by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: Dow-Jones Industrial Average dropped to a new 21-month low.
Critical juncture now at hand?
DJIA fell to its lowest level since 9/11/06.
Not all indicators confirmed that new low.
Financial Stock Sector absolute price fell to its lowest level in more than 5 years, while the XLF/SPY Relative Strength Ratio fell to its lowest level in 8 years.
Industrial Stock Sector absolute price fell to its lowest level in 5 months.
Foreign stock index EFA absolute price fell to its lowest level in 3 months.
CRB index of commodity prices broke out to a new high.
Crude Oil August futures contract also is at a critical juncture.
On Thursday, major stock price indexes gapped significantly lower on the open and fell much further as the day wore on. Stocks closed weakly, near their worst levels of the day. The S&P 500 closed at 1,283.15, down 38.82 points or 2.94%. Total NYSE volume rose 9%, confirming the Bearish trend.
The breadth of the market was Bearish. The Advance-Decline Balance ((A-D) / (A+D)) was -69.30% and the New Highs-New Lows balance ((H-L) / ( H+L)) was -85.56% on the NYSE. The Cumulative Daily A-D Line for the NYSE made a another new 3-month low, while the A-D Line for the Nasdaq fell to another new multi-year low.
On 5/22/08, this daily update stated, “The popular S&P DEP RECEIPTS (AMEX: SPY)… broke down below an uptrend line rising from its 3/17/08 low. That uptrend line was the lower boundary line of a Bearish Rising Wedge pattern. That breakdown implies a test of the March low.” The market appears to be at such a critical juncture now.
The S&P 500 has fallen 10.06% since its rally high close of 1,426.63 on 5/19/08. Consistently, 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 Primary Trend is the dominant force. Still, 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
5.57% , LNCR , Lincare Holdings Inc
2.95% , SH , Short 100% S&P 500, SH
2.96% , DOG , Short 100% Dow 30, DOG
4.27% , BBBY , BED BATH BEYOND
3.43% , NEM , NEWMONT MINING
3.65% , GLD , Gold Shares S.T., GLD
5.56% , SDS , Short 200% S&P 500 PS, SDS
3.39% , MYY , Short 100% MidCap 400, MYY
3.66% , PSQ , Short 100% QQQ, PSQ
5.55% , DXD , Short 200% Dow 30 PS, DXD
5.31% , MZZ , Short 200% MidCap 400 PS, MZZ
0.72% , CHKP , Check Point Software Technologies Ltd
3.42% , IAU , Gold COMEX iS, IAU
0.82% , VFC , VF
2.55% , AZO , AUTOZONE
1.02% , WHR , WHIRLPOOL
3.39% , S , SPRINT NEXTEL
0.75% , WOR , WORTHINGTON INDS
0.96% , TEVA , Teva Pharmaceutical Industries Limited
4.26% , USO , Oil, Crude, U.S. Oil Fund, USO
0.34% , NI , NISOURCE
0.29% , SHY , Bond, 1-3 Year Treasury, SHY
0.67% , TLT , Bond, 20+ Years Treasury, TLT
0.56% , IEF , Bond, 10 Year Treasury, IEF
0.09% , MHS , MEDCO HEALTH
0.20% , LAMR , Lamar Advertising Company
0.08% , LQD , Bond, Corp, LQD
0.04% , EDS , ELECTR DATA
0.87% , TIP , Bond, TIPS, TIP
0.11% , WAT , WATERS
0.13% , AGG , Bond, Aggregate, AGG
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-3.79% , RPV , Value S&P 500, RPV
-2.34% , IXP , Telecommunications Global, IXP
-3.47% , TMW , Wilshire 5000 ST TM, TMW
-9.81% , NKE , NIKE STK B
-10.77% , GM , GENERAL MOTORS
-2.37% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-8.72% , SANM , SANMINA
-2.23% , PSJ , Software, PSJ
-3.87% , PXN , Nanotech Lux, PXN
-3.50% , IYJ , Industrial LargeCap Blend DJ US, IYJ
-11.07% , GT , GOODYEAR TIRE
-1.54% , PBE , Biotech & Genome, PBE
-12.97% , MTG , MGIC INVESTMENT
-2.82% , EWI , Italy Index, EWI
-3.38% , PXQ , Networking, PXQ
-3.20% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
-2.75% , IWV , LargeCap Blend Russell 3000, IWV
-6.25% , ABK , AMBAC FINL GRP
-8.09% , CMI , CUMMINS
-2.71% , IGV , Software, IGV
-4.49% , IGW , Semiconductor iS GS, IGW
-13.26% , RIMM , RESEARCH IN MOTION LTD
-12.14% , CIT , CIT GROUP
-5.38% , TYC , TYCO INTL
-7.77% , VC , VISTEON
-2.79% , KLD , LargeCap Blend Socially Responsible iS, KLD
-2.72% , IWP , Growth MidCap Russell, IWP
-7.06% , FAST , Fastenal Company
-10.59% , MBI , MBIA
-6.22% , NIHD , NII Holdings, Inc.
-5.55% , JNS , JANUS CAPITAL
-5.90% , XHB , Homebuilders SPDR, XHB
-6.73% , PCAR , PACCAR
-3.62% , PEJ , Leisure & Entertainment, PEJ
-7.17% , MU , MICRON TECH
-3.49% , CFC , COUNTRYWIDE FNCL
-3.71% , PSI , Semiconductors, PSI
-3.54% , ETR , ENTERGY
-4.07% , BC , BRUNSWICK
-2.80% , IWS , Value MidCap Russell, IWS
Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-0.72% Energy SPDR, XLE
-1.64% Industrial SPDR, XLI
-1.90% Technology SPDR, XLK
-2.02% Health Care SPDR, XLV
-2.35% Consumer Discretionary SPDR, XLY
-2.47% Materials SPDR, XLB
-2.98% Utilities SPDR, XLU
-3.03% Consumer Staples SPDR, XLP
-3.60% 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):
Energy (XLE) Neutral, Market Weight. On 6/23/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Materials (XLB) Neutral, Market Weight. On 6/23/08, XLB/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Utilities (XLU) Neutral, Market Weight. On 6/25/08, XLU/SPY Relative Strength Ratio rose to a new all-time high, confirming a major uptrend. Since 10/17/02, the XLU/SPY Relative Strength Ratio has outperformed substantially.
Consumer Staples (XLP) Neutral, Market Weight. On 6/25/08, XLP /SPY Relative Strength Ratio rose to another new 12-week high. For nearly 8 years, since 9/27/00, the XLP/SPY Relative Strength Ratio has outperformed, so the long-term trend is up.
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 6/25/08, the XLI/SPY Relative Strength Ratio fell to its lowest level in 5 months. On 6/26/08, the XLI absolute price also fell to its lowest level in 5 months. Since 3/31/08, the XLI/SPY Relative Strength Ratio has underperformed.
Health Care (XLV) Bearish, Underweight. On 6/20/08, the XLV absolute price fell to its lowest level in nearly 2 years, since 7/18/06. 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 6/26/08, the XLY absolute price fell to its lowest level in 5 months.
Financial (XLF) Bearish, Underweight. On 6/26/08, the XLF absolute price fell to its lowest level in more than 5 years, while the XLF/SPY Relative Strength Ratio fell to its lowest level in 8 years. Since 3/23/04, the XLF/SPY Relative Strength Ratio has underperformed substantially.
Foreign stock index EFA absolute price and Relative Strength Ratio both fell to their lowest levels in 3 months on 6/25/08. Since 5/23/08, EFA has underperformed the U.S. stock market. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.
NASDAQ Composite has been outperforming the S&P 500 since 3/3/08. On 6/19/08, NASDAQ Composite Relative Strength Ratio rose to a new 8-month high.
Growth Stock/Value Stock Relative Strength Ratio rose to another new 3-year high on 6/23/08. 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 11-month high on 6/20/08. The major trend appears to be turning to Small Caps.
Crude Oil August futures contract is at a critical juncture. Oil rose to the upper end of its 14-day trading range, testing its 140.43 high of 6/16/08, but it did not make a new high. Trends are still Bullish in longer time frames. 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 broke out to a new 4-week high, a Bullish signal for the intermediate term. Previously, Gold had been consolidating since its low on 5/2/08, and that consolidation pattern might be a technical base. Gold’s long-term trend remains Bullish.
U.S. Treasury Bond September futures contract broke out to a new 3-week high. This probably reflects flight capital away from stocks. Sustainability of this rally seems uncertain.
The U.S. dollar fell again, below the midpoint of its trading range. The short-term trend is down. Intermediate-term, the dollar has been in a choppy sideways trading range since its low on 3/17/08. 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 33.7 % Bulls versus 39.3% Bears as of 6/25/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio fell to 0.86, down 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 23.93, indicates rising fear since 5/15/08. 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”, now at 29.06, shows rising fear since 5/16/08. Previously, 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 0.77, 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 0.95, 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 new intermediate-term down wave was signaled on 6/11/08, when the Dow-Jones Industrials and Transports both closed at new 7-week lows. 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 (1,283.15):
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
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 (1,283.15):
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:
% Price Change, ETF Name,Symbol
6.61% Short 200% QQQ PS, QID
5.56% Short 200% S&P 500 PS, SDS
5.55% Short 200% Dow 30 PS, DXD
5.31% Short 200% MidCap 400 PS, MZZ
4.26% Oil, Crude, U.S. Oil Fund, USO
3.66% Short 100% QQQ, PSQ
3.65% Gold Shares S.T., GLD
3.39% Short 100% MidCap 400, MYY
3.32% Commodity Tracking, DBC
2.96% Short 100% Dow 30, DOG
2.95% Short 100% S&P 500, SH
2.40% Silver Trust iS, SLV
0.87% Bond, TIPS, TIP
0.67% Bond, 20+ Years Treasury, TLT
0.56% Bond, 10 Year Treasury, IEF
0.29% Bond, 1-3 Year Treasury, SHY
0.23% Energy Exploration & Prod, PXE
0.13% Bond, Aggregate, AGG
0.08% Bond, Corp, LQD
-0.10% Oil Services H, OIH
-0.27% Metals & Mining SPDR, XME
-0.29% Natural Resource iS GS, IGE
-0.60% Oil & Gas, PXJ
-0.72% Energy SPDR, XLE
-0.78% Energy VIPERs, VDE
-0.96% Insurance, PIC
-0.97% Energy DJ, IYE
-1.08% Canada Index, EWC
-1.17% Biotech SPDR, XBI
-1.29% Switzerland Index, EWL
-1.43% Healthcare Global, IXJ
-1.44% South Africa Index, EZA
-1.52% Australia Index, EWA
-1.54% Biotech & Genome, PBE
-1.54% Value Line Timeliness MidCap Gr, PIV
-1.59% Internet Infrastructure H, IIH
-1.60% Energy Global, IXC
-1.64% Industrial SPDR, XLI
-1.73% Global Titans, DGT
-1.75% Micro Cap Zachs, PZI
-1.77% Biotechnology, IBB
-1.78% Health Care VIPERs, VHT
-1.78% Growth BARRA Small Cap 600, IJT
-1.80% Biotech H, BBH
-1.81% Food & Beverage, PBJ
-1.84% Global 100, IOO
-1.85% LargeCap Blend Dynamic PS, PWC
-1.86% Healthcare DJ, IYH
-1.90% Technology SPDR, XLK
-1.93% Pharmaceutical H, PPH
-1.93% Consumer Staples VIPERs, VDC
-2.01% Developed 100 BLDRS, ADRD
-2.02% Health Care SPDR, XLV
-2.04% Growth EAFE MSCI, EFG
-2.06% Pharmaceuticals, PJP
-2.08% Pacific ex-Japan, EPP
-2.08% Value MidCap Dynamic PS, PWP
-2.08% Germany Index, EWG
-2.09% Consumer Non-Cyclical, IYK
-2.13% Hardware & Electronics, PHW
-2.16% Growth MidCap S&P 400, RFG
-2.19% Microcap Russell, IWC
-2.20% OTC Dynamic PS, PWO
-2.20% Europe 100 BLDRS, ADRU
-2.20% United Kingdom Index, EWU
-2.22% SmallCap S&P 600, IJR
-2.23% Software, PSJ
-2.24% Utilities DJ, IDU
-2.25% France Index, EWQ
-2.29% Value SmallCap S&P 600 B, IJS
-2.31% SmallCap PS Zacks, PZJ
-2.33% Utilities, PUI
-2.34% Growth Small Cap DJ, DSG
-2.34% Telecommunications Global, IXP
-2.34% Growth SmallCap Dynamic PS, PWT
-2.35% Consumer Discretionary SPDR, XLY
-2.35% Utilities VIPERs, VPU
-2.37% Japan LargeCap Blend TOPIX 150, ITF
-2.37% Growth SmallCap VIPERs, VBK
-2.38% Growth MidCap 400 B, IJK
-2.38% Growth SmallCap iS M, JKK
-2.38% Value SmallCap Russell 2000, IWN
-2.39% Pacific VIPERs, VPL
-2.40% Mexico Index, EWW
-2.40% MidCap Growth iS M, JKH
-2.41% SmallCap Core iS M, JKJ
-2.43% European VIPERs, VGK
-2.43% Value EAFE MSCI, EFV
-2.45% Netherlands Index, EWN
-2.45% Value MidCap S&P 400 B, IJJ
-2.45% Dividend International, PID
-2.46% Europe 350 S&P Index, IEV
-2.46% Retail, PMR
-2.47% Materials SPDR, XLB
-2.48% Dividend Appreciation Vipers, VIG
-2.48% MidCap S&P 400 SPDRs, MDY
-2.48% LargeCap Blend NYSE Composite iS, NYC
-2.48% MidCap S&P 400 iS, IJH
-2.51% LargeCap Blend S&P 1500 iS, ISI
-2.52% Value 40 Large Low P/E FT DB, FDV
-2.52% Japan Index, EWJ
-2.53% EAFE Index, EFA
-2.54% Value LargeCap Euro STOXX 50 DJ, FEU
-2.54% Growth S&P 500, RPG
-2.56% South Korea Index, EWY
-2.57% Dividend SPDR, SDY
-2.57% SmallCap Russell 2000, IWM
-2.58% Telecom H, TTH
-2.58% LargeCap Blend Total Market DJ, IYY
-2.59% Growth Large Cap, ELG
-2.60% Growth LargeCap iS M, JKE
-2.62% Value SmallCap S&P 600, RZV
-2.62% Small Cap VIPERs, VB
-2.62% Extended Mkt VIPERs, VXF
-2.62% Basic Materials DJ US, IYM
-2.62% Value LargeCap Russell 3000, IWW
-2.63% EMU Europe Index, EZU
-2.63% Latin Am 40, ILF
-2.64% Software H, SWH
-2.65% Growth S&P 500/BARRA, IVW
-2.69% Dividend High Yield Equity PS, PEY
-2.69% Dividend DJ Select, DVY
-2.71% Software, IGV
-2.72% S&P 500 SPDRs LargeCap Blend, SPY
-2.72% Growth MidCap Russell, IWP
-2.72% MidCap Blend Core iS M, JKG
-2.75% DIAMONDS (DJIA), DIA
-2.75% LargeCap Blend Russell 3000, IWV
-2.75% Lg Cap Growth PSD, PWB
-2.76% MidCap Russell, IWR
-2.76% Euro STOXX 50, FEZ
-2.77% Growth SmallCap R 2000, IWO
-2.78% Growth LargeCap Russell 3000, IWZ
-2.79% LargeCap Blend Socially Responsible iS, KLD
-2.80% Growth 1000 Russell, IWF
-2.80% Value MidCap Russell, IWS
-2.80% Growth VIPERs, VUG
-2.82% Value 1000 Russell, IWD
-2.82% Italy Index, EWI
-2.84% LargeCap 1000 R, IWB
-2.85% Telecom DJ US, IYZ
-2.85% Value VIPERs, VTV
-2.86% Water Resources, PHO
-2.86% Dividend Achievers PS, PFM
-2.89% Value SmallCap iS M, JKL
-2.89% Utilities H, UTH
-2.90% Blend Total Market VIPERs, VTI
-2.92% MidCap VIPERs, VO
-2.94% Internet Architecture H, IAH
-2.94% LargeCap Blend S&P 100, OEF
-2.94% Value LargeCap iS M, JKF
-2.95% LargeCap Rydex Rus Top 50, XLG
-2.96% S&P 500 iS LargeCap Blend, IVV
-2.97% LargeCap VIPERs, VV
-2.98% Utilities SPDR, XLU
-2.98% LargeCap Blend Core iS M, JKD
-2.98% Emerging 50 BLDRS, ADRE
-2.99% Value LargeCap Dynamic PS, PWV
-3.00% Austria Index, EWO
-3.00% Telecom Services VIPERs, VOX
-3.00% IPOs, First Tr IPOX-100, FPX
-3.00% LargeCap Blend S&P=Weight R, RSP
-3.01% Value SmallCap Dynamic PS, PWY
-3.02% Value Small Cap DJ, DSV
-3.03% Consumer Staples SPDR, XLP
-3.04% Growth Mid Cap Dynamic PS, PWJ
-3.05% Building & Construction, PKB
-3.06% Value LargeCap Fundamental RAFI 1000, PRF
-3.07% Telecommunications & Wireless, PTE
-3.08% Value SmallCap VIPERS, VBR
-3.08% Singapore Index, EWS
-3.10% Transportation Av DJ, IYT
-3.11% Spain Index, EWP
-3.14% Consumer Cyclical DJ, IYC
-3.16% Value MidCap iS M, JKI
-3.20% Growth LargeCap NASDAQ Fidelity, ONEQ
-3.20% Emerging VIPERs, VWO
-3.21% Materials VIPERs, VAW
-3.22% Dividend Growth PS, PHJ
-3.26% Value MidCap S&P 400, RFV
-3.28% Value S&P 500 B, IVE
-3.28% Internet B2B H, BHH
-3.28% Internet H, HHH
-3.29% Malaysia Index, EWM
-3.30% Brazil Index, EWZ
-3.30% Value LargeCap NYSE 100 iS, NY
-3.31% Value Large Cap DJ, ELV
-3.32% Asia 50 BLDRS, ADRA
-3.33% REIT Wilshire, RWR
-3.33% Info Tech VIPERs, VGT
-3.34% REIT VIPERs, VNQ
-3.38% Consumer D. VIPERs, VCR
-3.38% Networking, PXQ
-3.39% Technology Global, IXN
-3.43% Emerging Markets, EEM
-3.47% Wilshire 5000 ST TM, TMW
-3.48% Broadband H, BDH
-3.48% Dividend Leaders, FDL
-3.50% Industrial LargeCap Blend DJ US, IYJ
-3.55% Technology DJ US, IYW
-3.56% Taiwan Index, EWT
-3.58% Real Estate US DJ, IYR
-3.60% Financial SPDR, XLF
-3.61% Aerospace & Defense, PPA
-3.62% Leisure & Entertainment, PEJ
-3.64% Hong Kong Index, EWH
-3.66% Technology GS, IGM
-3.66% Retail H, RTH
-3.68% Industrials VIPERs, VIS
-3.70% Realty Cohen & Steers, ICF
-3.71% Semiconductors, PSI
-3.79% Value S&P 500, RPV
-3.81% Financials VIPERs, VFH
-3.87% Nanotech Lux, PXN
-3.89% Sweden Index, EWD
-3.92% Technology MS sT, MTK
-3.92% Bank Regional H, RKH
-4.00% China LargeCap Growth G D H USX PS, PGJ
-4.04% Growth LargeCap NASDAQ 100, QQQQ
-4.07% Financial DJ US, IYF
-4.07% Networking, IGN
-4.09% Semiconductor H, SMH
-4.27% Semiconductor SPDR, XSD
-4.29% Capital Markets KWB ST, KCE
-4.36% Financial Services DJ, IYG
-4.49% Semiconductor iS GS, IGW
-4.67% Financials Global LargeCap Value, IXG
-4.74% WilderHill Clean Energy PS, PBW
-4.85% Ultra MidCap400 Double, MVV
-5.07% China 25 iS, FXI
-5.58% Ultra Dow30 Double, DDM
-5.69% Ultra S&P500 Double, SSO
-5.90% Homebuilders SPDR, XHB
-6.33% Belgium Index, EWK
-7.08% Ultra QQQ Double, QLD
