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Dow Theory Update For Feb 11: Gold Testing Recent Lows

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

Stocks mildly down.

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

Do you want to know how the Dow Theory fared during the secular 1966-1981 bear market? You can find the answer here.

The SPY, Industrials and Transports closed down. The primary and secondary trend remains bullish.

Volume was lower than Friday's. Since it was a down day, it has a bullish connotation. In spite of today's bullish volume, I see a bearish volume pattern forming. Thus, I see that since 31/01/2013 the overall trend of volume is down, whereas, albeit midly, the trend of prices is up. Such divergence seems to suggest that the most recent upward market action has not been supported by volume as it retreats. Look at the chart below that speaks for itself:

 

 

Volume is turning bearish. Is a secondary correction in the making?

Gold (NYSEARCA:GLD) and silver (NYSEARCA:SLV), once again, fell out of bed. The primary and secondary trend remains bearish.

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

Sincerely,

The Dow Theorist

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