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Tag Archives: NEM

Nine Out of Ten

Trees don’t grow to the sky, but this one seems determined to grow a little taller! We’ve just wrapped up another astonishing month for the stock market — the ninth winning month this year out of 10 for the S&P 500 index.

Keep Your Eye (Off) the Dow

So it finally happened. Yesterday, the venerable Dow Jones Industrial Average topped its January 2000 record high of 11,723. Are we supposed to laugh, cry, clap or what?

September 22, 2006

Breakout or fakeout? Stock prices tried to break through to the upside this week, with the S&P 500 edging above its May high intraday on Wednesday and Thursday. But the market couldn’t hold its gains, despite a strong lift from bonds. We wouldn’t be surprised if the bulls tried again next week. However, we don’t think stocks are quite yet ready for the blastoff we’ve been waiting for.

A Play on Fed Easing

After the sharp sell-off that has hit them in recent months, I’m warming to the precious metals stocks again. If I’m right that the Federal Reserve will cut interest rates sometime in the first half of 2007, gold-related investments (silver, too) should perk up.

Feeling the Pain

Stock market investors aren’t happy campers tonight, with the major indexes closing the session at fresh 2005 lows. More selling appears likely at tomorrow’s open on the heels of this afternoon’s wet-blanket earnings report from technology bellwether IBM. But is the world coming to an end? Hardly.

Selling Climax

We finally saw one yesterday in American International Group (NYSE: AIG). After sinking to a new 52-week low in the first few minutes of trading, AIG stock roared higher (up 2.5% on the day) on triple its average daily volume.

Bring On the Selling!

Stock market tops tend to be slow, drawn-out affairs — and the intermediate-term top that has formed since late December is a classic. Despite widespread trumpeting in the media about this or that index touching a “new multiyear high,” most stocks and equity mutual funds have scarcely budged since year-end.

All's Well With Gold

Gold and gold-mining shares are taking a breather today. So it’s a good time for us to review how our trade is faring in Newmont Mining (NYSE: NEM). Three weeks ago, we bought NEM (per a posting in this space) at $40.60. Today, the stock is changing hands around $44, after briefly spiking above $45 yesterday. We’ve got a paper gain of about 8%.

All’s Well With Gold

Gold and gold-mining shares are taking a breather today. So it’s a good time for us to review how our trade is faring in Newmont Mining (NYSE: NEM). Three weeks ago, we bought NEM (per a posting in this space) at $40.60. Today, the stock is changing hands around $44, after briefly spiking above $45 yesterday. We’ve got a paper gain of about 8%.

Correction? No Problem

My conviction is growing that the stock market has some “unfinished business” to wrap up — on the downside. Today’s sharp drop in all the major indexes shows that profit takers don’t need much of an excuse right now to swoop in. Some gurus are blaming the tumble on Alan Greenspan’s testimony before Congress. But that’s pure rationalization.