by Robert W. Colby, Senior Analyst, TraderPlanet.com
Stock Market: down again. Focus on capital preservation.
It has been an uncertain, high-risk tradingenvironment.
Look for more uncertainty and sudden changes in days ahead.
Volatility seems likely remain heightened, in both directions.
On Tuesday, major stocks indexes opened slightly lower, tried to rally a few times, but spent most of the day in the red. A final hour sell-off finished off stocks near the lowest levels of the day, and well into loss territory. The Standard & Poor’s 500 cash index (1,188.22) closed down 18.87 points, or 1.56%.
Total NYSE volume fell 3%, 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 financial stocks removes normal short-covering buying demand for stocks when prices fall. On Monday, nearly 100 stocks were added to the no-shorting list. Business as usual is suspended.
U.S. Treasury Secretary Paulson’s plan for biggest financial bailout in American history ran into opposition in the Senate Banking Committee on Tuesday. Here is the problem. Many financial institutions are now insolvent. If marked to market, which until today everyone agreed was only fair and proper, the so-called “toxic” assets that infect the balance sheets of these financial institutions has totally wiped out their shareholder equity, and creditors also are exposed to substantial losses. Hank Paulson’s solution is for the U.S. Treasury to pay face value (the “hold-to-maturity” price) for these assets, which is 3 or 4 times more than the actual market value for these “toxic” assets, which are worth less than 30 cents on the dollar, as determined by the free market. (Fed Chairman Bernanke tried to rename the free market price the “fire-sale price”, and he named the wished-for but highly inflated price that Paulson wants the Treasury to pay the “hold-to-maturity” price. This is reminiscent of the renaming the politically acceptable “inheritance tax” the “death tax”, which sounds scary and therefore politically unacceptable.) Several members of congress were quite vocal criticizing this plan as an unacceptable massive transfer of wealth from U.S. taxpayers to private corporations and their owners, a transfer of wealth from the poor to the rich. They cried “Moral Hazard”, as greedy financial institutions, who should have known better than to get into this mess in the first place, would get off scot-free while U.S. taxpayers are left to hold the bag. Look for more uncertainty and changes in days ahead.
Whatever happened to the Fed as the lender of last resort—rather than the buyer of last resort?
Uncertainties surrounding reports, rumors, speculation, and news about companies in the deeply troubled financial sector and the Treasury bailout plan 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
65.82% , FNM , FANNIE MAE
55.29% , FRE , FREDDIE MAC
5.72% , SSCC , Smurfit-Stone Container Corporation
2.96% , NCC , NATIONAL CITY
6.38% , HANS , Hansen Natural, HANS
4.67% , SDS , Short 200% S&P 500 PS, SDS
3.18% , LUV , SOUTHWEST AIRLS
2.40% , ABT , ABBOTT LABS
2.93% , GT , GOODYEAR TIRE
4.68% , UNM , UNUMPROVIDENT
0.60% , PSJ , Software, PSJ
3.66% , WFMI , Whole Foods Market Inc
1.61% , ICF , Realty Cohen & Steers, ICF
1.20% , IVGN , Invitrogen Corporation
1.07% , CPB , CAMPBELL SOUP
3.01% , DXD , Short 200% Dow 30 PS, DXD
3.60% , FMCN , Focus Media, FMCN
2.77% , MZZ , Short 200% MidCap 400 PS, MZZ
1.96% , QID , Short 200% QQQ PS, QID
0.56% , RHT , Red Hat Inc.
2.91% , HRB , H&R BLOCK
1.97% , SH , Short 100% S&P 500, SH
1.19% , UNP , UNION PACIFIC
2.18% , PSQ , Short 100% QQQ, PSQ
1.72% , IP , INTL PAPER
2.62% , ADM , ARCHER DANIELS
4.15% , S , SPRINT NEXTEL
2.68% , AET , AETNA
1.03% , ABC , AMERISOURCEBERGN
1.40% , TJX , TJX
1.53% , DYN , DYNEGY
0.67% , VNQ , REIT VIPERs, VNQ
0.13% , HHH , Internet H, HHH
0.58% , RWR , REIT Wilshire, RWR
1.34% , YHOO , YAHOO
0.64% , IYR , Real Estate US DJ, IYR
0.70% , INTC , INTEL
0.52% , MDT , MEDTRONIC
2.29% , GRMN , GARMIN LTD
0.54% , BDX , BECTON DICKINSON
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-2.33% , PXQ , Networking, PXQ
-2.75% , PHW , Hardware & Electronics, PHW
-8.82% , CC , CIRCUIT CITY STR
-7.54% , IGT , INTL GAME TECH
-6.88% , EZA , South Africa Index, EZA
-1.79% , NYC , LargeCap Blend NYSE Composite iS, NYC
-8.79% , APD , AIR PRODS & CHEM
-1.32% , PMR , Retail, PMR
-7.12% , BRCM , BROADCOM STK A
-12.44% , PTEN , Patterson-UTI Energy Inc
-7.16% , RFMD , RF Micro Devices Inc
-15.36% , CAR , Avis Budget Group, Inc. (CAR)
-4.63% , DHR , DANAHER
-1.71% , VXF , Extended Mkt VIPERs, VXF
-3.95% , ADRE , Emerging 50 BLDRS, ADRE
-2.03% , EWN , Netherlands Index, EWN
-1.54% , IOO , Global 100, IOO
-2.59% , IXC , Energy Global, IXC
-9.42% , NBR , NABORS
-4.75% , EMR , EMERSON ELECTRIC
-1.57% , PWO , OTC Dynamic PS, PWO
-2.85% , IYE , Energy DJ, IYE
-5.40% , XME , Metals & Mining SPDR, XME
-1.06% , BDH , Broadband H, BDH
-1.47% , JKG , MidCap Blend Core iS M, JKG
-4.52% , SSO , Ultra S&P500 Double, SSO
-5.16% , ETN , EATON
-1.96% , VBK , Growth SmallCap VIPERs, VBK
-6.33% , BJS , BJ SERVICES
-0.84% , JKI , Value MidCap iS M, JKI
-2.20% , XLI , Industrial SPDR, XLI
-3.59% , VAW , Materials VIPERs, VAW
-0.59% , IXN , Technology Global, IXN
-4.40% , HMA , HEALTH MGMT STK A
-2.05% , VB , Small Cap VIPERs, VB
-1.07% , MTK , Technology MS sT, MTK
-1.61% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
-6.83% , STT , STATE STREET
-1.58% , PIC , Insurance, PIC
-5.74% , MRO , MARATHON OIL
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-0.05% Technology SPDR, XLK
-0.29% Financial SPDR, XLF
-1.34% Consumer Staples SPDR, XLP
-1.42% Consumer Discretionary SPDR, XLY
-1.73% Utilities SPDR, XLU
-2.20% Industrial SPDR, XLI
-2.33% Materials SPDR, XLB
-2.37% Health Care SPDR, XLV
-3.30% Energy SPDR, XLE
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.
Technology (XLK) Bearish, Underweight. On 9/17/08, the XLK absolute price fell to a new 3-year low, indicating long-term trend weakness.
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.
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 fell 2.76 to 106.61. Oil hit 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 reversed to the downside. Gold is a safe haven in times of great stress. Gold seems likely to fluctuate inversely to the financial news and the broad-based stock indexes in days ahead. 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 consolidated with a narrow-range Inside Day. Bonds may be somewhat oversold for the short term. On 9/22/08, Bonds fell below the lows of the previous 4 weeks, breaking their short-term uptrend. 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 reversed to the downside, and 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 reversed to the downside, and all 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 recovered modestly but remains vulnerable to decline. On 9/22/08, the dollar fell steeply to its lowest level in 6 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 newsletter advisors. 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 35.72, approached 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 36.52, moved above 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 0.76, 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 1.16, 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 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 (1,188.22):
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 (1,188.22):
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
4.67% Short 200% S&P 500 PS, SDS
3.01% Short 200% Dow 30 PS, DXD
2.77% Short 200% MidCap 400 PS, MZZ
2.18% Short 100% QQQ, PSQ
1.97% Short 100% S&P 500, SH
1.96% Short 200% QQQ PS, QID
1.90% Short 100% Dow 30, DOG
1.61% Realty Cohen & Steers, ICF
1.32% Short 100% MidCap 400, MYY
0.67% REIT VIPERs, VNQ
0.64% Real Estate US DJ, IYR
0.60% Software, PSJ
0.58% REIT Wilshire, RWR
0.55% Internet Architecture H, IAH
0.36% Taiwan Index, EWT
0.35% Telecommunications & Wireless, PTE
0.13% Internet H, HHH
0.07% Bond, 1-3 Year Treasury, SHY
0.00% Bond, 10 Year Treasury, IEF
-0.05% Technology SPDR, XLK
-0.15% Value LargeCap Russell 3000, IWW
-0.15% Bond, Aggregate, AGG
-0.29% Financial SPDR, XLF
-0.31% Software, IGV
-0.34% South Korea Index, EWY
-0.35% Malaysia Index, EWM
-0.38% Bond, 20+ Years Treasury, TLT
-0.46% Healthcare DJ, IYH
-0.50% Growth S&P 500, RPG
-0.51% Utilities, PUI
-0.52% Semiconductor H, SMH
-0.53% Technology DJ US, IYW
-0.56% Wilshire 5000 ST TM, TMW
-0.56% Consumer Staples VIPERs, VDC
-0.57% Food & Beverage, PBJ
-0.59% Technology Global, IXN
-0.63% Biotech H, BBH
-0.64% Healthcare Global, IXJ
-0.66% Dividend Achievers PS, PFM
-0.69% Dividend Appreciation Vipers, VIG
-0.72% Retail H, RTH
-0.76% Utilities H, UTH
-0.76% Growth LargeCap NASDAQ 100, QQQQ
-0.76% Lg Cap Growth PSD, PWB
-0.79% Info Tech VIPERs, VGT
-0.80% Consumer Cyclical DJ, IYC
-0.84% Value MidCap iS M, JKI
-0.87% Japan LargeCap Blend TOPIX 150, ITF
-0.87% Software H, SWH
-0.89% Canada Index, EWC
-0.89% Microcap Russell, IWC
-0.91% Transportation Av DJ, IYT
-0.92% Japan Index, EWJ
-0.93% Technology GS, IGM
-0.94% Pharmaceutical H, PPH
-0.95% Value SmallCap VIPERS, VBR
-0.95% Value MidCap Dynamic PS, PWP
-0.96% Gold Shares S.T., GLD
-0.97% Value LargeCap Euro STOXX 50 DJ, FEU
-0.98% Pacific VIPERs, VPL
-0.98% SmallCap PS Zacks, PZJ
-0.98% Commodity Tracking, DBC
-1.00% Utilities VIPERs, VPU
-1.02% Value MidCap S&P 400 B, IJJ
-1.02% Bond, TIPS, TIP
-1.03% Growth LargeCap NASDAQ Fidelity, ONEQ
-1.03% Bond, Corp, LQD
-1.04% Biotech SPDR, XBI
-1.06% Broadband H, BDH
-1.07% Technology MS sT, MTK
-1.09% Australia Index, EWA
-1.09% Telecom H, TTH
-1.10% Italy Index, EWI
-1.12% Value SmallCap iS M, JKL
-1.13% Micro Cap Zachs, PZI
-1.13% Value S&P 500, RPV
-1.13% LargeCap Blend Core iS M, JKD
-1.15% Growth 1000 Russell, IWF
-1.17% Biotech & Genome, PBE
-1.17% Value 1000 Russell, IWD
-1.18% Pacific ex-Japan, EPP
-1.20% Growth EAFE MSCI, EFG
-1.20% Dividend High Yield Equity PS, PEY
-1.21% Spain Index, EWP
-1.21% Growth MidCap S&P 400, RFG
-1.21% IPOs, First Tr IPOX-100, FPX
-1.22% LargeCap Blend Russell 3000, IWV
-1.25% SmallCap S&P 600, IJR
-1.26% Value SmallCap S&P 600, RZV
-1.26% Financial DJ US, IYF
-1.27% Silver Trust iS, SLV
-1.29% Growth S&P 500/BARRA, IVW
-1.30% Growth MidCap 400 B, IJK
-1.30% Developed 100 BLDRS, ADRD
-1.31% Europe 100 BLDRS, ADRU
-1.31% Value SmallCap S&P 600 B, IJS
-1.32% LargeCap VIPERs, VV
-1.32% MidCap S&P 400 iS, IJH
-1.32% Retail, PMR
-1.32% LargeCap Rydex Rus Top 50, XLG
-1.33% SmallCap Russell 2000, IWM
-1.34% Utilities DJ, IDU
-1.34% Consumer Staples SPDR, XLP
-1.35% Value SmallCap Dynamic PS, PWY
-1.35% Aerospace & Defense, PPA
-1.36% Nanotech Lux, PXN
-1.37% Telecom DJ US, IYZ
-1.37% LargeCap Blend S&P 100, OEF
-1.41% MidCap Growth iS M, JKH
-1.41% Value Large Cap DJ, ELV
-1.41% EAFE Index, EFA
-1.41% MidCap VIPERs, VO
-1.42% Consumer Discretionary SPDR, XLY
-1.42% Semiconductors, PSI
-1.42% Value LargeCap Dynamic PS, PWV
-1.43% Financials VIPERs, VFH
-1.44% Global Titans, DGT
-1.45% Value VIPERs, VTV
-1.45% Internet B2B H, BHH
-1.47% MidCap Blend Core iS M, JKG
-1.47% Growth BARRA Small Cap 600, IJT
-1.48% Growth SmallCap R 2000, IWO
-1.48% Consumer D. VIPERs, VCR
-1.49% Growth VIPERs, VUG
-1.49% Value MidCap S&P 400, RFV
-1.50% Internet Infrastructure H, IIH
-1.52% Semiconductor iS GS, IGW
-1.53% Value Small Cap DJ, DSV
-1.54% Global 100, IOO
-1.54% LargeCap Blend S&P=Weight R, RSP
-1.55% Germany Index, EWG
-1.55% Growth MidCap Russell, IWP
-1.55% Dividend International, PID
-1.57% OTC Dynamic PS, PWO
-1.58% Insurance, PIC
-1.58% Dividend SPDR, SDY
-1.59% Euro STOXX 50, FEZ
-1.60% Value MidCap Russell, IWS
-1.60% LargeCap Blend Total Market DJ, IYY
-1.60% LargeCap 1000 R, IWB
-1.61% Value LargeCap Fundamental RAFI 1000, PRF
-1.65% Semiconductor SPDR, XSD
-1.66% Switzerland Index, EWL
-1.66% Asia 50 BLDRS, ADRA
-1.66% Value LargeCap NYSE 100 iS, NY
-1.66% SmallCap Core iS M, JKJ
-1.68% LargeCap Blend S&P 1500 iS, ISI
-1.69% Financial Services DJ, IYG
-1.69% Value Line Timeliness MidCap Gr, PIV
-1.70% Blend Total Market VIPERs, VTI
-1.70% Oil, Crude, U.S. Oil Fund, USO
-1.71% Extended Mkt VIPERs, VXF
-1.71% LargeCap Blend Dynamic PS, PWC
-1.71% Water Resources, PHO
-1.72% United Kingdom Index, EWU
-1.73% Utilities SPDR, XLU
-1.73% Value EAFE MSCI, EFV
-1.79% France Index, EWQ
-1.79% LargeCap Blend NYSE Composite iS, NYC
-1.80% S&P 500 iS LargeCap Blend, IVV
-1.80% Value S&P 500 B, IVE
-1.81% Telecom Services VIPERs, VOX
-1.81% DIAMONDS (DJIA), DIA
-1.83% Leisure & Entertainment, PEJ
-1.85% Sweden Index, EWD
-1.86% Health Care VIPERs, VHT
-1.87% MidCap Russell, IWR
-1.87% Consumer Non-Cyclical, IYK
-1.88% EMU Europe Index, EZU
-1.90% Value LargeCap iS M, JKF
-1.90% Growth LargeCap iS M, JKE
-1.90% Value 40 Large Low P/E FT DB, FDV
-1.91% Growth Large Cap, ELG
-1.91% Networking, IGN
-1.92% Singapore Index, EWS
-1.93% Capital Markets KWB ST, KCE
-1.93% Value SmallCap Russell 2000, IWN
-1.95% Dividend Leaders, FDL
-1.96% Growth SmallCap VIPERs, VBK
-1.96% Ultra QQQ Double, QLD
-2.03% Netherlands Index, EWN
-2.05% LargeCap Blend Socially Responsible iS, KLD
-2.05% Small Cap VIPERs, VB
-2.07% Growth Mid Cap Dynamic PS, PWJ
-2.07% Hong Kong Index, EWH
-2.07% Financials Global LargeCap Value, IXG
-2.08% Telecommunications Global, IXP
-2.08% Growth SmallCap iS M, JKK
-2.09% Growth Small Cap DJ, DSG
-2.09% Growth SmallCap Dynamic PS, PWT
-2.13% MidCap S&P 400 SPDRs, MDY
-2.18% Mexico Index, EWW
-2.20% Industrial SPDR, XLI
-2.28% S&P 500 SPDRs LargeCap Blend, SPY
-2.30% Dividend DJ Select, DVY
-2.30% Energy Exploration & Prod, PXE
-2.31% Dividend Growth PS, PHJ
-2.33% Materials SPDR, XLB
-2.33% Networking, PXQ
-2.35% Europe 350 S&P Index, IEV
-2.37% Industrial LargeCap Blend DJ US, IYJ
-2.37% Health Care SPDR, XLV
-2.38% China 25 iS, FXI
-2.40% Growth LargeCap Russell 3000, IWZ
-2.41% Natural Resource iS GS, IGE
-2.59% Energy Global, IXC
-2.60% Ultra MidCap400 Double, MVV
-2.63% Energy VIPERs, VDE
-2.68% Industrials VIPERs, VIS
-2.75% Bank Regional H, RKH
-2.75% Hardware & Electronics, PHW
-2.77% European VIPERs, VGK
-2.84% Building & Construction, PKB
-2.85% Energy DJ, IYE
-2.90% Belgium Index, EWK
-2.98% Biotechnology, IBB
-2.98% Pharmaceuticals, PJP
-3.11% Emerging Markets, EEM
-3.13% China LargeCap Growth G D H USX PS, PGJ
-3.16% WilderHill Clean Energy PS, PBW
-3.30% Energy SPDR, XLE
-3.33% Ultra Dow30 Double, DDM
-3.35% Emerging VIPERs, VWO
-3.59% Materials VIPERs, VAW
-3.83% Basic Materials DJ US, IYM
-3.95% Emerging 50 BLDRS, ADRE
-3.95% Austria Index, EWO
-4.02% Oil Services H, OIH
-4.23% Oil & Gas, PXJ
-4.52% Ultra S&P500 Double, SSO
-5.22% Homebuilders SPDR, XHB
-5.40% Metals & Mining SPDR, XME
-5.78% Latin Am 40, ILF
-6.39% Brazil Index, EWZ
-6.88% South Africa Index, EZA
