Dow Theory Update for April 8: Stocks close up but fail to make higher highs

 Precious metals meandering

Finally, I have been able to post today my Dow Theory Commentary, albeit a short one.

Stocks

The SPY, Industrials and Transports closed up. However, neither index managed to better the last recorded closing highs (04/02/2013).

Today’s volume was notoriously lower than yesterday’s, which make it, once again, a bearish volume day. This is the fourth bearish volume day in a row.

Gold and silver

Last Friday, GLD’s inventory declined again. Either it disintegrates through bleeding or gold is poised for an advance. However, as readers of this Dow Theory blog are well aware, even the best “laid out” fundamental idea must be supported by price action. Thus, I wait for the primary trend of gold to turn bullish.

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

As to the gold and silver miners ETFs both closed down today. The primary and secondary trend remains bearish.

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

 

Data for April 8, 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		04/08/2013	156.21
Current stop level: Bear mkt low			135.7
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
6.95%	15.11%	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