Stocks closed up, once again.
This is going to be a short post, since there are no big Dow Theory relevant events.
The SPY, Transports, and Industrials closed up. Last Friday, the Transports made a lower low unconfirmed by the SPY and Industrials. The longer non-confirmation persists, the higher the odds for the end of the secondary reaction.
The secondary is bearish, which implies an ongoing secondary reaction against the primary bullish trend, as explained here.
Today's volume was higher than yesterday's. Since stocks closed up, expanding volume has a bullish connotation, as higher prices were confirmed by volume. I'd label current volume readings as neutral. As you can see on the chart below bullish volume days alternate with bearish volume days. Thus, I derive no valuable inference as to likely price action from volume readings.
Gold and Silver
SLV, and GLD closed down. For the reasons I explained here, I feel the primary trend remains bearish. Here I analyzed the primary bear market signal given on December 20, 2012. The primary trend was reconfirmed bearish, as explained here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.
The Dow Theorist