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Dow Theory Update For April 17: Stocks Close Down

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

Gold and silver stabilizing?

On the importance of sticking to the trend

The "Trendfollowing trader" makes clear in one graph why the investor should stick with the trend, and he proves that the adage "sell in May and go away" would have been devastating to investors on the long run.

Stocks

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

Today's volume was higher than yesterdays, which has a bearish connotation as declining prices were joined by expanding volume.

Gold and Silver

GLD pukes inventory like if there was no tomorrow. Either the mainstream is right and GLD is merely reflecting gold's weakness or demand for allocated gold overwhelms available physical supply.

GLD closed up, and SLV closed down. The primary and secondary trend is bearish.

GDX and SIL, the gold and silver miners ETFs, closed down. The primary and secondary trend is bearish.

Sincerely,

The Dow Theorist

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