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Dow Theory Update For March 22: Stocks Up But Fail To Make Higher Highs

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

GLD leaking gold again


Let's begin our Dow Theory commentary for today.

Stocks

The SPY, Industrials and Transports closed up. The primary and secondary trend remains bullish. However, I note that the 03/14/2013 highs have not been bettered.

Today's volume was lower than yesterday, which makes it a bearish volume day, as higher prices were not supported by expanding volume. Here you have an updated chart showing volume patterns.

 

 

Volume is bearish.

Gold and silver

Yesterday GLD lost inventory again, despite the recent price rise. Is being physical gold drained from GLD used to contain gold's price in the physical market?

GLD and SLV closed down. The primary and secondary trend remains bearish.

GDX closed down, and SIL closed up. The primary and secondary trend remains bearish.

Have a nice weekend.

Sincerely,

The Dow Theorist

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