Let's see what the Dow Theory has in store for us today.
The SPY, Industrials and Transports closed down in unison today. The primary and secondary trend is bullish.
Volume today was higher than yesterday's. Since it was a down day it has a bearish implication.
Gold and silver closed up. As per Dow Theory, I see very mildly bullish action in the charts. On 01/07/2013 GLD made a lower low by violating the 12/20/2012 lows. However, SLV refused to do so and hence did not confirm the lower lows. Of course, two days of non confirmation is not enough to make us bullish. However, if this non confirmation persists and, at the very least the 01/02/2013 highs would be jointly bettered by gold and silver, then I would be slightly less bearish. Nonetheless, such action wouldn't even turn the secondary trend bullish as the mini rally staged from the 12/20/2012 lows to the 01/02/2013 highs didn't even qualify as a Dow Theory rally, as the upward movement didn't reach 3% for GLD or its volatility-adjusted equivalent for silver. Thus, technically, the primary trend and the secondary trend remain bearish. Here you have an updated chart concerning gold and silver action. As you can see all recent price action is occurring below the red lines (which defined the onset of the primary bear market). This is not a very bullish sign.
SIL closed down, and GDX closed up. The primary trend remains bullish, and the secondary trend remains bearish.
The Dow Theorist