by Robert W. Colby, Senior Analyst, TraderPlanet.com
Stock Market: Primary Tide Bear Market reconfirmed.
Both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their lowest closing prices since 1/18/06, again reconfirming a Dow Theory Primary Tide Bear Market. These two Averages originally confirmed a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
The Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 22-month lows, reconfirming that the major breadth trends remain Bearish.
For the stock market in general, all significant trends remain Bearish.
Volatility is high and seems likely to remain high, as the future could be full of further surprises.
iShares Lehman TIPS Bond (TIP) ETF Relative Strength Ratio TIP/TLT broke down to another new multi-year low, again confirming that all trends all are Bearish. This implies deflation.
CRB Index of commodity prices broke down to a new 11-month low, signaling deflation.
It remains a high-risk trading environment.
Focus on capital preservation.
On Friday, major stocks indexes opened higher and continued to rise until about 1:05 p.m., after which stocks turned down and fell steeply into the close, finishing in minus territory near their lowest levels of the day. The Standard & Poor’s 500 cash index (1,099.23) closed down 15.05 points, or 1.35%, making a new 4-year low. Nasdaq Composite (1947.39) fell 29.33 points, or 1.48%. Total NYSE volume rose 7%, indicating rising selling pressure.
All trends remain Bearish. Reward/Risk tradeoffs still appear unattractive. The S&P 500 has been in a Primary Tide Bear Market since the intraday high of 1,576.09 on 10/11/2007, as this daily update has consistently pointed out.
Shock and Fear. From my book, The Encyclopedia of Technical Market Indicators, Second Edition: “The second Bear phase is marked by a sudden mood change, from optimism and hope to shock and fear. One day, the public wakes up and sees, much to its surprise, that “the emperor has no clothes”. Actual fundamental business conditions are not panning out to be as positive as previously hoped. In fact, there may be a little problem. The smart money is long gone, and there is no one left to buy when the public wants out. Stock prices drop steeply in a vacuum. Fear quickly replaces greed. Repeated waves of panic may sweep the market. Transactional volume swells as the unsophisticated investor screams, “Get me out at any price!” Sharp professional traders are willing to bid way down in price for stocks when prices drop too far too fast. The best that can be expected, however, is a dead-cat bounce that recovers only a fraction of the steep loss.”
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
% Price Change, Symbol, Name
58.82% , WB , WACHOVIA
16.02% , HBAN , HUNTINGTON
8.00% , PWER , POWER ONE
11.36% , HANS , Hansen Natural, HANS
6.74% , STI , SUNTRUST BANKS
2.96% , SANM , SANMINA
9.42% , AMD , ADV MICRO DEV
1.74% , PSQ , Short 100% QQQ, PSQ
2.78% , L , LOEWS
5.75% , HIG , HARTFORD FINL
4.20% , MZZ , Short 200% MidCap 400 PS, MZZ
3.09% , DYN , DYNEGY
14.09% , RF , REGIONS FINAN
3.06% , MS , MORGAN STANLEY
2.26% , DOG , Short 100% Dow 30, DOG
3.98% , DXD , Short 200% Dow 30 PS, DXD
2.83% , ABK , AMBAC FINL GRP
2.15% , AN , AUTONATION
0.20% , TTH , Telecom H, TTH
1.45% , FDO , FAMILY DLR STRS
0.66% , BBH , Biotech H, BBH
4.30% , PX , PRAXAIR
2.64% , SDS , Short 200% S&P 500 PS, SDS
3.82% , CI , CIGNA
1.09% , PGN , PROGRESS ENERGY
2.37% , GILD , Gilead Sciences Inc
0.88% , TLT , Bond, 20+ Years Treasury, TLT
4.19% , FLR , FLUOR
1.28% , EIX , EDISON INTL
4.06% , QID , Short 200% QQQ PS, QID
2.35% , ETFC.O , E*TRADE FINANCIAL
11.78% , NCC , NATIONAL CITY
1.50% , WMT , WAL MART STORES
1.04% , BDH , Broadband H, BDH
1.46% , TJX , TJX
0.78% , EWT , Taiwan Index, EWT
1.51% , EMR , EMERSON ELECTRIC
0.92% , CVG , CONVERGYS
2.70% , YHOO , YAHOO
1.26% , PLL , PALL
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-2.68% , EWO , Austria Index, EWO
-3.19% , RFV , Value MidCap S&P 400, RFV
-18.44% , C , CITIGROUP
-3.84% , RFG , Growth MidCap S&P 400, RFG
-1.73% , PBJ , Food & Beverage, PBJ
-1.72% , PFM , Dividend Achievers PS, PFM
-3.16% , KCE , Capital Markets KWB ST, KCE
-5.66% , TNB , THOMAS & BETTS
-1.26% , FDV , Value 40 Large Low P/E FT DB, FDV
-9.41% , STT , STATE STREET
-2.63% , DSV , Value Small Cap DJ, DSV
-9.20% , BC , BRUNSWICK
-13.03% , LEN , Lennar Corp. (LEN)
-3.33% , PXQ , Networking, PXQ
-1.84% , JKI , Value MidCap iS M, JKI
-14.10% , FNM , FANNIE MAE
-10.00% , MBI , MBIA
-2.96% , PEY , Dividend High Yield Equity PS, PEY
-6.14% , CTSH , Cognizant Technology Solutions
-8.24% , FLEX , Flextronics International Ltd
-2.31% , EZA , South Africa Index, EZA
-5.73% , EWK , Belgium Index, EWK
-2.21% , IJK , Growth MidCap 400 B, IJK
-4.21% , TMK , TORCHMARK
-1.81% , IXG , Financials Global LargeCap Value, IXG
-2.90% , XHB , Homebuilders SPDR, XHB
-6.76% , GCI , GANNETT
-2.38% , IJJ , Value MidCap S&P 400 B, IJJ
-2.41% , IJS , Value SmallCap S&P 600 B, IJS
-6.07% , TXT , TEXTRON
-1.07% , VUG , Growth VIPERs, VUG
-4.31% , DDM , Ultra Dow30 Double, DDM
-2.15% , PMR , Retail, PMR
-3.00% , VBR , Value SmallCap VIPERS, VBR
-1.74% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-3.50% , AIG , AMER INTL GROUP
-7.86% , LRCX , LAM RESEARCH CORP
-1.25% , ELV , Value Large Cap DJ, ELV
-17.22% , FRE , FREDDIE MAC
-3.28% , PWY , Value SmallCap Dynamic PS, PWY
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-0.80% Consumer Staples SPDR, XLP
-0.98% Materials SPDR, XLB
-1.19% Energy SPDR, XLE
-1.43% Technology SPDR, XLK
-1.50% Utilities SPDR, XLU
-1.59% Industrial SPDR, XLI
-2.15% Health Care SPDR, XLV
-3.50% Consumer Discretionary SPDR, XLY
-4.38% Financial SPDR, XLF
Primary Tide Trends for the 9 major sectors last for years. Here are my up-to-date Relative Strength Rankings, as measured with emphasis on these long-term Primary Tide Trends (listed in order of long-term relative strength):
Consumer Staples (XLP) Neutral, Market Weight. On 10/3/08, XLP/SPY Relative Strength Ratio rose to another new 5-year high, again confirming that the long-term trend is up. On 9/8/08, XLP absolute price rose to a new 8-month high, indicating significant price trend strength.
Health Care (XLV) Neutral, Market Weight. On 10/2/08, the XLV/SPY Relative Strength Ratio moved up to a new 4-year high, confirming a long-term uptrend.
Utilities (XLU) Bearish, Underweight. On 10/3/08, the XLU absolute price fell to another new 2-year low, indicating long-term trend weakness. On 9/22/08, the XLU/SPY Relative Strength Ratio broke down to a new 6-month low.
Consumer Discretionary (XLY) Bearish, Underweight. On 10/3/08, XLY absolute price fell to its lowest level in 5 years. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.
Technology (XLK) Bearish, Underweight. On 10/3/08, the XLK absolute price fell to a new 41-month low, indicating long-term trend weakness.
Energy (XLE) Bearish, Underweight. On 10/3/08, the XLE absolute price fell to a new 18-month low, indicating significant trend weakness.
Industrial (XLI) Bearish, Underweight. On 10/3/08, the XLI absolute price hit a new 47-month low, indicating long-term trend weakness. On 10/3/08, the XLI/SPY Relative Strength Ratio broke down to a new 15-month low.
Materials (XLB) Bearish, Underweight. On 10/3/08, the XLB absolute price hit a new 26-month intraday low, indicating significant trend weakness.
Financial (XLF) Bearish, Underweight. On 9/19/08, the XLF absolute price hit a new 3-month intraday high, reflecting dramatic government intervention. On 9/18/08, the XLF absolute price hit a new 2-month intraday low, indicating intermediate-term trend weakness. With the rules changing day by day, trading these stocks would seem to be extraordinarily risky.
Foreign stock index EFA Relative Strength Ratio has underperformed the S&P 500 since 11/27/07. EFA absolute price fell to a new 3-year low on 9/29/08 and has been in a falling trend since 10/31/07. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.
NASDAQ Composite remains Bearish. On 10/3/08, absolute price broke down to a new 3-year low, indicating long-term trend weakness. Relative Strength Ratio has been in a declining trend since 8/14/08.
NASDAQ 100 Index absolute price broke down to a new 2-year low on 10/3//08.
Growth Stock/Value Stock Relative Strength Ratio fell to a new 6-month low on 10/2/08. The short-term trend appears relatively weak. Longer term, this ratio (IWF/IWD) has been in an uptrend since 8/8/06, and it rose to a new 4-year high on 7/15/08.
The Small Cap/Large Cap Relative Strength Ratio has been trending down since it peaked on 9/19/08. The ratio jumped up to a 21-year high on 9/19/08, confirming a major uptrend. The long-term trend has been Bullish most of the time since 4/8/99.
Crude Oil futures November contract price broke down below previous 12-day lows. The short-term trend looks Bearish and the intermediate-term trend remains Bearish. U.S. OIL FUND ETF (AMEX: USO) is not a pure play on Crude Oil, although it generally moves in the same direction.
The Energy stock sector underperformed Crude Oil since 5/30/07.
Gold futures contract price broke down below previous 11-day lows. The short-term trend is down. Gold has been in an intermediate-term downtrend since the peak of 1033.90 on 3/17/08.
Gold Mining stocks continue to underperform Gold futures on a major trend basis.
U.S. Treasury Bond futures contract price broke out above previous 3-day highs, a Bullish sign for the short term. Bonds benefit from fear, the flight to safety. Bonds have been in an intermediate-term uptrend since 6/13/08. Long term, Bonds have been in a neutral sideways trend since June 2003.
iShares iBoxx $ Invest Grade Corp Bond (LQD) ETF price and LQD/TLT Relative Strength Ratio both fell to multi-year new lows on 9/29/08. All trends remain Bearish. Bond investors appear to be seriously concerned about the economic outlook.
iShares Lehman TIPS Bond (TIP) ETF absolute price hit a new 12-month low on 10/3/08, implying deflation. All trends remain relatively weak. On 10/2/08, TIP/TLT Relative Strength Ratio broke down to another new multi-year low, again confirming that the short-term, intermediate-term, and long-term trends all are Bearish. This implies that Bond investors may be anticipating deflation.
The U.S. dollar moved above previous 13-month highs, reflecting a continuing shift to cash. Most trends are Bullish, except for the secular, which is more than one major cycle.
The Art of Contrary Thinking: Traders need to be extremely nimble to keep up with rapid changes in the mass mood. The business and financial news has flipped from fear to hope and back again this year, creating higher levels of volatility. Investors might be wise to focus on risk control.
Sentiment/Contrary Opinion: There were 33.7% Bulls versus 47.2% Bears as of 10/1/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.71, down from 0.92 the previous week. The Bull/Bear ratio low of 0.57 on 7/16/08 was the lowest level of the ratio since 1994. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47.
VIX Fear Index, now at 45.14, eased slightly lower but is still near its all-time high peak at 46.72 set on 9/29/08. The all-time low was 9.89 on 1/24/07. 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.
VXN Fear Index, now at 49.76, broke out above the 6-year peak at 49.56 set on 9/29/08. The all-time high was 114.23 on 10/8/98. The all-time low was 12.61 on 7/29/05. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.
CBOE Put/Call Ratio is 0.74, which indicates Bearish sentiment. Its 4-year mean and median are 0.62, and its 4-year range is 0.35 to 1.28.
ISEE Call/Put Ratio is 1.19, which indicates Bearish sentiment. The ratio’s 4-year mean is 1.50, 4-year median is 1.47, and 4-year range is 0.51 to 3.16.
Fundamentals: The 2003-2007 Bull Market was fed by abundant global liquidly, M&A, leveraged buyouts, corporate stock buybacks, and the net balance of positive earnings surprises. The unfolding fallout from the subprime credit market crisis has derailed that engine. Economic statistics and corporate earnings have weakened and seem likely to weaken further over the next several months.
The Dow Theory reconfirmed a Primary Tide Bear Market on 9/29/08, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their lowest closing prices of March through September, 2008. These two Averages originally confirmed a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
The breadth of the market has been in a Bearish trend long term since June 2007. The number of New Lows has exceeded the number of New Highs most days for more than a year, since July 2007, and that is one sign of a Bear Market. On 10/3/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 22-month lows, confirming that the major breadth trends remain Bearish.
To discover the next Resistance, traders probably will be watching how the market acts at the following levels for the Standard & Poor’s 500 cash index (1,099.23):
Potential Resistance
1,576.09, high of 10/11/2007
1,552.76, high of 10/31/2007
1,523.57, high of 12/11/2007
1,498.85, high of 12/26/2007
1,440.24, high of 5/19/2008
1,406.32, high of 5/29/2008
1,366.59, high of 6/17/2008
1,335.63, high of 6/25/2008
1,313.15, high of 8/11/2008
1,274.42, high of 9/8/2008
1,255.09, high of 9/12/2008
1,220.03, high of 9/25/2008
To discover the next Support, traders probably will be watching how the market acts at the following levels for the S&P 500 cash index (1,099.23):
Potential Support
1060.72, low of 8/13/2004
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
4.20% Short 200% MidCap 400 PS, MZZ
4.06% Short 200% QQQ PS, QID
3.98% Short 200% Dow 30 PS, DXD
2.64% Short 200% S&P 500 PS, SDS
2.56% Short 100% MidCap 400, MYY
2.26% Short 100% Dow 30, DOG
2.26% Short 100% S&P 500, SH
1.76% Silver Trust iS, SLV
1.74% Short 100% QQQ, PSQ
1.04% Broadband H, BDH
0.99% Europe 100 BLDRS, ADRU
0.90% Value LargeCap Euro STOXX 50 DJ, FEU
0.88% Bond, 20+ Years Treasury, TLT
0.80% Spain Index, EWP
0.78% Taiwan Index, EWT
0.76% Bond, Aggregate, AGG
0.66% Biotech H, BBH
0.60% Malaysia Index, EWM
0.60% Telecommunications & Wireless, PTE
0.59% Global Titans, DGT
0.52% Euro STOXX 50, FEZ
0.50% Value EAFE MSCI, EFV
0.38% Bond, 10 Year Treasury, IEF
0.36% Netherlands Index, EWN
0.34% Asia 50 BLDRS, ADRA
0.32% Gold Shares S.T., GLD
0.28% IPOs, First Tr IPOX-100, FPX
0.27% Bond, 1-3 Year Treasury, SHY
0.24% Bond, TIPS, TIP
0.21% Europe 350 S&P Index, IEV
0.20% Telecom H, TTH
0.17% Developed 100 BLDRS, ADRD
-0.01% Insurance, PIC
-0.05% Bond, Corp, LQD
-0.10% Sweden Index, EWD
-0.20% Italy Index, EWI
-0.20% Energy VIPERs, VDE
-0.24% Basic Materials DJ US, IYM
-0.26% Utilities H, UTH
-0.27% Internet H, HHH
-0.28% European VIPERs, VGK
-0.29% Metals & Mining SPDR, XME
-0.37% EMU Europe Index, EZU
-0.39% EAFE Index, EFA
-0.41% Energy DJ, IYE
-0.44% Oil Services H, OIH
-0.50% LargeCap Blend NYSE Composite iS, NYC
-0.54% Technology Global, IXN
-0.59% Lg Cap Growth PSD, PWB
-0.61% Australia Index, EWA
-0.62% United Kingdom Index, EWU
-0.63% France Index, EWQ
-0.64% Pharmaceutical H, PPH
-0.64% Healthcare Global, IXJ
-0.67% Germany Index, EWG
-0.69% Dividend International, PID
-0.71% South Korea Index, EWY
-0.74% Consumer Staples VIPERs, VDC
-0.75% Oil, Crude, U.S. Oil Fund, USO
-0.76% Utilities DJ, IDU
-0.80% Global 100, IOO
-0.80% Consumer Staples SPDR, XLP
-0.80% Telecommunications Global, IXP
-0.81% Natural Resource iS GS, IGE
-0.85% Healthcare DJ, IYH
-0.86% Utilities VIPERs, VPU
-0.87% Semiconductor H, SMH
-0.90% LargeCap Blend Total Market DJ, IYY
-0.94% Retail H, RTH
-0.96% Value LargeCap NYSE 100 iS, NY
-0.96% Growth Mid Cap Dynamic PS, PWJ
-0.98% Pharmaceuticals, PJP
-0.98% Switzerland Index, EWL
-0.98% Growth LargeCap iS M, JKE
-0.98% Materials SPDR, XLB
-1.03% Materials VIPERs, VAW
-1.07% Growth VIPERs, VUG
-1.08% Semiconductors, PSI
-1.14% Semiconductor iS GS, IGW
-1.14% Health Care VIPERs, VHT
-1.15% LargeCap Blend Core iS M, JKD
-1.17% Value Line Timeliness MidCap Gr, PIV
-1.18% China 25 iS, FXI
-1.18% Transportation Av DJ, IYT
-1.19% Pacific ex-Japan, EPP
-1.19% Energy SPDR, XLE
-1.24% S&P 500 iS LargeCap Blend, IVV
-1.24% Technology GS, IGM
-1.25% Wilshire 5000 ST TM, TMW
-1.25% LargeCap Blend S&P 100, OEF
-1.25% Networking, IGN
-1.25% LargeCap Blend Dynamic PS, PWC
-1.25% Value Large Cap DJ, ELV
-1.26% China LargeCap Growth G D H USX PS, PGJ
-1.26% Energy Global, IXC
-1.26% Value 40 Large Low P/E FT DB, FDV
-1.26% Info Tech VIPERs, VGT
-1.29% LargeCap 1000 R, IWB
-1.29% Growth Large Cap, ELG
-1.32% Internet Architecture H, IAH
-1.33% Oil & Gas, PXJ
-1.34% LargeCap VIPERs, VV
-1.34% LargeCap Blend Socially Responsible iS, KLD
-1.35% S&P 500 SPDRs LargeCap Blend, SPY
-1.36% Dividend Leaders, FDL
-1.38% Growth S&P 500/BARRA, IVW
-1.38% SmallCap Russell 2000, IWM
-1.39% Growth 1000 Russell, IWF
-1.39% Technology DJ US, IYW
-1.39% Utilities, PUI
-1.40% Consumer Non-Cyclical, IYK
-1.41% Growth LargeCap Russell 3000, IWZ
-1.41% Dividend Appreciation Vipers, VIG
-1.43% Technology SPDR, XLK
-1.44% LargeCap Blend Russell 3000, IWV
-1.44% Value LargeCap iS M, JKF
-1.46% LargeCap Rydex Rus Top 50, XLG
-1.46% Value MidCap Dynamic PS, PWP
-1.47% Aerospace & Defense, PPA
-1.47% Telecom Services VIPERs, VOX
-1.50% Utilities SPDR, XLU
-1.51% Pacific VIPERs, VPL
-1.52% Nanotech Lux, PXN
-1.53% Blend Total Market VIPERs, VTI
-1.53% Biotech & Genome, PBE
-1.54% Value VIPERs, VTV
-1.55% Emerging VIPERs, VWO
-1.55% Dividend DJ Select, DVY
-1.55% Semiconductor SPDR, XSD
-1.55% Growth LargeCap NASDAQ 100, QQQQ
-1.57% Value SmallCap S&P 600, RZV
-1.57% Energy Exploration & Prod, PXE
-1.58% Growth EAFE MSCI, EFG
-1.59% Industrial SPDR, XLI
-1.61% Industrials VIPERs, VIS
-1.65% Value S&P 500 B, IVE
-1.69% Telecom DJ US, IYZ
-1.69% Industrial LargeCap Blend DJ US, IYJ
-1.72% Dividend Achievers PS, PFM
-1.72% Biotech SPDR, XBI
-1.73% Food & Beverage, PBJ
-1.74% Japan LargeCap Blend TOPIX 150, ITF
-1.74% Water Resources, PHO
-1.75% Hong Kong Index, EWH
-1.76% LargeCap Blend S&P 1500 iS, ISI
-1.81% Financials Global LargeCap Value, IXG
-1.83% Growth MidCap Russell, IWP
-1.84% Value MidCap iS M, JKI
-1.87% Value 1000 Russell, IWD
-1.88% Growth LargeCap NASDAQ Fidelity, ONEQ
-1.91% MidCap Growth iS M, JKH
-1.93% Value S&P 500, RPV
-1.95% Value LargeCap Dynamic PS, PWV
-1.97% DIAMONDS (DJIA), DIA
-1.97% Dividend SPDR, SDY
-1.98% Japan Index, EWJ
-2.00% Canada Index, EWC
-2.01% MidCap VIPERs, VO
-2.02% Value MidCap Russell, IWS
-2.02% Value LargeCap Russell 3000, IWW
-2.03% Singapore Index, EWS
-2.03% Growth S&P 500, RPG
-2.08% SmallCap S&P 600, IJR
-2.13% Internet Infrastructure H, IIH
-2.14% Value LargeCap Fundamental RAFI 1000, PRF
-2.15% Health Care SPDR, XLV
-2.15% Retail, PMR
-2.16% Technology MS sT, MTK
-2.21% Growth MidCap 400 B, IJK
-2.22% MidCap Russell, IWR
-2.28% Consumer Cyclical DJ, IYC
-2.31% South Africa Index, EZA
-2.32% Value SmallCap Russell 2000, IWN
-2.33% Commodity Tracking, DBC
-2.37% MidCap Blend Core iS M, JKG
-2.38% Value MidCap S&P 400 B, IJJ
-2.41% Value SmallCap S&P 600 B, IJS
-2.42% SmallCap Core iS M, JKJ
-2.45% Micro Cap Zachs, PZI
-2.48% Hardware & Electronics, PHW
-2.52% OTC Dynamic PS, PWO
-2.54% Microcap Russell, IWC
-2.54% LargeCap Blend S&P=Weight R, RSP
-2.61% Growth BARRA Small Cap 600, IJT
-2.63% Emerging Markets, EEM
-2.63% Value Small Cap DJ, DSV
-2.68% Austria Index, EWO
-2.71% Growth SmallCap VIPERs, VBK
-2.74% Ultra S&P500 Double, SSO
-2.78% Small Cap VIPERs, VB
-2.78% Extended Mkt VIPERs, VXF
-2.79% Building & Construction, PKB
-2.80% Emerging 50 BLDRS, ADRE
-2.85% MidCap S&P 400 iS, IJH
-2.88% Dividend Growth PS, PHJ
-2.90% Homebuilders SPDR, XHB
-2.93% Growth SmallCap Dynamic PS, PWT
-2.94% India Earnings WTree, EPI
-2.96% Bank Regional H, RKH
-2.96% Dividend High Yield Equity PS, PEY
-2.97% Growth Small Cap DJ, DSG
-3.00% Value SmallCap VIPERS, VBR
-3.02% Growth SmallCap R 2000, IWO
-3.02% SmallCap PS Zacks, PZJ
-3.03% Growth SmallCap iS M, JKK
-3.15% Software, IGV
-3.16% Capital Markets KWB ST, KCE
-3.17% Value SmallCap iS M, JKL
-3.19% Value MidCap S&P 400, RFV
-3.20% Software, PSJ
-3.27% MidCap S&P 400 SPDRs, MDY
-3.28% Value SmallCap Dynamic PS, PWY
-3.31% WilderHill Clean Energy PS, PBW
-3.33% REIT Wilshire, RWR
-3.33% Networking, PXQ
-3.37% Software H, SWH
-3.38% Consumer D. VIPERs, VCR
-3.50% Consumer Discretionary SPDR, XLY
-3.84% Growth MidCap S&P 400, RFG
-3.93% Financials VIPERs, VFH
-3.97% Financial DJ US, IYF
-4.09% Financial Services DJ, IYG
-4.17% Brazil Index, EWZ
-4.28% Leisure & Entertainment, PEJ
-4.31% Ultra Dow30 Double, DDM
-4.32% REIT VIPERs, VNQ
-4.33% Internet B2B H, BHH
-4.38% Financial SPDR, XLF
-4.49% Realty Cohen & Steers, ICF
-4.50% Mexico Index, EWW
-4.58% Ultra QQQ Double, QLD
-5.04% Latin Am 40, ILF
-5.34% Real Estate US DJ, IYR
-5.48% Ultra MidCap400 Double, MVV
-5.73% Belgium Index, EWK
