by Robert W. Colby, Senior Analyst TraderPlanet.com
Stocks: DJIA and S&P 500 fell again, continuing their downward corrections. Financials are under pressure.
Financial Stock Sector Relative Strength Ratio again fell to its lowest level in more than 7 years, continuing a major Bearish trend.
DJIA fell to its lowest closing level in 7 weeks.
The S&P 500 closed below both its 50- and 200-day simple moving averages for the second consecutive session.
MACD Histogram is negative and falling, meaning that stock market momentum is Bearish and growing more Bearish.
Growth Stock/Value Stock Relative Strength Ratio rose to another new 3-year high.
The Small Cap/Large Cap Relative Strength Ratio rose to a new 8-month high.
Crude Oil July futures contract and CRB index of commodity prices both fell to their lowest closing level in 4 weeks, again confirming downside corrections.
Energy Stock Sector Relative Strength Ratio underperformed since 5/21/08.
Utilities Stock Sector Relative Strength Ratio rose to another new 4-month high.
U.S. Treasury Bond futures price reversed to the downside.
On Wednesday, major stock price indexes opened modestly lower but soon reversed and rallied through the morning to a peak at 12:21 p.m. Stocks fell back down into the red between 12:21 and 2:57 p.m. before recovering nearly all of the loss in late trading. The S&P 500 closed at 1,377.20, down 0.45 or 0.03%. Total NYSE volume fell 1%. The volume of advancing stocks minus the volume of declining stocks was net -17% of the volume of changed stocks.
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 this week. The short-term action has been subject to rapid and frequent change, and 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
5.81% , VRSN , VeriSign Inc
0.66% , PTE , Telecommunications & Wireless, PTE
6.50% , MHP , MCGRAW HILL
5.58% , AMD , ADV MICRO DEV
3.50% , HANS , Hansen Natural, HANS
5.38% , IIH , Internet Infrastructure H, IIH
0.56% , ADRA , Asia 50 BLDRS, ADRA
0.80% , IYW , Technology DJ US, IYW
3.53% , DIS , WALT DISNEY
3.50% , HOT , STARWOOD HOTELS
3.50% , SIRI , Sirius Satellite
1.31% , PHW , Hardware & Electronics, PHW
3.31% , AES , AES
2.92% , TLAB , TELLABS
1.67% , CHKP , Check Point Software Technologies Ltd
4.41% , WFMI , Whole Foods Market Inc
4.72% , HAS , HASBRO
5.64% , NIHD , NII Holdings, Inc.
3.07% , MCO , MOODYS CORP
1.47% , PEJ , Leisure & Entertainment, PEJ
1.85% , DISCA , Discovery Holding Co.
0.40% , IYK , Consumer Non-Cyclical, IYK
2.93% , PEG , PUBL SVC ENTER
3.23% , XMSR , XM Satellite R
4.16% , FHN , FIRST TENNESSEE
4.21% , CAR , Avis Budget Group, Inc. (CAR)
0.80% , ITF , Japan LargeCap Blend TOPIX 150, ITF
1.02% , UTH , Utilities H, UTH
2.10% , LTR , LOEWS
3.00% , AXP , AMERICAN EXPRESS
1.53% , IGN , Networking, IGN
0.51% , IXN , Technology Global, IXN
1.63% , QLGC , QLOGIC
1.40% , CIEN.O , CIENA
1.43% , RZV , Value SmallCap S&P 600, RZV
1.18% , EWJ , Japan Index, EWJ
1.91% , HOLX , Hologic, Inc., HOLX
2.78% , SPLS , STAPLES
2.84% , ALTR , ALTERA
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol , Name
-17.00% , ABK , AMBAC FINL GRP
-15.84% , MBI , MBIA
-4.03% , TBH , Telebras HOLDRS, TBH*
-1.28% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-3.07% , EWM , Malaysia Index, EWM
-0.68% , FPX , IPOs, First Tr IPOX-100, FPX
-0.80% , FEZ , Euro STOXX 50, FEZ
-2.04% , ILF , Latin Am 40, ILF
-0.74% , STT , STATE STREET
-2.80% , NTRS , NORTHERN TRUST
-1.38% , ADRU , Europe 100 BLDRS, ADRU
-3.84% , DVN , DEVON ENERGY
-1.98% , IXC , Energy Global, IXC
-1.00% , PSQ , Short 100% QQQ, PSQ
-5.24% , VLO , VALERO ENERGY
-1.23% , RFMD , RF Micro Devices Inc
-2.67% , MER , MERRILL LYNCH
-3.30% , BBT , BB&T
-3.96% , BAC , BANK OF AMERICA
-2.45% , KEY , KEYCORP
-1.01% , CSC , COMPUTER SCIENCE
-1.02% , VZ , VERIZON COMMS
-2.18% , PGJ , China LargeCap Growth G D H USX PS, PGJ
-2.11% , JNY , JONES APPAREL
-2.75% , STI , SUNTRUST BANKS
-0.31% , IOO , Global 100, IOO
-2.73% , CFC , COUNTRYWIDE FNCL
-4.67% , CTX , CENTEX
-0.65% , VIA , VIACOM INC. (New)
-1.54% , NTAP , NETWK APPLIANCE
-0.08% , IAH , Internet Architecture H, IAH
-0.35% , PXJ , Oil & Gas, PXJ
-3.17% , MAR , MARRIOTT INTL STK A
-0.42% , EWL , Switzerland Index, EWL
-2.53% , PXE , Energy Exploration & Prod, PXE
-1.94% , PNC , PNC FINL SVC
-0.61% , NYC , LargeCap Blend NYSE Composite iS, NYC
-1.20% , PLD , PROLOGIS TRUST
-3.70% , HES , AMERADA HESS
Sectors: among the 9 major U.S. sectors, 4 rose and 5 fell.
Major Sectors Ranked for the Day
% Price Change Sector
1.21% Utilities SPDR, XLU
0.59% Consumer Discretionary SPDR, XLY
0.20% Technology SPDR, XLK
0.03% Health Care SPDR, XLV
-0.07% Consumer Staples SPDR, XLP
-0.39% Industrial SPDR, XLI
-0.43% Materials SPDR, XLB
-0.62% Financial SPDR, XLF
-1.49% 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 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 5/20/08, 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 6/4/08. 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 5/30/08, the XLK/SPY Relative Strength Ratio rose to a new 5-month high, confirming an improving intermediate-term trend.
Industrial (XLI) Neutral, Market Weight. Since 3/31/08, the XLI/SPY Relative Strength Ratio has underperformed moderately.
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 6/4/08, 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 indexes Relative Strength Ratio rose to a new 5-month high on 5/23/08. EFA outperformed since 2/8/08 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 price outperformed since 3/3/08. Longer term, the relative trends in larger time frames appear unclear, because the NASDAQ underperformed from 11/7/07 to 3/3/08, when the Relative Strength Ratio fell to a new 9-month low, thereby confirming downtrends in larger time frames.
Growth Stock/Value Stock Relative Strength Ratio rose to another new 3-year high on 6/4/08. 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 outperformed since 3/10/08. Therefore, the intermediate-term trend has been confirmed as Bullish for Small Caps.
Crude Oil July futures contract fell to its lowest closing level in 4 weeks, again confirming a correction. On 5/28/08, I noted that Crude Oil has been quite overbought, so a consolidation or correction would come as no surprise. 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 contract eased lower. On 5/29/08, I noted that Gold broke down below the lows of the previous 8 trading days, and that Gold’s trend turned Bearish, for both short-term and intermediate-term time frames.
Silver is still lagging Gold. 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 underperformed Gold since 10/31/07. Longer-term, GDX significantly underperformed Gold since 10/31/07. Therefore, GDX trends are Bearish relative to Gold itself.
U.S. Treasury Bond futures price moved above previous 5-day highs but reversed to close lower—a sign that the bounce could be over. On 5/28/08, I noted that Bonds broke down below previous 7-month price lows. That marked a significant Bearish trend change for Bonds. So, I suggested that traders in all timeframes ought to consider selling bonds.
The U.S. dollar firmed moderately. The day-to-day trend appears to have improved for the very short-term, but 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 20.80. 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 24.01. 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 0.76, which indicates rising 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 1.17, 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 both 5/19/08 and 5/30/08, the Transports tested their all-time high and failed to make a new high. Meanwhile, the Industrials languished far below their highs. Following such failure to advance, a downside test should follow. 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 (1,377.20):
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
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 (1,377.20):
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:
5.38% Internet Infrastructure H, IIH
1.90% Networking, PXQ
1.86% Semiconductor H, SMH
1.72% Broadband H, BDH
1.71% Ultra QQQ Double, QLD
1.67% Semiconductor SPDR, XSD
1.63% Semiconductors, PSI
1.57% Semiconductor iS GS, IGW
1.53% Networking, IGN
1.47% Leisure & Entertainment, PEJ
1.43% Value SmallCap S&P 600, RZV
1.39% Internet H, HHH
1.31% Hardware & Electronics, PHW
1.28% Growth LargeCap NASDAQ 100, QQQQ
1.25% Value MidCap S&P 400, RFV
1.21% Utilities SPDR, XLU
1.18% Japan Index, EWJ
1.16% Utilities, PUI
1.13% Pacific VIPERs, VPL
1.12% Biotechnology, IBB
1.10% Nanotech Lux, PXN
1.02% Utilities H, UTH
0.96% Growth LargeCap NASDAQ Fidelity, ONEQ
0.90% Utilities DJ, IDU
0.83% REIT Wilshire, RWR
0.83% Software H, SWH
0.82% Taiwan Index, EWT
0.80% Japan LargeCap Blend TOPIX 150, ITF
0.80% Technology DJ US, IYW
0.74% Biotech SPDR, XBI
0.74% Growth SmallCap R 2000, IWO
0.73% Value SmallCap Russell 2000, IWN
0.72% Food & Beverage, PBJ
0.68% OTC Dynamic PS, PWO
0.66% Telecommunications & Wireless, PTE
0.64% Microcap Russell, IWC
0.64% Value SmallCap S&P 600 B, IJS
0.63% Water Resources, PHO
0.62% Technology GS, IGM
0.62% SmallCap Russell 2000, IWM
0.61% Technology MS sT, MTK
0.61% Realty Cohen & Steers, ICF
0.60% SmallCap PS Zacks, PZJ
0.59% Info Tech VIPERs, VGT
0.59% Consumer Discretionary SPDR, XLY
0.59% Software, PSJ
0.59% Value SmallCap VIPERS, VBR
0.57% Transportation Av DJ, IYT
0.56% Asia 50 BLDRS, ADRA
0.56% Small Cap VIPERs, VB
0.55% Real Estate US DJ, IYR
0.55% Biotech H, BBH
0.52% Utilities VIPERs, VPU
0.52% REIT VIPERs, VNQ
0.51% Software, IGV
0.51% Technology Global, IXN
0.51% Retail, PMR
0.51% Biotech & Genome, PBE
0.49% Telecom DJ US, IYZ
0.47% Growth SmallCap iS M, JKK
0.46% Pharmaceuticals, PJP
0.46% Consumer Staples VIPERs, VDC
0.44% Growth BARRA Small Cap 600, IJT
0.44% Value SmallCap Dynamic PS, PWY
0.43% Value SmallCap iS M, JKL
0.43% Growth SmallCap Dynamic PS, PWT
0.42% Hong Kong Index, EWH
0.41% Growth SmallCap VIPERs, VBK
0.41% Consumer Cyclical DJ, IYC
0.40% SmallCap S&P 600, IJR
0.40% MidCap S&P 400 iS, IJH
0.40% Consumer Non-Cyclical, IYK
0.37% Consumer D. VIPERs, VCR
0.36% Micro Cap Zachs, PZI
0.35% Dividend SPDR, SDY
0.34% Healthcare DJ, IYH
0.33% Silver Trust iS, SLV
0.31% Growth Small Cap DJ, DSG
0.31% South Korea Index, EWY
0.31% Growth 1000 Russell, IWF
0.29% SmallCap Core iS M, JKJ
0.29% Health Care VIPERs, VHT
0.28% Ultra MidCap400 Double, MVV
0.26% Growth Large Cap, ELG
0.26% Mexico Index, EWW
0.25% Growth LargeCap iS M, JKE
0.23% Retail H, RTH
0.21% Value MidCap S&P 400 B, IJJ
0.21% Building & Construction, PKB
0.20% Extended Mkt VIPERs, VXF
0.20% Growth MidCap Russell, IWP
0.20% Technology SPDR, XLK
0.19% Growth S&P 500/BARRA, IVW
0.19% Short 100% Dow 30, DOG
0.18% Blend Total Market VIPERs, VTI
0.17% Value MidCap Dynamic PS, PWP
0.16% Growth VIPERs, VUG
0.14% Growth S&P 500, RPG
0.13% Telecom Services VIPERs, VOX
0.13% Growth Mid Cap Dynamic PS, PWJ
0.12% MidCap Growth iS M, JKH
0.12% MidCap Russell, IWR
0.10% Growth MidCap S&P 400, RFG
0.10% Growth LargeCap Russell 3000, IWZ
0.09% MidCap S&P 400 SPDRs, MDY
0.08% LargeCap Rydex Rus Top 50, XLG
0.06% Insurance, PIC
0.05% Pacific ex-Japan, EPP
0.05% Short 100% S&P 500, SH
0.03% Health Care SPDR, XLV
0.03% Value Small Cap DJ, DSV
0.03% LargeCap Blend Core iS M, JKD
0.02% DIAMONDS (DJIA), DIA
0.01% Value MidCap iS M, JKI
0.00% Oil Services H, OIH
0.00% Dividend DJ Select, DVY
0.00% Internet B2B H, BHH
0.00% LargeCap Blend Socially Responsible iS, KLD
0.00% Lg Cap Growth PSD, PWB
0.00% S&P 500 iS LargeCap Blend, IVV
-0.01% MidCap Blend Core iS M, JKG
-0.01% LargeCap 1000 R, IWB
-0.01% Value S&P 500 B, IVE
-0.02% Value MidCap Russell, IWS
-0.02% Growth MidCap 400 B, IJK
-0.03% LargeCap Blend S&P 100, OEF
-0.04% Bond, 1-3 Year Treasury, SHY
-0.04% MidCap VIPERs, VO
-0.04% LargeCap Blend Russell 3000, IWV
-0.04% LargeCap Blend S&P=Weight R, RSP
-0.05% S&P 500 SPDRs LargeCap Blend, SPY
-0.05% Short 200% S&P 500 PS, SDS
-0.06% Dividend Appreciation Vipers, VIG
-0.07% Wilshire 5000 ST TM, TMW
-0.07% Consumer Staples SPDR, XLP
-0.08% Internet Architecture H, IAH
-0.08% LargeCap VIPERs, VV
-0.08% LargeCap Blend S&P 1500 iS, ISI
-0.10% LargeCap Blend Total Market DJ, IYY
-0.12% Value Line Timeliness MidCap Gr, PIV
-0.14% Industrial LargeCap Blend DJ US, IYJ
-0.14% Short 100% MidCap 400, MYY
-0.16% Pharmaceutical H, PPH
-0.16% Ultra Dow30 Double, DDM
-0.18% Short 200% Dow 30 PS, DXD
-0.20% Dividend Achievers PS, PFM
-0.21% Value 40 Large Low P/E FT DB, FDV
-0.21% Belgium Index, EWK
-0.24% Industrials VIPERs, VIS
-0.24% Netherlands Index, EWN
-0.24% Value LargeCap Fundamental RAFI 1000, PRF
-0.26% Value LargeCap Dynamic PS, PWV
-0.26% Gold Shares S.T., GLD
-0.28% Financials Global LargeCap Value, IXG
-0.29% Value VIPERs, VTV
-0.30% Dividend Growth PS, PHJ
-0.30% Singapore Index, EWS
-0.31% Global 100, IOO
-0.31% Bond, Corp, LQD
-0.32% Value S&P 500, RPV
-0.33% Value 1000 Russell, IWD
-0.34% Short 200% MidCap 400 PS, MZZ
-0.35% Oil & Gas, PXJ
-0.36% Bond, Aggregate, AGG
-0.36% Bond, 10 Year Treasury, IEF
-0.38% Ultra S&P500 Double, SSO
-0.39% Australia Index, EWA
-0.39% Industrial SPDR, XLI
-0.40% Financials VIPERs, VFH
-0.41% Healthcare Global, IXJ
-0.42% Italy Index, EWI
-0.42% Switzerland Index, EWL
-0.43% Materials SPDR, XLB
-0.43% Global Titans, DGT
-0.44% Growth EAFE MSCI, EFG
-0.45% LargeCap Blend Dynamic PS, PWC
-0.46% Value EAFE MSCI, EFV
-0.46% Dividend International, PID
-0.48% Aerospace & Defense, PPA
-0.51% Value LargeCap NYSE 100 iS, NY
-0.52% Bond, TIPS, TIP
-0.52% Value LargeCap Russell 3000, IWW
-0.53% Value Large Cap DJ, ELV
-0.58% Spain Index, EWP
-0.58% EAFE Index, EFA
-0.58% Financial DJ US, IYF
-0.61% LargeCap Blend NYSE Composite iS, NYC
-0.61% Germany Index, EWG
-0.61% Materials VIPERs, VAW
-0.62% Financial SPDR, XLF
-0.68% IPOs, First Tr IPOX-100, FPX
-0.68% South Africa Index, EZA
-0.70% Telecommunications Global, IXP
-0.73% Canada Index, EWC
-0.76% Dividend High Yield Equity PS, PEY
-0.79% EMU Europe Index, EZU
-0.80% Euro STOXX 50, FEZ
-0.80% Capital Markets KWB ST, KCE
-0.80% Telecom H, TTH
-0.83% Basic Materials DJ US, IYM
-0.84% France Index, EWQ
-0.87% Emerging Markets, EEM
-0.89% Bond, 20+ Years Treasury, TLT
-0.98% Value LargeCap iS M, JKF
-0.99% European VIPERs, VGK
-0.99% Europe 350 S&P Index, IEV
-1.00% Short 100% QQQ, PSQ
-1.01% Developed 100 BLDRS, ADRD
-1.04% WilderHill Clean Energy PS, PBW
-1.08% Financial Services DJ, IYG
-1.15% China 25 iS, FXI
-1.20% Energy DJ, IYE
-1.25% Dividend Leaders, FDL
-1.28% Value LargeCap Euro STOXX 50 DJ, FEU
-1.29% Energy VIPERs, VDE
-1.30% Bank Regional H, RKH
-1.33% United Kingdom Index, EWU
-1.36% Austria Index, EWO
-1.38% Sweden Index, EWD
-1.38% Europe 100 BLDRS, ADRU
-1.39% Emerging VIPERs, VWO
-1.49% Energy SPDR, XLE
-1.50% Commodity Tracking, DBC
-1.50% Emerging 50 BLDRS, ADRE
-1.54% Natural Resource iS GS, IGE
-1.66% Oil, Crude, U.S. Oil Fund, USO
-1.98% Energy Global, IXC
-2.04% Latin Am 40, ILF
-2.17% Homebuilders SPDR, XHB
-2.18% China LargeCap Growth G D H USX PS, PGJ
-2.32% Short 200% QQQ PS, QID
-2.53% Energy Exploration & Prod, PXE
-2.62% Brazil Index, EWZ
-2.72% Metals & Mining SPDR, XME
-3.07% Malaysia Index, EWM