by Robert W. Colby, Senior Analyst, TraderPlanet.com
Stock Market: consolidating losses.
Major stock price indexes turned back down again. Rally attempts appear unsustainable.
The pattern emerging over the past 7 trading days appears to be taking the form of a potential Pennant consolidation formation, which is a Continuation Pattern. The preexisting trend should continue.
The Primary Tide Trend has been clearly and consistently Bearish for more than a year, in my interpretation, and there is no visible end to it.
Focus on capital preservation.
On Tuesday, major stock price indexes opened lower, rallied, fell, rallied, and fell again during the final hour to close below the open and down on the day. The Standard & Poor’s 500 cash index (955.05) closed down 30.35 points, or 3.08%. Total NYSE volume fell 1%.
CATS will be covering short but not buying long on Wednesday’s open. CATS Simulated Cumulative Equity soared by 73% to new all-time highs from 9/8/08 to 10/17/08, assuming 50% margin and zero transaction costs. CATS is the Colby Algorithmic Timing System. (Click here for a graph of simulated performance.)
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
5.47% , DGX , QUEST DIAG
9.34% , COH , COACH
12.42% , KEY , KEYCORP
8.38% , AXP , AMERICAN EXPRESS
9.92% , QID , Short 200% QQQ PS, QID
3.38% , MTB , M&T BANK
4.40% , MMM , 3M
5.40% , STLD , Steel Dynamics, STLD
1.08% , PZJ , SmallCap PS Zacks, PZJ
6.11% , RF , REGIONS FINAN
4.95% , HBAN , HUNTINGTON
2.34% , GENZ , GENZYME GEN
2.40% , NCC , NATIONAL CITY
3.15% , CVS , CVS
1.55% , BJS , BJ SERVICES
2.28% , MYY , Short 100% MidCap 400, MYY
1.71% , KSS , KOHLS
2.18% , MS , MORGAN STANLEY
1.64% , CCE , COCA COLA ENTER
1.28% , PIC , Insurance, PIC
2.15% , SLV , Silver Trust iS, SLV
2.10% , JWN , NORDSTROM
0.40% , PLL , PALL
0.59% , PBG , PEPSI BOTTLING
0.80% , ABC , AMERISOURCEBERGN
1.55% , BIG , BIG LOTS
2.14% , FDO , FAMILY DLR STRS
0.64% , SUN , SUNOCO
3.64% , CMA , COMERICA
0.99% , LQD , Bond, Corp, LQD
0.12% , KG , KING PHARM
0.23% , KR , KROGER
0.16% , FITB , FIFTH THIRD BANC
2.36% , SNDK , SanDisk Corporation
0.64% , URBN , Urban Outfitters Inc.
0.88% , AGG , Bond, Aggregate, AGG
0.33% , WB , WACHOVIA
0.22% , CI , CIGNA
5.60% , SDS , Short 200% S&P 500 PS, SDS
0.61% , BNI , BURLINGTON NORTH
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-34.00% , CAR , Avis Budget Group, Inc. (CAR)
-3.13% , PKB , Building & Construction, PKB
-7.05% , EWK , Belgium Index, EWK
-12.77% , GNTX , Gentex Corporation
-5.66% , DDS , DILLARD STK A
-5.22% , IXN , Technology Global, IXN
-14.78% , TXT , TEXTRON
-11.31% , LXK , LEXMARK INTL STK A
-8.84% , WFMI , Whole Foods Market Inc
-4.77% , HHH , Internet H, HHH
-0.63% , RFV , Value MidCap S&P 400, RFV
-21.37% , VC , VISTEON
-10.51% , PCAR , PACCAR
-6.96% , TBH , Telebras HOLDRS, TBH*
-7.95% , IIH , Internet Infrastructure H, IIH
-5.30% , VGT , Info Tech VIPERs, VGT
-5.47% , EWC , Canada Index, EWC
-9.69% , LMT , LOCKHEED MARTIN
-4.23% , IAH , Internet Architecture H, IAH
-13.58% , PLD , PROLOGIS TRUST
-4.44% , HPC , HERCULES
-4.21% , PID , Dividend International, PID
-6.68% , EWD , Sweden Index, EWD
-11.43% , BHH , Internet B2B H, BHH
-7.99% , GD , GENERAL DYNAMICS
-2.30% , PWC , LargeCap Blend Dynamic PS, PWC
-11.76% , TLAB , TELLABS
-0.59% , RFG , Growth MidCap S&P 400, RFG
-5.11% , RFMD , RF Micro Devices Inc
-3.43% , PHO , Water Resources, PHO
-4.29% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
-2.11% , JKD , LargeCap Blend Core iS M, JKD
-7.52% , OMC , OMNICOM
-14.02% , FRE , FREDDIE MAC
-4.48% , IXC , Energy Global, IXC
-5.48% , CMI , CUMMINS
-6.28% , TXN , TEXAS INSTRUMENT
-8.44% , APD , AIR PRODS & CHEM
-2.50% , ELG , Growth Large Cap, ELG
-3.18% , IWV , LargeCap Blend Russell 3000, IWV
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-0.29% Health Care SPDR, XLV
-0.89% Industrial SPDR, XLI
-0.94% Consumer Staples SPDR, XLP
-1.12% Consumer Discretionary SPDR, XLY
-3.04% Financial SPDR, XLF
-3.16% Utilities SPDR, XLU
-4.21% Materials SPDR, XLB
-4.54% Energy SPDR, XLE
-5.23% Technology SPDR, XLK
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 10/10/08, XLP/SPY Relative Strength Ratio rose to another new 5-year high, but XLP absolute price fell to a new 2-year low. XLP is the best of a bad lot.
Health Care (XLV) Neutral, Market Weight. On 10/21/08, XLV/SPY Relative Strength Ratio rose to another new 4-year high. But on 10/10/08, XLV absolute price fell to a new 5-year low.
Utilities (XLU) Bearish, Underweight. On 10/10/08, the XLU absolute price fell to another new 2-year low.
Consumer Discretionary (XLY) Bearish, Underweight. On 10/10/08, XLY absolute price fell to its lowest level in 5 years.
Technology (XLK) Bearish, Underweight. On 10/10/08, the XLK absolute price fell to another new 41-month low.
Industrial (XLI) Bearish, Underweight. On 10/10/08, the XLI absolute price hit another new 58-month low.
Energy (XLE) Bearish, Underweight. On 10/10/08, the XLE absolute price hit another new 18-month intraday low.
Materials (XLB) Bearish, Underweight. On 10/16/08, the XLB absolute price made another new 26-month intraday low.
Financial (XLF) Bearish, Underweight. On 10/10/08, the XLF absolute price hit another new 10-year low. The XLF long-term trend of relative strength has been trending down since 2/20/07.
Foreign stock index EFA Relative Strength Ratio has sharply underperformed the S&P 500 since 11/27/07. EFA absolute price fell to a new 4-year low on 10/10/08 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 10/10/08, the absolute price made another new 5-year low, reconfirming long-term trend weakness.
NASDAQ 100 Index intraday price hit a new 5-year low on 10/16/08.
Growth Stock/Value Stock Relative Strength Ratio has been trending down since it peaked on 7/15/08.
The Small Cap/Large Cap Relative Strength Ratio has been trending down since it peaked on 9/19/08.
Crude Oil futures November contract price turned down again and remains Bearish. On 10/16/08, oil hit a new 12-month low of 68.57. 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 underperformed Crude Oil since 5/30/07.
Gold futures contract price broke down below previous 5-week lows and remains Bearish. Gold is in a short-term downtrend and 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 broke out above the highs of the previous 5 trading days. Bonds could be turning upward for the short term and possibly for the intermediate-term. Long term, Bonds have been in a neutral sideways trend since June 2003.
iShares iBoxx $ Invest Grade Corp Bond (LQD) ETF absolute price and LQD/TLT Relative Strength Ratio both fell to multi-year new lows on 10/10/08. All trends remain Bearish. Bond investors appear to be seriously concerned about the economic outlook.
iShares Lehman TIPS Bond (TIP) ETF absolute price hit a new 15-month closing price low on 10/10/08, implying deflation. All trends remain Bearish.
The U.S. dollar jumped up to a new 20-month high. Most trends remain Bullish, except perhaps for the secular, which is more than one major cycle.
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 record high levels of volatility. Investors might be wise to focus on risk control.
Sentiment/Contrary Opinion: There were 22.4% Bulls versus 52.9% Bears as of 10/15/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.42, down from 0.48 the previous week. This is an extreme level of pessimism. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47. Contrary Opinion must be tempered with other timing tools, of course.
VIX Fear Index, now at 53.11, has backed down from its 18-year high of 70.33 set on 10/17/08. 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 60.07, has backed down from its 7-year high of 72.93 set on 10/15/08. 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 0.77, which indicates moderately 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 1.27, which indicates moderately 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 reconfirmed a Primary Tide Bear Market on 10/9/08, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their lowest closing prices of March through September, 2008. These two Averages originally confirmed a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
Shock and Fear. There is nothing new under the sun. The Dow Theory described this type of market many decades ago. From my book, The Encyclopedia of Technical Market Indicators , Second Edition : “The second Bear phase is marked by a sudden mood change, from optimism and hope to shock and fear. One day, the public wakes up and sees, much to its surprise, that “the emperor has no clothes”. Actual fundamental business conditions are not panning out to be as positive as previously hoped. In fact, there may be a little problem. The smart money is long gone, and there is no one left to buy when the public wants out. Stock prices drop steeply in a vacuum. Fear quickly replaces greed. Repeated waves of panic may sweep the market. Transactional volume swells as the unsophisticated investor screams, “Get me out at any price!” Sharp professional traders are willing to bid way down in price for stocks when prices drop too far too fast. The best that can be expected, however, is a dead-cat bounce that recovers only a fraction of the steep loss.”
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 10/10/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 24-month lows, reconfirming that the 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 (955.05):
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
1,220.03, high of 9/25/2008
1,077.08, Fibonacci 61.8% of 2002-2007 upmove
1,044.91, high of 10/14/2008
970.50, Gann 75.0% of 2002-2007 upmove
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 (955.05):
Potential Support
941.43, Fibonacci 78.6% of 2002-2007 upmove
839.80, low of 10/10/2008
768.63, low of 10/10/2002
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
9.92% Short 200% QQQ PS, QID
5.60% Short 200% S&P 500 PS, SDS
5.57% Short 100% QQQ, PSQ
5.34% Short 200% MidCap 400 PS, MZZ
4.72% Short 200% Dow 30 PS, DXD
3.37% Short 100% S&P 500, SH
2.85% Short 100% Dow 30, DOG
2.28% Short 100% MidCap 400, MYY
2.15% Silver Trust iS, SLV
1.28% Insurance, PIC
1.08% SmallCap PS Zacks, PZJ
1.06% Bond, 10 Year Treasury, IEF
0.99% Bond, Corp, LQD
0.92% Dividend Growth PS, PHJ
0.88% Bond, Aggregate, AGG
0.53% Bond, 20+ Years Treasury, TLT
0.20% Bond, 1-3 Year Treasury, SHY
0.20% Retail, PMR
0.16% Bond, TIPS, TIP
0.08% Pharmaceuticals, PJP
0.00% Hardware & Electronics, PHW
-0.02% Value S&P 500, RPV
-0.04% Value Small Cap DJ, DSV
-0.07% Biotech & Genome, PBE
-0.09% Leisure & Entertainment, PEJ
-0.26% Growth SmallCap Dynamic PS, PWT
-0.26% Value MidCap iS M, JKI
-0.29% Dividend Leaders, FDL
-0.29% Health Care SPDR, XLV
-0.38% Bank Regional H, RKH
-0.59% Growth MidCap S&P 400, RFG
-0.63% Value MidCap S&P 400, RFV
-0.79% Healthcare DJ, IYH
-0.82% Dividend Achievers PS, PFM
-0.83% IPOs, First Tr IPOX-100, FPX
-0.88% Value SmallCap Dynamic PS, PWY
-0.89% Industrial SPDR, XLI
-0.91% Value SmallCap S&P 600, RZV
-0.94% Consumer Staples SPDR, XLP
-1.01% Dividend SPDR, SDY
-1.03% Biotech H, BBH
-1.07% Biotech SPDR, XBI
-1.08% Value LargeCap NYSE 100 iS, NY
-1.10% Nanotech Lux, PXN
-1.12% Consumer Discretionary SPDR, XLY
-1.29% Health Care VIPERs, VHT
-1.36% OTC Dynamic PS, PWO
-1.38% Value MidCap Dynamic PS, PWP
-1.39% Value Line Timeliness MidCap Gr, PIV
-1.40% Pharmaceutical H, PPH
-1.42% Consumer Staples VIPERs, VDC
-1.43% Financial Services DJ, IYG
-1.53% Japan LargeCap Blend TOPIX 150, ITF
-1.62% Retail H, RTH
-1.69% Financials VIPERs, VFH
-1.73% Value 40 Large Low P/E FT DB, FDV
-1.76% Food & Beverage, PBJ
-1.77% Semiconductors, PSI
-1.79% Financial DJ US, IYF
-1.79% SmallCap Core iS M, JKJ
-1.82% Telecommunications & Wireless, PTE
-1.91% Consumer Cyclical DJ, IYC
-1.94% Utilities, PUI
-1.99% LargeCap Blend Socially Responsible iS, KLD
-2.01% Transportation Av DJ, IYT
-2.03% SmallCap S&P 600, IJR
-2.03% Value SmallCap iS M, JKL
-2.05% Value Large Cap DJ, ELV
-2.10% Consumer Non-Cyclical, IYK
-2.11% LargeCap Blend Core iS M, JKD
-2.30% LargeCap Blend Dynamic PS, PWC
-2.33% Value LargeCap Russell 3000, IWW
-2.34% Dividend High Yield Equity PS, PEY
-2.34% Value 1000 Russell, IWD
-2.35% Industrials VIPERs, VIS
-2.35% Industrial LargeCap Blend DJ US, IYJ
-2.37% Microcap Russell, IWC
-2.39% Growth LargeCap iS M, JKE
-2.40% Growth SmallCap iS M, JKK
-2.41% Dividend Appreciation Vipers, VIG
-2.41% Micro Cap Zachs, PZI
-2.43% Value MidCap S&P 400 B, IJJ
-2.43% Value VIPERs, VTV
-2.43% Extended Mkt VIPERs, VXF
-2.47% MidCap S&P 400 SPDRs, MDY
-2.48% Small Cap VIPERs, VB
-2.50% Growth Large Cap, ELG
-2.52% Dividend DJ Select, DVY
-2.55% Value LargeCap Dynamic PS, PWV
-2.59% LargeCap Blend Total Market DJ, IYY
-2.61% Value S&P 500 B, IVE
-2.61% Value SmallCap VIPERS, VBR
-2.64% Oil Services H, OIH
-2.65% Value LargeCap Fundamental RAFI 1000, PRF
-2.67% Software, PSJ
-2.67% Capital Markets KWB ST, KCE
-2.75% MidCap S&P 400 iS, IJH
-2.76% SmallCap Russell 2000, IWM
-2.76% Value MidCap Russell, IWS
-2.77% LargeCap Blend S&P 100, OEF
-2.80% Value LargeCap iS M, JKF
-2.82% Value SmallCap S&P 600 B, IJS
-2.83% Healthcare Global, IXJ
-2.85% Growth MidCap 400 B, IJK
-2.85% Growth S&P 500, RPG
-2.87% India Earnings WTree, EPI
-2.87% Growth BARRA Small Cap 600, IJT
-2.90% Growth Small Cap DJ, DSG
-2.92% Value SmallCap Russell 2000, IWN
-2.94% Consumer D. VIPERs, VCR
-2.97% Switzerland Index, EWL
-2.99% S&P 500 SPDRs LargeCap Blend, SPY
-3.00% LargeCap VIPERs, VV
-3.02% Blend Total Market VIPERs, VTI
-3.03% Austria Index, EWO
-3.04% LargeCap 1000 R, IWB
-3.04% Financial SPDR, XLF
-3.04% Growth Mid Cap Dynamic PS, PWJ
-3.07% LargeCap Blend S&P 1500 iS, ISI
-3.09% Growth SmallCap VIPERs, VBK
-3.09% Telecom Services VIPERs, VOX
-3.09% MidCap Growth iS M, JKH
-3.09% Growth SmallCap R 2000, IWO
-3.11% DIAMONDS (DJIA), DIA
-3.12% Global Titans, DGT
-3.13% Building & Construction, PKB
-3.14% MidCap VIPERs, VO
-3.14% LargeCap Rydex Rus Top 50, XLG
-3.14% Malaysia Index, EWM
-3.15% Gold Shares S.T., GLD
-3.15% Metals & Mining SPDR, XME
-3.16% Utilities SPDR, XLU
-3.18% LargeCap Blend Russell 3000, IWV
-3.20% Asia 50 BLDRS, ADRA
-3.22% REIT Wilshire, RWR
-3.22% S&P 500 iS LargeCap Blend, IVV
-3.23% Telecom DJ US, IYZ
-3.26% Oil & Gas, PXJ
-3.29% Utilities DJ, IDU
-3.30% Growth 1000 Russell, IWF
-3.31% Wilshire 5000 ST TM, TMW
-3.31% MidCap Blend Core iS M, JKG
-3.33% Growth VIPERs, VUG
-3.34% Realty Cohen & Steers, ICF
-3.35% Utilities VIPERs, VPU
-3.39% Growth S&P 500/BARRA, IVW
-3.42% REIT VIPERs, VNQ
-3.43% Water Resources, PHO
-3.44% LargeCap Blend S&P=Weight R, RSP
-3.45% Real Estate US DJ, IYR
-3.58% Commodity Tracking, DBC
-3.61% Japan Index, EWJ
-3.62% Technology MS sT, MTK
-3.76% Financials Global LargeCap Value, IXG
-3.77% MidCap Russell, IWR
-3.79% Growth LargeCap Russell 3000, IWZ
-3.84% Pacific VIPERs, VPL
-3.90% Telecom H, TTH
-3.92% Energy Exploration & Prod, PXE
-3.98% LargeCap Blend NYSE Composite iS, NYC
-3.98% Energy DJ, IYE
-4.06% Lg Cap Growth PSD, PWB
-4.09% Utilities H, UTH
-4.11% Networking, PXQ
-4.13% Growth MidCap Russell, IWP
-4.15% Aerospace & Defense, PPA
-4.20% Energy VIPERs, VDE
-4.21% Semiconductor H, SMH
-4.21% Dividend International, PID
-4.21% Materials SPDR, XLB
-4.22% Semiconductor SPDR, XSD
-4.23% Internet Architecture H, IAH
-4.29% Growth LargeCap NASDAQ Fidelity, ONEQ
-4.30% Homebuilders SPDR, XHB
-4.30% Global 100, IOO
-4.42% Netherlands Index, EWN
-4.48% Energy Global, IXC
-4.53% Ultra Dow30 Double, DDM
-4.53% Developed 100 BLDRS, ADRD
-4.54% Energy SPDR, XLE
-4.59% Pacific ex-Japan, EPP
-4.65% Software H, SWH
-4.75% WilderHill Clean Energy PS, PBW
-4.76% Semiconductor iS GS, IGW
-4.77% Internet H, HHH
-4.83% Software, IGV
-4.90% Oil, Crude, U.S. Oil Fund, USO
-5.03% Value EAFE MSCI, EFV
-5.07% Materials VIPERs, VAW
-5.11% France Index, EWQ
-5.13% Europe 100 BLDRS, ADRU
-5.18% Growth LargeCap NASDAQ 100, QQQQ
-5.19% Growth EAFE MSCI, EFG
-5.22% Technology Global, IXN
-5.23% Technology SPDR, XLK
-5.27% Technology DJ US, IYW
-5.30% Info Tech VIPERs, VGT
-5.31% Technology GS, IGM
-5.32% Basic Materials DJ US, IYM
-5.35% Mexico Index, EWW
-5.47% Canada Index, EWC
-5.53% Italy Index, EWI
-5.55% China LargeCap Growth G D H USX PS, PGJ
-5.64% Natural Resource iS GS, IGE
-5.64% EAFE Index, EFA
-5.71% Ultra S&P500 Double, SSO
-5.75% Latin Am 40, ILF
-5.77% Networking, IGN
-5.81% Telecommunications Global, IXP
-5.85% Europe 350 S&P Index, IEV
-5.94% Hong Kong Index, EWH
-5.97% United Kingdom Index, EWU
-6.00% Germany Index, EWG
-6.13% Singapore Index, EWS
-6.14% Euro STOXX 50, FEZ
-6.16% Australia Index, EWA
-6.16% Value LargeCap Euro STOXX 50 DJ, FEU
-6.18% European VIPERs, VGK
-6.31% Taiwan Index, EWT
-6.33% EMU Europe Index, EZU
-6.67% Ultra MidCap400 Double, MVV
-6.68% Sweden Index, EWD
-6.99% Spain Index, EWP
-7.05% Belgium Index, EWK
-7.14% Brazil Index, EWZ
-7.27% Emerging 50 BLDRS, ADRE
-7.57% Emerging VIPERs, VWO
-7.64% Broadband H, BDH
-7.95% Internet Infrastructure H, IIH
-7.97% Emerging Markets, EEM
-9.74% China 25 iS, FXI
-9.99% South Africa Index, EZA
-10.05% Ultra QQQ Double, QLD
-10.18% South Korea Index, EWY
-11.43% Internet B2B H, BHH
