Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Dow Theory Update For April 18: Stocks Down

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

Gold up and silver down

No big news under the Dow Theory today.

Stocks:

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

Today's volume was lower than yesterday's, which is bullish as declining prices were met by contracting volume.

Gold and silver

GLD's inventory bleeding continues. Almost two tonnes lost yesterday.

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

As to the gold and silver miners ETF, GDX and SIL closed up. The primary and secondary trend remains bearish.

Sincerely,

The Dow Theorist

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