Saturday, December 10, 2005
NEM - Newmont Mining 12.10.05
Newmont after it popped over 48 to a high of 51, then reversed closing below where it opened, similar to TOL when it reversed around 51... There has been a discrpeancy with the bullion popping hard recently from 455 to 530 yet the equities of NEM and GG have barely made new highs.. The MACD and ADX both show bearish non-confirmations...
In addition, excellent market technician Frank Barbera, who is on the Financial Sense Newshour, and has been spot on as bullish on the metal now sees an imminent possibly sharp correction.
The public is now beginning to buy hedre at the near term top..I'd be buying Jan 20 Puts on GG and Jan 50's on NEM