HUI - SPX ratio

A big difference technically between now and Armageddon '08 is the lack of downside leadership by the gold stocks.  It is as if certain fundamentals, born of a deflationary environment are percolating below the surface, waiting for the final bottoms and/or washouts across all sectors.

Liquidation can be a bitch, but gold stock players should realize that in 2008 gold stocks were finishing up a big rally even as their fundamentals had been degrading for years (with the 'real' price of gold).  Details will be followed weekly in NFTRH (and by email update) because it is now time to be paying attention, both to what we see on the surface, and what is going on beneath the surface, where most players do not think to look.

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