by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: reversed sharply to the downside. It is an unsettled, undefined, market. Focus on capital preservation.
It remains an uncertain, high-risk tradingenvironment.
The game is changing so rapidly that traders don’t know what to do.
Volatility seems likely remain heightened in weeks ahead, in both directions.
The U.S. dollar fell steeply to its lowest level in 6 weeks and still appears vulnerable to further downside action.
On Monday, major stocks indexes opened moderately higher, but that proved to be the high of the day. Prices spent most of the day falling. The Standard & Poor’s 500 cash index (1,207.09) closed down 47.99 points, or 3.82%.
Total NYSE volume fell 43%, reflecting lack of demand for stocks due to uncertainties caused by government intervention. Traders may be reluctant to trade, not knowing how the rules of “free market capitalism” might change next. The banning of short sales on 799 financialstocks removes normal short-covering buying demand for stocks when prices fall. It may be no coincidence that financial stocks fell the most, down 8.18% on Monday, reflecting the absence of buying demand from short covering. On Monday, nearly 100 stocks were added to the no-shorting list. Business as usual is suspended.
Uncertainties surrounding reports, rumors, speculation, and news about companies in the deeply troubled financial sector have been causing volatile, disorderly, unpredictable market behavior this month. The chaos seems likely to continue. Understandably, traders may be reluctant to trade, resulting in thinner, relatively inactive markets with bigger spreads, bigger volatility, and sudden reversals.
I’ll call the short-term trend unsettled, or even undefined, since I have never seen the market so disrupted in my 39-years of market analysis.
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, as this daily update has consistently pointed out.
For the general stock market indexes, seasonal tendencies for the month of September are unfavorable. Reward/Risk tradeoffs still appear unattractive. It seems more appropriate than ever 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
7.14% , SLV , Silver Trust iS, SLV
4.42% , HSY , HERSHEY FOODS
6.04% , USO , Oil, Crude, U.S. Oil Fund, USO
3.46% , DBC , Commodity Tracking, DBC
4.31% , MYY , Short 100% MidCap 400, MYY
3.72% , GLD , Gold Shares S.T., GLD
1.11% , HMA , HEALTH MGMT STK A
3.32% , IAU , Gold COMEX iS, IAU
0.13% , SAF , SAFECO
0.64% , PXJ , Oil & Gas, PXJ
0.06% , PJP , Pharmaceuticals, PJP
2.19% , WPI , WATSON PHARM
1.86% , NE , NOBLE
0.71% , HES , AMERADA HESS
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-6.41% , RPV , Value S&P 500, RPV
-4.20% , IAH , Internet Architecture H, IAH
-4.30% , IYC , Consumer Cyclical DJ, IYC
-3.86% , IGN , Networking, IGN
-2.05% , IWZ , Growth LargeCap Russell 3000, IWZ
-6.13% , PEJ , Leisure & Entertainment, PEJ
-2.33% , VPU , Utilities VIPERs, VPU
-3.27% , FDV , Value 40 Large Low P/E FT DB, FDV
-5.68% , JKL , Value SmallCap iS M, JKL
-5.00% , VOX , Telecom Services VIPERs, VOX
-3.73% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
-4.00% , VO , MidCap VIPERs, VO
-2.58% , PUI , Utilities, PUI
-3.01% , VIS , Industrials VIPERs, VIS
-3.80% , JKJ , SmallCap Core iS M, JKJ
-3.90% , TTH , Telecom H, TTH
-7.77% , MVV , Ultra MidCap400 Double, MVV
-2.00% , IDU , Utilities DJ, IDU
-3.14% , JKK , Growth SmallCap iS M, JKK
-2.70% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-7.47% , RWR , REIT Wilshire, RWR
-2.55% , KLD , LargeCap Blend Socially Responsible iS, KLD
-3.61% , VGT , Info Tech VIPERs, VGT
-3.29% , FPX , IPOs, First Tr IPOX-100, FPX
-2.35% , VDC , Consumer Staples VIPERs, VDC
-2.36% , EFG , Growth EAFE MSCI, EFG
-1.08% , VHT , Health Care VIPERs, VHT
-2.90% , PSI , Semiconductors, PSI
-2.36% , PWT , Growth SmallCap Dynamic PS, PWT
-3.80% , EWK , Belgium Index, EWK
-2.83% , PIV , Value Line Timeliness MidCap Gr, PIV
-3.16% , EWQ , France Index, EWQ
-3.95% , IWW , Value LargeCap Russell 3000, IWW
-2.64% , ADRA , Asia 50 BLDRS, ADRA
-2.57% , PSJ , Software, PSJ
-1.19% , VDE , Energy VIPERs, VDE
-2.54% , VAW , Materials VIPERs, VAW
-3.41% , JKD , LargeCap Blend Core iS M, JKD
-3.76% , IVE , Value S&P 500 B, IVE
-3.45% , VTI , Blend Total Market VIPERs, VTI
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-0.54% Consumer Staples SPDR, XLP
-1.28% Materials SPDR, XLB
-1.75% Energy SPDR, XLE
-2.38% Health Care SPDR, XLV
-2.49% Utilities SPDR, XLU
-2.59% Technology SPDR, XLK
-2.66% Industrial SPDR, XLI
-4.11% Consumer Discretionary SPDR, XLY
-8.18% 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 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 9/17/08, the XLV/SPY Relative Strength Ratio moved up to a new 3-year high, confirming a long-term uptrend.
Materials (XLB) Bearish, Underweight. On 9/18/08, the XLB absolute price hit a new 8-month intraday low, indicating significant trend weakness.
Energy (XLE) Bearish, Underweight. On 9/16/08, the XLE absolute price fell to a new 8-month intraday low, indicating significant trend weakness.
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.
Industrial (XLI) Bearish, Underweight. On 9/18/08, the XLI absolute price hit a new 2-year intraday low, indicating long-term trend weakness. On 9/22/08, the XLI/SPY Relative Strength Ratio broke down to a new 6-month low.
Utilities (XLU) Bearish, Underweight. On 9/17/08, the XLU absolute price fell to a new 2-year low, indicating long-term trend weakness. On 9/22/08, the XLU/SPY Relative Strength Ratio broke down to a new 6-month low.
Technology (XLK) Bearish, Underweight. On 9/17/08, the XLK absolute price fell to a new 3-year low, indicating long-term trend weakness.
Financial (XLF) Bearish, Underweight. On 9/19/08, the XLF absolute price hit a new 3-month intraday high, reflecting dramatic government intervention. On 9/18/08, the XLF absolute price hit a new 2-month intraday low, indicating intermediate-term trend weakness. With the rules changing day by day, trading these stocks would seem to be extraordinarily risky.
Foreign stock index EFA Relative Strength Ratio fell to a new 34-month low on 9/17/08 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 9/18/08, absolute price broke down to another new 2-year intraday low, indicating long-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 2-year intraday low on 9/18/08.
Growth Stock/Value Stock Relative Strength Ratio fell to a new 5-month low on 9/19/08. The short-term trend appears relatively weak. 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 jumped up to a 21-year high on 9/19/08, confirming a major uptrend. The long-term trend has been Bullish most of the time since 4/8/99.
Crude Oil Futures November contract price rose 6.62 to 107.37. There appears to be some upside momentum for the short-term, but there could be resistance in the 110-120 zone. The intermediate-term trend remains 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 underperformed Crude Oil since 9/16/08.
Gold futures contract price rose to its highest closing price in 7 weeks. Gold is a safe haven in times of great uncertainty. I guess it might trade opposite to the broad-based stock indexes. 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 fell again, breaking below the lows of the previous 4 weeks. Bonds broke their short-term uptrend but already appear oversold. 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 $ InvestGrade Corp Bond (LQD) ETF recovered somewhat over the past 3 trading days, but all trends remain Bearish. On 9/17/08, 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 had a 2-day bounce but trends remain relatively weak. On 9/19/08, TIP/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. This implies that Bond investors may be anticipating deflation.
The U.S. dollar fell steeply to its lowest level in 6 weeks. On Friday, 9/18/08, the dollar broke down below the lows of the previous 3 weeks. The short-term trend appears to be vulnerable to further downside action.
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 37.9% Bulls versus 43.7% Bears as of 9/17/2008, according to the weekly Investors Intelligence survey of stock market newsletteradvisors. The Bull/Bear ratio fell to 0.87, down from 0.92 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 33.85, has moderated somewhat from its recent peak of 36.22 on 9/17/08, which was the highest level of Fear since 10/11/02. 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 35.46, has moderated somewhat from its recent peak of 35.88 on 9/17/08, which was the highest level of Fear since 4/14/03. 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 0.72, which indicates slightly 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 1.36, which indicates slightly 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 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 9/17/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 22-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 (1,207.09):
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
1,274.42 high of 9/8/2008
1,255.09 high of 9/12/2008
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 (1,207.09):
Potential Support
1,133.50, low of 9/18/2008
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
7.14% Silver Trust iS, SLV
6.82% Short 200% QQQ PS, QID
6.79% Short 200% MidCap 400 PS, MZZ
6.04% Oil, Crude, U.S. Oil Fund, USO
5.58% Short 200% Dow 30 PS, DXD
4.73% Short 200% S&P 500 PS, SDS
4.31% Short 100% MidCap 400, MYY
3.72% Gold Shares S.T., GLD
3.46% Commodity Tracking, DBC
3.16% Short 100% S&P 500, SH
3.09% Short 100% QQQ, PSQ
2.88% Short 100% Dow 30, DOG
1.74% Australia Index, EWA
0.64% Oil & Gas, PXJ
0.59% Bond, Corp, LQD
0.48% Energy Exploration & Prod, PXE
0.41% Canada Index, EWC
0.39% Pacific ex-Japan, EPP
0.37% Hardware & Electronics, PHW
0.35% Bond, TIPS, TIP
0.12% South Africa Index, EZA
0.07% Bond, 1-3 Year Treasury, SHY
0.06% Pharmaceuticals, PJP
-0.01% Bond, 20+ Years Treasury, TLT
-0.10% Oil Services H, OIH
-0.21% Bond, 10 Year Treasury, IEF
-0.23% Austria Index, EWO
-0.41% Energy Global, IXC
-0.54% Consumer Staples SPDR, XLP
-0.55% Brazil Index, EWZ
-0.82% Biotech H, BBH
-0.92% Software H, SWH
-1.06% Natural Resource iS GS, IGE
-1.08% Health Care VIPERs, VHT
-1.19% Energy VIPERs, VDE
-1.22% Global Titans, DGT
-1.28% Materials SPDR, XLB
-1.53% LargeCap Blend S&P 100, OEF
-1.53% Energy DJ, IYE
-1.55% Aerospace & Defense, PPA
-1.56% Bond, Aggregate, AGG
-1.61% European VIPERs, VGK
-1.70% Europe 100 BLDRS, ADRU
-1.75% Energy SPDR, XLE
-1.76% Dividend SPDR, SDY
-1.81% Pharmaceutical H, PPH
-1.83% Pacific VIPERs, VPL
-1.83% Italy Index, EWI
-1.99% Biotech & Genome, PBE
-2.00% Utilities DJ, IDU
-2.05% Europe 350 S&P Index, IEV
-2.05% Growth LargeCap Russell 3000, IWZ
-2.10% Switzerland Index, EWL
-2.13% Mexico Index, EWW
-2.16% Growth S&P 500/BARRA, IVW
-2.18% Metals & Mining SPDR, XME
-2.26% S&P 500 SPDRs LargeCap Blend, SPY
-2.31% Developed 100 BLDRS, ADRD
-2.32% Utilities H, UTH
-2.32% Growth Mid Cap Dynamic PS, PWJ
-2.33% Utilities VIPERs, VPU
-2.35% Consumer Staples VIPERs, VDC
-2.36% Growth EAFE MSCI, EFG
-2.36% Food & Beverage, PBJ
-2.36% Growth SmallCap Dynamic PS, PWT
-2.37% Malaysia Index, EWM
-2.38% Health Care SPDR, XLV
-2.45% Germany Index, EWG
-2.47% Spain Index, EWP
-2.49% Utilities SPDR, XLU
-2.53% Growth 1000 Russell, IWF
-2.54% Materials VIPERs, VAW
-2.55% LargeCap Blend Socially Responsible iS, KLD
-2.57% Software, PSJ
-2.57% Growth Large Cap, ELG
-2.58% Utilities, PUI
-2.59% United Kingdom Index, EWU
-2.59% Technology SPDR, XLK
-2.60% Growth LargeCap iS M, JKE
-2.60% LargeCap Rydex Rus Top 50, XLG
-2.64% Asia 50 BLDRS, ADRA
-2.64% LargeCap Blend NYSE Composite iS, NYC
-2.66% Industrial SPDR, XLI
-2.70% Japan LargeCap Blend TOPIX 150, ITF
-2.70% DIAMONDS (DJIA), DIA
-2.71% Building & Construction, PKB
-2.73% SmallCap PS Zacks, PZJ
-2.75% Global 100, IOO
-2.75% Healthcare DJ, IYH
-2.76% Value Large Cap DJ, ELV
-2.76% Basic Materials DJ US, IYM
-2.83% Value Line Timeliness MidCap Gr, PIV
-2.84% WilderHill Clean Energy PS, PBW
-2.85% OTC Dynamic PS, PWO
-2.90% Semiconductors, PSI
-2.92% Emerging 50 BLDRS, ADRE
-2.95% SmallCap S&P 600, IJR
-2.95% Technology Global, IXN
-2.98% Insurance, PIC
-2.98% Biotechnology, IBB
-2.98% EMU Europe Index, EZU
-2.98% Value LargeCap NYSE 100 iS, NY
-3.01% Industrials VIPERs, VIS
-3.01% Latin Am 40, ILF
-3.02% Value EAFE MSCI, EFV
-3.04% LargeCap Blend Dynamic PS, PWC
-3.04% Growth VIPERs, VUG
-3.07% MidCap S&P 400 SPDRs, MDY
-3.07% Sweden Index, EWD
-3.08% Growth Small Cap DJ, DSG
-3.09% Telecommunications Global, IXP
-3.13% Capital Markets KWB ST, KCE
-3.14% Growth SmallCap iS M, JKK
-3.15% Value LargeCap Euro STOXX 50 DJ, FEU
-3.16% France Index, EWQ
-3.16% Biotech SPDR, XBI
-3.17% Growth BARRA Small Cap 600, IJT
-3.20% Euro STOXX 50, FEZ
-3.21% Industrial LargeCap Blend DJ US, IYJ
-3.25% Microcap Russell, IWC
-3.26% Growth MidCap S&P 400, RFG
-3.27% Growth S&P 500, RPG
-3.27% Value 40 Large Low P/E FT DB, FDV
-3.28% LargeCap Blend Total Market DJ, IYY
-3.29% IPOs, First Tr IPOX-100, FPX
-3.32% Growth SmallCap VIPERs, VBK
-3.33% Wilshire 5000 ST TM, TMW
-3.35% Micro Cap Zachs, PZI
-3.36% Growth MidCap 400 B, IJK
-3.41% Technology DJ US, IYW
-3.41% LargeCap Blend Core iS M, JKD
-3.41% EAFE Index, EFA
-3.41% Netherlands Index, EWN
-3.42% LargeCap 1000 R, IWB
-3.45% Japan Index, EWJ
-3.45% Blend Total Market VIPERs, VTI
-3.45% S&P 500 iS LargeCap Blend, IVV
-3.46% LargeCap VIPERs, VV
-3.51% LargeCap Blend S&P 1500 iS, ISI
-3.53% MidCap Growth iS M, JKH
-3.57% Technology GS, IGM
-3.57% Broadband H, BDH
-3.58% Dividend Appreciation Vipers, VIG
-3.60% Dividend Achievers PS, PFM
-3.61% MidCap S&P 400 iS, IJH
-3.61% Info Tech VIPERs, VGT
-3.62% LargeCap Blend Russell 3000, IWV
-3.64% Water Resources, PHO
-3.65% Small Cap VIPERs, VB
-3.66% Value LargeCap Dynamic PS, PWV
-3.68% Telecommunications & Wireless, PTE
-3.71% Lg Cap Growth PSD, PWB
-3.71% Growth SmallCap R 2000, IWO
-3.73% Growth LargeCap NASDAQ Fidelity, ONEQ
-3.76% Value S&P 500 B, IVE
-3.76% Dividend International, PID
-3.77% Value LargeCap iS M, JKF
-3.80% SmallCap Core iS M, JKJ
-3.80% Belgium Index, EWK
-3.80% Extended Mkt VIPERs, VXF
-3.84% Value VIPERs, VTV
-3.84% Dividend Growth PS, PHJ
-3.85% LargeCap Blend S&P=Weight R, RSP
-3.86% Networking, IGN
-3.87% Software, IGV
-3.89% Value MidCap Dynamic PS, PWP
-3.90% Telecom H, TTH
-3.94% Value LargeCap Fundamental RAFI 1000, PRF
-3.95% Value LargeCap Russell 3000, IWW
-4.00% MidCap VIPERs, VO
-4.03% MidCap Blend Core iS M, JKG
-4.05% Value 1000 Russell, IWD
-4.06% Singapore Index, EWS
-4.07% SmallCap Russell 2000, IWM
-4.07% Value SmallCap Dynamic PS, PWY
-4.11% Consumer Discretionary SPDR, XLY
-4.12% Retail, PMR
-4.14% Networking, PXQ
-4.19% Nanotech Lux, PXN
-4.20% Internet Architecture H, IAH
-4.24% MidCap Russell, IWR
-4.25% Telecom DJ US, IYZ
-4.26% Value SmallCap S&P 600 B, IJS
-4.30% Taiwan Index, EWT
-4.30% Consumer Cyclical DJ, IYC
-4.37% Value Small Cap DJ, DSV
-4.43% Technology MS sT, MTK
-4.44% Value SmallCap S&P 600, RZV
-4.48% China LargeCap Growth G D H USX PS, PGJ
-4.49% Retail H, RTH
-4.54% Semiconductor iS GS, IGW
-4.57% Value SmallCap VIPERS, VBR
-4.64% Internet Infrastructure H, IIH
-4.71% Growth LargeCap NASDAQ 100, QQQQ
-4.74% Consumer D. VIPERs, VCR
-4.82% Ultra S&P500 Double, SSO
-4.93% Transportation Av DJ, IYT
-5.00% Value MidCap S&P 400 B, IJJ
-5.00% Telecom Services VIPERs, VOX
-5.01% Value MidCap iS M, JKI
-5.08% Hong Kong Index, EWH
-5.15% Growth MidCap Russell, IWP
-5.17% Value MidCap Russell, IWS
-5.17% Internet B2B H, BHH
-5.24% Dividend Leaders, FDL
-5.31% Value MidCap S&P 400, RFV
-5.39% Value SmallCap Russell 2000, IWN
-5.46% Semiconductor SPDR, XSD
-5.60% Financials VIPERs, VFH
-5.68% Value SmallCap iS M, JKL
-5.74% Semiconductor H, SMH
-5.82% South Korea Index, EWY
-5.86% Financials Global LargeCap Value, IXG
-6.03% Dividend DJ Select, DVY
-6.04% Financial DJ US, IYF
-6.06% Dividend High Yield Equity PS, PEY
-6.07% Financial Services DJ, IYG
-6.13% Leisure & Entertainment, PEJ
-6.25% China 25 iS, FXI
-6.31% Ultra Dow30 Double, DDM
-6.41% Value S&P 500, RPV
-6.42% Consumer Non-Cyclical, IYK
-6.49% Emerging VIPERs, VWO
-6.52% Emerging Markets, EEM
-6.91% Internet H, HHH
-7.47% REIT Wilshire, RWR
-7.56% Ultra QQQ Double, QLD
-7.77% Ultra MidCap400 Double, MVV
-8.18% Financial SPDR, XLF
-8.40% REIT VIPERs, VNQ
-8.75% Bank Regional H, RKH
-8.81% Real Estate US DJ, IYR
-9.16% Homebuilders SPDR, XHB
-9.48% Healthcare Global, IXJ
-9.81% Realty Cohen & Steers, ICF
