Dow Theory update for Sept 19: Bullish trends intact

 Today has been another day with negligible movements.

All the three indices (Transports, Industrials and S&P) we monitor under Dow Theory closed slightly up for the day. All of them are under the 09/14/2012 highs.

Volume has slightly higher than yesterday’s (which was a mildly down day), so the bullish pattern of volume continues.

Gold closed slightly up and silver slightly down. Their respective ETFs closed both higher for the day, establishing the highest highs since the miners bull market started and, of course, this is a bullish sign.

All in all both the primary trend (the “long one” under Dow Theory with a median duration of 2.5 years) and the secondary one (the “intermediate” one with a median duration of ca. 3 months) are both bullish. For the time being the secondary trend doesn’t deign to oppose the primary trend and gives us a much awaited correction.

All markets are floating under QE.

As to bonds: The feared breakdown hasn’t happened yet.

You know from this post  that I’m eagerly waiting for a secondary reaction against the primary bullish trend in order to rise our Dow Theory trailing stops.

All in all, as should be expected under Dow Theory, another day without changes.

Here you have the figures for today:

 

DOW THEORY PRIMARY TREND MONITOR SPY
			SPY
Bull market started		06/04/2012	128.1
Bull market signaled		06/29/2012	136.1
Last close		09/19/2012	146.7
Current stop level: Bear mkt low			128.1
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
7.79%	14.52%	6.25%
DOW THEORY PRIMARY TREND MONITOR GOLD (GLD)
			GLD
Bull market started		05/16/2012	149.46
Bull market signaled		08/22/2012	160.54
Last close		09/19/2012	171.74
Current stop level: Bear mkt low			149.46
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
6.98%	14.91%	7.41%
DOW THEORY PRIMARY TREND MONITOR SILVER (SLV)
			SLV
Bull market started		06/28/2012	25.63
Bull market signaled		08/22/2012	28.92
Last close		09/19/2012	33.56
Current stop level: Bear mkt low			25.63
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
16.04%	30.94%	12.84%
DOW THEORY PRIMARY TREND MONITOR ETF SIL
			SIL
Bull market started		07/24/2012	17.08
Bull market signaled		09/04/2012	21.83
Last close		09/19/2012	25.33
Current stop level: Bear mkt low			17.08
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
16.03%	48.30%	27.81%
DOW THEORY PRIMARY TREND MONITOR ETF GDX
			GDX
Bull market started		05/16/2012	39.56
Bull market signaled		09/04/2012	47.77
Last close		09/19/2012	54.79
Current stop level: Bear mkt low			39.56
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
14.70%	38.50%	20.75%

Sincerely,

The Dow Theorist.