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Dow Theory Update For Jan 16: Indecisive Day For Stocks

|Includes:DIA, GDX, GLD, IYT, SIL, SLV, SPDR S&P 500 Trust ETF (SPY)

Gold and silver up

Let's get started with our Dow Theory commentary for today.

The SPY and the Industrials closed slightly down. The Transports closed up. The primary and secondary trend remain bullish.

Today's volume was lower than yesterday's. Given that it was a down day, it has a bullish implication, as declining prices were not supported by volume. The overall pattern of volume remains bullish.

Gold (NYSEARCA:GLD) and silver (NYSEARCA:SLV) closed up. Gold refused to better the 01/02/2013 closing highs. Another day of non confirmation. The primary trend and the secondary trend remains bearish.

SIL and GDX (the silver and gold miners ETFs) closed down today. The primary trend remains bullish and the secondary trend bearish.

Sincerely,

The Dow Theorist

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