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Dow Theory Update For January 9: Irrelevant Day For Stocks…

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

…although the Dec 31 closing highs remain untouched.

Let's get started with our Dow Theory commentary for today.

If you are interested in reading the 2013 Dow Theory review please go here. You'll see that we tended to be on the right side of the market most of the time.

US stocks

The SPY, and the Transports closed up. The Industrials closed down. Days pass by and the 12/31/2013 closing highs remain untouched.

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.

Gold and Silver

SLV and GLD closed up. 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.

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

Sincerely,

The Dow Theorist

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