By Robert W. Colby, Senior Analyst TraderPlanet.com
Short-term stock index price momentum rolling downward. News-related volatility just ahead.
But seasonal tendencies are still Bullish for the current week.
CRB commodity price index broke down to a new 2-week low.
Gold June futures broke down to a new 3-month low.
Gold Miners / Gold Bullion Relative Strength Ratio fell to another new low.
There could be news-related volatility this week. Q1 GDP, FOMC policy, payrolls/employment, and earnings reports are all wild cards to be dealt to an already uncertain market. Day to day, the stock market has been quite reactive to the news, rumors, and “reports” of the day, which certainly have been plentiful, although not always accurate. These “reports” strike at any unpredictable moment, like bolts out of the blue, disrupting trends and making short-term trading risky. In such a shifty market, short-term traders need to be nimble, be quick, and control risk. Investors need to be cautious and risk averse.
The 3-month highs on 4/28/08 could yet prove to be a Bull Trap. The recent 14-week correction/consolidation phase may be nothing more than a Secondary Reaction Continuation Pattern within the context of a Primary Bearish Trend. Preexisting Primary Trends tend to resume after such Secondary Reactions run their course.
The main technical trend for the broad-based stock price indexes may still be down. From time to time, serious fundamental worries seem to be temporarily displaced by hopes that the worst of the credit crisis might be over, or hopes for some kind of a rescue, from the Fed, the government, or big investors. The Wall Street pendulum swings from hope to fear–just as it always has.
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
0.87% , PEJ , Leisure & Entertainment, PEJ
12.03% , MV , METAVANTE TECHNOLOGIES, MV
6.86% , WPI , WATSON PHARM
0.50% , FPX , IPOs, First Tr IPOX-100, FPX
8.70% , ODP , OFFICE DEPOT
7.09% , LVLT , LEVEL 3 COMMUNICATIONS
3.54% , TMK , TORCHMARK
3.31% , GLW , CORNING
5.66% , FMCN , Focus Media, FMCN
1.12% , TTH , Telecom H, TTH
2.89% , ASH , ASHLAND
2.76% , SLE , SARA LEE
2.42% , CVX , CHEVRONTEXACO
5.71% , MOT , MOTOROLA
3.62% , ABT , ABBOTT LABS
4.49% , KR , KROGER
4.67% , Q , QWEST COMMUNICAT
0.80% , IYT , Transportation Av DJ, IYT
5.82% , SWY , SAFEWAY
3.52% , YHOO , YAHOO
1.65% , UNP , UNION PACIFIC
0.73% , FHN , FIRST TENNESSEE
2.86% , JWN , NORDSTROM
2.98% , CTSH , Cognizant Technology Solutions
2.74% , SNPS , Synopsys Inc
4.18% , MCHP , Microchip Technology Incorporated
2.50% , HOLX , Hologic, Inc., HOLX
3.28% , GCI , GANNETT
2.18% , RHT , Red Hat Inc.
2.93% , CBS , CBS CORP.
3.24% , DISCA , Discovery Holding Co.
1.05% , PMR , Retail, PMR
3.79% , LEN , Lennar Corp. (LEN)
1.35% , IGN , Networking, IGN
5.46% , SVU , SUPERVALU
3.18% , DOV , DOVER
1.59% , TYC , TYCO INTL
2.28% , MHP , MCGRAW HILL
1.45% , AEP , AM ELEC POWER
4.56% , URBN , Urban Outfitters Inc.
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol , Name
-10.38% , MRK , MERCK & CO
-0.61% , DSG , Growth Small Cap DJ, DSG
-9.07% , MON , MONSANTO
-0.87% , ADRD , Developed 100 BLDRS, ADRD
-0.78% , EWN , Netherlands Index, EWN
-3.38% , BBH , Biotech H, BBH
-5.16% , BIIB , BIOGEN IDEC
-4.62% , CVG , CONVERGYS
-6.08% , DE , DEERE & CO
-4.93% , MO , ALTRIA GROUP
-3.84% , PNW , PINNACLE WEST
-5.33% , MAS , MASCO
-1.03% , EWG , Germany Index, EWG
-0.66% , PUI , Utilities, PUI
-3.88% , ADM , ARCHER DANIELS
-2.16% , RAI , RJR TOBACCO HLDS
-2.41% , DBC , Commodity Tracking, DBC
-1.10% , PKB , Building & Construction, PKB
-3.42% , ILF , Latin Am 40, ILF
-7.34% , TIN , TEMPLE INLAND
-4.27% , MHS , MEDCO HEALTH
-3.87% , AES , AES
-0.95% , EWQ , France Index, EWQ
-3.21% , OIH , Oil Services H, OIH
-0.67% , IDU , Utilities DJ, IDU
-0.79% , KLD , LargeCap Blend Socially Responsible iS, KLD
-1.61% , IYE , Energy DJ, IYE
-3.50% , NYT , NY TIMES STK A
-4.43% , UIS , UNISYS
-1.02% , MVV , Ultra MidCap400 Double, MVV
-4.05% , PCL , PLUM CREEK TIMB
-3.89% , HAL , HALLIBURTON
-2.08% , PLL , PALL
-4.24% , EOG , EOG RESOURCES
-2.53% , LLY , ELI LILLY
-3.25% , IYM , Basic Materials DJ US, IYM
-4.36% , XTO , XTO ENERGY INC
-1.20% , EWP , Spain Index, EWP
-2.14% , GLD , Gold Shares S.T., GLD
-2.25% , XLE , Energy SPDR, XLE
Sectors: among the 9 major U.S. sectors, 4 rose and 5 fell.
Major Sectors Ranked for the Day
% Price Change Sector
0.96% Technology SPDR, XLK
0.80% Consumer Discretionary SPDR, XLY
0.48% Utilities SPDR, XLU
0.11% Consumer Staples SPDR, XLP
-0.93% Industrial SPDR, XLI
-1.09% Health Care SPDR, XLV
-1.22% Financial SPDR, XLF
-2.25% Energy SPDR, XLE
-3.30% Materials SPDR, XLB
Energy (XLE) Neutral, Market Weight. On 4/22/08, both the XLE price close and the XLE/SPY Relative Strength Ratio rose to new all-time highs, again confirming a major uptrend.
Materials (XLB) Neutral, Market Weight. On 4/16/08, both the XLB price and the XLB/SPY Relative Strength Ratio rose to new all-time highs, confirming a major uptrend.
Consumer Staples (XLP) Neutral, Market Weight. On 4/25/08, the XLP/SPY Relative Strength Ratio fell to a new 8-week low, confirming a corrective intermediate-term trend.
Industrial (XLI) Neutral, Market Weight. On 4/17/08, the XLI/SPY Relative Strength Ratio fell to a new 7-week low, confirming a corrective intermediate-term trend.
Utilities (XLU) Neutral, Market Weight. The XLU/SPY Relative Strength Ratio has been in a moderately rising trend since 3/25/08, and so Utilities have improved somewhat in these rankings.
Technology (XLK) Neutral, Market Weight. On 4/24/08, the XLK/SPY Relative Strength Ratio rose to a new 3-month high, signaling an improving intermediate-term trend.
Consumer Discretionary (XLY) Bearish, Underweight. On 4/16/08, the XLY/SPY Relative Strength Ratio fell to a new 13-week low, suggesting renewed weakness. On 1/11/08, the XLY/SPY Relative Strength Ratio fell to a new 6-year low, confirming a major downtrend.
Health Care (XLV) Bearish, Underweight. On 4/22/08, the XLV/SPY Relative Strength Ratio fell to a new 6-year low, again confirming the existing Primary Bearish trend.
Financial (XLF) Bearish, Underweight. On 3/17/08, both absolute price and the XLF/SPY Relative Strength Ratio fell to their lowest levels in nearly 5-years, again confirming a major Bearish trend.
Foreign stock indexes have shown in line relative strength in recent weeks. Intermediate term, the EFA (the EAFE, international developed country stock markets, ex the U.S. and Canada) has underperformed since 11/27/07.
NASDAQ Composite price underperformed since 11/7/07. The Minor Ripple trend has improved only slightly since 3/3/08 and appears questionable at best. On 3/3/08, Relative Strength fell to a new 9-month low, confirming a significant downtrend.
Growth Stock/Value Stock Relative Strength Ratio has been in an uptrend for the intermediate term, since 2/1/08. Long term, the Growth/Value ratio (IWF/IWD) has been in an uptrend since 8/8/06.
The Small Cap/Large Cap Relative Strength Ratio broke down to a new 2.5-year low on 1/11/08. It has been trending down since 4/19/06. The main long-term trend is Relatively Bearish for Small Caps.
Crude Oil June futures broke below Monday’s low. Technically, trends are still Bullish in all timeframes. 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 underperformed Crude Oil since 12/10/07.
Gold June futures broke down to a new 3-month low, confirming a serious Secondary Reaction. Gold has been in a downside correction since 3/17/08. Longer term, the 7-year trend is still Bullish.
Silver sharply underperformed Gold since 3/5/08. In addition, iShares Silver Trust (AMEX: SLV) has been relatively weak compared to Gold longer term, since 12/7/06. Finally, for the past 28 years, since 1/2/80, Silver has underperformed Gold.
The Gold Miners ETF (GDX) / Gold Bullion Relative Strength Ratio fell to another new low on 4/29/08. Longer-term, GDX significantly underperformed Gold since 10/31/07. Therefore, GDX trends are Bearish relative to Gold itself.
U.S. Treasury Bond prices rose above the highest intraday highs of the previous 3 trading days. This suggests some relief from selling pressure for the very short term, but bonds still could be in a Secondary Reaction, intermediate-term downside correction phase. Bond prices benefit from fears of financial crisis, and they correct to the downside when financial crisis takes a back seat to some other news of the day.
The U.S. dollar has been consolidating losses since its low on 3/17/08. The minor trend may appear uncertain, but the major trend of the dollar is down.
The Art of Contrary Thinking: Traders need to be extremely nimble to keep up with rapid changes in the mass mood of late. The business and financial news has flipped from fear to hope and back again many times in recent weeks, creating an extremely choppy trading environment. Investors’ moods and stock volatility have jumped up and down abruptly with the latest “reports”. When mass psychology shifts so dramatically and unpredictably from hope to fear, without warning, risk control becomes more important than aggressive profit seeking. Stay flexible.
Sentiment/Contrary Opinion: There were 39.1% Bulls versus 35.6% Bears as of 4/23/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio rose to 1.10, up from 0.97 the previous week. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47.
VIX “Fear Index”, now at 20.24, is low by Bear Market standards (around 20 to 40) but relatively high by Bull Market standards (around 10 to 20). Longer term, VIX has been in a rising trend since it hit a 13-year low of 9.89 on 1/24/07. The all-time high was 45.74 on 10/8/98. 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 23.87, is low by Bear Market standards (around 35 to 80) but relatively high by Bull Market standards (around 12 to 26). Longer term, VXN has been in a rising trend since it hit its all-time low of 12.61 on 7/29/05. The all-time high was 114.23 on 10/8/98. VXN measures Nasdaq Volatility using a method comparable to that used for VIX.
CBOE Put/Call Ratio is 0.83, which indicates moderately Bearish sentiment. Its 4-year simple moving average and median are 0.62, and its 4-year range is 0.35 to 1.28.
ISEE Call/Put Ratio is 1.55, which indicates relatively neutral sentiment. The ratio’s 4-year simple moving average is 1.50, 4-year median is 1.47, and 4-year range is 0.51 to 3.04.
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 been weakening.
A Secondary Reaction was signaled on 4/18/28, when the Dow-Jones Industrials and Transports both closed at 3-month highs. But the Primary Tide Major Trend may still be Bearish. The Dow Theory confirmed a Primary Bear Market on 11/21/07 when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their respective closing price lows of August, 2007. On 11/7/07, the Transports closed below their 8/16/07 closing price low of 4,671.88. Then on 11/21/07, the Dow-Jones Industrial Average closed below its 8/16/07 closing price low of 12,845.78, thereby turning the Primary Tide 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 (1,390.94):
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
1,403.45, low of 1/7/2008
Potential Support
1,324.35, low of 4/15/2008
1,256.98, low of 3/17/2008
1,224.54, low of 7/18/2006
1,219.29, low of 6/14/2006
1,214.45, low of 11/4/2005
1,201.07, low of 11/2/2005
1,168.20, low of 10/13/2005
1,163.23, high of 3/5/2004
1,159.86, low of 5/17/2005
1,153.64, low of 5/16/2005
1,146.18, low of 5/13/2005
1,139.14, low of 4/29/2005
1,136.37, low of 4/20/2005
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
14.00% Internet B2B H, BHH
2.19% Broadband H, BDH
1.35% Networking, IGN
1.23% Ultra QQQ Double, QLD
1.14% Short 200% MidCap 400 PS, MZZ
1.12% Telecom H, TTH
1.05% Retail, PMR
1.00% Telecom DJ US, IYZ
0.96% Technology SPDR, XLK
0.92% Telecom Services VIPERs, VOX
0.91% Short 200% S&P 500 PS, SDS
0.89% Semiconductor SPDR, XSD
0.87% Leisure & Entertainment, PEJ
0.85% Consumer Cyclical DJ, IYC
0.80% Consumer Discretionary SPDR, XLY
0.80% Transportation Av DJ, IYT
0.79% Info Tech VIPERs, VGT
0.76% Growth LargeCap NASDAQ 100, QQQQ
0.75% Technology MS sT, MTK
0.75% Software H, SWH
0.72% Short 200% Dow 30 PS, DXD
0.70% Nanotech Lux, PXN
0.70% Internet Infrastructure H, IIH
0.70% Retail H, RTH
0.68% Technology GS, IGM
0.68% Internet Architecture H, IAH
0.62% Consumer D. VIPERs, VCR
0.60% Short 100% MidCap 400, MYY
0.60% Technology DJ US, IYW
0.52% Internet H, HHH
0.50% IPOs, First Tr IPOX-100, FPX
0.50% Short 100% Dow 30, DOG
0.48% Semiconductor iS GS, IGW
0.48% Telecommunications & Wireless, PTE
0.48% Utilities SPDR, XLU
0.42% Hong Kong Index, EWH
0.41% Austria Index, EWO
0.40% OTC Dynamic PS, PWO
0.38% Bond, 20+ Years Treasury, TLT
0.37% Networking, PXQ
0.34% Growth LargeCap NASDAQ Fidelity, ONEQ
0.31% Bond, Corp, LQD
0.30% Value MidCap S&P 400, RFV
0.29% Semiconductor H, SMH
0.28% China LargeCap Growth G D H USX PS, PGJ
0.28% Consumer Staples VIPERs, VDC
0.27% Software, IGV
0.27% Short 100% S&P 500, SH
0.27% Hardware & Electronics, PHW
0.26% Software, PSJ
0.22% Value MidCap Dynamic PS, PWP
0.18% Bond, 10 Year Treasury, IEF
0.17% Value S&P 500, RPV
0.16% Dividend Appreciation Vipers, VIG
0.15% Bond, Aggregate, AGG
0.11% Consumer Staples SPDR, XLP
0.07% China 25 iS, FXI
0.07% Global Titans, DGT
0.06% Semiconductors, PSI
0.01% Bond, TIPS, TIP
-0.02% Bond, 1-3 Year Treasury, SHY
-0.06% Dividend Achievers PS, PFM
-0.10% Italy Index, EWI
-0.10% Value LargeCap Dynamic PS, PWV
-0.11% LargeCap Blend S&P 100, OEF
-0.14% Insurance, PIC
-0.14% Capital Markets KWB ST, KCE
-0.15% LargeCap Blend S&P=Weight R, RSP
-0.16% Consumer Non-Cyclical, IYK
-0.17% Lg Cap Growth PSD, PWB
-0.22% Growth SmallCap Dynamic PS, PWT
-0.23% Value LargeCap Fundamental RAFI 1000, PRF
-0.24% Aerospace & Defense, PPA
-0.24% Dividend SPDR, SDY
-0.25% LargeCap Blend Dynamic PS, PWC
-0.26% Value LargeCap NYSE 100 iS, NY
-0.27% Value MidCap iS M, JKI
-0.27% LargeCap Rydex Rus Top 50, XLG
-0.28% Technology Global, IXN
-0.31% Value Large Cap DJ, ELV
-0.32% Value S&P 500 B, IVE
-0.32% Value LargeCap iS M, JKF
-0.32% Belgium Index, EWK
-0.33% LargeCap VIPERs, VV
-0.34% Growth Large Cap, ELG
-0.34% Dividend High Yield Equity PS, PEY
-0.34% Energy Global, IXC
-0.35% LargeCap Blend Core iS M, JKD
-0.36% Global 100, IOO
-0.36% Growth LargeCap Russell 3000, IWZ
-0.36% Europe 100 BLDRS, ADRU
-0.37% Singapore Index, EWS
-0.37% Growth LargeCap iS M, JKE
-0.37% Short 100% QQQ, PSQ
-0.38% LargeCap 1000 R, IWB
-0.39% Growth VIPERs, VUG
-0.39% S&P 500 SPDRs LargeCap Blend, SPY
-0.39% Value MidCap S&P 400 B, IJJ
-0.41% Value MidCap Russell, IWS
-0.42% Value 1000 Russell, IWD
-0.42% Food & Beverage, PBJ
-0.42% Blend Total Market VIPERs, VTI
-0.42% Growth MidCap Russell, IWP
-0.42% LargeCap Blend Russell 3000, IWV
-0.43% S&P 500 iS LargeCap Blend, IVV
-0.43% Value 40 Large Low P/E FT DB, FDV
-0.43% Financial DJ US, IYF
-0.43% Growth S&P 500, RPG
-0.46% Wilshire 5000 ST TM, TMW
-0.46% Value LargeCap Russell 3000, IWW
-0.47% Dividend Growth PS, PHJ
-0.47% LargeCap Blend Total Market DJ, IYY
-0.47% Financials VIPERs, VFH
-0.47% Value SmallCap VIPERS, VBR
-0.47% Telecommunications Global, IXP
-0.47% DIAMONDS (DJIA), DIA
-0.48% LargeCap Blend S&P 1500 iS, ISI
-0.49% South Africa Index, EZA
-0.49% Value EAFE MSCI, EFV
-0.49% Utilities H, UTH
-0.49% Value VIPERs, VTV
-0.53% Bank Regional H, RKH
-0.54% Growth S&P 500/BARRA, IVW
-0.55% Financial Services DJ, IYG
-0.57% MidCap S&P 400 SPDRs, MDY
-0.57% MidCap S&P 400 iS, IJH
-0.57% Value LargeCap Euro STOXX 50 DJ, FEU
-0.58% Japan LargeCap Blend TOPIX 150, ITF
-0.59% Industrials VIPERs, VIS
-0.60% MidCap Blend Core iS M, JKG
-0.61% Growth Small Cap DJ, DSG
-0.61% EMU Europe Index, EZU
-0.61% Euro STOXX 50, FEZ
-0.61% MidCap VIPERs, VO
-0.62% Growth BARRA Small Cap 600, IJT
-0.63% European VIPERs, VGK
-0.63% LargeCap Blend NYSE Composite iS, NYC
-0.63% SmallCap Core iS M, JKJ
-0.63% Industrial LargeCap Blend DJ US, IYJ
-0.65% Dividend DJ Select, DVY
-0.66% Micro Cap Zachs, PZI
-0.66% Utilities, PUI
-0.67% Biotech & Genome, PBE
-0.67% Utilities DJ, IDU
-0.67% Growth 1000 Russell, IWF
-0.70% Healthcare DJ, IYH
-0.70% Ultra Dow30 Double, DDM
-0.71% Utilities VIPERs, VPU
-0.71% Microcap Russell, IWC
-0.72% Extended Mkt VIPERs, VXF
-0.73% Value SmallCap S&P 600 B, IJS
-0.73% Homebuilders SPDR, XHB
-0.74% Growth SmallCap R 2000, IWO
-0.75% MidCap Russell, IWR
-0.75% Value Small Cap DJ, DSV
-0.76% Small Cap VIPERs, VB
-0.76% Value SmallCap S&P 600, RZV
-0.78% Health Care VIPERs, VHT
-0.78% Netherlands Index, EWN
-0.78% Water Resources, PHO
-0.79% Value SmallCap iS M, JKL
-0.79% LargeCap Blend Socially Responsible iS, KLD
-0.80% Pacific VIPERs, VPL
-0.81% Growth MidCap 400 B, IJK
-0.82% Europe 350 S&P Index, IEV
-0.82% Growth SmallCap VIPERs, VBK
-0.83% Dividend International, PID
-0.85% Growth MidCap S&P 400, RFG
-0.87% Growth SmallCap iS M, JKK
-0.87% Developed 100 BLDRS, ADRD
-0.88% Value SmallCap Dynamic PS, PWY
-0.88% SmallCap Russell 2000, IWM
-0.89% EAFE Index, EFA
-0.90% Ultra S&P500 Double, SSO
-0.90% SmallCap S&P 600, IJR
-0.90% Japan Index, EWJ
-0.93% Industrial SPDR, XLI
-0.93% Growth Mid Cap Dynamic PS, PWJ
-0.95% France Index, EWQ
-0.96% United Kingdom Index, EWU
-0.99% Dividend Leaders, FDL
-0.99% SmallCap PS Zacks, PZJ
-1.00% Value SmallCap Russell 2000, IWN
-1.00% Financials Global LargeCap Value, IXG
-1.02% Ultra MidCap400 Double, MVV
-1.03% Germany Index, EWG
-1.08% MidCap Growth iS M, JKH
-1.09% REIT VIPERs, VNQ
-1.09% Pharmaceuticals, PJP
-1.09% Health Care SPDR, XLV
-1.10% Building & Construction, PKB
-1.11% Pacific ex-Japan, EPP
-1.11% Switzerland Index, EWL
-1.12% Australia Index, EWA
-1.12% Asia 50 BLDRS, ADRA
-1.14% Biotechnology, IBB
-1.15% Biotech SPDR, XBI
-1.15% Malaysia Index, EWM
-1.16% Realty Cohen & Steers, ICF
-1.20% Growth EAFE MSCI, EFG
-1.20% Spain Index, EWP
-1.22% Financial SPDR, XLF
-1.23% Healthcare Global, IXJ
-1.23% REIT Wilshire, RWR
-1.34% Pharmaceutical H, PPH
-1.40% Short 200% QQQ PS, QID
-1.45% Real Estate US DJ, IYR
-1.60% South Korea Index, EWY
-1.61% Energy DJ, IYE
-1.66% Emerging 50 BLDRS, ADRE
-1.69% Emerging VIPERs, VWO
-1.76% Sweden Index, EWD
-1.77% Emerging Markets, EEM
-1.91% Energy VIPERs, VDE
-1.96% Canada Index, EWC
-1.99% Value Line Timeliness MidCap Gr, PIV
-2.11% Mexico Index, EWW
-2.13% Energy Exploration & Prod, PXE
-2.14% Gold Shares S.T., GLD
-2.25% Energy SPDR, XLE
-2.33% Natural Resource iS GS, IGE
-2.41% Commodity Tracking, DBC
-2.48% Taiwan Index, EWT
-2.72% Silver Trust iS, SLV
-2.73% WilderHill Clean Energy PS, PBW
-2.82% Oil, Crude, U.S. Oil Fund, USO
-3.00% Materials VIPERs, VAW
-3.21% Oil Services H, OIH
-3.25% Basic Materials DJ US, IYM
-3.30% Materials SPDR, XLB
-3.38% Biotech H, BBH
-3.42% Latin Am 40, ILF
-3.55% Oil & Gas, PXJ
-3.67% Brazil Index, EWZ
-4.56% Metals & Mining SPDR, XME
