I believe McHugh is bearish across all stocks and believes the HUI is in the process of topping. I agree with his overall assessment for now but cast a cynical eye his way. I've tracked his calls in his newsletter and he's selective about how he posts his winning calls vs. losing ones. His indicators are like any other trend following methods- they may work over longer time frames but in the short term, I'm sure his neck is sore from the whipsaw.