by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: on the defensive. DJIA and the S&P 500 fell to new 23-month lows.
The Cumulative Daily Advance-Decline Line for the NYSE fell to a new 20-month low.
DefensiveStock Sectors, Utilities and Consumer Staples, Relative Strength Ratios both rose new 5-year highs.
Financial Stock Sector XLF/SPY Relative Strength Ratio fell to its lowest level in 8 years, and the XLF absolute price fell to its lowest level in more than 5 years.
Foreign stock index EFA absolute price fell to its lowest level in 23 months.
Growth Stock/Value StockRelative Strength Ratio rose to a new 3-year high.
Crude Oil broke out to a new all-time high.
Gold broke out to a new 4-month high.
U.S. Treasury Bond September futures contract fell steeply, breaking previous 4-day lows.
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) absolute price broke down to another new 5-year low.
The U.S. dollar fell below the previous 11-weeks’ lows.
On Friday, major stock price indexes opened lower, had a few ups and downs intraday, and ended below the open, below the previous close, but above the midpoint of the day’s High-Low range. Total NYSE volume rose 15%, confirming the downtrend.
The S&P 500 closed at 1,239.49, down 13.90 points or 1.11%. Again, there was a lower high and lower low for the day, which continues the preexisting Bearish pattern.
The breadth of the market was Bearish. The Advance-Decline balance ((A-D) / (A+D)) was -33.96%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was -42.51%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -90.37% on the NYSE. On 7/11/08, the Cumulative Daily Advance-Decline Line for the NYSE fell to a new 20-month low. On 7/9/08, the A-D Line for the NASDAQ fell to a new multi-year low. So, major breadth trends are down.
The S&P 500 has fallen 13.12% since its rally high close of 1,426.63 on 5/19/08 and 20.81% since its all-time high close of 1,565.15 on 10/9/07. Consistently, I have been assuming that the U.S. stock market is in a Bearish Primary Trend, which was clearly signaled here on 11/21/07, when both the Dow-Jones Industrial and Transportation Averages closed below their respective closing price lows of August, 2007. The Primary Trend is the dominant force, and it tends to overwhelm smaller trends and cycles. Nevertheless, even while emphasizing the Primary Trend, experiencedtraders are always on the lookout for shorter-term trend changes, which can be sudden and violent.
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
25.75% , HPC , HERCULES
8.64% , BUD , ANHEUSER BUSCH
0.42% , PHW , Hardware & Electronics, PHW
11.72% , WYNN , Wynn Resorts L
2.17% , TAP , ADOLPH COORS STK B, TAP
2.13% , BJS , BJ SERVICES
2.37% , SNV , SYNOVUS
2.86% , SLV , Silver Trust iS, SLV
1.78% , IAU , Gold COMEX iS, IAU
3.26% , RFMD , RF Micro Devices Inc
4.31% , VC , VISTEON
1.59% , SLM , SLM CORP
1.74% , GLD , Gold Shares S.T., GLD
0.31% , FPX , IPOs, First Tr IPOX-100, FPX
4.25% , NEM , NEWMONT MINING
1.81% , MZZ , Short 200% MidCap 400 PS, MZZ
0.59% , XBI , Biotech SPDR, XBI
1.78% , MCHP , Microchip Technology Incorporated
1.98% , SRCL , Stericycle, SRCL
1.22% , GNTX , Gentex Corporation
0.50% , DSV , ValueSmall CapDJ, DSV
1.08% , DOG , Short 100% Dow 30, DOG
1.78% , EOG , EOG RESOURCES
1.00% , EWM , Malaysia Index, EWM
1.63% , PSQ , Short 100% QQQ, PSQ
0.63% , PWT , Growth SmallCap Dynamic PS, PWT
0.12% , VBR , Value SmallCap VIPERS, VBR
2.67% , USO , Oil, Crude, U.S. Oil Fund, USO
1.58% , EWT , Taiwan Index, EWT
5.41% , FITB , FIFTH THIRD BANC
0.54% , THC , TENET HEALTHCARE
2.37% , QID , Short 200% QQQ PS, QID
0.48% , MOLX , MOLEX
1.20% , PNC , PNC FINL SVC
0.46% , DSG , Growth Small Cap DJ, DSG
1.40% , DLX , DELUXE
0.42% , BF.B , BROWN FORMAN STK B
0.24% , PXQ , Networking, PXQ
1.67% , RDC , ROWAN COMPANIES
1.94% , IVGN , Invitrogen Corporation
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-22.35% , FNM , FANNIE MAE
-13.31% , ASH , ASHLAND
-5.20% , ATVI , Activision Inc.
-6.73% , ACE , ACE
-7.16% , TEVA , Teva PharmaceuticalIndustries Limited
-5.97% , GR , GOODRICH CORP
-8.36% , COL , ROCKWELL COLLINS
-7.87% , LM , LEGG MASON
-6.00% , RX , IMS HEALTH
-5.83% , MCO , MOODYS CORP
-0.49% , HHH , Internet H, HHH
-2.23% , IXG , Financials Global LargeCap Value, IXG
-6.27% , RIMM , RESEARCH IN MOTION LTD
-4.05% , BBBY , BED BATH BEYOND
-3.60% , XHB , Homebuilders SPDR, XHB
-7.18% , HIG , HARTFORD FINL
-0.70% , PFM , Dividend Achievers PS, PFM
-5.98% , KBH , KB HOME
-2.35% , EWQ , France Index, EWQ
-3.86% , R , RYDER SYSTEM
-9.92% , RF , REGIONS FINAN
-5.92% , LIZ , LIZ CLAIRBORNE
-2.86% , NCC , NATIONAL CITY
-3.30% , TXT , TEXTRON
-4.44% , NVLS , NOVELLUS SYS
-4.51% , GS , GOLDMAN SACHS
-3.94% , EXPD , Expeditors International WA
-2.10% , EWD , Sweden Index, EWD
-1.48% , IVE , Value S&P 500 B, IVE
-0.64% , NYC , LargeCap Blend NYSE Composite iS, NYC
-3.13% , FRE , FREDDIE MAC
-1.11% , SOV , SOVEREIGN BANC
-7.30% , XL , XL CAPITAL STK A
-3.50% , PTV , PACTIV
-0.76% , IWB , LargeCap 1000 R, IWB
-1.58% , CLX , CLOROX
-1.99% , ADSK , AUTODESK
-1.14% , NY , Value LargeCap NYSE 100 iS, NY
-16.59% , LEH , LEHMAN BROS HLDG
-1.27% , EFG , Growth EAFE MSCI, EFG
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-0.08% Materials SPDR, XLB
-0.61% Energy SPDR, XLE
-0.76% Utilities SPDR, XLU
-0.94% Technology SPDR, XLK
-1.07% Consumer Staples SPDR, XLP
-1.81% Industrial SPDR, XLI
-1.91% Health Care SPDR, XLV
-2.08% Consumer Discretionary SPDR, XLY
-2.81% Financial SPDR, XLF
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 7/1/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Utilities (XLU) Neutral, Market Weight. On 7/11/08, XLU/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend. Since 10/17/02, the XLU/SPY Relative Strength Ratio has outperformed substantially.
Consumer Staples (XLP) Neutral, Market Weight. On 7/11/08, XLP /SPY Relative Strength Ratio rose to another new 5-year high, again confirming that the long-term trend is up.
Materials (XLB) Neutral, Market Weight. On 7/10/08, XLB/SPY Relative Strength Ratio rose to another new all-time high, thereby confirming a major uptrend. But on 7/8/08, absolute price and XLB/SPY Relative Strength Ratio both fell to new 9-week lows, thereby suggesting an intermediate-term downside correction.
Health Care (XLV) Bearish, Underweight. On 7/10/08, the XLV/SPY Relative Strength Ratio moved up to a new 5-month high. But 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.
Technology (XLK) Bearish, Underweight. On 7/3/08, the XLK absolute price and the XLK/SPY Relative Strength Ratio both fell to their lowest levels in 6 weeks, thereby signaling a deteriorating intermediate-term trend. The XLK/SPY Relative Strength Ratio has been deteriorating since 6/6/08.
Industrial (XLI) Bearish, Underweight. On 7/2/08, both the XLI absolute price and the XLI/SPY Relative Strength Ratio fell to their lowest levels in more than 5 months, again confirming a Bearish trend.
Consumer Discretionary (XLY) Bearish, Underweight. On 7/11/08, the XLY absolute price and the XLY/SPY Relative Strength Ratio both fell to their lowest levels in 6 months. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.
Financial (XLF) Bearish, Underweight. On 7/11/08, the XLF/SPY Relative Strength Ratio fell to its lowest level in 8 years, and the XLF absolute price fell to its lowest level in more than 5 years. Since 3/23/04, the XLF/SPY Relative Strength Ratio has underperformed substantially.
Foreign stock index EFA absolute price fell to its lowest level in 23 months on 7/11/08. Relative Strength Ratio fell to its lowest level in 3 months on 7/8/08. Since 5/23/08, EFA has underperformed the U.S. stock market. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.
NASDAQ Composite Relative Strength Ratio and absolute price both fell to their lowest levels in 6 weeks on 7/3/08, thereby signaling a deteriorating intermediate-term trend. NASDAQ Composite has underperformed the S&P 500 since 6/19/08.
Growth Stock/Value Stock Relative Strength Ratio rose to a new 3-year high on 7/11/08. This ratio (IWF/IWD) has been in an uptrend since 8/8/06.
The Small Cap/Large Cap Relative Strength Ratio has fallen significantly since its peak on 6/20/08. The minor Ripple Trend (at least) has turned away from Small Caps and toward Large Caps.
Crude Oil August futures contract broke out to a new all-time high, confirming uptrends in all 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 broke out to a new 4-month high, confirming an intermediate-term uptrend. Gold’s long term Primary Trend remains Bullish.
U.S. Treasury Bond September futures contract fell steeply, breaking previous 4-day lows. This sharp break could signal a short-term downside correction within an intermediate-term uptrend.
iShares Lehman TIPS Bond ETF (TIP) Strength Ratio Relative to iShares Lehman 7-10 Year Treasury ETF (IEF) broke out to a new 18-month high on 7/3/08.
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) absolute price broke down to another new 5-year low on 7/11/08.
The U.S. dollar fell below the previous 11-weeks’ lows. The short-term trend appears Bearish. Intermediate term, the dollar has been in a choppy sideways trading range since its low on 3/17/08. Long-term, the 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. The business and financial news has flipped from fear to hope and back again this year, creating higher levels of volatility. Investors might be wise to focus on risk control.
Sentiment/Contrary Opinion: There were 27.4% Bulls versus 47.3% Bears as of 7/9/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio fell to 0.58, down from 0.71 the previous week. This is the lowest level of the ratio since 1994. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47. Sentiment indicators are often early, and so should not be used on a stand-alone basis for market timing.
VIX “Fear Index”, now at 27.49, indicates rising fear since 5/15/08. 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”, now at 31.67, shows rising fear since 5/16/08. Previously, 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 0.87, which indicates Bearish sentiment. Its 4-year mean and median are 0.62, and its 4-year range is 0.35 to 1.28.
ISEE Call/Put Ratio is 0.80, which indicates Bearish sentiment. The ratio’s 4-year mean is 1.50, 4-year median is 1.47, and 4-year range is 0.51 to 3.16.
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. Rising commodity prices push up inflation.
A new intermediate-term down wave was signaled on 6/11/08, when the Dow-Jones Industrials and Transports both closed at new 7-week lows. 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 (1,239.49):
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 (1,239.49):
Potential Support
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:
% Price Change, ETF Name, Symbol
2.86% Silver Trust iS, SLV
2.67% Oil, Crude, U.S. Oil Fund, USO
2.37% Short 200% S&P 500 PS, SDS
2.37% Short 200% QQQ PS, QID
1.90% Short 200% Dow 30 PS, DXD
1.81% Short 200% MidCap 400 PS, MZZ
1.74% Gold Shares S.T., GLD
1.63% Short 100% QQQ, PSQ
1.58% Taiwan Index, EWT
1.39% Commodity Tracking, DBC
1.33% Short 100% S&P 500, SH
1.08% Short 100% Dow 30, DOG
1.02% Wilshire 5000 ST TM, TMW
1.00% Malaysia Index, EWM
0.98% Semiconductor SPDR, XSD
0.85% Energy Exploration & Prod, PXE
0.83% Metals & Mining SPDR, XME
0.77% Oil & Gas, PXJ
0.66% South Africa Index, EZA
0.63% Growth SmallCap Dynamic PS, PWT
0.61% SmallCap PS Zacks, PZJ
0.60% Value SmallCap Russell 2000, IWN
0.59% Biotech SPDR, XBI
0.57% South Korea Index, EWY
0.56% Growth SmallCap VIPERs, VBK
0.56% Water Resources, PHO
0.55% SmallCap Russell 2000, IWM
0.54% Basic Materials DJ US, IYM
0.50% Value Small Cap DJ, DSV
0.46% Microcap Russell, IWC
0.46% Growth Small Cap DJ, DSG
0.44% WilderHill Clean Energy PS, PBW
0.43% Growth SmallCap R 2000, IWO
0.42% Hardware & Electronics, PHW
0.41% SmallCap Core iS M, JKJ
0.39% Growth SmallCap iS M, JKK
0.35% Small Cap VIPERs, VB
0.31% Value Line Timeliness MidCap Gr, PIV
0.31% IPOs, First Tr IPOX-100, FPX
0.25% Short 100% MidCap 400, MYY
0.24% Networking, PXQ
0.19% Value SmallCap S&P 600 B, IJS
0.18% Value SmallCap S&P 600, RZV
0.17% Growth MidCap S&P 400, RFG
0.12% Value SmallCap VIPERS, VBR
0.12% Hong Kong Index, EWH
0.11% Growth BARRA Small Cap 600, IJT
0.08% Natural Resource iS GS, IGE
0.04% China LargeCap Growth G D H USX PS, PGJ
0.03% Real Estate US DJ, IYR
0.00% Building & Construction, PKB
0.00% Semiconductors, PSI
0.00% LargeCap Blend Socially Responsible iS, KLD
-0.02% SmallCap S&P 600, IJR
-0.08% China 25 iS, FXI
-0.08% Materials SPDR, XLB
-0.09% Growth S&P 500, RPG
-0.12% Growth MidCap 400 B, IJK
-0.15% Nanotech Lux, PXN
-0.15% Broadband H, BDH
-0.16% Oil Services H, OIH
-0.17% Energy Global, IXC
-0.17% Software, PSJ
-0.18% Networking, IGN
-0.19% Realty Cohen & Steers, ICF
-0.21% Bond, 1-3 Year Treasury, SHY
-0.21% Semiconductor H, SMH
-0.23% Telecom Services VIPERs, VOX
-0.23% Telecom H, TTH
-0.24% Growth Mid Cap Dynamic PS, PWJ
-0.24% Lg Cap Growth PSD, PWB
-0.24% Extended Mkt VIPERs, VXF
-0.26% Internet Architecture H, IAH
-0.29% Value MidCap Dynamic PS, PWP
-0.31% Biotech H, BBH
-0.32% REIT Wilshire, RWR
-0.34% Energy DJ, IYE
-0.34% Growth Large Cap, ELG
-0.36% Dividend International, PID
-0.36% Semiconductor iS GS, IGW
-0.36% Value MidCap S&P 400 B, IJJ
-0.38% LargeCap Blend Dynamic PS, PWC
-0.39% MidCap S&P 400 iS, IJH
-0.39% Biotechnology, IBB
-0.40% Consumer Non-Cyclical, IYK
-0.41% Dividend SPDR, SDY
-0.42% Utilities, PUI
-0.42% Energy VIPERs, VDE
-0.44% Insurance, PIC
-0.44% MidCap Growth iS M, JKH
-0.45% Utilities DJ, IDU
-0.46% Materials VIPERs, VAW
-0.47% Consumer Staples VIPERs, VDC
-0.49% Value SmallCap iS M, JKL
-0.49% Singapore Index, EWS
-0.49% Internet H, HHH
-0.49% REIT VIPERs, VNQ
-0.50% Canada Index, EWC
-0.50% Utilities VIPERs, VPU
-0.51% OTC Dynamic PS, PWO
-0.54% Growth MidCap Russell, IWP
-0.55% Growth 1000 Russell, IWF
-0.57% Bond, Aggregate, AGG
-0.57% LargeCap Blend Core iS M, JKD
-0.60% Dividend High Yield Equity PS, PEY
-0.60% Software, IGV
-0.61% Energy SPDR, XLE
-0.61% Value 40 Large Low P/E FT DB, FDV
-0.62% Brazil Index, EWZ
-0.64% LargeCap Blend NYSE Composite iS, NYC
-0.66% Leisure & Entertainment, PEJ
-0.66% Value Large Cap DJ, ELV
-0.67% Emerging Markets, EEM
-0.68% Value SmallCap Dynamic PS, PWY
-0.70% Dividend Achievers PS, PFM
-0.70% Growth LargeCap iS M, JKE
-0.71% Latin Am 40, ILF
-0.72% Food & Beverage, PBJ
-0.72% Emerging 50 BLDRS, ADRE
-0.73% Growth VIPERs, VUG
-0.74% MidCap VIPERs, VO
-0.75% Value MidCap S&P 400, RFV
-0.76% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.76% LargeCap 1000 R, IWB
-0.76% LargeCap VIPERs, VV
-0.76% Utilities SPDR, XLU
-0.77% LargeCap Blend S&P=Weight R, RSP
-0.77% Bond, Corp, LQD
-0.78% Pacific ex-Japan, EPP
-0.80% Transportation Av DJ, IYT
-0.81% Technology DJ US, IYW
-0.81% Pharmaceuticals, PJP
-0.82% MidCap Russell, IWR
-0.83% Value LargeCap Russell 3000, IWW
-0.83% Mexico Index, EWW
-0.84% Software H, SWH
-0.84% LargeCap Blend Total Market DJ, IYY
-0.85% Dividend DJ Select, DVY
-0.86% Telecom DJ US, IYZ
-0.86% LargeCap Blend Russell 3000, IWV
-0.87% Growth LargeCap Russell 3000, IWZ
-0.88% Blend Total Market VIPERs, VTI
-0.89% MidCap Blend Core iS M, JKG
-0.89% Asia 50 BLDRS, ADRA
-0.90% Health Care VIPERs, VHT
-0.90% LargeCap Rydex Rus Top 50, XLG
-0.90% Bond, TIPS, TIP
-0.90% Info Tech VIPERs, VGT
-0.93% Bond, 10 Year Treasury, IEF
-0.94% Technology GS, IGM
-0.94% Technology SPDR, XLK
-0.94% MidCap S&P 400 SPDRs, MDY
-0.94% Global 100, IOO
-0.96% Emerging VIPERs, VWO
-0.96% Healthcare DJ, IYH
-0.96% Industrials VIPERs, VIS
-1.00% Utilities H, UTH
-1.01% Dividend Leaders, FDL
-1.01% Technology Global, IXN
-1.02% Industrial LargeCap Blend DJ US, IYJ
-1.04% Micro Cap Zachs, PZI
-1.04% LargeCap Blend S&P 1500 iS, ISI
-1.05% Value MidCap Russell, IWS
-1.07% Consumer Staples SPDR, XLP
-1.08% Value LargeCap Dynamic PS, PWV
-1.08% Pacific VIPERs, VPL
-1.08% S&P 500 iS LargeCap Blend, IVV
-1.08% Internet Infrastructure H, IIH
-1.09% DIAMONDS (DJIA), DIA
-1.11% Pharmaceutical H, PPH
-1.12% Dividend Appreciation Vipers, VIG
-1.13% LargeCap Blend S&P 100, OEF
-1.14% Retail H, RTH
-1.14% Value LargeCap NYSE 100 iS, NY
-1.17% S&P 500 SPDRs LargeCap Blend, SPY
-1.21% Australia Index, EWA
-1.22% Biotech & Genome, PBE
-1.26% Value VIPERs, VTV
-1.27% Value LargeCap Fundamental RAFI 1000, PRF
-1.27% Growth EAFE MSCI, EFG
-1.28% Telecommunications Global, IXP
-1.29% Growth S&P 500/BARRA, IVW
-1.29% Telecommunications & Wireless, PTE
-1.31% Retail, PMR
-1.32% Japan Index, EWJ
-1.36% Consumer D. VIPERs, VCR
-1.38% Switzerland Index, EWL
-1.42% Bond, 20+ Years Treasury, TLT
-1.45% Consumer Cyclical DJ, IYC
-1.47% Japan LargeCap Blend TOPIX 150, ITF
-1.47% Value 1000 Russell, IWD
-1.47% Value MidCap iS M, JKI
-1.48% Value S&P 500 B, IVE
-1.55% Germany Index, EWG
-1.57% EAFE Index, EFA
-1.59% Ultra MidCap400 Double, MVV
-1.59% Growth LargeCap NASDAQ 100, QQQQ
-1.63% Belgium Index, EWK
-1.65% Technology MS sT, MTK
-1.69% Global Titans, DGT
-1.71% Europe 100 BLDRS, ADRU
-1.72% Euro STOXX 50, FEZ
-1.73% Value LargeCap Euro STOXX 50 DJ, FEU
-1.75% Value EAFE MSCI, EFV
-1.76% Value LargeCap iS M, JKF
-1.78% Developed 100 BLDRS, ADRD
-1.81% Industrial SPDR, XLI
-1.81% Europe 350 S&P Index, IEV
-1.82% Value S&P 500, RPV
-1.84% Healthcare Global, IXJ
-1.84% Capital Markets KWB ST, KCE
-1.91% Health Care SPDR, XLV
-1.99% Italy Index, EWI
-2.00% Dividend Growth PS, PHJ
-2.01% European VIPERs, VGK
-2.07% Financials VIPERs, VFH
-2.07% Ultra Dow30 Double, DDM
-2.08% Consumer Discretionary SPDR, XLY
-2.08% EMU Europe Index, EZU
-2.09% Financial DJ US, IYF
-2.10% Sweden Index, EWD
-2.15% United Kingdom Index, EWU
-2.19% Spain Index, EWP
-2.23% Financials Global LargeCap Value, IXG
-2.35% France Index, EWQ
-2.39% Netherlands Index, EWN
-2.44% Ultra S&P500 Double, SSO
-2.56% Austria Index, EWO
-2.57% Aerospace & Defense, PPA
-2.60% Financial Services DJ, IYG
-2.81% Financial SPDR, XLF
-2.92% Bank Regional H, RKH
-3.09% Ultra QQQ Double, QLD
-3.60% Homebuilders SPDR, XHB
-5.56% Internet B2B H, BHH
