Dow Theory Update for March 22: Stocks up but fail to make higher highs

 GLD leaking gold again

Let’s begin our Dow Theory commentary for today.

Stocks

The SPY, Industrials and Transports closed up. The primary and secondary trend remains bullish. However, I note that the 03/14/2013 highs have not been bettered.

Today’s volume was lower than yesterday, which makes it a bearish volume day, as higher prices were not supported by expanding volume. Here you have an updated chart showing volume patterns.

Volume is bearish.

Gold and silver

Yesterday GLD lost inventory again, despite the recent price rise. Is being physical gold drained from GLD used to contain gold’s price in the physical market?

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

GDX closed down, and SIL closed up. The primary and secondary trend remains bearish.

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

 

Data for March 21, 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		03/21/2013	155.6
Current stop level: Bear mkt low			135.7
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
6.53%	14.66%	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.