by Robert W. Colby, Senior Analyst, TraderPlanet.com
Stock Market: indecision, a standoff of bullish and bearish forces. 4 consecutive Spinning Tops may mark a point of price trend change: from struggling higher while losing momentum to a retest of the lows.
Stocks have been consolidating losses over the past 24 calendar days, since the low on 10/10/08.
Price momentum has ground to a halt, and volume has dried up, both suggesting exhaustion of the consolidation phase.
Consolidations usually give way to continuation of the previous trend.
Dead-cat bounces are best viewed as selling opportunities when the Primary Tide Trend is Bearish.
Investors focus on capital preservation.
On Monday, major stock price indexes chopped up and down in a relatively narrow range and finished mixed and little changed. The Standard & Poor’s 500 cash index (966.30) closed down 2.45 points, or 0.25%. Total NYSE volume fell 29%, indicating diminished demand for stocks.
4 consecutive Spinning Tops may suggest an end of the 24-day consolidation phase. According to Japanese Candlestick Chart pattern recognition, a Spinning Top has shadows longer than its real body. The shade (white or black) of the real body is unimportant. Spinning Tops indicate indecision, a standoff of bullish and bearish forces. Several Spinning Tops together often mark a point of price trend change.
CATS remains Short. CATS Sold Short at the Open on Wednesday, 10/29/08. CATS Simulated Cumulative Equity rose to a another new all-time high on Wednesday. From 9/8/08 to 10/29/08, CATS Simulated Cumulative Equity soared by more than 81% to new all-time highs, assuming 50% margin and zero transaction costs. CATS is the Colby Algorithmic Timing System. (Click here for a graph of simulated performance.)
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
38.46% , CC , CIRCUIT CITY STR
1.99% , ELV , Value Large Cap DJ, ELV
33.54% , CAR , Avis Budget Group, Inc. (CAR)
57.75% , HIG , HARTFORD FINL
7.61% , ZION , ZIONS
14.93% , ABK , AMBAC FINL GRP
0.74% , DSV , Value Small Cap DJ, DSV
0.48% , PHJ , Dividend Growth PS, PHJ
2.40% , PTE , Telecommunications & Wireless, PTE
2.73% , PBE , Biotech & Genome, PBE
1.03% , ITF , Japan LargeCap Blend TOPIX 150, ITF
1.17% , IXJ , Healthcare Global, IXJ
1.71% , PUI , Utilities, PUI
1.94% , PZI , Micro Cap Zachs, PZI
14.02% , CTB , COOPER TIRE
1.29% , SDY , Dividend SPDR, SDY
0.75% , PBJ , Food & Beverage, PBJ
5.11% , CSC , COMPUTER SCIENCE
2.71% , XBI , Biotech SPDR, XBI
14.50% , LNC , LINCOLN NATL
4.86% , ATI , ALLEGHENY TECH
3.80% , X , US STEEL CORP
0.78% , PPA , Aerospace & Defense, PPA
0.52% , PIC , Insurance, PIC
0.29% , IYK , Consumer Non-Cyclical, IYK
0.56% , KLD , LargeCap Blend Socially Responsible iS, KLD
0.99% , RFV , Value MidCap S&P 400, RFV
7.71% , DTE , DTE ENERGY
5.38% , GT , GOODYEAR TIRE
0.22% , RPV , Value S&P 500, RPV
3.34% , NBR , NABORS
1.62% , ILF , Latin Am 40, ILF
2.19% , JKK , Growth SmallCap iS M, JKK
5.54% , LAMR , Lamar Advertising Company
2.78% , DSG , Growth Small Cap DJ, DSG
5.40% , EWA , Australia Index, EWA
0.25% , VPU , Utilities VIPERs, VPU
0.29% , PKB , Building & Construction, PKB
4.36% , NTAP , NETWK APPLIANCE
1.64% , IXG , Financials Global LargeCap Value, IXG
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-5.26% , BHH , Internet B2B H, BHH
-0.99% , PWO , OTC Dynamic PS, PWO
-8.28% , SIRI , Sirius Satellite
-3.18% , PEJ , Leisure & Entertainment, PEJ
-1.40% , IAH , Internet Architecture H, IAH
-3.71% , PXJ , Oil & Gas, PXJ
-3.10% , CEG , CONSTELL ENERGY
-6.21% , COST , COSTCO WHOLESAL
-0.65% , EWP , Spain Index, EWP
-3.26% , PXE , Energy Exploration & Prod, PXE
-2.90% , VC , VISTEON
-5.92% , UIS , UNISYS
-3.11% , VRSN , VeriSign Inc
-8.52% , TIF , TIFFANY
-6.26% , FLR , FLUOR
-6.53% , WFMI , Whole Foods Market Inc
-0.20% , IEF , Bond, 10 Year Treasury, IEF
-0.37% , VV , LargeCap VIPERs, VV
-1.15% , FDV , Value 40 Large Low P/E FT DB, FDV
-2.79% , SYY , SYSCO
-0.40% , IOO , Global 100, IOO
-2.42% , GM , GENERAL MOTORS
-1.39% , HHH , Internet H, HHH
-5.25% , SHLD , SEARS HOLDINGS
-7.23% , HAL , HALLIBURTON
-3.65% , NVDA , NVIDIA
-6.62% , NUE , NUCOR
-0.59% , IWR , MidCap Russell, IWR
-6.77% , HAS , HASBRO
-3.36% , DIS , WALT DISNEY
-0.18% , ELG , Growth Large Cap, ELG
-5.94% , THC , TENET HEALTHCARE
-0.76% , VGT , Info Tech VIPERs, VGT
-0.59% , IWZ , Growth LargeCap Russell 3000, IWZ
-1.72% , VIA , VIACOM INC. (New)
-0.48% , EFG , Growth EAFE MSCI, EFG
-0.54% , EWL , Switzerland Index, EWL
-0.35% , JKE , Growth LargeCap iS M, JKE
-0.59% , JKG , MidCap Blend Core iS M, JKG
-0.51% , ADRU , Europe 100 BLDRS, ADRU
Sectors: among the 9 major U.S. sectors, 4 rose and 4 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
1.53% Consumer Staples SPDR, XLP
1.04% Utilities SPDR, XLU
0.75% Health Care SPDR, XLV
0.58% Financial SPDR, XLF
0.00% Technology SPDR, XLK
-0.46% Materials SPDR, XLB
-1.71% Industrial SPDR, XLI
-2.87% Consumer Discretionary SPDR, XLY
-3.09% Energy SPDR, XLE
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 10/10/08, XLP/SPY Relative Strength Ratio rose to another new 5-year high, but XLP absolute price fell to a new 2-year low. All 9 sectors have lost in 2008, but XLP has lost least.
Health Care (XLV) Neutral, Market Weight. On 10/24/08, XLV/SPY Relative Strength Ratio rose to another new 4-year high. But on 10/10/08, XLV absolute price fell to a new 5-year low.
Utilities (XLU) Bearish, Underweight. On 10/10/08, the XLU absolute price fell to another new 2-year low.
Technology (XLK) Bearish, Underweight. On 10/24/08, the XLK absolute price fell to a new 5-year low.
Consumer Discretionary (XLY) Bearish, Underweight. On 10/24/08, XLY absolute price fell to its lowest level in 5 years.
Industrial (XLI) Bearish, Underweight. On 10/24/08, the XLI absolute price fell to a new 5-year low.
Energy (XLE) Bearish, Underweight. On 10/10/08, the XLE absolute price hit another new 18-month intraday low.
Materials (XLB) Bearish, Underweight. On 10/27/08, the XLB absolute price fell to a new 5-year low.
Financial (XLF) Bearish, Underweight. On 10/10/08, the XLF absolute price hit another new 10-year low. The XLF long-term trend of relative strength has been trending down since 2/20/07.
Foreign stock index EFA Relative Strength Ratio has sharply underperformed the S&P 500 since 11/27/07. EFA absolute price fell to a new 5-year low on 10/27/08 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 10/24/08, the absolute price made another new 5-year low, reconfirming long-term trend weakness.
NASDAQ 100 Index the intraday price hit a new 5-year low on 10/24/08.
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 December contract price fell below the closes of the 3 trading days–still looks weak. On 10/27/08, oil fell to a new low of 61.30 intraday. The short-term trend appears doubtful, while the intermediate-term trend remains clearly 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 has outperformed Crude Oil since 10/9/08.
Gold futures contract price consolidated with an Inside Day (lower high and higher low). Gold still appears Bearish for the short-term. Gold remains 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 down below the lows of the previous 9 trading days. Bonds appear Bearish for the short term and uncertain for the intermediate-term. Long term, Bonds have been in a neutral sideways trend since June 2003.
iShares iBoxx $ Invest Grade Corp Bond (LQD) ETF absolute price and LQD/TLT Relative Strength Ratio both fell to multi-year new lows on 10/10/08. Bond investors appear to be seriously concerned about the economic outlook.
iShares Lehman TIPS Bond (TIP) ETF Relative Strength suggests deflation. The TIP/TLT Relative Strength ratio has been in a persistent downtrend since 7/3/08.
The U.S. dollar broke above the high of the 3 trading days. The short-term trend appears to be firming again. The dollar just made a new 24-month high on 10/27/08, so the longer-term trend is still Bullish.
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 record high levels of volatility. Investors might be wise to focus on risk control.
Sentiment/Contrary Opinion: There were 23.1% Bulls versus 52.9% Bears as of 10/29/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.44, up from 0.41 the previous week. This is still 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 53.68, fell further below its 18-year high of 80.06, set on 10/27/08. The 18-year 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 56.22, fell further below its 7-year high of 79.16 set on 10/27/08. The record high was 114.23 on 10/8/98. The record 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 0.77, 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 1.21, 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 10/27/08, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their previous lowest closing prices of 2006-2008. These two Averages originally signaled a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
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.”
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 10/27/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 2-year 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 (966.30):
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
1238.807, Fibonacci 78.6% of 1,576.09 high
1,220.03, high of 9/25/2008
1,077.08, Fibonacci 61.8% of 2002-2007 upmove
1,044.31, high of 10/14/2008
985.44, high of 10/20/2008
984.38, high of 10/31/2008
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 (966.30):
Potential Support
941.43, Fibonacci 78.6% of 2002-2007 upmove
839.80, low of 10/10/2008
788.05, Fibonacci 50.0% of 1,576.09 high
768.63, low of 10/10/2002
602.07, Fibonacci 38.2% of 1,576.09 high
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
6.38% WilderHill Clean Energy PS, PBW
5.40% Australia Index, EWA
4.51% Telecom DJ US, IYZ
4.31% India Earnings WTree, EPI
4.27% Singapore Index, EWS
3.64% Malaysia Index, EWM
3.44% Value MidCap Dynamic PS, PWP
3.22% Pacific ex-Japan, EPP
3.20% Telecom H, TTH
3.00% Brazil Index, EWZ
2.78% Growth Small Cap DJ, DSG
2.78% Telecom Services VIPERs, VOX
2.73% Biotech & Genome, PBE
2.71% Biotech SPDR, XBI
2.58% Nanotech Lux, PXN
2.54% South Korea Index, EWY
2.49% Biotech H, BBH
2.40% Telecommunications & Wireless, PTE
2.19% Growth SmallCap iS M, JKK
2.03% Canada Index, EWC
1.99% Value Large Cap DJ, ELV
1.97% China LargeCap Growth G D H USX PS, PGJ
1.97% Water Resources, PHO
1.94% Pharmaceuticals, PJP
1.94% Micro Cap Zachs, PZI
1.92% Pacific VIPERs, VPL
1.84% Mexico Index, EWW
1.78% Telecommunications Global, IXP
1.71% Utilities, PUI
1.64% Financials Global LargeCap Value, IXG
1.62% Latin Am 40, ILF
1.53% Consumer Staples SPDR, XLP
1.46% Value SmallCap S&P 600, RZV
1.37% Ultra S&P500 Double, SSO
1.34% Dividend Leaders, FDL
1.31% Asia 50 BLDRS, ADRA
1.29% Dividend SPDR, SDY
1.23% Dividend International, PID
1.22% Microcap Russell, IWC
1.21% Software, IGV
1.21% Emerging 50 BLDRS, ADRE
1.20% Belgium Index, EWK
1.19% Growth Mid Cap Dynamic PS, PWJ
1.17% Healthcare Global, IXJ
1.16% Growth LargeCap NASDAQ Fidelity, ONEQ
1.15% China 25 iS, FXI
1.13% Austria Index, EWO
1.11% Software H, SWH
1.04% Utilities SPDR, XLU
1.03% Japan LargeCap Blend TOPIX 150, ITF
1.01% Software, PSJ
0.99% Value MidCap S&P 400, RFV
0.96% Short 200% S&P 500 PS, SDS
0.92% Sweden Index, EWD
0.90% SmallCap Core iS M, JKJ
0.85% Transportation Av DJ, IYT
0.84% Bond, TIPS, TIP
0.83% Short 200% MidCap 400 PS, MZZ
0.82% Ultra MidCap400 Double, MVV
0.79% Utilities H, UTH
0.78% Aerospace & Defense, PPA
0.75% Short 200% Dow 30 PS, DXD
0.75% Health Care SPDR, XLV
0.75% Food & Beverage, PBJ
0.74% Value Small Cap DJ, DSV
0.74% Growth MidCap 400 B, IJK
0.70% Dividend DJ Select, DVY
0.68% SmallCap PS Zacks, PZJ
0.67% Japan Index, EWJ
0.66% Dividend Achievers PS, PFM
0.64% Health Care VIPERs, VHT
0.63% Value SmallCap VIPERS, VBR
0.60% Value SmallCap Dynamic PS, PWY
0.58% Financial SPDR, XLF
0.58% Hong Kong Index, EWH
0.56% LargeCap Blend Socially Responsible iS, KLD
0.53% Value MidCap Russell, IWS
0.53% Ultra Dow30 Double, DDM
0.52% Insurance, PIC
0.49% Growth MidCap S&P 400, RFG
0.48% Dividend Growth PS, PHJ
0.47% LargeCap Blend NYSE Composite iS, NYC
0.46% Ultra QQQ Double, QLD
0.42% Silver Trust iS, SLV
0.40% EAFE Index, EFA
0.38% MidCap S&P 400 SPDRs, MDY
0.37% Developed 100 BLDRS, ADRD
0.36% Italy Index, EWI
0.35% Healthcare DJ, IYH
0.34% Global Titans, DGT
0.32% Financials VIPERs, VFH
0.32% Bond, Corp, LQD
0.29% S&P 500 SPDRs LargeCap Blend, SPY
0.29% Consumer Non-Cyclical, IYK
0.29% Building & Construction, PKB
0.28% Growth SmallCap VIPERs, VBK
0.26% Value 1000 Russell, IWD
0.25% Lg Cap Growth PSD, PWB
0.25% Utilities VIPERs, VPU
0.22% Metals & Mining SPDR, XME
0.22% Value S&P 500, RPV
0.22% Value SmallCap iS M, JKL
0.19% Value MidCap iS M, JKI
0.17% Financial DJ US, IYF
0.13% Financial Services DJ, IYG
0.13% SmallCap Russell 2000, IWM
0.12% Growth S&P 500, RPG
0.12% Emerging VIPERs, VWO
0.11% Growth SmallCap R 2000, IWO
0.10% Growth SmallCap Dynamic PS, PWT
0.09% Value LargeCap iS M, JKF
0.09% Extended Mkt VIPERs, VXF
0.09% Networking, PXQ
0.07% Value MidCap S&P 400 B, IJJ
0.06% Short 100% S&P 500, SH
0.05% MidCap Growth iS M, JKH
0.05% France Index, EWQ
0.05% Dividend Appreciation Vipers, VIG
0.04% Value LargeCap Russell 3000, IWW
0.04% Small Cap VIPERs, VB
0.04% Bank Regional H, RKH
0.04% Hardware & Electronics, PHW
0.04% Value SmallCap Russell 2000, IWN
0.03% LargeCap Blend S&P 1500 iS, ISI
0.02% Value Line Timeliness MidCap Gr, PIV
0.00% Technology SPDR, XLK
0.00% LargeCap Blend Dynamic PS, PWC
-0.02% Consumer Staples VIPERs, VDC
-0.02% Value S&P 500 B, IVE
-0.02% Basic Materials DJ US, IYM
-0.04% LargeCap Blend Core iS M, JKD
-0.06% MidCap VIPERs, VO
-0.07% Netherlands Index, EWN
-0.07% DIAMONDS (DJIA), DIA
-0.08% LargeCap Rydex Rus Top 50, XLG
-0.09% Utilities DJ, IDU
-0.11% LargeCap Blend Russell 3000, IWV
-0.13% Bond, 20+ Years Treasury, TLT
-0.13% Value SmallCap S&P 600 B, IJS
-0.15% Growth BARRA Small Cap 600, IJT
-0.15% LargeCap Blend S&P 100, OEF
-0.15% Short 200% QQQ PS, QID
-0.18% Growth Large Cap, ELG
-0.19% Semiconductors, PSI
-0.20% LargeCap Blend S&P=Weight R, RSP
-0.20% Bond, 10 Year Treasury, IEF
-0.21% Bond, 1-3 Year Treasury, SHY
-0.21% Growth LargeCap NASDAQ 100, QQQQ
-0.22% Dividend High Yield Equity PS, PEY
-0.23% MidCap S&P 400 iS, IJH
-0.24% Industrials VIPERs, VIS
-0.24% Semiconductor iS GS, IGW
-0.25% Value LargeCap NYSE 100 iS, NY
-0.25% LargeCap Blend Total Market DJ, IYY
-0.27% Short 100% QQQ, PSQ
-0.30% Capital Markets KWB ST, KCE
-0.30% Value LargeCap Fundamental RAFI 1000, PRF
-0.30% United Kingdom Index, EWU
-0.31% Industrial LargeCap Blend DJ US, IYJ
-0.33% Blend Total Market VIPERs, VTI
-0.34% Gold Shares S.T., GLD
-0.34% Taiwan Index, EWT
-0.35% Growth LargeCap iS M, JKE
-0.37% LargeCap VIPERs, VV
-0.38% Europe 350 S&P Index, IEV
-0.38% Growth MidCap Russell, IWP
-0.40% Global 100, IOO
-0.40% S&P 500 iS LargeCap Blend, IVV
-0.41% Semiconductor SPDR, XSD
-0.43% Value VIPERs, VTV
-0.45% Pharmaceutical H, PPH
-0.46% Materials SPDR, XLB
-0.48% Growth EAFE MSCI, EFG
-0.51% Europe 100 BLDRS, ADRU
-0.54% Value EAFE MSCI, EFV
-0.54% Switzerland Index, EWL
-0.59% Growth LargeCap Russell 3000, IWZ
-0.59% MidCap Russell, IWR
-0.59% MidCap Blend Core iS M, JKG
-0.61% Growth VIPERs, VUG
-0.61% Wilshire 5000 ST TM, TMW
-0.61% Consumer Cyclical DJ, IYC
-0.65% Spain Index, EWP
-0.66% IPOs, First Tr IPOX-100, FPX
-0.66% Value LargeCap Dynamic PS, PWV
-0.67% Technology MS sT, MTK
-0.67% SmallCap S&P 600, IJR
-0.67% Technology GS, IGM
-0.70% European VIPERs, VGK
-0.72% LargeCap 1000 R, IWB
-0.73% Materials VIPERs, VAW
-0.73% Technology DJ US, IYW
-0.76% Broadband H, BDH
-0.76% Info Tech VIPERs, VGT
-0.77% EMU Europe Index, EZU
-0.88% Value LargeCap Euro STOXX 50 DJ, FEU
-0.90% Growth 1000 Russell, IWF
-0.90% Emerging Markets, EEM
-0.91% Networking, IGN
-0.99% OTC Dynamic PS, PWO
-1.03% Short 100% Dow 30, DOG
-1.05% Technology Global, IXN
-1.08% Growth S&P 500/BARRA, IVW
-1.10% Commodity Tracking, DBC
-1.13% Retail H, RTH
-1.15% Value 40 Large Low P/E FT DB, FDV
-1.16% South Africa Index, EZA
-1.39% Internet H, HHH
-1.39% Short 100% MidCap 400, MYY
-1.40% Internet Architecture H, IAH
-1.57% Consumer D. VIPERs, VCR
-1.64% Euro STOXX 50, FEZ
-1.71% Industrial SPDR, XLI
-2.00% Bond, Aggregate, AGG
-2.11% Germany Index, EWG
-2.20% Energy VIPERs, VDE
-2.20% Retail, PMR
-2.28% Energy Global, IXC
-2.28% Homebuilders SPDR, XHB
-2.65% Semiconductor H, SMH
-2.82% Energy DJ, IYE
-2.84% Natural Resource iS GS, IGE
-2.87% Consumer Discretionary SPDR, XLY
-3.09% Energy SPDR, XLE
-3.18% Leisure & Entertainment, PEJ
-3.26% Energy Exploration & Prod, PXE
-3.28% REIT VIPERs, VNQ
-3.64% Real Estate US DJ, IYR
-3.71% Oil & Gas, PXJ
-4.29% Internet Infrastructure H, IIH
-4.65% REIT Wilshire, RWR
-4.79% Realty Cohen & Steers, ICF
-4.91% Oil Services H, OIH
-5.26% Internet B2B H, BHH
-5.58% Oil, Crude, U.S. Oil Fund, USO
