“The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time.” — Minutes of FOMC, June 24-25, 2008, just before the bottom fell out.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below the lows of the previous 4 years on 3/20/13, again confirming a major downtrend. EEM/SPY turned systematically bearish on 3/20/13 when the 50-day SMA fell below the 200-day SMA.
The S&P 500 (SPX: 1,558.71) finished up 0.67%, the Nasdaq Composite Index rose 0.78%, the Dow Jones Industrial Average gained 0.39%, but the Dow Jones Transportation Average fell 0.35%. Breadth was positive, with 2927 Advances and 1062 Declines. Volume on the NYSE fell 14% to a level 3% above its 200-day SMA.
Daily price momentum oscillators have been diverging bearishly while price indexes rose to new highs in recent weeks. Momentum oscillators have remained below their 2011-2012 highs and below their highs of late January. For example, RSI(14) based on the S&P 500 Index, now at 63.99, peaked at 74.46 on 1/29/13. MACD(12,26,9), now at 14.33, peaked at 17.88 on 1/29/13. Bearishly diverging momentum is a problem because momentum is a leading indicator of price.
The Art of Contrary Thinking has been calling for questioning overwhelming bullish sentiment. Objective investor sentiment data clearly has demonstrated extremely high degrees of optimism and bullish complacency, matching or exceeding extremes at past market price tops. The pendulum of emotion tends to swing too far in one direction, but the market mood always reverts to the mean–eventually. Sentiment extremes are a leading indicator of price.
Our clients’ separately managed accounts made gains in 6 of the past 7 consecutive quarters; see:
Robert W. Colby Asset Management, Inc. (click here).
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9 major U.S. stock sectors ranked in order of long-term relative strength:
Financial (XLF) Neutral, Under Weight. The Relative Strength Ratio (XLF/SPY) whipsawed back above its 50-day SMA on 3/4/13, thereby turning systematically bullish again. Longer term, although the XLF/SPY has moderately outperformed for nearly 4 years, since 3/6/09, it has substantially underperformed since 3/23/04, and the secular trend may be bearish still. Absolute price turned systematically bullish on 12/5/12 when it rose above its 50-day SMA. Price remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA since 2/21/12. Support: 17.16, 16.95, 16.09, 15.98, 15.43, 15.06, 14.97, 14.84, 14.34, 14.09, 13.97, 13.30, 13.12, 12.86, 12.21, 11.73, 10.95, 10.83, 9.41, and 5.88. Resistance: 18.48, 18.51, 20.70, 24.50, and 28.17.
Consumer Discretionary (XLY) Neutral, Under Weight. The Relative Strength Ratio (XLY/SPY) whipsawed back above its 50-day SMA on 2/27/13, thereby turning systematically bullish again. XLY/SPY remains above its 200-day SMA, and the 50-day SMA has been above the 200-day SMA since 12/16/11. Absolute price turned systematically bullish on 11/23/12 when price crossed above its 50-day SMA. The 50-day SMA has remained above the 200-day SMA since 12/16/11. Support: 49.40, 48.07, 44.34, 43.01, 42.44, 41.44, 41.21, 40.83, 39.97, 39.23, 38.75, 36.33, 33.07, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance: 53.01.
Health Care (XLV) Neutral, Under Weight. The Relative Strength Ratio (XLV/SPY) turned systematically bullish again on 1/24/13, when it whipsawed back above its 50-day SMA. XLV/SPY remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA consistently every day since 6/5/12. Absolute price turned systematically bullish on 1/2/13, when it rose above its 50-day SMA. Support: 42.71, 41.60, 40.38, 39.24, 38.48, 38.33, 37.78, 37.18, 36.88, 36.77, 36.14, 35.38, 35.15, 34.71, 34.42, 31.68, 30.11, 29.64, 28.00, and 27.49. Resistance: 45.10.
Industrial (XLI) Neutral, Under Weight. The Relative Strength Ratio (XLI/SPY) turned systematically neutral (from bullish) on 3/20/13 when it crossed below the 50-day SMA. Absolute price remains systematically bullish, with the 50-day SMA above the 200-day SMA since 8/24/12. Support: 39.97, 38.51, 37.04, 36.71, 36.35, 35.19, 35.00, 34.32, 33.84, 33.08, 32.22, 31.08, and 27.67. Resistance: 42.16.
Consumer Staples (XLP) Neutral, Under Weight. The Relative Strength Ratio (XLP/SPY) has been systematically neutral most of the time over the past year, with XLP performing about in line with the SPY, while absolute price has stayed mostly bullish. Support: 38.20, 37.67, 37.36, 36.79, 35.41, 35.29, 33.56, 33.05, 32.70, 32.46, 31.84, 31.30, 30.19, 28.70, 28.07, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance: none.
Energy (XLE) Neutral, Under Weight. The Relative Strength Ratio (XLE/SPY) whipsawed below its 50-day SMA on 3/18/13, thereby turning systematically neutral again. Still, XLE has been lagging since 2/14/13. Absolute price turned systematically bullish on 12/31/12, when it rose above its 50-day SMA. Support: 75.46, 69.57, 69.43, 67.77, 66.16, 64.64, 64.54, 61.11, 53.71, 50.33, 48.56, 46.16, and 43.66. Resistance: 80.14, 80.97, 83.27, and 91.42.
Materials (XLB) Neutral, Under Weight. The Relative Strength Ratio (XLB/SPY) fell below 5-month’s lows on 2/25/13, after falling below its 50-day SMA on 2/5/13 and thereby turning systematically neutral. XLB absolute price has been systematically bullish most of the time since 12/11/12. Support: 37.35, 36.70, 36.20, 35.44, 34.99, 34.44, 34.10, 33.58, 32.59, 31.41, 30.72, 27.77, 23.85, and 17.83. Resistance: 40.04, 40.20, 40.72, 41.28, 43.04, 45.21, and 46.54.
Utilities (XLU) Neutral, Under Weight. The Relative Strength Ratio (XLU/SPY) fell below its lows of the previous 20 months on 1/17/13. Although currently slightly into the neutral zone above the 50-day SMA, XLU/SPY has stayed systematically bearish most of the time since 9/19/12 and could easily turn bearish again. Absolute price is systematically bullish. Support: 37.12, 36.78, 35.09, 34.22, 33.84, 33.18, 31.94, 29.45, 27.91, 27.44, and 25.76. Resistance: 38.54, 41.98, and 44.66.
Technology (XLK) Bearish, Under Weight. The Relative Strength Ratio (XLK/SPY) fell below its lows of the previous 20 months on 3/13/13, again confirming its established systematically bearish major trend. XLK absolute price rose above its highs of the previous 4 months on 3/14/12 and is systematically bullish. Support: 29.21, 29.10, 28.25, 27.21, 27.04, 26.56, 25.89, 25.66, 25.27, 24.01, 22.60, 22.47, 21.60, 20.01, and 19.51. Resistance: 330.51, 0.51, 31.22, 31.74, 32.00, 34.85, 36.40, and 39.07.
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Stock Market Indicators
The Dow Theory confirmed a Primary Tide Bull Market on 2/19/13, when both Dow-Jones Industrial and Transportation Averages closed above their closing price highs of the previous 5 years.
NASDAQ 100/S&P 500 Relative Strength Ratio (QQQ/SPY)fell below its lows of the previous 19 months on 3/14/13. 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) fell below the lows of the previous 5 months on 3/19/13, again confirming a medium-term downtrend. BKF/SPY fell below its 50-day SMA on 2/4/13 and fell below its 200-day SMA on 2/19/13. BKF/SPY remains systematically neutral. Price peaked at 42.29 on 2/1/13 and fell to a 4-month low on 3/19/13.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below the lows of the previous 4 years on 3/20/13, again confirming a major downtrend. EEM/SPY turned systematically bearish on 3/20/13 when the 50-day SMA fell below the 200-day SMA. Price peaked at 45.34 on 1/2/13 and fell to a 4-month low on 3/19/13.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below the lows of the previous 4 months on 3/13/13, again confirming a medium-term downtrend. EFA/SPY remains systematically neutral.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEF/SPY) turned systematically neutral on 3/15/13 when it crossed above its 50-day SMA. 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. On the other hand, Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative stability and safety of large size.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) remains systematically bullish. Price rose to a new closing price high on 3/15/13, confirming its preexisting uptrend.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) remains systematically bullish. Price rose to a new high on 3/20/13, confirming its preexisting uptrend.
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The S&P 500 Composite Potential Resistance
1576.09, high of 10/11/2007
1565.15, highest close on 10/9/2007
1563.62, high of 3/15/2013
The S&P 500 Composite Potential Support
1538.57, low of 3/19/2013
1512.77, 50-day SMA
1485.01, low of 2/26/2013
1474.51, high of 9/14/2012
1463.76, low of 1/15/2013
1451.64, low on 1/8/13
1448.00, high of 12/19/2012
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
1427.33, 200-day SMA
1426.76, low of 12/12/2012
1425.53, low of 10/12/2012
1423.73, high of 12/3/2012
1422.58, low of 12/21/2012
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
1409.16, high of 11/23/2012
1403.28, low of 10/26/12
1401.58, low of 12/28/12
1398.11, low of 12/31/2012
1397.68, low of 11/26/2012
1396.56, low of 9/4/2012
1391.04, low of 8/6/2012
1388.71, low of 5/3/2012
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
1370.58, high of 5/2/2011
1363.49, high of 6/19/2012
1357.38, low of 4/10/2012
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
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
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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Tangible Assets, Commodities
U.S. dollar ETF (UUP) price rose above its highs 6-months on 3/13/13, after closing above its 200-day SMA on 2/21/13. UUP turned systematically neutral on 2/7/13, when it rose above its 50-day SMA. Longer term, UUP has been consolidating secular trend losses since bottoming at 20.84 on 5/4/11. Support 22.38, 22.15, 21.53, 21.07, and 20.84. Resistance 22.64, 22.78, 22.96, 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 7 months on 3/6/13, again confirming its major bearish trend. Price turned systematically bearish on 1/11/13 when the 50-day SMA crossed down below the 200-day SMA.
Crude Oil, United States Oil ETF (USO) price turned systematically neutral on 2/21/13. Longer term, USO has been mostly bearish since peaking at 119.17 on 7/11/08. Support 32.16, 31.00, 29.02, 26.28, and 22.74. Resistance 33.75, 35.53, 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 8 months on 2/20/13 and appears to be consolidating losses in more recent weeks. Price turned systematically bearish on 2/22/13, when the 50-day SMA fell below the 200-day SMA. Longer term, GLD has been mostly bearish since peaking at 185.85 on 9/6/11. Support: 150.84, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 156.80, 164.40, 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 bearish again on 12/27/12, when the 50-day SMA crossed below the 200-day SMA. Longer term, GDX/GLD has remained mostly bearish for more than 6 years, since 9/5/06.
Silver, iShares Silver Trust ETF (SLV) price fell below its lows of the previous 6 months on 2/20/13 and appears to be consolidating losses in more recent weeks. Price turned systematically bearish on 3/1/13, when the 50-day SMA fell below the 200-day SMA. Longer term, SLV has been mostly bearish since peaking at 48.35 on 4/28/11. Support 27.35, 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 28.50, 28.61, 29.73, 31.41, 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 6 months on 3/19/13, again confirming a medium-term downtrend. SLV/GLD remains neutral below both its 50-day SMA and its 200-day SMA.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC)fell below its lows of the previous 7 months on 3/19/13, again confirming a medium-term downtrend. JJC remains systematically neutral, below the 50-day SMA and 200-day SMA. JJC has been consolidating losses between 38.99 and 51.41 since 10/5/11. Longer term, JJC has been mostly bearish since peaking at 61.69 on 2/14/11. “Dr. Copper” is widely accepted as one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, so price weakness of Copper implies a weak economic outlook.
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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
1.35% , IGN , Networking, IGN
0.91% , IWR , MidCap Russell, IWR
6.45% , BBRY , BlackBerry (BBRY)
5.22% , DISH , EchoStar Communications
4.78% , LEN , Lennar Corp. (LEN)
4.20% , ADBE , ADOBE SYS
3.75% , APC , ANADARKO PETRO
2.12% , NYT , NY TIMES STK A
2.56% , GIS , GENERAL MILLS
3.10% , TGT , TARGET
0.66% , VTV , Value VIPERs, VTV
0.91% , EWK , Belgium Index, EWK
2.45% , IR , INGER RAND
4.61% , DHI , D.R. HORTON, DHI
3.69% , BBY , BEST BUY
1.78% , DPS , Dr Pepper Snapple Group
4.09% , RYAAY , Ryanair Holdings plc
0.87% , VHT , Health Care VIPERs, VHT
1.87% , CCE , COCA COLA ENTER
1.04% , MDY , MidCap S&P 400 SPDRs, MDY
0.96% , CTL , CENTURYTEL
1.13% , RSX , Russia MV, RSX
0.96% , IYH , Healthcare DJ, IYH
0.64% , EWC , Canada Index, EWC
1.22% , PWB , Lg Cap Growth PSD, PWB
2.14% , STT , STATE STREET
0.78% , VAW , Materials VIPERs, VAW
1.25% , K , KELLOGG
2.42% , XHB , Homebuilders SPDR, XHB
0.52% , PWV , Value LargeCap Dynamic PS, PWV
1.85% , AES , AES
0.74% , IWC , Microcap Russell, IWC
2.47% , HIG , HARTFORD FINL
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-6.89% , FDX , FEDEX
-4.46% , CTAS , CINTAS
-3.12% , DE , DEERE & CO
-1.15% , MYY , Short 100% MidCap 400, MYY
-1.88% , PTEN , Patterson-UTI Energy Inc
-1.23% , UPS , UNITED PARCEL STK B
-1.51% , CAT , CATERPILLAR
-0.10% , MUB , Bond Muni ATM-Free S&P iS, MUB
-0.71% , SVU , SUPERVALU
-1.08% , THD , Thailand MSCI iS, THD
-0.46% , PEP , PEPSICO
-0.27% , DOV , DOVER
-0.97% , X , US STEEL CORP
-0.64% , EXPD , Expeditors International WA
-1.94% , NBR , NABORS
-0.34% , YHOO , YAHOO
-0.35% , SNV , SYNOVUS
-0.29% , LQD , Bond, Corp, LQD
-0.72% , VZ , VERIZON COMMS
-0.43% , R , RYDER SYSTEM
-0.08% , ETR , ENTERGY
-0.10% , CI , CIGNA
-0.82% , HPQ , HEWLETT PACKARD
-0.29% , IYT , Transportation Av DJ, IYT
-0.14% , LH , LAB CRP OF AMER
-0.11% , AGG , Bond, Aggregate, AGG
-0.32% , UNP , UNION PACIFIC
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.50% , China 25 iS, FXI
2.42% , Homebuilders SPDR, XHB
1.93% , China LargeCap Growth G D H USX PS, PGJ
1.89% , Italy Index, EWI
1.57% , Semiconductor SPDR, XSD
1.43% , Mexico Index, EWW
1.35% , Networking, IGN
1.33% , Semiconductor iS IGW, SOXX
1.31% , France Index, EWQ
1.25% , Indonesia MV, IDX
1.23% , EMU Europe Index, EZU
1.20% , Spain Index, EWP
1.17% , Capital Markets KWB ST, KCE
1.16% , Consumer Discretionary SPDR, XLY
1.15% , Oil, Crude, U.S. Oil Fund, USO
1.13% , Russia MV, RSX
1.12% , Growth MidCap Russell, IWP
1.09% , Switzerland Index, EWL
1.09% , MidCap Growth S&P 400 iS, IJK
1.06% , SmallCap Growth Russell 2000 iS, IWO
1.05% , Oil Fund PowerShares, DBO
1.05% , Malaysia Index, EWM
1.04% , MidCap S&P 400 SPDRs, MDY
1.01% , Netherlands Index, EWN
0.97% , Growth SmallCap VIPERs, VBK
0.96% , Chile MSCI iS, ECH
0.96% , Germany Index, EWG
0.96% , Hong Kong Index, EWH
0.96% , Consumer Staples SPDR, XLP
0.93% , SmallCap Blend Russell 2000 iS, IWM
0.92% , MidCap Blend S&P 400 iS, IJH
0.91% , MidCap Russell, IWR
0.91% , Dividend U.S. DJ iS, DVY
0.91% , Belgium Index, EWK
0.87% , SmallCap Blend S&P 600 iS, IJR
0.87% , Small Cap VIPERs, VB
0.86% , Value EAFE MSCI, EFV
0.85% , LargeCap Blend S&P=Weight R, RSP
0.83% , Health Care SPDR, XLV
0.82% , European VIPERs, VGK
0.81% , Value MidCap Russell, IWS
0.81% , Utilities VIPERs, VPU
0.79% , Dividend SPDR, SDY
0.79% , Austria Index, EWO
0.78% , SmallCap Growth S&P 600 iS, IJT
0.78% , Growth VIPERs, VUG
0.78% , SmallCap Value S&P 600 iS, IJS
0.78% , SmallCap Value Russell 2000 iS, IWN
0.77% , Agriculture DB PS, DBA
0.76% , Materials SPDR, XLB
0.75% , Japan Index, EWJ
0.75% , Value SmallCap VIPERS, VBR
0.75% , Blend Total Market VIPERs, VTI
0.75% , LargeCap Blend Russell 3000 iS, IWV
0.74% , Water Resources, PHO
0.74% , Microcap Russell, IWC
0.74% , Utilities SPDR, XLU
0.73% , MidCap Value S&P 400 iS, IJJ
0.73% , LargeCap Value Russell 1000 iS, IWD
0.72% , LargeCap Growth S&P 500 iS, IVW
0.72% , Energy & Nat Res iS GS, IGE
0.71% , LargeCap Growth Russell 1000 iS, IWF
0.70% , Commodity Tracking, DBC
0.70% , QQQ Nasdaq 100 Trust, QQQ
0.70% , S&P 500 SPDRs LargeCap Blend, SPY
0.69% , Global LargeCap Blend MSCI iS, ACWI
0.69% , Financial Services DJ, IYG
0.69% , Info Tech VIPERs, VGT
0.68% , Financial SPDR, XLF
0.67% , LargeCap VIPERs, VV
0.67% , Energy DJ, IYE
0.67% , Dividend ex-U.S. DJ iS, IDV
0.67% , Financial DJ US, IYF
0.66% , Value VIPERs, VTV
0.66% , LargeCap Blend Russell 1000 iS, IWB
0.65% , Turkey MSCI iS, TUR
0.65% , Basic Materials DJ US, IYM
0.64% , LargeCap Blend S&P 500 iS, IVV
0.64% , Canada Index, EWC
0.64% , Global 100, IOO
0.63% , Financials VIPERs, VFH
0.62% , Energy VIPERs, VDE
0.61% , Biotech SPDR, XBI
0.61% , Foreign LargeCap EAFE MSCI iS, EFA
0.60% , LargeCap Value S&P 500 iS, IVE
0.58% , Real Estate US DJ iS, IYR
0.58% , Emerging VIPERs, VWO
0.58% , Dividend High Yield Equity PS, PEY
0.57% , Emerging Markets MSCI iS, EEM
0.57% , Europe 350 S&P Index, IEV
0.56% , Energy SPDR, XLE
0.56% , Global ex U.S. LargeCap Blend, ACWX
0.55% , Energy Global, IXC
0.55% , Dividend Appreciation Vipers, VIG
0.55% , SmallCap Blend EAFE MSCI iS, SCZ
0.53% , Technology DJ US, IYW
0.52% , Pacific VIPERs, VPL
0.52% , Value LargeCap Dynamic PS, PWV
0.52% , Metals & Mining SPDR, XME
0.51% , LargeCap Blend S&P 100, OEF
0.50% , Technology SPDR, XLK
0.49% , Pacific ex-Japan, EPP
0.48% , Dividend International, PID
0.45% , WilderHill Clean Energy PS, PBW
0.44% , Emerging 50 BLDRS, ADRE
0.42% , Realty Cohen & Steers, ICF
0.38% , Taiwan Index, EWT
0.35% , DIAMONDS (DJIA), DIA
0.33% , Growth EAFE MSCI, EFG
0.33% , Bond, High Yield Corp iBoxx iS, HYG
0.32% , REIT VIPERs, VNQ
0.31% , Frontier Markets Guggenheim , FRN
0.30% , REIT Wilshire, RWR
0.30% , Australia Index, EWA
0.28% , Sweden Index, EWD
0.26% , Latin Am 40, ILF
0.25% , Telecom DJ US, IYZ
0.24% , Bond, High-Yield Junk, JNK
0.20% , Preferred Stock iS, PFF
0.12% , Industrial SPDR, XLI
0.11% , Financial Preferred, PGF
0.09% , Bond, Emerging Mkt JPM iS, EMB
0.00% , Bond Treasury Short-Term iS, SHV
-0.01% , Bond, 1-3 Year Treasury, SHY
-0.03% , South Africa Index, EZA
-0.09% , Bond Ex-US Treas, BWX
-0.10% , Bond, Muni S&P ATM-Free iS, MUB
-0.11% , Bond, Intermediate US Aggregate iS, AGG
-0.17% , India PS, PIN
-0.22% , Singapore Index, EWS
-0.24% , South Korea Index, EWY
-0.27% , United Kingdom Index, EWU
-0.28% , Bond, TIPS U.S. Treasury iS, TIP
-0.29% , Transportation Av DJ, IYT
-0.29% , Bond, Long-Term Corp iBoxx iS, LQD
-0.38% , Bond, 10 Year Treasury, IEF
-0.43% , Silver Trust iS, SLV
-0.45% , Gold Shares S.T., GLD
-0.55% , India Earnings WTree, EPI
-0.58% , Brazil Index, EWZ
-0.71% , Bear, Short S&P 500, SH
-1.08% , Thailand MSCI iS, THD
-1.12% , Bond, 20+ Years Treasury, TLT
