Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months, for another a bearish trend confirmation.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its 50-day SMA. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this weakness may be suggesting rising doubts about prospects going forward.
Crude Oil, United States Oil ETF (USO) whipsawed back below its 50-day SMA.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 3 years, reconfirming its bearish major trend.
The S&P 500 (SPX: 1,402.31) fell 3.51 points or 0.25% on Wednesday. NYSE volume fell 1%.
Momentum indicators based on the SPX daily close price are relatively weak and rolling over. RSI(14) at 56.14 recovered less than half of its loss since it closed at 75.38 on 2/9/12. Stochastic (14,3,3) fell to 80.58, down from 90.04 on 4/30/12. MACD is 3.73, down from 19.08 on 2/9/12. These popular indicators, among others, are demonstrating a clear deceleration of the uptrend.
Seasonal tendencies for the few days at the end of one month and the beginning of the next month are generally bullish, if only by a small amount. Declining stock prices in this time window would reveal underlying market weakness.
SPX has traded in a 4.57% range, between intraday extremes of 1,357.38 and 1,422.38, for 7 weeks, since 3/8/12. The extremes of this range may be considered support and resistance.
According to the Investors Intelligence weekly survey of stock market newsletter advisors, there were 54.8% Bulls reported on 2/15/11, the highest since 5/4/11. On 5/2/12, there were 20.4 Bears, the lowest level since 6/1/11.
The Reward to Risk Ratio for the stock market appears unattractive.
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Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.
But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).
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9 major U.S. stock sectors ranked in order of long-term relative strength:
Available by subscription only (click here).
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Stock Market Indicators
The Dow Theory signaled a downside Secondary Reaction on 4/9/12, as both Industrials and Transports fell below their lows of the previous 3 weeks. The Averages gave an early warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.
NASDAQ Composite/S&P 500 Relative Strength Ratio fell below its 50-day SMA on 4/30/12. Absolute price whipsawed back above its 50-day SMA on 4/25/12 but may have found resistance at 3076.44, the high of 4/27/12.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 3 years on 5/2/12, reconfirming its bearish trend. Systematically, BKF/SPY remains bearish below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 1/13/11.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below its lows of the previous 4 months on 4/27/12, reconfirming its bearish trend. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained below the 200-day SMA every day since 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend when it fell below its lows of the previous 8 years on 4/5/12. Systematically, EFA/SPY remains bearish below its 50-day and 200-day SMAs, and the 50-day SMA has remained below the 200-day SMA consistently every day since 1/14/11. Don’t be fooled by the minor stabilization over the past 3 weeks–the important trend is bearish.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) remains systematically bullish above its 50-day and 200-day SMAs, and the 50-day SMA has remained above the 200-day SMA every day since 8/25/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. On the other side of the coin, Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) has been relatively weak for more than a year, since 4/5/11. IWM/SPY fell further below its lows of the previous 4 months on 4/10/12, reconfirming renewed downside momentum for the medium term. Systematically, IWM/SPY returned to bearish status again on 4/20/12 when the 50-day SMA crossed below the 200-day SMA.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) has been relatively weak for more than a year, since 4/5/11. MDY/SPY fell below its lows of the previous 3 months on 4/10/12, reconfirming downside momentum for the medium term.
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Sentiment for Contrary Thinking
Recent sentiment data, detailed below, indicates alarming degrees of optimism and bullish complacency. When the majority of investors has been bullish for some time, we can assume that investors are already fully invested in the market. Once everyone who is going to buy has already bought, stocks are vulnerable to a downside shakeout. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean.
ABC News reported on 2/21/12 that 10 out of 10 investment strategists at large firms were bullish. http://abcnews.go.com/watch/world-news-with-diane-sawyer/SH5585921/VD55173505/world-news-221-dow-jones-climbs-past-13000
The Commitment of Traders (COT) report showed that the Commercials (giant corporations with deep pockets) have been buying “risk off” defensive futures contracts, specifically, the U.S. dollar and the ten-year Treasury note. On the other side, trend-following Speculators have been buying “risk on” aggressively bullish contracts, setting a new all-time net-long record in the Nasdaq futures. The unusually large size of Speculators’ positions implies a weak-handed, top-heavy stock market.
AAII Sentiment: There were 51.64% Bulls and 20.19% Bears, according to the AAII weekly survey reported on 2/9/12. This was the highest level of bullish sentiment in more than a year, since 52.34% Bulls on 1/13/11.
Investors Intelligence Sentiment: according to the Investors Intelligence weekly survey of stock market newsletter advisors, there were 54.8% Bulls reported on 2/15/11, the highest since the stock market 5/4/11. On 5/2/12, there were 20.4 Bears, the lowest level since 6/1/11.
Investment Newsletters recently were 75% bullish, the highest since near the major top in year 2000, according to Hulbert Digest.
Market Vane’s Bullish Consensus among Advisors and Newsletters rose to 65% Bulls–the same extreme level of optimism recorded at the February 2011 top in the stock market.
Short Selling ETFs were trading the lowest volume since the market top in April, 2011, according to Frank D. Gretz of Wellington Shields & Co.
Corporate insiders have been selling their companies’ stock at the heaviest rate since the market peak in April 2011, according to Mark Hulbert at MarketWatch. Insiders sold 656 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That was a big change in insider behavior from 81 shares sold for each 100 shares bought in November. Since corporate insiders (officers, directors, and largest shareholders) know so much more about their companies than the public can possibly know, it is bearish when insiders sell at such a heavy pace.
NYSE short interest collapsed from a high peak of 16.1 billion shares sold short last September, which coincided with the stock market lows, to 12.5 billion shares sold short in February, which was the lowest level since last April, at the market top. Short interest represents a pool of potential demand for stocks, since short sellers eventually must buy back the shares they borrowed. That pool of demand has been depleted.
VIX Fear Index broke down below the lows of the previous 4 years on 3/16/12, hitting 13.66 intraday, its lowest level since 6/20/07. VIX is down from a peak of 48.00 on 8/8/11: such a large drop indicated a shift away from fear and toward bullish complacency. 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 S&P 500 Composite 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
1422.38, high of 4/2/2012
1415.32, high of 5/1/2012
The S&P 500 Composite Potential Support
1393.92, low of 5/2/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1385.85, 50-day SMA
1370.58, high of 5/2/2011
1357.38, low of 4/11/2012
1340.34, Fibonacci 23.6% R of 2011-12 range
1340.03, low of 3/6/2012
1337.35, low of 2/10/2012
1300.49, low of 1/30/2012
1289.59, Fibonacci 38.2% R of 2011-12 range
1277.58, low of 1/13/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1276.00, 200-day SMA
1257.58, Fibonacci 61.8% of 2011 range
1248.58, Fibonacci 50.0% R of 2011-12 range
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/2011
1231.04, high of 12/16/2011
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1207.56, Fibonacci 61.8% R of 2011-12 range
1204.49, Fibonacci 23.6% of 2009-11 range
1202.37, low of 12/19/2011
1187.77, Fibonacci 38.2% of 2011 range
1158.66, low of 11/25/2011
1144.38, Fibonacci 23.6% of 2011 range
1101.73, Fibonacci 38.2% of 2009-11 range
1074.77, low of 10/4/2011
1149.16, Fibonacci 78.6% R of 2011-12 range
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1018.69, Fibonacci 50% of 2009-11 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
935.64, Fibonacci 61.8% of 2009-11 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
817.40, Fibonacci 78.6% of 2009-11 range
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
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Fixed-Income Investments
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) could stay longer in its neutral trading range of the past 5 months.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned down after 3/19/12. Systematically, TIP/IEF remains neutral: below its 50-day SMA, above its 200-day SMA, and the 50-day SMA has been above the 200-day SMA every day since 6/21/11.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) remains systematically neutral: below its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 21.74, 21.58, 21.07, and 20.84. Resistance 22.23, 22.47, 22.85, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index fell below its lows of the previous 4 months on 4/23/12. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months on 5/2/12, for another a bearish trend confirmation. Systematically, DBA remains bearish, below both its 50-day SMA and 200-day SMAs, and with the 50-day SMA consistently below the 200-day SMA every day since 8/8/11.
Crude Oil, United States Oil ETF (USO) whipsawed back below its 50-day SMA on 5/2/12, turning systematically neutral. USO remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA consistently every day since 1/3/12. Support 38.31, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 40.29, 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) broke down below its lows of the previous 12 weeks and fell further below its 50-day and 200-day SMAs on 4/4/12. Systematically, GLD turned bearish on 4/17/12, when its 50-day SMA crossed below its 200-day SMA. Support: 156.58, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 163.20, 164.89, 166.57, 174.00, 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below its lows of the previous 3 years on 4/23/12, thereby reconfirming a bearish major trend for the long term. Systematically, GDX/GLD remains bearish: below its 50-day and 200-day SMAs, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.
Silver, iShares Silver Trust ETF (SLV) fell below its lows of the previous 3 months on 4/25/12, reconfirming a downtrend for the medium term. Systematically, SLV remains bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 28.63, 27.83, 25.65, and 24.44. Resistance: 32.34, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 3 months on 5/2/12, reconfirming a downtrend for the medium term. SLV/GLD remains below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/30/11.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its 50-day SMA on 5/2/12. JJC fell below its lows of the past 3 months on 4/16/12, confirming a downtrend for the medium term. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this weakness may be suggesting rising doubts about prospects going forward.
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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
4.43% , LVLT.K , LEVEL 3 COMMUNICATIONS
4.95% , FLEX , Flextronics International Ltd
3.42% , DHI , D.R. HORTON, DHI
5.54% , CTB , COOPER TIRE
0.75% , PSI , Semiconductors, PSI
1.53% , PMR , Retail, PMR
4.63% , DYN , DYNEGY
2.69% , LEN , Lennar Corp. (LEN)
2.39% , PHM , PULTE HOMES
2.43% , LPX , LOUISIANA PAC
2.43% , CBE , COOPER INDS STK A
1.97% , DPS , Dr Pepper Snapple Group
1.94% , EWT , Taiwan Index, EWT
2.71% , CVS , CVS
2.47% , CHRW.O , CH Robinson Worldwide Inc, CHRWD
3.87% , GRMN , GARMIN LTD
2.40% , JWN , NORDSTROM
1.97% , XHB , Homebuilders SPDR, XHB
4.41% , URBN , Urban Outfitters Inc.
1.32% , SLE , SARA LEE
2.30% , CBS , CBS CORP.
2.58% , RHT , Red Hat Inc.
1.35% , FDO , FAMILY DLR STRS
1.55% , LOW , LOWES
2.24% , BBBY , BED BATH BEYOND
0.86% , MAR , MARRIOTT INTL STK A
0.62% , EWH , Hong Kong Index, EWH
0.50% , PBJ , Food & Beverage, PBJ
0.41% , IYC , Consumer Cyclical DJ, IYC
0.79% , GCI , GANNETT
2.58% , DDS , DILLARD STK A
0.13% , IDX , Indonesia MV, IDX
2.23% , ROST , Ross Stores Inc
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-2.09% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-3.75% , EWP , Spain Index, EWP
-4.04% , AGN , ALLERGAN
-3.23% , EWI , Italy Index, EWI
-1.02% , FDV , Value 40 Large Low P/E FT DB, FDV
-3.17% , CLX , CLOROX
-3.58% , UNM , UNUMPROVIDENT
-2.79% , MPEL , Melco Crown Entertainment, MPEL
-0.99% , JKK , Growth SmallCap iS M, JKK
-0.21% , TMW , Wilshire 5000 ST TM, TMW
-2.66% , RSX , Russia MV, RSX
-4.34% , MRO , MARATHON OIL
-0.66% , ADRU , Europe 100 BLDRS, ADRU
-3.33% , BEN , FRANKLIN RSC
-1.50% , EWO , Austria Index, EWO
-1.47% , EPI , India Earnings WTree, EPI
-5.04% , RIMM , RESEARCH IN MOTION LTD
-1.75% , DBA , Agriculture DB PS, DBA
-3.67% , DVN , DEVON ENERGY
-1.81% , SRE , SEMPRA ENERGY
-2.87% , NVDA , NVIDIA
-1.59% , IYE , Energy DJ, IYE
-2.51% , JNS , JANUS CAPITAL
-0.51% , KLD , LargeCap Blend Socially Responsible iS, KLD
-2.97% , SCHW.K , CHARLES SCHWAB, SCHW.O
-2.65% , MDP , MEREDITH
-0.79% , WYNN , Wynn Resorts L
-1.19% , ECH , Chile MSCI iS, ECH
-1.06% , IEV , Europe 350 S&P Index, IEV
-0.65% , IVE , Value S&P 500 B, IVE
-0.22% , XSD , Semiconductor SPDR, XSD
-2.56% , SIL , Silver Miners Global X, SIL
-0.61% , IOO , Global 100, IOO
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.97% Homebuilders SPDR, XHB
1.94% Taiwan Index, EWT
1.13% Biotech SPDR, XBI
1.01% Transportation Av DJ, IYT
1.00% Singapore Index, EWS
0.70% Bond, 20+ Years Treasury, TLT
0.63% Growth BARRA Small Cap 600, IJT
0.62% Hong Kong Index, EWH
0.55% Malaysia Index, EWM
0.54% Consumer Discretionary SPDR, XLY
0.54% SmallCap S&P 600, IJR
0.48% Semiconductor iS IGW, SOXX
0.40% Microcap Russell, IWC
0.39% Growth SmallCap VIPERs, VBK
0.39% Bond, High-Yield Corporate, HYG
0.38% Value SmallCap S&P 600 B, IJS
0.37% Growth SmallCap R 2000, IWO
0.34% Growth MidCap 400 B, IJK
0.33% Bond, Corp, LQD
0.30% South Korea Index, EWY
0.28% QQQ Nasdaq 100 Trust, QQQ
0.27% SmallCap Russell 2000, IWM
0.26% Small Cap VIPERs, VB
0.25% Bear, Short S&P 500, SH
0.22% Bond Muni ATM-Free S&P iS, MUB
0.21% MidCap S&P 400 iS, IJH
0.19% Bond, 10 Year Treasury, IEF
0.18% MidCap S&P 400 SPDRs, MDY
0.18% Bond EmrgMkt JPM iS, EMB
0.16% Technology DJ US, IYW
0.15% Info Tech VIPERs, VGT
0.15% Emerging 50 BLDRS, ADRE
0.14% China LargeCap Growth G D H USX PS, PGJ
0.13% Indonesia MV, IDX
0.11% Bond, TIPS, TIP
0.11% Value MidCap S&P 400 B, IJJ
0.10% Value SmallCap VIPERS, VBR
0.10% Bond, Aggregate, AGG
0.09% Growth MidCap Russell, IWP
0.09% Consumer Staples SPDR, XLP
0.08% Bond, High-Yield Junk, JNK
0.07% Growth VIPERs, VUG
0.07% Technology SPDR, XLK
0.06% Value SmallCap Russell 2000, IWN
0.05% Dividend Appreciation Vipers, VIG
0.03% Growth 1000 Russell, IWF
0.03% Industrial SPDR, XLI
0.03% Growth S&P 500/BARRA, IVW
0.01% Bond, 1-3 Year Treasury, SHY
0.00% Water Resources, PHO
0.00% Thailand MSCI iS, THD
-0.01% Bond Treasury Short-Term iS, SHV
-0.02% Mexico Index, EWW
-0.02% Pacific ex-Japan, EPP
-0.06% Financial Preferred, PGF
-0.09% MidCap Russell, IWR
-0.09% Emerging VIPERs, VWO
-0.10% DIAMONDS (DJIA), DIA
-0.10% China 25 iS, FXI
-0.11% Realty Cohen & Steers, ICF
-0.13% Small Cap EAFE MSCI iS, SCZ
-0.14% REIT Wilshire, RWR
-0.14% Telecom DJ US, IYZ
-0.15% REIT VIPERs, VNQ
-0.15% Preferred Stock iS, PFF
-0.16% Real Estate US DJ, IYR
-0.19% Health Care SPDR, XLV
-0.20% Emerging Markets, EEM
-0.20% LargeCap Blend Russell 3000, IWV
-0.22% LargeCap VIPERs, VV
-0.22% Blend Total Market VIPERs, VTI
-0.22% Semiconductor SPDR, XSD
-0.23% Bond Ex-US Treas, BWX
-0.25% Value MidCap Russell, IWS
-0.25% Australia Index, EWA
-0.26% S&P 500 iS LargeCap Blend, IVV
-0.27% LargeCap Blend S&P 100, OEF
-0.27% LargeCap Blend S&P=Weight R, RSP
-0.28% LargeCap 1000 R, IWB
-0.29% S&P 500 SPDRs LargeCap Blend, SPY
-0.32% Dividend DJ Select, DVY
-0.33% Pacific VIPERs, VPL
-0.37% Dividend SPDR, SDY
-0.39% WilderHill Clean Energy PS, PBW
-0.43% Dividend High Yield Equity PS, PEY
-0.43% Value LargeCap Dynamic PS, PWV
-0.45% Gold Shares S.T., GLD
-0.47% Value 1000 Russell, IWD
-0.48% Brazil Index, EWZ
-0.49% Materials SPDR, XLB
-0.50% Growth EAFE MSCI, EFG
-0.50% Value VIPERs, VTV
-0.51% United Kingdom Index, EWU
-0.56% Frontier Markets Guggenheim , FRN
-0.56% Utilities VIPERs, VPU
-0.57% Japan Index, EWJ
-0.57% France Index, EWQ
-0.58% Dividend International, PID
-0.59% Utilities SPDR, XLU
-0.61% Global 100, IOO
-0.64% Basic Materials DJ US, IYM
-0.65% Global ex US ACWI iS, ACWX
-0.65% Oil, Crude, U.S. Oil Fund, USO
-0.65% Value S&P 500 B, IVE
-0.65% Latin Am 40, ILF
-0.65% Oil Fund PowerShares, DBO
-0.73% Financials VIPERs, VFH
-0.75% Financial DJ US, IYF
-0.78% EAFE Index, EFA
-0.80% Financial SPDR, XLF
-0.88% Switzerland Index, EWL
-0.90% Belgium Index, EWK
-0.91% Canada Index, EWC
-0.93% Silver Trust iS, SLV
-0.95% Sweden Index, EWD
-0.99% Value EAFE MSCI, EFV
-1.01% South Africa Index, EZA
-1.04% Netherlands Index, EWN
-1.06% Europe 350 S&P Index, IEV
-1.09% Capital Markets KWB ST, KCE
-1.13% Networking, IGN
-1.18% Financial Services DJ, IYG
-1.19% Chile MSCI iS, ECH
-1.23% Turkey MSCI iS, TUR
-1.24% European VIPERs, VGK
-1.30% Commodity Tracking, DBC
-1.37% Germany Index, EWG
-1.39% Energy Global, IXC
-1.47% EMU Europe Index, EZU
-1.47% India Earnings WTree, EPI
-1.50% Austria Index, EWO
-1.59% Energy DJ, IYE
-1.60% Energy VIPERs, VDE
-1.63% Energy SPDR, XLE
-1.75% Agriculture DB PS, DBA
-1.76% Energy & Nat Res iS GS, IGE
-1.78% India PS, PIN
-1.86% Metals & Mining SPDR, XME
-2.66% Russia MV, RSX
-3.23% Italy Index, EWI
-3.75% Spain Index, EWP
