NEM is working on a potential double top. NEM is currently down about a buck and a half. The retest of the previous high was on lower volume, and short covering. While gold has moved higher, many of the gold stocks have not followed. My sense is that a reversal in gold, the dollar, and interest rates is near.
No, I am looking more to buy NEM on a pullback. I do think that 425 gold is serious resistance, and am looking for a change in trend near term in the dollar and gold. I do like NEM long term, as I do like the metals longer term. It is just that they are overdone on the upside right now in my opinion.
Kramer and Krudlow were pumping all of these names yesterday on CNBC! Probably a good short, with a tight stop.
Haven't traded NEM in a while, doing some knife catching today and scalps. We traded within 15 cents of November lows, and we are overdone on the downside, major profit taking. Look for a bounce back to attempt to fill overhead gaps of the past two trading sessions.
comes back ... and the gold market rallies back will you see those gaps filled ... maybe next week after this weeks option expiry ... but there might be more pain first .... if you are holding overnight good luck ...
ART - Love this call ..I just got out of a seminar this weekend where a well respected trader/economist spoke, (and made a very good argument in my mind) for Gold to be near or above $500.00 by years end......nice thread too, one of the better on this site in a long time.... rttrader1 -