Precious metals hold their own
The SPY, Industrials and Transports closed down.
The primary trend was reconfirmed as bullish on October 17th, for the reasons given here.
Today's volume was lower than yesterday's, which is bullish, as lower prices were met by weaker volume. I consider volume to be bearish for the reasons given here and here. Furthermore, the trendline of volume of the last few days is ominously bearish, as volume has steadily contracted as prices advanced.
Gold and Silver
SLV closed up, and GLD closed down. For the reasons I explained here, and more recently here, I feel the primary trend remains bearish, all the recent strong action notwithstanding. 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.
Here, I explained that GLD and SLV set up for a primary bull market signal. However, a setup is not the same as the "real thing," namely the primary bull market; thus, many "setups" do not materialize and until the secondary reaction closing highs are jointly broken up, no primary bull market will be signaled.
The secondary trend is bearish, which is tantamount to saying that there is an ongoing secondary reaction against the primary bullish trend, for the reasons given here.
The Dow Theorist