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Dow Theory Update For May 16: Gold And Silver Still Flirting With Danger

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

Stocks closed down.

Let's get started with our Dow Theory analysis for 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 makes it a bullish volume day as declining prices were no joined by expanding volume. The overall patter of volume remains neutral.

Gold and Silver

GLD closed down. SLV up. Gold hasn't hitherto confirmed SLV lower lows. A reconfirmation of the primary bear market requires that GLD violate the 05/15/2013 lows. In the meantime, the primary trend is bearish and the secondary trend bullish.

GDX closed up and SIL unchanged. The primary and secondary trend is clearly bearish.

All in all, both the miners and the precious metals are flirting with the last recorded lows. This is certainly not bullish.

Sincerely,

The Dow Theorist

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