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Gary Tanashian
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Gary Tanashian is proprietor of Biiwii.com. Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium newsletter Notes From the Rabbit Hole (http://www.biiwii.com/NFTRH/subscribe.htm). Complimentary analysis and commentary is available at the 'Biiwii Blog'... More
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Biiwii.com Technical Analysis & Commentary
  • HUI Gold Bugs Index - Big Picture Monthly View 0 comments
    Feb 22, 2012 12:12 PM | about stocks: GLD, GDX, GDXJ, GLDX, SLV, SIL
    NFTRH175 took an extensive look at the HUI, ranging from a 15 minute (in-day, in-week) short-term management chart to a daily chart, a weekly chart and finally on out to the biggest - and most compelling of pictures - a this monthly chart.

    The nearer time frames generally look okay, with some caveats; notably including the over bought, over loved state for the broad US market. These time frames must be managed on an ongoing basis, but throughout all of the ups and downs, euphoria and agony, there is and has been the monthly chart and its Cup & Handle target of 1000, which has been active since 2010.

    Here is an excerpt of the final segment of the precious metals analysis:

    Time again for the HUI monthly chart with Cup & Handle and measured upside target. To this point we have followed the '3 Snowmen (888)' because I think it is a cute way to keep HUI's huge upside potential on radar. But the target is actually more like 1000. If you are a gold stock bull - and please don't take my word for it, NFTRH is just one publication with its own viewpoints, among many and disciplined research should consider many different angles - then you probably find this big picture compelling. You view the Handle consolidation (if that is indeed what this is) as an opportunity to be positioned for that unknowable time in the future that it may break upward.

    An easy way to look at this is to put a mental 'STOP' just below the confluence of the Handle, the moving averages and the visual shaded support area. So how about this for a range of perspective on the HUI? 15 minutes all the way up to monthly.

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    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: No stocks mentioned, I am long the gold sector.

    Themes: gold, silver, gold stocks, silver stocks Stocks: GLD, GDX, GDXJ, GLDX, SLV, SIL
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