Stock Market: 10 of 10 Strategists Are Bullish

Crude Oil, United States Oil ETF (USO) rose above its highs of the previous 9 months.

Gold, SPDR Gold Shares ETF (GLD) rose above the highs of the previous 3 months and remains in bullish position above its 50-day and 200-day SMAs.

ABC News reported that 10 out of 10 investment strategists at large firms were bullish on the stock market.

The Dow-Jones Transportation Average closed below the closing price lows of the previous 5 weeks and below its 50-day SMA on 2/22/12. The Dow-Jones Industrial and Transportation Averages diverged after 2/3/12, as Industrials struggled higher but Transports trended down.

The S&P 500 Composite (SPX: 1,357.66) fell below the lows of the previous 2 days on 2/22/12.

Popular Price Momentum indicators, such as RSI(14) and MACD(12/26/9), failed to confirm higher price highs over the past 8 trading days, thereby warning of bearish divergence.

SPX remains within a potential Bearish Rising Wedge chart pattern, which has forming since December. In addition, that pattern is contained within a larger potential Bearish Rising Wedge chart pattern beginning at the October low. Break downs below the lower boundary lines would offer technical warning of a possible fast return to the lows.

NYSE volume continues to languish at a low levels, suggesting weak demand for stocks.

My Sensitive Short-Term Price Momentum Oscillator based on SPX has lost all bullish velocity. In recent weeks, the slowness of the grind higher indicated that the stock market already had lost most of its bullish momentum.

Expect resistance near the 2011 highs, around SPX 1370.58 set on 5/2/2011, allowing plus or minus a few percentage points for Gann’s “lost motion”.

Up big from recent lows, and with very little room above before resistance, Potential Reward relative to potential Risk appears unattractive.

The latest 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 they 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.
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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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Stock Market Indicators

The Dow Theory gave a bullish signal on 12/23/11, when both Dow-Jones Industrial and Transportation Averages closed above their closing price highs of the previous 5 months. These two Averages diverged after 2/3/12, however, as Industrials struggled higher while Transports failed to confirm.

NASDAQ Composite/S&P 500 Relative Strength Ratio rose from 12/29/12 to 2/16/12 but turned down in recent days. The Ratio remains above its 50-day and 200-day SMAs. Absolute price of the NASDAQ Composite on 2/22/12 fell below an uptrend line rising from the low of 2518.01 set on 12/19/11.

iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) remains neutral but appears to be losing strength in recent weeks. BKF/SPY remains bearishly below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 1/13/11.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) remains neutral but appears to be losing strength in recent weeks. EEM/SPY remains bearishly below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/3/11.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) whipsawed back above its 50-day SMA on 2/1/12, turning technically neutral again. EFA/SPY fell below the lows of the previous 7 years on 1/6/12, reconfirming the preexisting major bearish trend. EFA/SPY remains below its falling 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 1/14/11.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) remains neutral but appears to be gaining strength in recent weeks. OEX/SPX remains above its 200-day SMA, and the 50-day SMA has remained bullishly 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. 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) remains neutral but appears to be losing strength in recent weeks. The 50-day SMA has remained below the 200-day SMA consistently every day since 8/11/11.

The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above the highs of the previous 6 months on 2/16/12 but appears to be losing strength in recent days. The 50-day SMA has remained bearishly below the 200-day SMA consistently every day since 8/24/11.
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Sentiment for Contrary Thinking

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 shows 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 43% Bulls and 27% Bears, according to the AAII weekly survey reported on 2/16/12. Net bullish opinion is as high as it was last July, near the market top.

Investors Intelligence Sentiment: There were 54.8% Bulls versus 25.8% Bears, according to the Investors Intelligence weekly survey of stock market newsletter advisors reported on 2/15/11. This was the highest level of bullish sentiment since the stock market top in May, 2011.

Investment Newsletters 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 66% Bulls this month, in the same 64% to 69% range of Bulls from February to July 2011 at the highs.

Short Selling ETFs are 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 last July, according to Mark Hulbert at MarketWatch. Insiders sold 577 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That is 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. This is 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. Currently, that pool of demand is depleted.

VIX Fear Index broke down below the lows of the previous 6 months on 2/3/12, hitting 16.10 intraday. That was down from a peak of 48.00 on 8/8/11. Such a large drop in VIX indicated a shift away from fear and toward bullish complacency, which may be bearish. 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
1406.32, high of 5/29/2008
1381.50, Fibonacci 78.6% of 2007-2009 range
1376.55, Fibonacci 100.0% projection 10/11 range
1370.58, high of 5/2/11
1367.76, high of 2/21/2012

The S&P 500 Composite Potential Support
1337.35, low of 210/2012
1300.49, low of 1/30/2012
1277.58, low of 1/13/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.72, 200-day SMA
1257.46, low of 12/30/11
1257.58, Fibonacci 61.8% of 2011 range
1255.22, high of 12/22/2011
1248.64, low of 12/29/2011
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 11/3/11
1231.04, high of 12/16/11
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1224.57, high of 12/19/11
1215.20, low of 12/16/11
1209.47, low of 12/14/2011
1209.43, low of 11/17/2011
1204.49, Fibonacci 23.6% of 2009-11 range
1202.37, low of 12/19/11
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
1039.70, low of 8/27/10
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) has drifted moderately lower into the neutral zone. TLT fell below its 50-day SMA on 2/1/12. TLT remains above its 200-day SMA. The 50-day SMA has remained above the 200-day SMA every day since 6/24/11, suggesting a persistently bullish major trend for the longer term. Support 114.62, 109.82, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 118.28, 120.91, 121.64, 121.76, 124.02 and 125.03.

Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) whipsawed back below its 50-day SMA on 2/16/12, turning technically neutral again. IEF remains above its 200-day SMA, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 6/21/11, suggesting a persistently bullish major trend. Support 104.37, 104.00, 103.29, 102.32, 101.36, 101.11, 99.79, and 97.66. Resistance 105.68, 106.49 and 106.66.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) remains neutral, above its 50-day SMA but below its 200-day SMA. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/20/11.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) remains neutral. The 50-day SMA has remained bearishly below the 200-day SMA every day since 7/15/11.
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Tangible Assets, Commodities

U.S. dollar ETF (UUP) fell below the lows of the previous 4 trading days on 2/21/12. UUP rose above the highs of the previous 3 weeks on 12/16/12 intraday but reversed to close lower, which looked like a sign of exhaustion. UUP remains neutral below its 50-day SMA but above its 200-day SMA. The 50-day SMA has remained above the 200-day SMA every day since 10/26/11. Support 21.84, 21.58, 21.07, and 20.84. Resistance 22.30, 22.41, 22.46, 22.85, 23.52, 25.84, 27.19, 28.97.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) firmed up in recent days but remains neutral. DBA has been whipsawing up and down through its 50-day SMA for most of 2012. DBA remains below its 200-day SMA, and the 50-day SMA has remained below the 200-day SMA every day since 8/8/11.

Crude Oil, United States Oil ETF (USO) rose above its highs of the previous 9 months on 2/22/12. USO rose above its 50-day SMA and rose above a 6-week downtrend line on 2/13/12, suggesting a bullish trend. USO remains above its 200-day SMA, and the 50-day SMA remains above the 200-day SMA. Support 39.96, 38.51, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 42.19 and 45.60.

Gold, SPDR Gold Shares ETF (GLD) rose above the highs of the previous 3 months on 2/22/12 and remains in bullish position above its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09. Support: 166.17, 160.29, 159.68, 158.01, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 175.46, 177.40, and 185.85.

Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below the lows of the previous 3 years on 2/15/12, thereby reconfirming a bearish major trend for the long term. GDX/GLD remains bearishly below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.

Silver, iShares Silver Trust ETF (SLV) rebounded to the upper end of its recent trading range on 2/21/12. SLV may have completed a normal mild pullback from a minor high of 33.47 on 2/9/12 to a minor low of 31.82 on 2/16/12. SLV remains above its 50-day SMA but below its falling 200-day SMA, and the 50-day SMA remains below the 200-day SMA. Support 31.82, 30.67, 28.63, 27.83, 25.65, and 24.44. Resistance: 33.48, 34.44, 34.51, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) remains neutral, above its 50-day SMA but below its falling 200-day SMA. Longer term, SLV/GLD fell below the lows of the previous 14 months on 12/28/11, and the 50-day SMA has remained below the 200-day SMA every day since 8/30/11.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) approached its 200-day SMA on 2/22/12 but closed below it again. JJC fell below the lows of the previous 4 weeks on 12/17/12. JJC’s 50-day SMA has remained bearishly below the 200-day SMA every day since 8/8/11.
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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
9.33% , GRMN , GARMIN LTD
5.91% , INTU , INTUIT
4.21% , GCI , GANNETT
1.81% , PXJ , Oil & Gas, PXJ
2.25% , HOG , HARLEY DAVIDSON
2.95% , URBN , Urban Outfitters Inc.
2.94% , TDC , Teradata Corporation, TDC
6.97% , NBR , NABORS
0.76% , ADRU , Europe 100 BLDRS, ADRU
3.07% , NOV , NATIONAL OILWELL VARC0
1.78% , RDC , ROWAN COMPANIES
0.49% , PIC , Insurance, PIC
1.47% , KMX , CarMax
1.71% , ROST , Ross Stores Inc
1.24% , AIG , AMER INTL GROUP
0.71% , SWY , SAFEWAY
0.47% , MYY , Short 100% MidCap 400, MYY
1.94% , PTEN , Patterson-UTI Energy Inc
1.10% , K , KELLOGG
0.52% , APOL , APOLLO GROUP
1.69% , ABC , AMERISOURCEBERGN
0.95% , PPL , PPL
1.30% , MJN , Mead Johnson Nutrition
0.57% , TIP , Bond, TIPS, TIP
0.79% , SNPS , Synopsys Inc
0.52% , VPL , Pacific VIPERs, VPL
2.53% , FII , FED INVESTORS STK B
0.72% , CMCSA , COMCAST HOLDINGS STK A
1.39% , DISH , EchoStar Communications
1.12% , GIS , GENERAL MILLS
0.62% , LQD , Bond, Corp, LQD
0.78% , WAT , WATERS
0.83% , CEG , CONSTELL ENERGY

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-6.07% , STLD , Steel Dynamics, STLD
-6.28% , HGSI , Human Genome Sciences Inc
-5.82% , DELL , DELL
-2.27% , ASH , ASHLAND
-0.90% , EWN , Netherlands Index, EWN
-0.89% , PUI , Utilities, PUI
-2.77% , NIHD , NII Holdings, Inc.
-4.10% , CMA , COMERICA
-1.76% , S , SPRINT NEXTEL
-3.61% , JNY , JONES APPAREL
-2.93% , ATI , ALLEGHENY TECH
-1.40% , HPQ , HEWLETT PACKARD
-4.17% , KBH , KB HOME
-0.15% , ADRA , Asia 50 BLDRS, ADRA
-2.92% , LOW , LOWES
-0.74% , DLTR , Dollar Tree Stores Inc
-0.70% , ISIL , INTERSIL CORP
-1.13% , MOLX , MOLEX
-1.08% , IJS , Value SmallCap S&P 600 B, IJS
-2.23% , PLD , PROLOGIS TRUST
-0.43% , EWK , Belgium Index, EWK
-1.16% , QLGC , QLOGIC
-0.91% , RPV , Value S&P 500, RPV
-0.84% , RWR , REIT Wilshire, RWR
-2.28% , FHN , First Horizon National
-2.37% , EPI , India Earnings WTree, EPI
-2.31% , SVU , SUPERVALU
-0.89% , THC , TENET HEALTHCARE
-1.58% , INTC , INTEL
-0.76% , KR , KROGER
-0.46% , PXN , Nanotech Lux, PXN
-1.62% , NTRS , NORTHERN TRUST
-3.03% , PHM , PULTE HOMES
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.26% Bond, 20+ Years Treasury, TLT
1.23% Taiwan Index, EWT
1.12% Gold Shares S.T., GLD
0.98% China 25 iS, FXI
0.93% Commodity Tracking, DBC
0.87% China LargeCap Growth G D H USX PS, PGJ
0.62% Bond, Corp, LQD
0.57% Bond, TIPS, TIP
0.52% Pacific VIPERs, VPL
0.46% Bear, Short S&P 500, SH
0.42% Canada Index, EWC
0.39% Bond, 10 Year Treasury, IEF
0.34% Thailand MSCI iS, THD
0.34% Frontier Markets Guggenheim , FRN
0.33% Emerging VIPERs, VWO
0.32% Bond, High-Yield Corporate, HYG
0.31% Agriculture DB PS, DBA
0.29% Energy & Nat Res iS GS, IGE
0.28% Bond, Aggregate, AGG
0.27% Bond EmrgMkt JPM iS, EMB
0.26% Energy DJ, IYE
0.25% Bond, High-Yield Junk, JNK
0.25% Japan Index, EWJ
0.24% Bond Muni ATM-Free S&P iS, MUB
0.23% Financial Preferred, PGF
0.23% Energy SPDR, XLE
0.20% Utilities VIPERs, VPU
0.19% Energy VIPERs, VDE
0.18% Emerging 50 BLDRS, ADRE
0.18% Silver Trust iS, SLV
0.17% Emerging Markets, EEM
0.16% Oil Fund PowerShares, DBO
0.15% Brazil Index, EWZ
0.15% Energy Global, IXC
0.13% Preferred Stock iS, PFF
0.11% Utilities SPDR, XLU
0.10% Small Cap EAFE MSCI iS, SCZ
0.06% Hong Kong Index, EWH
0.05% Bond, 1-3 Year Treasury, SHY
0.02% Oil, Crude, U.S. Oil Fund, USO
0.02% Bond Treasury Short-Term iS, SHV
0.00% Health Care SPDR, XLV
-0.02% Latin Am 40, ILF
-0.06% Growth S&P 500/BARRA, IVW
-0.08% Singapore Index, EWS
-0.09% Growth VIPERs, VUG
-0.09% Pacific ex-Japan, EPP
-0.10% Growth EAFE MSCI, EFG
-0.11% Industrial SPDR, XLI
-0.11% Growth 1000 Russell, IWF
-0.12% Bond Ex-US Treas, BWX
-0.13% Dividend DJ Select, DVY
-0.14% Growth MidCap 400 B, IJK
-0.14% Malaysia Index, EWM
-0.16% Materials SPDR, XLB
-0.16% Growth MidCap Russell, IWP
-0.16% DIAMONDS (DJIA), DIA
-0.17% South Korea Index, EWY
-0.17% Australia Index, EWA
-0.17% Global ex US ACWI iS, ACWX
-0.25% LargeCap 1000 R, IWB
-0.26% Consumer Discretionary SPDR, XLY
-0.27% Consumer Staples SPDR, XLP
-0.28% Dividend International, PID
-0.30% Growth BARRA Small Cap 600, IJT
-0.30% EAFE Index, EFA
-0.31% Blend Total Market VIPERs, VTI
-0.32% Mexico Index, EWW
-0.32% Value EAFE MSCI, EFV
-0.32% LargeCap VIPERs, VV
-0.32% S&P 500 SPDRs LargeCap Blend, SPY
-0.33% Dividend Appreciation Vipers, VIG
-0.33% MidCap Russell, IWR
-0.34% S&P 500 iS LargeCap Blend, IVV
-0.35% Value LargeCap Dynamic PS, PWV
-0.35% Technology SPDR, XLK
-0.36% LargeCap Blend Russell 3000, IWV
-0.36% Water Resources, PHO
-0.36% Semiconductor iS IGW, SOXX
-0.37% France Index, EWQ
-0.37% European VIPERs, VGK
-0.37% LargeCap Blend S&P 100, OEF
-0.39% Growth SmallCap VIPERs, VBK
-0.39% South Africa Index, EZA
-0.39% MidCap S&P 400 SPDRs, MDY
-0.39% MidCap S&P 400 iS, IJH
-0.40% Basic Materials DJ US, IYM
-0.41% Switzerland Index, EWL
-0.42% Biotech SPDR, XBI
-0.43% Belgium Index, EWK
-0.44% Indonesia MV, IDX
-0.45% LargeCap Blend S&P=Weight R, RSP
-0.46% QQQ Nasdaq 100 Trust, QQQ
-0.47% Growth SmallCap R 2000, IWO
-0.48% Global 100, IOO
-0.49% Chile MSCI iS, ECH
-0.49% Technology DJ US, IYW
-0.51% Europe 350 S&P Index, IEV
-0.54% Info Tech VIPERs, VGT
-0.55% Value MidCap Russell, IWS
-0.55% Value VIPERs, VTV
-0.56% Capital Markets KWB ST, KCE
-0.60% Value 1000 Russell, IWD
-0.61% Dividend SPDR, SDY
-0.61% Germany Index, EWG
-0.63% Value MidCap S&P 400 B, IJJ
-0.63% United Kingdom Index, EWU
-0.64% Dividend High Yield Equity PS, PEY
-0.65% Value S&P 500 B, IVE
-0.66% Italy Index, EWI
-0.67% SmallCap S&P 600, IJR
-0.70% EMU Europe Index, EZU
-0.72% Small Cap VIPERs, VB
-0.74% Networking, IGN
-0.76% Metals & Mining SPDR, XME
-0.77% Transportation Av DJ, IYT
-0.79% Russia MV, RSX
-0.79% SmallCap Russell 2000, IWM
-0.81% Real Estate US DJ, IYR
-0.84% REIT Wilshire, RWR
-0.85% REIT VIPERs, VNQ
-0.90% Netherlands Index, EWN
-0.91% Austria Index, EWO
-0.93% Semiconductor SPDR, XSD
-0.95% Realty Cohen & Steers, ICF
-0.96% Sweden Index, EWD
-0.96% WilderHill Clean Energy PS, PBW
-0.97% Microcap Russell, IWC
-0.98% Telecom DJ US, IYZ
-0.98% Value SmallCap VIPERS, VBR
-1.03% Turkey MSCI iS, TUR
-1.07% Financial Services DJ, IYG
-1.07% Spain Index, EWP
-1.07% Financial DJ US, IYF
-1.08% Value SmallCap S&P 600 B, IJS
-1.09% Value SmallCap Russell 2000, IWN
-1.19% Financials VIPERs, VFH
-1.29% Financial SPDR, XLF
-1.34% India PS, PIN
-1.46% Homebuilders SPDR, XHB
-2.37% India Earnings WTree, EPI