NEM Newmont Mining earnings report sends the stock lower (chart). Spot gold moves up. XAU gold index lower. So the question is does the tail wag the dog or does the dog wag the tail? NEM hedges by selling futures against production.
am not a gold stock specialist and it is a bit much to try and sort out off the cuff. Traditional analysis would say that the divergence of a lower XAU with higher gold prices is bearish for the price of gold and for mining stocks.
AET Aetna bombs out along with CI Cigna. My position in PGR Progressive feels some of the shock waves. Casino stocks are weaker driven by earnings news from HET Harrahs and PENN.
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