Highlights based on trading on Wednesday, May 30, 2012:
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 20 months and remains bearish.
CRB Commodity Price Index fell below its lows of the previous 19 months, for another a bearish trend confirmation.
Crude Oil, United States Oil ETF (USO) fell further below its lows of the previous 7 months and still looks bearish on the chart.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its lows of the previous 4 months, suggesting declining confidence in the global industrial economy’s prospects going forward.
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) rose to a new high and remains systematically bullish.
U.S. dollar ETF (UUP) rose above its highs of the previous 16 months and remains systematically bullish.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its 50-day, turning systematically bullish again.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend by falling below its lows of the previous 8 years.
Energy Stock Sector Relative Strength Ratio (XLE/SPY) fell below its lows of the previous 20 months, reconfirming a bearish major trend.
The S&P 500 (SPX: 1,313.32) fell 19.10 points or 1.43% on Wednesday.
NYSE volume rose 3% on Wednesday to confirm the stock price downturn. Volume patterns have been weak, with a tendency toward lower volume on up days and higher volume on down days, indicating the dominance of selling pressure over buying pressure.
Investors Intelligence Sentiment: according to the latest Investors Intelligence weekly survey of stock market newsletter advisors, there are 39.3% Bulls versus 24.5% Bears. This is still suggesting too many bulls and too few bears to please Contrary Thinkers.
The following ETFs, ranked by Relative Strength, with the weakest at the bottom of the list, closed below their closing price lows of the previous 4 months:
Bond Ex-US Treas, BWX
Global 100, IOO
Switzerland Index, EWL
South Africa Index, EZA
Frontier Markets Guggenheim , FRN
Dividend International, PID
United Kingdom Index, EWU
Belgium Index, EWK
Growth EAFE MSCI, EFG
SmallCap Blend EAFE MSCI iS, SCZ
Commodity Tracking, DBC
Chile MSCI iS, ECH
Japan Index, EWJ
Energy Global, IXC
Global ex U.S. LargeCap Blend, ACWX
Foreign LargeCap EAFE MSCI iS, EFA
Agriculture DB PS, DBA
Dividend ex-U.S. DJ iS, IDV
Germany Index, EWG
Europe 350 S&P Index, IEV
Netherlands Index, EWN
Oil Fund PowerShares, DBO
Emerging 50 BLDRS, ADRE
Oil, Crude, U.S. Oil Fund, USO
Value EAFE MSCI, EFV
European VIPERs, VGK
France Index, EWQ
EMU Europe Index, EZU
Austria Index, EWO
Italy Index, EWI
Spain Index, EWP
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Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.
But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).
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Stock Market Indicators
The Dow Theory signaled a Primary Tide Bear Market on 5/17/12 when both Industrials and Transports closed below their closing price lows of the previous 4 months. A potential trend change was suggested as early as 3/6/12, when both Industrials and Transports fell below their lows of the previous 4 weeks. The Averages gave an even earlier warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials. Again on 5/1/12, the Industrials rose to a higher closing price high while the Transports failed to rise to a higher closing price high, thereby indicating a non-confirmation and bearish divergence.
NASDAQ Composite/S&P 500 Relative Strength Ratio fell below its lows of the previous 3 months on 5/18/12 after falling below its 50-day SMA on 4/30/12. Confirming this downtrend, absolute price fell below its lows of the previous 3 months on 5/18/12 after falling below its 50-day SMA on 5/3/12. Looks like a significant downside correction, at least.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 3 years on 5/24/12, reconfirming its bearish trend. Systematically, BKF/SPY remains bearish below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 1/13/11.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below its lows of the previous 3 years on 5/25/12, reconfirming its bearish trend. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained below the 200-day SMA every day since 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend when it fell below its lows of the previous 8 years on 5/30/12. Systematically, EFA/SPY remains bearish below its 50-day and 200-day SMAs, and the 50-day SMA has remained below the 200-day SMA consistently every day since 1/14/11.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its 50-day SMA on 5/30/12, turning systematically bullish. OEX/SPX remains above its 200-day SMA, and the 50-day SMA remains above the 200-day SMA. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. On the other side of the coin, Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) fell below its lows of the previous 5 months on 5/22/12, reconfirming renewed downside momentum. Systematically, IWM/SPY returned to bearish status again on 4/20/12 when the 50-day SMA crossed below the 200-day SMA. Longer term, IWM/SPY has been relatively weak for more than a year, since 4/5/11.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) fell below its lows of the previous 4 months on 5/18/12. Systematically, MDY/SPY is now neutral: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA still slightly above the 200-day SMA.
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Sentiment for Contrary Thinking
Investor sentiment data indicated alarming degrees of optimism and bullish complacency at the 2012 market highs. That is bearish because when the majority of investors has been bullish for some time, investors are already fully invested in the market. Once everyone who is going to buy has already bought, stocks are vulnerable to a downside shakeout. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean. Some of the most recent data suggests that investors’ sentiment may be beginning to shift away from bullish complacency.
AAII Sentiment: There were 51.64% Bulls and 20.19% Bears, according to the AAII weekly survey reported on 2/9/12. This was the highest level of bullish sentiment in more than a year, since 52.34% Bulls on 1/13/11. As of 5/24/12, however, sentiment had reversed, with 30.47% Bulls and 38.67% Bears.
Investors Intelligence Sentiment: according to the Investors Intelligence weekly survey of stock market newsletter advisors, there were 54.8% Bulls reported on 2/15/11, the highest since the stock market top in May, 2011. On 5/9/12, there were only 20.4% Bears, the lowest level since 6/1/11. The latest reading, reported on 5/30/12, shows 39.3% Bulls versus 24.5% Bears. This is still suggesting too many bulls and too few bears to please Contrary Thinkers.
VIX Fear Index rose to an intraday peak of 25.14 on 5/18/12, the highest level since 12/19/12, suggesting a beginning of a shift toward skepticism from bullish complacency. VIX fell to 13.66 intraday on 3/16/12, its lowest level since 6/20/07, and down from a peak of 48.00 on 8/8/11. That large drop indicated a shift away from fear to bullish complacency. 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.
The S&P 500 Composite Potential Resistance
1576.09, high of 10/11/2007
1552.76, high of 10/31/2007
1523.57, high of 12/11/2007
1498.85, high of 12/26/2007
1440.24, high of 5/19/2008
1422.38, high of 4/2/2012
1415.32, high of 5/1/2012
1388.71, low of 5/3/2012
1371.42, 50-day SMA
1381.50, Fibonacci 78.6% of 2007-2009 range
1340.34, Fibonacci 23.6% R of 2011-12 range
1340.03, low of 3/6/2012
The S&P 500 Composite Potential Support
1291.98, low of 5/18/2012
1289.59, Fibonacci 38.2% R of 2011-12 range
1,283.58, 200-day SMA
1277.58, low of 1/13/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.58, Fibonacci 61.8% of 2011 range
1248.58, Fibonacci 50.0% R of 2011-12 range
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/2011
1231.04, high of 12/16/2011
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1207.56, Fibonacci 61.8% R of 2011-12 range
1204.49, Fibonacci 23.6% of 2009-11 range
1202.37, low of 12/19/2011
1187.77, Fibonacci 38.2% of 2011 range
1158.66, low of 11/25/2011
1144.38, Fibonacci 23.6% of 2011 range
1101.73, Fibonacci 38.2% of 2009-11 range
1074.77, low of 10/4/2011
1149.16, Fibonacci 78.6% R of 2011-12 range
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1018.69, Fibonacci 50% of 2009-11 range
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
935.64, Fibonacci 61.8% of 2009-11 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
817.40, Fibonacci 78.6% of 2009-11 range
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% of 2009-2010 range
666.79, intraday low of 3/6/2009
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Fixed-Income Investments
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) rose to a new high on 5/30/12 and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 125.03, 120.60, 117.44, 115.69, 114.82, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance. none.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) > rose to a new high on 5/30/12 and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 107.43, 105.85, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance none.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) fell below its lows of the previous 5 months on 5/17/12. Systematically, JNK/LQD remains neutral: below its 50-day SMA, below its 200-day SMA, but the 50-day SMA has been modestly above the 200-day SMA every day since 4/16/12. The 50-200 SMA spread has been narrowing,, however, and a bearish crossover in days ahead appears probable, based on current trends.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) fell below its lows of the previous 4 months on 5/30/12. Systematically, TIP/IEF remains neutral: below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has been above the 200-day SMA every day since 3/14/12.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) rose above its highs of the previous 16 months on 5/30/12. UUP remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 22.39, 22.14, 21.89, 21.74, 21.58, 21.07, and 20.84. Resistance 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index fell below its lows of the previous 19 months on 5/30/12, for another a bearish trend confirmation. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 20 months on 5/30/12. Systematically, DBA remains bearish, below both its 50-day SMA and 200-day SMAs, and with the 50-day SMA consistently below the 200-day SMA every day since 8/8/11.
Crude Oil, United States Oil ETF (USO) fell further below its lows of the previous 7 months on 5/30/12. USO still looks bearish on the chart. Systematically, USO remains neutral: below its 50-day SMA, below its 200-day SMA, but the 50-day SMA has remained above the 200-day SMA consistently every day since 1/3/12. Support 33.66, 32.52, 29.10, 26.28, and 22.74. Resistance 35.19, 36.97, 40.29, 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) fell below its lows of the previous 4 months on 5/16/12. Systematically, GLD turned bearish on 4/17/12, when its 50-day SMA crossed below its 200-day SMA. Support: 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 155.57, 162.18, 163.20, 164.89, 166.57, 174.00, 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) rose modestly above its 50-day SMA on 5/23/12, turning systematically neutral. GDX/GLD remains below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11. Absolute price remains systematically bearish.
Silver, iShares Silver Trust ETF (SLV) fell below its lows of the previous 4 months on 5/16/12. Systematically, SLV remains bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 25.65 and 24.44. Resistance: 28.60, 30.52, 31.64, 32.34, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 4 months on 5/16/12, reconfirming a downtrend for the medium term. Systematically, SLV/GLD remains bearish below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/30/11.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its lows of the previous 4 months on 5/30/12. JJC fell below its 200-day SMA on 5/3/12 and fell below its 50-day SMA on 5/2/12. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this weakness may be suggesting rising doubts about prospects going forward.
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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
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
6.07% , DYN , DYNEGY
1.94% , MYY , Short 100% MidCap 400, MYY
2.54% , TLT , Bond, 20+ Years Treasury, TLT
2.22% , MON , MONSANTO
1.37% , TLH , Bond 10-20 Year US Treas, TLH
1.74% , SLM.O , SLM CORP
0.48% , WHR , WHIRLPOOL
0.58% , TIP , Bond, TIPS, TIP
0.93% , ABC , AMERISOURCEBERGN
1.21% , AAPL , APPLE COMPUTER
2.90% , SDS , Short 200% S&P 500 PS, SDS
1.44% , SH , Short 100% S&P 500, SH
0.59% , GLD , Gold Shares S.T., GLD
1.30% , DOG , Short 100% Dow 30, DOG
0.42% , RTN , RAYTHEON
0.23% , ED , CON ED
0.32% , VIA.O , VIACOM INC. (New)
0.42% , BMY , BRISTOL MYERS
0.07% , EWM , Malaysia Index, EWM
0.15% , FRX , FOREST LABS STK A
0.24% , NCR , NCR
0.35% , GVI , Bond Interm U.S. Gov, GVI
0.18% , WFM.O , Whole Foods Market Inc
0.04% , AGN , ALLERGAN
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.27% , TMW , Wilshire 5000 ST TM, TMW
-2.21% , ADRU , Europe 100 BLDRS, ADRU
-2.25% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-8.97% , SHLD , SEARS HOLDINGS
-4.48% , KMX , CarMax
-1.97% , TUR , Turkey MSCI iS, TUR
-2.99% , IYE , Energy DJ, IYE
-4.98% , TBT , 200% Short US T Bond, TBT
-3.31% , EWO , Austria Index, EWO
-3.61% , PXJ , Oil & Gas, PXJ
-2.32% , EWK , Belgium Index, EWK
-7.83% , RIMM , RESEARCH IN MOTION LTD
-2.12% , RPV , Value S&P 500, RPV
-5.42% , RIG , TRANSOCEAN
-4.65% , DHI , D.R. HORTON, DHI
-6.71% , LEN , Lennar Corp. (LEN)
-3.89% , DRI , DARDEN REST
-2.00% , PHO , Water Resources, PHO
-1.63% , IJT , Growth BARRA Small Cap 600, IJT
-6.17% , RDC , ROWAN COMPANIES
-3.26% , VRSN , VeriSign Inc
-3.51% , CTSH , Cognizant Technology Solutions
-2.84% , LAMR , Lamar Advertising Company
-5.77% , HAR , Harman International
-0.86% , PSJ , Software, PSJ
-0.97% , IGM , Technology GS, IGM
-2.05% , VFH , Financials VIPERs, VFH
-2.16% , ADRE , Emerging 50 BLDRS, ADRE
-4.21% , PBI , PITNEY BOWES
-8.50% , CECO , CAREER EDUCATION CORP
-2.80% , NVLS , NOVELLUS SYS
-3.72% , GPS , GAP
-1.33% , JKL , Value SmallCap iS M, JKL
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.54% Bond, 20+ Years Treasury, TLT
1.44% Bear, Short S&P 500, SH
0.95% Bond, 10 Year Treasury, IEF
0.59% Gold Shares S.T., GLD
0.58% Bond, TIPS, TIP
0.33% Bond, Aggregate, AGG
0.09% Bond, Corp, LQD
0.08% Bond Muni ATM-Free S&P iS, MUB
0.07% Silver Trust iS, SLV
0.07% Malaysia Index, EWM
0.05% Bond, 1-3 Year Treasury, SHY
0.00% Bond Treasury Short-Term iS, SHV
-0.01% Bond EmrgMkt JPM iS, EMB
-0.39% Bond Ex-US Treas, BWX
-0.45% Bond, High-Yield Corporate, HYG
-0.49% Bond, High-Yield Junk, JNK
-0.57% Health Care SPDR, XLV
-0.60% Preferred Stock iS, PFF
-0.61% Agriculture DB PS, DBA
-0.61% Utilities SPDR, XLU
-0.62% Indonesia MV, IDX
-0.64% Technology SPDR, XLK
-0.64% Technology DJ US, IYW
-0.76% Utilities VIPERs, VPU
-0.82% Consumer Staples SPDR, XLP
-0.84% QQQ Nasdaq 100 Trust, QQQ
-0.87% Info Tech VIPERs, VGT
-0.98% Dividend High Yield Equity PS, PEY
-1.03% Telecom DJ US, IYZ
-1.07% Financial Preferred, PGF
-1.11% Microcap Russell, IWC
-1.14% Dividend DJ Select, DVY
-1.14% Value LargeCap Dynamic PS, PWV
-1.14% Biotech SPDR, XBI
-1.18% LargeCap Blend S&P 100, OEF
-1.20% Frontier Markets Guggenheim , FRN
-1.24% Growth S&P 500/BARRA, IVW
-1.28% Chile MSCI iS, ECH
-1.28% DIAMONDS (DJIA), DIA
-1.35% Japan Index, EWJ
-1.38% Growth VIPERs, VUG
-1.38% Growth 1000 Russell, IWF
-1.39% Value VIPERs, VTV
-1.39% Dividend Appreciation Vipers, VIG
-1.39% Dividend SPDR, SDY
-1.40% Semiconductor iS IGW, SOXX
-1.45% S&P 500 SPDRs LargeCap Blend, SPY
-1.46% S&P 500 iS LargeCap Blend, IVV
-1.49% LargeCap 1000 R, IWB
-1.49% LargeCap VIPERs, VV
-1.50% Switzerland Index, EWL
-1.53% South Korea Index, EWY
-1.54% Hong Kong Index, EWH
-1.57% Consumer Discretionary SPDR, XLY
-1.57% Blend Total Market VIPERs, VTI
-1.58% LargeCap Blend Russell 3000, IWV
-1.59% Pacific VIPERs, VPL
-1.61% Value S&P 500 B, IVE
-1.62% WilderHill Clean Energy PS, PBW
-1.63% Growth BARRA Small Cap 600, IJT
-1.64% Value 1000 Russell, IWD
-1.67% Industrial SPDR, XLI
-1.72% Capital Markets KWB ST, KCE
-1.73% Emerging Markets, EEM
-1.74% China 25 iS, FXI
-1.77% Mexico Index, EWW
-1.78% Growth MidCap 400 B, IJK
-1.79% Materials SPDR, XLB
-1.80% SmallCap S&P 600, IJR
-1.82% LargeCap Blend S&P=Weight R, RSP
-1.82% Value SmallCap Russell 2000, IWN
-1.83% Dividend International, PID
-1.84% Value MidCap Russell, IWS
-1.84% Emerging VIPERs, VWO
-1.85% Small Cap VIPERs, VB
-1.85% Commodity Tracking, DBC
-1.85% Singapore Index, EWS
-1.86% Value SmallCap VIPERS, VBR
-1.88% Growth SmallCap VIPERs, VBK
-1.88% Growth SmallCap R 2000, IWO
-1.89% Latin Am 40, ILF
-1.89% Value SmallCap S&P 600 B, IJS
-1.90% Networking, IGN
-1.90% Global 100, IOO
-1.91% Growth MidCap Russell, IWP
-1.91% MidCap Russell, IWR
-1.92% SmallCap Russell 2000, IWM
-1.97% Turkey MSCI iS, TUR
-1.97% Value MidCap S&P 400 B, IJJ
-1.99% MidCap S&P 400 iS, IJH
-1.99% MidCap S&P 400 SPDRs, MDY
-2.00% Water Resources, PHO
-2.05% Financials VIPERs, VFH
-2.07% Semiconductor SPDR, XSD
-2.08% Value EAFE MSCI, EFV
-2.09% Transportation Av DJ, IYT
-2.10% Financial DJ US, IYF
-2.13% Brazil Index, EWZ
-2.14% Financial Services DJ, IYG
-2.15% Global ex US ACWI iS, ACWX
-2.16% Emerging 50 BLDRS, ADRE
-2.17% Thailand MSCI iS, THD
-2.24% Small Cap EAFE MSCI iS, SCZ
-2.28% Growth EAFE MSCI, EFG
-2.32% Belgium Index, EWK
-2.33% Real Estate US DJ, IYR
-2.33% Financial SPDR, XLF
-2.36% Taiwan Index, EWT
-2.36% EAFE Index, EFA
-2.38% REIT VIPERs, VNQ
-2.40% Canada Index, EWC
-2.43% REIT Wilshire, RWR
-2.43% Netherlands Index, EWN
-2.47% Pacific ex-Japan, EPP
-2.47% India PS, PIN
-2.48% Basic Materials DJ US, IYM
-2.51% Realty Cohen & Steers, ICF
-2.54% China LargeCap Growth G D H USX PS, PGJ
-2.58% Europe 350 S&P Index, IEV
-2.64% Australia Index, EWA
-2.65% Sweden Index, EWD
-2.65% India Earnings WTree, EPI
-2.76% United Kingdom Index, EWU
-2.88% European VIPERs, VGK
-2.89% South Africa Index, EZA
-2.94% Energy & Nat Res iS GS, IGE
-2.99% Energy DJ, IYE
-3.01% Energy VIPERs, VDE
-3.01% Russia MV, RSX
-3.04% Energy Global, IXC
-3.04% EMU Europe Index, EZU
-3.07% Energy SPDR, XLE
-3.13% Germany Index, EWG
-3.21% France Index, EWQ
-3.31% Austria Index, EWO
-3.39% Metals & Mining SPDR, XME
-3.41% Spain Index, EWP
-3.46% Italy Index, EWI
-3.49% Homebuilders SPDR, XHB
-3.53% Oil, Crude, U.S. Oil Fund, USO
-3.62% Oil Fund PowerShares, DBO
