Dow Theory Update for March 14: SPY, Industrials and Transports make higher highs

 Gold firming

Let’s get started with our Dow Theory commentary for today.

Stocks

The SPY, Industrials and Transports make higher highs. It goes without saying that the primary and secondary trend remains bullish.

On January 2, the Dow Theory signaled the existence of a primary bull market for the reasons given here and here.

Since that date, the unrealized gain amounts to 7.31%. Please mind I use the word “unrealized," since such profits are susceptible to be (at least temporarily) erased by the next secondary reaction. You can find more details as to the entry point, unrealized profits, etc. in the spreadsheet below.

Volume was higher today so it has a bullish implication as ascending prices were met with expanding volume.

Gold and silver

GLD didn’t lose inventory yesterday. 

GLD closed up. SLV closed down. The primary and secondary trend remains bearish.

As to the gold and silver miners ETFs, SIL closed down and GDX closed up. The primary and secondary trend remains bearish.

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

 

Data for March 14, 2013
DOW THEORY PRIMARY TREND MONITOR SPY
			SPY
Bull market started		11/15/2012	135.7
Bull market signaled		01/02/2013	146.06
Last close		03/14/2013	156.73
Current stop level: Bear mkt low			135.7
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
7.31%	15.50%	7.63%
DOW THEORY PRIMARY TREND MONITOR GOLD (GLD)
			GLD
Bull market started		05/16/2012	149.46
Bull market signaled		08/22/2012	160.54
Exit December 20		12/20/2012	161.16
Current stop level: Sec React low		11/02/2012	162.6
Realized Loss %	Tot advance since start bull mkt
0.39%	7.83%
DOW THEORY PRIMARY TREND MONITOR SILVER (SLV)
			SLV
Bull market started		06/28/2012	25.63
Bull market signaled		08/22/2012	28.92
Exit December 20		12/20/2012	29
Current stop level: Sec React low		11/02/2012	29.95
Realized gain %	Tot advance since start bull mkt
0.28%	13.15%
DOW THEORY PRIMARY TREND MONITOR ETF SIL
			SIL
Bull market started		07/24/2012	17.08
Bull market signaled		09/04/2012	21.83
Exit January 23		01/24/2013	21.69
Current stop level: Sec React low		11/15/2012	21.87
Realized Loss %	Tot advance since start bull mkt	Max Pot Loss %
-0.64%	26.99%	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
Exit January 23		01/24/2013	44.56
Current stop level: Sec React low		12/05/2012	45.35
Realized Loss %	Tot advance since start bull mkt	Max Pot Loss %
-6.72%	12.64%	20.75%

Sincerely,

The Dow Theorist