NEM has had a historical resistance at $5.43-46. Broken under that now with conviction. NEM is now a sell at the best price obtainable. Sell now and repurchase at $5.00 a stock that is potentially one of the better gold stocks. What makes the need to sell more pertinent is the fact that NEM moved contrary to the upmove in AU of late. This strongly implys that one large holder has decided to cut his losses and move the money elsewhere,and has been using the hoped for strength in the gold price to offload. The stock is in fact moving from strong to weak hands in the short term. The stock is at present a classic short opportunity which is in the process of becoming a self fulfilling. Having said all this I seriously entertained purchasing the stock in the $5.60 range thinking it was going to take out resistance at $6.00 and take off upwards. Patience and diligence will possibly reveal a short sqeeze upwards if the stock holds the gap at $5.00. from August 2005.
NEM Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
