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Dow Theory Update For Dec 13: QE Sputtering Out

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

Stocks and precious metals down

Let's get started with our Dow Theory commentary in this blog.

The SPY and the Industrials closed down. The Transports closed up. The primary trend remains bearish and the secondary bullish.

Volume was down today. Since stocks closed down today, it has a bullish connotation, as the decline was not confirmed by volume which retreated. The pattern of volume, though, remains bearish.

Gold and silver closed down today. We keep our eyes fixated on the Nov 2 lows. If such lows are violated, a primary bear market would be signaled by the Dow Theory. Until this happens (if at all), the primary trend of the market remains bullish. The secondary trend is bearish.

GDX and SIL (the gold and silver miners ETF) closed down today. The primary trend remains bullish and the secondary trend bearish.

Sincerely,

The Dow Theorist