by Robert W. Colby, Senior Analyst, TraderPlanet.com


Stock Market: approaching the lows…may not hold back the Tide.

Rally attempts have proved to be unsustainable.

It seems doubtful that the October lows can hold back the Tide.

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 Wednesday, major stock price indexes opened lower and remained under pressure most of the session. The Standard & Poor’s 500 cash index (896.78 ) closed down 58.27 points, or 6.10%, to finish at a new closing price low. Total NYSE volume rose 20%, confirming the price downtrend.

CATS covered short but did not buy long on Wednesday’s open. CATS is out, on the sidelines. CATS Simulated Cumulative Equity soared by 81% to new all-time highs from 9/8/08 to 10/22/08, 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

9.53% , CHRW.O , CH Robinson Worldwide Inc, CHRWD
11.30% , TUP , TUPPERWARE
5.43% , VC , VISTEON
11.29% , MZZ , Short 200% MidCap 400 PS, MZZ
10.73% , JBL , JABIL CIRCUIT
6.52% , BRCM , BROADCOM STK A
10.31% , DXD , Short 200% Dow 30 PS, DXD
6.18% , SH , Short 100% S&P 500, SH
2.99% , EMC , EMC
4.83% , DOG , Short 100% Dow 30, DOG
11.32% , SDS , Short 200% S&P 500 PS, SDS
2.39% , NOC , NORTHROP GRUMMAN
2.62% , PSQ , Short 100% QQQ, PSQ
2.29% , KR , KROGER
1.24% , NSC , NORFOLK SOUTHERN
3.20% , JNPR , Juniper Networks Inc
0.74% , TIP , Bond, TIPS, TIP
0.52% , BMS , BEMIS
1.08% , EBAY , EBAY
2.65% , YHOO , YAHOO
1.82% , GD , GENERAL DYNAMICS
0.76% , IEF , Bond, 10 Year Treasury, IEF
0.59% , TAP , ADOLPH COORS STK B, TAP
1.16% , AGG , Bond, Aggregate, AGG
0.38% , GPC , GENUINE PARTS
5.88% , AAPL , APPLE COMPUTER
0.98% , GILD , Gilead Sciences Inc
0.14% , SHY , Bond, 1-3 Year Treasury, SHY
0.31% , NTAP , NETWK APPLIANCE

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name

-6.94% , PWO , OTC Dynamic PS, PWO
-6.54% , FPX , IPOs, First Tr IPOX-100, FPX
-7.52% , RPV , Value S&P 500, RPV
-7.82% , JKI , Value MidCap iS M, JKI
-7.62% , JKH , MidCap Growth iS M, JKH
-31.64% , SNDK , SanDisk Corporation
-5.50% , UTH , Utilities H, UTH
-7.30% , ADRA , Asia 50 BLDRS, ADRA
-8.12% , TTH , Telecom H, TTH
-14.12% , CSC , COMPUTER SCIENCE
-15.80% , FMCN , Focus Media, FMCN
-8.52% , FEZ , Euro STOXX 50, FEZ
-6.47% , JKG , MidCap Blend Core iS M, JKG
-7.46% , RWR , REIT Wilshire, RWR
-5.49% , JKK , Growth SmallCap iS M, JKK
-22.08% , BHI , BAKER HUGHES
-12.51% , PXJ , Oil & Gas, PXJ
-7.24% , PWP , Value MidCap Dynamic PS, PWP
-12.40% , R , RYDER SYSTEM
-10.99% , EWW , Mexico Index, EWW
-15.77% , OMX , OFFICEMAX INC., OMX
-6.87% , RZV , Value SmallCap S&P 600, RZV
-22.70% , NIHD , NII Holdings, Inc.
-5.36% , PWER , POWER ONE
-9.12% , CBE , COOPER INDS STK A
-13.42% , AA , ALCOA
-11.07% , MCO , MOODYS CORP
-5.35% , JKE , Growth LargeCap iS M, JKE
-11.79% , ODP , OFFICE DEPOT
-13.14% , HOG , HARLEY DAVIDSON
-11.38% , TGT , TARGET
-7.40% , PWJ , Growth Mid Cap Dynamic PS, PWJ
-10.66% , PCL , PLUM CREEK TIMB
-14.09% , NEM , NEWMONT MINING
-11.25% , GCI , GANNETT
-8.47% , RX , IMS HEALTH
-7.63% , IEV , Europe 350 S&P Index, IEV
-20.21% , NOV , NATIONAL OILWELL VARC0
-15.67% , APC , ANADARKO PETRO
-7.44% , FISV , FISERV

Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol

-1.57% Consumer Staples SPDR, XLP
-2.48% Health Care SPDR, XLV
-4.24% Utilities SPDR, XLU
-4.61% Industrial SPDR, XLI
-5.21% Technology SPDR, XLK
-5.48% Materials SPDR, XLB
-6.27% Financial SPDR, XLF
-6.83% Consumer Discretionary SPDR, XLY
-9.72% 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 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 10/22/08, 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.

Technology (XLK) Bearish, Underweight. On 10/10/08, the XLK absolute price fell to another new 41-month low.

Consumer Discretionary (XLY) Bearish, Underweight. On 10/10/08, XLY absolute price fell to its lowest level in 5 years.

Industrial (XLI) Bearish, Underweight. On 10/10/08, the XLI absolute price hit another new 58-month low.

Materials (XLB) Bearish, Underweight. On 10/22/08, the XLB absolute price made another new 26-month intraday low.

Energy (XLE) Bearish, Underweight. On 10/10/08, the XLE absolute price hit another new 18-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 10/22/08, the absolute closing price made another new 5-year low, reconfirming long-term trend weakness.

NASDAQ 100 Index closing price hit a new 5-year low on 10/22/08.

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 fell again to a new 13-month low of 66.20, confirming its downtrend. 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 12-month lows and remains Bearish.

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 6 trading days. Bonds appear to 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 24-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 22.2% Bulls versus 54.4% Bears as of 10/22/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.41, down from 0.42 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 69.65, approached 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 70.92, approached 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 0.87, 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 0.94, 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 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 (896.78):

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
985.44, high of 10/20/2008
970.50, Gann 75.0% of 2002-2007 upmove
941.43, Fibonacci 78.6% 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 (896.78):

Potential Support
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

11.32% Short 200% S&P 500 PS, SDS
11.29% Short 200% MidCap 400 PS, MZZ
10.31% Short 200% Dow 30 PS, DXD
6.18% Short 100% S&P 500, SH
5.85% Short 100% MidCap 400, MYY
5.58% Short 200% QQQ PS, QID
4.83% Short 100% Dow 30, DOG
2.62% Short 100% QQQ, PSQ
2.03% Bond, 20+ Years Treasury, TLT
1.16% Bond, Aggregate, AGG
0.76% Bond, 10 Year Treasury, IEF
0.74% Bond, TIPS, TIP
0.14% Bond, 1-3 Year Treasury, SHY
-1.15% Bond, Corp, LQD
-1.35% Internet H, HHH
-1.57% Consumer Staples SPDR, XLP
-2.48% Health Care SPDR, XLV
-2.73% Biotech H, BBH
-2.76% Growth LargeCap NASDAQ 100, QQQQ
-2.79% Networking, PXQ
-2.84% Malaysia Index, EWM
-3.05% Food & Beverage, PBJ
-3.23% Internet B2B H, BHH
-3.35% Biotech SPDR, XBI
-3.41% Technology DJ US, IYW
-3.46% Consumer Staples VIPERs, VDC
-3.72% Homebuilders SPDR, XHB
-3.95% Insurance, PIC
-4.00% Info Tech VIPERs, VGT
-4.00% Semiconductor SPDR, XSD
-4.01% Pharmaceutical H, PPH
-4.01% Networking, IGN
-4.06% Consumer Non-Cyclical, IYK
-4.07% Semiconductor iS GS, IGW
-4.11% Aerospace & Defense, PPA
-4.12% Technology MS sT, MTK
-4.13% Technology GS, IGM
-4.19% Transportation Av DJ, IYT
-4.24% Utilities SPDR, XLU
-4.26% Retail H, RTH
-4.29% Retail, PMR
-4.30% Broadband H, BDH
-4.40% MidCap S&P 400 SPDRs, MDY
-4.53% Microcap Russell, IWC
-4.54% Growth LargeCap NASDAQ Fidelity, ONEQ
-4.61% Industrial SPDR, XLI
-4.63% Dividend DJ Select, DVY
-4.63% Growth Large Cap, ELG
-4.65% Hardware & Electronics, PHW
-4.65% Semiconductor H, SMH
-4.73% Commodity Tracking, DBC
-4.74% Consumer Cyclical DJ, IYC
-4.75% Value SmallCap Russell 2000, IWN
-4.76% Internet Architecture H, IAH
-4.79% Technology Global, IXN
-4.84% Healthcare DJ, IYH
-4.90% Small Cap VIPERs, VB
-4.95% Dividend SPDR, SDY
-4.95% Micro Cap Zachs, PZI
-4.99% Taiwan Index, EWT
-5.02% Healthcare Global, IXJ
-5.06% SmallCap Russell 2000, IWM
-5.06% Growth SmallCap R 2000, IWO
-5.06% Telecommunications & Wireless, PTE
-5.16% LargeCap Blend Total Market DJ, IYY
-5.18% LargeCap Blend S&P 100, OEF
-5.21% Technology SPDR, XLK
-5.24% LargeCap Blend Dynamic PS, PWC
-5.27% LargeCap VIPERs, VV
-5.28% Value SmallCap VIPERS, VBR
-5.30% Value Line Timeliness MidCap Gr, PIV
-5.31% Health Care VIPERs, VHT
-5.31% Dividend Appreciation Vipers, VIG
-5.31% Silver Trust iS, SLV
-5.31% Dividend High Yield Equity PS, PEY
-5.32% Semiconductors, PSI
-5.35% Growth LargeCap iS M, JKE
-5.38% Value S&P 500 B, IVE
-5.39% Industrials VIPERs, VIS
-5.39% Growth SmallCap VIPERs, VBK
-5.40% DIAMONDS (DJIA), DIA
-5.42% Value Small Cap DJ, DSV
-5.45% S&P 500 SPDRs LargeCap Blend, SPY
-5.45% SmallCap Core iS M, JKJ
-5.45% Internet Infrastructure H, IIH
-5.47% S&P 500 iS LargeCap Blend, IVV
-5.48% Materials SPDR, XLB
-5.48% Growth Small Cap DJ, DSG
-5.49% Utilities, PUI
-5.49% Growth SmallCap iS M, JKK
-5.50% Utilities H, UTH
-5.51% Value SmallCap iS M, JKL
-5.52% Value SmallCap S&P 600 B, IJS
-5.56% Value LargeCap Fundamental RAFI 1000, PRF
-5.56% Growth BARRA Small Cap 600, IJT
-5.56% Growth 1000 Russell, IWF
-5.58% Blend Total Market VIPERs, VTI
-5.58% Industrial LargeCap Blend DJ US, IYJ
-5.61% Software H, SWH
-5.68% Growth LargeCap Russell 3000, IWZ
-5.68% Gold Shares S.T., GLD
-5.68% Growth MidCap S&P 400, RFG
-5.70% LargeCap Blend Russell 3000, IWV
-5.72% MidCap Russell, IWR
-5.72% MidCap S&P 400 iS, IJH
-5.73% Growth VIPERs, VUG
-5.75% Value MidCap Russell, IWS
-5.80% Lg Cap Growth PSD, PWB
-5.80% Utilities VIPERs, VPU
-5.86% SmallCap S&P 600, IJR
-5.93% Software, IGV
-5.94% LargeCap Rydex Rus Top 50, XLG
-5.96% Extended Mkt VIPERs, VXF
-5.96% Value 1000 Russell, IWD
-5.99% Financial DJ US, IYF
-6.01% Growth S&P 500/BARRA, IVW
-6.03% Dividend Achievers PS, PFM
-6.03% Utilities DJ, IDU
-6.04% Bank Regional H, RKH
-6.05% Value MidCap S&P 400 B, IJJ
-6.05% Japan Index, EWJ
-6.06% LargeCap 1000 R, IWB
-6.07% LargeCap Blend NYSE Composite iS, NYC
-6.07% LargeCap Blend S&P 1500 iS, ISI
-6.09% Value VIPERs, VTV
-6.14% LargeCap Blend Core iS M, JKD
-6.18% Growth MidCap 400 B, IJK
-6.18% Financials VIPERs, VFH
-6.18% Consumer D. VIPERs, VCR
-6.19% Growth MidCap Russell, IWP
-6.20% SmallCap PS Zacks, PZJ
-6.21% Value SmallCap Dynamic PS, PWY
-6.21% WilderHill Clean Energy PS, PBW
-6.27% Financial SPDR, XLF
-6.28% Financial Services DJ, IYG
-6.29% Value Large Cap DJ, ELV
-6.39% LargeCap Blend S&P=Weight R, RSP
-6.45% Pacific VIPERs, VPL
-6.47% MidCap Blend Core iS M, JKG
-6.50% Belgium Index, EWK
-6.52% MidCap VIPERs, VO
-6.53% Oil, Crude, U.S. Oil Fund, USO
-6.54% IPOs, First Tr IPOX-100, FPX
-6.58% Wilshire 5000 ST TM, TMW
-6.59% Value LargeCap Dynamic PS, PWV
-6.68% Growth SmallCap Dynamic PS, PWT
-6.71% Global 100, IOO
-6.73% Biotech & Genome, PBE
-6.75% LargeCap Blend Socially Responsible iS, KLD
-6.76% Ultra QQQ Double, QLD
-6.77% Nanotech Lux, PXN
-6.77% Software, PSJ
-6.78% Hong Kong Index, EWH
-6.80% Telecom DJ US, IYZ
-6.81% Dividend Leaders, FDL
-6.81% Value LargeCap Euro STOXX 50 DJ, FEU
-6.83% Consumer Discretionary SPDR, XLY
-6.86% Value LargeCap Russell 3000, IWW
-6.87% Value SmallCap S&P 600, RZV
-6.89% Growth EAFE MSCI, EFG
-6.90% Dividend International, PID
-6.93% Value LargeCap iS M, JKF
-6.94% OTC Dynamic PS, PWO
-6.96% Water Resources, PHO
-7.04% European VIPERs, VGK
-7.06% Value LargeCap NYSE 100 iS, NY
-7.06% REIT VIPERs, VNQ
-7.12% Germany Index, EWG
-7.14% Australia Index, EWA
-7.20% Capital Markets KWB ST, KCE
-7.24% Value MidCap Dynamic PS, PWP
-7.29% Pharmaceuticals, PJP
-7.30% EAFE Index, EFA
-7.30% Asia 50 BLDRS, ADRA
-7.31% Value EAFE MSCI, EFV
-7.34% Leisure & Entertainment, PEJ
-7.34% Real Estate US DJ, IYR
-7.40% Growth Mid Cap Dynamic PS, PWJ
-7.42% Financials Global LargeCap Value, IXG
-7.43% France Index, EWQ
-7.46% REIT Wilshire, RWR
-7.48% United Kingdom Index, EWU
-7.52% Value S&P 500, RPV
-7.54% Telecom Services VIPERs, VOX
-7.56% Sweden Index, EWD
-7.62% MidCap Growth iS M, JKH
-7.62% Growth S&P 500, RPG
-7.63% Europe 350 S&P Index, IEV
-7.63% Telecommunications Global, IXP
-7.65% Realty Cohen & Steers, ICF
-7.66% Pacific ex-Japan, EPP
-7.75% Italy Index, EWI
-7.79% Building & Construction, PKB
-7.82% Value MidCap iS M, JKI
-7.88% Switzerland Index, EWL
-8.01% Materials VIPERs, VAW
-8.02% India Earnings WTree, EPI
-8.02% Netherlands Index, EWN
-8.03% EMU Europe Index, EZU
-8.09% Value MidCap S&P 400, RFV
-8.12% Telecom H, TTH
-8.16% Global Titans, DGT
-8.23% Japan LargeCap Blend TOPIX 150, ITF
-8.24% China LargeCap Growth G D H USX PS, PGJ
-8.40% Dividend Growth PS, PHJ
-8.40% Singapore Index, EWS
-8.43% Value 40 Large Low P/E FT DB, FDV
-8.45% Canada Index, EWC
-8.52% Euro STOXX 50, FEZ
-8.61% Developed 100 BLDRS, ADRD
-9.45% Austria Index, EWO
-9.61% Emerging VIPERs, VWO
-9.63% Basic Materials DJ US, IYM
-9.72% Energy SPDR, XLE
-10.00% Ultra S&P500 Double, SSO
-10.06% Energy Global, IXC
-10.18% Energy DJ, IYE
-10.22% South Korea Index, EWY
-10.29% Natural Resource iS GS, IGE
-10.38% Energy Exploration & Prod, PXE
-10.53% Emerging Markets, EEM
-10.61% Ultra Dow30 Double, DDM
-10.72% China 25 iS, FXI
-10.72% Spain Index, EWP
-10.99% Mexico Index, EWW
-11.00% Emerging 50 BLDRS, ADRE
-11.01% Energy VIPERs, VDE
-11.26% Ultra MidCap400 Double, MVV
-11.81% Europe 100 BLDRS, ADRU
-12.51% Oil & Gas, PXJ
-13.03% Metals & Mining SPDR, XME
-13.21% Brazil Index, EWZ
-13.29% Latin Am 40, ILF
-13.54% Oil Services H, OIH
-14.30% South Africa Index, EZA