Daily Stock Market Commentary – 9/17/08

Stock Market: Stocks showed some resilience—but the main trend remains Bearish.

Stocks may appear oversold, but it is generally more important to realize that the trend is your friend.

At this point, much may depend on the news of the day, which itself seems most unpredictable.

VIX, VXN, and Put/Call ratios indicate relatively high levels of Fear.

iShares iBoxx $ Invest Grade Corp Bond (LQD) ETF absolute price plunged more than 6% to another new low. Bond investorsare fearful.

iShares Lehman TIPS Bond (TIP) ETF relative to TLT fell steeply again, perhaps reflecting expectations of deflation.

Crude Oil fell again.

A simple explanation of the current financial crisis. The key is high leverage (high debt to equity ratios) on the balance sheet combined with a decline in the market value of illiquid assets. Wall Street broker dealers have debt to equity ratios of more than 20 to 1, in some cases much more. For example, when a corporation has debt of $96 and equity of $4, the debt to equity ratio is 24 to 1. It is a truism that assets always must equal debt plus equity. Debt is contractually a fixed amount, so when the value of assets falls, the amount of the asset value decline is deduced from equity, so equity must fall by the same amount as assets fall. When the market value of assets (say, mortgages the broker owns) falls from $100 to below $96, particularly when the market for these assets is so illiquid that the broker cannot sell these assets on the way down in order to cut losses, then equity must decline by more than $4 to a level below zero. Then, the Wall Street broker dealer is insolvent. Even if debt investors (lenders) fear that the actual market value of assets minus debt is less than zero, whether actually true or not, then lenders will fear that they may not get their money backand therefore they will refuse to renew loans when debts come due. Lenders will refuse to lend any more money to the broker, and so the broker becomes insolvent. Experienced hands knew that the academic assumptions of the new wave of “financial engineers” on Wall Street were never sound, and now that should be obvious to all.

On Tuesday, stocks opened significantly lower but quickly turned up. By 10:55 a.m., stocks were back to the previous day’s close. Prices fell again when the Fed left interest rates unchanged, but again quickly recovered to close on the plus side and near their highest levels of the day. The Standard & Poor’s 500 cash index (1,213.59) closed up 20.89 points, or 1.75%. Total NYSE volume jumped up by 16%, reflecting unusual activity in AIG.

News and speculation about companies in the deeply troubled financial sector appear to be causing volatile, disorderly, unpredictable market behavior. Technically speaking, the trend for the short term remains Bearish, until proven otherwise.

The established intermediate-term trend remains clearly Bearish. Long-term, the S&P 500 has been in a Primary Tide Bear Market since the intraday high of 1,576.09 on 10/11/2007.

For the general stock market indexes, seasonal tendencies for the month of September are unfavorable. Reward/Risk tradeoffs still appear unattractive, so it still seems appropriate to focus on capital preservation.

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
14.62% , PWER , POWER ONE
2.00% , RFV , Value MidCap S&P 400, RFV
13.46% , CB , CHUBB
5.30% , GWW , WW GRAINGER
5.95% , AMGN , AMGEN
2.51% , PZI , Micro Cap Zachs, PZI
6.79% , HPQ , HEWLETT PACKARD
14.21% , PLD , PROLOGIS TRUST
8.49% , ACE , ACE
3.54% , SIRI , Sirius Satellite
2.23% , JKK , Growth SmallCap iS M, JKK
16.64% , SPG , SIMON PROP GRP
2.10% , PZJ , SmallCap PS Zacks, PZJ
11.16% , BBT , BB&T
11.04% , CC , CIRCUIT CITY STR
6.20% , WMB , WILLIAMS
6.30% , SBUX , STARBUCKS
7.55% , MON , MONSANTO
5.78% , PLL , PALL
3.19% , HES , AMERADA HESS
5.11% , TUP , TUPPERWARE
3.02% , PXN , Nanotech Lux, PXN
1.95% , DSV , Value Small Cap DJ, DSV
7.09% , NOV , NATIONAL OILWELL VARC0
3.72% , PEY , Dividend High Yield Equity PS, PEY
2.77% , WY , WEYERHAEUSER
5.27% , KR , KROGER
3.02% , IJS , Value SmallCap S&P 600 B, IJS
2.17% , PHO , Water Resources, PHO
5.73% , ATI , ALLEGHENY TECH
2.11% , PTV , PACTIV
1.59% , DGT , Global Titans, DGT
2.64% , PWY , Value SmallCap Dynamic PS, PWY
5.25% , MVV , Ultra MidCap400 Double, MVV
9.71% , COF , CAPITAL ONE FNCL
2.49% , D , DOMINION RSCS
9.50% , FITB , FIFTH THIRD BANC
0.50% , BDH , Broadband H, BDH
3.91% , DISCA , Discovery Holding Co.
6.79% , MTB , M&T BANK

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-35.90% , CEG , CONSTELL ENERGY
-6.35% , LQD , Bond, Corp, LQD
-11.17% , DELL , DELL
-7.76% , MNST , MONSTER WORLDWID
-4.31% , TLAB , TELLABS
-5.99% , SRE , SEMPRA ENERGY
-21.22% , AIG , AMER INTL GROUP
-4.15% , CMS , CMS ENERGY
-2.08% , TBH , Telebras HOLDRS, TBH*
-10.84% , MS , MORGAN STANLEY
-6.54% , NCC , NATIONAL CITY
-2.93% , WPI , WATSON PHARM
-0.71% , PUI , Utilities, PUI
-2.70% , EWK , Belgium Index, EWK
-4.33% , GNW , GENWORTH FINANCIAL (NYSE:GNW)
-5.36% , MOT , MOTOROLA
-2.56% , EWO , Austria Index, EWO
-7.83% , MU , MICRON TECH
-4.46% , NTRS , NORTHERN TRUST
-3.46% , VIA , VIACOM INC. (New)
-5.03% , GR , GOODRICH CORP
-2.97% , BBY , BEST BUY
-7.35% , BSX , BOSTON SCIENT
-1.52% , TTH , Telecom H, TTH
-1.27% , MYY , Short 100% MidCap 400, MYY
-1.72% , MYL , MYLAN LABS
-4.39% , UNH , UNITEDHEALTH GRP
-3.30% , EWY , South Korea Index, EWY
-6.64% , DYN , DYNEGY
-3.93% , CI , CIGNA
-3.23% , AW , ALLIED WASTE IND
-3.28% , ASH , ASHLAND
-1.74% , SEE , SEALED AIR
-3.57% , AES , AES
-5.27% , MZZ , Short 200% MidCap 400 PS, MZZ
-2.03% , DBC , Commodity Tracking, DBC
-1.78% , PAYX , PAYCHEX
-1.52% , SH , Short 100% S&P 500, SH
-1.51% , XLU , Utilities SPDR, XLU
-2.25% , BIG , BIG LOTS

Sectors: among the 9 major U.S. sectors, 6 rose and 2 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
7.49% Financial SPDR, XLF
4.23% Energy SPDR, XLE
1.88% Technology SPDR, XLK
1.10% Materials SPDR, XLB
0.66% Consumer Discretionary SPDR, XLY
0.31% Industrial SPDR, XLI
0.00% Consumer Staples SPDR, XLP
-0.16% Health Care SPDR, XLV
-1.51% Utilities SPDR, XLU

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 9/15/08, XLP /SPY Relative Strength Ratio rose to another new 5-year high, again confirming that the long-term trend is up. On 9/8/08, XLP absolute price rose to a new 8-month high, indicating significant price trend strength.

Health Care (XLV) Neutral, Market Weight. On 9/15/08, the XLV/SPY Relative Strength Ratio moved up to a new 8-month high, confirming an intermediate-term upside correction.

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

Materials (XLB) Bearish, Underweight. On 9/16/08, the XLB absolute price fell to a new 8-month low, indicating significant trend weakness.

Industrial (XLI) Bearish, Underweight. On 9/16/08, the XLI absolute price fell to a new 2-year low, indicating longer-term trend weakness.

Utilities (XLU) Bearish, Underweight. On 9/16/08, the XLU absolute price fell to a new 2-year low, indicating significant trend weakness.

Technology (XLK) Bearish, Underweight. On 9/16/08, the XLK absolute price fell to their lowest level in 8 months, indicating significant trend weakness.

Energy (XLE) Bearish, Underweight. On 9/16/08, the XLE absolute price fell to a new 8-month low, indicating significant trend weakness.

Financial (XLF) Bearish, Underweight. On 9/16/08, the XLF absolute price fell to their lowest level in 2 months. 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 Relative Strength Ratio fell to a new 34-month low on 9/16/08 and has been in a falling trend since 5/23/08. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.

NASDAQ Composite remains Bearish. On 9/16/08, absolute price broke down to a new 2-year low, indicating intermediate-term trend weakness. Relative Strength Ratio has been in a declining trend since 8/14/08.

NASDAQ 100 Index absolute price broke down to a new 6-month low on 9/16/08.

Growth Stock/Value Stock Relative Strength Ratio fell to a new 5-month low on 9/8/08. The short-term trend remains down. Longer term, 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 has been consolidating since making a 2-year high on 8/14/08. The long-term trend has been Bullish most of the time since 4/8/99.

CrudeOil futurescontract price fell to another new 7-month low. The short-term and intermediate-term trends remain Bearish. 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 outperformed Crude Oil since 7/11/08.

Gold futures contract price eased moderately lower. Gold’s short-term and intermediate-term trends still appear Bearish. Gold has been in an intermediate-term downtrend since the peak of 1033.90 on 3/17/08.

Gold Mining stocks continue to underperform Gold futures on a major trend basis.

U.S. Treasury Bond futures contract price soared to another new 5-year high but closed below the midpoint of the day’s range, suggesting some profit taking. Bonds have been in an intermediate-term uptrend since 6/13/08. Long term, Bonds have been in a neutral sideways trend since June 2003.

iShares iBoxx $ Invest Grade Corp Bond (LQD) ETF absolute price plunged more than 6% to a new low. On 9/16/08, LQD/TLT Relative Strength Ratio broke down to another new multi-year low, again confirming that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors appear to be seriously concerned about the economic outlook.

iShares Lehman TIPS Bond (TIP) ETF remains relatively weak. On 9/16/08, TIP/TLT Relative Strength Ratio broke down to a new multi-year low, again confirming that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors are not concerned about the inflation outlook.

The U.S. dollar recovered slightly. On 9/15/08, it broke down below the lows of the previous 2 weeks. The short-term appeared to have turned corrective to the downside.

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 38.2% Bulls versus 41.6% Bears as of 9/10/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio fell to 0.92, down from 0.95 the previous week. The low of 0.57 on 7/16/08 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.

VIX Fear Index, now at 30.30, indicates a high level of Fear. 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 31.00, indicates a high level of Fear. 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 0.93, 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 0.95, 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 and seem likely to weaken further over the next several months.

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.

The breadth of the market has been in a relatively Bearish trend long term since June 2007. 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.

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 (1,213.59):

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
1,313.15 high of 8/11/2008

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 (1,213.59):

Potential Support
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
7.49% Financial SPDR, XLF
6.57% Bank Regional H, RKH
5.58% Financials VIPERs, VFH
5.25% Ultra MidCap400 Double, MVV
5.24% Financial ServicesDJ, IYG
4.93% REIT VIPERs, VNQ
4.57% Financial DJ US, IYF
4.23% Energy SPDR, XLE
4.17% Biotech & Genome, PBE
3.99% Oil Services H, OIH
3.92% Homebuilders SPDR, XHB
3.72% Dividend High Yield Equity PS, PEY
3.72% Pharmaceuticals, PJP
3.71% Capital Markets KWB ST, KCE
3.53% Hong Kong Index, EWH
3.44% REIT Wilshire, RWR
3.28% Realty Cohen & Steers, ICF
3.28% Energy VIPERs, VDE
3.17% Value SmallCap Russell 2000, IWN
3.14% Value S&P 500, RPV
3.08% Real Estate US DJ, IYR
3.02% Value SmallCap S&P 600 B, IJS
3.02% Nanotech Lux, PXN
3.01% Oil & Gas, PXJ
2.94% SmallCap S&P 600, IJR
2.90% Energy DJ, IYE
2.88% SmallCap Russell 2000, IWM
2.88% Value SmallCap VIPERS, VBR
2.87% Metals & Mining SPDR, XME
2.80% Ultra S&P500 Double, SSO
2.74% Dividend DJ Select, DVY
2.64% Value SmallCap Dynamic PS, PWY
2.61% Dividend SPDR, SDY
2.55% Value SmallCap iS M, JKL
2.51% Micro Cap Zachs, PZI
2.50% Extended Mkt VIPERs, VXF
2.45% MidCap S&P 400 SPDRs, MDY
2.44% Energy Exploration & Prod, PXE
2.43% Biotechnology, IBB
2.42% Small Cap VIPERs, VB
2.40% Insurance, PIC
2.33% Basic Materials DJ US, IYM
2.23% Growth SmallCap iS M, JKK
2.23% Growth SmallCap VIPERs, VBK
2.18% Natural Resource iS GS, IGE
2.17% Water Resources, PHO
2.17% Mexico Index, EWW
2.15% Growth BARRA Small Cap 600, IJT
2.14% Materials VIPERs, VAW
2.10% SmallCap PS Zacks, PZJ
2.09% Microcap Russell, IWC
2.00% Value MidCap S&P 400, RFV
1.99% Value LargeCap iS M, JKF
1.95% Value Small Cap DJ, DSV
1.94% South Africa Index, EZA
1.90% MidCap VIPERs, VO
1.88% Technology SPDR, XLK
1.87% Value S&P 500 B, IVE
1.87% MidCap S&P 400 iS, IJH
1.87% Ultra Dow30 Double, DDM
1.87% Growth SmallCap R 2000, IWO
1.86% Growth MidCap S&P 400, RFG
1.83% Latin Am 40, ILF
1.79% Spain Index, EWP
1.77% Value 1000 Russell, IWD
1.75% Value VIPERs, VTV
1.75% Growth Small Cap DJ, DSG
1.73% Financials Global LargeCap Value, IXG
1.73% Value MidCap S&P 400 B, IJJ
1.73% Value LargeCap Russell 3000, IWW
1.72% Value Line Timeliness MidCap Gr, PIV
1.72% Dividend Growth PS, PHJ
1.70% Singapore Index, EWS
1.67% S&P 500 SPDRs LargeCap Blend, SPY
1.63% Value LargeCap NYSE 100 iS, NY
1.61% China 25 iS, FXI
1.60% Dividend International, PID
1.60% Emerging 50 BLDRS, ADRE
1.59% Global Titans, DGT
1.58% Growth Mid Cap Dynamic PS, PWJ
1.55% Growth MidCap 400 B, IJK
1.55% Transportation Av DJ, IYT
1.54% Semiconductor H, SMH
1.51% Internet H, HHH
1.48% Value Large Cap DJ, ELV
1.47% Biotech SPDR, XBI
1.44% LargeCap Blend S&P 100, OEF
1.42% LargeCap Blend Russell 3000, IWV
1.41% Asia 50 BLDRS, ADRA
1.40% Growth SmallCap Dynamic PS, PWT
1.38% Brazil Index, EWZ
1.37% LargeCap Blend S&P 1500 iS, ISI
1.36% Australia Index, EWA
1.35% Biotech H, BBH
1.35% SmallCap Core iS M, JKJ
1.34% Energy Global, IXC
1.33% Value MidCap Russell, IWS
1.33% MidCap Growth iS M, JKH
1.30% LargeCap 1000 R, IWB
1.29% Blend Total Market VIPERs, VTI
1.27% Semiconductors, PSI
1.26% S&P 500 iS LargeCap Blend, IVV
1.20% LargeCap VIPERs, VV
1.18% Industrials VIPERs, VIS
1.16% LargeCap Blend Total Market DJ, IYY
1.15% MidCap Russell, IWR
1.12% Dividend Achievers PS, PFM
1.12% Food & Beverage, PBJ
1.10% Lg Cap Growth PSD, PWB
1.10% Materials SPDR, XLB
1.09% LargeCap Blend Dynamic PS, PWC
1.08% LargeCap Rydex Rus Top 50, XLG
1.06% Value LargeCap Dynamic PS, PWV
1.05% Building & Construction, PKB
1.05% Semiconductor iS GS, IGW
1.02% Value LargeCap Fundamental RAFI 1000, PRF
1.00% China LargeCap Growth G D H USX PS, PGJ
0.98% LargeCap Blend NYSE Composite iS, NYC
0.95% Growth S&P 500/BARRA, IVW
0.95% Internet Architecture H, IAH
0.91% Pacific ex-Japan, EPP
0.89% LargeCap Blend S&P=Weight R, RSP
0.86% Emerging Markets, EEM
0.83% Retail, PMR
0.80% Dividend Appreciation Vipers, VIG
0.80% Growth LargeCap Russell 3000, IWZ
0.78% Growth LargeCap NASDAQ 100, QQQQ
0.78% DIAMONDS (DJIA), DIA
0.77% Retail H, RTH
0.77% Growth 1000 Russell, IWF
0.76% Growth Large Cap, ELG
0.75% Growth VIPERs, VUG
0.74% MidCap Blend Core iS M, JKG
0.73% Value MidCap iS M, JKI
0.70% Growth LargeCap iS M, JKE
0.68% WilderHill Clean Energy PS, PBW
0.68% LargeCap Blend Core iS M, JKD
0.67% Growth LargeCap NASDAQ Fidelity, ONEQ
0.67% Value 40 Large Low P/E FT DB, FDV
0.67% Growth MidCap Russell, IWP
0.66% Consumer Discretionary SPDR, XLY
0.65% Ultra QQQ Double, QLD
0.65% Technology Global, IXN
0.61% Consumer D. VIPERs, VCR
0.59% Canada Index, EWC
0.58% LargeCap Blend Socially Responsible iS, KLD
0.57% Wilshire 5000 ST TM, TMW
0.55% Consumer Non-Cyclical, IYK
0.52% Industrial LargeCap Blend DJ US, IYJ
0.50% Broadband H, BDH
0.35% Technology GS, IGM
0.31% Industrial SPDR, XLI
0.23% Health Care VIPERs, VHT
0.22% Developed 100 BLDRS, ADRD
0.18% OTC Dynamic PS, PWO
0.18% Technology DJ US, IYW
0.18% Info Tech VIPERs, VGT
0.16% Consumer Cyclical DJ, IYC
0.16% Networking, IGN
0.09% Aerospace & Defense, PPA
0.04% Leisure & Entertainment, PEJ
0.00% Consumer Staples SPDR, XLP
0.00% Value SmallCap S&P 600, RZV
-0.02% Bond, 20+ Years Treasury, TLT
-0.04% Global 100, IOO
-0.11% Utilities H, UTH
-0.11% Healthcare DJ, IYH
-0.11% IPOs, First Tr IPOX-100, FPX
-0.12% Software, PSJ
-0.14% Sweden Index, EWD
-0.14% Consumer Staples VIPERs, VDC
-0.15% Growth S&P 500, RPG
-0.16% Health Care SPDR, XLV
-0.17% Healthcare Global, IXJ
-0.18% Software, IGV
-0.18% Bond, 1-3 Year Treasury, SHY
-0.28% Pacific VIPERs, VPL
-0.28% Bond, 10 Year Treasury, IEF
-0.36% Semiconductor SPDR, XSD
-0.39% Technology MS sT, MTK
-0.41% Telecommunications Global, IXP
-0.43% Pharmaceutical H, PPH
-0.44% EMU Europe Index, EZU
-0.45% Software H, SWH
-0.49% Networking, PXQ
-0.51% Telecom Services VIPERs, VOX
-0.55% France Index, EWQ
-0.58% Value MidCap Dynamic PS, PWP
-0.59% Hardware & Electronics, PHW
-0.59% Telecom DJ US, IYZ
-0.61% Europe 100 BLDRS, ADRU
-0.63% Utilities DJ, IDU
-0.64% Short 100% QQQ, PSQ
-0.71% Utilities, PUI
-0.72% Short 100% Dow 30, DOG
-0.74% EAFE Index, EFA
-0.82% Euro STOXX 50, FEZ
-0.87% Telecommunications & Wireless, PTE
-0.87% Utilities VIPERs, VPU
-0.90% Growth EAFE MSCI, EFG
-0.91% Taiwan Index, EWT
-0.93% Japan Index, EWJ
-0.95% Switzerland Index, EWL
-0.97% Value EAFE MSCI, EFV
-0.99% Gold Shares S.T., GLD
-0.99% Bond, TIPS, TIP
-1.01% Italy Index, EWI
-1.01% Bond, Aggregate, AGG
-1.17% Germany Index, EWG
-1.19% Europe 350 S&P Index, IEV
-1.23% European VIPERs, VGK
-1.27% Short 100% MidCap 400, MYY
-1.35% Emerging VIPERs, VWO
-1.41% Netherlands Index, EWN
-1.51% Utilities SPDR, XLU
-1.52% Short 100% S&P 500, SH
-1.52% Telecom H, TTH
-1.60% Value LargeCap Euro STOXX 50 DJ, FEU
-1.72% Oil, Crude, U.S. Oil Fund, USO
-1.78% Short 200% QQQ PS, QID
-1.80% Short 200% Dow 30 PS, DXD
-1.84% Internet B2B H, BHH
-1.86% Japan LargeCap Blend TOPIX 150, ITF
-1.90% United Kingdom Index, EWU
-1.92% Internet Infrastructure H, IIH
-2.03% Commodity Tracking, DBC
-2.56% Austria Index, EWO
-2.70% Belgium Index, EWK
-2.96% Dividend Leaders, FDL
-3.30% Short 200% S&P 500 PS, SDS
-3.30% South Korea Index, EWY
-3.96% Malaysia Index, EWM
-5.02% Silver Trust iS, SLV
-5.27% Short 200% MidCap 400 PS, MZZ
-6.35% Bond, Corp, LQD