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Our stops were triggered this morning on the HUI Gold Bugs Index, as AIG posted the largest quarterly loss in market history, at $61.7 billion dollars… pushing the DOW to new lows with a gap down open below 7000.
All last week, the HUI index flirted with breaking key support, but held HUI 285 [...]

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Here’s an updated chart of the present “descending triangle” technical breakout rally in the HUI Gold Bugs Stock Index:
The HUI index now needs to take out the prior high of 318 to confirm the rally. If it does,  there is no significant technical resistance until the HUi 370-380 range.
And fundamentally, the HUI could run all [...]

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Here’s my latest interim trading charts for the HUI Gold Bugs Index:
The HUI Index over the last couple of weeks has delivered a series of 4 “lower highs” along with triple support at the HUI 282-285 level, giving us a descending triangle pattern.

So why the lower highs, with gold trending higher and holding above $900?
In [...]

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HUI, GLD and SLV vs. the market for the week of January 18 - 24, 2009:
HUI, GLD and SLV vs. the market for last 3 months:
SliderOnTheBlack

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This type of move in the gold price would traditionally rally the HUI Gold Stock Index from +10% to 15% in a normal market. But, given the market is now re-testing the October-December lows, the move in gold stocks while positive, is still somewhat muted.
The HUI gold bugs index is very undervalued to the price [...]

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