Precious metals remain anemic
Let's commence with our DowTheory commentary on this blog.
The SPY, Industrials and Transports closed up.
The secondary trend is bearish (secondary reaction against the primary bull market) for the reasons explained here.
Today's volume was higher than yesterday's, which is bullish, as higher prices were met by expanding volume. I consider volume to be bearish for the reasons given here.
Gold and Silver
SLV and GLD closed down. 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.
Here, I explained that GLD and SLV set up for a primary bull market signal. However, a setup is not the same as the "real thing," namely the primary bull market; thus, many "setups" do not materialize and until the secondary reaction closing highs are jointly broken up, no primary bull market will be signaled.
The secondary trend is bearish, which is tantamount to saying that there is an ongoing secondary reaction against the primary bullish trend, for the reasons given here.
The Dow Theorist