Stocks: A Turn Toward a More Defensive Mood

Utilities and Consumer Staples Relative Strength Ratios both rose in my long-term rankings, reflecting a turn toward a more defensive mood.

Financial sector Relative Strength Ratio (XLF/SPY) fell below the lows of the previous 2-years, which reconfirmed a major long-term downtrend.

The S&P 500 Composite (SPX, 1,200,92) fell 23.72 points or 1.94% on Monday, October 17, 2011.

The 9-day price bounce that ended last Friday was the biggest in months, but “no tree grows to the sky”. The stock market was overbought for the short term.

SPX tested the top end of its 10-week trading range (1074.77 to 1230.71, intraday) and found resistance there. (SMA is an abbreviation for Simple Moving Average.)

Cumulative daily lines for both breadth (advances minus declines) and volume (volume of advancing stocks minus volume declining stocks) have been lagging price, for a bearish divergence.

Sensitive price momentum indicators fell sharply on Monday to signal the end of the previous 9-day price bounce. There remains a bearish price momentum divergence for the very short term, which could lead to a deeper price pullback in days ahead.

The Dow Theory signaled nothing more than an upward Ripple on 10/14/11, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 10 weeks. Ripples are the very minor day-to-day fluctuations that are of concern only to short-term traders and not at all to Dow Theorists. Much more significantly, the Dow Theory signaled a Primary Tide Bear Market on 8/2/11, when both Averages closed below their closing price lows of the previous 11 months. This Bear Market was confirmed on 10/3/11 by lower closing price lows for both Averages. A Dow Theory Primary Tide Bear Market is a powerful beast that must not be underestimated. The median Bear Market in history lasts 16 months and takes stock prices down 34%.
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9 major U.S. stock sectors ranked in order of long-term relative strength:

Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) turned up on 10/17/11 after falling below 7-week lows on 10/14/11. Absolute price has whipsawed traders repeatedly over the past 5 months while making no net progress. Support 31.94, 29.45, 27.91, 27.44, and 25.76. Resistance 34.07, 34.17, 34.72, 34.89, and 36.24.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) rose above the highs of the previous 9 years on 10/17/11, which is RELATIVELY bullish. Absolute price remains neutral, with the 50-day SMA below the 200-day SMA. Support 22.60, 22.47, 21.60, 20.01, and 19.51. Resistance 26.04, 26.88, 27.09, 27.43, 27.63, and 28.60.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) turned up on 10/17/11 after falling below 8-week lows on 10/14/11. Absolute price remains neutral after whipsawing repeatedly for 2 months. Price fell below 10-month lows on 8/9/11, confirming a longer-term downtrend. Support 28.70, 28.07, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance: 30.92, 31.14, 31.86, 31.92, and 32.46.

Consumer Discretionary (XLY) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) rose to a new high on 10/13/11, which is RELATIVELY bullish. Absolute price remains neutral after whipsawing repeatedly since August 2011. Support 33.07, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance 38.72, 40.10, and 41.78.

Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) fell below 8-week lows and further below its 50-day SMA on 10/14/11, suggesting a shakeout in its major long-term uptrend. This after rising above the highs of the previous 18 months on 9/30/11, which was RELATIVELY bullish. Absolute price remains neutral, stuck between the 50-day SMA and 200-day SMA. Support 30.11, 29.64, 28.00, and 27.49. Resistance 32.95, 33.75, 34.54, 35.79, 36.12, 36.57 and 37.89.

Energy (XLE) Bearish, Under Weight. The Relative Strength Ratio (XLE/SPY) fell below 11-month lows on 10/3/11, reconfirming a major long-term downtrend. Absolute price remains bearish after falling below 12-month lows on 10/4/11, thereby reconfirming a major long-term downtrend. Support 54.26, 53.71, 50.33, 48.56, 46.16, and 43.66. Resistance 66.62, 67.76, 69.65, 70.45, 80.97, 83.27, and 91.42.

Industrial (XLI) Bearish, Under Weight. The Relative Strength Ratio (XLI/SPY) fell below the lows of the previous 19 months on 9/22/11, reconfirming a major long-term downtrend. Absolute price fell below 12-month lows on 10/4/11, reconfirming a major long-term downtrend. Support 27.67. Resistance 32.25, 32.89, 35.05, 35.22, 37.35, 38.43, and 39.97.

Materials (XLB) Bearish, Under Weight. The Relative Strength Ratio (XLB/SPY) fell below 2-year lows on 9/30/11, reconfirming a major long-term downtrend. Absolute price fell below the lows of the previous 2-years on 10/4/11, reconfirming a major long-term downtrend. Support 27.77, 23.85, 17.83. Resistance 33.48, 34.85, 35.92, 36.37, 40.20, 40.72, 41.28, 43.04, 45.21, 45.21, and 46.54.

Financial (XLF) Bearish, Under Weight. The Relative Strength Ratio (XLF/SPY) fell below the lows of the previous 2-years on 10/17/11, which reconfirmed a major long-term downtrend. Absolute price fell below the lows of the previous 2-years on 10/4/11, reconfirming a major long-term downtrend. Support 10.95, 10.83, 9.41, and 5.88. Resistance 12.96, 13.48, 14.48, 15.41, 15.70, 15.89, 16.01, 16.46, 16.75, 16.85, 17.20, and 17.87.
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Stock Market Indicators

NASDAQ Composite/S&P 500 Relative Strength Ratio has consolidated gains over the past 3 weeks. The Ratio rose above previous 10-year highs on 9/23/11, reconfirming a major long-term uptrend. The Ratio is rising again, following a correction in late September.

iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below 31-month lows on 10/4/11, reconfirming a major long-term downtrend. This basket of the stocks of Brazil, Russia, India and China is in a relatively bearish major trend.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) broke down below 29-month lows on 9/22/11, reconfirming its preexisting bearish major trend.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) broke down below 7-year lows on 9/19/11, reconfirming its preexisting bearish major trend. Absolute price has been bearish since 5/2/11 and broke down below 2-year lows on 10/4/11.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) OEX/SPX turned up again on 10/17/11. The Ratio rose above 50-day and 200-day SMAs on 9/21/11, which was a RELATIVELY bullish sign of the OEX outperforming the SPX. Large Caps tend to outperform Mid Caps and Small Caps in bearish markets as investors seek the perceived relative safety of large size.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) broke down below the lows of the previous 20-months on 10/3/11, thereby reconfirming a major downtrend.

The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) broke down below the lows of the previous 18-months on 10/3/11, reconfirming a bearish long-term major trend.

Advisory Service Sentiment: There were 34.4% Bulls versus 46.3% Bears as of 10/12/11, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear Ratio was 0.74, which is the lowest level since the big bear market of 2007- 2009. The Bull/Bear Ratio is now more 1 standard deviation below the 20-year average. It was more than 2 standard deviations above the 20-year average at the end of April, 2011. The 20-year median is 1.56 and the mean is 1.64. Sentiment is not so easy to interpret. Contrary to what many contrarians seem to believe, when advisors turn this bearish, stocks sometimes have much further to fall. Examples include similar levels of bearish sentiment in April 1973 and in July 2008, after which stock prices fell much further.

VIX Fear Index broke down below its 10-week, relatively high level trading range, from a low of 29.79 to a high of 48.00. 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 (SPX: 1,200.86) 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
1370.58, high of 5/2/11
1359.44, high of 5/10/11
1356.48, high of 7/7/11
1347.00, high of 7/21/11
1258.07, low of 6/16/11
1249.05, low of 3/16/11
1246.73, high of 12/13/10
1238.81, Fibonacci 78.6% of 1,576.09 high
1235.05, high of 12/7/10
1234.56, low of 8/3/11
1232.85, low of 12/16/10
1230.71, high of 8/31/11
1228.74, Fibonacci 61.8% of 2007-2009 range
1224.61, high of 10/14/2011

S&P 500 Composite (SPX: 1,200.86) Potential Support
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
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
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Fixed-Income Investments

Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) price stabilized after falling below the lows of the previous 3 weeks on 10/12/11. TLT price is still above its rising 50-day and 200-day SMAs. TLT rose above all-time highs on 10/4/11, reconfirming a long-term, major uptrend. Support 113.48, 111.25, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 125.03.

Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) price stabilized after falling below the lows of the previous 9 weeks on 10/12/11. IEF price is neutral: below its 50-day SMA and above its 200-day SMA. Support 102.05 and 101.67. Resistance 106.66.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) broke down below the lows of the previous 29-months on 10/3/11, reconfirming a bearish long-term major trend.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) fell below 13-month lows on 9/30/11, reconfirming a bearish long-term major trend. This bearish trend means that fixed-income investors have been choosing the unprotected 7-10 Year U.S. Treasury Note ETF (IEF) over the inflation-protected TIPs. So, fixed-income investors may be more worried about deflation than inflation.
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Tangible Assets, Commodities

U.S. dollar ETF (UUP) price reversed to the upside on 10/17/11, possibly ending its big 9-day shakeout in its major price uptrend. Support 21.62, 21.56, 21.42, and 20.84. Resistance 22.63.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) price reversed to the downside on 10/17/11, possibly ending its big 9-day bounce in its major price downtrend. DBA fell below the lows of the previous 10 months on 10/3/11, which reconfirmed a major long-term downtrend.

Crude Oil, United States Oil ETF (USO) price reversed to the downside on 10/17/11, possibly ending its big 9-day bounce in its major price downtrend. USO fell below 17-month lows on 10/4/11, which reconfirmed a major long-term downtrend. Support 29.10, 26.28, and 22.74. Resistance 33.87, 35.14, 39.25, 40.74, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) price consolidated losses over the past 3 weeks. The medium-term trend still appears doubtful. Support: 154.19, 153.61, 147.19, 143.97, 143.42, and 142.55. Resistance: 164.00, 165.72, 170.32, 177.40, and 185.85.

Gold Mining Stocks ETF/ Gold Shares ETF Relative Strength Ratio (GDX/GLD) remains bearishly below its falling 50-day and 200-day SMAs. GDX/GLD fell below 29-month lows on 8/8/11, reconfirming a bearish major trend for the long term. Investors still prefer Gold bullion over Gold Miners.

Silver, iShares Silver Trust ETF (SLV) price consolidated losses over the past 3 weeks. SLV price broke down below the lows of the previous 7 months on 9/26/11, which confirmed a bearish major trend for the long term. SLV fell back below its 50-day SMA on 9/19/11 and fell below its 200-day SMA on 9/22/11. Support 27.41, 26.03, and 24.44. Resistance: 31.96, 32.62, 34.51, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) broke down below the lows of the previous 11 months on 9/30/11, reconfirming a bearish major trend for the long term. SLV/GLD has been mostly weak since peaking on 4/28/11. This means investors prefer Gold over Silver.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) price consolidated losses since breaking down below the lows of the previous 14 months on 10/5/11, which confirmed a bearish major trend for the long term. Major trend weakness in Copper suggests serious concerns about the economic outlook.
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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
24.81% , EP , EL PASO
1.75% , EIS , Israel MSCI iS, EIS
5.48% , APC , ANADARKO PETRO
1.82% , BHH , Internet B2B H, BHH
5.83% , MZZ , Short 200% MidCap 400 PS, MZZ
2.98% , MYY , Short 100% MidCap 400, MYY
1.45% , BIG , BIG LOTS
1.06% , UTH , Utilities H, UTH
0.81% , WMB , WILLIAMS
4.84% , EK , EASTMAN KODAK
1.17% , HGSI , Human Genome Sciences Inc
3.91% , SDS , Short 200% S&P 500 PS, SDS
1.41% , SHLD , SEARS HOLDINGS
1.69% , FDO , FAMILY DLR STRS
4.17% , DXD , Short 200% Dow 30 PS, DXD
0.65% , IEF , Bond, 10 Year Treasury, IEF
0.36% , MKC , MCCORMICK
2.70% , WAG , WALGREEN
1.73% , TLT , Bond, 20+ Years Treasury, TLT
0.39% , AGG , Bond, Aggregate, AGG
0.60% , NTRS , NORTHERN TRUST
0.01% , SHV , Bond Treasury Short-Term iS, SHV
0.79% , CNP , CENTERPNT ENERGY
0.11% , SRE , SEMPRA ENERGY
0.73% , ED , CON ED
0.34% , ITF , Japan LargeCap Blend TOPIX 150, ITF
0.18% , GS , GOLDMAN SACHS
0.31% , TEVA , Teva Pharmaceutical Industries Limited
0.12% , GRMN , GARMIN LTD
0.07% , CEPH , Cephalon Inc
0.42% , PEG , PUBL SVC ENTER
0.22% , GVI , Bond Interm U.S. Gov, GVI
0.27% , EMB , Bond EmrgMkt JPM iS, EMB

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.32% , PMR , Retail, PMR
-1.52% , HHH , Internet H, HHH
-6.16% , VMC , VULCAN MATERIALS
-3.64% , PHO , Water Resources, PHO
-3.17% , EZA , South Africa Index, EZA
-9.15% , CECO , CAREER EDUCATION CORP
-2.34% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-8.44% , WFC , WELLS FARGO
-2.24% , TMW , Wilshire 5000 ST TM, TMW
-3.17% , PIN , India PS, PIN
-7.12% , IPG , INTERPUBLIC GRP
-5.89% , WOR , WORTHINGTON INDS
-5.36% , CMI , CUMMINS
-7.88% , HAL , HALLIBURTON
-2.23% , ACWX , Global ex US ACWI iS, ACWX
-3.78% , FEZ , Euro STOXX 50, FEZ
-4.81% , DV , DeVry, Inc.
-1.82% , JKE , Growth LargeCap iS M, JKE
-3.41% , RZV , Value SmallCap S&P 600, RZV
-7.43% , OMX , OFFICEMAX INC., OMX
-4.57% , HRB , H&R BLOCK
-3.67% , PZI , Micro Cap Zachs, PZI
-2.92% , ADRE , Emerging 50 BLDRS, ADRE
-3.45% , IJS , Value SmallCap S&P 600 B, IJS
-7.58% , CLF , CLIFFS NATURAL RESOURCES, CLF
-2.74% , EWA , Australia Index, EWA
-2.77% , RSH , RADIOSHACK
-5.89% , PTEN , Patterson-UTI Energy Inc
-7.52% , SNV , SYNOVUS
-2.91% , TXT , TEXTRON
-2.96% , IDX , Indonesia MV, IDX
-3.11% , RFV , Value MidCap S&P 400, RFV
-3.45% , IYG , Financial Services DJ, IYG
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.73% Bond, 20+ Years Treasury, TLT
0.65% Bond, 10 Year Treasury, IEF
0.39% Bond, Aggregate, AGG
0.38% Bond, TIPS, TIP
0.27% Bond EmrgMkt JPM iS, EMB
0.01% Bond, 1-3 Year Treasury, SHY
0.01% Bond Treasury Short-Term iS, SHV
-0.07% Bond, Corp, LQD
-0.14% Preferred Stock iS, PFF
-0.17% Bond Muni ATM-Free S&P iS, MUB
-0.40% Bond, High-Yield Junk, JNK
-0.41% Utilities SPDR, XLU
-0.42% Japan Index, EWJ
-0.48% Gold Shares S.T., GLD
-0.51% Bond Ex-US Treas, BWX
-0.54% Utilities VIPERs, VPU
-0.55% Financial Preferred, PGF
-0.58% Bond, High-Yield Corporate, HYG
-0.67% Malaysia Index, EWM
-0.68% Consumer Staples SPDR, XLP
-0.80% Agriculture DB PS, DBA
-0.83% Oil Fund PowerShares, DBO
-0.96% Silver Trust iS, SLV
-1.05% Pacific VIPERs, VPL
-1.18% Telecom DJ US, IYZ
-1.30% Oil, Crude, U.S. Oil Fund, USO
-1.35% Dividend International, PID
-1.40% Dividend DJ Select, DVY
-1.42% Chile MSCI iS, ECH
-1.44% Commodity Tracking, DBC
-1.55% QQQ Nasdaq 100 Trust, QQQ
-1.58% Technology SPDR, XLK
-1.62% Thailand MSCI iS, THD
-1.63% Dividend High Yield Equity PS, PEY
-1.63% Dividend SPDR, SDY
-1.69% Energy VIPERs, VDE
-1.70% Frontier Markets Guggenheim , FRN
-1.70% Energy DJ, IYE
-1.73% China LargeCap Growth G D H USX PS, PGJ
-1.73% Health Care SPDR, XLV
-1.76% Dividend Appreciation Vipers, VIG
-1.76% Global 100, IOO
-1.77% Technology DJ US, IYW
-1.79% Value LargeCap Dynamic PS, PWV
-1.82% Energy SPDR, XLE
-1.84% LargeCap Blend S&P 100, OEF
-1.85% S&P 500 iS LargeCap Blend, IVV
-1.87% Energy Global, IXC
-1.87% Taiwan Index, EWT
-1.88% Value S&P 500 B, IVE
-1.88% Growth 1000 Russell, IWF
-1.89% Growth S&P 500/BARRA, IVW
-1.91% S&P 500 SPDRs LargeCap Blend, SPY
-1.91% LargeCap VIPERs, VV
-1.93% Small Cap EAFE MSCI iS, SCZ
-1.93% Singapore Index, EWS
-1.93% LargeCap 1000 R, IWB
-1.94% Info Tech VIPERs, VGT
-1.97% Growth VIPERs, VUG
-2.01% United Kingdom Index, EWU
-2.02% Value 1000 Russell, IWD
-2.03% Blend Total Market VIPERs, VTI
-2.04% Consumer Discretionary SPDR, XLY
-2.09% Growth MidCap Russell, IWP
-2.10% DIAMONDS (DJIA), DIA
-2.10% LargeCap Blend Russell 3000, IWV
-2.11% India Earnings WTree, EPI
-2.12% MidCap Russell, IWR
-2.13% Value VIPERs, VTV
-2.14% Value EAFE MSCI, EFV
-2.17% REIT VIPERs, VNQ
-2.19% Switzerland Index, EWL
-2.20% Energy & Nat Res iS GS, IGE
-2.23% Global ex US ACWI iS, ACWX
-2.27% South Korea Index, EWY
-2.28% LargeCap Blend S&P=Weight R, RSP
-2.29% Capital Markets KWB ST, KCE
-2.30% Real Estate US DJ, IYR
-2.30% EAFE Index, EFA
-2.31% Value MidCap Russell, IWS
-2.34% REIT Wilshire, RWR
-2.39% Realty Cohen & Steers, ICF
-2.46% Growth EAFE MSCI, EFG
-2.54% Canada Index, EWC
-2.60% Semiconductor iS IGW, SOXX
-2.62% Hong Kong Index, EWH
-2.65% Transportation Av DJ, IYT
-2.74% Australia Index, EWA
-2.82% Growth SmallCap VIPERs, VBK
-2.84% MidCap S&P 400 iS, IJH
-2.86% Industrial SPDR, XLI
-2.86% Growth BARRA Small Cap 600, IJT
-2.86% MidCap S&P 400 SPDRs, MDY
-2.88% Small Cap VIPERs, VB
-2.88% Value SmallCap VIPERS, VBR
-2.92% Pacific ex-Japan, EPP
-2.92% Europe 350 S&P Index, IEV
-2.92% Emerging 50 BLDRS, ADRE
-2.94% Growth MidCap 400 B, IJK
-2.94% Networking, IGN
-2.96% Indonesia MV, IDX
-3.00% SmallCap S&P 600, IJR
-3.04% SmallCap Russell 2000, IWM
-3.04% Growth SmallCap R 2000, IWO
-3.05% Value MidCap S&P 400 B, IJJ
-3.06% Emerging VIPERs, VWO
-3.10% Financial SPDR, XLF
-3.10% Financial DJ US, IYF
-3.14% Biotech SPDR, XBI
-3.16% Value SmallCap Russell 2000, IWN
-3.17% South Africa Index, EZA
-3.17% India PS, PIN
-3.17% China 25 iS, FXI
-3.18% Financials VIPERs, VFH
-3.19% Spain Index, EWP
-3.22% Austria Index, EWO
-3.32% Semiconductor SPDR, XSD
-3.33% Mexico Index, EWW
-3.37% Belgium Index, EWK
-3.38% Emerging Markets, EEM
-3.41% Materials SPDR, XLB
-3.45% Financial Services DJ, IYG
-3.45% Value SmallCap S&P 600 B, IJS
-3.46% European VIPERs, VGK
-3.52% Basic Materials DJ US, IYM
-3.56% WilderHill Clean Energy PS, PBW
-3.57% France Index, EWQ
-3.59% Netherlands Index, EWN
-3.59% Homebuilders SPDR, XHB
-3.61% Russia MV, RSX
-3.64% Water Resources, PHO
-3.69% Germany Index, EWG
-3.71% Latin Am 40, ILF
-3.79% EMU Europe Index, EZU
-3.80% Microcap Russell, IWC
-3.93% Brazil Index, EWZ
-3.97% Silver Miners Global X, SIL
-4.03% Sweden Index, EWD
-4.70% Turkey MSCI iS, TUR
-4.75% Italy Index, EWI
-4.97% Metals & Mining SPDR, XME