Stocks take a breather
The assessment I made yesterday, some 80 minutes before the close, remains valid. SLV closed down but refused to violate its primary bear market low (June 27th). GLD closed down and decidedly violated its primary bear market low (June 27th). However, as followers of this blog know, under the Dow Theory, a movement unconfirmed by the other index is at best misleading. Thus, the primary bear market has not been re-confirmed yet and until this happens, the secondary trend is to be labeled as bullish (secondary reaction against the primary bear market).
SIL and GDX, the gold and silver miners ETFs, closed down and both made lower lows, which is, of course a bearish omen. The primary trend is bearish, as was profusely explained here and here. Likewise, the secondary trend is bearish.
As to stocks, the Industrials closed up and made a higher closing high unconfirmed by the other indices. The Transports and the SPY closed down. Let's monitor in the coming days whether the Industrial's higher highs get confirmed (good sign) or not.
The Dow Theorist