Trends unchanged for stocks and precious metals
Chinese stock market
Yesterday I posted that, according to the Dow Theory, a primary bull market had been signaled for Chinese stocks. During this weekend I plan to post more details about such primary bull market signal.
The SPY, the 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 smaller than yesterday's, which is bearish as higher prices did not attract higher volume. The overall pattern of volume remains neutral, since bullish and bearish volume days alternate and I cannot discern a clear pattern. In any instance, you make or lose money by price action, and thus, volume, while slightly increasing the odds of a given trade, is of secondary importance. Here you have an updated volume chart:
Gold and Silver
SLV closed and GLD closed barely 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