Stocks and precious metals closed down
Let's get started with our Dow Theory commentary in this blog.
The SPY, Industrials and Transports closed down once again. The primary trend is bearish, and the secondary trend is bullish.
Volume was lower than yesterday's. Since it was a down day, it has a bullish connotation. However, at least for the short term (i.e. two weeks) the overall pattern of volume is bearish.
Gold and silver closed down. Prices are consolidating around the Dec 20 lows. Given that the primary trend is bearish, the most likely outcome is a new leg down. Time will tell. In the meantime, the primary and secondary trend are bearish.
SIL and GDX closed down today. The primary trend remains bullish (albeit in its death throes) and the secondary trend bearish.
The Dow Theorist