Dow Theory Update for Oct 31: SIL displaying strength

No changes in trends.

 

No big news today, so this Dow Theory commentary on this blog will be brief.

The SPY closed unchanged, and the Industrials were slightly down. Transports, again displaying more relative strength closed up. Technically, nothing has changed. The primary trend remains bullish, and the secondary trend remains bearish. It has been a so neutral day that I prefer not to derive any inferences from volume.

As to gold, silver and their respective miners ETFs all of them closed up for the day. The miners displayed greater relative strength. Particularly, SIL closed slightly below the highest high of 10/04/2012.  The silver universe keeps on being strong.

The primary trend of gold and silver remains solidly up. The secondary trend remains bearish. As to their ETFs, and as I expressed here, I have my qualms as to classifying their price action as a secondary reaction. What is clear is that the primary trend is solidly bullish too.

Let’s see what tomorrow will bring. 

Tomorrow my daily commentary will be somewhat delayed. In any instance, you will get it before the open of Friday. 

Here you have the figures of the markets I monitor for today.

 

Data for October 31, 2012
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		10/31/2012	141,35
Current stop level: Bear mkt low			128,1
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
3,86%	10,34%	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		10/31/2012	166,83
Current stop level: Bear mkt low			149,46
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
3,92%	11,62%	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		10/31/2012	31,26
Current stop level: Bear mkt low			25,63
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
8,09%	21,97%	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		10/31/2012	25,29
Current stop level: Bear mkt low			17,08
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
15,85%	48,07%	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		10/31/2012	52,9
Current stop level: Bear mkt low			39,56
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
10,74%	33,72%	20,75%

Sincerely,

The Dow Theorist