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Manuel Blay's  Instablog

Manuel Blay
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Investor and Trader As investor I'm deeply influenced by Dow Theory. I focus on the primary trend (1-2 years). My trading is short-term based (avg trade duration 4-5 days).
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Dow Theory Investment
  • Dow Theory Update For November 27: Stocks Make Higher Highs Confirmed  0 comments
    Nov 27, 2013 5:29 PM | about stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL
    No change of trend in sight.

    Tomorrow there will not be any post on this Dow Theory blog. It will be a short day, and I will take it easy.

    US stocks

    The Industrials, Transports and SPY closed up.

    The primary trend is bullish, as explained here, and more in-depth here.

    The primary trend was reconfirmed as bullish on October 17th and November 13th, for the reasons given here and here.

    Today's volume was lower than yesterday's. This is bearish, as higher prices were not met by stronger volume. I'd label volume as neutral for the reasons given here.

    Gold and Silver

    SLV, and GLD closed down. For the reasons I explained here, and more recently 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.

    As to the gold and silver miners ETFs, SIL and GDX closed up. The primary trend is bearish, as was profusely explained here and here. Likewise, the secondary trend is bearish.

    All in all, the last shoe to drop for the precious metals sector would be GLD and SLV reconfirming the ongoing primary bear market. Until this happens, the secondary trend is bullish, and this is the only "bullishness" to be found in this beleaguered sector.

    Sincerely,

    The Dow Theorist

    Themes: Dow Theory Stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL
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