No change in trends.
Since there are no changes in trends, today it is going to be a short post in this Dow Theory blog. Furthermore, I hope to post later this evening a more important post concerning the BLV/GLD ratio (long-term bond/gold).
The SPY and the Industrials closed down today. The Transports closed up again.
Since neither the SPY nor the Industrials have bettered the vital 09/14/2012 (NYSEARCA:SPY) and 10/05/2012 (Industrials) highs, the primary trend remains bearish while the secondary trend bullish.
Volume today was lower than yesterday's. Given that it was a down day, it has a bullish connotation. The last three days have witnessed bullish volume, and overall I'd label volume as neutral (don't forget that until recently, we had many volume bearish days).
GLD (gold) and SLV (silver) closed down, again, today. Silver by refusing to violate its Nov 2 secondary reaction lows, once again has saved the day, and a primary bear market signal has been averted. For how long? We don't know.
SIL and GDX closed down today. However, there is no change in trends. The primary trend is bullish whilst the secondary trend bearish.
The Dow Theorist