Stocks at New 2-Year Closing Price Highs

The following made new 2-year closing price highs on Thursday:
DOW JONES COMP AVERAGE
Dow Jones Industrials
Nasdaq 100 .NDX
NASDAQ 100 Continuous
OEX – S&P 100
Russell 1000
Russell 3000
Rydex S&P Equal Weight (RSP)
S&P 500 INDEX
VALUE LINE INDEX
Consumer Staples SPDR, XLP
DIAMONDS (DJIA), DIA
Growth 1000 Russell, IWF
Industrial SPDR, XLI
Materials SPDR, XLB
MidCap S&P 400 SPDRs, MDY
QQQQ Nasdaq 100 Trust
Russell 2000 Small Cap, IWM
S&P 100, OEF
SPYDER, SPY
Vanguard Total VIPERs, VTI

Industrial stock sector Relative Strength Ratio (XLI/SPY) rose above 2-year highs on 12/16/10 and remains bullish. Absolute price also rose above 2-year highs on 12/16/10 and remains bullish.

The U.S. dollar nearest futures contract price rose above 4-day highs but closed lower on 12/16/10, possibly suggesting exhaustion of the 3-day bounce.

S&P 500 Composite (SPX, 1,242.87) rose 7.64 points or 0.62% on 12/16/10 to a new 2-year high, thereby reconfirming its preexisting major uptrend. Over the past month, SPX tested and held above 1173.00, the low of 11/16/10, and the 50-day SMA now at 1198.74 and rising. And SPX held well above the 200-day SMA, now at 1141.00 and rising.
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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
8.14% , CIEN.O , CIENA
4.69% , ERIC.O , LM Ericsson Telephone Company
4.84% , MOT , MOTOROLA
0.72% , KLD , LargeCap Blend Socially Responsible iS, KLD
3.59% , BSX , BOSTON SCIENT
1.35% , PJP , Pharmaceuticals, PJP
2.17% , IGN , Networking, IGN
1.98% , FDX , FEDEX
0.71% , RSP , LargeCap Blend S&P=Weight R, RSP
1.91% , CHKP , Check Point Software Technologies Ltd
0.68% , IVE , Value S&P 500 B, IVE
0.52% , IVW , Growth S&P 500/BARRA, IVW
4.10% , MON , MONSANTO
0.79% , JKL , Value SmallCap iS M, JKL
3.00% , INTU , INTUIT
1.10% , MTK , Technology MS sT, MTK
0.96% , RZV , Value SmallCap S&P 600, RZV
2.18% , PEG , PUBL SVC ENTER
2.28% , NUE , NUCOR
3.40% , STLD , Steel Dynamics, STLD
1.24% , XBI , Biotech SPDR, XBI
2.09% , UPS , UNITED PARCEL STK B
1.05% , PSI , Semiconductors, PSI
3.58% , AA , ALCOA
1.53% , EWT , Taiwan Index, EWT
0.64% , IWD , Value 1000 Russell, IWD
1.60% , BBH , Biotech H, BBH
0.70% , FEZ , Euro STOXX 50, FEZ
2.50% , AZO , AUTOZONE
2.65% , WHR , WHIRLPOOL
0.41% , PWT , Growth SmallCap Dynamic PS, PWT
0.93% , XSD , Semiconductor SPDR, XSD
1.87% , BAC , BANK OF AMERICA

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-0.39% , PSTL , Steel Global PS ETF, PSTL
-1.53% , FPX , IPOs, First Tr IPOX-100, FPX
-3.36% , AXP , AMERICAN EXPRESS
-1.02% , EPU , Peru MSCI iS, EPU
-1.69% , FITB , FIFTH THIRD BANC
-0.22% , PZJ , SmallCap PS Zacks, PZJ
-1.52% , NBR , NABORS
-0.56% , KG , KING PHARM
-3.59% , RIG , TRANSOCEAN
-0.42% , MYY , Short 100% MidCap 400, MYY
-1.49% , COF , CAPITAL ONE FNCL
-0.67% , IAU , Gold COMEX iS, IAU
-0.30% , PXN , Nanotech Lux, PXN
-0.41% , DOG , Short 100% Dow 30, DOG
-0.27% , SNI , Scripps Networks Interactive
-2.54% , IDX , Indonesia MV, IDX
-0.99% , LIZ , LIZ CLAIRBORNE
-1.11% , PCL , PLUM CREEK TIMB
-1.11% , NEM , NEWMONT MINING
-1.13% , AVP , AVON
-0.69% , EMB , Bond EmrgMkt JPM iS, EMB
-1.33% , CI , CIGNA
-0.64% , PSQ , Short 100% QQQ, PSQ
-0.66% , GLD , Gold Shares S.T., GLD
-0.72% , ORCL , ORACLE
-0.68% , CVG , CONVERGYS
-0.52% , MCO , MOODYS CORP
-0.78% , PPG , PPG INDUSTRIES
-0.30% , RHI , ROBERT HALF
-1.16% , PST , 200% Short Bond 7-10 Yr T, PST
-0.45% , EP , EL PASO
-1.09% , IP , INTL PAPER
-0.51% , TUR , Turkey MSCI iS, TUR

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

Consumer Discretionary (XLY) Bullish, Over Weight. The Relative Strength Ratio (XLY/SPY) rose above 12-year highs on 11/26/10 and remains bullish. XLY has been at the top of my sector rankings for more than a year and has outperformed substantially. Absolute price rose above 3-year highs on 12/7/10 and remains bullish. Support 37.15, 35.32, 35.02, 34.78, 33.94, 33.11, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance 37.88, 38.25, and 39.09.

Energy (XLE) Bullish, Over Weight. The Relative Strength Ratio (XLE/SPY) rose further above 12-month highs on 12/6/10 and remains bullish. Absolute price rose further above 2-year highs on 12/6/10 and remains bullish. Support 65.03, 60.96, 60.21, 57.70, 55.68, 53.22, 50.33, 48.56, 46.16, and 43.66. Resistance 67.00, 69.95, and 78.10.

Industrial (XLI) Bullish, Over Weight. The Relative Strength Ratio (XLI/SPY) rose above 2-year highs on 12/16/10 and remains bullish. Absolute price rose above 2-year highs on 12/16/10 and remains bullish. Support 31.82, 31.58, 30.79, 30.51, 30.32, 29.77, and 27.67. Resistance 34.43, 35.00, and 36.16.

Materials (XLB) Bullish, Over Weight. The Relative Strength Ratio (XLB/SPY) rose above 11-month highs on 12/7/10 and remains bullish. Absolute price rose above 2-year highs on 12/7/10 and remains bullish. Support 34.20, 33.70, 32.36, 29.88, 29.43, and 27.67. Resistance 37.61 and 39.00.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) fell below 8-week lows on 12/16/10 and turned neutral for the secondary trend. This RS ratio rose above 8-year highs on 11/3/10, which was a bullish confirmation of the primary uptrend. Absolute price of XLK rose above 2-year highs on 11/4/10 and remains bullish. Support 23.87, 23.74, 23.64, 23.56, 22.68, 22.53, 21.60, 20.01, and 19.51. Resistance 25.32 and 25.69.

Consumer Staples (XLP) Bearish, Under Weight. The Relative Strength Ratio (XLP/SPY) fell further below 7-month lows on 12/10/10 and remains bearish. Absolute price rose above 2-year highs on 12/16/10 and remains bullish. Support 29.10, 28.22, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance 30.29.

Health Care (XLV) Bearish, Under Weight. The Relative Strength Ratio (XLV/SPY) fell below 2-year lows on 12/9/10 and remains bearish, as it has been most of the time since peaking on 2/23/09. Thanks to a bounce over the past 3-days, absolute price of XLV is technically bullish. Support 30.14, 30.11, 29.87, 28.00, 27.49. Resistance 31.79, 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.

Financial (XLF) Neutral, Market Weight. The Relative Strength Ratio (XLF/SPY) rose above its 50-day SMA on 12/8/10, thereby turning neutral. Absolute price of XLF rose above 7-month highs on 12/10/10. Although the XLF price model is technically neutral at this time, the 50-day SMA of price is rising up toward the 200-day SMA and could turn bullish in weeks ahead. Support 15.08, 14.36, 14.25, 14.20, 13.29, and 13.08. Resistance 15.86, 16.13, 16.90, 17.12, 17.16, and 17.87.

Utilities (XLU) Bearish, Under Weight. The Relative Strength Ratio (XLU/SPY) fell below 7-month lows on 12/10/10 and remains bearish. Absolute price of XLU fell below 13-week lows on 11/29/10. Support 30.51, 29.66, 27.91, 27.44, and 25.76. Resistance 32.11 and 32.40.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) broke down below 4-month lows on 12/15/10 and remains neutral.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) broke down below 5-month lows on 11/30/10 and remains neutral.

NASDAQ Composite/S&P 500 Relative Strength Ratio rose above 9-year highs on 11/26/10 and remains bullish for the long term. This RS Ratio has been in an uptrend for nearly 2 years, since 12/2/08. Absolute price rose above 2-year highs on 12/7/10 and remains bullish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below 28-year lows on 12/3/10. This RS Ratio has been trending lower since 8/3/10. Longer term, big caps have been relatively 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) rose above 20-year highs on 12/10/10 and remains bullish. Absolute price rose above 2-year highs on 12/10/10 and remains bullish.

The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above 15-year highs on 12/7/10 and remains bullish. Absolute price closed above 2-year highs on 12/16/10 and remains bullish.

Crude Oil nearest futures contract price turned choppy since rising above 2-year highs on 12/7/10. It appears to be normal consolidation in a confirmed major bullish trend with no significant damage to the uptrend. Support 86.83, 83.55, 80.28, 80.06, 79.84, 79.25, 78.86, 72.63, 70.76, 70.35, 69.51, 68.59, 67.15, 65.05, and 64.24. Resistance 90.76, 98.65, and 102.84.

Gold nearest futures contract price fell below 2-week lows on 12/16/10, suggesting a minor price pullback for the short term. Gold may be correcting and consolidating gains since it rose above previous all-time highs and confirmed a bullish major trend on 12/7/10. Support 1352.6, 1329.0, 1325.5, 1317.5, 1297.0, 1274.8, 1270.5, 1232.4, 1210.9, 1191.5, and 1155.6. Resistance: 1432.5.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) rose above 12-month highs on 12/6/10 and remains bullish. Absolute price of GDX rose above 4-year highs on 12/6/10.

Silver nearest futures contract price appears to be consolidating gains since rising above previous 30-year highs on 12/7/10. Silver remains in a bullish major trend.

Silver/Gold Ratio rose above 3-year highs on 12/6/10, again confirming a bullish trend. Silver has outperformed Gold substantially since 8/20/10.

Copper nearest futures contract price pulled moderately after rising above the previous 2-year highs on 12/14/10. Copper remains in a bullish major trend. Strength in Copper suggests confidence about prospects for the world economy, while weakness in Copper suggests doubts. Support 3.9795, 3.6065, 3.3930, 3.1775, 2.9285, 2.8555, 2.8445, and 2.72. Resistance 4.27.

U.S. Treasury Bond nearest futures contract price fell below the lows of the previous 7 months on 12/15/10, confirming a bearish major trend. Support 118.21, 118.12, 115.15, 114.06. 113.04, and 112.15. Resistance 129.14, 129.27, 132.26, 133.00, 135.12, 135.19, 136.31, 137.31, and 142.31.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) rose above 7-month highs on 12/8/10 and remains bullish. Absolute price has been neutral/sideways since 11/23/10.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) has firmed up moderately since making a low on 8/24/10, even as absolute price of TIP has declined. A rising RS ratio implies that fixed-income investors have been selling inflation protected Notes at a relatively more subdued pace compared to the U.S. Treasury 7-10 Year Note (IEF) over the past 3 months.

The U.S. dollar nearest futures contract price rose above 4-day highs but closed lower on 12/16/10, possibly suggesting exhaustion of the 3-day bounce. USD fell below 3-week lows on 12/14/10, suggesting a short-term downtrend. USD may have found resistance near its 200-day SMA, which stands near chart resistance at 81.525 to 82.02. Longer term, USD fell below 11-month lows on 11/3/10, thereby confirming a bearish long-term price trend. Support 78.01, 75.23, 74.27, and 70.80. Resistance 81.525, 82.02, 83.64, 84.73, 85.36, 86.71, 88.80, 89.22, 89.71, and 92.53.

Advisory Service Sentiment: There were 56.8% Bulls versus 20.5% Bears as of 12/1510, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio stands at 2.77, which is between one and two standard deviations above the long-term mean. This is not overly excessive bullish sentiment in the second year of a bull market. The 20-year range is 0.41 to 3.74, the median is 1.54, and the mean is 1.61.

VIX Fear Index fell below 7-month lows to 16.68 on 12/13/10, reflecting diminishing fear among options players. The trend is down and VIX could drop further: it was as low as 15.23 on 4/12/10. 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.

The Dow Theory reconfirmed a Primary Tide Bull Market as of 12/14/10, when the Dow-Jones Industrial Average closed above 2-year closing price highs, thereby confirming the new high in the Dow-Jones Transportation Average set on 12/10/10. The Dow Theory originally 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. Many other analysts were fooled into calling “Bear Market” by the big downside Secondary Reaction in May and June 2010, but my interpretation has been steadily Bullish on the Primary Trend.

S&P 500 Composite (SPX, 1,242.87) rose 7.64 points or 0.62% on 12/16/10 to a new 2-year high, thereby reconfirming its preexisting major uptrend. Over the past month, SPX tested and held above 1173.00, the low of 11/16/10, and the 50-day SMA now at 1198.74 and rising. And SPX held well above the 200-day SMA, now at 1141.00 and rising.

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

S&P 500 Cash Index Potential Support
1238.81, Fibonacci 78.6% of 1,576.09 high
1235.05, high of 12/7/10
1228.74, Fibonacci 61.8% of 2007-2009 range
1173.00, low of 11/16/10
1171.70, low of 10/27/10
1166.74, low of 10/20/10
1159.71, low of 10/19/10
1,151.41, low of 10/7/10
1,131.87, low of 10/4/10
1122.79, low of 9/23/2010
1114.63, low of 9/15/2010
1110.88, low of 9/10/2010
1091.15, low of 9/7/2010
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
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

2.17% Networking, IGN
1.73% India PS, PIN
1.53% Taiwan Index, EWT
1.39% India Earnings WTree, EPI
1.35% Homebuilders SPDR, XHB
1.32% Transportation Av DJ, IYT
1.24% Biotech SPDR, XBI
1.23% Microcap Russell, IWC
1.10% Industrial SPDR, XLI
1.08% Growth MidCap 400 B, IJK
1.08% Value SmallCap S&P 600 B, IJS
1.07% Australia Index, EWA
1.06% Growth SmallCap VIPERs, VBK
1.06% Metals & Mining SPDR, XME
1.05% SmallCap S&P 600, IJR
1.01% South Korea Index, EWY
0.99% MidCap S&P 400 SPDRs, MDY
0.99% MidCap S&P 400 iS, IJH
0.98% Growth BARRA Small Cap 600, IJT
0.96% Value SmallCap S&P 600, RZV
0.96% Value MidCap S&P 400 B, IJJ
0.95% Growth MidCap Russell, IWP
0.94% Materials SPDR, XLB
0.93% Semiconductor SPDR, XSD
0.93% Growth SmallCap R 2000, IWO
0.92% SmallCap Russell 2000, IWM
0.92% Bond Muni ATM-Free S&P iS, MUB
0.90% France Index, EWQ
0.89% Utilities SPDR, XLU
0.88% Consumer Staples SPDR, XLP
0.88% Small Cap VIPERs, VB
0.86% Sweden Index, EWD
0.86% Utilities VIPERs, VPU
0.80% Value SmallCap Russell 2000, IWN
0.79% MidCap Russell, IWR
0.78% Water Resources, PHO
0.78% Growth LargeCap NASDAQ 100, QQQQ
0.74% Netherlands Index, EWN
0.73% European VIPERs, VGK
0.72% Consumer Discretionary SPDR, XLY
0.72% Dividend DJ Select, DVY
0.71% Spain Index, EWP
0.71% Silver Trust iS, SLV
0.71% Pacific ex-Japan, EPP
0.71% LargeCap Blend S&P=Weight R, RSP
0.71% Value SmallCap VIPERS, VBR
0.71% Value LargeCap Dynamic PS, PWV
0.70% Value MidCap Russell, IWS
0.70% Growth EAFE MSCI, EFG
0.70% Basic Materials DJ US, IYM
0.70% Health Care SPDR, XLV
0.69% Bond, 20+ Years Treasury, TLT
0.68% Value S&P 500 B, IVE
0.66% Pacific VIPERs, VPL
0.66% Energy VIPERs, VDE
0.66% Dividend SPDR, SDY
0.65% Switzerland Index, EWL
0.64% Value 1000 Russell, IWD
0.64% Technology DJ US, IYW
0.64% South Africa Index, EZA
0.64% Energy DJ, IYE
0.64% Growth 1000 Russell, IWF
0.63% Dividend Appreciation Vipers, VIG
0.62% LargeCap 1000 R, IWB
0.62% LargeCap Blend Russell 3000, IWV
0.61% Russia MV, RSX
0.60% LargeCap VIPERs, VV
0.60% EMU Europe Index, EZU
0.60% Blend Total Market VIPERs, VTI
0.60% Bond, 10 Year Treasury, IEF
0.59% Value VIPERs, VTV
0.58% Value EAFE MSCI, EFV
0.58% S&P 500 SPDRs LargeCap Blend, SPY
0.58% Global 100, IOO
0.58% United Kingdom Index, EWU
0.58% Growth VIPERs, VUG
0.57% Emerging VIPERs, VWO
0.57% Dividend High Yield Equity PS, PEY
0.56% Mexico Index, EWW
0.56% Energy SPDR, XLE
0.56% Japan Index, EWJ
0.56% EAFE Index, EFA
0.54% Semiconductor iS IGW, SOXX
0.52% Growth S&P 500/BARRA, IVW
0.51% S&P 500 iS LargeCap Blend, IVV
0.51% Europe 350 S&P Index, IEV
0.50% Germany Index, EWG
0.50% Capital Markets KWB ST, KCE
0.49% Bond, Corp, LQD
0.48% LargeCap Blend S&P 100, OEF
0.48% Energy Global, IXC
0.44% Bond, TIPS, TIP
0.43% Italy Index, EWI
0.40% Latin Am 40, ILF
0.39% WilderHill Clean Energy PS, PBW
0.38% Small Cap EAFE MSCI iS, SCZ
0.37% Singapore Index, EWS
0.37% Bond, High-Yield Corporate, HYG
0.37% Bond Ex-US Treas, BWX
0.35% Chile MSCI iS, ECH
0.35% Bond, High-Yield Junk, JNK
0.34% Global ex US ACWI iS, ACWX
0.33% Info Tech VIPERs, VGT
0.30% DIAMONDS (DJIA), DIA
0.30% Emerging 50 BLDRS, ADRE
0.30% Natural Resource iS GS, IGE
0.29% Agriculture DB PS, DBA
0.28% Emerging Markets, EEM
0.26% Dividend International, PID
0.26% Real Estate US DJ, IYR
0.22% Telecom DJ US, IYZ
0.19% Realty Cohen & Steers, ICF
0.19% Bond, Aggregate, AGG
0.19% Financials VIPERs, VFH
0.18% REIT Wilshire, RWR
0.17% REIT VIPERs, VNQ
0.16% Technology SPDR, XLK
0.15% Belgium Index, EWK
0.13% Financial SPDR, XLF
0.09% Austria Index, EWO
0.02% Bond, 1-3 Year Treasury, SHY
0.00% Brazil Index, EWZ
0.00% Bond Treasury Short-Term iS, SHV
-0.10% Preferred Stock iS, PFF
-0.14% Financial DJ US, IYF
-0.20% Malaysia Index, EWM
-0.34% Commodity Tracking, DBC
-0.36% Canada Index, EWC
-0.37% China 25 iS, FXI
-0.43% Financial Services DJ, IYG
-0.44% Thailand MSCI iS, THD
-0.51% Turkey MSCI iS, TUR
-0.59% Oil, Crude, U.S. Oil Fund, USO
-0.65% China LargeCap Growth G D H USX PS, PGJ
-0.66% Gold Shares S.T., GLD
-0.69% Financial Preferred, PGF
-0.69% Bond EmrgMkt JPM iS, EMB
-0.79% Hong Kong Index, EWH
-2.54% Indonesia MV, IDX