iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below the lows of the previous 4 years on 3/22/13, suggesting a major 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 but appears to be heading for a bearish 50/200 SMA crossover. 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 3/22/13, 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.
The S&P 500 (SPX: 1,556.89) rose 0.72% on Friday to recover most of the previous day’s loss. Nevertheless, it finished down 0.24% for the week as a whole. The Nasdaq Composite Index rose 0.70%, the Dow Jones Industrial Average gained 0.63%, and the Dow Jones Transportation Average recovered 1.01%. Breadth was positive, with 2499 Advances and 1374 Declines. Volume on the NYSE fell 11% to a level 11% below 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 60.57, peaked at 74.46 on 1/29/13. MACD(12,26,9), now at 12.79, 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 have 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: 18.06, 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: 51.46, 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: 44.22, 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.
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.
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: 41.22, 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.
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: 77.39, 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. 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: 37.76, 37.69, 36.78, 35.09, 34.22, 33.84, 33.18, 31.94, 29.45, 27.91, 27.44, and 25.76. Resistance: 38.36, 38.54, 41.98, and 44.66.
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 systematically neutral (from bullish) on 3/21/13 when it crossed below the 50-day SMA. 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.
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: 29.91, 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: 30.47, 30.51, 31.22, 31.74, 32.00, 34.85, 36.40, and 39.07.
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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
1516.46, 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
1430.06, 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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Fixed-Income Investments
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT)price rose back up above its 50-day SMA on 3/22/13, thereby turning systematically neutral again. Various technical oscillators, such as RSI and MACD, show losses of downside momentum and bullish divergences since 2/1/13. Support 114.62, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance: 119.67, 120.70, 123.71, 126.08, 127.19, 127.72, 130.69, and 132.22.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF)price whipsawed back up above its 50-day SMA on 3/18/13, thereby turning systematically neutral again. IEF formed a technical base after hitting an “oversold” low at 105.56 on 2/1/13 and successfully testing that low 3 times. Various technical oscillators, such as RSI and MACD, show losses of downside momentum and bullish divergences since 2/1/13. Support 105.56, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance: 107.38, 108.07, 108.15, 109.20, 109.32, and 109.89.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back up above its 50-day SMA on 3/5/13, thereby turning systematically bullish again. JNK/LQD has been neutral for most of the past 3 years, and it seems questionable whether this long-term trend is changing in any sustainable way.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) whipsawed back down below its 50-day SMA on 3/18/13, thereby turning systematically neutral again. Longer term, TIP/IEF has been neutral for most of the past 3 years. Absolute price of TIP peaked at 123.44 on 12/6/12 and remains systematically neutral.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) price rose above its highs of the past 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 22.35, 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 and remains neutral. Longer term, USO has been mostly bearish since peaking at 119.17 on 7/11/08. Support 32.87, 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 3/22/13, 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
1.10% , PBJ , Food & Beverage, PBJ
10.69% , MU.O , MICRON TECH
11.06% , NKE , NIKE STK B
3.27% , PEP , PEPSICO
1.71% , BMY , BRISTOL MYERS
2.54% , FDO , FAMILY DLR STRS
1.62% , VRSN , VeriSign Inc
0.56% , IYJ , Industrial LargeCap Blend DJ US, IYJ
2.05% , CHD , Church & Dwight
0.77% , PEJ , Leisure & Entertainment, PEJ
1.94% , TIF , TIFFANY
1.32% , S , SPRINT NEXTEL
0.45% , SPLS , STAPLES
0.63% , PM , Philip Morris, PM
0.50% , IYF , Financial DJ US, IYF
2.33% , BBBY , BED BATH BEYOND
0.30% , PCG , PG&E
1.82% , CPWR , COMPUWARE
0.92% , DOW , DOW CHEMICAL
1.89% , MSI , Motorola Solutions, MSI
2.31% , AMAT , APPLIED MATERIAL
1.14% , EZU , EMU Europe Index, EZU
1.34% , SYY , SYSCO
1.03% , SNDK , SanDisk Corporation
3.21% , R , RYDER SYSTEM
0.32% , RTN , RAYTHEON
0.43% , PHO , Water Resources, PHO
0.62% , CL , COLGATE
0.73% , MMC , MARSH & MCLENNAN
0.28% , EWC , Canada Index, EWC
0.30% , IJT , Growth BARRA Small Cap 600, IJT
0.76% , XLV , Health Care SPDR, XLV
1.23% , XLY , Consumer Discretionary SPDR, XLY
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-7.74% , BBRY , BlackBerry (BBRY)
-2.84% , ASH , ASHLAND
-3.67% , MNST , Monster Beverage, MNST
-3.05% , THD , Thailand MSCI iS, THD
-1.63% , CTSH , Cognizant Technology Solutions
-0.94% , HBAN , HUNTINGTON
-0.79% , ERIC.O , LM Ericsson Telephone Company
-1.95% , URBN , Urban Outfitters Inc.
-3.01% , ZEUS , Olympic Steel, ZEUS
-1.13% , CHKP , Check Point Software Technologies Ltd
-0.66% , IGT , INTL GAME TECH
-0.86% , ETR , ENTERGY
-1.84% , HUM , HUMANA
-1.52% , FE , FIRSTENERGY
-0.42% , NI , NISOURCE
-0.68% , NTAP , NETWK APPLIANCE
-3.79% , AMD , ADV MICRO DEV
-0.79% , HAL , HALLIBURTON
-0.39% , HOT , STARWOOD HOTELS
-0.96% , A , AGILENT TECH
-0.07% , IYM , Basic Materials DJ US, IYM
-0.17% , TDC , Teradata Corporation, TDC
-0.24% , KSS , KOHLS
-0.12% , RF , REGIONS FINAN
-0.45% , CMI , CUMMINS
-0.24% , TBT , 200% Short US T Bond, TBT
-0.10% , VFC , VF
-0.25% , PTEN , Patterson-UTI Energy Inc
-0.53% , IFF , INTL FLAV & FRAG
-0.05% , PKB , Building & Construction, PKB
-1.39% , CTXS , CITRIX SYSTEMS
-0.11% , RL , Polo Ralph Lauren
-0.01% , HNZ , HJ HEINZ
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.11% , Italy Index, EWI
1.69% , Oil, Crude, U.S. Oil Fund, USO
1.40% , Oil Fund PowerShares, DBO
1.28% , Sweden Index, EWD
1.26% , Belgium Index, EWK
1.23% , Australia Index, EWA
1.23% , Consumer Discretionary SPDR, XLY
1.19% , France Index, EWQ
1.14% , EMU Europe Index, EZU
1.14% , Spain Index, EWP
1.11% , Semiconductor iS IGW, SOXX
1.10% , Value EAFE MSCI, EFV
1.08% , Pacific ex-Japan, EPP
1.07% , Transportation Av DJ, IYT
1.03% , South Korea Index, EWY
1.03% , Europe 350 S&P Index, IEV
0.97% , Mexico Index, EWW
0.97% , QQQ Nasdaq 100 Trust, QQQ
0.92% , Consumer Staples SPDR, XLP
0.91% , Energy Global, IXC
0.89% , Global 100, IOO
0.89% , LargeCap Blend S&P 100, OEF
0.87% , LargeCap Growth S&P 500 iS, IVW
0.87% , Turkey MSCI iS, TUR
0.87% , Foreign LargeCap EAFE MSCI iS, EFA
0.84% , Germany Index, EWG
0.84% , LargeCap Growth Russell 1000 iS, IWF
0.83% , United Kingdom Index, EWU
0.83% , SmallCap Blend EAFE MSCI iS, SCZ
0.80% , S&P 500 SPDRs LargeCap Blend, SPY
0.80% , Global LargeCap Blend MSCI iS, ACWI
0.79% , Energy SPDR, XLE
0.78% , Energy DJ, IYE
0.78% , LargeCap Blend S&P 500 iS, IVV
0.78% , Biotech SPDR, XBI
0.77% , Industrial SPDR, XLI
0.77% , Energy VIPERs, VDE
0.76% , Health Care SPDR, XLV
0.75% , Growth EAFE MSCI, EFG
0.70% , DIAMONDS (DJIA), DIA
0.69% , Switzerland Index, EWL
0.67% , Netherlands Index, EWN
0.66% , Technology SPDR, XLK
0.64% , LargeCap Value S&P 500 iS, IVE
0.64% , LargeCap Blend Russell 3000 iS, IWV
0.64% , LargeCap Blend Russell 1000 iS, IWB
0.62% , India Earnings WTree, EPI
0.61% , Real Estate US DJ iS, IYR
0.60% , Technology DJ US, IYW
0.60% , Dividend International, PID
0.60% , LargeCap Value Russell 1000 iS, IWD
0.59% , Dividend SPDR, SDY
0.58% , Financial SPDR, XLF
0.57% , European VIPERs, VGK
0.57% , Realty Cohen & Steers, ICF
0.55% , Malaysia Index, EWM
0.55% , REIT Wilshire, RWR
0.54% , Global ex U.S. LargeCap Blend, ACWX
0.53% , Bond Ex-US Treas, BWX
0.52% , Energy & Nat Res iS GS, IGE
0.51% , Hong Kong Index, EWH
0.51% , LargeCap Blend S&P=Weight R, RSP
0.50% , Financial DJ US, IYF
0.49% , Info Tech VIPERs, VGT
0.48% , MidCap Growth S&P 400 iS, IJK
0.45% , Value LargeCap Dynamic PS, PWV
0.45% , MidCap Russell, IWR
0.45% , Latin Am 40, ILF
0.44% , Growth VIPERs, VUG
0.44% , Growth MidCap Russell, IWP
0.43% , Pacific VIPERs, VPL
0.43% , Water Resources, PHO
0.42% , Emerging 50 BLDRS, ADRE
0.41% , Value MidCap Russell, IWS
0.41% , Dividend ex-U.S. DJ iS, IDV
0.40% , Dividend U.S. DJ iS, DVY
0.39% , India PS, PIN
0.39% , Semiconductor SPDR, XSD
0.39% , Dividend Appreciation Vipers, VIG
0.38% , Emerging Markets MSCI iS, EEM
0.38% , Financial Services DJ, IYG
0.37% , Japan Index, EWJ
0.37% , Telecom DJ US, IYZ
0.37% , Singapore Index, EWS
0.35% , MidCap Blend S&P 400 iS, IJH
0.34% , Microcap Russell, IWC
0.33% , MidCap S&P 400 SPDRs, MDY
0.31% , SmallCap Blend Russell 2000 iS, IWM
0.30% , SmallCap Growth S&P 600 iS, IJT
0.30% , LargeCap VIPERs, VV
0.29% , MidCap Value S&P 400 iS, IJJ
0.29% , SmallCap Blend S&P 600 iS, IJR
0.28% , Canada Index, EWC
0.28% , Bond, Muni S&P ATM-Free iS, MUB
0.27% , China 25 iS, FXI
0.27% , Homebuilders SPDR, XHB
0.26% , Financials VIPERs, VFH
0.26% , China LargeCap Growth G D H USX PS, PGJ
0.26% , SmallCap Growth Russell 2000 iS, IWO
0.24% , Small Cap VIPERs, VB
0.23% , Chile MSCI iS, ECH
0.23% , Dividend High Yield Equity PS, PEY
0.23% , Taiwan Index, EWT
0.22% , SmallCap Value S&P 600 iS, IJS
0.21% , Value SmallCap VIPERS, VBR
0.18% , Commodity Tracking, DBC
0.18% , Growth SmallCap VIPERs, VBK
0.17% , Bond, TIPS U.S. Treasury iS, TIP
0.17% , Emerging VIPERs, VWO
0.16% , Blend Total Market VIPERs, VTI
0.16% , Utilities SPDR, XLU
0.16% , Frontier Markets Guggenheim , FRN
0.13% , SmallCap Value Russell 2000 iS, IWN
0.13% , Materials SPDR, XLB
0.08% , Bond, 20+ Years Treasury, TLT
0.06% , Austria Index, EWO
0.05% , Financial Preferred, PGF
0.05% , Preferred Stock iS, PFF
0.04% , Bond, 10 Year Treasury, IEF
0.04% , Bond, Intermediate US Aggregate iS, AGG
0.01% , Bond Treasury Short-Term iS, SHV
0.01% , Bond, Long-Term Corp iBoxx iS, LQD
-0.02% , Bond, 1-3 Year Treasury, SHY
-0.05% , Bond, High-Yield Junk, JNK
-0.05% , Capital Markets KWB ST, KCE
-0.07% , Bond, Emerging Mkt JPM iS, EMB
-0.07% , Basic Materials DJ US, IYM
-0.07% , Bond, High Yield Corp iBoxx iS, HYG
-0.14% , Value VIPERs, VTV
-0.15% , Agriculture DB PS, DBA
-0.18% , Russia MV, RSX
-0.21% , South Africa Index, EZA
-0.24% , REIT VIPERs, VNQ
-0.28% , Brazil Index, EWZ
-0.45% , Gold Shares S.T., GLD
-0.54% , Metals & Mining SPDR, XME
-0.68% , Networking, IGN
-0.77% , Bear, Short S&P 500, SH
-0.78% , Utilities VIPERs, VPU
-0.90% , WilderHill Clean Energy PS, PBW
-1.16% , Indonesia MV, IDX
-1.53% , Silver Trust iS, SLV
-3.05% , Thailand MSCI iS, THD
