Stocks mostly up
Let's get started with our Dow Theory commentary for today.
The SPY and Transports closed up. The Industrials closed down. The primary and secondary trend remains bullish.
Volume was up. Since today it was an up day, it has a bullish connotation. For the reasons stated here, I see the overall pattern of volume turning bearish (at least for the short term, let's say 2-3 weeks).
Gold (NYSEARCA:GLD) and silver (NYSEARCA:SLV) closed down. As you can see, investing along the primary trend can be boring. On December 20, the Dow Theory, by signaling a primary bear market, told us that the safest course of action was to stay on the sidelines. Since that date, the market condition has not changed, and no action was required.
The primary and secondary trend remains bearish.
GDX (gold miners ETF) and SLV (silver miners ETF) closed down. The primary and secondary trend remains bearish.
The Dow Theorist