By Robert W. Colby, Senior Analyst TraderPlanet.com
Consolidation continues…
Stock price momentum appears to be grinding slowly to a halt.
World markets have been consolidating or correcting over the past 3 weeks.
Preexisting Major Trends tend to resume after short-term correction/consolidation phases run their course.
For this 15-day correction/consolidation phase, a Minor Ripple within a Major Bearish Trend, stock price momentum appears to be grinding slowly to a halt. Preexisting Major Trends tend to resume after such short-term correction/consolidation phases run their course.
The “reports” of the day were mostly downbeat. Alcoa earnings fell short of estimates by more than 8%. Advanced Micro Devices now expects revenue more than 6% below estimates, will be cutting jobs by 10%, and its unsecured debt ratings are under review for possible downgrade by Moody’s. The International Monetary Fund now expects total losses due to the financial market turmoil may grow to $945 billion, more than 4 times previous estimates.
The main technical trend still appears to be down for the broad-based stock price indexes. But some days, the fundamental worries are temporarily displaced by hopes for some kind of a rescue, from the Fed, the government, or big investors. 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, be nimble, be quick, and control your risk.
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
7.10% , CTXS , CITRIX SYSTEMS
3.27% , CTB , COOPER TIRE
2.86% , MYL , MYLAN LABS
3.35% , UNH , UNITEDHEALTH GRP
2.92% , MLNM , Millennium Pharmaceuticals Inc
2.05% , VRSN , VeriSign Inc
2.82% , F , FORD MOTOR
4.29% , HUM , HUMANA
2.60% , EP , EL PASO
1.94% , BIIB , BIOGEN IDEC
1.05% , FE , FIRSTENERGY
2.52% , DISH , EchoStar Communications Corporation
1.14% , FAST , Fastenal Company
0.19% , RFG , Growth MidCap S&P 400, RFG
1.45% , HRB , H&R BLOCK
1.20% , PNW , PINNACLE WEST
1.80% , GWW , WW GRAINGER
2.33% , BEN , FRANKLIN RSC
0.72% , MHS , MEDCO HEALTH
0.20% , IJK , Growth MidCap 400 B, IJK
1.83% , XME , Metals & Mining SPDR, XME
0.48% , BUD , ANHEUSER BUSCH
0.86% , HMA , HEALTH MGMT STK A
2.03% , SHLD , SEARS HOLDINGS
0.12% , PBE , Biotech & Genome, PBE
0.76% , VPU , Utilities VIPERs, VPU
0.08% , MYY , Short 100% MidCap 400, MYY
0.79% , EWM , Malaysia Index, EWM
0.24% , PGR , PROGRESSIVE OHIO
0.55% , TGT , TARGET
0.40% , IXC , Energy Global, IXC
1.05% , AW , ALLIED WASTE IND
0.28% , CZN , CITIZENS COMMS STK B
0.07% , SHY , Bond, 1-3 Year Treasury, SHY
0.97% , XEL , XCEL ENERGY
0.35% , CLX , CLOROX
0.08% , IWM , SmallCap Russell 2000, IWM
0.20% , OIH , Oil Services H, OIH
0.08% , NCR , NCR
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol , Name
-8.08% , GRMN , GARMIN LTD
-0.96% , FDV , Value 40 Large Low P/E FT DB, FDV
-0.60% , TTH , Telecom H, TTH
-4.57% , AMD , ADV MICRO DEV
-0.91% , PWO , OTC Dynamic PS, PWO
-4.30% , ZION , ZIONS
-8.07% , LEN , Lennar Corp. (LEN)
-8.23% , NVLS , NOVELLUS SYS
-0.79% , IOO , Global 100, IOO
-4.85% , MV , METAVANTE TECHNOLOGIES, MV
-0.47% , IYK , Consumer Non-Cyclical, IYK
-5.70% , FII , FED INVESTORS STK B
-0.67% , PEJ , Leisure & Entertainment, PEJ
-2.93% , SAF , SAFECO
-2.85% , HANS , Hansen Natural, HANS
-3.41% , LTD , LIMITED BRANDS
-5.09% , CTX , CENTEX
-0.35% , ISI , LargeCap Blend S&P 1500 iS, ISI
-2.47% , CTL , CENTURYTEL
-1.11% , PIC , Insurance, PIC
-6.48% , CFC , COUNTRYWIDE FNCL
-0.38% , NY , Value LargeCap NYSE 100 iS, NY
-2.16% , MIL , MILLIPORE
-4.10% , FRE , FREDDIE MAC
-4.56% , LRCX , LAM RESEARCH CORP
-2.60% , BIG , BIG LOTS
-1.32% , BBBY , BED BATH BEYOND
-3.29% , XHB , Homebuilders SPDR, XHB
-0.45% , XBI , Biotech SPDR, XBI
-3.79% , PMCS , PMC SIERRA
-4.40% , FMCN , Focus Media, FMCN
-0.59% , IXJ , Healthcare Global, IXJ
-0.18% , JKK , Growth SmallCap iS M, JKK
-1.56% , RKH , Bank Regional H, RKH
-2.04% , RRD , RR DONNELLEY SON
-0.42% , NYC , LargeCap Blend NYSE Composite iS, NYC
-0.11% , ELG , Growth Large Cap, ELG
-2.21% , WFC , WELLS FARGO
-1.69% , SBUX , STARBUCKS
-2.19% , PFE , PFIZER
Sectors: among the 9 major U.S. sectors, 3 rose and 6 fell.
Major Sectors Ranked for the Day
% Price Change Sector
0.84% Utilities SPDR, XLU
0.82% Energy SPDR, XLE
0.52% Materials SPDR, XLB
-0.13% Industrial SPDR, XLI
-0.21% Consumer Staples SPDR, XLP
-0.34% Health Care SPDR, XLV
-0.34% Consumer Discretionary SPDR, XLY
-0.73% Technology SPDR, XLK
-1.36% Financial SPDR, XLF
Energy (XLE) Neutral, Market Weight. On 3/6/08, the XLE/SPY Relative Strength Ratio rose to new all-time high, confirming a major uptrend.
Materials (XLB) Neutral, Market Weight. On 3/6/08, the XLB/SPY Relative Strength Ratio rose to a new all-time high, confirming a major uptrend.
Consumer Staples (XLP) Neutral, Market Weight. On 3/28/08, the XLP/SPY Relative Strength Ratio rose to new 5-year high.
Industrial (XLI) Neutral, Market Weight. On 3/31/08, the XLI/SPY Relative Strength Ratio rose to another new all-time high.
Utilities (XLU) Neutral, Market Weight. The XLU/SPY Relative Strength Ratio has eroded significantly since its all-time high on 1/9/08, and so Utilities have been slipping in these rankings.
Technology (XLK) Bearish, Underweight. On 2/25/08, the XLK/SPY Relative Strength Ratio fell to a new 10-month low, confirming a significant downtrend.
Health Care (XLV) Bearish, Underweight. On 4/3/08, the XLV/SPY Relative Strength Ratio made another new 8-month low.
Consumer Discretionary (XLY) Bearish, Underweight. On 2/21/08, the XLY/SPY Relative Strength Ratio fell to a new 3-week low, suggesting short-term weakness. On 1/11/08, the XLY/SPY Relative Strength Ratio fell to a new 6-year low, confirming a major downtrend.
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 better relative strength short-term, since 3/24/08. 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 turned down since 3/6/08 and underperformed since the peak on 11/7/07. The Growth/Value ratio (IWF/IWD) appears to be in an intermediate-term correction phase.
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 futures eased slightly lower within the context of their short-term sideways consolidation pattern over the past 16 trading days. Crude Oil appears to have support near the low of 98.65 and resistance near the high of 110.35. The 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 futures turned back down again within the context of their steep 15-day downside correction. The short-term trend is down, and the intermediate-term trend appears to be broken as well. The long-term trend still could be 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) fell hard since 3/14/08. Longer-term, GDX significantly underperformed Gold since 10/31/07. Therefore, GDX trends have been Bearish relative to Gold itself.
U.S. Treasury Bond prices fell again, within the context of their 12-day downside correction. The short-term trend is corrective. Bond prices benefit from fears of financial crisis, and they correct when crisis takes a back seat to some other news of the day. U.S. governments have been strong ,while corporate bonds have been weak.
The U.S. dollar appears to have entered a sideways consolidation pattern over the past 15 trading days. The minor trend may seem questionable, 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 36.4% Bulls versus 37.5% Bears as of 4/2/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio rose to 0.97, up from 0.89 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 22.59, is relatively normal 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 25.86, is relatively 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 0.90, 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 1.05, which indicates moderately Bearish sentiment. It is below its 4-year simple moving average at 1.50 and its 4-year median at 1.47. That means customers opened fewer long call options and more long put options than normal. Its 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.
The Primary Tide Major Trend turned Bearish, and that is a strong force. 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 (1,365.54):
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
1,396.02, high of 2/1/2008
1,388.34, high of 2/27/2008
Potential Support
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:
1.83% Metals & Mining SPDR, XME
1.39% Short 200% QQQ PS, QID
1.38% Energy Exploration & Prod, PXE
1.33% Internet B2B H, BHH
1.31% Brazil Index, EWZ
1.12% Basic Materials DJ US, IYM
1.10% South Africa Index, EZA
0.95% Energy VIPERs, VDE
0.85% Utilities DJ, IDU
0.84% Utilities SPDR, XLU
0.82% Energy SPDR, XLE
0.82% Short 100% QQQ, PSQ
0.79% Malaysia Index, EWM
0.76% Utilities VIPERs, VPU
0.75% Energy DJ, IYE
0.71% Short 200% S&P 500 PS, SDS
0.67% Networking, IGN
0.64% Latin Am 40, ILF
0.60% Utilities, PUI
0.58% Utilities H, UTH
0.52% Materials VIPERs, VAW
0.52% Materials SPDR, XLB
0.50% Emerging VIPERs, VWO
0.49% Natural Resource iS GS, IGE
0.46% Networking, PXQ
0.45% Water Resources, PHO
0.44% Internet Infrastructure H, IIH
0.40% Energy Global, IXC
0.38% SmallCap PS Zacks, PZJ
0.36% Short 100% S&P 500, SH
0.32% Oil & Gas, PXJ
0.30% Short 200% Dow 30 PS, DXD
0.29% Short 100% Dow 30, DOG
0.28% WilderHill Clean Energy PS, PBW
0.21% Global Titans, DGT
0.20% Growth MidCap 400 B, IJK
0.20% Oil Services H, OIH
0.19% Commodity Tracking, DBC
0.19% Growth MidCap S&P 400, RFG
0.18% Oil, Crude, U.S. Oil Fund, USO
0.17% MidCap Growth iS M, JKH
0.17% Ultra MidCap400 Double, MVV
0.16% MidCap S&P 400 SPDRs, MDY
0.15% Growth SmallCap VIPERs, VBK
0.12% Value Line Timeliness MidCap Gr, PIV
0.12% Biotech & Genome, PBE
0.11% Hong Kong Index, EWH
0.09% Telecom Services VIPERs, VOX
0.08% SmallCap Russell 2000, IWM
0.08% Short 100% MidCap 400, MYY
0.07% Bond, 1-3 Year Treasury, SHY
0.02% Transportation Av DJ, IYT
0.02% Extended Mkt VIPERs, VXF
0.02% Emerging 50 BLDRS, ADRE
0.02% Growth Mid Cap Dynamic PS, PWJ
0.02% Biotech H, BBH
0.02% Small Cap VIPERs, VB
0.00% Dividend Appreciation Vipers, VIG
0.00% Growth MidCap Russell, IWP
-0.01% Bond, Aggregate, AGG
-0.03% Growth SmallCap R 2000, IWO
-0.03% Growth BARRA Small Cap 600, IJT
-0.03% SmallCap S&P 600, IJR
-0.04% Australia Index, EWA
-0.04% Microcap Russell, IWC
-0.06% Bond, 10 Year Treasury, IEF
-0.06% Value SmallCap Russell 2000, IWN
-0.06% Canada Index, EWC
-0.06% Growth VIPERs, VUG
-0.06% Value SmallCap Dynamic PS, PWY
-0.08% Short 200% MidCap 400 PS, MZZ
-0.09% Growth S&P 500, RPG
-0.10% MidCap S&P 400 iS, IJH
-0.11% Growth 1000 Russell, IWF
-0.11% Growth S&P 500/BARRA, IVW
-0.11% Growth Large Cap, ELG
-0.11% Pacific ex-Japan, EPP
-0.12% Retail H, RTH
-0.13% Italy Index, EWI
-0.13% LargeCap Blend Core iS M, JKD
-0.13% Industrial SPDR, XLI
-0.14% MidCap VIPERs, VO
-0.14% Value SmallCap VIPERS, VBR
-0.15% Aerospace & Defense, PPA
-0.16% Growth Small Cap DJ, DSG
-0.16% Telecom DJ US, IYZ
-0.17% Micro Cap Zachs, PZI
-0.17% Software, IGV
-0.17% IPOs, First Tr IPOX-100, FPX
-0.17% Bond, TIPS, TIP
-0.18% LargeCap Blend Dynamic PS, PWC
-0.18% Growth SmallCap iS M, JKK
-0.19% Growth SmallCap Dynamic PS, PWT
-0.21% Consumer Staples SPDR, XLP
-0.21% Blend Total Market VIPERs, VTI
-0.21% MidCap Russell, IWR
-0.23% LargeCap Blend Russell 3000, IWV
-0.23% LargeCap VIPERs, VV
-0.23% DIAMONDS (DJIA), DIA
-0.24% Health Care VIPERs, VHT
-0.24% Ultra Dow30 Double, DDM
-0.24% Growth LargeCap iS M, JKE
-0.25% Value SmallCap S&P 600 B, IJS
-0.26% REIT VIPERs, VNQ
-0.26% S&P 500 SPDRs LargeCap Blend, SPY
-0.27% Netherlands Index, EWN
-0.27% Consumer Staples VIPERs, VDC
-0.28% Value MidCap S&P 400 B, IJJ
-0.28% Pharmaceutical H, PPH
-0.28% LargeCap Blend Total Market DJ, IYY
-0.28% S&P 500 iS LargeCap Blend, IVV
-0.29% LargeCap Blend S&P=Weight R, RSP
-0.31% Lg Cap Growth PSD, PWB
-0.31% Value LargeCap Dynamic PS, PWV
-0.32% Bond, 20+ Years Treasury, TLT
-0.32% LargeCap 1000 R, IWB
-0.32% Wilshire 5000 ST TM, TMW
-0.32% Ultra S&P500 Double, SSO
-0.33% Hardware & Electronics, PHW
-0.34% Value VIPERs, VTV
-0.34% Consumer Cyclical DJ, IYC
-0.34% Euro STOXX 50, FEZ
-0.34% Nanotech Lux, PXN
-0.34% Health Care SPDR, XLV
-0.34% Consumer Discretionary SPDR, XLY
-0.35% Internet H, HHH
-0.35% Growth LargeCap Russell 3000, IWZ
-0.35% LargeCap Blend S&P 1500 iS, ISI
-0.36% Healthcare DJ, IYH
-0.36% Value SmallCap iS M, JKL
-0.37% Value 1000 Russell, IWD
-0.37% Dividend Achievers PS, PFM
-0.37% Emerging Markets, EEM
-0.38% MidCap Blend Core iS M, JKG
-0.38% Value LargeCap NYSE 100 iS, NY
-0.39% Value Large Cap DJ, ELV
-0.40% SmallCap Core iS M, JKJ
-0.41% Value MidCap S&P 400, RFV
-0.41% Belgium Index, EWK
-0.42% Value MidCap Russell, IWS
-0.42% LargeCap Blend NYSE Composite iS, NYC
-0.42% Value SmallCap S&P 600, RZV
-0.42% Capital Markets KWB ST, KCE
-0.45% Biotech SPDR, XBI
-0.45% Switzerland Index, EWL
-0.45% Industrial LargeCap Blend DJ US, IYJ
-0.47% Consumer Non-Cyclical, IYK
-0.48% Austria Index, EWO
-0.49% EMU Europe Index, EZU
-0.50% France Index, EWQ
-0.52% Software, PSJ
-0.53% Retail, PMR
-0.53% Consumer D. VIPERs, VCR
-0.54% Food & Beverage, PBJ
-0.54% Pacific VIPERs, VPL
-0.55% LargeCap Blend S&P 100, OEF
-0.57% LargeCap Rydex Rus Top 50, XLG
-0.58% Building & Construction, PKB
-0.59% Value MidCap iS M, JKI
-0.59% Healthcare Global, IXJ
-0.60% Telecom H, TTH
-0.61% Biotechnology, IBB
-0.62% Germany Index, EWG
-0.62% Value LargeCap Fundamental RAFI 1000, PRF
-0.62% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.63% Growth LargeCap NASDAQ 100, QQQQ
-0.64% Europe 100 BLDRS, ADRU
-0.64% LargeCap Blend Socially Responsible iS, KLD
-0.65% Value Small Cap DJ, DSV
-0.66% Industrials VIPERs, VIS
-0.67% Info Tech VIPERs, VGT
-0.67% Value S&P 500 B, IVE
-0.67% Leisure & Entertainment, PEJ
-0.68% Value LargeCap Russell 3000, IWW
-0.68% Developed 100 BLDRS, ADRD
-0.69% Value LargeCap iS M, JKF
-0.69% Internet Architecture H, IAH
-0.69% Dividend International, PID
-0.69% Dividend DJ Select, DVY
-0.73% Technology SPDR, XLK
-0.74% Pharmaceuticals, PJP
-0.74% Bond, Corp, LQD
-0.75% Dividend Growth PS, PHJ
-0.77% Telecommunications & Wireless, PTE
-0.79% Global 100, IOO
-0.79% Dividend SPDR, SDY
-0.79% Value MidCap Dynamic PS, PWP
-0.79% Value EAFE MSCI, EFV
-0.81% Technology DJ US, IYW
-0.82% Technology GS, IGM
-0.82% Europe 350 S&P Index, IEV
-0.82% European VIPERs, VGK
-0.84% Technology Global, IXN
-0.84% Value LargeCap Euro STOXX 50 DJ, FEU
-0.85% Broadband H, BDH
-0.91% Mexico Index, EWW
-0.91% OTC Dynamic PS, PWO
-0.92% Taiwan Index, EWT
-0.92% Software H, SWH
-0.96% Value 40 Large Low P/E FT DB, FDV
-0.97% Gold Shares S.T., GLD
-1.00% EAFE Index, EFA
-1.08% Real Estate US DJ, IYR
-1.08% Sweden Index, EWD
-1.10% Spain Index, EWP
-1.10% Asia 50 BLDRS, ADRA
-1.11% Insurance, PIC
-1.15% Ultra QQQ Double, QLD
-1.16% Financials VIPERs, VFH
-1.17% Technology MS sT, MTK
-1.17% Growth EAFE MSCI, EFG
-1.23% Telecommunications Global, IXP
-1.26% Financials Global LargeCap Value, IXG
-1.28% China LargeCap Growth G D H USX PS, PGJ
-1.29% South Korea Index, EWY
-1.29% Japan LargeCap Blend TOPIX 150, ITF
-1.29% Dividend Leaders, FDL
-1.32% REIT Wilshire, RWR
-1.32% Japan Index, EWJ
-1.36% Financial DJ US, IYF
-1.36% Financial SPDR, XLF
-1.39% Realty Cohen & Steers, ICF
-1.45% United Kingdom Index, EWU
-1.50% Financial Services DJ, IYG
-1.52% Semiconductor SPDR, XSD
-1.55% Value S&P 500, RPV
-1.56% Bank Regional H, RKH
-1.93% Semiconductor iS GS, IGW
-1.98% Singapore Index, EWS
-2.06% Semiconductors, PSI
-2.10% Dividend High Yield Equity PS, PEY
-2.15% China 25 iS, FXI
-2.47% Silver Trust iS, SLV
-2.64% Semiconductor H, SMH
-3.29% Homebuilders SPDR, XHB
