GLD and SLV close modestly positive
Let’s get
started with our Dow Theory commentary for today.
Stocks
The SPY, Industrials and
Transports closed down.
Today’s volume was lower than
yesterday’s. Since stocks closed down, expanding volume has a bullish
connotation. Volume seems to suggest some degree of short term bearishness.
Gold and Silver
SLV and GLD closed up. 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.
I am closely monitoring SLV
and GLD’s pullback. Until now such pullback doesn’t qualify for a primary bull
market signal setup. Either SLV or GLD (or both) should further extend their
decline. Until now SLV and GLD have declined slightly more than 4% from their
secondary reaction highs. This is not enough given current volatility readings.
SIL closed up, and GDX 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 August 7, 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 | 08/07/2013 | 169.18 | |
Current stop level: Bear mkt low | 157.06 | ||
Unrlzd gain % | Tot advance since start bull mkt | Max Pot Loss % | |
0.18% | 7.72% | 7.52% |
Sincerely,
The Dow Theorist
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