by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: The S&P 500 closed at a new 8-week closing low.
Defensive Stock Sectors, Utilities and Consumer Staples, outperformed.
Utilities Stock Sector Relative Strength Ratio rose to another new 4-month high.
Consumer Staples Stock Sector Relative Strength Ratio rose to a new 8-week high.
Foreign stock index EFA Relative Strength Ratio broke down to a new 11-week low, indicating a significant downside correction.
Gold plunged steeply to a new 4-week low.
U.S. Treasury Bond September futures contract price broke down below 6-day lows. Bond trends in all time frames now appear vulnerable to further price decline.
On Monday, major stock price indexes opened lower, tried to rally, but the bounce fizzled, and the market finished mixed. The S&P 500 closed at 1,358.44, down 3.32 points or 0.24%. Again, the breadth of the market showed more declines than advances. The Cumulative Daily Advance-Decline on the NASDAQ fell to a new multi-year low. There nearly 6 times more New Lows than New Highs on both the NYSE and the NASDAQ.
Total NYSE volume rose 4%, with the volume of declining stocks substantially exceeding the volume advancing stocks, especially on the NASDAQ, indicating increasing selling pressure.
I have been assuming that the March-May rally was nothing more than a counter-trend rally and Secondary Reaction Continuation Pattern within the context of a Primary Bearish Trend. The sum total weight of the evidence for the stock market in general appears to be taking on a more Bearish tilt again since the rally top on 5/19/08. The short-term general market action has been subject to rapid and frequent change, so a cautious approach still seems prudent.
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
0.53% , IAH , Internet Architecture H, IAH
4.77% , PLL , PALL
0.94% , PMR , Retail, PMR
3.36% , K , KELLOGG
0.62% , PEJ , Leisure & Entertainment, PEJ
3.85% , KO , COCA COLA
0.74% , MYY , Short 100% MidCap 400, MYY
4.73% , XL , XL CAPITAL STK A
2.14% , MYL , MYLAN LABS
1.04% , ETR , ENTERGY
0.97% , FCX , FREEPRT MCMORAN STK B
1.96% , DIS , WALT DISNEY
1.41% , PBG , PEPSI BOTTLING
4.12% , GPS , GAP
4.61% , WB , WACHOVIA
2.77% , TJX , TJX
0.18% , VPU , Utilities VIPERs, VPU
1.19% , PBJ , Food & Beverage, PBJ
1.35% , DGX , QUEST DIAG
1.07% , WYE , WYETH
1.09% , FII , FED INVESTORS STK B
2.76% , RHT , Red Hat Inc.
1.66% , HAS , HASBRO
2.19% , NYT , NY TIMES STK A
1.26% , AYE , ALLEGHENY ENERGY
0.52% , ACV , Alberto-Culver Co.
0.67% , PIC , Insurance, PIC
1.30% , AA , ALCOA
1.96% , CL , COLGATE
2.84% , HOT , STARWOOD HOTELS
1.79% , MZZ , Short 200% MidCap 400 PS, MZZ
1.38% , KSS , KOHLS
1.39% , MAS , MASCO
1.90% , AVP , AVON
1.41% , EIX , EDISON INTL
2.17% , VC , VISTEON
1.29% , FDX , FEDEX
2.45% , MBI , MBIA
0.75% , UPS , UNITED PARCEL STK B
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol , Name
-11.37% , ABK , AMBAC FINL GRP
-3.25% , ILF , Latin Am 40, ILF
-3.01% , PGJ , China LargeCap Growth G D H USX PS, PGJ
-1.66% , EWU , United Kingdom Index, EWU
-5.91% , NVDA , NVIDIA
-3.18% , PTEN , Patterson-UTI Energy Inc
-5.18% , MRVL , MARVELL TECHNOLOGY
-2.93% , CTB , COOPER TIRE
-2.32% , IXC , Energy Global, IXC
-3.41% , EWZ , Brazil Index, EWZ
-3.21% , EWT , Taiwan Index, EWT
-4.89% , DDS , DILLARD STK A
-2.01% , IGW , Semiconductor iS GS, IGW
-3.01% , R , RYDER SYSTEM
-4.46% , ATI , ALLEGHENY TECH
-0.96% , DSG , Growth Small Cap DJ, DSG
-3.62% , HMA , HEALTH MGMT STK A
-4.27% , NIHD , NII Holdings, Inc.
-5.03% , TIN , TEMPLE INLAND
-3.34% , XME , Metals & Mining SPDR, XME
-2.55% , TEVA , Teva Pharmaceutical Industries Limited
-4.67% , NEM , NEWMONT MINING
-2.84% , ADRE , Emerging 50 BLDRS, ADRE
-2.62% , LBTYA , Liberty Global Inc. (LBTYA)
-0.52% , IYH , Healthcare DJ, IYH
-3.04% , THC , TENET HEALTHCARE
-1.85% , IYZ , Telecom DJ US, IYZ
-5.03% , SSCC , Smurfit-Stone Container Corporation
-2.86% , PXJ , Oil & Gas, PXJ
-0.38% , TMW , Wilshire 5000 ST TM, TMW
-1.17% , TTH , Telecom H, TTH
-2.77% , GLD , Gold Shares S.T., GLD
-1.91% , EWC , Canada Index, EWC
-2.17% , BLL , BALL
-1.92% , EWY , South Korea Index, EWY
-1.03% , XTO , XTO ENERGY INC
-2.10% , TNB , THOMAS & BETTS
-3.29% , WYNN , Wynn Resorts L
-0.41% , VGT , Info Tech VIPERs, VGT
Sectors: among the 9 major U.S. sectors, 3 rose and 6 fell.
Major Sectors Ranked for the Day
% Price Change Sector
0.38% Consumer Discretionary SPDR, XLY
0.30% Financial SPDR, XLF
0.18% Consumer Staples SPDR, XLP
-0.10% Utilities SPDR, XLU
-0.45% Technology SPDR, XLK
-0.59% Industrial SPDR, XLI
-0.96% Health Care SPDR, XLV
-1.27% Materials SPDR, XLB
-2.46% 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):
Energy (XLE) Neutral, Market Weight. On 6/9/08, XLE/SPY Relative Strength Ratio rose to another new all-time high. On 5/20/08, both the XLE price close and the XLE/SPY Relative Strength Ratio rose to new all-time highs, again confirming a major uptrend. Energy underperformed since 5/21/08.
Materials (XLB) Neutral, Market Weight. On 6/9/08, XLB/SPY Relative Strength Ratio rose to another new all-time high. On 5/16/08, XLB price rose to another new all-time high. On 4/16/08, both the XLB price and the XLB/SPY Relative Strength Ratio rose to new all-time highs, confirming the major uptrend.
Utilities (XLU) Neutral, Market Weight. The XLU/SPY Relative Strength Ratio rose to a new 4-month high on 6/10/08. Since 10/17/02, the XLU/SPY Relative Strength Ratio has outperformed substantially. Since 5/15/08, the XLU/SPY Relative Strength Ratio has been rising again. So, Utilities have outperformed the S&P 500 both long term and short term.
Consumer Staples (XLP) Neutral, Market Weight. Since 5/6/07, the XLP/SPY Relative Strength Ratio has outperformed. In addition, since 6/19/07, the XLP/SPY Relative Strength Ratio has outperformed.
Technology (XLK) Neutral, Market Weight. On 6/6/08, the XLK/SPY Relative Strength Ratio rose to a new 5-month high, confirming an improving intermediate-term trend.
Industrial (XLI) Bearish, Underweight. On 6/6/08, both price and the XLI/SPY Relative Strength Ratio fell to their lowest levels in 7 weeks. Since 3/31/08, the XLI/SPY Relative Strength Ratio has underperformed.
Health Care (XLV) Bearish, Underweight. Since 10/9/02, the XLV/SPY Relative Strength Ratio has underperformed substantially. On 5/15/08, the XLV/SPY Relative Strength Ratio fell to another new 6-year low, again confirming the existing Primary Bearish trend.
Consumer Discretionary (XLY) Bearish, Underweight. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially. 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 6/9/08, the XLF/SPY Relative Strength Ratio fell to its lowest level in more than 7 years. Since 3/23/04, the XLF/SPY Relative Strength Ratio has underperformed substantially. 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 index EFA Relative Strength Ratio broke down to a new 11-week low, indicating a significant downside correction. Since 5/23/08, EFA has underperformed the U.S. stock market. Previously, EFA outperformed from 2/8/08 to 5/23/08 and, longer term, since the major bottom on 3/12/03. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.
NASDAQ Composite rose to a new 5-month closing price high on 6/5/08. It has been outperforming the S&P 500 since 3/3/08.
Growth Stock/Value Stock Relative Strength Ratio rose to another new 3-year high on 6/6/08. 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 rose to a new 9-month high on 6/6/08. The major trend appears to be turning to Small Caps.
Crude Oil July futures contract retraced most of Friday’s steep gain. Trends are sill Bullish in all time frames, strictly speaking. 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 August futures contract plunged steeply new 4-week low. The short-term trend has whipsawed quickly to Bearish, and the intermediate-term trend appears questionable at best.
U.S. Treasury Bond September futures contract price broke down below 6-day lows. Trends in all time frames now appear vulnerable to further price decline.
The U.S. dollar rose to test 3-month highs. The short-term trend appears uncertain. The long-term Primary Tide trend is still Bearish.
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 months, 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 44.8% Bulls versus 31.1% Bears as of 6/4/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio rose to 1.44, up from 1.18 the previous week. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47.
VIX “Fear Index” is now at 23.18. VIX fell from a peak of 32.64 on 3/17/08 to a low of 16.30 on 5/15/08, indicating decreasing Fear. The all-time high was 45.74 on 10/8/98. 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” is now at 26.58. VXN fell from a peak of 35.63 on 1/22/08 to a low of 20.00 on 5/16/08, indicating decreasing Fear. 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 0.81, 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 0.74, which indicates Bearish 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 weakened.
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 still may be Bearish. On 6/5/08, the Transportation Average closed above its previous all-time closing high, while the Industrial Average languished far below its all-time closing high of 14,164.50 set on 10/9/07. Such a non-confirmation and divergence means that the companies that produce the goods are not keeping pace with the companies that deliver the goods, the market is out of balance, and there is no Buy Signal because the Dow Theory requires both Averages to make new highs. 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.
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 (1,358.44):
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 5/19/08
1,406.32, high of 5/29/08
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 (1,358.44):
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:
1.79% Short 200% MidCap 400 PS, MZZ
1.61% Internet Infrastructure H, IIH
1.51% Homebuilders SPDR, XHB
1.46% Hardware & Electronics, PHW
1.43% Bank Regional H, RKH
1.25% Short 200% QQQ PS, QID
1.19% Food & Beverage, PBJ
1.01% Short 200% S&P 500 PS, SDS
0.97% Consumer Non-Cyclical, IYK
0.94% Retail, PMR
0.86% Consumer Staples VIPERs, VDC
0.75% Financial Services DJ, IYG
0.74% Short 100% MidCap 400, MYY
0.73% Short 100% QQQ, PSQ
0.67% Insurance, PIC
0.65% Financial DJ US, IYF
0.64% Capital Markets KWB ST, KCE
0.62% Leisure & Entertainment, PEJ
0.60% Dividend High Yield Equity PS, PEY
0.58% Dividend Leaders, FDL
0.53% Internet Architecture H, IAH
0.53% Value S&P 500, RPV
0.48% Realty Cohen & Steers, ICF
0.46% Value SmallCap Dynamic PS, PWY
0.45% Dividend Achievers PS, PFM
0.42% Nanotech Lux, PXN
0.39% Real Estate US DJ, IYR
0.39% Short 100% S&P 500, SH
0.38% Consumer Discretionary SPDR, XLY
0.38% Dividend DJ Select, DVY
0.36% Dividend Growth PS, PHJ
0.32% Value MidCap S&P 400, RFV
0.32% Retail H, RTH
0.31% Utilities H, UTH
0.30% Financial SPDR, XLF
0.29% Value SmallCap S&P 600, RZV
0.27% Consumer D. VIPERs, VCR
0.23% Utilities, PUI
0.22% Short 100% Dow 30, DOG
0.21% LargeCap Blend Dynamic PS, PWC
0.18% Consumer Cyclical DJ, IYC
0.18% Consumer Staples SPDR, XLP
0.18% Utilities VIPERs, VPU
0.14% Financials VIPERs, VFH
0.10% Dividend SPDR, SDY
0.09% Dividend Appreciation Vipers, VIG
0.09% Value Large Cap DJ, ELV
0.09% LargeCap Blend Core iS M, JKD
0.08% LargeCap Rydex Rus Top 50, XLG
0.07% Value LargeCap NYSE 100 iS, NY
0.07% REIT Wilshire, RWR
0.06% Networking, IGN
0.05% REIT VIPERs, VNQ
0.04% Short 200% Dow 30 PS, DXD
0.01% Global Titans, DGT
0.00% Internet B2B H, BHH
0.00% Growth S&P 500, RPG
0.00% DIAMONDS (DJIA), DIA
-0.03% Value SmallCap iS M, JKL
-0.06% Value S&P 500 B, IVE
-0.06% Growth SmallCap Dynamic PS, PWT
-0.07% Utilities DJ, IDU
-0.08% Technology MS sT, MTK
-0.09% Malaysia Index, EWM
-0.09% Value MidCap iS M, JKI
-0.10% Utilities SPDR, XLU
-0.11% Value LargeCap Fundamental RAFI 1000, PRF
-0.14% Value LargeCap iS M, JKF
-0.16% OTC Dynamic PS, PWO
-0.17% Growth LargeCap Russell 3000, IWZ
-0.17% LargeCap Blend Total Market DJ, IYY
-0.17% Industrials VIPERs, VIS
-0.17% LargeCap Blend Socially Responsible iS, KLD
-0.19% LargeCap Blend S&P 1500 iS, ISI
-0.20% Value SmallCap S&P 600 B, IJS
-0.22% Micro Cap Zachs, PZI
-0.23% Value 1000 Russell, IWD
-0.23% Bond, 1-3 Year Treasury, SHY
-0.23% Value MidCap Dynamic PS, PWP
-0.23% Growth 1000 Russell, IWF
-0.24% Value SmallCap VIPERS, VBR
-0.24% Value LargeCap Russell 3000, IWW
-0.25% Biotech H, BBH
-0.25% LargeCap Blend Russell 3000, IWV
-0.26% Telecommunications & Wireless, PTE
-0.27% Technology DJ US, IYW
-0.28% Ultra Dow30 Double, DDM
-0.28% Value Small Cap DJ, DSV
-0.28% Internet H, HHH
-0.29% Broadband H, BDH
-0.29% SmallCap PS Zacks, PZJ
-0.32% Value LargeCap Dynamic PS, PWV
-0.32% LargeCap Blend S&P 100, OEF
-0.33% Growth Large Cap, ELG
-0.35% Growth LargeCap iS M, JKE
-0.36% Small Cap VIPERs, VB
-0.37% Industrial LargeCap Blend DJ US, IYJ
-0.37% Value MidCap S&P 400 B, IJJ
-0.37% Microcap Russell, IWC
-0.37% LargeCap 1000 R, IWB
-0.38% Wilshire 5000 ST TM, TMW
-0.38% S&P 500 iS LargeCap Blend, IVV
-0.39% Building & Construction, PKB
-0.39% Growth SmallCap iS M, JKK
-0.40% Value VIPERs, VTV
-0.40% Commodity Tracking, DBC
-0.40% LargeCap Blend S&P=Weight R, RSP
-0.41% Water Resources, PHO
-0.41% Info Tech VIPERs, VGT
-0.41% Technology GS, IGM
-0.42% Lg Cap Growth PSD, PWB
-0.44% SmallCap S&P 600, IJR
-0.45% Technology SPDR, XLK
-0.45% Health Care VIPERs, VHT
-0.47% Growth LargeCap NASDAQ 100, QQQQ
-0.50% S&P 500 SPDRs LargeCap Blend, SPY
-0.50% Blend Total Market VIPERs, VTI
-0.51% SmallCap Core iS M, JKJ
-0.52% Healthcare DJ, IYH
-0.53% Bond, Aggregate, AGG
-0.54% Bond, TIPS, TIP
-0.55% Growth S&P 500/BARRA, IVW
-0.56% Growth SmallCap VIPERs, VBK
-0.57% Global 100, IOO
-0.57% Bond, Corp, LQD
-0.58% Value SmallCap Russell 2000, IWN
-0.58% Biotech SPDR, XBI
-0.59% Industrial SPDR, XLI
-0.60% Bond, 10 Year Treasury, IEF
-0.61% Growth VIPERs, VUG
-0.62% Transportation Av DJ, IYT
-0.63% LargeCap Blend NYSE Composite iS, NYC
-0.63% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.63% MidCap Blend Core iS M, JKG
-0.64% Value MidCap Russell, IWS
-0.64% Growth BARRA Small Cap 600, IJT
-0.64% Software, PSJ
-0.64% Value 40 Large Low P/E FT DB, FDV
-0.65% Bond, 20+ Years Treasury, TLT
-0.68% LargeCap VIPERs, VV
-0.68% Extended Mkt VIPERs, VXF
-0.69% Biotech & Genome, PBE
-0.71% Software H, SWH
-0.72% Pharmaceutical H, PPH
-0.73% SmallCap Russell 2000, IWM
-0.75% MidCap S&P 400 iS, IJH
-0.75% Value Line Timeliness MidCap Gr, PIV
-0.76% Pharmaceuticals, PJP
-0.77% Financials Global LargeCap Value, IXG
-0.78% Growth MidCap S&P 400, RFG
-0.79% MidCap S&P 400 SPDRs, MDY
-0.79% Aerospace & Defense, PPA
-0.83% Networking, PXQ
-0.83% MidCap Russell, IWR
-0.88% Growth SmallCap R 2000, IWO
-0.88% Telecommunications Global, IXP
-0.88% Netherlands Index, EWN
-0.96% Health Care SPDR, XLV
-0.96% Growth Small Cap DJ, DSG
-0.97% Software, IGV
-0.98% Materials VIPERs, VAW
-0.99% Telecom Services VIPERs, VOX
-1.02% MidCap Growth iS M, JKH
-1.05% IPOs, First Tr IPOX-100, FPX
-1.05% Biotechnology, IBB
-1.06% MidCap VIPERs, VO
-1.08% Growth MidCap 400 B, IJK
-1.10% Technology Global, IXN
-1.11% Semiconductors, PSI
-1.13% Growth Mid Cap Dynamic PS, PWJ
-1.16% Growth MidCap Russell, IWP
-1.17% Telecom H, TTH
-1.23% Hong Kong Index, EWH
-1.27% Ultra S&P500 Double, SSO
-1.27% Materials SPDR, XLB
-1.30% EMU Europe Index, EZU
-1.30% Ultra QQQ Double, QLD
-1.33% Healthcare Global, IXJ
-1.35% Value LargeCap Euro STOXX 50 DJ, FEU
-1.37% Europe 350 S&P Index, IEV
-1.37% Australia Index, EWA
-1.37% Singapore Index, EWS
-1.40% Semiconductor H, SMH
-1.43% Ultra MidCap400 Double, MVV
-1.43% Spain Index, EWP
-1.45% Euro STOXX 50, FEZ
-1.46% Dividend International, PID
-1.53% Growth EAFE MSCI, EFG
-1.58% European VIPERs, VGK
-1.60% Basic Materials DJ US, IYM
-1.61% Europe 100 BLDRS, ADRU
-1.66% Italy Index, EWI
-1.66% United Kingdom Index, EWU
-1.68% Developed 100 BLDRS, ADRD
-1.69% EAFE Index, EFA
-1.70% Belgium Index, EWK
-1.70% Pacific ex-Japan, EPP
-1.72% Switzerland Index, EWL
-1.72% Value EAFE MSCI, EFV
-1.77% France Index, EWQ
-1.78% Pacific VIPERs, VPL
-1.82% WilderHill Clean Energy PS, PBW
-1.83% Mexico Index, EWW
-1.85% Germany Index, EWG
-1.85% Telecom DJ US, IYZ
-1.86% Oil, Crude, U.S. Oil Fund, USO
-1.91% Canada Index, EWC
-1.92% South Korea Index, EWY
-2.01% Semiconductor iS GS, IGW
-2.08% Japan LargeCap Blend TOPIX 150, ITF
-2.09% Energy VIPERs, VDE
-2.13% Sweden Index, EWD
-2.17% Emerging VIPERs, VWO
-2.17% Japan Index, EWJ
-2.23% Energy DJ, IYE
-2.31% Emerging Markets, EEM
-2.32% Asia 50 BLDRS, ADRA
-2.32% Energy Global, IXC
-2.34% South Africa Index, EZA
-2.46% Energy SPDR, XLE
-2.48% Oil Services H, OIH
-2.59% Austria Index, EWO
-2.60% China 25 iS, FXI
-2.63% Natural Resource iS GS, IGE
-2.72% Energy Exploration & Prod, PXE
-2.76% Semiconductor SPDR, XSD
-2.77% Gold Shares S.T., GLD
-2.84% Emerging 50 BLDRS, ADRE
-2.86% Oil & Gas, PXJ
-2.97% Silver Trust iS, SLV
-3.01% China LargeCap Growth G D H USX PS, PGJ
-3.21% Taiwan Index, EWT
-3.25% Latin Am 40, ILF
-3.34% Metals & Mining SPDR, XME
-3.41% Brazil Index, EWZ
