Precious metals close down
Let’s get started with our Dow Theory commentary on this blog for today.
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|
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 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|
|Bull market started||06/24/2013||157.06|
|Bull market signaled||07/18/2013||168.87|
|Current stop level: Bear mkt low||157.06|
|Unrlzd gain %||Tot advance since start bull mkt||Max Pot Loss %|
The Dow Theorist