Manuel Blay's  Instablog

Manuel Blay
Send Message
Trader and investor. My trading is short-term based (avg trade duration 4-5 days). As investor I'm deeply influenced by Dow Theory
My blog:
Dow Theory Investment
  • Dow Theory Update For May 8: Bullish Parade. Stocks Make Higher Confirmed Highs  0 comments
    May 8, 2013 4:42 PM | about stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL

    Precious metals closed up

    Russell is cautiously bullish.

    Richard Russell, of the Dow Theory Letters, agrees that technically the primary trend of the market is bullish. So thinks Russell's new associate Jon Strebler. However, Russell doesn't like a market levitated by QE, and, accordingly, he prefers to be out of the market sitting tight on gold. Irrespective of one's personal risk appetite, there seems to be agreement as to the primary bull market in stocks. Such unanimity could be even construed as a contrary indicator. Is a correction at hand?

    GLD's woes.

    In FOFOA's blog, "MatrixSentry", a commentator who has earned credibility, posted an insightful comment on GLD's inventory decline. It is a must read by anyone interested in getting a grasp of what is happening in the realm of physical gold. You can find the comment on GLD here.


    The SPY, Industrials and Transports closed up. The primary and secondary trend is bullish.

    Today's volume was higher than yesterday's, which is bullish as higher prices were met by rising volume. Little by little, as you can see in the chart below, and notwithstanding the latest bearish pivot (more about it here), the pattern of volume is turning neutral.



    (click to enlarge)
    Volume is turning neutral

    Gold and Silver

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

    As to the gold and silver miners ETF, both closed up. The primary and secondary trend is bearish.


    The Dow Theorist

    Stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL
Back To Manuel Blay's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.