VIX Fear Index rose to 23, which was above the highs of the previous 6 weeks. That jump signaled rising fear of a downside price correction.

S&P 500 Composite (SPX, 1,178.34) fell below the lows of the previous 2 weeks, again confirming a minor price pullback for the short term. Price and volume momentum indicators confirmed a short-term downtrend. SPX has fallen 3.87% over the past 6 trading days, which qualifies as a typical moderate price pullback. There have been 6 price down waves of 3.87% or greater over the past year alone. Minor price pullbacks ought to remain limited in this phase of the stock market. Longer term, SPX rose above 2-year highs on 11/5/10, again reconfirming a bullish major trend.

Consumer Discretionary stock sector Relative Strength Ratio (XLY/SPY) rose above 12-year highs and remains bullish. XLY has been at the top of my sector rankings for more than a year and has outperformed substantially.

Technology stock sector Relative Strength Ratio (XLK/SPY) fell below 4-week lows and turned neutral.

Materials stock sector Relative Strength Ratio (XLB/SPY) fell below 2-week lows and turned neutral.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below 8-week lows and remains neutral.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 9-week lows and remains neutral.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below 3-week lows, confirming a minor price pullback for the short term.

Crude Oil and Gold nearest futures contract prices fell below the lows of the previous 2 weeks, again confirming minor price pullbacks for the short term.

Copper fell below the lows of the previous 6 weeks, signaling a minor price pullback for the short term.

The U.S. dollar price rose above 6-week highs, again confirming the preexisting short-term bounce.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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
11.91% , URBN , Urban Outfitters Inc.
8.42% , DYN , DYNEGY
1.79% , HON , HONEYWELL INTL
1.62% , PSQ , Short 100% QQQ, PSQ
1.58% , DOG , Short 100% Dow 30, DOG
2.94% , DXD , Short 200% Dow 30 PS, DXD
1.53% , SH , Short 100% S&P 500, SH
3.60% , MZZ , Short 200% MidCap 400 PS, MZZ
1.02% , HD , HOME DEPOT
3.39% , QID , Short 200% QQQ PS, QID
3.09% , SDS , Short 200% S&P 500 PS, SDS
2.48% , TLT , Bond, 20+ Years Treasury, TLT
0.29% , K , KELLOGG
0.57% , WMT , WAL MART STORES
0.99% , WPO , Washington Post
0.40% , COST , COSTCO WHOLESAL
2.02% , MYY , Short 100% MidCap 400, MYY
0.53% , LQD , Bond, Corp, LQD
0.06% , PTV , PACTIV
0.38% , SJM , J. M. Smucker
1.35% , TLH , Bond 10-20 Year US Treas, TLH
0.14% , KG , KING PHARM
0.47% , LIZ , LIZ CLAIRBORNE
0.24% , NOV , NATIONAL OILWELL VARC0
0.10% , TWX , TIME WARNER INC
0.46% , DHI , D.R. HORTON, DHI
0.09% , VRSN , VeriSign Inc
0.07% , SHW , SHERWIN WILLIAMS
0.51% , LOW , LOWES
0.10% , DISCA , Discovery Communications
0.03% , BIG , BIG LOTS

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.07% , UTH , Utilities H, UTH
-1.50% , XSD , Semiconductor SPDR, XSD
-2.03% , NY , Value LargeCap NYSE 100 iS, NY
-4.52% , RF , REGIONS FINAN
-4.11% , TUR , Turkey MSCI iS, TUR
-1.88% , SWH , Software H, SWH
-2.29% , RPV , Value S&P 500, RPV
-2.28% , PWO , OTC Dynamic PS, PWO
-3.26% , ICF , Realty Cohen & Steers, ICF
-4.17% , THD , Thailand MSCI iS, THD
-1.83% , IR , INGER RAND
-3.32% , RWR , REIT Wilshire, RWR
-4.79% , RFMD , RF Micro Devices Inc
-1.61% , IWB , LargeCap 1000 R, IWB
-8.32% , MBI , MBIA
-3.14% , RSX , Russia MV, RSX
-3.83% , EPU , Peru MSCI iS, EPU
-2.42% , EZU , EMU Europe Index, EZU
-2.62% , FEZ , Euro STOXX 50, FEZ
-2.46% , IYM , Basic Materials DJ US, IYM
-1.67% , IWD , Value 1000 Russell, IWD
-2.89% , EWQ , France Index, EWQ
-1.88% , ELV , Value Large Cap DJ, ELV
-2.20% , IXG , Financials Global LargeCap Value, IXG
-3.54% , PIN , India PS, PIN
-1.52% , EWM , Malaysia Index, EWM
-2.04% , NYC , LargeCap Blend NYSE Composite iS, NYC
-3.57% , BEN , FRANKLIN RSC
-2.74% , EWZ , Brazil Index, EWZ
-1.46% , PFM , Dividend Achievers PS, PFM
-3.81% , EPI , India Earnings WTree, EPI
-2.24% , RZV , Value SmallCap S&P 600, RZV
-1.88% , JKF , Value LargeCap iS M, JKF
-4.30% , FCX , FREEPRT MCMORAN STK B
-2.11% , PMTC.O , PARAMETRIC
-3.15% , IYR , Real Estate US DJ, IYR
-1.45% , PWP , Value MidCap Dynamic PS, PWP
-1.76% , JKE , Growth LargeCap iS M, JKE
-3.86% , GLW , CORNING
-1.86% , KLD , LargeCap Blend Socially Responsible iS, KLD

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 11/16/10 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 11/5/10 and remains bullish. Support 33.94, 33.11, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance 38.25 and 39.09.

Energy (XLE) Bullish, Over Weight. The Relative Strength Ratio (XLE/SPY) rose above 10-month highs on 11/11/10 and gave a new bullish signal: the 50-day SMA crossed above the 200-day SMA. Absolute price rose above 2-year highs on 11/11/10 and remains bullish, with the rising 50-day SMA above the rising 200-day SMA. Support 60.21, 57.70, 55.68, 53.22, 50.33, 48.56, 46.16, and 43.66. Resistance 63.98, 69.95 and 78.10.

Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) fell below 10-week lows on 11/11/10 and remains neutral. Absolute price rose above 2-year highs on 11/5/10 and remains bullish. Support 31.58, 30.79, 30.51, 30.32, 29.77, and 27.67. Resistance 33.53, 35.00, and 36.16.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) fell below 4-week lows on 11/16/10 and turned neutral. Absolute price of XLK rose above 2-year highs on 11/4/10 and remains bullish. Support 23.64, 23.56, 22.68, 22.53, 21.60, 20.01, and 19.51. Resistance 25.28 and 25.69.

Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) fell below 2-week lows on 11/16/10 and turned neutral. Absolute price rose above rose above 2-year highs on 11/5/10 and remains bullish. Support 33.70, 32.36, 29.88, 29.43, and 27.67. Resistance 36.71, 37.56, and 39.00.

Consumer Staples (XLP) Bearish, Under Weight. The Relative Strength Ratio (XLP/SPY) fell below 5-month lows on 11/10/10 and remains bearish. Absolute price rose above 2-year highs on 11/4/10 and remains bullish. Support 28.28, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance 29.27, 29.29 and 30.29.

Utilities (XLU) Bearish, Under Weight. The Relative Strength Ratio (XLU/SPY) fell below 5-month lows on 11/8/10. Absolute price of XLU peaked on 10/20/10 and appears neutral. Support 30.76, 30.15, 29.66, 27.91, 27.44, and 25.76. Resistance 32.11 and 32.40.

Health Care (XLV) Bearish, Under Weight. The Relative Strength Ratio (XLV/SPY) fell below 6-month lows on 11/10/10 and remains bearish, as it has been most of the time since peaking on 2/23/09. Absolute price of XLV rose above 6-month highs on 11/4/10 and is now bullish. Support 30.11, 29.87, 28.00, 27.49. Resistance 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.

Financial (XLF) Bearish, Under Weight. The Relative Strength Ratio (XLF/SPY) remains bearish, below falling 50-day and 200-day SMAs. Absolute price of XLF rose above 5-month highs on 11/5/10 and remains neutral, with the 50-day SMA below the 200-day SMA. Support 14.25, 13.29, and 13.08. Resistance 15.68, 16.13, 16.90, 17.12, 17.16, and 17.87.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below 8-week lows on 11/16/10 and remains neutral.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 9-week lows on 11/16/10 and remains neutral.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below 3-week lows on 11/16/10, confirming a minor price pullback for the short term. The ratio rose above 9-year highs on 11/2/10 and remains bullish for the long term. Absolute price rose above 2-year highs on 11/8/10 and remains bullish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below 28-year lows on 11/11/10. The 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 5-month highs on 11/10/10 and remains bullish.

The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above 15-year highs on 11/11/10 and remains bullish. Absolute price rose above 2-year highs on 11/5/10 and remains bullish.

Crude Oil nearest futures contract price fell below the lows of the previous 2 weeks on 11/16/10, again confirming a minor price pullback for the short term. Longer term, Oil rose above 2-year highs on 11/11/10, again reconfirming a bullish major trend. Support 79.84, 78.86, 72.63, 70.76, 70.35, 69.51, 68.59, 67.15, 65.05, and 64.24. Resistance 88.63, 90.51, 98.65, and 102.84.

Gold nearest futures contract price fell below the lows of the previous 2 weeks on 11/16/10, again confirming a minor price pullback for the short term. Longer term, Gold rose above previous all-time highs on 11/9/10, again confirming the bullish major trend. Support 1315.6, 1297.0, 1274.8, 1270.5, 1232.4, 1210.9, 1191.5, and 1155.6. Resistance: 1424.3.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) rose above 11-month highs on 11/12/10 and remains bullish.

Silver nearest futures contract price fell below the lows of the previous 6 trading days on 11/16/10, confirming a minor price pullback for the short term. Silver rose above previous 30-year highs on 11/9/10, confirming a bullish major trend.

Silver/Gold Ratio rose further above 2-year highs on 11/5/10, again confirming a bullish trend. Silver has outperformed Gold substantially since 8/20/10.

Copper nearest futures contract price fell below the lows of the previous 6 weeks on 11/16/10, signaling a minor price pullback for the short term. Longer term, Copper rose above previous 2-year highs on 11/11/10, again confirming the bullish major trend. Strength in Copper suggests confidence about prospects for the world economy, while weakness in Copper suggests doubts. Support 3.6445, 3.3930, 3.1775, 2.9285, 2.8555, 2.8445, and 2.72. Resistance 3.90, 4.0825, and 4.27.

U.S. Treasury Bond nearest futures contract price fell below the lows of the previous 4 months on 11/15/10, confirming the preexisting bearish trend for the intermediate-term trend. Support 125.07, 124.19, 123.03, 121.28, 119.26, 118.24, 118.12, 115.15, 114.06. 113.04, and 112.15. Resistance 129.27, 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 6-month highs on 11/15/10. Absolute fell below 6-week lows on 11/16/10 and is now neutral.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) sagged lower since 10/26/10, which implies that fixed-income investors actually have been choosing less inflation protection, contrary to those voices warning of inflation recently.

The U.S. dollar nearest futures contract price rose above 6-week highs on 11/16/10, again confirming the preexisting short-term bounce. Longer term, USD fell below 11-month lows on 11/3/10, thereby confirming a bearish long-term price trend. Support 75.235, 74.27, and 70.80. Resistance 80.505, 82.335, 83.315, 83.64, 83.96, 85.36, 86.71, 88.80, 89.22, 89.71, and 92.53.

Advisory Service Sentiment: There were 48.4% Bulls versus 23.1% Bears as of 11/10/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio stands at an above average 2.10, up from an extreme low of 0.78 on 9/1/10. That 0.78 was the lowest level of bullish sentiment in 17 months, since 3/25/09. Previously, the ratio had fallen substantially from an extreme 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 1.53, and the mean is 1.60.

VIX Fear Index rose to 23 on 11/16/10, which was above the highs of the previous 6 weeks. That jump signaled rising fear of a downside price correction. Previously, VIX collapsed to the 18-22 range in October and November, down from 48 last May. That drop indicated increasing bullish confidence and decreasing concern and hesitancy by options players to chase obvious price strength. 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 11/3/10, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 25 months. 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, 1,178.34) fell below the lows of the previous 2 weeks, again confirming a minor price pullback for the short term. Price and volume momentum indicators confirmed a short-term downtrend. SPX has fallen 3.87% over the past 6 trading days, which qualifies as a typical moderate price pullback. There have been 6 price down waves of 3.87% or greater over the past year alone. Minor price pullbacks ought to remain limited in this phase of the stock market. Longer term, SPX rose above 2-year highs on 11/5/10, again reconfirming a bullish major trend.

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
1227.08, high of 11/5/10

S&P 500 Cash Index Potential Support
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

2.48% Bond, 20+ Years Treasury, TLT
0.74% Bond, 10 Year Treasury, IEF
0.53% Bond, Corp, LQD
0.24% Bond, Aggregate, AGG
0.18% Bond, TIPS, TIP
0.05% Bond, 1-3 Year Treasury, SHY
0.00% Silver Trust iS, SLV
0.00% Bond Treasury Short-Term iS, SHV
-0.59% Bond Muni ATM-Free S&P iS, MUB
-0.66% Preferred Stock iS, PFF
-0.68% Indonesia MV, IDX
-0.68% Bond EmrgMkt JPM iS, EMB
-0.79% Taiwan Index, EWT
-1.00% Financial Preferred, PGF
-1.01% Bond Ex-US Treas, BWX
-1.04% Bond, High-Yield Junk, JNK
-1.08% Biotech SPDR, XBI
-1.10% Gold Shares S.T., GLD
-1.10% Bond, High-Yield Corporate, HYG
-1.11% Consumer Staples SPDR, XLP
-1.16% Utilities SPDR, XLU
-1.27% Utilities VIPERs, VPU
-1.36% Consumer Discretionary SPDR, XLY
-1.39% Dividend DJ Select, DVY
-1.40% Dividend High Yield Equity PS, PEY
-1.42% Value S&P 500 B, IVE
-1.42% LargeCap Blend S&P 100, OEF
-1.43% Semiconductor iS IGW, SOXX
-1.45% Health Care SPDR, XLV
-1.49% Chile MSCI iS, ECH
-1.50% Dividend Appreciation Vipers, VIG
-1.50% Transportation Av DJ, IYT
-1.50% Semiconductor SPDR, XSD
-1.52% Malaysia Index, EWM
-1.55% Netherlands Index, EWN
-1.56% S&P 500 SPDRs LargeCap Blend, SPY
-1.56% DIAMONDS (DJIA), DIA
-1.57% Growth MidCap Russell, IWP
-1.57% Growth VIPERs, VUG
-1.59% LargeCap VIPERs, VV
-1.59% Blend Total Market VIPERs, VTI
-1.59% Value VIPERs, VTV
-1.60% Value LargeCap Dynamic PS, PWV
-1.60% LargeCap Blend Russell 3000, IWV
-1.60% S&P 500 iS LargeCap Blend, IVV
-1.60% Growth S&P 500/BARRA, IVW
-1.61% LargeCap 1000 R, IWB
-1.61% Industrial SPDR, XLI
-1.63% Growth 1000 Russell, IWF
-1.63% Growth MidCap 400 B, IJK
-1.64% Financial Services DJ, IYG
-1.65% Growth LargeCap NASDAQ 100, QQQQ
-1.66% Mexico Index, EWW
-1.67% Financial SPDR, XLF
-1.67% Telecom DJ US, IYZ
-1.67% Growth SmallCap VIPERs, VBK
-1.67% Value 1000 Russell, IWD
-1.69% MidCap S&P 400 SPDRs, MDY
-1.69% Dividend SPDR, SDY
-1.70% Networking, IGN
-1.71% LargeCap Blend S&P=Weight R, RSP
-1.71% Info Tech VIPERs, VGT
-1.73% Capital Markets KWB ST, KCE
-1.76% Japan Index, EWJ
-1.76% MidCap Russell, IWR
-1.76% Homebuilders SPDR, XHB
-1.78% Dividend International, PID
-1.78% Growth BARRA Small Cap 600, IJT
-1.80% MidCap S&P 400 iS, IJH
-1.81% Technology DJ US, IYW
-1.81% Financials VIPERs, VFH
-1.81% Technology SPDR, XLK
-1.81% Pacific VIPERs, VPL
-1.83% Growth SmallCap R 2000, IWO
-1.85% Small Cap VIPERs, VB
-1.85% Water Resources, PHO
-1.86% Financial DJ US, IYF
-1.86% SmallCap S&P 600, IJR
-1.87% Energy SPDR, XLE
-1.88% Value MidCap S&P 400 B, IJJ
-1.91% Value MidCap Russell, IWS
-1.92% Energy VIPERs, VDE
-1.93% Value SmallCap S&P 600 B, IJS
-1.94% SmallCap Russell 2000, IWM
-1.96% Microcap Russell, IWC
-1.97% Pacific ex-Japan, EPP
-1.97% Switzerland Index, EWL
-1.98% Australia Index, EWA
-1.98% Value SmallCap VIPERS, VBR
-1.99% Hong Kong Index, EWH
-2.00% Energy DJ, IYE
-2.06% Global 100, IOO
-2.06% Value SmallCap Russell 2000, IWN
-2.16% Materials SPDR, XLB
-2.17% Small Cap EAFE MSCI iS, SCZ
-2.20% Italy Index, EWI
-2.22% Austria Index, EWO
-2.23% Germany Index, EWG
-2.24% Value SmallCap S&P 600, RZV
-2.27% Global ex US ACWI iS, ACWX
-2.27% Natural Resource iS GS, IGE
-2.31% South Korea Index, EWY
-2.32% Growth EAFE MSCI, EFG
-2.35% EAFE Index, EFA
-2.37% Belgium Index, EWK
-2.37% Singapore Index, EWS
-2.42% EMU Europe Index, EZU
-2.42% Spain Index, EWP
-2.45% Value EAFE MSCI, EFV
-2.45% Canada Index, EWC
-2.46% Basic Materials DJ US, IYM
-2.54% Europe 350 S&P Index, IEV
-2.61% Latin Am 40, ILF
-2.64% Emerging Markets, EEM
-2.65% Energy Global, IXC
-2.67% Emerging VIPERs, VWO
-2.74% Brazil Index, EWZ
-2.75% European VIPERs, VGK
-2.78% South Africa Index, EZA
-2.82% Emerging 50 BLDRS, ADRE
-2.88% Oil, Crude, U.S. Oil Fund, USO
-2.88% China 25 iS, FXI
-2.89% Sweden Index, EWD
-2.89% France Index, EWQ
-2.96% Commodity Tracking, DBC
-3.03% China LargeCap Growth G D H USX PS, PGJ
-3.04% United Kingdom Index, EWU
-3.14% Russia MV, RSX
-3.15% Real Estate US DJ, IYR
-3.22% Agriculture DB PS, DBA
-3.26% Realty Cohen & Steers, ICF
-3.32% REIT Wilshire, RWR
-3.37% Metals & Mining SPDR, XME
-3.43% REIT VIPERs, VNQ
-3.54% India PS, PIN
-3.81% India Earnings WTree, EPI
-4.06% WilderHill Clean Energy PS, PBW
-4.11% Turkey MSCI iS, TUR
-4.17% Thailand MSCI iS, THD