Below is a combo chart that shows the HUI on top and the SPX on the bottom. I call this chart my Divergence Chart as it shows when the stock market is out preforming the HUI or under preforming. For the last 2 weeks or so it shows the stock market going down and the HUI going up. How long this divergence goes on is anybodies guess but until it changes we have to go with what its saying and act accordingly. You can see when the stock market had it’s big decline last year the HUI had a nice rally. The yellow vertical area shows where the HUI topped and the SPX bottomed in September of last year. This chart is suggesting, as long as the stock markets are weak in here the HUI will out preform.

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