Secondary trend for stocks remains bearish
Let's get started with our Dow Theory commentary for today in this blog.
The SPY, Industrials, and Transports closed up.
The secondary is bearish, which implies an ongoing secondary reaction against the primary bullish trend, as explained here.
Today's volume was lower than yesterday's. Since stocks closed up, contracting volume has a bearish connotation, as higher prices were not confirmed by volume. We have had 3 consecutive volume bearish days in a row, which, prompts me to say that volume has ceased to be bullish and is now neutral.
Gold and Silver
SLV, and GLD closed up. For the reasons I explained here, I feel the primary trend remains bearish. Here I analyzed the primary bear market signal given on December 20, 2012. The primary trend was reconfirmed bearish, as explained here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.
The Dow Theorist