The SPX fell further than I thought it would down to 776.76 this morning. The rally is now targeted for SPX 975 early Monday, the 50 day Ex M.A and down trend line off the previous tops.
GDX also fell to below 18 but is still holding up better than the stock market. A move to above 24 is likely by Monday.
A strong rally should now ensue over the course of today, Friday and early Monday for the stock market and mid session Monday for the gold mining shares.
Down side target for Dec 23 was SPX 788 and that is now moved lower to an unspecified target.
We will exit our long position on strength Friday PM NAV if we get close to the 930's. Gold mining share long will be exited Monday PM NAV if all goes according to Hoyle.
We use Elliott Wave, cycles as well as technical, and sentiment in order to determine the direction of the Stock Market and Gold Mining Share Market. Trades verified by Timer Trac and trade the close each day. Gold trades track Profunds/RYDEX/XAU mining shares and not bullion. Weekend blog is for the longer term outlook and review of the week. Please support the Welcome Home International Foundation (below) and help yourself by getting your own My Power Mall. Please pass this blog on to others.
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