Tuesday, July 30, 2013

Dow Theory Update for July 30: Indecisive day for stocks




 Precious metals close down


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

Stocks

The SPY closed unchanged and the Industrials closed down. The Transports closed up.

Here you have an updated chart reflecting the latest action of the three indices we monitor:

Primary and secondary trend remains bullish


The primary and secondary trend is bullish, as explained here, and more in-depth here.

Today’s volume was higher than yesterday’s. However, as price action was so indecisive, I don’t ascribe any particular meaning to today’s action. The overall pattern of volume is bearish.

Gold and Silver

SLV and GLD closed down. The primary trend is bearish, as explained here and reconfirmed bearish here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.

GDX and SIL, the gold and silver miners ETFs closed down

The primary trend is bearish, as explained here and reconfirmed bearish here.

The secondary trend for GDX and SIL is bullish, as explained here.

Here you have the figures for the SPY, which represents the only market with a suggested open long position.

Data for July 30, 2013






DOW THEORY PRIMARY TREND MONITOR SPY




SPY
Bull market started
06/24/2013 157.06
Bull market signaled
07/18/2013 168.87
Last close
07/30/2013 168.59
Current stop level: Bear mkt low

157.06




Unrlzd gain % Tot advance since start bull mkt Max Pot Loss %




-0.17% 7.34% 7.52%




Sincerely,

The Dow Theorist

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