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