by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: downside momentum accelerated.
The S&P 500 broke down to a new 2-month low, below 1,324.35, the low of 4/15/2008.
Financial Stock Sector absolute price fell to its lowest level in more than 5 years, since 4/14/03.
Health Care Stock Sector absolute price fell to its lowest level in nearly 2 years, since 7/18/06.
Foreign stock index EFA absolute price fell to its lowest level in nearly 3 months, since 3/24/08.
Utilities Stock Sector Relative Strength Ratio rose to a new 5-month high.
The Small Cap/Large Cap Relative Strength Ratio rose to a new 11-month high.
On Friday, major stock price indexes gapped down on the open continued to fall most of the day. The S&P 500 closed at 1,317.93 down a steep 24.90 points or 1.85%, after violating 1,324.35, the low of 4/15/2008. Total NYSE volume rose 12%, confirming the downtrend.
The breadth of the market was Bearish, with the Advance-Decline Balance ((A-D) / (A+D)) at -62.93% and the New Highs-New Lows balance ((H-L) / ( H+L)) at -70.39% on the NYSE.
The S&P 500 has fallen 7.62% since its rally high on 5/19/08. Consistently I have been assuming that the March-May rally was nothing more than a counter-trend rally and Secondary Reaction Continuation Pattern within the context of a Primary Bearish Trend. The sum total weight of the evidence for the stock market in general appears to be taking on a more Bearish tilt again since the rally top on 5/19/08. The short-term general market action has been subject to rapid and frequent change, so a cautious approach still seems prudent.
Spotlight on event stocks: Here is a stock screen I designed to pick out potential “event” stocks, both Bullish and Bearish. Sometimes, stocks with large changes in price and volume are revealed to be deal stocks, sooner or later, or are the subject of some other extraordinary events, positive or negative.
Bullish Stocks: Rising Price and Rising Volume
% Price Change, Symbol , Name
29.77% , HBAN , HUNTINGTON
7.54% , CC , CIRCUIT CITY STR
2.68% , PBG , PEPSI BOTTLING
2.10% , CECO , CAREER EDUCATION CORP
1.86% , MCK , MCKESSON CORP
5.49% , STI , SUNTRUST BANKS
1.55% , KR , KROGER
0.99% , ABK , AMBAC FINL GRP
3.20% , APOL , APOLLO GROUP
1.59% , KEY , KEYCORP
0.58% , TLT , Bond, 20+ Years Treasury, TLT
3.63% , MZZ , Short 200% MidCap 400 PS, MZZ
2.71% , PSQ , Short 100% QQQ, PSQ
2.71% , CMA , COMERICA
0.62% , CEPH , Cephalon Inc
0.46% , IEF , Bond, 10 Year Treasury, IEF
0.50% , WWY , WM WRIGLEY JR
0.69% , AMGN , AMGEN
2.80% , DXD , Short 200% Dow 30 PS, DXD
0.37% , GIS , GENERAL MILLS
0.88% , FLR , FLUOR
0.38% , CCE , COCA COLA ENTER
0.70% , CINF , CINCINNATI FIN
0.56% , KO , COCA COLA
0.38% , IAU , Gold COMEX iS, IAU
0.32% , TIP , Bond, TIPS, TIP
1.76% , DOG , Short 100% Dow 30, DOG
0.42% , MON , MONSANTO
0.54% , CAG , CONAGRA FOODS
0.53% , NEM , NEWMONT MINING
0.04% , CIEN.O , CIENA
0.23% , PTEN , Patterson-UTI Energy Inc
0.12% , URBN , Urban Outfitters Inc.
0.18% , HSIC , Henry Schein Inc
0.19% , BJS , BJ SERVICES
0.34% , X , US STEEL CORP
0.08% , EOG , EOG RESOURCES
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol , Name
-2.94% , BDH , Broadband H, BDH
-1.24% , RFG , Growth MidCap S&P 400, RFG
-10.29% , HRB , H&R BLOCK
-2.67% , SWH , Software H, SWH
-5.75% , TBH , Telebras HOLDRS, TBH*
-4.25% , OMX , OFFICEMAX INC., OMX
-2.91% , PTE , Telecommunications & Wireless, PTE
-13.33% , MBI , MBIA
-2.25% , PZI , Micro Cap Zachs, PZI
-4.66% , BC , BRUNSWICK
-2.45% , XLG , LargeCap Rydex Rus Top 50, XLG
-2.31% , TMW , Wilshire 5000 ST TM, TMW
-8.07% , F , FORD MOTOR
-2.25% , PHW , Hardware & Electronics, PHW
-2.67% , IAH , Internet Architecture H, IAH
-9.73% , SNDK , SanDisk Corporation
-2.54% , DGT , Global Titans, DGT
-3.33% , TUP , TUPPERWARE
-1.81% , NYC , LargeCap Blend NYSE Composite iS, NYC
-2.55% , RPV , Value S&P 500, RPV
-2.61% , IYC , Consumer Cyclical DJ, IYC
-4.55% , AA , ALCOA
-3.62% , EWY , South Korea Index, EWY
-7.48% , CAR , Avis Budget Group, Inc. (CAR)
-2.73% , PSJ , Software, PSJ
-1.09% , PBJ , Food & Beverage, PBJ
-4.94% , DLTR , Dollar Tree Stores Inc
-3.95% , WY , WEYERHAEUSER
-4.06% , RWR , REIT Wilshire, RWR
-3.52% , PCAR , PACCAR
-3.48% , TIF , TIFFANY
-4.95% , ADSK , AUTODESK
-1.70% , RPG , Growth S&P 500, RPG
-1.54% , FDL , Dividend Leaders, FDL
-1.69% , IJR , SmallCap S&P 600, IJR
-2.90% , XSD , Semiconductor SPDR, XSD
-3.83% , HANS , Hansen Natural, HANS
-2.04% , PUI , Utilities, PUI
-6.76% , GM , GENERAL MOTORS
-1.53% , JKI , Value MidCap iS M, JKI
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change Sector
-0.94% Energy SPDR, XLE
-1.56% Consumer Staples SPDR, XLP
-1.86% Health Care SPDR, XLV
-1.88% Utilities SPDR, XLU
-2.06% Technology SPDR, XLK
-2.13% Industrial SPDR, XLI
-2.47% Materials SPDR, XLB
-2.59% Financial SPDR, XLF
-3.29% Consumer Discretionary SPDR, XLY
Primary Tide Trends for the 9 major sectors last for years. Here are my up-to-date Relative Strength Rankings, as measured with emphasis on these long-term Primary Tide Trends (listed in order of long-term relative strength):
Energy (XLE) Neutral, Market Weight. On 6/18/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Materials (XLB) Neutral, Market Weight. On 6/19/08, XLB/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Utilities (XLU) Neutral, Market Weight. On 6/20/08, XLU/SPY Relative Strength Ratio rose to a new 5-month high. Since 10/17/02, the XLU/SPY Relative Strength Ratio has outperformed substantially. Utilities have outperformed the S&P 500 both long term and short term.
Consumer Staples (XLP) Neutral, Market Weight. On 6/10/08, XLP /SPY Relative Strength Ratio rose to another new 8-week high. For nearly 8 years, since 9/27/00, the XLP/SPY Relative Strength Ratio has outperformed, so the long-term trend is up.
Technology (XLK) Neutral, Market Weight. On 6/6/08, the XLK/SPY Relative Strength Ratio rose to a new 5-month high, confirming an improving intermediate-term trend.
Industrial (XLI) Bearish, Underweight. On 6/16/08, the XLI/SPY Relative Strength Ratio fell to its lowest level in 4 months. Since 3/31/08, the XLI/SPY Relative Strength Ratio has underperformed.
Health Care (XLV) Bearish, Underweight. On 6/20/08, the XLV absolute price fell to its lowest level in nearly 2 years, since 7/18/06. Since 10/9/02, the XLV/SPY Relative Strength Ratio has underperformed substantially. On 5/15/08, the XLV/SPY Relative Strength Ratio fell to another new 6-year low, again confirming the existing Primary Bearish trend.
Consumer Discretionary (XLY) Bearish, Underweight. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially. On 1/11/08, the XLY/SPY Relative Strength Ratio fell to a new 6-year low, confirming a major downtrend.
Financial (XLF) Bearish, Underweight. On 6/20/08, the XLF absolute price fell to its lowest level in more than 5 years, since 4/14/03. On 6/11/08, the XLF/SPY Relative Strength Ratio fell to its lowest level in more than 7 years. Since 3/23/04, the XLF/SPY Relative Strength Ratio has underperformed substantially.
Foreign stock index EFA absolute price on 6/20/08 fell to its lowest level in nearly 3 months, since 3/24/08. EFA Relative Strength Ratio broke down to another new 11-week low on 6/13/08. Since 5/23/08, EFA has underperformed the U.S. stock market. Previously, EFA outperformed from 2/8/08 to 5/23/08 and, longer term, since the major bottom on 3/12/03. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.
NASDAQ Composite has been outperforming the S&P 500 since 3/3/08. On 6/19/08, NASDAQ Composite Relative Strength Ratio rose to a new 8-month high.
Growth Stock/Value StockRelative Strength Ratio rose to another new 3-year high on 6/19/08. Long term, the Growth/Value ratio (IWF/IWD) has been in an uptrend since 8/8/06.
The Small Cap/Large Cap Relative Strength Ratio rose to a new 11-month high on 6/20/08. The major trend appears to be turning to Small Caps.
Crude Oil July futures contract bounced up to the middle of its 10-day trading range. Oil appears to be consolidating sideways over the past 10 trading days. Trends are still Bullish in longer time frames. U.S. OIL FUND ETF (AMEX: USO) is not a pure play on Crude Oil, although it generally moves in the same direction.
The Energy stock sector has underperformed Crude Oil since 12/10/07.
Gold August futures contract price backed down modestly. Previously, Gold rallied for 5 consecutive trading days, and I had noted here that Gold might be getting a bit overbought on a short-termtrading basis. Gold has been in a choppy downside correction since 3/17/08. On 6/12/08, gold broke down below previous 6-week lows to confirm an intermediate-term downtrend.
U.S. Treasury Bond September futures contract rose above its previous 5-days’ highs. But still, trends in all time frames appear vulnerable to further price decline.
The U.S. dollar broke below the lows of the previous 8 trading days and closed weakly. The dollar has been in a choppy sideways trading range since its low on 3/17/08. The long-term Primary Tide trend is still Bearish.
The Art of Contrary Thinking: Traders need to be extremely nimble to keep up with rapid changes in the mass mood of late. The business and financial news has flipped from fear to hope and back again many times in recent months, creating an extremely choppy trading environment. Investors’ moods and stock volatility have jumped up and down abruptly with the latest “reports”. When mass psychology shifts so dramatically and unpredictably from hope to fear, without warning, risk control becomes more important than aggressive profit seeking. Stay flexible.
Sentiment/Contrary Opinion: There were 36.3% Bulls versus 37.4% Bears as of 6/20/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio fell to 0.97, down from 1.32 the previous week. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47.
VIX “Fear Index” is now at 22.87. VIX fell from a peak of 32.64 on 3/17/08 to a low of 16.30 on 5/15/08, indicating decreasing Fear. The all-time high was 45.74 on 10/8/98. The all-time low was 9.89 on 1/24/07. VIX is a market estimate of expected constant 30-day volatility, calculated by weighting S&P 500 Index CBOE option bid/ask quotes spanning a wide range of strike prices for the two nearest expiration dates.
VXN “Fear Index” is now at 26.75. VXN fell from a peak of 35.63 on 1/22/08 to a low of 20.00 on 5/16/08, indicating decreasing Fear. The all-time high was 114.23 on 10/8/98. The all-time low was 12.61 on 7/29/05. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.
CBOE Put/Call Ratio is 0.91, which indicates Bearish sentiment. Its 4-year simple moving average and median are 0.62, and its 4-year range is 0.35 to 1.28.
ISEE Call/Put Ratio is 0.76, which indicates Bearish sentiment. The ratio’s 4-year simple moving average is 1.50, 4-year median is 1.47, and 4-year range is 0.51 to 3.04.
Fundamentals: The 2003-2007 Bull Market was fed by abundant global liquidly, M&A, leveraged buyouts, corporate stock buybacks, and the net balance of positive earnings surprises. The unfolding fallout from the subprime credit market crisis has derailed that engine. Economic statistics and corporate earnings have weakened.
A Secondary Reaction was signaled on 4/18/28, when the Dow-Jones Industrials and Transports both closed at 3-month highs. But the Primary Tide Major Trend still may be Bearish. On 6/5/08, the Transportation Average closed above its previous all-time closing high, while the Industrial Average languished far below its all-time closing high of 14,164.50 set on 10/9/07. Such a non-confirmation and divergence means that the companies that produce the goods are not keeping pace with the companies that deliver the goods, the market is out of balance, and there is no Buy Signal because the Dow Theory requires both Averages to make new highs. The Dow Theory confirmed a Primary Bear Market on 11/21/07 when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their respective closing price lows of August, 2007.
To discover the next Resistance, traders probably will be watching how the market acts at the following levels for the Standard & Poor’s 500 cash index (1,317.93):
Potential Resistance
1,576.09, high of 10/11/2007
1,552.76, high of 10/31/2007
1,523.57, high of 12/11/2007
1,498.85, high of 12/26/2007
1,440.24, high of 5/19/2008
1,406.32, high of 5/29/2008
To discover the next Support, traders probably will be watching how the market acts at the following levels for the S&P 500 cash index (1,317.93):
Potential Support
1,256.98, low of 3/17/2008
1,224.54, low of 7/18/2006
1,219.29, low of 6/14/2006
1,214.45, low of 11/4/2005
1,201.07, low of 11/2/2005
1,168.20, low of 10/13/2005
1,163.23, high of 3/5/2004
1,159.86, low of 5/17/2005
1,153.64, low of 5/16/2005
1,146.18, low of 5/13/2005
1,139.14, low of 4/29/2005
1,136.37, low of 4/20/2005
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
5.08% Short 200% QQQ PS, QID
3.63% Short 200% MidCap 400 PS, MZZ
3.11% Short 200% S&P 500 PS, SDS
2.80% Short 200% Dow 30 PS, DXD
2.71% Short 100% QQQ, PSQ
2.09% Oil, Crude, U.S. Oil Fund, USO
1.76% Short 100% Dow 30, DOG
1.73% Short 100% S&P 500, SH
1.41% Short 100% MidCap 400, MYY
0.69% Commodity Tracking, DBC
0.60% GoldShares S.T., GLD
0.58% Bond, 20+ Years Treasury, TLT
0.46% Bond, 10 Year Treasury, IEF
0.32% Bond, TIPS, TIP
0.31% Bond, Aggregate, AGG
0.25% Silver Trust iS, SLV
0.18% Bond, 1-3 Year Treasury, SHY
0.06% Bond, Corp, LQD
-0.10% Energy Exploration & Prod, PXE
-0.21% Dividend High YieldEquity PS, PEY
-0.33% Oil & Gas, PXJ
-0.41% Biotech H, BBH
-0.50% Oil Services H, OIH
-0.54% Mexico Index, EWW
-0.74% Energy VIPERs, VDE
-0.79% Biotechnology, IBB
-0.82% Energy DJ, IYE
-0.83% Natural Resource iS GS, IGE
-0.85% Biotech & Genome, PBE
-0.91% Dividend DJ Select, DVY
-0.93% Malaysia Index, EWM
-0.94% Energy SPDR, XLE
-1.09% Food & Beverage, PBJ
-1.17% Metals & Mining SPDR, XME
-1.17% Consumer Staples VIPERs, VDC
-1.19% Pharmaceutical H, PPH
-1.23% Healthcare Global, IXJ
-1.24% Growth MidCap S&P 400, RFG
-1.25% Health Care VIPERs, VHT
-1.27% Utilities VIPERs, VPU
-1.30% Growth SmallCap R 2000, IWO
-1.32% Bank Regional H, RKH
-1.33% Utilities DJ, IDU
-1.33% Healthcare DJ, IYH
-1.34% Consumer Non-Cyclical, IYK
-1.34% Growth BARRA Small Cap 600, IJT
-1.34% Value SmallCap S&P 600 B, IJS
-1.36% Insurance, PIC
-1.36% Value LargeCap NYSE 100 iS, NY
-1.37% Basic Materials DJ US, IYM
-1.37% Switzerland Index, EWL
-1.39% Energy Global, IXC
-1.41% Microcap Russell, IWC
-1.41% Utilities H, UTH
-1.42% Value Line Timeliness MidCap Gr, PIV
-1.44% Value LargeCap Russell 3000, IWW
-1.47% Value 40 Large Low P/E FT DB, FDV
-1.48% Aerospace & Defense, PPA
-1.52% Lg Cap Growth PSD, PWB
-1.52% Dividend Appreciation Vipers, VIG
-1.53% Value MidCap iS M, JKI
-1.54% Value SmallCap Russell 2000, IWN
-1.54% Dividend Leaders, FDL
-1.55% Value MidCap Dynamic PS, PWP
-1.56% Spain Index, EWP
-1.56% Consumer Staples SPDR, XLP
-1.57% IPOs, First Tr IPOX-100, FPX
-1.58% Value SmallCap iS M, JKL
-1.58% Pharmaceuticals, PJP
-1.59% SmallCap Russell 2000, IWM
-1.59% SmallCap Core iS M, JKJ
-1.62% Materials VIPERs, VAW
-1.62% Global 100, IOO
-1.62% SmallCap PS Zacks, PZJ
-1.62% LargeCap Blend Socially Responsible iS, KLD
-1.62% Industrials VIPERs, VIS
-1.62% Blend Total Market VIPERs, VTI
-1.63% Value MidCap Russell, IWS
-1.63% Water Resources, PHO
-1.64% Extended Mkt VIPERs, VXF
-1.66% Growth SmallCap iS M, JKK
-1.66% Building & Construction, PKB
-1.67% Sweden Index, EWD
-1.67% Value SmallCap VIPERS, VBR
-1.67% Small Cap VIPERs, VB
-1.68% Industrial LargeCap Blend DJ US, IYJ
-1.68% Value MidCap S&P 400 B, IJJ
-1.68% Growth SmallCap VIPERs, VBK
-1.68% Growth S&P 500/BARRA, IVW
-1.68% LargeCap Blend Total Market DJ, IYY
-1.69% Canada Index, EWC
-1.69% SmallCap S&P 600, IJR
-1.70% LargeCap Blend Core iS M, JKD
-1.70% Growth S&P 500, RPG
-1.71% United Kingdom Index, EWU
-1.71% Value VIPERs, VTV
-1.72% Growth LargeCap Russell 3000, IWZ
-1.73% Value LargeCap iS M, JKF
-1.74% Growth MidCap 400 B, IJK
-1.75% Biotech SPDR, XBI
-1.76% MidCap S&P 400 iS, IJH
-1.78% Value SmallCap Dynamic PS, PWY
-1.79% S&P 500 iS LargeCap Blend, IVV
-1.80% LargeCap Blend S&P 1500 iS, ISI
-1.80% European VIPERs, VGK
-1.81% Value 1000 Russell, IWD
-1.81% LargeCap Blend NYSE Composite iS, NYC
-1.81% Growth VIPERs, VUG
-1.82% MidCap Russell, IWR
-1.83% MidCap VIPERs, VO
-1.83% MidCap Growth iS M, JKH
-1.83% Semiconductor H, SMH
-1.84% Dividend SPDR, SDY
-1.85% LargeCap Blend Russell 3000, IWV
-1.86% Dividend Growth PS, PHJ
-1.86% Health Care SPDR, XLV
-1.87% MidCap S&P 400 SPDRs, MDY
-1.87% LargeCap Blend Dynamic PS, PWC
-1.88% LargeCap 1000 R, IWB
-1.88% Transportation Av DJ, IYT
-1.88% LargeCap Blend S&P 100, OEF
-1.88% Utilities SPDR, XLU
-1.88% LargeCap VIPERs, VV
-1.89% Growth MidCap Russell, IWP
-1.90% MidCap Blend Core iS M, JKG
-1.93% Value S&P 500 B, IVE
-1.93% Growth 1000 Russell, IWF
-1.93% Growth LargeCap iS M, JKE
-1.95% Singapore Index, EWS
-1.98% Growth Large Cap, ELG
-1.98% Europe 350 S&P Index, IEV
-1.98% DIAMONDS (DJIA), DIA
-2.00% Growth Small Cap DJ, DSG
-2.02% Value EAFE MSCI, EFV
-2.03% Growth SmallCap Dynamic PS, PWT
-2.04% Networking, PXQ
-2.04% Utilities, PUI
-2.05% Austria Index, EWO
-2.06% Technology SPDR, XLK
-2.08% Semiconductors, PSI
-2.09% EMU Europe Index, EZU
-2.11% S&P 500 SPDRs LargeCap Blend, SPY
-2.11% Nanotech Lux, PXN
-2.13% Industrial SPDR, XLI
-2.16% Growth EAFE MSCI, EFG
-2.17% France Index, EWQ
-2.18% Value Small Cap DJ, DSV
-2.18% Financials VIPERs, VFH
-2.18% EAFE Index, EFA
-2.19% Financials Global LargeCap Value, IXG
-2.21% Telecommunications Global, IXP
-2.22% Netherlands Index, EWN
-2.23% LargeCap Blend S&P=Weight R, RSP
-2.25% REIT VIPERs, VNQ
-2.25% Italy Index, EWI
-2.25% Micro Cap Zachs, PZI
-2.25% Hardware & Electronics, PHW
-2.26% Semiconductor iS GS, IGW
-2.30% Technology GS, IGM
-2.31%Financial ServicesDJ, IYG
-2.31% Wilshire 5000 ST TM, TMW
-2.31% Value SmallCap S&P 600, RZV
-2.33% Value Large Cap DJ, ELV
-2.38% Networking, IGN
-2.38% Growth LargeCap NASDAQ Fidelity, ONEQ
-2.38% Financial DJ US, IYF
-2.40% Growth Mid Cap Dynamic PS, PWJ
-2.41% Technology Global, IXN
-2.42% Telecom Services VIPERs, VOX
-2.42% Dividend Achievers PS, PFM
-2.42% Telecom H, TTH
-2.45% LargeCap Rydex Rus Top 50, XLG
-2.47% Materials SPDR, XLB
-2.48% Real Estate US DJ, IYR
-2.48% Belgium Index, EWK
-2.50% Technology DJ US, IYW
-2.51% Value LargeCap Dynamic PS, PWV
-2.52% Retail H, RTH
-2.54% Global Titans, DGT
-2.54% Hong Kong Index, EWH
-2.55% Value S&P 500, RPV
-2.56% Retail, PMR
-2.59% Financial SPDR, XLF
-2.59% WilderHill Clean Energy PS, PBW
-2.60% Technology MS sT, MTK
-2.61% Leisure & Entertainment, PEJ
-2.61% Consumer Cyclical DJ, IYC
-2.66% Software, IGV
-2.67% Internet Architecture H, IAH
-2.67% Software H, SWH
-2.70% OTC Dynamic PS, PWO
-2.72%Capital marketsKWB ST, KCE
-2.73% Software, PSJ
-2.76% Internet Infrastructure H, IIH
-2.77% Growth LargeCap NASDAQ 100, QQQQ
-2.77% Australia Index, EWA
-2.80% Value LargeCap Fundamental RAFI 1000, PRF
-2.82% Realty Cohen & Steers, ICF
-2.82% Telecom DJ US, IYZ
-2.82% Value MidCap S&P 400, RFV
-2.83% Pacific VIPERs, VPL
-2.85% Info Tech VIPERs, VGT
-2.85% Pacific ex-Japan, EPP
-2.90% Semiconductor SPDR, XSD
-2.90% Consumer D. VIPERs, VCR
-2.90% Japan LargeCap Blend TOPIX 150, ITF
-2.91% Telecommunications & Wireless, PTE
-2.94% Broadband H, BDH
-2.97% Latin Am 40, ILF
-2.98% South Africa Index, EZA
-3.05% Germany Index, EWG
-3.14% Internet H, HHH
-3.15% Brazil Index, EWZ
-3.16% Emerging VIPERs, VWO
-3.26% Emerging Markets, EEM
-3.27% Ultra Dow30 Double, DDM
-3.29% Consumer Discretionary SPDR, XLY
-3.31% Japan Index, EWJ
-3.36% Ultra S&P500 Double, SSO
-3.45% Europe 100 BLDRS, ADRU
-3.48% Developed 100 BLDRS, ADRD
-3.54% Ultra MidCap400 Double, MVV
-3.62% South Korea Index, EWY
-3.82% Value LargeCap Euro STOXX 50 DJ, FEU
-3.83% Taiwan Index, EWT
-3.90% Asia 50 BLDRS, ADRA
-3.91% Emerging 50 BLDRS, ADRE
-4.05% Homebuilders SPDR, XHB
-4.06% REIT Wilshire, RWR
-4.17% Dividend International, PID
-4.29% Euro STOXX 50, FEZ
-4.47% Internet B2B H, BHH
-4.82% China LargeCap Growth G D H USX PS, PGJ
-4.92% Ultra QQQ Double, QLD
-5.17% China 25 iS, FXI
