Consumer Discretionary stock sector Relative Strength Ratio (XLY/SPY) rose above 12-year highs on 11/11/10 and remains bullish. XLY has been at the top of my sector rankings for more than a year and has outperformed substantially.

Energy stock sector 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.

Materials stock sector Relative Strength Ratio (XLB/SPY) rose above 10-month highs on 11/11/10 and remains bullish.

Industrial stock sector Relative Strength Ratio (XLI/SPY) fell below 10-week lows on 11/11/10 and remains neutral.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 8-week lows on 11/11/10 and is now neutral.

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

The U.S. dollar nearest futures contract price continued its oversold bounce and now is approaching resistance at 78.61. Short-term upside price momentum is still bullish for the moment, but that might not last long.

S&P 500 Composite (SPX, 1,213.54) recovered most of its early loss on Thursday 11/11/10 to close moderately lower, minus 5.17 points or 0.42%. This week, SPX has retraced a normal 37% fraction of last week’s big gain, which is a typical minor price pullback within a larger uptrend. Pullbacks ought to be limited in this phase of the stock market.
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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
8.74% , LVLT , LEVEL 3 COMMUNICATIONS
4.33% , IR , INGER RAND
0.70% , JKI , Value MidCap iS M, JKI
3.75% , OXY , OCCIDENTAL
3.27% , HP , Helmerich & Payne HP
3.12% , VIA , VIACOM INC. (New)
3.96% , WMB , WILLIAMS
1.96% , THC , TENET HEALTHCARE
2.83% , VIA.B , VIACOM STK B
1.17% , ADSK , AUTODESK
4.40% , HRB , H&R BLOCK
3.04% , GCI , GANNETT
0.79% , PKB , Building & Construction, PKB
2.89% , DYN , DYNEGY
2.26% , DRI , DARDEN REST
0.37% , JKH , MidCap Growth iS M, JKH
1.09% , PXE , Energy Exploration & Prod, PXE
0.60% , CBE , COOPER INDS STK A
2.08% , AVP , AVON
1.41% , EIX , EDISON INTL
0.14% , IYH , Healthcare DJ, IYH
1.40% , COST , COSTCO WHOLESAL
1.27% , DLTR , Dollar Tree Stores Inc
0.96% , IYE , Energy DJ, IYE
2.15% , VLO , VALERO ENERGY
0.26% , GWW , WW GRAINGER
1.52% , S , SPRINT NEXTEL
1.06% , PH , PARKER HANNIFIN
1.36% , GIS , GENERAL MILLS
0.29% , XBI , Biotech SPDR, XBI
1.14% , PETM , PETsMART Inc
0.52% , LNC , LINCOLN NATL
0.54% , PMR , Retail, PMR
0.81% , INTC , INTEL
0.59% , ITT , ITT INDS
0.26% , DSG , Growth Small Cap DJ, DSG
1.76% , STLD , Steel Dynamics, STLD
0.48% , BHH , Internet B2B H, BHH
2.56% , RF , REGIONS FINAN
0.68% , OMX , OFFICEMAX INC., OMX

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-16.21% , CSCO , CISCO SYSTEMS
-1.75% , IGN , Networking, IGN
-2.87% , DIS , WALT DISNEY
-5.80% , PWER , POWER ONE
-1.70% , EIS , Israel MSCI iS, EIS
-4.64% , JBL , JABIL CIRCUIT
-3.12% , EWO , Austria Index, EWO
-3.86% , DELL , DELL
-1.92% , EWD , Sweden Index, EWD
-4.39% , LLTC , LINEAR TECH
-0.95% , WPI , WATSON PHARM
-0.32% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-3.34% , XLNX , XILINX
-2.76% , ALTR , ALTERA
-0.19% , ADRU , Europe 100 BLDRS, ADRU
-2.43% , BRCM , BROADCOM STK A
-1.80% , PXQ , Networking, PXQ
-2.84% , THD , Thailand MSCI iS, THD
-2.52% , LMT , LOCKHEED MARTIN
-2.74% , UIS , UNISYS
-0.71% , IYG , Financial Services DJ, IYG
-2.61% , FMCN , Focus Media, FMCN
-2.40% , HPQ , HEWLETT PACKARD
-0.74% , ADRD , Developed 100 BLDRS, ADRD
-3.40% , SYMC , SYMANTEC
-2.13% , GRMN , GARMIN LTD
-1.22% , MOT , MOTOROLA
-2.08% , SVU , SUPERVALU
-2.16% , ERIC.O , LM Ericsson Telephone Company
-0.37% , IGV , Software, IGV
-1.29% , FLEX , Flextronics International Ltd
-0.44% , DGT , Global Titans, DGT
-1.08% , EWG , Germany Index, EWG
-0.45% , BDH , Broadband H, BDH
-2.20% , LXK , LEXMARK INTL STK A
-2.57% , TWX , TIME WARNER INC
-0.17% , JKK , Growth SmallCap iS M, JKK
-0.57% , PSJ , Software, PSJ
-1.54% , XLK , Technology SPDR, XLK
-1.01% , NVDA , NVIDIA

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 11/11/10 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 35.96, 35.78, 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 61.93, 60.21, 57.70, 55.68, 53.22, 50.33, 48.56, 46.16, and 43.66. Resistance 69.95 and 78.10.

Materials (XLB) Bullish, Over Weight. The Relative Strength Ratio (XLB/SPY) rose above 10-month highs on 11/11/10 and remains bullish. Absolute price rose above rose above 2-year highs on 11/5/10 and remains bullish. Support 35.35, 33.70, 32.36, 29.88, 29.43, and 27.67. Resistance 37.56 and 39.00.

Technology (XLK) Bullish, Over Weight. The Relative Strength Ratio (XLK/SPY) rose above 8-year highs on 11/3/10 and remains bullish. Absolute price of XLK rose above 2-year highs on 11/4/10 and remains bullish. Support 24.44, 23.64, 23.56, 22.68, 22.53, 21.60, 20.01, and 19.51. Resistance 25.28 and 25.69.

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 32.58, 31.58, 30.79, 30.51, 30.32, 29.77, and 27.67. Resistance 33.53, 35.00, and 36.16.

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 28.56, 28.28, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance 29.00, 29.29 and 30.29.

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 30.70, 30.11, 29.87, 28.00, 27.49. Resistance 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.

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 31.25, 30.76, 30.15, 29.66, 27.91, 27.44, and 25.76. Resistance 32.11 and 32.40.

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 14.75, 14.25, 13.29, and 13.08. Resistance 15.68, 16.13, 16.90, 17.12, 17.16, and 17.87.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) rose above 2-week highs on 11/4/10 and remains bullish.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 8-week lows on 11/11/10 and is now neutral.

NASDAQ Composite/S&P 500 Relative Strength Ratio rose above 9-year highs on 11/2/10 and remains bullish. 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.

The CRB Index of commodity prices rose above 2-year highs on 11/9/10.

Crude Oil nearest futures contract price rose above 2-year highs on 11/11/10, again reconfirming a bullish major long-term price trend. Support 85.48, 79.84, 78.86, 72.63, 70.76, 70.35, 69.51, 68.59, 67.15, 65.05, and 64.24. Resistance 90.51, 98.65, and 102.84.

Gold nearest futures contract price rose above previous all-time highs on 11/9/10. Trends in all time frames are confirmed bullish. 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 11/11/10 and remains bullish.

Silver nearest futures contract price soared above previous 30-year highs on 11/9/10 before reversing sharply.

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 moved above previous 2-year highs on 11/11/10. Strength in Copper suggests confidence about prospects for the world economy, while weakness in Copper suggests doubts. Support 3.7035, 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 2 months on 11/10/10 before reversing to close higher, hinting at the possibility of a minor bounce. A bearish trend is evident for the intermediate-term trend, however. Support 127.14, 126.01, 125.07, 124.19, 123.03, 121.28, 119.26, 118.24, 118.12, 115.15, 114.06. 113.04, and 112.15. Resistance 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 5-month highs on 10/27/10. Absolute price rose above 2-year highs on 10/29/10 and remains bullish.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) eroded over the past 2 weeks, which implies that fixed-income investors have choosing less inflation protection. Previously, the Ratio rose from 8/24/10 to 10/26/10, which implied that fixed-income investors were choosing more inflation protection.

The U.S. dollar nearest futures contract price continued its oversold bounce and now is approaching resistance at 78.61. Short-term upside price momentum is still bullish for the moment, but that might not last long. USD fell below 11-month lows on 11/3/10, thereby demonstrating bearish long-term price momentum. Support 75.235, 74.27, and 70.80. Resistance 78.61, 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 collapsed to 17.92 on 11/5/10, down from 22.54 on 11/1/10. This indicates 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, 1,213.54) recovered most of its early loss on Thursday 11/11/10 to close moderately lower, minus 5.17 points or 0.42%. This week, SPX has retraced a normal 37% fraction of last week’s big gain, which is a typical minor price pullback within a larger uptrend. Pullbacks ought to be limited in this phase of the stock market. On Friday 11/5/10, SPX closed above its closing price highs of the previous 25 months and again confirmed The Dow Theory Primary Tide Bull Market.

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
1204.33, low of 11/10/10
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

1.75% Metals & Mining SPDR, XME
1.46% Silver Trust iS, SLV
1.10% Energy SPDR, XLE
1.09% Basic Materials DJ US, IYM
1.03% Materials SPDR, XLB
1.02% Energy VIPERs, VDE
0.96% Energy DJ, IYE
0.90% Natural Resource iS GS, IGE
0.84% China LargeCap Growth G D H USX PS, PGJ
0.59% Energy Global, IXC
0.44% China 25 iS, FXI
0.36% Homebuilders SPDR, XHB
0.31% Gold Shares S.T., GLD
0.29% Health Care SPDR, XLV
0.29% Biotech SPDR, XBI
0.10% Consumer Staples SPDR, XLP
0.07% Transportation Av DJ, IYT
0.07% Growth MidCap Russell, IWP
0.06% Utilities VIPERs, VPU
0.03% South Africa Index, EZA
0.01% Bond, TIPS, TIP
0.00% Dividend Appreciation Vipers, VIG
-0.01% Bond Treasury Short-Term iS, SHV
-0.01% Bond, Aggregate, AGG
-0.04% LargeCap Blend S&P=Weight R, RSP
-0.05% Bond, 20+ Years Treasury, TLT
-0.06% United Kingdom Index, EWU
-0.06% Utilities SPDR, XLU
-0.07% MidCap Russell, IWR
-0.10% Preferred Stock iS, PFF
-0.10% Dividend DJ Select, DVY
-0.11% Bond, 10 Year Treasury, IEF
-0.12% Growth MidCap 400 B, IJK
-0.13% Value MidCap Russell, IWS
-0.13% MidCap S&P 400 iS, IJH
-0.14% Consumer Discretionary SPDR, XLY
-0.15% Bond, 1-3 Year Treasury, SHY
-0.16% Telecom DJ US, IYZ
-0.17% Water Resources, PHO
-0.20% Value VIPERs, VTV
-0.21% Bond EmrgMkt JPM iS, EMB
-0.21% Singapore Index, EWS
-0.21% Dividend SPDR, SDY
-0.22% Value MidCap S&P 400 B, IJJ
-0.24% MidCap S&P 400 SPDRs, MDY
-0.27% Mexico Index, EWW
-0.27% Blend Total Market VIPERs, VTI
-0.27% Value 1000 Russell, IWD
-0.28% Value S&P 500 B, IVE
-0.28% Value SmallCap Russell 2000, IWN
-0.29% Growth SmallCap VIPERs, VBK
-0.30% LargeCap VIPERs, VV
-0.32% Growth 1000 Russell, IWF
-0.33% LargeCap 1000 R, IWB
-0.33% Small Cap VIPERs, VB
-0.33% Growth SmallCap R 2000, IWO
-0.33% Canada Index, EWC
-0.34% Dividend High Yield Equity PS, PEY
-0.35% LargeCap Blend Russell 3000, IWV
-0.36% Value SmallCap VIPERS, VBR
-0.37% S&P 500 iS LargeCap Blend, IVV
-0.37% Bond, High-Yield Junk, JNK
-0.38% Capital Markets KWB ST, KCE
-0.38% S&P 500 SPDRs LargeCap Blend, SPY
-0.39% Financial Preferred, PGF
-0.39% Growth BARRA Small Cap 600, IJT
-0.39% SmallCap Russell 2000, IWM
-0.40% Bond, High-Yield Corporate, HYG
-0.43% Value SmallCap S&P 600 B, IJS
-0.44% Value LargeCap Dynamic PS, PWV
-0.44% Bond, Corp, LQD
-0.47% Growth S&P 500/BARRA, IVW
-0.47% Growth VIPERs, VUG
-0.49% LargeCap Blend S&P 100, OEF
-0.50% Microcap Russell, IWC
-0.51% Global 100, IOO
-0.53% Oil, Crude, U.S. Oil Fund, USO
-0.53% Japan Index, EWJ
-0.54% Bond Ex-US Treas, BWX
-0.56% Taiwan Index, EWT
-0.56% SmallCap S&P 600, IJR
-0.56% Industrial SPDR, XLI
-0.57% DIAMONDS (DJIA), DIA
-0.57% South Korea Index, EWY
-0.58% Chile MSCI iS, ECH
-0.61% Emerging 50 BLDRS, ADRE
-0.61% Pacific VIPERs, VPL
-0.61% Growth LargeCap NASDAQ 100, QQQQ
-0.65% Hong Kong Index, EWH
-0.66% Value SmallCap S&P 600, RZV
-0.69% Growth EAFE MSCI, EFG
-0.71% Financial Services DJ, IYG
-0.74% Dividend International, PID
-0.75% Latin Am 40, ILF
-0.76% Emerging VIPERs, VWO
-0.79% REIT VIPERs, VNQ
-0.80% Real Estate US DJ, IYR
-0.81% Financial DJ US, IYF
-0.82% REIT Wilshire, RWR
-0.83% Commodity Tracking, DBC
-0.84% Global ex US ACWI iS, ACWX
-0.86% EAFE Index, EFA
-0.88% Financials VIPERs, VFH
-0.89% Realty Cohen & Steers, ICF
-0.94% Pacific ex-Japan, EPP
-0.95% Russia MV, RSX
-0.98% Financial SPDR, XLF
-0.98% Emerging Markets, EEM
-0.98% Semiconductor SPDR, XSD
-1.00% Europe 350 S&P Index, IEV
-1.05% Value EAFE MSCI, EFV
-1.06% WilderHill Clean Energy PS, PBW
-1.07% Switzerland Index, EWL
-1.08% Germany Index, EWG
-1.10% Semiconductor iS IGW, SOXX
-1.13% Australia Index, EWA
-1.17% Brazil Index, EWZ
-1.17% Bond Muni ATM-Free S&P iS, MUB
-1.25% European VIPERs, VGK
-1.29% Small Cap EAFE MSCI iS, SCZ
-1.35% Indonesia MV, IDX
-1.53% Malaysia Index, EWM
-1.54% Technology SPDR, XLK
-1.58% EMU Europe Index, EZU
-1.59% Info Tech VIPERs, VGT
-1.68% Turkey MSCI iS, TUR
-1.75% Networking, IGN
-1.76% Technology DJ US, IYW
-1.77% India Earnings WTree, EPI
-1.79% France Index, EWQ
-1.92% Sweden Index, EWD
-1.93% Netherlands Index, EWN
-1.94% Spain Index, EWP
-2.04% Italy Index, EWI
-2.13% India PS, PIN
-2.27% Agriculture DB PS, DBA
-2.30% Belgium Index, EWK
-2.84% Thailand MSCI iS, THD
-3.12% Austria Index, EWO