There has also been some pretty distinct inverse correlation in the two indexes, but these flags have the potential to trigger new declines in the SPX and the relatively weak HUI.
Please do not mistake the fact that NFTRH remains bullish and is getting more so in every way other than the technicals (theoretical HUI measured target is 315 until/unless 475 is exceeded).
I believe the gold stocks and commodities have been first movers to a coming market correction and this would align with the view that gold stocks could remain under pressure even as their fundamental backdrop continues to improve with a rising RPG (commodity adjusted 'real' price of gold).
I don't think much more needs to be said. The SPX is vulnerable under the noted resistance and a decline in this index would start the clock ticking on the end game that would see a lock and load for opportunity in the coming weeks or months. NFTRH184 will of course have more on this subject.
Regards,
Gary
--
For correspondence, please use gt@biiwii.com as this will get mail to me sooner.
NFTRH, email updates and other communication are not to be considered as investment advice. Such advice should be sought from a licensed investment professional.
http://www.biiwii.com
http://www.biiwii.blogspot.com
Terms & Conditions
No comments:
Post a Comment