Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its 200-day SMA.
Silver, iShares Silver Trust ETF (SLV) fell below its lows of the previous 4 months on 5/3/12, reconfirming a downtrend for the medium term.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below its lows of the previous 3 years.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 3 years, reconfirming its bearish major trend.
Materials Sector ETF (XLB) price has failed to overcome resistance in the 37 to 38 zone and appears to be turning down again.
Industrial Sector Relative Strength Ratio (XLI/SPY) 50-day SMA fell below the 200-day SMA on 5/3/12. XLI/SPY is now systematically bearish again.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) fell below 50-day and 200-day SMAs on 5/3/12, thereby reconfirming downside momentum.
The S&P 500 (SPX: 1,391.57) fell 10.74 points or 0.77% on Thursday. SPX broke down below the intraday lows of the previous 4 trading days. NYSE volume rose 5% to confirm the weak trend.
Momentum indicators based on the SPX daily close price are relatively weak and rolling over. RSI(14) at 51.20 recovered less than half of its loss since it closed at 75.38 on 2/9/12. Stochastic (14,3,3) fell to 72.72, down from 90.04 on 4/30/12. MACD is 3.36, down from 19.08 on 2/9/12. These popular indicators, among others, are demonstrating a clear deceleration of the uptrend.
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.
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 5/3/12, 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 few 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 50-day and 200-day SMAs on 5/3/12, thereby reconfirming downside momentum.
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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 April, 2011, 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 has firmed since 3/16/12, suggesting the beginning of skepticism. Previously, VIX broke down below the lows of the previous 4 years, hitting 13.66 intraday on 3/16/12, its lowest level since 6/20/07. VIX fell 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
1388.71, low of 5/3/2012
1386.52, 50-day SMA
1381.50, Fibonacci 78.6% of 2007-2009 range
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 3/14/12.
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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 5/3/12, 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 5/3/12, 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 4 months on 5/3/12, 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 4 months on 5/3/12, 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 200-day SMA on 5/3/12 and 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
7.47% , SNI , Scripps Networks Interactive
7.57% , WFM.O , Whole Foods Market Inc
6.86% , TDC , Teradata Corporation, TDC
3.03% , VIA.O , VIACOM INC. (New)
4.01% , ALL , ALLSTATE
2.50% , RF , REGIONS FINAN
3.35% , VIAB.O , VIACOM STK B
2.52% , LTD , LIMITED BRANDS
5.47% , AVP , AVON
2.15% , CAH , CARDINAL HEALTH
1.61% , MYY , Short 100% MidCap 400, MYY
0.68% , RIG , TRANSOCEAN
1.44% , EFX , EQUIFAX
1.04% , CECO , CAREER EDUCATION CORP
1.10% , KSS , KOHLS
1.24% , DLX , DELUXE
5.07% , LVLT.K , LEVEL 3 COMMUNICATIONS
0.84% , PGN , PROGRESS ENERGY
1.14% , CINF , CINCINNATI FIN
0.65% , NE , NOBLE
1.77% , DISCA , Discovery Communications
1.49% , DISH , EchoStar Communications
0.76% , SH , Short 100% S&P 500, SH
0.78% , TE , TECO ENERGY
0.24% , ROK , ROCKWELL AUTOMAT
0.83% , PG , PROCTER & GAMBLE
0.26% , LBTYA , Liberty Global Inc. (LBTYA)
0.35% , FITB , FIFTH THIRD BANC
0.61% , CHD , Church & Dwight
0.59% , PCG , PG&E
0.45% , WYN , Wyndham Worldwide
0.64% , ABT , ABBOTT LABS
2.17% , QID , Short 200% QQQ PS, QID
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-3.21% , XSD , Semiconductor SPDR, XSD
-10.06% , PRU , PRUDENTIAL FINL
-0.92% , ADRD , Developed 100 BLDRS, ADRD
-9.12% , LAMR , Lamar Advertising Company
-1.42% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
-7.61% , NFLX , Netflix, NFLX
-2.43% , PXJ , Oil & Gas, PXJ
-2.22% , PXE , Energy Exploration & Prod, PXE
-1.00% , IGV , Software, IGV
-4.25% , MS , MORGAN STANLEY
-1.07% , IYG , Financial Services DJ, IYG
-1.07% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-1.91% , XBI , Biotech SPDR, XBI
-1.70% , PIN , India PS, PIN
-1.00% , EWN , Netherlands Index, EWN
-2.29% , YUM , YUM BRANDS
-2.31% , BBY , BEST BUY
-4.00% , MBI , MBIA
-3.38% , SEE , SEALED AIR
-3.06% , HUM , HUMANA
-3.42% , LNC , LINCOLN NATL
-3.05% , SIL , Silver Miners Global X, SIL
-2.77% , COST , COSTCO WHOLESAL
-3.64% , MRVL , MARVELL TECHNOLOGY
-0.68% , ADRU , Europe 100 BLDRS, ADRU
-3.27% , SNV , SYNOVUS
-1.44% , EWO , Austria Index, EWO
-2.45% , HIG , HARTFORD FINL
-1.98% , PXQ , Networking, PXQ
-1.38% , KCE , Capital Markets KWB ST, KCE
-1.11% , MTK , Technology MS sT, MTK
-4.13% , CROX , CROCS Inc., CROX
-0.79% , IWV , LargeCap Blend Russell 3000, IWV
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
0.76% Bear, Short S&P 500, SH
0.41% Agriculture DB PS, DBA
0.39% Bond EmrgMkt JPM iS, EMB
0.29% Bond Muni ATM-Free S&P iS, MUB
0.28% Financial Preferred, PGF
0.15% Consumer Staples SPDR, XLP
0.13% Preferred Stock iS, PFF
0.11% Bond, Aggregate, AGG
0.06% Bond, Corp, LQD
0.02% Bond Ex-US Treas, BWX
-0.01% Bond Treasury Short-Term iS, SHV
-0.01% Bond, 10 Year Treasury, IEF
-0.01% Bond, 1-3 Year Treasury, SHY
-0.03% Bond, 20+ Years Treasury, TLT
-0.07% Bond, High-Yield Corporate, HYG
-0.09% Telecom DJ US, IYZ
-0.13% Bond, TIPS, TIP
-0.15% Bond, High-Yield Junk, JNK
-0.27% Turkey MSCI iS, TUR
-0.31% Utilities SPDR, XLU
-0.32% Dividend High Yield Equity PS, PEY
-0.33% Dividend International, PID
-0.34% Hong Kong Index, EWH
-0.34% Real Estate US DJ, IYR
-0.34% Malaysia Index, EWM
-0.35% REIT VIPERs, VNQ
-0.37% Health Care SPDR, XLV
-0.38% Taiwan Index, EWT
-0.40% Thailand MSCI iS, THD
-0.41% Dividend DJ Select, DVY
-0.42% REIT Wilshire, RWR
-0.43% Utilities VIPERs, VPU
-0.44% Dividend SPDR, SDY
-0.45% DIAMONDS (DJIA), DIA
-0.46% Chile MSCI iS, ECH
-0.46% Brazil Index, EWZ
-0.48% Mexico Index, EWW
-0.49% South Korea Index, EWY
-0.50% Value LargeCap Dynamic PS, PWV
-0.50% Latin Am 40, ILF
-0.53% Sweden Index, EWD
-0.54% Realty Cohen & Steers, ICF
-0.56% Dividend Appreciation Vipers, VIG
-0.59% Growth EAFE MSCI, EFG
-0.61% LargeCap Blend S&P 100, OEF
-0.64% Spain Index, EWP
-0.66% Global 100, IOO
-0.68% Financials VIPERs, VFH
-0.68% Value VIPERs, VTV
-0.70% Value S&P 500 B, IVE
-0.71% Growth S&P 500/BARRA, IVW
-0.74% Emerging Markets, EEM
-0.75% S&P 500 iS LargeCap Blend, IVV
-0.77% S&P 500 SPDRs LargeCap Blend, SPY
-0.77% LargeCap 1000 R, IWB
-0.78% Consumer Discretionary SPDR, XLY
-0.78% Japan Index, EWJ
-0.79% LargeCap Blend Russell 3000, IWV
-0.80% European VIPERs, VGK
-0.81% Industrial SPDR, XLI
-0.81% Financial SPDR, XLF
-0.81% Pacific VIPERs, VPL
-0.83% Growth 1000 Russell, IWF
-0.84% Technology SPDR, XLK
-0.85% Water Resources, PHO
-0.85% United Kingdom Index, EWU
-0.86% Financial DJ US, IYF
-0.87% Blend Total Market VIPERs, VTI
-0.87% Global ex US ACWI iS, ACWX
-0.88% EAFE Index, EFA
-0.88% Australia Index, EWA
-0.89% LargeCap VIPERs, VV
-0.89% Value 1000 Russell, IWD
-0.89% Frontier Markets Guggenheim , FRN
-0.90% South Africa Index, EZA
-0.90% Pacific ex-Japan, EPP
-0.90% Transportation Av DJ, IYT
-0.91% Europe 350 S&P Index, IEV
-0.93% Switzerland Index, EWL
-0.93% Growth VIPERs, VUG
-0.93% Small Cap EAFE MSCI iS, SCZ
-0.94% Indonesia MV, IDX
-0.94% Emerging 50 BLDRS, ADRE
-0.95% Technology DJ US, IYW
-0.96% Value MidCap Russell, IWS
-0.96% France Index, EWQ
-0.97% Emerging VIPERs, VWO
-0.98% Value EAFE MSCI, EFV
-1.00% Netherlands Index, EWN
-1.01% LargeCap Blend S&P=Weight R, RSP
-1.01% Gold Shares S.T., GLD
-1.02% China 25 iS, FXI
-1.06% QQQ Nasdaq 100 Trust, QQQ
-1.07% Financial Services DJ, IYG
-1.07% Singapore Index, EWS
-1.08% Belgium Index, EWK
-1.10% China LargeCap Growth G D H USX PS, PGJ
-1.11% Commodity Tracking, DBC
-1.11% MidCap Russell, IWR
-1.12% Germany Index, EWG
-1.14% Materials SPDR, XLB
-1.15% EMU Europe Index, EZU
-1.17% Value SmallCap Russell 2000, IWN
-1.17% Value SmallCap VIPERS, VBR
-1.24% Info Tech VIPERs, VGT
-1.30% Energy Global, IXC
-1.32% Value SmallCap S&P 600 B, IJS
-1.33% Growth MidCap Russell, IWP
-1.33% Growth BARRA Small Cap 600, IJT
-1.35% Microcap Russell, IWC
-1.35% SmallCap S&P 600, IJR
-1.37% Basic Materials DJ US, IYM
-1.38% Capital Markets KWB ST, KCE
-1.41% SmallCap Russell 2000, IWM
-1.43% Small Cap VIPERs, VB
-1.44% Austria Index, EWO
-1.56% Growth SmallCap R 2000, IWO
-1.56% Energy DJ, IYE
-1.58% Value MidCap S&P 400 B, IJJ
-1.64% Russia MV, RSX
-1.64% MidCap S&P 400 SPDRs, MDY
-1.65% Silver Trust iS, SLV
-1.65% MidCap S&P 400 iS, IJH
-1.65% Growth SmallCap VIPERs, VBK
-1.66% Energy SPDR, XLE
-1.67% Homebuilders SPDR, XHB
-1.70% India PS, PIN
-1.71% Energy VIPERs, VDE
-1.71% Italy Index, EWI
-1.72% Growth MidCap 400 B, IJK
-1.88% Metals & Mining SPDR, XME
-1.91% Biotech SPDR, XBI
-1.94% Networking, IGN
-2.05% Energy & Nat Res iS GS, IGE
-2.05% Canada Index, EWC
-2.34% WilderHill Clean Energy PS, PBW
-2.38% India Earnings WTree, EPI
-2.49% Semiconductor iS IGW, SOXX
-2.66% Oil, Crude, U.S. Oil Fund, USO
-2.67% Oil Fund PowerShares, DBO
-3.21% Semiconductor SPDR, XSD
