RobertWColby's Commentaries
Daily Stock Market Commentary
Stock Market: buying power is weak.
Price indexes rose all 5 trading days last week, but NYSE volume fell 4 out of 5 days. Volume was 27% below its 200-day average on Friday. Volume has been failing to confirm a rising price trend, suggesting that buying power is weak.
Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) broke down below the lows of the previous 13 weeks on 11/6/09, confirming the preexisting bearish trend.
ISEE Call/Put Ratio rose to 1.49 and CBOE Put/Call Ratio fell to 0.61 on 11/6/09, both indicating mildly bullish sentiment.
Gold hit a new all-time high of 1100 on 11/6/09.
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
6.24% , GE , GENERAL ELECTRIC
7.21% , SBUX , STARBUCKS
9.11% , MTG , MGIC INVESTMENT
4.33% , LOW , LOWES
7.25% , NVDA , NVIDIA
1.01% , VIS , Industrials VIPERs, VIS
4.63% , ERTS , ELECTRONIC ARTS
4.38% , KG , KING PHARM
3.14% , EIX , EDISON INTL
4.03% , ETFC.O , E*TRADE FINANCIAL
8.73% , IGT , INTL GAME TECH
1.23% , AES , AES
3.79% , NEM , NEWMONT MINING
3.47% , LUV , SOUTHWEST AIRLS
4.63% , AMZN , Amazoncom Inc
3.74% , DISH , EchoStar Communications
4.35% , AMD , ADV MICRO DEV
0.70% , IGV , Software, IGV
2.82% , UNP , UNION PACIFIC
4.03% , F , FORD MOTOR
2.64% , EOG , EOG RESOURCES
1.93% , RYAAY , Ryanair Holdings plc
3.80% , KEY , KEYCORP
0.29% , PMR , Retail, PMR
3.80% , XL , XL CAPITAL STK A
2.10% , NSC , NORFOLK SOUTHERN
2.83% , FDX , FEDEX
3.09% , BIIB , BIOGEN IDEC
1.78% , EWA , Australia Index, EWA
1.55% , X , US STEEL CORP
1.62% , PNC , PNC FINL SVC
1.54% , BBH , Biotech H, BBH
1.32% , MWV , MEADWESTVACO
4.66% , LEN , Lennar Corp. (LEN)
2.48% , SVU , SUPERVALU
2.03% , CPWR , COMPUWARE
0.37% , PPA , Aerospace & Defense, PPA
0.30% , IEF , Bond, 10 Year Treasury, IEF
0.32% , IYK , Consumer Non-Cyclical, IYK
0.32% , IOO , Global 100, IOO
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-2.04% , IIH , Internet Infrastructure H, IIH
-6.81% , HANS , Hansen Natural, HANS
-10.22% , SUN , SUNOCO
-3.17% , VRSN , VeriSign Inc
-7.14% , FNM , FANNIE MAE
-4.10% , WHR , WHIRLPOOL
-1.99% , ROK , ROCKWELL AUTOMAT
-2.70% , USO , Oil, Crude, U.S. Oil Fund, USO
-9.67% , AIG , AMER INTL GROUP
-1.59% , MIL , MILLIPORE
-0.70% , ADRU , Europe 100 BLDRS, ADRU
-4.51% , MOT , MOTOROLA
-2.43% , VLO , VALERO ENERGY
-2.04% , ICF , Realty Cohen & Steers, ICF
-1.79% , HMA , HEALTH MGMT STK A
-1.35% , ERIC.O , LM Ericsson Telephone Company
-1.40% , PXE , Energy Exploration & Prod, PXE
-2.28% , BHH , Internet B2B H, BHH
-1.78% , DBC , Commodity Tracking, DBC
-0.87% , SCHW.O , CHARLES SCHWAB
-0.77% , PDCO , Patterson Dental Company
-1.52% , KBH , KB HOME
-1.18% , TER , TERADYNE
-1.68% , CEG , CONSTELL ENERGY
-2.23% , BHI , BAKER HUGHES
-0.62% , EWJ , Japan Index, EWJ
-0.51% , FEZ , Euro STOXX 50, FEZ
-0.35% , IJH , MidCap S&P 400 iS, IJH
-0.49% , SRE , SEMPRA ENERGY
-1.34% , ZMH , ZIMMER HLDGS
-1.43% , FO , FORTUNE BRANDS
-1.08% , SLB , SCHLUMBERGER
-1.60% , FRE , FREDDIE MAC
-0.62% , PGR , PROGRESSIVE OHIO
-0.33% , PLL , PALL
-0.61% , PXN , Nanotech Lux, PXN
-1.37% , NTRS , NORTHERN TRUST
-1.29% , DVN , DEVON ENERGY
-0.94% , FPL , FPL GROUP INC
-0.70% , OIH , Oil Services H, OIH
9 major U.S. stock sectors ranked in order of long-term relative strength:
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.
Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) fell below the lows of the previous 7 trading days on 11/3/09, which appeared to signal nothing more than a short-term pullback. XLK/SPY rose to a new 13-week high on 10/30/09. 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.
Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) rose above the highs of the previous 5 weeks on 11/6/09, confirming a short-term uptrend. XLP/SPY broke down to a new 8-week low on 10/30/09, signaling a bearish relative trend for the intermediate term. The long-term trend peaked on 3/31/08 and has been in a downtrend since.
Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) rose to another new 13-week highs on 10/30/09. This defensive sector outperforms when investors move away from risk.
Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) rose above the highs of the previous 8 trading days on 11/6/09, confirming a short-term uptrend. XLB/SPY broke down to a new 14-week low on 10/28/09, signaling a bearish relative trend for the intermediate term. Long term, XLB/SPY has underperformed for 16 months since 6/23/08.
Health Care (XLV) Bearish, Underweight. The Relative Strength Ratio (XLV/SPY) broke out above previous 4-week highs on 11/4/09, which ought to be bullish for the short term. XLV/SPY fell below the lows of the previous 12 months on 10/22/09, which was bearish for the longer term, however.
Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) broke down below the lows of the previous 3 weeks on 11/6/09, confirming a short-term downtrend. 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.
Financial (XLF) Bearish, Underweight. The Relative Strength Ratio (XLF/SPY) broke down below the lows of the previous 13 weeks on 11/4/09, confirming the preexisting bearish trend. The XLF/SPY trend looks bearish for the short term, the intermediate-term, and probably the long-term as well.
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) rebounded strongly on 11/04/09 to its highest level in a week. It seems uncertain, however, whether the downside correction since 10/14/09 is over. Longer 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 further below the lows of the previous 8 weeks on 11/3/09, confirming a downside correction for the intermediate term. The ratio outperformed for 10 months, 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 bounced for 2 days after breaking down below 5-month lows on 11/4/09, thereby indicating bearish trends for the short term and intermediate term.
Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) broke out above the highs of the previous 13 weeks on 11/4/09, confirming the preexisting bullish trend for the intermediate term. IWF/IWD was in a major long-term 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 13 weeks on 11/6/09, confirming the preexisting bearish trend. 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) peaked on 10/28/09 and turned down, as the market shifted back again toward risk seeking.
The Small Cap/Large Cap Relative Strength Ratio (IWM/SPY) fell below the lows of the previous 6 months on 11/4/09, again confirming the preexisting bearish trend.
The Mid Cap/Large Cap Relative Strength Ratio (MDY/SPY) broke down to a new 13-week low on 11/2/09, indicating a significant downside correction. The major secular trend since 1999 remains bullish, however.
Crude Oil nearest futures contract price appears to be in a trading range since making a high of 82.00 on 10/21/09. Oil may be consolidating its large 153% gain made from the low at 32.40 on 12/19/08 to the high of 82.00 on 10/21/09. Long term, Oil remains in a bullish major trend. Potential support may be seen around the low of 76.55 set on 11/03/09 and around the high of 75.00 set on 8/25/09.
Gold nearest futures contract price hit a new all-time high of 1100.0 on 11/6/09. Gold remains bullish in all time frames. Technical supports might be found around previous highs and lows at 1072.0, 1070.2, 1069.0, 1047.5, 1026.9, 1024.7, 982.2, 940.3, 931.5, 925.2 and 904.8, based on the nearest futures contract. There is no chart resistance.
Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to Gold bullion) rose every day since making a low on Monday 11/2/09. The 7-week trend had been corrective to the downside until 11/2/09. 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 peaked out on 9/16/09 and has been in an irregular falling trend since. A rising trend of the Silver/Gold Ratio suggests growing confidence about global economic prospects, while a falling trend suggests doubts.
Copper nearest futures contract price has turned choppy and uncertain short term, since breaking out to a new 13-month high of 3.0690 on 10/26/09. Rising copper prices suggest growing confidence about global economic prospects, while falling copper prices suggest doubts.
U.S. Treasury Bond December futures contract price fell below the lows of the previous 6 trading days on 11/4/09, which appears bearish for the short term. Intermediate term, the Bond has been in a mild rising trend since making a low on 6/11/09. The Bond may find short-term support around the previous lows of 117.25 set on 10/26/09, 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 11/2/09, confirming a preexisting downside correction for the short term. When JNK/LQD is weak, that indicates risk aversion. Long term, JNK/LQD rose to a new 12-month high on 10/23/09, indicating an increasing appetite for risk.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) rose to another new 13-month high on 11/5/09, confirming a bullish long-term trend. Bond investors may be growing increasingly concerned about the inflation outlook, despite assurances of tame inflation by economists.
The U.S. dollar nearest futures contract price closed below the lows of the previous 6 trading days on 11/4/09, which is bearish for the short term. USD made a new 4-week high on 11/03/09 but surrendered nearly all of its gain by the close. Long term, the dominant trend remains bearish. 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 24.7% Bears as of 11/4/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 1.96, down from 2.15 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 jumped to a 16-week high of 31.84 on 11/2/09, indicating rising levels of fear. VIX fell to a 13-month low of 20.10 on 10/21/09, indicating bullish complacency. 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 jumped to a 16-week high of 31.42 on 11/2/09, indicating rising levels of fear. VXN fell to a 13-month low of 20.75 on 10/21/09, indicating bullish complacency. 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 1.49 on 11/6/09, a level indicating mildly bullish sentiment. The ratio's 6-year mean is 1.41, its median is 1.36, and its range is 0.51 to 3.16.
CBOE Put/Call Ratio fell to 0.61 on 11/6/09, a level indicating mildly bullish sentiment. The ratio's 6-year mean is 0.66, its median is 0.64, 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
S&P 500 Cash Index Potential Support
1,029.38, low of 11/2/2009
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
978.51, low of 8/17/2009
956.50, Dow 33.3% Retrace of 2009 range
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
2.18% Internet H, HHH
1.78% Australia Index, EWA
1.54% Biotech H, BBH
1.24% Ultra QQQ Double, QLD
1.22% Retail H, RTH
1.13% Transportation Av DJ, IYT
1.11% Pacific ex-Japan, EPP
1.01% Industrials VIPERs, VIS
0.93% Belgium Index, EWK
0.90% Industrial SPDR, XLI
0.90% Homebuilders SPDR, XHB
0.90% Consumer Cyclical DJ, IYC
0.90% Consumer Discretionary SPDR, XLY
0.89% Internet Architecture H, IAH
0.88% Consumer D. VIPERs, VCR
0.88% Leisure & Entertainment, PEJ
0.87% Industrial LargeCap Blend DJ US, IYJ
0.85% Materials SPDR, XLB
0.85% Preferred Stock iS, PFF
0.70% Software, IGV
0.69% Biotech SPDR, XBI
0.67% Value 40 Large Low P/E FT DB, FDV
0.66% Financial Preferred, PGF
0.66% South Korea Index, EWY
0.65% Singapore Index, EWS
0.59% Growth LargeCap NASDAQ 100, QQQQ
0.57% Ultra S&P500 Double, SSO
0.56% Value Large Cap DJ, ELV
0.55% Ultra Dow30 Double, DDM
0.54% South Africa Index, EZA
0.54% India Earnings WTree, EPI
0.53% Value Line Timeliness MidCap Gr, PIV
0.51% Food & Beverage, PBJ
0.47% Austria Index, EWO
0.45% Telecom DJ US, IYZ
0.45% Growth Large Cap, ELG
0.45% Health Care SPDR, XLV
0.44% MidCap Blend Core iS M, JKG
0.44% United Kingdom Index, EWU
0.43% Growth LargeCap NASDAQ Fidelity, ONEQ
0.42% Growth EAFE MSCI, EFG
0.42% Gold Shares S.T., GLD
0.41% Dividend Achievers PS, PFM
0.39% Semiconductor SPDR, XSD
0.38% Growth VIPERs, VUG
0.38% Growth Mid Cap Dynamic PS, PWJ
0.37% Aerospace & Defense, PPA
0.35% Short 200% MidCap 400 PS, MZZ
0.35% Health Care VIPERs, VHT
0.34% China LargeCap Growth G D H USX PS, PGJ
0.34% Healthcare DJ, IYH
0.34% Dividend SPDR, SDY
0.34% Consumer Staples VIPERs, VDC
0.33% Materials VIPERs, VAW
0.33% S&P 500 iS LargeCap Blend, IVV
0.32% Lg Cap Growth PSD, PWB
0.32% Global 100, IOO
0.32% Consumer Non-Cyclical, IYK
0.32% Value S&P 500 B, IVE
0.31% Value LargeCap Dynamic PS, PWV
0.31% Growth LargeCap iS M, JKE
0.30% Basic Materials DJ US, IYM
0.30% Telecom H, TTH
0.30% Bond, 10 Year Treasury, IEF
0.29% Retail, PMR
0.29% EMU Europe Index, EZU
0.29% EAFE Index, EFA
0.29% Pharmaceuticals, PJP
0.29% LargeCap VIPERs, VV
0.29% LargeCap Rydex Rus Top 50, XLG
0.28% LargeCap Blend S&P 100, OEF
0.28% Spain Index, EWP
0.28% Technology GS, IGM
0.27% LargeCap 1000 R, IWB
0.27% Telecom Services VIPERs, VOX
0.27% Growth S&P 500/BARRA, IVW
0.27% Consumer Staples SPDR, XLP
0.27% Bond, Corp, LQD
0.26% S&P 500 SPDRs LargeCap Blend, SPY
0.26% Growth LargeCap Russell 3000, IWZ
0.26% Blend Total Market VIPERs, VTI
0.26% Growth MidCap Russell, IWP
0.26% Value EAFE MSCI, EFV
0.25% Bond, TIPS, TIP
0.25% Value SmallCap Dynamic PS, PWY
0.24% Dividend Appreciation Vipers, VIG
0.24% Telecommunications & Wireless, PTE
0.23% Developed 100 BLDRS, ADRD
0.23% Value MidCap Dynamic PS, PWP
0.23% LargeCap Blend Total Market DJ, IYY
0.22% Semiconductor iS GS, IGW
0.21% Technology Global, IXN
0.21% DIAMONDS (DJIA), DIA
0.21% Europe 350 S&P Index, IEV
0.21% Software, PSJ
0.20% Italy Index, EWI
0.20% France Index, EWQ
0.20% Energy Global, IXC
0.19% Growth BARRA Small Cap 600, IJT
0.18% Value S&P 500, RPV
0.18% LargeCap Blend Socially Responsible iS, KLD
0.18% Info Tech VIPERs, VGT
0.17% Value LargeCap NYSE 100 iS, NY
0.17% Growth SmallCap R 2000, IWO
0.17% Value LargeCap iS M, JKF
0.17% Technology DJ US, IYW
0.17% Short 100% MidCap 400, MYY
0.16% LargeCap Blend Core iS M, JKD
0.16% LargeCap Blend S&P 1500 iS, ISI
0.16% European VIPERs, VGK
0.16% Value MidCap iS M, JKI
0.16% IPOs, First Tr IPOX-100, FPX
0.15% Insurance, PIC
0.14% LargeCap Blend Russell 3000, IWV
0.14% Growth SmallCap VIPERs, VBK
0.14% Technology SPDR, XLK
0.14% Value LargeCap Euro STOXX 50 DJ, FEU
0.14% Value LargeCap Russell 3000, IWW
0.14% SmallCap Core iS M, JKJ
0.14% Dividend High Yield Equity PS, PEY
0.13% LargeCap Blend S&P=Weight R, RSP
0.13% Wilshire 5000 ST TM, TMW
0.13% LargeCap Blend NYSE Composite iS, NYC
0.12% Biotech & Genome, PBE
0.11% Pharmaceutical H, PPH
0.11% Growth 1000 Russell, IWF
0.11% OTC Dynamic PS, PWO
0.10% Bond, 20+ Years Treasury, TLT
0.09% Bond, High-Yield Corporate, HYG
0.09% Bond, Aggregate, AGG
0.08% Healthcare Global, IXJ
0.08% MidCap Growth iS M, JKH
0.08% Dividend Leaders, FDL
0.07% Value 1000 Russell, IWD
0.07% Bond, 1-3 Year Treasury, SHY
0.07% SmallCap Russell 2000, IWM
0.06% Value VIPERs, VTV
0.06% Global Titans, DGT
0.06% SmallCap S&P 600, IJR
0.06% Small Cap VIPERs, VB
0.06% Value SmallCap S&P 600 B, IJS
0.05% Microcap Russell, IWC
0.05% Growth SmallCap Dynamic PS, PWT
0.05% Germany Index, EWG
0.04% Value SmallCap Russell 2000, IWN
0.03% LargeCap Blend Dynamic PS, PWC
0.01% SmallCap PS Zacks, PZJ
0.00% Value LargeCap Fundamental RAFI 1000, PRF
0.00% Switzerland Index, EWL
0.00% Metals & Mining SPDR, XME
0.00% Growth S&P 500, RPG
-0.02% Pacific VIPERs, VPL
-0.03% MidCap Russell, IWR
-0.04% Telecommunications Global, IXP
-0.04% Technology MS sT, MTK
-0.04% Semiconductors, PSI
-0.05% Emerging 50 BLDRS, ADRE
-0.05% Netherlands Index, EWN
-0.06% Asia 50 BLDRS, ADRA
-0.06% Financials Global LargeCap Value, IXG
-0.07% Growth Small Cap DJ, DSG
-0.07% MidCap VIPERs, VO
-0.08% Canada Index, EWC
-0.09% Value MidCap Russell, IWS
-0.09% Natural Resource iS GS, IGE
-0.09% China 25 iS, FXI
-0.10% Value Small Cap DJ, DSV
-0.10% Utilities SPDR, XLU
-0.12% Dividend DJ Select, DVY
-0.12% Growth MidCap 400 B, IJK
-0.12% Extended Mkt VIPERs, VXF
-0.13% Emerging Markets, EEM
-0.14% Growth SmallCap iS M, JKK
-0.14% Capital Markets KWB ST, KCE
-0.14% Utilities, PUI
-0.15% Dividend International, PID
-0.17% Taiwan Index, EWT
-0.18% Silver Trust iS, SLV
-0.18% Software H, SWH
-0.20% WilderHill Clean Energy PS, PBW
-0.21% Sweden Index, EWD
-0.21% Value MidCap S&P 400 B, IJJ
-0.22% MidCap S&P 400 SPDRs, MDY
-0.23% Value SmallCap VIPERS, VBR
-0.24% Semiconductor H, SMH
-0.25% Hong Kong Index, EWH
-0.26% Energy SPDR, XLE
-0.27% Short 200% US T Bond, TBT
-0.28% Value SmallCap iS M, JKL
-0.28% Utilities VIPERs, VPU
-0.29% Short 100% S&P 500, SH
-0.30% Utilities DJ, IDU
-0.30% Utilities H, UTH
-0.31% Water Resources, PHO
-0.31% Short 100% Dow 30, DOG
-0.31% Financial DJ US, IYF
-0.32% Latin Am 40, ILF
-0.33% Emerging VIPERs, VWO
-0.33% Financial Services DJ, IYG
-0.34% Short 200% Dow 30 PS, DXD
-0.34% Energy VIPERs, VDE
-0.35% Financials VIPERs, VFH
-0.35% MidCap S&P 400 iS, IJH
-0.38% Ultra MidCap400 Double, MVV
-0.38% Networking, IGN
-0.38% Growth MidCap S&P 400, RFG
-0.39% Brazil Index, EWZ
-0.42% Oil & Gas, PXJ
-0.42% Energy DJ, IYE
-0.42% Financial SPDR, XLF
-0.43% Building & Construction, PKB
-0.46% Malaysia Index, EWM
-0.49% Mexico Index, EWW
-0.51% Euro STOXX 50, FEZ
-0.55% Micro Cap Zachs, PZI
-0.56% Short 200% S&P 500 PS, SDS
-0.57% Short 100% QQQ, PSQ
-0.61% Nanotech Lux, PXN
-0.62% Japan Index, EWJ
-0.62% Short 200% Bond 7-10 Yr T, PST
-0.68% Bank Regional H, RKH
-0.70% Oil Services H, OIH
-0.70% Europe 100 BLDRS, ADRU
-0.74% Value SmallCap S&P 600, RZV
-0.76% Japan LargeCap Blend TOPIX 150, ITF
-1.28% Short 200% QQQ PS, QID
-1.38% REIT Wilshire, RWR
-1.40% Energy Exploration & Prod, PXE
-1.55% Real Estate US DJ, IYR
-1.64% REIT VIPERs, VNQ
-1.78% Commodity Tracking, DBC
-2.04% Realty Cohen & Steers, ICF
-2.04% Internet Infrastructure H, IIH
-2.28% Internet B2B H, BHH
-2.70% Oil, Crude, U.S. Oil Fund, USO
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