Daily Stock Market Commentary – 09/29/08

Stock Market: a high-risk trading environment.

The U.S. government is working overtime to find a way to rescue the financial system.

Government actions can produce unintended consequences.

With news pending, look for sudden changes in days ahead, perhaps in one direction, then in another.

Volatility seems likely to remain high, as the future could be full of surprises.

It remains an uncertain, high-risk trading environment.

Focus on capital preservation.

On Friday, major stocks indexes opened lower but soon attempted a recovery. Following a few ups and downs, stocks rallied in the final hour to close mixed, near their best levels of the day. Breadth was Bearish, however, as Advances trailed Declines. The Standard & Poor’s 500 cash index (1,213.27) closed up 4.09 points, or 0.34%.

Total NYSE volume fell 8% and was well below the previous week’s levels. Traders understandably may be reluctant to trade, not knowing how the rules of “free market capitalism” might change next. The banning of short sales on more than 900 stocks removes normal short-covering buying demand for stocks when prices fall. Business as usual is suspended, and traders naturally don’t like it.

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.

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
11.00% , JPM , J P MORGAN CHASE
10.22% , IGT , INTL GAME TECH
7.78% , LM , LEGG MASON
10.07% , SANM , SANMINA
4.41% , AXP , AMERICAN EXPRESS
0.99% , SWH , Software H, SWH
9.35% , WFC , WELLS FARGO
2.21% , WEN , WENDYS INTL
2.24% , XRAY , DENTSPLY International Inc
1.66% , XBI , Biotech SPDR, XBI
2.22% , BLL , BALL
0.77% , PWO , OTC Dynamic PS, PWO
0.68% , ELG , Growth Large Cap, ELG
1.56% , PFM , Dividend Achievers PS, PFM
0.22% , ELV , Value Large Cap DJ, ELV
4.43% , PNC , PNC FINL SVC
7.62% , MI , MARSHAL & ILSLEY
3.61% , KR , KROGER
4.58% , MTB , M&T BANK
3.19% , RKH , Bank Regional H, RKH
1.66% , LNC , LINCOLN NATL
3.91% , PHM , PULTE HOMES
1.78% , SHW , SHERWIN WILLIAMS
0.71% , IGV , Software, IGV
0.95% , IYC , Consumer Cyclical DJ, IYC
3.04% , NSC , NORFOLK SOUTHERN
3.11% , AET , AETNA
6.78% , BAC , BANK OF AMERICA
1.82% , MDP , MEREDITH
1.02% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
2.04% , DISH , EchoStar Communications Corporation
5.00% , KEY , KEYCORP
1.47% , STI , SUNTRUST BANKS
4.02% , CMCSA , COMCAST HOLDINGS STK A
2.74% , XLF , Financial SPDR, XLF
3.81% , C , CITIGROUP
2.33% , BC , BRUNSWICK
3.29% , APOL , APOLLO GROUP
6.24% , TDC , Teradata Corporation, TDC
0.37% , PID , Dividend International, PID

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-5.88% , IIH , Internet Infrastructure H, IIH
-25.65% , NCC , NATIONAL CITY
-27.01% , WB , WACHOVIA
-27.45% , RIMM , RESEARCH IN MOTION LTD
-1.26% , BDH , Broadband H, BDH
-9.85% , MRVL , MARVELL TECHNOLOGY
-23.06% , GNW , GENWORTH FINANCIAL (NYSE:GNW)
-11.40% , CIT , CIT GROUP
-6.08% , FHN , FIRST TENNESSEE
-1.00% , ADRU , Europe 100 BLDRS, ADRU
-9.84% , VC , VISTEON
-0.46% , PHW , Hardware & Electronics, PHW
-1.11% , RPG , Growth S&P 500, RPG
-0.69% , VPU , Utilities VIPERs, VPU
-6.79% , HES , AMERADA HESS
-4.73% , SLM , SLM CORP
-12.12% , SIRI , Sirius Satellite
-4.06% , CECO , CAREER EDUCATION CORP
-3.64% , AGN , ALLERGAN
-4.46% , MET , METLIFE
-4.83% , PX , PRAXAIR
-5.39% , CMI , CUMMINS
-1.49% , EWU , United Kingdom Index, EWU
-3.21% , PBW , WilderHill Clean Energy PS, PBW
-3.06% , NIHD , NII Holdings, Inc.
-8.67% , MS , MORGAN STANLEY
-6.70% , FCX , FREEPRT MCMORAN STK B
-0.64% , IAH , Internet Architecture H, IAH
-1.57% , ZMH , ZIMMER HLDGS
-1.62% , EWG , Germany Index, EWG
-2.65% , FAST , Fastenal Company
-2.29% , IGE , Natural Resource iS GS, IGE
-1.53% , PBI , PITNEY BOWES
-2.34% , PMTC.O , PARAMETRIC
-3.41% , F , FORD MOTOR
-2.70% , LQD , Bond, Corp, LQD
-0.76% , IWP , Growth MidCap Russell, IWP
-2.39% , XRX , XEROX
-1.31% , MTK , Technology MS sT, MTK
-2.65% , VAW , Materials VIPERs, VAW

Sectors: among the 9 major U.S. sectors, 4 rose and 5 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
2.74% Financial SPDR, XLF
1.00% Consumer Discretionary SPDR, XLY
0.48% Technology SPDR, XLK
0.03% Utilities SPDR, XLU
-0.19% Health Care SPDR, XLV
-0.36% Consumer Staples SPDR, XLP
-0.41% Industrial SPDR, XLI
-2.33% Materials SPDR, XLB
-2.66% 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.

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.

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

Technology (XLK) Bearish, Underweight. On 9/17/08, the XLK absolute price fell to a new 3-year low, indicating long-term trend weakness.

Materials (XLB) Bearish, Underweight. On 9/26/08, the XLB absolute price hit a new 8-month intraday low, indicating significant trend weakness.

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 9/24/08, the XLI/SPY Relative Strength Ratio broke down to a new 3-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 has underperformed the S&P 500 since 11/27/07. EFA absolute price fell to a new 34-month low on 9/17/08 and has been in a falling trend since 10/31/07. 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 eased lower since 9/19/08. The 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 FuturesNovember contract price fell modestly and still faces 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 5/30/07.

Gold futures contract price firmed moderately. 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 firmed moderately a day after hitting a new 6-week low and thereby confirming a short-term downtrend. 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 fell below the lows of the previous 5 trading days. 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 fell again, 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 fell slightly and remains vulnerable to further 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 37.5% Bulls versus 40.9% Bears as of 9/24/2008, according to the weekly Investors Intelligence survey of stock market newsletteradvisors. The Bull/Bear ratio was 0.92, and it was 0.92 the previous week. The Bull/Bear ratio 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 34.74, approached its recent peak of 36.22 set 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 36.85, broke out above its recent peak of 36.52 set on 9/23/08, 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 0.81, 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 1.12, 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 Dow-Jones Transportation Average turned back down. On 9/24/08, absolute price fell to a new 10-week low and closed below a trend line connecting the lows of January and July, 2008. This suggested intermediate-term trend weakness.

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 (1,213.27):

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 (1,213.27):

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

3.53% Financial Services DJ, IYG
3.31% Realty Cohen & Steers, ICF
3.19% Bank Regional H, RKH
3.09% REIT VIPERs, VNQ
3.08% Financials VIPERs, VFH
3.02% REIT Wilshire, RWR
2.93% Capital Markets KWB ST, KCE
2.74% Financial SPDR, XLF
2.19% Financial DJ US, IYF
2.08% Real Estate US DJ, IYR
1.82% Ultra Dow30 Double, DDM
1.77% Semiconductor H, SMH
1.66% Biotech SPDR, XBI
1.65% Dividend DJ Select, DVY
1.56% Dividend Achievers PS, PFM
1.53% Food & Beverage, PBJ
1.52% Retail H, RTH
1.48% Short 200% MidCap 400 PS, MZZ
1.44% LargeCap Blend S&P 100, OEF
1.36% Value LargeCap iS M, JKF
1.30% Financials Global LargeCap Value, IXG
1.27% Value SmallCap Dynamic PS, PWY
1.19% LargeCap Rydex Rus Top 50, XLG
1.17% Homebuilders SPDR, XHB
1.09% Biotech & Genome, PBE
1.06% Short 100% QQQ, PSQ
1.05% Semiconductors, PSI
1.05% Dividend SPDR, SDY
1.02% Value LargeCap Fundamental RAFI 1000, PRF
1.00% Consumer Discretionary SPDR, XLY
0.99% Software H, SWH
0.95% Consumer Cyclical DJ, IYC
0.92% Silver Trust iS, SLV
0.85% SmallCap S&P 600, IJR
0.80% DIAMONDS (DJIA), DIA
0.79% Short 100% MidCap 400, MYY
0.77% OTC Dynamic PS, PWO
0.73% Ultra S&P500 Double, SSO
0.72% Bond, 20+ Years Treasury, TLT
0.71% Software, IGV
0.68% Growth Large Cap, ELG
0.67% Value LargeCap NYSE 100 iS, NY
0.67% Biotech H, BBH
0.64% Healthcare Global, IXJ
0.63% Consumer Staples VIPERs, VDC
0.63% Consumer D. VIPERs, VCR
0.60% Dividend High Yield Equity PS, PEY
0.59% Value SmallCap Russell 2000, IWN
0.54% Semiconductor iS GS, IGW
0.53% Dividend Appreciation Vipers, VIG
0.53% Growth S&P 500/BARRA, IVW
0.53% Health Care VIPERs, VHT
0.49% Semiconductor SPDR, XSD
0.48% Value LargeCap Russell 3000, IWW
0.48% Technology SPDR, XLK
0.47% SmallCap Russell 2000, IWM
0.39% LargeCap Blend Core iS M, JKD
0.38% LargeCap Blend Socially Responsible iS, KLD
0.38% Retail, PMR
0.37% Value S&P 500 B, IVE
0.37% Dividend International, PID
0.37% LargeCap Blend Total Market DJ, IYY
0.37% Telecom H, TTH
0.34% Spain Index, EWP
0.34% Microcap Russell, IWC
0.34% LargeCap Blend Russell 3000, IWV
0.33% Dividend Leaders, FDL
0.32% Value 1000 Russell, IWD
0.31% Info Tech VIPERs, VGT
0.25% Healthcare DJ, IYH
0.25% Global 100, IOO
0.24% Growth LargeCap Russell 3000, IWZ
0.24% Software, PSJ
0.22% Value Large Cap DJ, ELV
0.22% Gold Shares S.T., GLD
0.20% LargeCap Blend S&P 1500 iS, ISI
0.19% Telecommunications Global, IXP
0.18% Short 200% QQQ PS, QID
0.17% Technology DJ US, IYW
0.17% S&P 500 iS LargeCap Blend, IVV
0.17% Value SmallCap S&P 600, RZV
0.15% LargeCap VIPERs, VV
0.14% Value MidCap Dynamic PS, PWP
0.12% Value SmallCap S&P 600 B, IJS
0.12% LargeCap Blend Dynamic PS, PWC
0.05% S&P 500 SPDRs LargeCap Blend, SPY
0.04% Growth BARRA Small Cap 600, IJT
0.04% Telecom Services VIPERs, VOX
0.03% Utilities SPDR, XLU
0.01% Short 100% S&P 500, SH
0.00% Value LargeCap Dynamic PS, PWV
0.00% Internet B2B H, BHH
0.00% Developed 100 BLDRS, ADRD
0.00% Bond, 1-3 Year Treasury, SHY
-0.02% Consumer Non-Cyclical, IYK
-0.02% Value VIPERs, VTV
-0.02% Japan LargeCap Blend TOPIX 150, ITF
-0.04% Transportation Av DJ, IYT
-0.04% Growth 1000 Russell, IWF
-0.05% Value MidCap S&P 400, RFV
-0.07% Bond, 10 Year Treasury, IEF
-0.08% Blend Total Market VIPERs, VTI
-0.10% Pharmaceutical H, PPH
-0.10% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.12% LargeCap Blend S&P=Weight R, RSP
-0.13% Value SmallCap VIPERS, VBR
-0.16% Value MidCap S&P 400 B, IJJ
-0.17% Aerospace & Defense, PPA
-0.17% Growth LargeCap iS M, JKE
-0.18% Short 200% S&P 500 PS, SDS
-0.19% Health Care SPDR, XLV
-0.21% Growth SmallCap Dynamic PS, PWT
-0.21% Bond, TIPS, TIP
-0.22% Value Small Cap DJ, DSV
-0.25% Wilshire 5000 ST TM, TMW
-0.29% Technology Global, IXN
-0.31% LargeCap Blend NYSE Composite iS, NYC
-0.32% Value MidCap Russell, IWS
-0.32% Growth SmallCap VIPERs, VBK
-0.32% Small Cap VIPERs, VB
-0.35% Lg Cap Growth PSD, PWB
-0.36% Consumer Staples SPDR, XLP
-0.38% Telecom DJ US, IYZ
-0.38% Technology GS, IGM
-0.41% Growth SmallCap R 2000, IWO
-0.41% Industrial SPDR, XLI
-0.43% Insurance, PIC
-0.44% LargeCap 1000 R, IWB
-0.44% Growth VIPERs, VUG
-0.45% Dividend Growth PS, PHJ
-0.45% Internet H, HHH
-0.46% Hardware & Electronics, PHW
-0.50% Value SmallCap iS M, JKL
-0.50% Industrial LargeCap Blend DJ US, IYJ
-0.50% Networking, PXQ
-0.50% Bond, Aggregate, AGG
-0.53% Industrials VIPERs, VIS
-0.54% Japan Index, EWJ
-0.55% MidCap Blend Core iS M, JKG
-0.55% Oil, Crude, U.S. Oil Fund, USO
-0.60% Pacific VIPERs, VPL
-0.60% Growth SmallCap iS M, JKK
-0.61% South Africa Index, EZA
-0.62% Value Line Timeliness MidCap Gr, PIV
-0.62% MidCap S&P 400 iS, IJH
-0.63% SmallCap Core iS M, JKJ
-0.64% Internet Architecture H, IAH
-0.64% Value EAFE MSCI, EFV
-0.65% Extended Mkt VIPERs, VXF
-0.66% Ultra QQQ Double, QLD
-0.69% Utilities VIPERs, VPU
-0.75% Utilities DJ, IDU
-0.76% Growth MidCap Russell, IWP
-0.78% Pacific ex-Japan, EPP
-0.79% Value MidCap iS M, JKI
-0.79% MidCap S&P 400 SPDRs, MDY
-0.80% Building & Construction, PKB
-0.80% Value S&P 500, RPV
-0.82% MidCap Russell, IWR
-0.83% Water Resources, PHO
-0.84% France Index, EWQ
-0.84% Italy Index, EWI
-0.87% MidCap Growth iS M, JKH
-0.88% Growth EAFE MSCI, EFG
-0.89% Euro STOXX 50, FEZ
-0.89% Utilities H, UTH
-0.89% MidCap VIPERs, VO
-0.91% Value LargeCap Euro STOXX 50 DJ, FEU
-0.93% Europe 350 S&P Index, IEV
-0.98% Telecommunications & Wireless, PTE
-1.00% Europe 100 BLDRS, ADRU
-1.01% Growth LargeCap NASDAQ 100, QQQQ
-1.02% EMU Europe Index, EZU
-1.04% Nanotech Lux, PXN
-1.06% EAFE Index, EFA
-1.07% Micro Cap Zachs, PZI
-1.09% Short 100% Dow 30, DOG
-1.11% Growth S&P 500, RPG
-1.17% Growth Mid Cap Dynamic PS, PWJ
-1.18% Commodity Tracking, DBC
-1.20% Mexico Index, EWW
-1.20% Switzerland Index, EWL
-1.21% Global Titans, DGT
-1.21% Growth MidCap 400 B, IJK
-1.24% Malaysia Index, EWM
-1.26% Broadband H, BDH
-1.27% Utilities, PUI
-1.28% European VIPERs, VGK
-1.31% Technology MS sT, MTK
-1.34% Value 40 Large Low P/E FT DB, FDV
-1.48% Emerging 50 BLDRS, ADRE
-1.49% Growth Small Cap DJ, DSG
-1.49% Hong Kong Index, EWH
-1.49% United Kingdom Index, EWU
-1.57% Energy DJ, IYE
-1.62% Germany Index, EWG
-1.64% Singapore Index, EWS
-1.65% Asia 50 BLDRS, ADRA
-1.68% Leisure & Entertainment, PEJ
-1.71% Energy VIPERs, VDE
-1.81% Pharmaceuticals, PJP
-1.81% Ultra MidCap400 Double, MVV
-1.87% Australia Index, EWA
-1.94% SmallCap PS Zacks, PZJ
-1.98% Networking, IGN
-2.04% Sweden Index, EWD
-2.13% Growth MidCap S&P 400, RFG
-2.22% Latin Am 40, ILF
-2.29% Natural Resource iS GS, IGE
-2.33% Materials SPDR, XLB
-2.36% Austria Index, EWO
-2.37% Short 200% Dow 30 PS, DXD
-2.38% IPOs, First Tr IPOX-100, FPX
-2.51% Energy Global, IXC
-2.65% Materials VIPERs, VAW
-2.66% Energy SPDR, XLE
-2.68% Brazil Index, EWZ
-2.70% Bond, Corp, LQD
-2.77% China 25 iS, FXI
-2.83% Emerging VIPERs, VWO
-2.89% Energy Exploration & Prod, PXE
-2.96% Netherlands Index, EWN
-3.09% Canada Index, EWC
-3.11% Oil & Gas, PXJ
-3.21% WilderHill Clean Energy PS, PBW
-3.32% Oil Services H, OIH
-3.40% Emerging Markets, EEM
-3.44% South Korea Index, EWY
-3.53% Taiwan Index, EWT
-3.75% Basic Materials DJ US, IYM
-4.28% Belgium Index, EWK
-4.42% China LargeCap Growth G D H USX PS, PGJ
-5.01% Metals & Mining SPDR, XME
-5.88% Internet Infrastructure H, IIH