Strebler, of the Dow Theory Letters, remains cautiously bullish
In recent "Dow Theory Letters," Jon Strebler, Russell's associate in the "Dow Theory Letters," has confirmed the bullishness of the stock market, even though he cautions that, at best, a correction might be in the making. Furthermore, Strebler seems to be paying attention to the SPY, thereby slightly diverging from "Rhea/classical" Dow Theory and becoming closer to one of the tenets of Schannep's Dow Theory (which includes the S&P as the third index to monitor). More about the conceptual difference between the "classical" and "Schannep's" Dow Theory here. As to their respective performance, you can go here. In any instance, I appreciate Strebler's analysis of the markets, and, to the best of my knowledge, he has provided more valuable, actionable and clear-cut advice than his mentor Richard Russell.
The Transports closed up. The Industrials and the SPY closed down. Once again, the Transports made a new higher closing high, which has been unconfirmed. The longer this pattern of higher highs by the Transports remains unconfirmed, the higher the odds of a secondary reaction.
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 up. GDX made a higher closing high unconfirmed by SIL. If this secondary trend is to last, SIL should confirm soon. I see uncommon strength in the gold and silver miners' ETFs. This is why, last Friday January 17th, and in accordance with the Dow Theory, the secondary trend was labeled as bullish, as explained here.
The Dow Theorist