{"id":16913,"date":"2012-11-09T08:16:30","date_gmt":"2012-11-09T13:16:30","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=16913"},"modified":"2012-11-08T21:24:23","modified_gmt":"2012-11-09T02:24:23","slug":"updating-the-hui-spx-ratio","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2012\/11\/updating-the-hui-spx-ratio\/","title":{"rendered":"Updating the HUI-SPX Ratio"},"content":{"rendered":"<p>There were reasons for the mind numbing gold stock correction out of the hysterical events of the 2011 Euro-led meltdown and its aftermath.\u00a0 Take your pick\u2026<\/p>\n<ul>\n<li>Too many lousy gold mining operations not keeping on top of costs and\/or execution projections.<\/li>\n<li>Too many scammy smaller operations doing little more than issuing stock and telling stories needed to be weeded out.<\/li>\n<li>Over bullish sentiment was that this time the gold bug true believers really were going to take Hamburger Hill as Europe\u2019s implosion would be taking down the rest of the civilized world.<\/li>\n<li>Highly strategic yet indirect manipulation of the gold miners\u2019 product \u2013 a barbarous relic not welcome in an economic discussion by today\u2019s monetary policy setting intellectuals \u2013 by a very overt (publicized) manipulation of the Treasury yield curve in Operation Twist.\u00a0 I will spare you another chart of gold\u2019s correlation to the curve.<\/li>\n<\/ul>\n<p>There are more reasons, but now is a time for planning for what comes next.\u00a0 Not crying over spilled nuggets.<!--more--><\/p>\n<p>A lot of damage was done to the ratio of the HUI Gold Bugs index to the S&amp;P 500. So where are we now?<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"\/img\/sites\/ino\/email\/4813.jpg\" alt=\"\" width=\"792\" height=\"473\" \/><\/p>\n<p>We are at a \u2018W\u2019 bottom that formed with a lower right side of the \u2018W\u2019 while MACD (along with other indicators not shown) made a weekly bullish divergence.\u00a0 That\u2019s good, but more needs to be done.<\/p>\n<p>The green shaded area shows the middle of the \u2018W\u2019 that should hold as support as the ratio bull flags with a downward biased consolidation.\u00a0 Yet this is really not a great looking picture as the moving averages have turned down more noticeably than at any point in the bull market out of 2000 thus far.<\/p>\n<p>Is that a negative?\u00a0 Could well be, if we are going to go by unbiased TA signals.\u00a0 But if on the other hand that bullish divergence and the extended bottom (\u2018W\u2019) making process is implying pent up energy, then the out performance of gold stocks over regular stocks could be stunning.<\/p>\n<p>My work on the macro economic fundamentals \u2013 updated most weeks in <a href=\"http:\/\/biiwii.com\/wordpress\/about-nftrh\/\">NFTRH<\/a>, hint hint \u2013 says this is a very viable course.\u00a0 Regardless, if that thick red resistance zone is surmounted along with the moving averages, your head is going to spin watching the gold sector [re]assume leadership.<\/p>\n<p>The last couple days of short-term out performance have been fun.\u00a0 But the real work begins now.<\/p>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>By: Gary Tanashian<\/div>\n<div><a href=\"http:\/\/www.biiwii.com\">http:\/\/www.biiwii.com<\/a><\/div>\n<div><\/div>\n<div>NFTRH Letter: <a href=\"http:\/\/www.biiwii.com\/NFTRH\/subscribe.htm\">http:\/\/www.biiwii.com\/NFTRH\/subscribe.htm<\/a><\/div>\n<div>Free eLetter:\u00a0<a href=\"http:\/\/www.biiwii.com\/NFTRH\/eletter.htm\">http:\/\/www.biiwii.com\/NFTRH\/eletter.htm<\/a><\/div>\n<div><\/div>\n<div>Twitter @BiiwiiNFTRH<\/div>\n<div>email: <a href=\"mailto:**@bi****.com\" data-original-string=\"JTDqC5yyVjtBNfo0rQr\/Fg==\" title=\"This contact has been encoded by Anti-Spam by CleanTalk. 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To finish the decoding make sure that JavaScript is enabled in your browser.\"><br \/>\n        <span class=\"apbct-ee-blur-group\"><br \/>\n            <span class=\"apbct-ee-blur_email-text\">**@bi****.com<\/span><br \/>\n            <span class=\"apbct-ee-static-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard\"><\/span><br \/>\n            <\/span><br \/>\n            <span class=\"apbct-ee-animate-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init apbct-ee-blur_animate-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft apbct-ee-blur_animate-soft \"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard apbct-ee-blur_animate-hard\"><\/span><br \/>\n            <\/span><br \/>\n        <\/span><br \/>\n<\/span><\/a><\/div>\n<div><\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>There were reasons for the mind numbing gold stock correction out of the hysterical events of the 2011 Euro-led meltdown and its aftermath.\u00a0 Take your pick\u2026 Too many lousy gold mining operations not keeping on top of costs and\/or execution projections. Too many scammy smaller operations doing little more than issuing stock and telling stories [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4272,1840,4273,7948,4594,1842],"class_list":["post-16913","post","type-post","status-publish","format-standard","hentry","category-general","tag-biiwii-blogspot-com","tag-biiwiicom","tag-gary-tanashian","tag-guest-bloggers","tag-hui","tag-spx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Updating the HUI-SPX Ratio - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2012\/11\/updating-the-hui-spx-ratio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Updating the HUI-SPX Ratio - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"There were reasons for the mind numbing gold stock correction out of the hysterical events of the 2011 Euro-led meltdown and its aftermath.\u00a0 Take your pick\u2026 Too many lousy gold mining operations not keeping on top of costs and\/or execution projections. 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