Big Reversal Day May Signal Correction or Consolidation
by Robert W. Colby



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Summary: big reversal day may signal correction or consolidation for the very short term.

Consumer Staples absolute price fell below its rising 200-day SMA on 6/18/10 and remains neutral.

Health Care Stock Sector (XLV) absolute price reversed to the downside on 6/21/10 and remains technically bearish because price is below both SMAs and the 50 is below the 200 SMA.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) and absolute price both rose above 50- and 200-day SMAs on 6/21/10 and so turned neutral.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) rose above its 50-day SMA on 6/21/10 and so turned neutral.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below its 50-day SMA on 6/21/10, turning neutral again. Absolute price of the NASDAQ is between its 50- and 200-day SMAs and remains neutral.

Crude Oil futures price rose further above 4-week highs on 6/21/10 but reversed to close slightly lower, which might signal upside exhaustion for the very short term. Longer term, Oil’s Ascending Triangle bottom still allows an objective above 80.

Gold futures price moved up to a new all-time high 1266.5 on 6/21/10 before reversing to the downside and ending with a sizable loss of 24.5. Such a reversal might signal upside exhaustion for the very short term. The main trend remains bullish, however.

The U.S. dollar nearest futures contract price fell further below 5-week lows on 6/21/10 but reversed to close higher, which might signal downside exhaustion for the very short term. Intermediate term, however, the USD chart “needs work” in order to end the downtrend.

S&P 500 Composite (SPX) found resistance on 6/21/10 near 1130.29, which is the Gann 50.0% retracement of 2010 range. Short term, consolidation or correction of recent gains now seems possible. SPX closed above its 200-day SMA on 6/15/10 and has closed above it every day since. The recent Double Bottom near 1040 allows an upside projection above 1160. On 5/25/10 and again on 6/18/10, SPX reached down into deeply oversold territory and previous support, testing and holding the year 2010 extreme intraday low around 1040. I expected an oversold rally, but not without normal corrections and consolidations.
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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 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
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name

1.39% , FPX , IPOs, First Tr IPOX-100, FPX
5.49% , AA , ALCOA
1.38% , EWS , Singapore Index, EWS
2.76% , PGJ , China LargeCap Growth G D H USX PS, PGJ
1.08% , EIS , Israel MSCI iS, EIS
0.64% , NYC , LargeCap Blend NYSE Composite iS, NYC
2.32% , EWM , Malaysia Index, EWM
1.10% , EPU , Peru MSCI iS, EPU
3.31% , FCX , FREEPRT MCMORAN STK B
1.23% , EPI , India Earnings WTree, EPI
3.85% , SIRI , Sirius Satellite
0.56% , KWT , Solar Energy MV, KWT
2.11% , PSTL , Steel Global PS ETF, PSTL
2.24% , AIG , AMER INTL GROUP
1.61% , EPP , Pacific ex-Japan, EPP
2.97% , CLF , CLIFFS NATURAL RESOURCES, CLF
1.36% , MZZ , Short 200% MidCap 400 PS, MZZ
2.76% , CTB , COOPER TIRE
1.76% , PIN , India PS, PIN
3.59% , X , US STEEL CORP
1.91% , THD , Thailand MSCI iS, THD
2.44% , KLAC , KLA TENCOR
2.31% , FXI , China 25 iS, FXI
1.62% , EWT , Taiwan Index, EWT
1.91% , ADRA , Asia 50 BLDRS, ADRA
2.02% , EWY , South Korea Index, EWY
2.14% , WHR , WHIRLPOOL
2.50% , VMC , VULCAN MATERIALS
2.50% , GT , GOODYEAR TIRE
1.36% , EWH , Hong Kong Index, EWH
1.29% , RHI , ROBERT HALF
0.90% , BBH , Biotech H, BBH
0.42% , ADRD , Developed 100 BLDRS, ADRD
1.47% , WOR , WORTHINGTON INDS
1.44% , FMCN , Focus Media, FMCN
1.73% , EEM , Emerging Markets, EEM
0.90% , PSQ , Short 100% QQQ, PSQ
1.05% , XME , Metals & Mining SPDR, XME
2.15% , WYNN , Wynn Resorts L
0.95% , MRO , MARATHON OIL

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name

-2.06% , PZJ , SmallCap PS Zacks, PZJ
-1.75% , IOO , Global 100, IOO
-0.76% , RFV , Value MidCap S&P 400, RFV
-0.78% , VXF , Extended Mkt VIPERs, VXF
-1.10% , PEJ , Leisure & Entertainment, PEJ
-0.84% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
-1.67% , IXJ , Healthcare Global, IXJ
-1.53% , PPL , PPL
-1.07% , IGM , Technology GS, IGM
-2.75% , IEV , Europe 350 S&P Index, IEV
-3.59% , RIMM , RESEARCH IN MOTION LTD
-2.56% , PMR , Retail, PMR
-1.41% , MVV , Ultra MidCap400 Double, MVV
-0.60% , IAH , Internet Architecture H, IAH
-3.51% , DRI , DARDEN REST
-0.47% , KCE , Capital Markets KWB ST, KCE
-1.08% , IWO , Growth SmallCap R 2000, IWO
-1.03% , EWI , Italy Index, EWI
-1.09% , JKK , Growth SmallCap iS M, JKK
-0.60% , PXE , Energy Exploration & Prod, PXE
-2.68% , MRVL , MARVELL TECHNOLOGY
-0.66% , FEZ , Euro STOXX 50, FEZ
-1.05% , PWY , Value SmallCap Dynamic PS, PWY
-1.16% , DSG , Growth Small Cap DJ, DSG
-0.90% , SWH , Software H, SWH
-0.89% , PSJ , Software, PSJ
-1.53% , AYE , ALLEGHENY ENERGY
-4.00% , HMA , HEALTH MGMT STK A
-0.90% , PXQ , Networking, PXQ
-1.19% , IGW , Semiconductor iS GS, IGW
-0.79% , PBE , Biotech & Genome, PBE
-0.92% , VBK , Growth SmallCap VIPERs, VBK
-0.42% , RKH , Bank Regional H, RKH
-1.87% , FE , FIRSTENERGY
-1.64% , PBW , WilderHill Clean Energy PS, PBW
-1.52% , BHH , Internet B2B H, BHH
-0.45% , IYY , LargeCap Blend Total Market DJ, IYY
-0.99% , IWN , Value SmallCap Russell 2000, IWN
-1.29% , IXG , Financials Global LargeCap Value, IXG
-0.96% , VB , Small Cap VIPERs, VB

9 major U.S. stock sectors ranked in order of long-term relative strength:

Consumer Discretionary (XLY) Bullish, Overweight. The Relative Strength Ratio (XLY/SPY) fell below its 50-day SMA on 6/17/10, thereby turning neutral, even though it remains well above its 200-day SMA. Absolute price of XLY has remained above its 200-day SMA consistently since 2/23/09. Support 30.34. Resistance 34.39, 36.13, 38.25 and 39.09.

Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) and absolute price both are between 50- and 200-day SMAs, and both are neutral. Support 27.40. Resistance 33.12, 33.46, 34.24, 34.50, and 35.00. Support 27.40. Resistance 33.12, 33.46, 34.24, 34.50, and 35.00.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) and absolute price both remain above rising 200-day SMAs, and both are neutral. Support 20.64. Resistance 23.27, 24.16, 24.68, and 25.69.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) has performed about in-line with the broader market for the past 7-months and remains neutral. Absolute price of XLP fell below its rising 200-day SMA on 6/18/10 and remains neutral. Support 25.78 and 24.95. Resistance 27.83, 27.95, 28.20, 28.75, 29.29 and 30.29.

Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) moved above 4-month highs and its 200-day SMA on 6/17/10. The RS Ratio remains neutral because the 50-day is still below the 200-day SMA. Absolute price of XLU rose above 50- and 200-day SMAs on 6/15/10, although the 50 remains below the 200 SMA. Support 27.44, 25.76. Resistance 30.59, 30.91, 31.64 and 32.08.

Financial (XLF) Neutral, Market Weight. The Relative Strength Ratio (XLF/SPY) has underperformed since 10/14/09. Absolute price of XLF peaked on 4/15/10. Both remain neutral. Support 13.70 and 13.51. Resistance 15.67, 16.13, 16.90, 17.12, 17.16, and 17.87.

Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) rose above its 50-day SMA on 6/15/10 and so turned neutral. Absolute price of XLE has consolidated losses since making its 5/25/10 low and remains bearishly below 50- and 200-day SMAs. Support 50.15 Resistance 58.11, 59.84, 62.30, 62.73, 69.95, and 78.10.

Materials (XLB) Bearish, Under Weight. The Relative Strength Ratio (XLB/SPY) fell below 14-month lows on 6/7/10 and remains bearish. Absolute price of XLB remains bearish with the 50-day SMA below the 200-day SMA of price since 6/18/10. Support 28.55. Resistance 31.80, 33.06, 35.47, and 37.56.

Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) remains neutral but has been weakening since 6/7/10. Absolute price of XLV reversed to the downside on 6/21/10 and remains technically bearish because price is below both SMAs and the 50 is below the 200 SMA. Support 27.96. Resistance 29.93, 30.83, 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) and absolute price both rose above 50- and 200-day SMAs on 6/21/10 and so turned neutral. The 50-day SMAs remain below the 200-day SMAs.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) rose above its 50-day SMA on 6/21/10 and so turned neutral. Absolute price of EFA fell below 10-month lows on 5/25/10 and remains bearish.

NASDAQ 100/S&P 500 Relative Strength Ratio moved further above 50- and 200-day SMAs on 6/15/10 and remains bullish. The RS Ratio rose above 9-year highs on 6/4/10, giving a major bullish signal.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below its 50-day SMA on 6/21/10, turning neutral again. Absolute price of the NASDAQ is between its 50- and 200-day SMAs and remains neutral.

Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) turned bullish on 6/18/10 by rising above both SMAs. The 50-day SMA is above the 200 SMA. Absolute price of IWD rose above its 200-day SMA on 6/15/10 and is now neutral.

Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) rose above 3-month highs on 6/7/10 and remains neutral. Absolute price of IWF rose above its 200-day SMA on 6/15/10 and is now neutral.

The S&P 500 Equally Weighted ETF Relative Strength Ratio (RSP/SPY) rose above 7-year highs on 6/15/10 and remains bullish. Absolute price of RSP closed above its 200 SMA on 6/10/10 and remains neutral.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below the lows of the previous 30 years on 6/15/10 and remains bearish. Big caps have been out of favor for more than 10 years, since 3/29/2000.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) remains neutral. Absolute price of IWM closed above its 200 SMA on 6/10/10 and remains neutral.

The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) fell slightly below its 50-day SMA on 6/18/10 and so turned neutral. Absolute price of MDY closed above its 200 SMA on 6/10/10 and remains neutral.

Crude Oil nearest futures contract price rose further above 4-week highs on 6/21/10 but reversed to close slightly lower, which might signal upside exhaustion for the very short term. Oil’s Ascending Triangle bottom still allows an objective above 80. Support 76.86, 74.74, 69.51, 67.15, 65.05, and 64.24. Resistance 81.29, 87.15, 90.51, 98.65, and 102.84.

Gold nearest futures contract price moved up to a new all-time high 1266.5 on 6/21/10 before reversing to the downside and ending with a sizable loss of 24.5. Such a reversal might signal upside exhaustion for the very short term. The main trend remains bullish, however. Support 1216.2, 1196.9, 1168.0, 1156.2, 1124.3, 1084.8, 1045.2, 1026.9 and 989.3. Resistance: none.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) turned neutral on 6/17/10 by rising above both SMAs. The 50-day SMA is still below the 200 SMA, however.

Silver/Gold Ratio turned bearish on 5/17/10 when it crossed below both 50- and 200-day SMAs, with the 50-day SMA below the 200-day SMA.

Copper nearest futures price bounced early on 6/21/10 but gave up most of that gain by the close. Copper broke down to a new 7-month low of 2.72 on 6/7/10, indicating a significant downtrend. Weakness in Copper suggests doubts about prospects for the world economy. Support 2.72. Resistance 3.049, 3.187, 3.2675, 3.3225, 3.795 and 4.27.

U.S. Treasury Bond nearest futures contract price has lost upside momentum since setting a 14-month high at 126.05 on 5/25/10, which reflected a flight to safety, a flight that may have landed weeks ago. Support 122.15, 121.06, 119.26, 118.24, 118.12, 115.15, 114.06. 113.04, and 112.15. Resistance 126.05, 126.15, and 130.31.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) has been moving with the stock market and remains neutral.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) fell below 6-month lows on 5/20/10 but still remains neutral for the intermediate-term trend. This implies that investors are choosing somewhat less inflation protection. Absolute price of TIP remains bullish.

The U.S. dollar nearest futures contract price fell further below 5-week lows on 6/21/10 but reversed to close higher, which might signal downside exhaustion for the very short term. Intermediate term, however, the USD chart “needs work” in order to end the downtrend. Support 85.325, 83.07, 81.74, 80.14, 79.73, 79.61, 78.83, 78.20, 76.74 and 75.90. Resistance 89.22, 89.71, and 92.53.

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. The Art of Contrary Thinking is best used together with more precise market timing tools.

Advisory Service Sentiment: There were 37.0% Bulls versus 32.6% Bears as of 6/16/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio fell to 1.14, down from 1.21 the previous week. The current Bull/Bear ratio has fallen substantially from its peak at 3.36 set on 1/13/10, which was the highest bullish sentiment in 6 years. The 20-year range is 0.41 to 3.74, the median is 1.51, and the mean is 1.57.

VIX Fear Index fell to 22.87 on 6/21/10. VIX peaked at 48.20 on 5/21/10. A falling VIX suggests decreasing bearish sentiment. 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 fell to 23.12 on 6/18/10. VXN peaked at 48.89 on 5/21/10. A falling VXN suggests decreasing bearish sentiment. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.

ISEE Call/Put Ratio fell to .059 on 5/7/10, a low level that indicates bearish sentiment. Its 2-year mean is 1.20, and its typical range is 0.69 to 1.71, which represents two standard deviations from the mean.

CBOE Put/Call Ratio rose to 0.96 on 5/20/10, its highest level of the year. A high level indicates bearish sentiment. The 2-year mean is 0.70, and the typical range is 0.44 to 0.96, which represents two standard deviations from the mean.

The Dow Theory again confirmed a Bullish Major Trend on 4/26/10, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 18 months. The Dow Theory signaled the current Primary Tide Bull Market on 7/23/09, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 6 months. That 7/23/09 bullish signal reversed the previous bearish 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 Composite (SPX) found resistance on 6/21/10 near 1130.29, which is the Gann 50.0% retracement of 2010 range. Short term, consolidation or correction of recent gains now seems possible. SPX closed above its 200-day SMA on 6/15/10 and has closed above it every day since. The recent Double Bottom near 1040 allows an upside projection above 1160. On 5/25/10 and again on 6/18/10, SPX reached down into deeply oversold territory and previous support, testing and holding the year 2010 extreme intraday low around 1040. I expected an oversold rally, but not without normal corrections and consolidations. Support 1040.78, 1029.38, 1019.95, 1012.42, and 1008.55. Resistance 1130.29, 1151.41, 1173.57, 1181.49, 1219.80, 1220.03, and 1228.74.

S&P 500 Cash Index 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
1440.24, high of 5/19/2008
1406.32, high of 5/29/2008
1381.50, Fibonacci 78.6% of 2007-2009 range
1366.59, high of 6/17/2008
1335.63, high of 6/25/2008
1313.15, high of 8/11/2008
1274.42, high of 9/8/2008
1255.09, high of 9/12/2008
1238.81, Fibonacci 78.6% of 1,576.09 high
1228.74, Fibonacci 61.8% of 2007-2009 range
1220.03, high of 9/25/2008
1219.80, high of 4/26/2010
1181.49, Fibonacci 78.6% of 2010 range
1173.57, high of 5/13/2010
1151.41, Fibonacci 61.8% of 2010 range
1131.23, high of 6/21/2010
1130.29, Gann 50.0% of 2010 range

S&P 500 Cash Index Potential Support
1040.78, low of 5/25/2010
1029.38, low of 11/2/2009
1019.95, low of 10/2/2009
1012.42, Gann 37.5% of 2009-2010 range
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% of 2009-2010 range
666.79, intraday low of 3/6/2009

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol


2.76% China LargeCap Growth G D H USX PS, PGJ
2.32% Malaysia Index, EWM
2.31% China 25 iS, FXI
2.28% Russia MV, RSX
2.02% South Korea Index, EWY
1.91% Thailand MSCI iS, THD
1.85% Emerging VIPERs, VWO
1.76% India PS, PIN
1.73% Emerging Markets, EEM
1.62% Taiwan Index, EWT
1.61% Pacific ex-Japan, EPP
1.49% Emerging 50 BLDRS, ADRE
1.38% Singapore Index, EWS
1.36% Hong Kong Index, EWH
1.23% India Earnings WTree, EPI
1.08% Australia Index, EWA
1.07% Brazil Index, EWZ
1.05% Metals & Mining SPDR, XME
0.72% Japan Index, EWJ
0.64% Pacific VIPERs, VPL
0.61% Materials SPDR, XLB
0.53% Basic Materials DJ US, IYM
0.36% Bond, High-Yield Corporate, HYG
0.29% Agriculture DB PS, DBA
0.27% Bond EmrgMkt JPM iS, EMB
0.25% Bond, Corp, LQD
0.22% Chile MSCI iS, ECH
0.22% Bond, Aggregate, AGG
0.21% Mexico Index, EWW
0.17% Industrial SPDR, XLI
0.10% Germany Index, EWG
0.10% Switzerland Index, EWL
0.06% Bond, TIPS, TIP
0.02% Growth EAFE MSCI, EFG
0.02% Financial Services DJ, IYG
0.01% Bond, 1-3 Year Treasury, SHY
0.00% Global ex US ACWI iS, ACWX
-0.02% Bond Muni ATM-Free S&P iS, MUB
-0.02% EAFE Index, EFA
-0.04% DIAMONDS (DJIA), DIA
-0.06% Financial Preferred, PGF
-0.07% Bond, 10 Year Treasury, IEF
-0.09% Small Cap EAFE MSCI iS, SCZ
-0.13% Financial SPDR, XLF
-0.14% Transportation Av DJ, IYT
-0.16% Indonesia MV, IDX
-0.17% Bond Ex-US Treas, BWX
-0.17% Health Care SPDR, XLV
-0.21% Financial DJ US, IYF
-0.21% Dividend Appreciation Vipers, VIG
-0.22% Energy SPDR, XLE
-0.22% LargeCap Blend S&P 100, OEF
-0.22% Value 1000 Russell, IWD
-0.23% Oil, Crude, U.S. Oil Fund, USO
-0.24% Sweden Index, EWD
-0.26% Consumer Staples SPDR, XLP
-0.27% France Index, EWQ
-0.28% South Africa Index, EZA
-0.29% S&P 500 SPDRs LargeCap Blend, SPY
-0.29% Bond, 20+ Years Treasury, TLT
-0.29% Value EAFE MSCI, EFV
-0.30% Value LargeCap Dynamic PS, PWV
-0.30% S&P 500 iS LargeCap Blend, IVV
-0.30% Energy VIPERs, VDE
-0.32% Preferred Stock iS, PFF
-0.35% Value VIPERs, VTV
-0.35% MidCap S&P 400 SPDRs, MDY
-0.35% Value S&P 500 B, IVE
-0.36% Growth VIPERs, VUG
-0.36% EMU Europe Index, EZU
-0.37% Dividend International, PID
-0.37% LargeCap VIPERs, VV
-0.37% Energy DJ, IYE
-0.38% Blend Total Market VIPERs, VTI
-0.39% LargeCap 1000 R, IWB
-0.39% Dividend DJ Select, DVY
-0.40% Canada Index, EWC
-0.40% Growth 1000 Russell, IWF
-0.40% Commodity Tracking, DBC
-0.42% Growth S&P 500/BARRA, IVW
-0.43% Financials VIPERs, VFH
-0.44% European VIPERs, VGK
-0.45% Value MidCap Russell, IWS
-0.46% LargeCap Blend S&P=Weight R, RSP
-0.46% Latin Am 40, ILF
-0.47% LargeCap Blend Russell 3000, IWV
-0.47% Capital Markets KWB ST, KCE
-0.49% Dividend High Yield Equity PS, PEY
-0.50% Dividend SPDR, SDY
-0.53% Netherlands Index, EWN
-0.53% Austria Index, EWO
-0.56% Turkey MSCI iS, TUR
-0.57% REIT Wilshire, RWR
-0.59% Growth MidCap Russell, IWP
-0.60% Telecom DJ US, IYZ
-0.61% United Kingdom Index, EWU
-0.61% MidCap Russell, IWR
-0.68% Belgium Index, EWK
-0.68% Growth MidCap 400 B, IJK
-0.68% Value MidCap S&P 400 B, IJJ
-0.69% Realty Cohen & Steers, ICF
-0.70% Utilities SPDR, XLU
-0.71% Real Estate US DJ, IYR
-0.72% Technology SPDR, XLK
-0.77% Networking, IGN
-0.78% Value SmallCap VIPERS, VBR
-0.78% REIT VIPERs, VNQ
-0.79% Info Tech VIPERs, VGT
-0.80% Consumer Discretionary SPDR, XLY
-0.80% Utilities VIPERs, VPU
-0.83% MidCap S&P 400 iS, IJH
-0.83% Value SmallCap S&P 600 B, IJS
-0.85% Water Resources, PHO
-0.85% Growth LargeCap NASDAQ 100, QQQQ
-0.86% Biotech SPDR, XBI
-0.91% Growth BARRA Small Cap 600, IJT
-0.92% Growth SmallCap VIPERs, VBK
-0.94% SmallCap S&P 600, IJR
-0.95% Value SmallCap S&P 600, RZV
-0.95% Technology DJ US, IYW
-0.96% Small Cap VIPERs, VB
-0.99% Value SmallCap Russell 2000, IWN
-1.03% Italy Index, EWI
-1.04% SmallCap Russell 2000, IWM
-1.07% Spain Index, EWP
-1.08% Growth SmallCap R 2000, IWO
-1.10% Semiconductor SPDR, XSD
-1.16% Natural Resource iS GS, IGE
-1.19% Semiconductor iS GS, IGW
-1.31% Energy Global, IXC
-1.33% Homebuilders SPDR, XHB
-1.62% Microcap Russell, IWC
-1.64% WilderHill Clean Energy PS, PBW
-1.75% Global 100, IOO
-1.99% Gold Shares S.T., GLD
-2.24% Silver Trust iS, SLV
-2.75% Europe 350 S&P Index, IEV




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About the Author Robert W. Colby is managing director of Colby Research in New York and the author of The Encyclopedia of Technical Market Indicators, Second Edition, which has become the standard reference work throughout the world for technical indicators and trading systems design. Colby’s firm develops research methods and custom investment decision-making systems for institutional and private clients. Colby also writes daily technical market analysis and strategy comments for an experimental educational service exploring investment strategy ideas for professional investors and traders. He previously was a proprietary trader at Schonfeld Securities with complete profit-and-loss responsibility for one of the firm’s equities trading accounts and was senior technical research analyst and vice president at Smith Barney in New York in the 1980s, writing daily and weekly reports and making thousands of presentations to institutional and individual investors. He created an objective technical and quantitative ranking system for stock selection across the full spectrum of industry groups, foreign and domestic stocks. A graduate of Ohio State University with a BS in finance, Colby is a Chartered Market Technician (CMT) and a member of the Market Technicians Association since 1980. He also has been a part-time professor at New York University and NewYork Institute of Finance, developing several new courses.
Jun 22, 2010
Volume 23 Issue 4
TraderPlanet Today provides highlights of our analyst market commentaries, featured articles, tutorials, events and other happenings taking place on the Planet.


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