Precious metals: Still weak.
Let's see what the Dow Theory has in store for us today.
The SPY, Industrials and Transports closed down. While I believe that we are already under a secondary reaction, according to the Dow Theory it is too early to tell. We need at least a pullback exceeding 3% in two or more indices, and the pullback must last at least 10 trading days. Thus, the primary and secondary trend remains bullish.
Today's volume was higher than last Friday's, which is bearish as declining prices were joined by expanding volume. The overall patter of volume continues bearish and increases the likelihood for a secondary reaction to develop.
Gold and silver
GLD didn't either win or lose inventory last Friday.
GLD closed down. SLV closed up. The primary and secondary trend remains bearish.
GDX and SIL closed down. The primary and secondary trend remains bearish.
The Dow Theorist