Manuel Blay's  Instablog

Manuel Blay
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Trader and investor. My trading is short-term based (avg trade duration 4-5 days). As investor I'm deeply influenced by Dow Theory
My blog:
Dow Theory Investment
  • Dow Theory Update For Dec 10: No Change Of Trends Under The Dow Theory 0 comments
    Dec 10, 2012 4:52 PM | about stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL

    Mildly bullish day

    Before I start with our Dow Theory commentary, you may be may be interested in reading my post in this blog entitled "Don't fall in love with your stocks! Love is always dangerous" which you can find here.

    Today was a mildly bullish day. The SPY barely nudged up. The Industrials and Transports closed up. Under Dow Theory, nothing has changed. The primary trend remains bearish and the secondary trend bullish.

    Volume was lower than Friday's. Since it was an "up" day, we conclude volume, once again, has been bearish. Furthermore, you can see in the volume chart below that the latest rally (blue trend line) has been negated by a trend line of declining volume (red line). This is the second time such a pattern is repeated in the last few weeks. Not a very bullish sign, indeed.

     

     

    (click to enlarge)
    Two last minor rallies have been negated by volume action

    Gold and silver closed up. The primary trend remains bullish, and the ongoing secondary reaction keeps running its course.

    The gold and silver miners ETFs closed also up today. The primary trend remains bullish and the secondary trend bearish. No changes in trends either.

    Sincerely,

    The Dow Theorist

    Stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL
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