Precious metals take a pause.
Let's get started with our Dow Theory commentary for today.
The Transports, the Industrials and the SPY closed up. However, volume was muted, which is a bearish sign. Yesterday we drew your attention to the secondary trend which has turned bearish.
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.
As to the gold and silver miners ETFs, SIL and GDX closed up. The secondary trend is bullish, as explained here.
The Dow Theory