$HUI Daily Chart

On a daily chart the $HUI has been a good buy in general when the slow stochastic (10,3 on Stockcharts) has turned up from these levels.

On a retrace basis the $HUI is also acting well.

$HUI Fibonacci Levels

The $HUI has turned up on a perfect bounce off the 38.2% retrace move from the top. Moreover, the move down off the top appears to be a corrective a-b-c move. Further correction is possible, but longer term the $HUI is acting well.

Gold Daily Chart

US$ Index Daily

Gold and the US dollar have been rallying together for some time. This is what one would expect to see in deflation after the leverage in gold has been washed out.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

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