Daily Stock Market Commentary – 10/07/08

Stock Market:Shock and Fear Goes Global…
Foreign stocks markets suffer biggest one-day drops–EVER.

The situation is normal. There is nothing new under the sun. Bull Markets are followed by Bear Markets, and Bear Markets are followed by Bull Markets.

Currently, all significant trends remain Bearish. The cycle always plays out in TIME. It could take many more months.

Like King Canute, all the governments in the world may not be able stop the PRIMARY TIDE.

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 Tuesday, major stocks indexes opened sharply lower and continued to fall until about 2:40 p.m. Prices turned upward in the final 80 minutes to recover nearly half of their loss by the close. The Standard & Poor’s 500 cash index (1,056.85) closed down 42.38 points, or 3.85%, making a new 5-year low and confirming Bearish trends in all time frames. Nasdaq Composite (1,862.96) fell 84.33 points, or 4.34%, making a new 4-year low and confirming Bearish trends in all time frames. Total NYSE volume rose 18%, indicating heavy and 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. There is nothing new under the sun. The Dow Theory described this type of market many decades ago. 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.Stockpricesdrop 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
4.16% , SH , Short 100% S&P 500, SH
11.16% , ODP , OFFICE DEPOT
3.79% , MYY , Short 100% MidCap 400, MYY
9.23% , QID , Short 200% QQQ PS, QID
8.89% , MZZ , Short 200% MidCap 400 PS, MZZ
2.22% , PWER , POWER ONE
6.01% , MNST , MONSTER WORLDWID
3.86% , VRSN , VeriSign Inc
7.68% , DXD , Short 200% Dow 30 PS, DXD
2.95% , DOG , Short 100% Dow 30, DOG
9.38% , SDS , Short 200% S&P 500 PS, SDS
4.61% , TROW , T ROWE PRICE GP
2.03% , BNI , BURLINGTON NORTH
1.86% , CECO , CAREER EDUCATION CORP
3.51% , CC , CIRCUIT CITY STR
0.73% , VIA , VIACOM INC. (New)
4.06% , QLGC , QLOGIC
2.52% , VC , VISTEON
2.89% , SLE , SARA LEE
2.65% , SHW , SHERWIN WILLIAMS
2.51% , PETM , PETsMART Inc
2.77% , IFF , INTL FLAV & FRAG
13.05% , AIV , APT INV MNGMT
2.24% , PCAR , PACCAR
1.82% , TLT , Bond, 20+ Years Treasury, TLT
4.07% , FII , FED INVESTORS STK B
3.97% , PSQ , Short 100% QQQ, PSQ
0.81% , IEF , Bond, 10 Year Treasury, IEF
0.25% , WWY , WM WRIGLEY JR
2.72% , DLTR , Dollar Tree Stores Inc
1.43% , MAS , MASCO
1.16% , MTG , MGIC INVESTMENT
0.20% , SHY , Bond, 1-3 Year Treasury, SHY
1.69% , PNC , PNC FINL SVC
1.45% , AZO , AUTOZONE
1.68% , HBAN , HUNTINGTON
0.38% , LTD , LIMITED BRANDS
0.17% , VIA.B , VIACOM STK B
2.50% , PMCS , PMC SIERRA
0.35% , HES , AMERADA HESS

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-11.36% , BHH , Internet B2B H, BHH
-4.01% , PWC , LargeCap Blend Dynamic PS, PWC
-3.64% , DGT , Global Titans, DGT
-5.88% , PKB , Building & Construction, PKB
-12.17% , EWA , Australia Index, EWA
-6.24% , ADRU , Europe 100 BLDRS, ADRU
-6.38% , PBE , Biotech & Genome, PBE
-4.51% , RZV , Value SmallCap S&P 600, RZV
-4.94% , PZI , Micro Cap Zachs, PZI
-4.15% , IXP , Telecommunications Global, IXP
-5.88% , PXN , Nanotech Lux, PXN
-13.69% , SIRI , Sirius Satellite
-4.67% , PJP , Pharmaceuticals, PJP
-4.85% , PWB , Lg Cap Growth PSD, PWB
-3.92% , VXF , Extended Mkt VIPERs, VXF
-3.72% , RFG , Growth MidCap S&P 400, RFG
-5.80% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-12.41% , TLAB , TELLABS
-8.87% , FRX , FOREST LABS STK A
-10.48% , TBH , Telebras HOLDRS, TBH*
-4.04% , IYY , LargeCap Blend Total Market DJ, IYY
-7.13% , ADRA , Asia 50 BLDRS, ADRA
-3.16% , VIG , Dividend Appreciation Vipers, VIG
-6.17% , PID , Dividend International, PID
-11.04% , HPC , HERCULES
-5.52% , PEJ , Leisure & Entertainment, PEJ
-7.60% , PBW , WilderHill Clean Energy PS, PBW
-8.05% , EWN , Netherlands Index, EWN
-5.01% , UTH , Utilities H, UTH
-4.75% , IYH , Healthcare DJ, IYH
-3.32% , TMW , Wilshire 5000 ST TM, TMW
-12.37% , MYL , MYLAN LABS
-3.18% , JKD , LargeCap Blend Core iS M, JKD
-4.63% , VHT , Health Care VIPERs, VHT
-5.87% , PTE , Telecommunications & Wireless, PTE
-5.44% , XBI , Biotech SPDR, XBI
-10.25% , NOV , NATIONAL OILWELL VARC0
-5.50% , ADRD , Developed 100 BLDRS, ADRD
-6.10% , WAT , WATERS
-3.82% , IXJ , Healthcare Global, IXJ

Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-2.62% Industrial SPDR, XLI
-2.81% Consumer Discretionary SPDR, XLY
-2.90% Consumer Staples SPDR, XLP
-3.74% Health Care SPDR, XLV
-4.89% Utilities SPDR, XLU
-4.94% Materials SPDR, XLB
-5.22% Financial SPDR, XLF
-5.38% Energy SPDR, XLE
-5.53% Technology SPDR, XLK

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 10/6/08, 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 10/6/08, the XLV/SPY Relative Strength Ratio moved up to another new 4-year high, confirming a long-term uptrend.

Consumer Discretionary (XLY) Bearish, Underweight. On 10/6/08, XLY absolute price fell to its lowest level in 5 years. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.

Utilities (XLU) Bearish, Underweight. On 10/6/08, 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.

Technology (XLK) Bearish, Underweight. On 10/6/08, the XLK absolute price fell to another new 41-month low, indicating long-term trend weakness.

Energy (XLE) Bearish, Underweight. On 10/6/08, the XLE absolute price fell to another new 18-month low, indicating significant trend weakness.

Industrial (XLI) Bearish, Underweight. On 10/6/08, the XLI absolute price hit another 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 10/6/08, the XLB absolute price hit another 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 4-year low on 10/6/08 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 10/6/08, absolute price broke down to another 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 another new 2-year low on 10/6//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 6-month lows. The short-term and intermediate-term trends remain 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 reversed sharply to the upside, breaking out above the previous day’s high. Gold is a traditional store of value that benefits from financial panic. Still, 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 11-day highs, a Bullish confirmation for the short term.Bondsbenefit 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 10/6/08, 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 15-month highs, reflecting a continuing shift to cash. Most trends are Bullish, except perhaps 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 52.05, broke out above its previous 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 55.36, 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 0.94, 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 1.04, 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 (1,056.85):

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
1,077.08, Fibonacci 61.8% of 2002-2007 upmove

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 (1,056.85):

Potential Support
1,009.07, low of 10/6/2008
970.50, Gann 75.0% of 2002-2007 upmove
941.43, Fibonacci 78.6% of 2002-2007 upmove
869.56, Gann 87.5% of 2002-2007 upmove
768.63, low of 10/10/2002

Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol

9.38% Short 200% S&P 500 PS, SDS
9.23% Short 200% QQQ PS, QID
8.89% Short 200% MidCap 400 PS, MZZ
7.68% Short 200% Dow 30 PS, DXD
4.16% Short 100% S&P 500, SH
3.97% Short 100% QQQ, PSQ
3.79% Short 100% MidCap 400, MYY
2.95% Short 100% Dow 30, DOG
2.05% Gold Shares S.T., GLD
1.82% Bond, 20+ Years Treasury, TLT
0.81% Bond, 10 Year Treasury, IEF
0.20% Bond, 1-3 Year Treasury, SHY
0.03% Bond, Aggregate, AGG
0.00% Internet Infrastructure H, IIH
-0.08% Bond, TIPS, TIP
-0.61% Transportation Av DJ, IYT
-0.99% Growth LargeCap NASDAQ Fidelity, ONEQ
-1.16% Bond, Corp, LQD
-1.84% Real Estate US DJ, IYR
-1.99% Value SmallCap Dynamic PS, PWY
-2.01% Semiconductor H, SMH
-2.03% Malaysia Index, EWM
-2.14% Financial DJ US, IYF
-2.17% Food & Beverage, PBJ
-2.18% Silver Trust iS, SLV
-2.26% Dividend Achievers PS, PFM
-2.28% Industrials VIPERs, VIS
-2.34% Value SmallCap Russell 2000, IWN
-2.45% Industrial LargeCap Blend DJ US, IYJ
-2.46% Dividend Leaders, FDL
-2.50% Financials VIPERs, VFH
-2.62% Value VIPERs, VTV
-2.62% Industrial SPDR, XLI
-2.63% Value Large Cap DJ, ELV
-2.70% Internet Architecture H, IAH
-2.72% Bank Regional H, RKH
-2.74% Realty Cohen & Steers, ICF
-2.76% Financial Services DJ, IYG
-2.80% LargeCap Rydex Rus Top 50, XLG
-2.81% Consumer Discretionary SPDR, XLY
-2.82% Value LargeCap iS M, JKF
-2.83% Value SmallCap S&P 600 B, IJS
-2.90% Value SmallCap VIPERS, VBR
-2.90% Consumer Staples SPDR, XLP
-2.92% Growth BARRA Small Cap 600, IJT
-2.93% LargeCap Blend Russell 3000, IWV
-2.99% LargeCap Blend S&P 1500 iS, ISI
-2.99% REIT VIPERs, VNQ
-3.00% Retail, PMR
-3.10% LargeCap Blend S&P 100, OEF
-3.16% Value LargeCap Dynamic PS, PWV
-3.16% Dividend Appreciation Vipers, VIG
-3.18% LargeCap Blend Core iS M, JKD
-3.18% Growth SmallCap Dynamic PS, PWT
-3.18% Value SmallCap iS M, JKL
-3.18% Consumer D. VIPERs, VCR
-3.20% DIAMONDS (DJIA), DIA
-3.23% Dividend Growth PS, PHJ
-3.24% Japan Index, EWJ
-3.27% Value MidCap S&P 400, RFV
-3.28% Value LargeCap Russell 3000, IWW
-3.29% Value LargeCap Fundamental RAFI 1000, PRF
-3.32% Value S&P 500 B, IVE
-3.32% S&P 500 iS LargeCap Blend, IVV
-3.32% Wilshire 5000 ST TM, TMW
-3.35% Semiconductors, PSI
-3.37% LargeCap VIPERs, VV
-3.38% OTC Dynamic PS, PWO
-3.39% Semiconductor iS GS, IGW
-3.39% LargeCap Blend Socially Responsible iS, KLD
-3.40% Growth S&P 500/BARRA, IVW
-3.40% Retail H, RTH
-3.42% Semiconductor SPDR, XSD
-3.44% Dividend High Yield Equity PS, PEY
-3.48% Dividend DJ Select, DVY
-3.48% Consumer Staples VIPERs, VDC
-3.48% Blend Total Market VIPERs, VTI
-3.50% Consumer Cyclical DJ, IYC
-3.51% LargeCap Blend S&P=Weight R, RSP
-3.55% MidCap S&P 400 iS, IJH
-3.56% Value Line Timeliness MidCap Gr, PIV
-3.59% Value Small Cap DJ, DSV
-3.61% Value 1000 Russell, IWD
-3.62% Technology GS, IGM
-3.64% Pharmaceutical H, PPH
-3.64% Global Titans, DGT
-3.65% Growth LargeCap NASDAQ 100, QQQQ
-3.65% Value MidCap Russell, IWS
-3.66% SmallCap S&P 600, IJR
-3.70% Technology DJ US, IYW
-3.70% Global 100, IOO
-3.72% Value MidCap iS M, JKI
-3.72% Growth MidCap S&P 400, RFG
-3.73% MidCap Blend Core iS M, JKG
-3.74% Health Care SPDR, XLV
-3.74% Small Cap VIPERs, VB
-3.75% Consumer Non-Cyclical, IYK
-3.79% LargeCap 1000 R, IWB
-3.81% Value LargeCap NYSE 100 iS, NY
-3.82% Healthcare Global, IXJ
-3.87% Info Tech VIPERs, VGT
-3.87% Energy DJ, IYE
-3.89% Japan LargeCap Blend TOPIX 150, ITF
-3.89% Basic Materials DJ US, IYM
-3.90% MidCap Russell, IWR
-3.91% Growth Large Cap, ELG
-3.92% Extended Mkt VIPERs, VXF
-3.94% SmallCap Core iS M, JKJ
-3.99% Dividend SPDR, SDY
-4.01% LargeCap Blend Dynamic PS, PWC
-4.01% Growth LargeCap Russell 3000, IWZ
-4.02% Growth MidCap 400 B, IJK
-4.04% LargeCap Blend Total Market DJ, IYY
-4.04% Growth 1000 Russell, IWF
-4.04% Growth MidCap Russell, IWP
-4.09% Value MidCap S&P 400 B, IJJ
-4.11% Capital Markets KWB ST, KCE
-4.11% Growth SmallCap VIPERs, VBK
-4.12% Growth VIPERs, VUG
-4.15% Growth SmallCap iS M, JKK
-4.15% Telecommunications Global, IXP
-4.21% Software, PSJ
-4.21% Hong Kong Index, EWH
-4.21% Telecom H, TTH
-4.23% Growth Small Cap DJ, DSG
-4.26% Commodity Tracking, DBC
-4.26% Materials VIPERs, VAW
-4.26% Metals & Mining SPDR, XME
-4.32% Growth S&P 500, RPG
-4.35% Insurance, PIC
-4.35% MidCap VIPERs, VO
-4.38% Taiwan Index, EWT
-4.43% Technology Global, IXN
-4.48% Growth SmallCap R 2000, IWO
-4.50% Spain Index, EWP
-4.50% Aerospace & Defense, PPA
-4.50% Internet H, HHH
-4.51% Energy VIPERs, VDE
-4.51% Value SmallCap S&P 600, RZV
-4.52% LargeCap Blend NYSE Composite iS, NYC
-4.54% MidCap S&P 400 SPDRs, MDY
-4.59% Microcap Russell, IWC
-4.60% Value 40 Large Low P/E FT DB, FDV
-4.63% Health Care VIPERs, VHT
-4.64% Growth LargeCap iS M, JKE
-4.67% Pharmaceuticals, PJP
-4.68% Telecom DJ US, IYZ
-4.68% Switzerland Index, EWL
-4.69% Telecom Services VIPERs, VOX
-4.72% Growth Mid Cap Dynamic PS, PWJ
-4.75% SmallCap Russell 2000, IWM
-4.75% Healthcare DJ, IYH
-4.84% Oil, Crude, U.S. Oil Fund, USO
-4.85% Lg Cap Growth PSD, PWB
-4.89% Utilities SPDR, XLU
-4.94% Materials SPDR, XLB
-4.94% Micro Cap Zachs, PZI
-4.98% Energy Exploration & Prod, PXE
-5.01% Utilities H, UTH
-5.02% Technology MS sT, MTK
-5.08% Utilities VIPERs, VPU
-5.09% S&P 500 SPDRs LargeCap Blend, SPY
-5.10% Canada Index, EWC
-5.12% Natural Resource iS GS, IGE
-5.12% REIT Wilshire, RWR
-5.16% Energy Global, IXC
-5.17% Networking, PXQ
-5.18% Software, IGV
-5.22% Financial SPDR, XLF
-5.22% Value S&P 500, RPV
-5.26% Value MidCap Dynamic PS, PWP
-5.27% Utilities DJ, IDU
-5.31% MidCap Growth iS M, JKH
-5.35% Utilities, PUI
-5.38% Energy SPDR, XLE
-5.44% Biotech SPDR, XBI
-5.50% Developed 100 BLDRS, ADRD
-5.52% Pacific VIPERs, VPL
-5.52% Leisure & Entertainment, PEJ
-5.53% Technology SPDR, XLK
-5.55% European VIPERs, VGK
-5.57% Networking, IGN
-5.61% Germany Index, EWG
-5.65% EAFE Index, EFA
-5.70% IPOs, First Tr IPOX-100, FPX
-5.71% Austria Index, EWO
-5.73% Broadband H, BDH
-5.80% Value LargeCap Euro STOXX 50 DJ, FEU
-5.81% Europe 350 S&P Index, IEV
-5.84% United Kingdom Index, EWU
-5.86% SmallCap PS Zacks, PZJ
-5.87% Telecommunications & Wireless, PTE
-5.88% Building & Construction, PKB
-5.88% Nanotech Lux, PXN
-6.08% Euro STOXX 50, FEZ
-6.11% Singapore Index, EWS
-6.12% Growth EAFE MSCI, EFG
-6.17% Dividend International, PID
-6.21% Homebuilders SPDR, XHB
-6.24% Europe 100 BLDRS, ADRU
-6.25% Ultra Dow30 Double, DDM
-6.31% Italy Index, EWI
-6.34% EMU Europe Index, EZU
-6.38% Biotech & Genome, PBE
-6.46% Financials Global LargeCap Value, IXG
-6.50% Sweden Index, EWD
-6.51% Value EAFE MSCI, EFV
-6.63% China LargeCap Growth G D H USX PS, PGJ
-6.64% Biotech H, BBH
-6.67% France Index, EWQ
-6.88% China 25 iS, FXI
-6.91% Oil Services H, OIH
-6.97% Water Resources, PHO
-7.06% South Africa Index, EZA
-7.13% Asia 50 BLDRS, ADRA
-7.14% Software H, SWH
-7.44% Emerging 50 BLDRS, ADRE
-7.52% Emerging Markets, EEM
-7.60% WilderHill Clean Energy PS, PBW
-7.74% India Earnings WTree, EPI
-7.77% Belgium Index, EWK
-8.00% South Korea Index, EWY
-8.05% Netherlands Index, EWN
-8.16% Ultra S&P500 Double, SSO
-8.53% Emerging VIPERs, VWO
-8.62% Ultra MidCap400 Double, MVV
-8.76% Latin Am 40, ILF
-8.94% Oil & Gas, PXJ
-9.07% Mexico Index, EWW
-9.36% Ultra QQQ Double, QLD
-9.38% Hardware & Electronics, PHW
-9.79% Brazil Index, EWZ
-10.06% Pacific ex-Japan, EPP
-11.36% Internet B2B H, BHH
-12.17% Australia Index, EWA