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Dow Theory Update For Dec 27: Stocks Down Once Again

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

Gold and silver up

The SPY, Industrials and the Transports closed down again. A rally, albeit small, is more than due. In the meantime, the primary trend remains bearish and the secondary trend bullish.

Volume today was higher than yesterday's. Given that stocks closed down, it has a bearish connotation. The overall pattern of volume is bearish.

Gold and silver closed up. The primary trend and the secondary trend remains bearish.

The silver miners' ETF (NYSEARCA:SIL) closed down today, whereas its gold peer (NYSEARCA:GDX) closed up today. The primary trend remains bullish, and the secondary trend remains bearish.

BLV (long-term bond term bond) closed for up for a second day in a row. However, technically BLV is bearish. The BLV/GLD ratio continues bullish in favor of BLV.

Sincerely,

The Dow Theorist