Dow Theory Update for June 7: Stocks up on lower volume

 Precious metals universe lethargic

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

Stocks

The SPY, Industrials and Transports closed up. The primary trend is bullish, and the secondary trend is bearish for the reasons explained here.

Today’s volume was lower than yesterday, which has a bearish connotation as higher prices were not supported by heavier volume. The overall pattern of volume is bearish, and is currently aligned with the secondary trend of the market. Here you have an updated chart:

 

Volume is bearish.

Gold and Silver

I didn’t talk about GLD’s inventory losses for some days. Well, the bleeding continues.

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

GDX and SIL, the gold and silver miners ETFs, closed down. The primary and secondary trend is bearish.

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

 

Data for June 7, 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		06/07/2013	164.8
Current stop level: Bear mkt low			135.7
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
12.83%	21.44%	7.63%
Alternative Schannep's stoploss:
Highest closing high		05/21/2013	167.17
16% stoploss from highest closing high			140.423
		Max Pot Loss %
		-3.86%
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