Daily Stock Market Commentary – 10-09-08

Stock Market: the worst 6-day period since the Crash of ’87.

S&P 500 fell 15.55% over the past 6 trading days–down every day.

S&P 500 has now retraced 75% of its entire upmove from 2002 to 2007.

Normally, the markets would be considered extremely oversold—but these are not normal conditions.

Apparently, Shock and Fear still rule the markets.

On Wednesday , major stock price indexes opened lower, tried to rally a couple of times, only to give up the ghost in the final 35 minutes. Stock prices closed down for the 6th consecutive trading session. The Standard & Poor’s 500 cash index (984.94) closed down 11.29 points, or 1.13%, making a new 5-year low and reconfirming Bearish trends in all time frames. The Dow-Jones Industrial Average (9,258.10) closed down 189.01 points, or 2.00%, making a new 5-year low and reconfirming Bearish trends in all time frames. Total NYSE volume rose 25%.

Quote of the Day: “The core problem is that the smart people are realizing that the banking system is broken,” said Carl B. Weinberg, chief economist at High Frequency Economics, http://www.nytimes.com/2008/10/09/business/economy/09econ.html?pagewanted=2&hp
What? “The smart people are [just now] realizing…”? What have these “smart people” been reading? Here is what I wrote here one year ago today: “Financial (XLF) Bearish, Underweight. The long-term trend of relative strength has been trending down since 2/20/07.” The Bearish financial sector is very old news.

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. 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
8.63% , AYE , ALLEGHENY ENERGY
7.44% , DISH , EchoStar Communications Corporation
13.36% , DYN , DYNEGY
14.83% , NEM , NEWMONT MINING
7.05% , ATI , ALLEGHENY TECH
9.79% , MON , MONSANTO
5.32% , CTXS , CITRIX SYSTEMS
6.49% , LAMR , Lamar Advertising Company
8.27% , AOC , AON
7.90% , BK , BANK OF NEW YORK
8.76% , RHT , Red Hat Inc.
5.34% , HOLX , Hologic, Inc., HOLX
4.84% , PLL , PALL
3.23% , XLB , Materials SPDR, XLB
4.68% , WOR , WORTHINGTON INDS
9.14% , STT , STATE STREET
8.81% , XTO , XTO ENERGY INC
5.12% , IGT , INTL GAME TECH
3.48% , AW , ALLIED WASTE IND
3.94% , NOV , NATIONAL OILWELL VARC0
3.20% , DLTR , Dollar Tree Stores Inc
4.37% , FDO , FAMILY DLR STRS
4.08% , X , US STEEL CORP
5.45% , CBE , COOPER INDS STK A
4.23% , HAS , HASBRO
4.62% , NUE , NUCOR
5.53% , DE , DEERE & CO
5.31% , SDS , Short 200% S&P 500 PS, SDS
4.48% , TDC , Teradata Corporation, TDC
0.97% , IGV , Software, IGV
5.49% , NOVL , NOVELL
10.11% , FCX , FREEPRT MCMORAN STK B
3.13% , SIAL , SIGMA ALDRICH
4.63% , RIMM , RESEARCH IN MOTION LTD
2.46% , GLD , Gold Shares S.T., GLD
3.09% , EBAY , EBAY
1.89% , XLE , Energy SPDR, XLE
3.16% , IAU , Gold COMEX iS, IAU
1.12% , PXN , Nanotech Lux, PXN
4.25% , WFC , WELLS FARGO

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-27.67% , XL , XL CAPITAL STK A
-4.72% , IIH , Internet Infrastructure H, IIH
-26.77% , MET , METLIFE
-21.18% , ALL , ALLSTATE
-9.66% , MBI , MBIA
-3.44% , TBH , Telebras HOLDRS, TBH*
-11.97% , AA , ALCOA
-20.68% , SSCC , Smurfit-Stone Container Corporation
-15.17% , KEY , KEYCORP
-4.62% , PIC , Insurance, PIC
-19.81% , PFG , PRINCIPAL FINL
-9.63% , GRMN , GARMIN LTD
-8.52% , HMA , HEALTH MGMT STK A
-18.81% , ODP , OFFICE DEPOT
-2.30% , PEJ , Leisure & Entertainment, PEJ
-8.93% , AMP , Ameriprise Financial Inc.
-7.03% , BAC , BANK OF AMERICA
-5.88% , NIHD , NII Holdings, Inc.
-9.90% , ACE , ACE
-8.90% , F , FORD MOTOR
-10.14% , BSX , BOSTON SCIENT
-5.62% , PBW , WilderHill Clean Energy PS, PBW
-12.96% , LM , LEGG MASON
-4.93% , CR , CRANE
-8.60% , CI , CIGNA
-5.85% , KG , KING PHARM
-6.89% , MV , METAVANTE TECHNOLOGIES, MV
-9.27% , MYL , MYLAN LABS
-3.40% , CVG , CONVERGYS
-3.37% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-17.54% , L , LOEWS
-1.50% , ADRD , Developed 100 BLDRS, ADRD
-1.83% , PBJ , Food & Beverage, PBJ
-2.28% , RPV , Value S&P 500, RPV
-6.93% , EWY , South Korea Index, EWY
-5.11% , XLNX , XILINX
-7.01% , EFX , EQUIFAX
-4.94% , FDX , FEDEX
-7.96% , DLX , DELUXE
-1.38% , RFV , Value MidCap S&P 400, RFV

Sectors: among the 9 major U.S. sectors, 2 rose and 7 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
3.23% Materials SPDR, XLB
1.89% Energy SPDR, XLE
-0.90% Technology SPDR, XLK
-1.53% Industrial SPDR, XLI
-1.74% Utilities SPDR, XLU
-1.80% Health Care SPDR, XLV
-1.95% Consumer Discretionary SPDR, XLY
-2.73% Consumer Staples SPDR, XLP
-4.02% 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 10/7/08, 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 10/8/08, the XLV/SPY Relative Strength Ratio moved up to another new 4-year high, reconfirming a long-term uptrend.

Utilities (XLU) Bearish, Underweight. On 10/8/08, the XLU absolute price fell to another new 2-year low, reconfirming 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 10/8/08, XLY absolute price fell to its lowest level in 5 years, reconfirming long-term trend weakness. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.

Industrial (XLI) Bearish, Underweight. On 10/8/08, the XLI absolute price hit another new 58-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.

Energy (XLE) Bearish, Underweight. On 10/8/08, the XLE absolute price touched another new 18-month intraday low, indicating significant trend weakness.

Technology (XLK) Bearish, Underweight. On 10/8/08, the XLK absolute price fell to another new 41-month low, reconfirming long-term trend weakness.

Materials (XLB) Bearish, Underweight. On 10/8/08, the XLB absolute price touched another new 26-month intraday low, indicating significant trend weakness.

Financial (XLF) Bearish, Underweight. On 10/8/08, the XLF absolute price hit another new 10-year low, reconfirming long-term trend weakness. The long-term trend of relative strength has been trending down since 2/20/07.

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 10/8/08 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 10/8/08, absolute price broke down to another new 3-year low, reconfirming 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 10/8/08, reconfirming long-term trend weakness.

Growth Stock/Value Stock Relative Strength Ratio has been trending down since it peaked on 7/15/08.

The Small Cap/Large Cap Relative Strength Ratio has been trending down since it peaked on 9/19/08.

Crude Oil futures November contract price hit new 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 rose 3 days in a row. 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 suffered a Bearish Key Reversal Outside Day, which is Bearish for the short term. 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 15-month closing price low on 10/8/08, implying deflation. All trends remain Bearish.

The U.S. dollar appears to be consolidating, short-term. Most trends remain 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 25.3% Bulls versus 53.0% Bears as of 10/8/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.48, down from 0.71 the previous week. This is an extreme level of pessimism. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47. Contrary Opinion must be tempered with other timing tools, of course.

VIX Fear Index, now at 57.53, broke out to a new all-time high. 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 63.27, broke out to a new 7-year high. 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 0.86, 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 1.05, 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 10/8/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 24-month lows, reconfirming 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 (984.94):

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 (984.94):

Potential Support
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

5.96% Short 200% Dow 30 PS, DXD
5.31% Short 200% S&P 500 PS, SDS
4.38% Growth S&P 500, RPG
3.82% South Africa Index, EZA
3.23% Materials SPDR, XLB
2.48% Materials VIPERs, VAW
2.47% Canada Index, EWC
2.46% Gold Shares S.T., GLD
1.99% Short 100% Dow 30, DOG
1.89% Energy SPDR, XLE
1.64% Short 100% S&P 500, SH
1.59% Hong Kong Index, EWH
1.58% Short 200% MidCap 400 PS, MZZ
1.52% Networking, PXQ
1.50% Short 200% QQQ PS, QID
1.45% Commodity Tracking, DBC
1.22% Metals & Mining SPDR, XME
1.22% Basic Materials DJ US, IYM
1.14% Silver Trust iS, SLV
1.13% Biotech SPDR, XBI
1.12% Nanotech Lux, PXN
1.04% Retail, PMR
1.01% Internet H, HHH
0.97% Software, IGV
0.96% Growth Mid Cap Dynamic PS, PWJ
0.93% Broadband H, BDH
0.86% Biotech H, BBH
0.81% Energy DJ, IYE
0.72% Oil Services H, OIH
0.68% Short 100% MidCap 400, MYY
0.68% Natural Resource iS GS, IGE
0.63% Energy VIPERs, VDE
0.62% Semiconductor H, SMH
0.60% India Earnings WTree, EPI
0.57% Software H, SWH
0.56% Value MidCap Dynamic PS, PWP
0.40% MidCap Growth iS M, JKH
0.31% SmallCap PS Zacks, PZJ
0.25% IPOs, First Tr IPOX-100, FPX
0.17% Lg Cap Growth PSD, PWB
0.11% Energy Global, IXC
0.05% Technology MS sT, MTK
0.05% LargeCap Rydex Rus Top 50, XLG
0.00% Software, PSJ
0.00% Internet B2B H, BHH
0.00% Emerging Markets, EEM
-0.07% Transportation Av DJ, IYT
-0.08% Short 100% QQQ, PSQ
-0.09% Growth LargeCap iS M, JKE
-0.17% Internet Architecture H, IAH
-0.17% Growth MidCap Russell, IWP
-0.24% Semiconductor iS GS, IGW
-0.25% Growth 1000 Russell, IWF
-0.25% Malaysia Index, EWM
-0.26% Emerging VIPERs, VWO
-0.28% Growth SmallCap iS M, JKK
-0.32% Oil, Crude, U.S. Oil Fund, USO
-0.34% Aerospace & Defense, PPA
-0.35% Industrial LargeCap Blend DJ US, IYJ
-0.43% Bond, 1-3 Year Treasury, SHY
-0.45% Growth LargeCap Russell 3000, IWZ
-0.47% Technology GS, IGM
-0.48% Semiconductor SPDR, XSD
-0.52% Networking, IGN
-0.55% Dividend Leaders, FDL
-0.61% Dividend Growth PS, PHJ
-0.66% Pharmaceutical H, PPH
-0.66% Emerging 50 BLDRS, ADRE
-0.69% Industrials VIPERs, VIS
-0.72% Bond, Corp, LQD
-0.73% Technology DJ US, IYW
-0.80% Sweden Index, EWD
-0.80% Growth LargeCap NASDAQ 100, QQQQ
-0.83% Info Tech VIPERs, VGT
-0.83% MidCap S&P 400 SPDRs, MDY
-0.85% LargeCap Blend S&P=Weight R, RSP
-0.86% Consumer Cyclical DJ, IYC
-0.88% Growth S&P 500/BARRA, IVW
-0.90% Technology SPDR, XLK
-0.91% Retail H, RTH
-0.92% OTC Dynamic PS, PWO
-0.96% LargeCap Blend Russell 3000, IWV
-0.97% Growth MidCap 400 B, IJK
-0.99% MidCap VIPERs, VO
-1.01% Healthcare Global, IXJ
-1.01% LargeCap VIPERs, VV
-1.02% Utilities, PUI
-1.02% China 25 iS, FXI
-1.02% Europe 350 S&P Index, IEV
-1.06% LargeCap Blend Dynamic PS, PWC
-1.07% Growth Large Cap, ELG
-1.09% Value LargeCap Russell 3000, IWW
-1.14% Global 100, IOO
-1.21% Growth VIPERs, VUG
-1.22% SmallCap Core iS M, JKJ
-1.22% Realty Cohen & Steers, ICF
-1.25% LargeCap Blend Core iS M, JKD
-1.28% Taiwan Index, EWT
-1.28% Bond, 10 Year Treasury, IEF
-1.32% Value Line Timeliness MidCap Gr, PIV
-1.33% Value MidCap S&P 400 B, IJJ
-1.34% Healthcare DJ, IYH
-1.34% LargeCap Blend NYSE Composite iS, NYC
-1.36% Growth SmallCap Dynamic PS, PWT
-1.38% Value MidCap S&P 400, RFV
-1.38% REIT VIPERs, VNQ
-1.38% Switzerland Index, EWL
-1.40% Ultra MidCap400 Double, MVV
-1.41% Bank Regional H, RKH
-1.43% Europe 100 BLDRS, ADRU
-1.43% Health Care VIPERs, VHT
-1.44% Bond, 20+ Years Treasury, TLT
-1.44% Consumer D. VIPERs, VCR
-1.45% Consumer Non-Cyclical, IYK
-1.45% Technology Global, IXN
-1.46% LargeCap 1000 R, IWB
-1.50% Developed 100 BLDRS, ADRD
-1.52% China LargeCap Growth G D H USX PS, PGJ
-1.52% LargeCap Blend S&P 100, OEF
-1.53% Industrial SPDR, XLI
-1.58% Value S&P 500 B, IVE
-1.60% Oil & Gas, PXJ
-1.63% Growth MidCap S&P 400, RFG
-1.64% MidCap Blend Core iS M, JKG
-1.65% Value Large Cap DJ, ELV
-1.65% Dividend Appreciation Vipers, VIG
-1.66% Utilities DJ, IDU
-1.67% Latin Am 40, ILF
-1.67% Growth EAFE MSCI, EFG
-1.67% Extended Mkt VIPERs, VXF
-1.67% Real Estate US DJ, IYR
-1.70% Semiconductors, PSI
-1.70% LargeCap Blend Total Market DJ, IYY
-1.71% LargeCap Blend S&P 1500 iS, ISI
-1.71% MidCap Russell, IWR
-1.72% Growth Small Cap DJ, DSG
-1.72% Growth SmallCap VIPERs, VBK
-1.74% Utilities SPDR, XLU
-1.75% Growth LargeCap NASDAQ Fidelity, ONEQ
-1.79% Consumer Staples VIPERs, VDC
-1.79% REIT Wilshire, RWR
-1.80% Health Care SPDR, XLV
-1.80% Biotech & Genome, PBE
-1.81% Value LargeCap Fundamental RAFI 1000, PRF
-1.82% Value LargeCap Dynamic PS, PWV
-1.83% Food & Beverage, PBJ
-1.84% Microcap Russell, IWC
-1.89% Energy Exploration & Prod, PXE
-1.91% Building & Construction, PKB
-1.91% Blend Total Market VIPERs, VTI
-1.95% Consumer Discretionary SPDR, XLY
-1.97% Growth BARRA Small Cap 600, IJT
-1.98% Value 1000 Russell, IWD
-2.01% Bond, Aggregate, AGG
-2.01% S&P 500 iS LargeCap Blend, IVV
-2.06% Telecommunications Global, IXP
-2.11% SmallCap S&P 600, IJR
-2.13% EMU Europe Index, EZU
-2.16% Small Cap VIPERs, VB
-2.20% Value 40 Large Low P/E FT DB, FDV
-2.20% Value SmallCap iS M, JKL
-2.20% Spain Index, EWP
-2.23% Value SmallCap Russell 2000, IWN
-2.24% EAFE Index, EFA
-2.25% Value SmallCap Dynamic PS, PWY
-2.28% Growth SmallCap R 2000, IWO
-2.28% Value S&P 500, RPV
-2.29% LargeCap Blend Socially Responsible iS, KLD
-2.29% Value SmallCap S&P 600 B, IJS
-2.30% Leisure & Entertainment, PEJ
-2.32% MidCap S&P 400 iS, IJH
-2.34% United Kingdom Index, EWU
-2.39% Value Small Cap DJ, DSV
-2.40% European VIPERs, VGK
-2.40% SmallCap Russell 2000, IWM
-2.41% Utilities VIPERs, VPU
-2.43% Dividend SPDR, SDY
-2.44% Water Resources, PHO
-2.47% Homebuilders SPDR, XHB
-2.50% Euro STOXX 50, FEZ
-2.52% S&P 500 SPDRs LargeCap Blend, SPY
-2.55% Ultra QQQ Double, QLD
-2.58% Financial Services DJ, IYG
-2.60% Dividend Achievers PS, PFM
-2.63% Singapore Index, EWS
-2.71% Capital Markets KWB ST, KCE
-2.71% Value SmallCap VIPERS, VBR
-2.73% Consumer Staples SPDR, XLP
-2.76% Value VIPERs, VTV
-2.76% France Index, EWQ
-2.78% Value EAFE MSCI, EFV
-2.80% Japan LargeCap Blend TOPIX 150, ITF
-2.83% Value LargeCap iS M, JKF
-2.87% Mexico Index, EWW
-2.88% Financials Global LargeCap Value, IXG
-2.92% Italy Index, EWI
-2.95% Bond, TIPS, TIP
-2.99% Dividend International, PID
-3.03% Germany Index, EWG
-3.06% Dividend High Yield Equity PS, PEY
-3.09% Value MidCap iS M, JKI
-3.15% Utilities H, UTH
-3.19% Value MidCap Russell, IWS
-3.25% Asia 50 BLDRS, ADRA
-3.27% Brazil Index, EWZ
-3.29% Micro Cap Zachs, PZI
-3.31% Dividend DJ Select, DVY
-3.35% Telecommunications & Wireless, PTE
-3.37% Value LargeCap Euro STOXX 50 DJ, FEU
-3.40% Pacific VIPERs, VPL
-3.53% Value LargeCap NYSE 100 iS, NY
-3.63% Financials VIPERs, VFH
-3.69% Japan Index, EWJ
-3.75% Pharmaceuticals, PJP
-3.80% Telecom H, TTH
-3.81% Global Titans, DGT
-3.85% Value SmallCap S&P 600, RZV
-3.86% DIAMONDS (DJIA), DIA
-3.98% Financial DJ US, IYF
-4.02% Financial SPDR, XLF
-4.04% Telecom Services VIPERs, VOX
-4.13% Ultra S&P500 Double, SSO
-4.28% Belgium Index, EWK
-4.62% Telecom DJ US, IYZ
-4.62% Insurance, PIC
-4.71% Hardware & Electronics, PHW
-4.72% Internet Infrastructure H, IIH
-4.78% Netherlands Index, EWN
-4.92% Pacific ex-Japan, EPP
-5.14% Wilshire 5000 ST TM, TMW
-5.62% WilderHill Clean Energy PS, PBW
-6.23% Australia Index, EWA
-6.70% Ultra Dow30 Double, DDM
-6.90% Austria Index, EWO
-6.93% South Korea Index, EWY