SPY and Industrials make higher highs.
Let’s see
what the Dow Theory has in store for us today.
Stocks
The SPY,
Transports and Industrials closed up. The SPY and Industrials managed to make
higher highs. The primary and secondary trend of the market is bullish.
Today’s
volume was higher than yesterday’s, which is bullish as higher prices were
supported by rising volume. The overall pattern of volume is neutral with a
slight bullish bias. I’d like to see the way volume acts in a clearly down day
to label finally volume as bullish. In the meantime, I am cautious.
Gold and
silver
GLD and SLV
closed down. The primary and secondary trend is bearish, in spite of yesterdays
outside reversal bar.
As to the
gold and silver miners ETF, GDX and SIL, both closed down. The primary and
secondary trend is bearish.
Today I have
some computer problems, so I cannot post the figures of the SPY (entry price,
DowTheory stop loss, Schannep’s stop loss, etc.).
Sincerely,
The Dow
Theorist
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