe Ferrazzano, at 12:58 PM
In December alone 661,000 dropped out of the labor force, so much for Barry's big "Stimulus" Bill.
By
Joe Ferrazzano, at 12:59 PM
Beyond a doubt truth bears the same relation to falsehood as light to darkness. Leonardo da Vinci
By
Joe Ferrazzano, at 12:59 PM
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