3SOF

Melf Elf · July 13, 2005, 04:52:19 AM

Yesterday, NEM tagged the top of the recent bull flag and sold off, validating it as resistance. If NEM can take out that high of 39.08, it could ignite a rally in the gold stocks.

Melf Elf · July 19, 2005, 06:13:28 AM

We now have 3 hits to both the top and the bottom of the channel. The 500 lb. gorilla needs to get moving to the upside if we're going to have a gold stock rally.

Weightlifter · July 19, 2005, 06:42:41 AM

Melf,,if there was a rally in Gold stocks ,do you think there would be a rally in uranium stocks also ...USU etc??

Melf Elf · July 19, 2005, 10:56:01 AM

Quote from: Weightlifter on July 19, 2005, 06:42:41 AM
Melf,,if there was a rally in Gold stocks ,do you think there would be a rally in uranium stocks also ...USU etc??

I didn't know that there were uranium stocks. Let me find the "embarrassed face" on the toolbar >>>

Weightlifter · July 19, 2005, 12:53:31 PM

lol :)There are a couple...I have a position in USU,its pays a small dividend.I was going to turn it into a longer swing trade.Just I was curious to get some feedback on what other ppl views are on that sector :)I thought as oil went higher,,maybe this sector would also.??.These are a couple of others also ,,CCJ,USEC,.I always do things the unconventional way lol

Melf Elf · July 19, 2005, 01:39:30 PM

Quote from: Weightlifter on July 19, 2005, 12:53:31 PM
,.I always do things the unconventional way lol

I never do anything in an unconventional way. Except climb down chimneys with Santa Claus at Chistmas time. You have to let loose once in awhile!

Melf Elf · July 21, 2005, 09:21:29 AM

Yesterday's high was 38.14. The top of this channel comes in today at about 38.18. NEM needs to take it out and CLOSE above it. Enough fooling around. If that horizontal red line gets taken out, we likely will revisit the lows.

NEM is indicated BID 37.95...ASK 38.00

Melf Elf · July 22, 2005, 04:34:26 AM

The good news is that NEM had a channel breakout on a closing basis.

The bad news is that the high of the day was at DOUBLE RESISTANCE.

1. The horizonatal green line was a breakout that failed, and the high of the day was right there.

2. The high of the day also was at the bottom of the Andrew's Pitchfork, which was broken on July 13.

NEM has got some technical work to do. A pullback to the top of the channel that it just broke out of is fine, but we don't want to see it close back inside the channel, and then go down and take out that horizontal red line. That wouldn't look pretty (three red circles).

Melf Elf · July 24, 2005, 04:22:36 AM

If you look back at mid-June where NEM broke out above 38.85 then failed at gap resistance, we're right back there at that 38.80-ish area. It's resistance again, and we're chasing the bottom of the broken Andrews' Pitchfork from below it.

Friday's candle is a doji star hangman if we take out 38.19, the low on Friday. The technicals are looking weak. MACD, for example, is below the signal line ... is below zero ... and is headed up for a back-test of the signal line. If the MACD turns back down from here, that's usually a good signal of at least a short-term failure.

If NEM acts weak here, I might short it for a quick trade, especially if it takes out Friday's low of 38.19. It closed at 38.43.

Here's the MACD set-up:

http://ts-lc.sc8.finance.lycos.com/1122193279625?User=demo&Pswd=demo&DataType=GIF&Symbol=NYSE:NEM&Interval=D&Permission=1000&Ht=400&Wd=600&Display=2&Study=MACD&Param1=12&Param2=26&Param3=9&FontSize=10&LocaleID=0x0409

Melf Elf · July 26, 2005, 08:53:05 AM

QuoteFriday's candle is a doji star hangman if we take out 38.19, the low on Friday. The technicals are looking weak. MACD, for example, is below the signal line ... is below zero ... and is headed up for a back-test of the signal line. If the MACD turns back down from here, that's usually a good signal of at least a short-term failure.

Two days of stalling at DOUBLE resistance proved too difficult for NEM to overcome. It went down yesterday on the price and technical weakness that it was showing at the end of last week, making it difficult for a rally in this sector.

Melf Elf · July 27, 2005, 05:43:00 AM

After failure at DOUBLE resistance, NEM continues to take the path of least resistance ... down ... dragging the sector down with it.

Looks headed to next support area at 36.38 - 36.55.

Given the lack of response to this thread for the last two weeks, other than a question about uranium stocks from Weightlifter, I'll make this my last post on NEM. Per Adam's thread "Observation," and several of the comments made in that thread, we all have far too many threads to read and stocks to study. One less thread might help that situation a little.

Melf Elf · August 07, 2005, 06:59:39 AM

Most gold stocks have outperformed NEM by 100%-200% over the past three months, but it wouldn't hurt the sector any if NEM finally could establish support at 38.80ish, which twice has proven to be resistance.

Melf Elf · August 11, 2005, 08:57:34 AM

Quote from: Melf Elf on August 07, 2005, 06:59:39 AM
... it wouldn't hurt the sector any if NEM finally could establish support at 38.80ish, which twice has proven to be resistance.

NEM is acting alot better. The 38.80 area, which twice was resistance, was support on the re-test. NEM now needs to move through the gap area near 40.23, which could help the gold/silver stocks move higher.

Melf Elf · February 04, 2007, 06:15:24 AM

"Possible" Bullish Ascending Triangle forming, but it's a very weak pattern, sitting right next to a larger, broken Bearish Rising Wedge, and a much larger, broken Symmetrical Triangle, to the left of that.

setravis · October 09, 2007, 11:45:44 AM

AP
Newmont to Acquire Miramar for $1.53B
Tuesday October 9, 10:30 am ET
Newmont Mining to Acquire Canadian Gold Miner Miramar for $1.53B

DENVER (AP) -- Newmont Mining Corp., one of the world's largest gold mining companies, on Tuesday said it has agreed to buy Canadian rival Miramar Mining Corp. about $1.53 billion.
The offer of 6.25 Canadian dollars ($6.36) per share represents a 24 percent premium over Miramar's closing stock price of $5.15 on Monday in New York.

In a joint statement, the companies said the acquisition will be in the form of a takeover bid, with full details being disclosed to shareholders by the end of October.

Miramar's board has unanimously agreed to the bid, and is expected to recommend the deal to shareholders, the companies said.

In 2005, Newmont acquired a 9.9 percent stake in Miramar by investing $36.4 million in a then-undeveloped Canadian gold field known as the Hope Bay gold belt.

Newmont said the acquisition will allow for construction of a new mining district in Canada's Nunavut territory, and give it more opportunities to expand existing projects in the country.

In premarket trading, shares of Miramar surged 88 cents, or 17.1 percent, to $6.03, while Newmont added 16 cents to $44.99.

News:

NEM