First the good news.....imo, icg will probably make multiple new year highs before the end of 2014. Also, friday was an inside day for the sp, albeit lower on the spectrum. Plus the wm% and stochs still showed upside potential.
Now the not-so-good news. I think the st upside potential in the sp is limited and that traders will probably sell into any st strength. In fact, I think this selling began last friday. Among other things, there was noticeable lower volume on friday -- this perhaps explains why the important accum/dist and cmf levels dropped off sharply at week's end. It's my opinion that we'll probably have to first close that gaping opening up-gap from thursday before the sp can get back to recent highs. St downside risk C$0.260 or slightly lower. Dyodd.
The hui, xau, gdxj either bounced off or came within a whisker of their 200dma. We should see a rally beginning this week that brings us back to the 50dma of the above gold indices. But keep in mind that all boats don't float at the same time. This is especially true if your stock has had a recent rally. Fwiw: both the hui and xau still have opening up gaps lower down that may still have to be filled at some point. Jmvho.
goldopportunity