Daily Stock Market Commentary – 7/29/2008

Stock Market: gave back most of recent gains.

Financial, Consumer Discretionary, Industrial, and Technology Sectors were weakest for the day, falling 2% to 5%. These Sectors are in the most Bearish major trends as well, according to my daily Relative Strength Ranking, shown below.

There is no change in my general stock market interpretation: it appears to be a Primary Tide Bear Market. Such major trends can last longer and run further than most people imagine.

On Monday, major stock price indexes opened slightly higher and continued slightly higher for most of the first 40 minutes, after which time stocks began a persistent and steep slide that carried through to the closing bell. The S&P 500 Index ETF (SPY) closed significantly lower on the day, below the closes of the previous 8 trading days, way below the open, and far below the midpoint of the High-Low range. The S&P 500 cash index closed at 1,234.37, down 23.39 points or 1.86%. Total NYSE volume fell 7%, suggesting diminished demand for stocks.

The breadth of the market turned Bearish. The Advance-Decline balance ((A-D) / (A+D)) was -45.60%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was -63.11%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -71.83% on the NYSE. The number of New Lows has exceeded the number of New Highs most days for more than a year, since July 2007, and that is one sign of a Bear Market. On 7/15/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 20-month lows, so major breadth trends remain Bearish.

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
12.17% , AMGN , AMGEN
9.25% , ACV , Alberto-Culver Co.
6.11% , SUN , SUNOCO
1.69% , BHH , Internet B2B H, BHH
2.67% , AA , ALCOA
2.70% , PETM , PETsMART Inc
4.49% , LVLT , LEVEL 3 COMMUNICATIONS
1.08% , BBH , Biotech H, BBH
0.90% , MIL , MILLIPORE
4.62% , CVG , CONVERGYS
1.49% , MV , METAVANTE TECHNOLOGIES, MV
3.57% , MWV , MEADWESTVACO
1.46% , GLW , CORNING
0.58% , LQD , Bond, Corp, LQD
1.11% , K , KELLOGG
0.85% , TIP , Bond, TIPS, TIP
1.70% , DOG , Short 100% Dow 30, DOG
0.57% , IBB , Biotechnology, IBB
0.59% , FPL , FPL GROUP INC
3.02% , X , US STEEL CORP
1.59% , PNW , PINNACLE WEST
0.97% , D , DOMINION RSCS
0.82% , ECL , ECOLAB
0.77% , DE , DEERE & CO
0.37% , NCR , NCR
0.66% , GENZ , GENZYME GEN
2.49% , QID , Short 200% QQQ PS, QID
0.06% , PXE , Energy Exploration & Prod, PXE
0.14% , WWY , WM WRIGLEY JR
0.49% , HNZ , HJ HEINZ
1.61% , AES , AES
1.75% , PSQ , Short 100% QQQ, PSQ
1.51% , MZZ , Short 200% MidCap 400 PS, MZZ
1.23% , BBY , BEST BUY
0.57% , PCG , PG&E
0.57% , IEF , Bond, 10 Year Treasury, IEF
1.07% , TIN , TEMPLE INLAND
0.18% , FE , FIRSTENERGY
0.34% , VWO , Emerging VIPERs, VWO
0.45% , AGG , Bond, Aggregate, AGG

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-25.31% , RYAAY , Ryanair Holdings plc
-16.44% , SIRI , Sirius Satellite
-11.94% , XMSR , XM Satellite R
-1.41% , EZU , EMU Europe Index, EZU
-3.73% , LIZ , LIZ CLAIRBORNE
-1.69% , DGT , Global Titans, DGT
-7.30% , HGSI , Human Genome Sciences Inc
-1.60% , ELG , Growth Large Cap, ELG
-1.15% , PMR , Retail, PMR
-2.95% , FDL ,Dividend Leaders, FDL
-19.07% , ABK , AMBAC FINL GRP
-3.72% , PMCS , PMC SIERRA
-2.12% , PZJ , SmallCap PS Zacks, PZJ
-9.57% , SNV , SYNOVUS
-6.21% , RFMD , RF Micro Devices Inc
-4.04% , IXG , Financials Global LargeCap Value, IXG
-1.33% , FPX , IPOs, First Tr IPOX-100, FPX
-12.04% ,AIG , AMER INTL GROUP
-1.27% , EWL , Switzerland Index, EWL
-1.76% , IWS , Value MidCap Russell, IWS
-1.75% , IXN , Technology Global, IXN
-7.12% , ETFC.O , E*TRADE FINANCIAL
-1.75% , PWJ , Growth Mid Cap Dynamic PS, PWJ
-1.69% , IIH , Internet Infrastructure H, IIH
-1.53% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-3.88% , PFG , PRINCIPAL FINL
-4.84% , DDS , DILLARD STK A
-1.28% , RPG , Growth S&P 500, RPG
-7.85% , MU , MICRON TECH
-1.90% , WMI , WASTE MANAGEMENT
-2.94% , BC , BRUNSWICK
-1.86% , TTH , Telecom H, TTH
-4.33% , LBTYA , Liberty Global Inc. (LBTYA)
-4.70% , CCL , CARNIVAL STK A
-1.46% , IWZ , Growth LargeCap Russell 3000, IWZ
-1.07% , IXJ , Healthcare Global, IXJ
-6.40% , SHLD , SEARS HOLDINGS
-3.50% , DISCA , Discovery Holding Co.
-11.59% , MER , MERRILL LYNCH
-5.49% , NWS.A , NEWS CORP STK A

Sectors: among the 9 major U.S. sectors, 2 rose and 7 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
0.39% Energy SPDR, XLE
0.24% Utilities SPDR, XLU
-0.13% Materials SPDR, XLB
-0.82% Health Care SPDR, XLV
-0.85% Consumer Staples SPDR, XLP
-2.10% Technology SPDR, XLK
-2.29% Industrial SPDR, XLI
-2.36% Consumer Discretionary SPDR, XLY
-4.70% 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):

Consumer Staples (XLP) Neutral, Market Weight. On 7/15/08, XLP /SPY Relative Strength Ratio rose to another new 5-year high, again confirming that the long-term trend is up.

Energy (XLE) Neutral, Market Weight. On 7/23/08, XLE absolute price and XLE/SPY Relative Strength Ratio both broke down to new 11-week lows, confirming a short-term correction. On 7/1/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a long-term, Primary Tide Uptrend.

Health Care (XLV) Neutral, Market Weight. On 7/15/08, the XLV/SPY Relative Strength Ratio moved up to a new 5-month high.

Materials (XLB) Neutral, Market Weight. On 5/20/08, XLB absolute price and XLB/SPY Relative Strength Ratio both closed at new all-time highs, 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.

Utilities (XLU) Neutral, Market Weight. On 7/23/08, XLU absolute price and XLU/SPY Relative Strength Ratio both broke down to new 7-week lows, confirming a short-term correction. On 7/15/08, XLU/SPY Relative Strength Ratio rose to a new all-time high, a confirming a long-term, Primary Tide Uptrend.

Technology (XLK) Bearish, Underweight. On 7/22/08, XLK/SPY Relative Strength Ratio fell to its lowest levels in 12 weeks, again confirming a Bearish trend. 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, XLI/SPY Relative Strength Ratio fell to its lowest levels in 25 weeks, again confirming a Bearish trend.

Consumer Discretionary (XLY) Bearish, Underweight. On 7/15/08, XLY absolute price fell to its lowest level in 5 years. On 7/11/08, the XLY/SPY Relative Strength Ratio fell to its lowest levels in 6 months. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.

Financial (XLF) Bearish, Underweight. On 7/15/08, the XLF absolute price and the XLF/SPY Relative Strength Ratio both fell to their lowest level in 8 years, again confirming a Bearish Primary Tide Trend. 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 24 months on 7/15/08. Relative Strength Ratio fell to its lowest level in 3 months on 7/8/08 but has firmed somewhat since. 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 broke out to a new 8-month high on 7/17/08 but turned down since. Absolute price tested and held its low of 3/17/08.

Growth Stock/Value Stock Relative Strength Ratio fell steeply to a new 7-week low on 7/23/08, confirming a short-term downward correction. This ratio (IWF/IWD) has been in an uptrend since 8/8/06, and it rose to a new 4-year high on 7/15/08.

The Small Cap/Large Cap Relative Strength Ratio made a new 15-month high on 7/25/08. The main trend appears to be improving.

Crude Oil August futures contract firmed slightly in an Inside Day of consolidation. On 7/25/08, oil fell to a new 7-week low, again confirming a short-term correction phase. The short-term trend appears corrective, while the long-term trend remains Bullish. 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 firmed slightly in an Inside Day of consolidation. Gold has been in a short-term downtrend since 7/15/08, in an intermediate-term uptrend since 5/2/08, and in long-term uptrend since 8/25/1999.

U.S. Treasury Bond September futures contract recovered all of Friday’s sharp drop. Still, bonds have been in a short-term downtrend since 7/15/08, in an intermediate-term uptrend since 6/13/08, and in a neutral sideways trend long-term since June 2003.

iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) recovered somewhat. Absolute price broke down to another new 5-year low on 7/18/08.

The U.S. dollar fell below the closing prices of the previous 3 trading days. On 7/15/08, the dollar fell to its lowest price in 12-weeks. The most relevant trends still appear 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 29.2% Bulls versus 49.4% Bears as of 7/23/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio rose to 0.59, up from 0.57 the previous week. That 0.57 was 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 24.23, indicates falling Fear since the peak at 28.48 on 7/14/08. Previously, 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 27.74, indicates falling Fear since the peak at 33.20 on 7/14/08. 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 0.80, 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 1.17, 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 pricespush 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 Tide 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 (1,234.37):

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
1,366.59, high of 6/17/2008
1,335.63, high of 6/25/2008
1,292.17, high of 7/2/2008

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 (1,234.37):

Potential Support
1,200.44, low of 7/15/2008
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

3.39% Short 200% Dow 30 PS, DXD
2.96% Short 200% S&P 500 PS, SDS
2.49% Short 200% QQQ PS, QID
1.75% Short 100% QQQ, PSQ
1.70% Short 100% Dow 30, DOG
1.69% Internet B2B H, BHH
1.51% Short 200% MidCap 400 PS, MZZ
1.47% Short 100% S&P 500, SH
1.28% Oil, Crude, U.S. Oil Fund, USO
1.08% Biotech H, BBH
1.01% Bond, 20+ Years Treasury, TLT
1.00% Short 100% MidCap 400, MYY
0.99% Metals & Mining SPDR, XME
0.85% Bond, TIPS, TIP
0.64% Silver Trust iS, SLV
0.58% Bond, Corp, LQD
0.57% Bond, 10 Year Treasury, IEF
0.57% Biotechnology, IBB
0.50% Commodity Tracking, DBC
0.45% Bond, Aggregate, AGG
0.39% Energy SPDR, XLE
0.34% Emerging VIPERs, VWO
0.25% Value Line Timeliness MidCap Gr, PIV
0.24% Utilities SPDR, XLU
0.21% Bond, 1-3 Year Treasury, SHY
0.09% Utilities VIPERs, VPU
0.06% Energy Exploration & Prod, PXE
0.04% Gold Shares S.T., GLD
-0.07% Natural Resource iS GS, IGE
-0.10% Utilities H, UTH
-0.11% Biotech SPDR, XBI
-0.13% Materials SPDR, XLB
-0.16% South Africa Index, EZA
-0.20% Malaysia Index, EWM
-0.21% Utilities DJ, IDU
-0.31% Oil & Gas, PXJ
-0.33% Basic Materials DJ US, IYM
-0.34% Brazil Index, EWZ
-0.35% Energy DJ, IYE
-0.37% Energy Global, IXC
-0.40% Insurance, PIC
-0.48% Energy VIPERs, VDE
-0.53% Biotech & Genome, PBE
-0.55% Utilities, PUI
-0.56% Latin Am 40, ILF
-0.57% Oil Services H, OIH
-0.60% Materials VIPERs, VAW
-0.63% Consumer Staples VIPERs, VDC
-0.64% LargeCap Blend Socially Responsible iS, KLD
-0.78% Value 40 Large Low P/E FT DB, FDV
-0.80% Water Resources, PHO
-0.82% Health Care SPDR, XLV
-0.85% Consumer Staples SPDR, XLP
-0.86% Healthcare DJ, IYH
-0.89% Pharmaceuticals, PJP
-0.89% Food & Beverage, PBJ
-0.91% MidCap S&P 400 SPDRs, MDY
-0.91% Consumer Non-Cyclical, IYK
-0.94% Mexico Index, EWW
-0.94% Health Care VIPERs, VHT
-0.95% Value MidCap Dynamic PS, PWP
-1.00% Growth EAFE MSCI, EFG
-1.04% Canada Index, EWC
-1.05% Semiconductor H, SMH
-1.06% Growth VIPERs, VUG
-1.07% Healthcare Global, IXJ
-1.08% Value MidCap iS M, JKI
-1.08% LargeCap Blend Dynamic PS, PWC
-1.08% LargeCap Blend Core iS M, JKD
-1.11% MidCap S&P 400 iS, IJH
-1.12% Growth 1000 Russell, IWF
-1.14% Dividend DJ Select, DVY
-1.14% Growth MidCap 400 B, IJK
-1.15% Retail, PMR
-1.15% Japan Index, EWJ
-1.16% MidCap VIPERs, VO
-1.18% Emerging 50 BLDRS, ADRE
-1.20% Value LargeCap Dynamic PS, PWV
-1.24% Growth S&P 500/BARRA, IVW
-1.25% Growth MidCap Russell, IWP
-1.27% Switzerland Index, EWL
-1.28% Growth S&P 500, RPG
-1.29% Hardware & Electronics, PHW
-1.29% Japan LargeCap Blend TOPIX 150, ITF
-1.32% Developed 100 BLDRS, ADRD
-1.33% IPOs, First Tr IPOX-100, FPX
-1.34% Telecommunications Global, IXP
-1.34% Value MidCap S&P 400 B, IJJ
-1.34% Value Small Cap DJ, DSV
-1.34% Growth SmallCap VIPERs, VBK
-1.34% Wilshire 5000 ST TM, TMW
-1.35% Blend Total Market VIPERs, VTI
-1.36% Growth Small Cap DJ, DSG
-1.36% MidCap Russell, IWR
-1.36% European VIPERs, VGK
-1.37% Software, PSJ
-1.37% Lg Cap Growth PSD, PWB
-1.38% MidCap Blend Core iS M, JKG
-1.38% Pharmaceutical H, PPH
-1.41% LargeCap Blend NYSE Composite iS, NYC
-1.41% MidCap Growth iS M, JKH
-1.41% EMU Europe Index, EZU
-1.42% Software H, SWH
-1.43% Italy Index, EWI
-1.43% Growth BARRA Small Cap 600, IJT
-1.45% Growth MidCap S&P 400, RFG
-1.45% Sweden Index, EWD
-1.46% Growth LargeCap Russell 3000, IWZ
-1.46% Europe 100 BLDRS, ADRU
-1.46% LargeCap VIPERs, VV
-1.47% S&P 500 SPDRs LargeCap Blend, SPY
-1.47% Leisure & Entertainment, PEJ
-1.47% Value SmallCap VIPERS, VBR
-1.48% Growth SmallCap iS M, JKK
-1.48% Growth SmallCap R 2000, IWO
-1.48% Value SmallCap Dynamic PS, PWY
-1.49% Retail H, RTH
-1.49% Europe 350 S&P Index, IEV
-1.49% Austria Index, EWO
-1.51% Small Cap VIPERs, VB
-1.52% Singapore Index, EWS
-1.53% Value LargeCap Euro STOXX 50 DJ, FEU
-1.55% Growth SmallCap Dynamic PS, PWT
-1.59% Spain Index, EWP
-1.60% Value S&P 500, RPV
-1.60% Netherlands Index, EWN
-1.60% Telecom Services VIPERs, VOX
-1.60% SmallCap S&P 600, IJR
-1.60% Growth Large Cap, ELG
-1.61% Euro STOXX 50, FEZ
-1.61% S&P 500 iS LargeCap Blend, IVV
-1.62% DIAMONDS (DJIA), DIA
-1.62% Semiconductor iS GS, IGW
-1.62% LargeCap Blend Russell 3000, IWV
-1.63% REIT VIPERs, VNQ
-1.63% Value Large Cap DJ, ELV
-1.64% SmallCap Core iS M, JKJ
-1.64% Pacific VIPERs, VPL
-1.65% Germany Index, EWG
-1.65% Broadband H, BDH
-1.67% EAFE Index, EFA
-1.68% Taiwan Index, EWT
-1.68% LargeCap Blend Total Market DJ, IYY
-1.69% Internet Infrastructure H, IIH
-1.69% Global Titans, DGT
-1.69% Emerging Markets, EEM
-1.69% France Index, EWQ
-1.70% SmallCap Russell 2000, IWM
-1.70% LargeCap 1000 R, IWB
-1.71% Dividend Appreciation Vipers, VIG
-1.71% Growth LargeCap iS M, JKE
-1.72% Industrial LargeCap Blend DJ US, IYJ
-1.74% Internet Architecture H, IAH
-1.75% Technology Global, IXN
-1.75% Growth Mid Cap Dynamic PS, PWJ
-1.75% LargeCap Blend S&P 1500 iS, ISI
-1.76% Value MidCap Russell, IWS
-1.76% United Kingdom Index, EWU
-1.77% Semiconductor SPDR, XSD
-1.80% Technology GS, IGM
-1.80% Extended Mkt VIPERs, VXF
-1.82% Value LargeCap NYSE 100 iS, NY
-1.82% Software, IGV
-1.83% China LargeCap Growth G D H USX PS, PGJ
-1.83% Global 100, IOO
-1.84% Aerospace & Defense, PPA
-1.85% LargeCap Blend S&P=Weight R, RSP
-1.85% Asia 50 BLDRS, ADRA
-1.86% OTC Dynamic PS, PWO
-1.86% Telecom H, TTH
-1.87% Value EAFE MSCI, EFV
-1.88% Growth LargeCap NASDAQ 100, QQQQ
-1.88% Value SmallCap S&P 600 B, IJS
-1.91% Micro Cap Zachs, PZI
-1.91% Technology DJ US, IYW
-1.91% Value 1000 Russell, IWD
-1.92% Dividend International, PID
-1.92% Value LargeCap Russell 3000, IWW
-1.99% Dividend Growth PS, PHJ
-1.99% Value LargeCap Fundamental RAFI 1000, PRF
-2.02% Consumer Cyclical DJ, IYC
-2.03% Telecommunications & Wireless, PTE
-2.04% Growth LargeCap NASDAQ Fidelity, ONEQ
-2.04% Value VIPERs, VTV
-2.05% Transportation Av DJ, IYT
-2.05% Networking, PXQ
-2.07% Value SmallCap iS M, JKL
-2.08% LargeCap Blend S&P 100, OEF
-2.10% Technology SPDR, XLK
-2.12% SmallCap PS Zacks, PZJ
-2.13% Real Estate US DJ, IYR
-2.13% Dividend SPDR, SDY
-2.14% Value LargeCap iS M, JKF
-2.15% Networking, IGN
-2.17% Industrials VIPERs, VIS
-2.19% Ultra MidCap400 Double, MVV
-2.21% Technology MS sT, MTK
-2.23% Nanotech Lux, PXN
-2.24% Semiconductors, PSI
-2.25% Dividend Achievers PS, PFM
-2.26% Telecom DJ US, IYZ
-2.26% LargeCap Rydex Rus Top 50, XLG
-2.27% Value S&P 500 B, IVE
-2.28% South Korea Index, EWY
-2.29% Industrial SPDR, XLI
-2.30% Info Tech VIPERs, VGT
-2.31% Microcap Russell, IWC
-2.35% Hong Kong Index, EWH
-2.36% REIT Wilshire, RWR
-2.36% Consumer Discretionary SPDR, XLY
-2.40% Value SmallCap Russell 2000, IWN
-2.43% Belgium Index, EWK
-2.46% Consumer D. VIPERs, VCR
-2.54% Realty Cohen & Steers, ICF
-2.63% WilderHill Clean Energy PS, PBW
-2.77% Value MidCap S&P 400, RFV
-2.83% China 25 iS, FXI
-2.90% Building & Construction, PKB
-2.95% Dividend Leaders, FDL
-3.04% Ultra QQQ Double, QLD
-3.05% Internet H, HHH
-3.13% Pacific ex-Japan, EPP
-3.17% Ultra Dow30 Double, DDM
-3.18% Financials VIPERs, VFH
-3.19% Ultra S&P500 Double, SSO
-3.30% Value SmallCap S&P 600, RZV
-3.61% Dividend High Yield Equity PS, PEY
-3.66% Australia Index, EWA
-3.94% Financial DJ US, IYF
-4.04% Financials Global LargeCap Value, IXG
-4.36% Bank Regional H, RKH
-4.56% Financial Services DJ, IYG
-4.63% Capital Markets KWB ST, KCE
-4.70% Financial SPDR, XLF
-5.12% Homebuilders SPDR, XHB