Precious metals closed up
Russell is cautiously bullish.
Richard Russell, of the Dow Theory Letters, agrees that technically the primary trend of the market is bullish. So thinks Russell’s new associate Jon Strebler. However, Russell doesn’t like a market levitated by QE, and, accordingly, he prefers to be out of the market sitting tight on gold. Irrespective of one’s personal risk appetite, there seems to be agreement as to the primary bull market in stocks. Such unanimity could be even construed as a contrary indicator. Is a correction at hand?
GLD’s woes.
In FOFOA’s blog, “MatrixSentry”, a commentator who has earned credibility, posted an insightful comment on GLD’s inventory decline. It is a must read by anyone interested in getting a grasp of what is happening in the realm of physical gold. You can find the comment on GLD here.
The SPY, Industrials and Transports closed up. The primary and secondary trend is bullish.
Today’s volume was higher than yesterday’s, which is bullish as higher prices were met by rising volume. Little by little, as you can see in the chart below, and notwithstanding the latest bearish pivot (more about it here), the pattern of volume is turning neutral.
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| Volume is turning neutral |
Gold and Silver
GLD and SLV closed up. The primary trend is bearish, and the secondary trend is bullish.
As to the gold and silver miners ETF, both closed up. The primary and secondary trend is bearish.
Here you have the figures of the markets I monitor for today.
| Data for May 8, 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 | 05/08/2013 | 163.34 | |
| Current stop level: Bear mkt low | 135.7 | ||
| Unrlzd gain % | Tot advance since start bull mkt | Max Pot Loss % | |
| 11.83% | 20.37% | 7.63% | |
| 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
