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Dow Theory Update For Jan 23: Stocks Up Again

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

Precious metals mixed.

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

The SPY, Industrials and Transports closed, once again, up. It goes without saying that the primary and secondary trend remains bullish.

Volume was lower than yesterday's. Since it was an up day in has a bearish connotation. For the second day in a row we have had diverging volume. In the very short term, the pattern of volume seems to be deteriorating. Here you have an updated chart.

 

 

Is volume turning short term bearish?

Gold (NYSEARCA:GLD) closed down and silver (NYSEARCA:SLV) up. The primary and secondary trend remains bearish.

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

Sincerely,

The Dow Theorist

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