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Dow Theory Update For April 8: Stocks Close Up But Fail To Make Higher Highs

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

Precious metals meandering

Finally, I have been able to post today my Dow Theory Commentary, albeit a short one.

Stocks

The SPY, Industrials and Transports closed up. However, neither index managed to better the last recorded closing highs (04/02/2013).

Today's volume was notoriously lower than yesterday's, which make it, once again, a bearish volume day. This is the fourth bearish volume day in a row.

Gold and silver

Last Friday, GLD's inventory declined again. Either it disintegrates through bleeding or gold is poised for an advance. However, as readers of this Dow Theory blog are well aware, even the best "laid out" fundamental idea must be supported by price action. Thus, I wait for the primary trend of gold to turn bullish.

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

As to the gold and silver miners ETFs both closed down today. The primary and secondary trend remains bearish.

Sincerely,

The Dow Theorist

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