Primary bear market re-confirmed in GDX and SIL
Investment fraternity bearish on stocks
Barry Ritholtz blog "The Big Picture" reports that the so-called "sell side indicator" is extremely bearish, meaning that most investment professionals have a bearish outlook for stocks. Normally, extreme readings tend to have "contrarian" outcomes. Thus, in the present instance, pervasive bearishness seems to confirm that a primary bear market is not yet in the cards.
The SPY and Industrials closed up. The Transports closed down. The primary and secondary trend remains bullish.
Today's volume was higher than yesterday's. Since it was an "up" day, it has a bullish connotation as higher prices were met by expanding volume. We have had bullish volume for three days in a row.
Gold and Silver
GLD lost inventory yesterday. The disconnect between paper, and physical gold is apparent. Something gotta give in.
GLD and SLV closed down. GLD, though, refused, once again, to make a lower low. The primary and secondary trend remains bearish.
GDX and SIL closed down and made jointly lower lows, thereby re-confirming the primary bear market signal. As you can see in the chart below the horizontal line (previous lows) has been jointly violated. The primary and secondary trend remains bearish.
The Dow Theorist