Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below its lows of the previous 5 months on 12/20/12.
Gold, SPDR Gold Shares ETF (GLD) price fell below its lows of the previous 4 months. GLD turned systematically neutral on 11/27/12, when price fell below its 50-day SMA.
Silver, iShares Silver Trust ETF (SLV) price fell below its lows of the previous 4 months. SLV turned systematically neutral on 12/13/12 when it fell below its 50-day SMA.
Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 4 months. SLV/GLD turned systematically neutral on 12/14/12 when it fell below its 50-day SMA.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) turned systematically bearish on 12/20/12, when it fell well below both its 50-day SMA and 200-day SMA. Long term, JJC has been consolidating losses in Triangle chart pattern trading range between 38.99 and 51.41 for more than a year since October 2011. “Dr. Copper” is widely accepted as one of the better indicators of investor confidence (or lack thereof) in the global industrial economy.
Consumer Staples stock sector Relative Strength Ratio (XLP/SPY) turned systematically bearish when the 50-day SMA fell below the 200-day SMA.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) turned systematically bullish when the 50-day SMA rose above the 200-day SMA.
The S&P 500 (SPX: 1,443.69 ) rose 7.88 points or 0.55% on Thursday on 5% lower volume. Year-end seasonal tendencies and options expiration might be credited with the persistent buoyancy of stocks.
The S&P 500 ETF (SPY: 145.12) formed a Bearish Harami Candlestick Pattern, with a relatively short real body contained within the relatively long real body of the previous day’s Dark Cloud Cover candle. This suggests a continuing loss of upward momentum, which is confirmed by various short-term momentum oscillators. This bearish pattern would be confirmed by a close below Thursday’s low of 143.98.
AAII Sentiment shows that individual investors are now extremely bullish. As of December 20, 2012, there were 46.40% bulls, 28.80% neutral, and 24.80% bears. This was the most extreme optimism in more than 10 months.
Investors Intelligence Sentiment confirms that stock market newsletter advisors are now extremely bullish. Advisors are as bullish as they were at the top in September, 2012, when there were only 24.5% Bears. That top was followed by a 9% downside correction into November.
The Art of Contrary Thinking calls for questioning popular optimism. I have been skeptical that SPX will be able to overcome technical resistance around its September-October highs. The technical condition of the stock market has not supported the excessive optimism that the bullish majority of stock investors and traders clearly exhibit now and over the past several months. Low volume (most days) has revealed a lack of big buying power. Long-term momentum has been showing bearish divergence and has weakened considerably since the S&P 500 price peak on 9/14/12. And the bull phase of the 4-year cycle is long in tooth. Choosing safety over risk still appears to be the most reasonable approach for conservative traders and investors.
Our clients’ separately managed accounts made gains every quarter for the past 6 consecutive quarters; 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, including the critical lows of March and April, 2012. The Dow-Jones Industrial Average rose above its closing price highs of the previous 4-years on 10/5/12, but the Dow-Jones Transportation Average failed to confirm, remaining substantially below its 2012 high, thereby demonstrating non confirmation and bearish divergence. Both Averages broke down below their closing price lows of the previous 4 months again on 11/15/12 and 11/16/12. On 12/18/12, the Dow-Jones Transportation Average rose above its September-October highs, but the Dow-Jones Industrial Average remained substantially below its highs, thereby demonstrating non confirmation and bearish divergence.
NASDAQ 100/S&P 500 Relative Strength Ratio (QQQ/SPY) turned systematically bearish on 11/7/12 when the 50-day SMA fell below the 200-day SMA.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) turned systematically bullish on 12/20/12, when the 50-day SMA crossed above the 200-day SMA.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) turned systematically bullish on 12/12/12, when the 50-day SMA crossed above the 200-day SMA.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) turned systematically bullish on 11/27/12, when the 50-day SMA crossed above the 200-day SMA.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEF/SPY) turned systematically bearish on 12/17/12, when the 50-day SMA fell below the 200-day SMA. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative stability and 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 seek greater potential returns in more volatile, smaller stocks.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above its 50-day SMA on 11/29/12, thereby turning systematically neutral again. IWM/SPY 50-day SMA has remained below its 200-day SMA consistently every day since 4/20/12.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) turned systematically bullish on 12/14/12, when the 50-day SMA crossed above the 200-day SMA.
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Sentiment for Contrary Thinking
Investor sentiment data recently indicated alarming degrees of optimism and bullish complacency as the stock price indexes rose above their 2012 market highs. Elevated levels of optimism are bearish because when the majority is extremely bullish, 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.
The CFTC’s Commitments of Traders report for stock indexes showed smart professionals selling heavily to dumb speculators. Large commercial hedging firms enjoy an enormous inside informational advantage over speculators, who are usually wrong at major market turning points, according to Steve Briese, bullishreview.com. The current maximum bearish reading indicates that a major top is brewing and next move should be down big, possibly to SPX 1074.77, the low of 10/4/2011.
Large speculators held a record net-long position in futures and options contracts on the NASDAQ 100, according to the CFTC’s Commitment of Traders report. Large Speculators, which are mainly hedge funds, are trend-followers, and their aggregate position usually becomes extreme near market reversals.
SentimentTrader.com noted that 67% of the “dumb money” was bullish, compared to 29% of the “smart money”. At such readings in the past, the stock market suffered a 3% to 8% downside correction spread out over a few weeks.
Put/Call Ratios fell to a record low in September on the CBOE.
Market Vane’s Bullish Consensus survey showed extreme optimism. The percentage of stock market bulls surged to 70% in September, the highest since June 2007.
AAII Sentiment shows that individual investors are now extremely bullish. As of December 20, 2012, there were 46.40% bulls, 28.80% neutral, and 24.80% bears. This was the most extreme optimism in more than 10 months.
Investors Intelligence Sentiment confirms that stock market newsletter advisors are now extremely bullish. Advisors are as bullish as they were at the top in September, 2012, when there were only 24.5% Bears. That top was followed by a 9% downside correction into November.
Hulbert Stock Newsletter Sentiment Index showed that the average recommended equity exposure among a subset of the shortest-term stock market timers jumped to 53.1% in August, up from previous peaks at 47.0% in July and 42.1% in May. “Watch out for a correction — or worse. The odds of a stock market correction are now quite elevated,” according to Mark Hulbert.
Corporate insiders are extremely bearish. Insiders sold 6.67 shares for each share bought in December 2012–up from 1.54-to-1 in November 2012, and up from a 20-year average of 3.41-to-1. This data is compiled by Vickers Weekly Insider Report, published by Argus Research. Reporting for MarketWatch.com, Mark Hulbert wrote, “The picture the data paint is unmistakably bearish.”
NYSE Margin Debt rose another $3 billion to $318 billion in October. In September, Margin Debt rose $30 billion to $315 billion, the highest level since March 2011, a few weeks before the highest price for the S&P 500 for the year 2011. Stocks may be vulnerable to forced selling if stock prices fall significantly.
NYSE Short Interest fell by more than 884 million shares from June to August, a decline of 6%. This source of short-covering, potential demand for stocks has diminished.
The ICI reported $62.6 billion has been withdrawn from domestic equity mutual funds so far in 2012. This is another confirmation that supply is greater than demand for stocks.
VIX Fear Index has been fluctuating near 5-year lows from July into December, suggesting bullish complacency. VIX fell to 13.30 intraday on 8/17/12, its lowest level in more than 5 years, since 6/20/07. VIX fell from an intraday peak of 27.73 on 6/4/12. This large drop suggests a shift from worried concern 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
1474.51, high of 9/14/2012
1464.02, high of 10/18/2012
1448.00, high of 12/19/2012
The S&P 500 Composite Potential Support
1440.24, high of 5/19/2008
1439.15, high of 9/12/2012
1438.59, high of 12/12/2012
1434.27, high of 11/2/2012
1432.82, low of 12/20/2012
1430.53, low of 9/26/2012
1426.76, low of 12/12/2012
1425.53, low of 10/12/2012
1425.48, Fibonacci 23.6% of June-Sept ’12 range
1424.41, Fibonacci 61.8% of Sept-Nov ’12 range
1423.73, high of 12/3/2012
1422.38, high of 4/2/2012
1422.06, low of 10/22/2012
1421.12, high of 10/25/2012
1420.34, high of 12/7/2012
1419.70, high of 11/29/2012
1418.71, high of 8/17/2012
1415.32, high of 5/1/2012
1413.64, 50-day SMA
1409.16, high of 11/23/2012
1403.28, low of 10/26/12
1398.23, low of 12/5/2012
1397.68, low of 11/26/2012
1396.56, low of 9/4/2012
1395.14, Fibonacci 38.2% of June-Sept 2012 range
1391.04, low of 8/6/2012
1388.71, low of 5/3/2012
1389.01, 200-day SMA
1385.43, low of 11/28/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1380.39, high of 7/19/2012
1374.81, high of 7/3/2012
1370.62, Fibonacci 50.0% of June-Sept 2012 range
1370.58, high of 5/2/2011
1363.49, high of 6/19/2012
1357.38, low of 4/10/2012
1355.70, low of 7/2/2012
1346.11, Fibonacci 61.8% of June-Sept 2012 range
1343.35, low of 11/16/2012
1340.03, low of 3/6/2012
1335.52, high of 6/11/2012
1334.93, high of 5/31/2012
1329.24, low of 7/24/2012
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1325.41, low of 7/12/2012
1311.20, Fibonacci 78.6% of June-Sept 2012 range
1306.62, low of 6/12/2012
1291.98, low of 5/18/2012
1266.74, low of 6/4/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.58, Fibonacci 61.8% of 2011 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
1228.74, Fibonacci 61.8% of 2007-2009 range
1226.64, low of 11/9/2011
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1202.37, low of 12/19/2011
1158.66, low of 11/25/2011
1121.44, Fibonacci 50% of 2007-2009 range
1074.77, low of 10/4/2011
1014.14, Fibonacci 38.2% of 2007-2009 range
1010.91, low of 7/1/2010
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
881.38, Fibonacci 23.6% of 2007-2009 range
869.32, low of 7/8/2009
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) fell below its 50-day SMA on 12/12/12, thereby turning systematically neutral again. TLT fell below its 200-day SMA on 12/17/12. TLT’s 50-day SMA has remained above the 200-day SMA every day since 6/24/11. Support 119.87, 118.05, 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: 123.71, 126.08, 127.19, 127.72, 130.69, and 132.22.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) fell below its 50-day SMA on 12/12/12, thereby turning systematically neutral again. IEF whipsawed back above its 200-day SMA on 12/19/12. IEF’s 50-day SMA has remained above the 200-day SMA every day since 6/21/11. Support 106.59, 106.42, 105.84, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance: 108.15, 109.20, 109.32, and 109.89.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) rose above its 50-day SMA on 11/28/12, thereby turning systematically neutral again. JNK/LQD 50-day SMA has remained consistently below the 200-day SMA every day since 6/1/12.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned systematically bullish again on 12/6/12 when it rose above its 50-day SMA. TIP/IEF rose above its 200-day SMA on 9/27/12, and the 50-day SMA rose above the 200-day SMA on 10/10/12.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) turned systematically bearish again on 12/11/12 when it fell below its 50-day SMA. UUP fell below its 200-day SMA on 8/31/12, and the 50-day SMA fell below the 200-day SMA on 10/2/12. Support 21.57, 21.07, and 20.84. Resistance 22.05, 22.30, 22.45, 23.14, 23.52, 25.84, 27.19, 28.97.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) price fell below its lows of the previous 5 months on 12/20/12. DBA turned systematically neutral on 11/30/12 when price crossed back down below its 50-day SMA. The 50-day SMA remains above the 200-day SMA, although the 50-200 spread has been narrowing gradually.
Crude Oil, United States Oil ETF (USO) turned systematically neutral on 12/19/12, when price rose above its 50-day SMA. USO price fell below its 200-day SMA on 9/17/12, and the 50-day SMA has remained below its 200-day SMA consistently every day since 6/7/12. Support 31.00, 29.02, 26.28, and 22.74. Resistance 33.11, 34.70, 37.17, 38.31, 40.29, 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) price fell below its lows of the previous 4 months on 12/20/12. GLD turned systematically neutral on 11/27/12, when price fell below its 50-day SMA. Support: 157.40, 154.83, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 166.94, 170.01, 174.07, 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) turned systematically neutral on 11/5/12 when it fell below its 50-day SMA. The 50-day SMA has been above the 200-day SMA since 10/19/12–but the 50-200 spread has been narrowing and a bearish crossover appears probable in days ahead.
Silver, iShares Silver Trust ETF (SLV) price fell below its lows of the previous 4 months on 12/20/12. SLV turned systematically neutral on 12/13/12 when it fell below its 50-day SMA. Support 27.97, 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 32.72, 33.31, 34.08, 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 12/20/12. SLV/GLD turned systematically neutral on 12/14/12 when it fell below its 50-day SMA.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) turned systematically bearish on 12/20/12, when it fell well below both its 50-day SMA and 200-day SMA. Long term, JJC has been consolidating losses in Triangle chart pattern trading range between 38.99 and 51.41 for more than a year since October 2011. “Dr. Copper” is widely accepted as one of the better indicators of investor confidence (or lack thereof) in the global industrial economy.
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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 later revealed to be deal stocks 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
0.95% , ITF , Japan LargeCap Blend TOPIX 150, ITF
7.43% , JBL , JABIL CIRCUIT
8.98% , KMX , CarMax
1.37% , PXJ , Oil & Gas, PXJ
0.98% , EWD , Sweden Index, EWD
0.39% , IXC , Energy Global, IXC
0.75% , VBR , Value SmallCap VIPERS, VBR
2.99% , CBS , CBS CORP.
0.99% , RPV , Value S&P 500, RPV
0.95% , TE , TECO ENERGY
0.72% , IJS , Value SmallCap S&P 600 B, IJS
3.73% , AEE , AMEREN
0.27% , IDU , Utilities DJ, IDU
0.66% , IWD , Value 1000 Russell, IWD
1.83% , WYN , Wyndham Worldwide
2.34% , HOT , STARWOOD HOTELS
2.07% , AIV , APT INV MNGMT
1.40% , EMN , EASTMAN CHEM
0.93% , RDC , ROWAN COMPANIES
0.58% , JKD , LargeCap Blend Core iS M, JKD
0.48% , IYK , Consumer Non-Cyclical, IYK
0.73% , COF , CAPITAL ONE FNCL
2.11% , BAX , BAXTER INTL
1.69% , MOLX , MOLEX
0.38% , IXJ , Healthcare Global, IXJ
0.80% , NEM , NEWMONT MINING
1.52% , THC , TENET HEALTHCARE
0.79% , RHT , Red Hat Inc.
0.82% , IJJ , Value MidCap S&P 400 B, IJJ
0.43% , PFM , Dividend Achievers PS, PFM
0.68% , PDCO , Patterson Dental Company
2.92% , ASH , ASHLAND
0.45% , IYZ , Telecom DJ US, IYZ
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-6.50% , BBBY , BED BATH BEYOND
-5.30% , CCL , CARNIVAL STK A
-3.69% , SLV , Silver Trust iS, SLV
-6.36% , KBH , KB HOME
-3.44% , MRK , MERCK & CO
-5.06% , ODP , OFFICE DEPOT
-2.00% , PAYX , PAYCHEX
-1.28% , AM , AMER GREETINGS STK A
-4.50% , JNY , JONES APPAREL
-2.86% , DRI , DARDEN REST
-0.73% , VPU , Utilities VIPERs, VPU
-3.13% , VOX , Telecom Services VIPERs, VOX
-1.89% , TGT , TARGET
-2.08% , TJX , TJX
-1.21% , GLD , Gold Shares S.T., GLD
-0.53% , SIL , Silver Miners Global X, SIL
-1.32% , CTXS , CITRIX SYSTEMS
-1.30% , DV , DeVry, Inc.
-1.11% , IAU , Gold COMEX iS, IAU
-0.35% , CSC , COMPUTER SCIENCE
-0.96% , AZO , AUTOZONE
-0.77% , ROK , ROCKWELL AUTOMAT
-0.73% , UIS , UNISYS
-2.30% , VDC , Consumer Staples VIPERs, VDC
-0.43% , SRE , SEMPRA ENERGY
-0.30% , SLM.O , SLM CORP
-0.59% , LH , LAB CRP OF AMER
-0.25% , CPB , CAMPBELL SOUP
-0.94% , MDP , MEREDITH
-1.48% , CECO , CAREER EDUCATION CORP
-2.97% , SPLS , STAPLES
-0.07% , PST , 200% Short Bond 7-10 Yr T, PST
-0.44% , LMT , LOCKHEED MARTIN
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.50% Financial Services DJ, IYG
1.40% Financial SPDR, XLF
1.40% Realty Cohen & Steers, ICF
1.35% REIT Wilshire, RWR
1.35% South Africa Index, EZA
1.34% Japan Index, EWJ
1.31% REIT VIPERs, VNQ
1.26% Financial DJ US, IYF
1.22% Russia MV, RSX
1.20% Financials VIPERs, VFH
1.15% SmallCap Blend EAFE MSCI iS, SCZ
1.14% Real Estate US DJ iS, IYR
1.01% Malaysia Index, EWM
0.98% Sweden Index, EWD
0.97% Materials SPDR, XLB
0.91% Spain Index, EWP
0.91% Italy Index, EWI
0.89% Value EAFE MSCI, EFV
0.85% LargeCap Value S&P 500 iS, IVE
0.82% MidCap Value S&P 400 iS, IJJ
0.82% Basic Materials DJ US, IYM
0.82% Brazil Index, EWZ
0.81% Global LargeCap Blend MSCI iS, ACWI
0.77% Energy DJ, IYE
0.77% France Index, EWQ
0.75% Pacific ex-Japan, EPP
0.75% Value SmallCap VIPERS, VBR
0.72% SmallCap Value S&P 600 iS, IJS
0.71% Value MidCap Russell, IWS
0.71% MidCap Blend S&P 400 iS, IJH
0.70% Transportation Av DJ, IYT
0.69% Netherlands Index, EWN
0.68% China 25 iS, FXI
0.68% Hong Kong Index, EWH
0.68% Energy SPDR, XLE
0.67% Microcap Russell, IWC
0.67% Value VIPERs, VTV
0.67% Foreign LargeCap EAFE MSCI iS, EFA
0.66% Singapore Index, EWS
0.66% LargeCap Value Russell 1000 iS, IWD
0.63% Networking, IGN
0.62% MidCap S&P 400 SPDRs, MDY
0.62% Growth EAFE MSCI, EFG
0.60% MidCap Growth S&P 400 iS, IJK
0.60% Emerging Markets MSCI iS, EEM
0.59% SmallCap Blend S&P 600 iS, IJR
0.59% Frontier Markets Guggenheim , FRN
0.59% Europe 350 S&P Index, IEV
0.58% SmallCap Value Russell 2000 iS, IWN
0.58% S&P 500 SPDRs LargeCap Blend, SPY
0.56% LargeCap Blend Russell 3000 iS, IWV
0.56% Consumer Staples SPDR, XLP
0.56% Small Cap VIPERs, VB
0.56% LargeCap Blend S&P 500 iS, IVV
0.55% LargeCap Blend S&P 100, OEF
0.55% Global ex U.S. LargeCap Blend, ACWX
0.54% MidCap Russell, IWR
0.52% Industrial SPDR, XLI
0.51% EMU Europe Index, EZU
0.51% Dividend SPDR, SDY
0.50% SmallCap Blend Russell 2000 iS, IWM
0.50% Emerging 50 BLDRS, ADRE
0.49% LargeCap Blend Russell 1000 iS, IWB
0.48% Australia Index, EWA
0.48% LargeCap Blend S&P=Weight R, RSP
0.48% Latin Am 40, ILF
0.48% Capital Markets KWB ST, KCE
0.48% Germany Index, EWG
0.47% Energy & Nat Res iS GS, IGE
0.47% LargeCap VIPERs, VV
0.45% Value LargeCap Dynamic PS, PWV
0.45% Telecom DJ US, IYZ
0.45% Dividend U.S. DJ iS, DVY
0.45% United Kingdom Index, EWU
0.43% Thailand MSCI iS, THD
0.43% DIAMONDS (DJIA), DIA
0.42% Dividend ex-U.S. DJ iS, IDV
0.41% Growth MidCap Russell, IWP
0.41% SmallCap Growth Russell 2000 iS, IWO
0.39% Growth VIPERs, VUG
0.39% Energy Global, IXC
0.37% Global 100, IOO
0.37% SmallCap Growth S&P 600 iS, IJT
0.37% Growth SmallCap VIPERs, VBK
0.35% Bond, High Yield Corp iBoxx iS, HYG
0.34% Homebuilders SPDR, XHB
0.33% LargeCap Growth S&P 500 iS, IVW
0.32% LargeCap Growth Russell 1000 iS, IWF
0.31% Utilities SPDR, XLU
0.29% Water Resources, PHO
0.24% Bond, High-Yield Junk, JNK
0.24% Oil Fund PowerShares, DBO
0.23% Bond, Emerg Mkt JPM iS, EMB
0.22% Metals & Mining SPDR, XME
0.22% Belgium Index, EWK
0.22% Bond, Muni S&P ATM-Free iS, MUB
0.21% Consumer Discretionary SPDR, XLY
0.21% Chile MSCI iS, ECH
0.18% Oil, Crude, U.S. Oil Fund, USO
0.18% Canada Index, EWC
0.17% Technology SPDR, XLK
0.17% Turkey MSCI iS, TUR
0.16% India Earnings WTree, EPI
0.15% Health Care SPDR, XLV
0.13% Dividend International, PID
0.11% India PS, PIN
0.10% Dividend High Yield Equity PS, PEY
0.10% Bond, Long-Term Corp iBoxx iS, LQD
0.07% Bond, 10 Year Treasury, IEF
0.07% Bond Ex-US Treas, BWX
0.05% Financial Preferred, PGF
0.05% Preferred Stock iS, PFF
0.05% Bond, TIPS U.S. Treasury iS, TIP
0.02% Bond, 20+ Years Treasury, TLT
0.01% Bond, Intermediate US Aggregate iS, AGG
0.00% Taiwan Index, EWT
0.00% QQQ Nasdaq 100 Trust, QQQ
-0.01% Bond Treasury Short-Term iS, SHV
-0.01% Bond, 1-3 Year Treasury, SHY
-0.04% Technology DJ US, IYW
-0.06% Austria Index, EWO
-0.11% Switzerland Index, EWL
-0.14% South Korea Index, EWY
-0.16% China LargeCap Growth G D H USX PS, PGJ
-0.18% Mexico Index, EWW
-0.19% Blend Total Market VIPERs, VTI
-0.19% Semiconductor iS IGW, SOXX
-0.28% Biotech SPDR, XBI
-0.31% Semiconductor SPDR, XSD
-0.34% Emerging VIPERs, VWO
-0.37% European VIPERs, VGK
-0.38% Dividend Appreciation Vipers, VIG
-0.47% Commodity Tracking, DBC
-0.48% WilderHill Clean Energy PS, PBW
-0.49% Indonesia MV, IDX
-0.56% Bear, Short S&P 500, SH
-0.73% Utilities VIPERs, VPU
-0.78% Pacific VIPERs, VPL
-0.92% Agriculture DB PS, DBA
-1.13% Info Tech VIPERs, VGT
-1.20% Energy VIPERs, VDE
-1.21% Gold Shares S.T., GLD
-3.69% Silver Trust iS, SLV
