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Daily Stock Market Commentary
Stock Market: short-term weakness is wide spread.
S&P 500 and Nasdaq Composite Stock Price Indexes both closed below rising uptrend lines from the lows of March 2009.
Volume rose to confirm price breakdown. Volume indicators remain weaker than price. Cumulative Candlestick Volume and On-Balance Volume both broke down below 3-month lows, diverging bearishly compared to price. NYSE A/D Volume Ratio was a very bearish 0.103 to 1.
NYSE Breadth was extremely bearish, with 8.8 declining stocks for every advancing stock. The NYSE McClellan Oscillator collapsed to its lowest level since the March 2009 low, indicating very bearish breadth momentum. The Nasdaq A-D Line has fallen hard this month, retracing most of its gain since the July low. The percentage of Nasdaq stocks in P&F uptrends has fallen steeply, now 65%, down from 75% in September.
Investor sentiment indicators have been reflecting bullish complacency for 3 months and still have not flipped into bearish territory. As I wrote last week, “So, by The Art of Contrary Thinking the market could be vulnerable to a downside surprise catching the majority off guard.” That appears to be happening.
There were too many breakdowns on Wednesday to list in this summary. Please read on.
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
3.20% , MYY , Short 100% MidCap 400, MYY
10.42% , CIT , CIT GROUP
17.03% , UIS , UNISYS
2.61% , Q , QWEST COMMUNICAT
2.42% , PLL , PALL
2.57% , VZ , VERIZON COMMS
2.33% , PSQ , Short 100% QQQ, PSQ
3.88% , AIG , AMER INTL GROUP
1.54% , QCOM , QUALCOMM
1.78% , TTH , Telecom H, TTH
1.88% , T , AT&T Corp., T
2.26% , DXD , Short 200% Dow 30 PS, DXD
0.43% , NSC , NORFOLK SOUTHERN
1.88% , SH , Short 100% S&P 500, SH
2.21% , S , SPRINT NEXTEL
3.70% , SDS , Short 200% S&P 500 PS, SDS
0.50% , RFMD , RF Micro Devices Inc
0.88% , ERIC.O , LM Ericsson Telephone Company
1.18% , DOG , Short 100% Dow 30, DOG
0.37% , WAT , WATERS
0.76% , MOT , MOTOROLA
0.14% , AGG , Bond, Aggregate, AGG
0.09% , PG , PROCTER & GAMBLE
0.31% , MHP , MCGRAW HILL
0.08% , TIP , Bond, TIPS, TIP
0.10% , PM , Philip Morris, PM
0.47% , TLT , Bond, 20+ Years Treasury, TLT
0.09% , KO , COCA COLA
0.31% , IEF , Bond, 10 Year Treasury, IEF
0.06% , WMT , WAL MART STORES
0.21% , KR , KROGER
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-19.59% , GT , GOODYEAR TIRE
-16.38% , GRMN , GARMIN LTD
-12.50% , LVLT , LEVEL 3 COMMUNICATIONS
-17.69% , APOL , APOLLO GROUP
-12.27% , ASH , ASHLAND
-8.72% , CTB , COOPER TIRE
-7.47% , SNV , SYNOVUS
-5.46% , IIH , Internet Infrastructure H, IIH
-12.45% , MOLX , MOLEX
-11.84% , NYT , NY TIMES STK A
-3.13% , JKI , Value MidCap iS M, JKI
-7.85% , AIV , APT INV MNGMT
-6.34% , CECO , CAREER EDUCATION CORP
-2.27% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-7.41% , EWO , Austria Index, EWO
-8.42% , TBH , Telebras HOLDRS, TBH
-2.62% , ADRD , Developed 100 BLDRS, ADRD
-2.76% , PWO , OTC Dynamic PS, PWO
-3.19% , PWY , Value SmallCap Dynamic PS, PWY
-4.21% , SYK , STRYKER
-4.09% , PBE , Biotech & Genome, PBE
-4.96% , RFV , Value MidCap S&P 400, RFV
-3.78% , JKG , MidCap Blend Core iS M, JKG
-6.12% , PBW , WilderHill Clean Energy PS, PBW
-4.87% , AGN , ALLERGAN
-3.54% , IP , INTL PAPER
-2.35% , PJP , Pharmaceuticals, PJP
-1.94% , EWD , Sweden Index, EWD
-4.72% , EZA , South Africa Index, EZA
-4.16% , RPV , Value S&P 500, RPV
-4.67% , ADRE , Emerging 50 BLDRS, ADRE
-3.89% , RFG , Growth MidCap S&P 400, RFG
-3.71% , PSI , Semiconductors, PSI
-2.51% , PPA , Aerospace & Defense, PPA
-3.94% , SWH , Software H, SWH
-4.56% , PXE , Energy Exploration & Prod, PXE
-5.99% , FISV , FISERV
-0.90% , VOX , Telecom Services VIPERs, VOX
-5.63% , CBS , CBS CORP.
-10.11% , GCI , GANNETT
9 major U.S. stock sectors ranked in order of long-term relative strength:
Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) rose to another new 12-week high on 10/28/09. Short term and intermediate term, the relative trend is bullish. Long term, on 7/22/09, XLK/SPY rose to its highest level in 7 years, thereby confirming a long-term uptrend in effect since 9/30/02.
Consumer Discretionary (XLY) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) broke down to a new 8-week low on 10/28/09, turning the short-term relative trend bearish. Long term, XLY was relatively strong from 11/19/08 to 4/30/09, but that trend is now in question.
Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) broke out above previous 13-week highs on 10/28/09. This defensive sector outperforms when investors move away from risk.
Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) turned down after peaking on 10/21/09. XLE/SPY was in a strong uptrend 10/2/09 to 10/21/09. Longer term, it appears likely that XLE/SPY bottomed a year ago, on 10/16/08, and has been building a technical base over the past year.
Health Care (XLV) Bearish, Underweight. The Relative Strength Ratio (XLV/SPY) broke out above previous 3-week highs on 10/28/09, which appears bullish for the short term. XLV/SPY fell below the lows of the previous 12 months on 10/22/09, which appeared bearish for the long term.
Financial (XLF) Bearish, Underweight. The Relative Strength Ratio (XLF/SPY) broke down to a new 11-week low on 10/28/09. The XLF/SPY trend looks bearish for the intermediate-term and probably the long-term as well.
Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) broke down to a new 8-week low on 10/27/09. XLI/SPY has underperformed since making a high on 9/17/09. XLI/SPY was in an intermediate-term uptrend from its low on 3/6/09 to its high on 9/17/09. The long-term trend peaked on 3/31/08.
Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) broke down to a new 14-week low on 10/28/09. Short term and intermediate term, the relative trend is bearish. Long term, XLB/SPY has underperformed for 16 months since 6/23/08.
Utilities (XLU) Bearish, Underweight. The Relative Strength Ratio (XLU/SPY) fell below previous 24-month lows on 10/14/09. XLU has underperformed since 11/21/08, as the appetite for risk recovered.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell steeply, breaking down below the lows of the previous 5 weeks on 10/28/09, confirming a downside correction for the short term. EEM/SPY moved above previous 6-year highs on 10/14/09, confirming a major bull market trend.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell steeply, breaking down below the lows of the previous 8 weeks on 10/28/09, confirming a downside correction for the short term. above previous 6-week highs on 10/21/09. The ratio outperformed from 10/27/08 to 9/9/09, and that uptrend could resume eventually. EFA is the ETF representing the EAFE, the international developed country stock markets, excluding the U.S. and Canada.
NASDAQ Composite/S&P 500 Relative Strength Ratio broke down to a new 8-week low on 10/28/09. Short term and intermediate term, the relative trend is bearish.
Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) broke out above highs of the previous 12 weeks on 10/28/09. IWF/IWD was in an uptrend from 8/8/06 to 3/5/09, and it seems quite possible that uptrend could resume.
Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) broke down below the lows of the previous 11 weeks on 10/28/09. IWD/SPY has underperformed since 9/18/09. Long term, IWD/SPY remains in a bearish trend, underperforming since 3/22/07.
The S&P 500 equally weighted index relative to the S&P 500 capitalization weighted index broke down to a new 8-week low on 10/28/09, confirming a significant downside correction. The ratio had been in a strong uptrend from 11/19/08 to 9/16/09, and that trend could resume when this correction is over.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) broke out above the highs of the previous 13 weeks on 10/28/09, as the market shifted back again toward risk aversion.
The Small Cap/Large Cap Relative Strength Ratio (IWM/SPY) fell below the lows of the previous 13-weeks on 10/28/09, confirming again the preexisting bearish trend.
The Mid Cap/Large Cap Relative Strength Ratio (MDY/SPY) broke down to a new 13-week low on 10/28/09, indicating a significant downside correction. The major secular trend since 1999 remains bullish, however.
Crude Oil nearest futures contract price fell below the lows of the previous 8 trading days on 10/28/09, signaling a short-term downtrend. Oil made a new 12-month high of 82.00 on 10/21/09, confirming a bullish major trend. Potential support may be seen around the high of 75.00 set on 8/25/09.
Gold nearest futures contract price fell further below the lows of the previous 3 weeks on 10/28/09, confirming a downside correction for the short term. Gold rose to an all-time high of 1072.0 on 10/14/09, confirming a bullish major trend. Technical supports might be found around previous highs and lows at 1024.7, 982.2, 940.3, 931.5, 925.2 and 904.8, based on the nearest futures contract. Watch highs at 1069.0 and 1072.0 for potential resistance.
Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to Gold bullion) broke down below the lows of the previous 8 weeks on 10/28/09. The short-term trend has turned very weak. The ratio rose to a 14-month high on 9/17/09, confirming a preexisting longer-term uptrend in effect since 10/27/08. This main trend remains bullish for both Gold bullion and Gold Mining Stocks.
Silver/Gold Ratio fell steeply to another new 8-week low on 10/28/09, indicating a significant downside correction. A downtrend suggests doubts about global economic prospects.
Copper nearest futures contract price fell below the lows of the previous 4 trading days on 10/28/09, confirming a bearish trend for the short term. Copper broke out to a new 13-month high of 3.0575 on 10/21/09, confirming that the main trend remains bullish. Falling copper prices suggest doubts about global economic prospects, while rising copper prices suggest growing confidence.
U.S. Treasury Bond December futures contract price moved above the highs of the previous 3 trading days on 10/28/09. The Bond fell below the lows of the previous 6 weeks on 10/26/09, turning the short-term trend bearish. The Bond may find short-term support around the previous lows of 117.18 set on 9/9/09 and 116.30 set on 8/24/09. On 8/7/09, Bonds found support at the upper end of the 112-115 zone of many previous reversal points (including both lows and highs).
Bond Quality Relative Strength Ratio (JNK/LQD) fell below the lows of the previous 3 weeks on 10/28/09, confirming a preexisting downside correction for the short term. When JNK/LQD is in weak, that indicates risk aversion—but that applies only to short-term trading, in this case. Long term, JNK/LQD rose to a new 12-month high on 10/23/09, indicating an increasing appetite for risk. It is very important to put conflicting trends in different time frames into perspective, giving much more weight to the major long-term trend.
The U.S. dollar nearest futures contract price rose further above the highs of the previous 2 weeks on 10/28/09. That may seem bullish for the short term, but the dominant trend is not bullish. USD fell below the lows of the previous 14 months on 10/21/09, confirming a bearish major trend.
The Art of Contrary Thinking: The various surveys of investor sentiment are best considered as background factors. The majority of investors can be right for a long time before a major trend finally changes course. So, Contrary Thinking should be used with more precise market timing tools.
Advisory Service Sentiment: There were 48.3% Bulls versus 22.5% Bears as of 10/28/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 2.15, up from 2.14 the previous week. The ratio was 2.61 on 8/26/09, the highest reading since 10/17/07. The ratio’s 39-year range is 0.28 to 17.51, the median is 1.43, and the mean is 1.73.
VIX Fear Index touched a new 13-month low of 20.10 on 10/21/09, confirming declining fear. VIX is down from a closing high of 80.86 set on 11/20/08. 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 touched a new 13-month low of 20.75 on 10/21/09. VXN is down from a closing high of 80.64 set on 11/20/08. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.
ISEE Call/Put Ratio rose to 1.82 on 10/14/09, indicating bullish sentiment. The ratio’s 5-year mean is 1.43, median is 1.38, and its range is 0.51 to 3.16.
CBOE Put/Call Ratio fell to 0.46 on 10/14/09, indicating bullish sentiment. The ratio’s 5-year mean is 0.67, median is 0.65, and its range is 0.35 to 1.35.
Fundamentals: The 2003-2007 Bull Market was fed by abundant global liquidly, M&A, leveraged buyouts, corporate stock buybacks, and a net balance of positive earnings surprises. The unfolding fallout from the credit market crisis derailed that engine. Since the stock market low on 3/9/09, massive monetary and fiscal stimulation appears to have had a Bullish impact on investor sentiment.
The Dow Theory signaled a Primary Tide Bull Market on 7/23/09 when both the Dow-Jones Industrial Average the Dow-Jones Transportation Average closed above their May-June 2009 closing price highs. This reverses the previous signal: the two Averages signaled a Primary Tide Bear Market on 11/21/07, when both Averages closed below their closing price lows of August, 2007.
S&P 500 Cash Index 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
1,381.50, Fibonacci 78.6% of 2007-2009 range
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
1,238.81, Fibonacci 78.6% of 1,576.09 high
1,228.74, Fibonacci 61.8% of 2007-2009 range
1,220.03, high of 9/25/2008
1,158.76, EW ABC measured move target
1,121.44, Fibonacci 50.0% of 2007-2009 drop
1,101.36, high of 10/21/2009
1,047.03, Gann 12.5% Retrace of 2009 range
S&P 500 Cash Index Potential Support
1,041.17, low of 9/25/2009
1,035.00, low of 9/14/2009
1,019.85, low of 10/2/2009
1,014.14, Fibonacci 38.2% of 2007-2009 drop
1,007.78, Gann 37.5% of 2007-2009 range
998.80, Fibonacci 23.6% Retrace of 2009 range
991.97, low of 9/2/2009
992.72, Gann 25% Retrace of 2009 range
995.13, Fibonacci 23.6% of 2009 range
978.51, low of 8/17/2009
956.23, high of 6/11/2009
935.35, Fibonacci 38.2% Retrace of 2009 range
930.17, high of 5/8/2009
884.08, Fibonacci 50% of 2009 range
869.32, low of 7/8/2009
826.83, low of 4/21/2009
832.80, Fibonacci 61.8% Retrace of 2009 range
814.53, low of 4/7/2009
813.62, high of 4/1/2009
779.81, low of 3/30/2009
775.43, Gann 75% Retrace of 2009 range
759.79, Fibonacci 78.6% Retrace of 2009 range
721.11, Gann 87.5% Retrace of 2009 range
666.79, intraday low of 3/6/2009
602.07, Fibonacci 38.2% of 1,576.09 high
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
6.45% Short 200% MidCap 400 PS, MZZ
4.40% Short 200% QQQ PS, QID
3.70% Short 200% S&P 500 PS, SDS
3.20% Short 100% MidCap 400, MYY
2.33% Short 100% QQQ, PSQ
2.26% Short 200% Dow 30 PS, DXD
1.88% Short 100% S&P 500, SH
1.78% Telecom H, TTH
1.18% Short 100% Dow 30, DOG
0.47% Bond, 20+ Years Treasury, TLT
0.31% Bond, 10 Year Treasury, IEF
0.14% Bond, Aggregate, AGG
0.14% Bond, 1-3 Year Treasury, SHY
0.08% Bond, TIPS, TIP
-0.27% Consumer Staples SPDR, XLP
-0.45% Dividend Leaders, FDL
-0.50% Telecommunications Global, IXP
-0.61% Consumer Staples VIPERs, VDC
-0.67% Bond, Corp, LQD
-0.73% Telecom DJ US, IYZ
-0.74% Short 200% Bond 7-10 Yr T, PST
-0.89% Utilities VIPERs, VPU
-0.90% Telecom Services VIPERs, VOX
-0.93% Pharmaceutical H, PPH
-1.00% Utilities SPDR, XLU
-1.01% Short 200% US T Bond, TBT
-1.02% Utilities H, UTH
-1.02% Health Care SPDR, XLV
-1.03% Utilities DJ, IDU
-1.04% Japan Index, EWJ
-1.10% Healthcare Global, IXJ
-1.10% Gold Shares S.T., GLD
-1.12% Utilities, PUI
-1.14% Internet Architecture H, IAH
-1.15% Consumer Non-Cyclical, IYK
-1.15% DIAMONDS (DJIA), DIA
-1.20% Value LargeCap Dynamic PS, PWV
-1.23% Japan LargeCap Blend TOPIX 150, ITF
-1.24% LargeCap Rydex Rus Top 50, XLG
-1.25% Dividend Achievers PS, PFM
-1.30% Food & Beverage, PBJ
-1.32% Value LargeCap NYSE 100 iS, NY
-1.35% Value 40 Large Low P/E FT DB, FDV
-1.36% LargeCap Blend Socially Responsible iS, KLD
-1.38% Dividend SPDR, SDY
-1.40% Dividend Appreciation Vipers, VIG
-1.41% Retail H, RTH
-1.41% LargeCap Blend S&P 100, OEF
-1.47% Biotech H, BBH
-1.47% Technology SPDR, XLK
-1.48% Networking, IGN
-1.48% Value LargeCap iS M, JKF
-1.54% LargeCap Blend Core iS M, JKD
-1.57% Healthcare DJ, IYH
-1.57% Health Care VIPERs, VHT
-1.62% Insurance, PIC
-1.62% Value Large Cap DJ, ELV
-1.65% Bond, High-Yield Corporate, HYG
-1.65% Global Titans, DGT
-1.70% Dividend DJ Select, DVY
-1.71% Growth 1000 Russell, IWF
-1.73% Global 100, IOO
-1.78% Technology GS, IGM
-1.81% Internet H, HHH
-1.84% Value S&P 500 B, IVE
-1.85% Growth VIPERs, VUG
-1.86% Technology DJ US, IYW
-1.87% IPOs, First Tr IPOX-100, FPX
-1.88% Growth S&P 500/BARRA, IVW
-1.88% S&P 500 iS LargeCap Blend, IVV
-1.88% Growth LargeCap iS M, JKE
-1.89% S&P 500 SPDRs LargeCap Blend, SPY
-1.92% Info Tech VIPERs, VGT
-1.94% Transportation Av DJ, IYT
-1.94% Sweden Index, EWD
-1.98% LargeCap VIPERs, VV
-2.00% LargeCap Blend S&P 1500 iS, ISI
-2.00% LargeCap 1000 R, IWB
-2.02% Telecommunications & Wireless, PTE
-2.02% Growth LargeCap Russell 3000, IWZ
-2.05% LargeCap Blend Total Market DJ, IYY
-2.07% Pacific VIPERs, VPL
-2.07% Industrial SPDR, XLI
-2.14% Lg Cap Growth PSD, PWB
-2.14% Value VIPERs, VTV
-2.18% India Earnings WTree, EPI
-2.18% Blend Total Market VIPERs, VTI
-2.19% United Kingdom Index, EWU
-2.22% Technology MS sT, MTK
-2.24% Growth LargeCap NASDAQ 100, QQQQ
-2.25% LargeCap Blend NYSE Composite iS, NYC
-2.26% Consumer Cyclical DJ, IYC
-2.27% Financial Preferred, PGF
-2.27% Value LargeCap Euro STOXX 50 DJ, FEU
-2.30% LargeCap Blend Russell 3000, IWV
-2.31% Value 1000 Russell, IWD
-2.31% Growth EAFE MSCI, EFG
-2.33% Internet B2B H, BHH
-2.34% Preferred Stock iS, PFF
-2.35% Wilshire 5000 ST TM, TMW
-2.35% Pharmaceuticals, PJP
-2.36% Leisure & Entertainment, PEJ
-2.38% LargeCap Blend Dynamic PS, PWC
-2.39% Ultra Dow30 Double, DDM
-2.40% Industrials VIPERs, VIS
-2.40% Technology Global, IXN
-2.41% EAFE Index, EFA
-2.41% Malaysia Index, EWM
-2.41% Value LargeCap Russell 3000, IWW
-2.42% Water Resources, PHO
-2.42% Growth Large Cap, ELG
-2.43% Switzerland Index, EWL
-2.51% Aerospace & Defense, PPA
-2.52% Software, IGV
-2.55% Industrial LargeCap Blend DJ US, IYJ
-2.57% Commodity Tracking, DBC
-2.57% Hong Kong Index, EWH
-2.59% Dividend International, PID
-2.62% Europe 100 BLDRS, ADRU
-2.62% Developed 100 BLDRS, ADRD
-2.63% Software, PSJ
-2.64% Semiconductor H, SMH
-2.64% Dividend High Yield Equity PS, PEY
-2.65% Spain Index, EWP
-2.70% Europe 350 S&P Index, IEV
-2.71% Growth LargeCap NASDAQ Fidelity, ONEQ
-2.72% European VIPERs, VGK
-2.74% Euro STOXX 50, FEZ
-2.74% LargeCap Blend S&P=Weight R, RSP
-2.75% Growth S&P 500, RPG
-2.76% Value SmallCap S&P 600 B, IJS
-2.76% OTC Dynamic PS, PWO
-2.78% Oil, Crude, U.S. Oil Fund, USO
-2.78% Taiwan Index, EWT
-2.80% Financial Services DJ, IYG
-2.81% Bank Regional H, RKH
-2.82% Growth BARRA Small Cap 600, IJT
-2.83% Consumer Discretionary SPDR, XLY
-2.85% Retail, PMR
-2.85% Value EAFE MSCI, EFV
-2.86% Singapore Index, EWS
-2.87% Value Line Timeliness MidCap Gr, PIV
-2.87% Semiconductor iS GS, IGW
-2.89% Financial DJ US, IYF
-2.94% Silver Trust iS, SLV
-2.95% SmallCap S&P 600, IJR
-2.98% Financials VIPERs, VFH
-2.99% Semiconductor SPDR, XSD
-3.00% France Index, EWQ
-3.01% MidCap Growth iS M, JKH
-3.03% Energy DJ, IYE
-3.03% EMU Europe Index, EZU
-3.04% Growth MidCap Russell, IWP
-3.05% Microcap Russell, IWC
-3.05% Consumer D. VIPERs, VCR
-3.06% Value LargeCap Fundamental RAFI 1000, PRF
-3.07% Growth SmallCap Dynamic PS, PWT
-3.08% Materials SPDR, XLB
-3.09% Energy Global, IXC
-3.10% Financial SPDR, XLF
-3.12% Asia 50 BLDRS, ADRA
-3.13% Value MidCap iS M, JKI
-3.14% Growth MidCap 400 B, IJK
-3.16% MidCap Russell, IWR
-3.19% MidCap S&P 400 SPDRs, MDY
-3.19% Value SmallCap Dynamic PS, PWY
-3.19% Value Small Cap DJ, DSV
-3.19% MidCap VIPERs, VO
-3.22% Growth Mid Cap Dynamic PS, PWJ
-3.23% Capital Markets KWB ST, KCE
-3.25% MidCap S&P 400 iS, IJH
-3.26% Value SmallCap Russell 2000, IWN
-3.30% Extended Mkt VIPERs, VXF
-3.30% Energy SPDR, XLE
-3.31% Netherlands Index, EWN
-3.32% Value MidCap Russell, IWS
-3.33% SmallCap Russell 2000, IWM
-3.34% Value MidCap S&P 400 B, IJJ
-3.34% Energy VIPERs, VDE
-3.36% Micro Cap Zachs, PZI
-3.37% Value SmallCap VIPERS, VBR
-3.40% Canada Index, EWC
-3.40% Value MidCap Dynamic PS, PWP
-3.41% Materials VIPERs, VAW
-3.46% Growth SmallCap iS M, JKK
-3.49% Italy Index, EWI
-3.53% Growth SmallCap R 2000, IWO
-3.54% Mexico Index, EWW
-3.55% Small Cap VIPERs, VB
-3.58% Biotech SPDR, XBI
-3.58% Germany Index, EWG
-3.58% Growth SmallCap VIPERs, VBK
-3.61% Value SmallCap iS M, JKL
-3.64% SmallCap Core iS M, JKJ
-3.64% Belgium Index, EWK
-3.66% Financials Global LargeCap Value, IXG
-3.69% Ultra S&P500 Double, SSO
-3.71% Semiconductors, PSI
-3.73% China LargeCap Growth G D H USX PS, PGJ
-3.78% MidCap Blend Core iS M, JKG
-3.79% SmallCap PS Zacks, PZJ
-3.81% China 25 iS, FXI
-3.85% Building & Construction, PKB
-3.88% Pacific ex-Japan, EPP
-3.89% Growth MidCap S&P 400, RFG
-3.93% Natural Resource iS GS, IGE
-3.94% Software H, SWH
-3.94% Growth Small Cap DJ, DSG
-3.97% Basic Materials DJ US, IYM
-4.09% Biotech & Genome, PBE
-4.13% South Korea Index, EWY
-4.16% Value S&P 500, RPV
-4.18% Real Estate US DJ, IYR
-4.19% Value SmallCap S&P 600, RZV
-4.20% REIT VIPERs, VNQ
-4.27% Realty Cohen & Steers, ICF
-4.31% Emerging VIPERs, VWO
-4.34% REIT Wilshire, RWR
-4.41% Oil Services H, OIH
-4.51% Australia Index, EWA
-4.56% Ultra QQQ Double, QLD
-4.56% Energy Exploration & Prod, PXE
-4.58% Emerging Markets, EEM
-4.67% Emerging 50 BLDRS, ADRE
-4.72% South Africa Index, EZA
-4.93% Homebuilders SPDR, XHB
-5.11% Latin Am 40, ILF
-5.14% Nanotech Lux, PXN
-5.46% Internet Infrastructure H, IIH
-5.47% Metals & Mining SPDR, XME
-5.65% Oil & Gas, PXJ
-6.12% WilderHill Clean Energy PS, PBW
-6.39% Brazil Index, EWZ
-6.45% Ultra MidCap400 Double, MVV
-7.41% Austria Index, EWO
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