by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: anticipating economic weakness.
The defensive Utilities Stock Sector Relative Strength Ranking rose while the more cyclical Industrial Ranking moved down, suggesting that big money is anticipating economic weakness.
Utilities Stock Sector Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Energy Stock Sector Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Health Care Stock Sector Relative Strength Ratio rose to a new 3-month high, but longer-term trends are conflicted.
Consumer Discretionary Stock Sector absolute price and the XLI/SPY Relative Strength Ratio both fell to their lowest levels in more than 5 months, again confirming a Bearish trend.
Financial Stock Sector absolute price again 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.
NASDAQ Composite has started to underperform the S&P 500 since 6/19/08. The NASDAQ Composite Relative Strength Ratio uptrend since 3/3/08 may be in trouble.
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has been underperforming iShares Lehman 20+ Year Treasury Bond ETF (TLT) since 5/6/08, suggesting growing concern about credit quality.
CRB index of commodity prices moved up to another a new all-time high but reversed to the downside in a wide-range Bearish Outside Day.
Crude Oil also made a new high but reversed to close lower.
On Monday, major stock price indexes opened on a firm note, dipped, then rallied moderately into the lunch hour. Buyers turned scarce in the afternoon, however, and prices gave up most of their gains to close in the lower half of the day’s High-Low range. The S&P 500 closed at 1,280.00, up 1.62 points or 0.13%. Total NYSE volume fell 19%, thereby not confirming the rally attempt.
The breadth of the market was Bearish–again. The Advance-Decline Balance ((A-D) / (A+D)) was -18.30%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was -15.19% , and the New Highs-New Lows balance ((H-L) / ( H+L)) was -71.27% 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 10.28% 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
2.00% , IXP , Telecommunications Global, IXP
1.43% , ADRU , Europe 100 BLDRS, ADRU
2.66% , TTH , Telecom H, TTH
8.56% , SUN , SUNOCO
1.04% , EWO , Austria Index, EWO
0.55% , EWL , Switzerland Index, EWL
0.66% , NY , Value LargeCap NYSE 100 iS, NY
1.65% , BBH , Biotech H, BBH
5.28% , MBI , MBIA
3.98% , CPB , CAMPBELL SOUP
0.66% , EFV , Value EAFE MSCI, EFV
4.54% , EWU , United Kingdom Index, EWU
3.24% , FPL , FPL GROUP INC
2.79% , HRB , H&R BLOCK
3.36% , TER , TERADYNE
1.92% , ACS , AFFILIATED COMPUTER
2.04% , VPU , Utilities VIPERs, VPU
1.18% , VDE , Energy VIPERs, VDE
2.68% , FDO , FAMILY DLR STRS
1.89% , BHH , Internet B2B H, BHH
4.60% , DVN , DEVON ENERGY
2.48% , FMCN , Focus Media, FMCN
2.52% , KLAC , KLA TENCOR
0.95% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
5.40% , RYAAY , Ryanair Holdings plc
3.41% , PCG , PG&E
3.28% , CNP , CENTERPNT ENERGY
2.79% , D , DOMINION RSCS
1.81% , IXC , Energy Global, IXC
1.31% , PUI , Utilities, PUI
2.90% , FE , FIRSTENERGY
1.05% , CCE , COCA COLA ENTER
2.52% , ADM , ARCHER DANIELS
0.84% , STJ , ST JUDE MEDICAL
2.10% , AEE , AMEREN
1.64% , AVP , AVON
1.46% , THC , TENET HEALTHCARE
2.39% , DTE , DTE ENERGY
1.82% , DUK , DUKE ENERGY
2.05% , KG , KING PHARM
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-12.59% , MTG , MGIC INVESTMENT
-2.23% , RZV , Value SmallCap S&P 600, RZV
-0.79% , DSG , Growth Small Cap DJ, DSG
-2.32% , RFV , Value MidCap S&P 400, RFV
-13.50% , XL , XL CAPITAL STK A
-10.97% , LEH , LEHMAN BROS HLDG
-6.30% , PRU , PRUDENTIAL FINL
-3.21% , TIF , TIFFANY
-4.25% , WB , WACHOVIA
-3.89% , WFMI , Whole Foods Market Inc
-1.78% , PIC , Insurance, PIC
-6.20% , FNM , FANNIE MAE
-7.70% , APOL , APOLLO GROUP
-0.45% , PXN , Nanotech Lux, PXN
-1.72% , IXG , Financials Global LargeCap Value, IXG
-1.69% , JKL , Value SmallCap iS M, JKL
-5.30% , JNY , JONES APPAREL
-0.43% , RFG , Growth MidCap S&P 400, RFG
-8.12% , FRE , FREDDIE MAC
-14.88% , CIT , CIT GROUP
-2.04% , KCE , Capital Markets KWB ST, KCE
-3.63% , HIG , HARTFORD FINL
-3.39% , MAT , MATTEL
-4.02% , AN , AUTONATION
-6.30% , DHI , D.R. HORTON, DHI
-2.34% , PEY , Dividend High Yield Equity PS, PEY
-1.31% , VCR , Consumer D. VIPERs, VCR
-0.69% , PWP , Value MidCap Dynamic PS, PWP
-3.41% , F , FORD MOTOR
-0.98% , IJS , Value SmallCap S&P 600 B, IJS
-1.44% , MTB , M&T BANK
-0.90% , VB , Small Cap VIPERs, VB
-0.54% , PHW , Hardware & Electronics, PHW
-1.78% , DBC , Commodity Tracking, DBC
-0.16% , EWN , Netherlands Index, EWN
-2.52% , SYY , SYSCO
-2.04% , CB , CHUBB
-0.24% , IWZ , Growth LargeCap Russell 3000, IWZ
-0.60% , JKJ , SmallCap Core iS M, JKJ
-4.30% , BEN , FRANKLIN RSC
Sectors: among the 9 major U.S. sectors, 5 rose and 4 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
2.44% Utilities SPDR, XLU
1.41% Energy SPDR, XLE
1.09% Health Care SPDR, XLV
0.92% Industrial SPDR, XLI
0.72% Consumer Staples SPDR, XLP
-0.13% Technology SPDR, XLK
-0.41% Materials SPDR, XLB
-0.45% Consumer Discretionary SPDR, XLY
-1.51% 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 6/30/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Utilities (XLU) Neutral, Market Weight. On 6/30/08, 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.
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.
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.
Health Care (XLV) Bearish, Underweight. On 6/30/08, the XLV/SPY Relative Strength Ratio moved up to a new 3- month high. But 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.
Industrial (XLI) Bearish, Underweight. On 6/27/08, both the XLI absolute price and the XLI/SPY Relative Strength Ratio fell to their lowest levels in more than 5 months, again confirming a Bearish trend.
Consumer Discretionary (XLY) Bearish, Underweight. On 6/30/08, the XLY absolute price and the XLY/SPY Relative Strength Ratio both fell to their lowest level in more than 5 months. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.
Financial (XLF) Bearish, Underweight. On 6/30/08, 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 started to underperform the S&P 500 since 6/19/08. The NASDAQ Composite Relative Strength Ratio uptrend since 3/3/08 may be in trouble.
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 rose to a new all-time high but reversed to close lower. This failure to hold new high territory raises uncertainty for the short term. Trends are 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 moved up to another new 4-week high, could not hold its gains, and closed lower. Gold might be overbought and tired for the short term. Gold’s long-term trend remains Bullish.
U.S. Treasury Bond September futures contract rose to a new 5-week high, could not hold its gains, and closed lower. The “flight capital away from stocks” game might be getting old. Obvious resistance is nearby, and so I suspected that the sustainability of the rally might be uncertain.
The U.S. dollar rose slightly, but not enough to change its short-term down trend of the most recent 11 trading days. Intermediate term, the dollar has been in a choppy sideways trading range since its low on 3/17/08. Long-term, the 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 23.95, 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 29.76, 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 0.88, 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 0.77, 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 (1,280.00):
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 (1,280.00):
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
4.54% United Kingdom Index, EWU
2.66% Utilities H, UTH
2.66% Telecom H, TTH
2.44% Utilities SPDR, XLU
2.21% Short 200% QQQ PS, QID
2.05% Energy Exploration & Prod, PXE
2.04% Utilities VIPERs, VPU
2.00% Telecommunications Global, IXP
1.89% Utilities DJ, IDU
1.89% Internet B2B H, BHH
1.81% Energy Global, IXC
1.73% Telecom DJ US, IYZ
1.65% Biotech H, BBH
1.43% Europe 100 BLDRS, ADRU
1.42% Energy DJ, IYE
1.41% Energy SPDR, XLE
1.40% Telecom Services VIPERs, VOX
1.40% Natural Resource iS GS, IGE
1.31% Utilities, PUI
1.26% Healthcare Global, IXJ
1.21% Latin Am 40, ILF
1.18% Energy VIPERs, VDE
1.11% Pharmaceutical H, PPH
1.09% Health Care SPDR, XLV
1.05% Telecommunications & Wireless, PTE
1.04% Austria Index, EWO
1.01% Emerging 50 BLDRS, ADRE
0.99% Developed 100 BLDRS, ADRD
0.98% Short 100% QQQ, PSQ
0.95% Value LargeCap Euro STOXX 50 DJ, FEU
0.92% Industrial SPDR, XLI
0.88% Healthcare DJ, IYH
0.87% Ultra S&P500 Double, SSO
0.80% Value 40 Large Low P/E FT DB, FDV
0.78% Health Care VIPERs, VHT
0.78% Asia 50 BLDRS, ADRA
0.76% Emerging Markets, EEM
0.76% Brazil Index, EWZ
0.75% European VIPERs, VGK
0.72% Consumer Staples SPDR, XLP
0.66% Value LargeCap NYSE 100 iS, NY
0.66% Value EAFE MSCI, EFV
0.66% Oil Services H, OIH
0.66% Global 100, IOO
0.65% LargeCap Rydex Rus Top 50, XLG
0.63% Growth EAFE MSCI, EFG
0.62% Metals & Mining SPDR, XME
0.60% EAFE Index, EFA
0.60% China 25 iS, FXI
0.59% Transportation Av DJ, IYT
0.59% LargeCap Blend Core iS M, JKD
0.57% South Africa Index, EZA
0.55% Industrials VIPERs, VIS
0.55% Switzerland Index, EWL
0.49% Dividend Achievers PS, PFM
0.47% France Index, EWQ
0.45% Emerging VIPERs, VWO
0.45% Short 200% MidCap 400 PS, MZZ
0.44% Short 100% MidCap 400, MYY
0.39% Mexico Index, EWW
0.37% Pharmaceuticals, PJP
0.36% Hong Kong Index, EWH
0.35% S&P 500 SPDRs LargeCap Blend, SPY
0.32% Short 100% Dow 30, DOG
0.27% Europe 350 S&P Index, IEV
0.26% Italy Index, EWI
0.23% Value LargeCap Dynamic PS, PWV
0.22% Value 1000 Russell, IWD
0.22% Industrial LargeCap Blend DJ US, IYJ
0.20% Wilshire 5000 ST TM, TMW
0.20% Value LargeCap iS M, JKF
0.19% Malaysia Index, EWM
0.18% REIT Wilshire, RWR
0.18% Value VIPERs, VTV
0.18% LargeCap Blend NYSE Composite iS, NYC
0.17% Dividend International, PID
0.16% Japan Index, EWJ
0.15% LargeCap Blend Dynamic PS, PWC
0.15% Realty Cohen & Steers, ICF
0.14% REIT VIPERs, VNQ
0.11% Growth Large Cap, ELG
0.09% Bond, TIPS, TIP
0.09% Oil & Gas, PXJ
0.07% Taiwan Index, EWT
0.07% Bond, 10 Year Treasury, IEF
0.06% Bond, 1-3 Year Treasury, SHY
0.05% Bond, Aggregate, AGG
0.05% Growth S&P 500, RPG
0.03% Short 100% S&P 500, SH
0.02% Bond, 20+ Years Treasury, TLT
0.00% Value LargeCap Russell 3000, IWW
0.00% Short 200% Dow 30 PS, DXD
-0.02% LargeCap VIPERs, VV
-0.02% Growth 1000 Russell, IWF
-0.03% Basic Materials DJ US, IYM
-0.03% LargeCap Blend S&P 100, OEF
-0.04% DIAMONDS (DJIA), DIA
-0.04% MidCap Blend Core iS M, JKG
-0.05% S&P 500 iS LargeCap Blend, IVV
-0.05% Value S&P 500 B, IVE
-0.05% Consumer Non-Cyclical, IYK
-0.06% Lg Cap Growth PSD, PWB
-0.06% LargeCap Blend Total Market DJ, IYY
-0.06% Pacific VIPERs, VPL
-0.08% Gold Shares S.T., GLD
-0.08% Oil, Crude, U.S. Oil Fund, USO
-0.08% Singapore Index, EWS
-0.09% Value MidCap iS M, JKI
-0.11% Dividend Growth PS, PHJ
-0.11% Aerospace & Defense, PPA
-0.11% Consumer Staples VIPERs, VDC
-0.11% Global Titans, DGT
-0.12% Biotechnology, IBB
-0.12% Semiconductor SPDR, XSD
-0.13% Growth S&P 500/BARRA, IVW
-0.13% Technology SPDR, XLK
-0.14% Dividend Appreciation Vipers, VIG
-0.14% MidCap VIPERs, VO
-0.16% Netherlands Index, EWN
-0.16% Value Large Cap DJ, ELV
-0.16% Japan LargeCap Blend TOPIX 150, ITF
-0.17% Growth VIPERs, VUG
-0.17% LargeCap Blend Russell 3000, IWV
-0.18% MidCap Growth iS M, JKH
-0.19% EMU Europe Index, EZU
-0.20% Growth LargeCap iS M, JKE
-0.20% MidCap Russell, IWR
-0.20% Blend Total Market VIPERs, VTI
-0.21% IPOs, First Tr IPOX-100, FPX
-0.22% LargeCap Blend S&P 1500 iS, ISI
-0.22% MidCap S&P 400 SPDRs, MDY
-0.23% Technology MS sT, MTK
-0.23% Biotech & Genome, PBE
-0.24% Canada Index, EWC
-0.24% Growth LargeCap Russell 3000, IWZ
-0.26% Value MidCap Russell, IWS
-0.27% Value LargeCap Fundamental RAFI 1000, PRF
-0.27% Growth Mid Cap Dynamic PS, PWJ
-0.29% Bond, Corp, LQD
-0.30% Pacific ex-Japan, EPP
-0.30% Growth MidCap 400 B, IJK
-0.31% Value MidCap S&P 400 B, IJJ
-0.32% LargeCap Blend Socially Responsible iS, KLD
-0.33% Real Estate US DJ, IYR
-0.33% Ultra Dow30 Double, DDM
-0.33% Biotech SPDR, XBI
-0.33% Food & Beverage, PBJ
-0.33% Growth MidCap Russell, IWP
-0.34% LargeCap 1000 R, IWB
-0.34% Dividend Leaders, FDL
-0.38% MidCap S&P 400 iS, IJH
-0.39% Silver Trust iS, SLV
-0.39% Euro STOXX 50, FEZ
-0.41% Materials SPDR, XLB
-0.43% Growth MidCap S&P 400, RFG
-0.44% Materials VIPERs, VAW
-0.45% Nanotech Lux, PXN
-0.45% Consumer Discretionary SPDR, XLY
-0.47% Value Line Timeliness MidCap Gr, PIV
-0.47% Dividend SPDR, SDY
-0.48% Building & Construction, PKB
-0.50% LargeCap Blend S&P=Weight R, RSP
-0.51% Internet Infrastructure H, IIH
-0.51% Retail H, RTH
-0.52% Short 200% S&P 500 PS, SDS
-0.54% Hardware & Electronics, PHW
-0.55% Growth SmallCap VIPERs, VBK
-0.56% Networking, PXQ
-0.59% Ultra MidCap400 Double, MVV
-0.59% Extended Mkt VIPERs, VXF
-0.60% SmallCap Core iS M, JKJ
-0.61% Spain Index, EWP
-0.61% Germany Index, EWG
-0.61% Growth SmallCap iS M, JKK
-0.64% Internet Architecture H, IAH
-0.65% Growth BARRA Small Cap 600, IJT
-0.67% Growth SmallCap R 2000, IWO
-0.69% Value MidCap Dynamic PS, PWP
-0.72% China LargeCap Growth G D H USX PS, PGJ
-0.74% South Korea Index, EWY
-0.74% Software, PSJ
-0.75% Value Small Cap DJ, DSV
-0.79% Growth Small Cap DJ, DSG
-0.80% Semiconductor H, SMH
-0.82% SmallCap S&P 600, IJR
-0.86% Micro Cap Zachs, PZI
-0.86% OTC Dynamic PS, PWO
-0.88% Software, IGV
-0.90% Small Cap VIPERs, VB
-0.91% Dividend DJ Select, DVY
-0.93% SmallCap Russell 2000, IWM
-0.93% Technology Global, IXN
-0.96% Consumer Cyclical DJ, IYC
-0.96% Info Tech VIPERs, VGT
-0.97% Technology GS, IGM
-0.98% Growth SmallCap Dynamic PS, PWT
-0.98% Value SmallCap S&P 600 B, IJS
-0.99% Belgium Index, EWK
-1.01% Semiconductor iS GS, IGW
-1.05% Growth LargeCap NASDAQ Fidelity, ONEQ
-1.05% Growth LargeCap NASDAQ 100, QQQQ
-1.07% Value SmallCap VIPERS, VBR
-1.11% Technology DJ US, IYW
-1.13% Semiconductors, PSI
-1.14% Water Resources, PHO
-1.23% Software H, SWH
-1.23% Internet H, HHH
-1.23% Retail, PMR
-1.29% Value SmallCap Russell 2000, IWN
-1.29% Value S&P 500, RPV
-1.31% Sweden Index, EWD
-1.31% Consumer D. VIPERs, VCR
-1.43% Value SmallCap Dynamic PS, PWY
-1.51% Financial SPDR, XLF
-1.55% Networking, IGN
-1.60% Australia Index, EWA
-1.60% Microcap Russell, IWC
-1.68% Leisure & Entertainment, PEJ
-1.68% SmallCap PS Zacks, PZJ
-1.69% Value SmallCap iS M, JKL
-1.72% Financials Global LargeCap Value, IXG
-1.76% Broadband H, BDH
-1.78% Insurance, PIC
-1.78% Commodity Tracking, DBC
-1.89% Bank Regional H, RKH
-1.92% Financial DJ US, IYF
-2.04% Capital Markets KWB ST, KCE
-2.16% Financials VIPERs, VFH
-2.23% Value SmallCap S&P 600, RZV
-2.29% Ultra QQQ Double, QLD
-2.31% Financial Services DJ, IYG
-2.32% Value MidCap S&P 400, RFV
-2.34% Dividend High Yield Equity PS, PEY
-3.17% WilderHill Clean Energy PS, PBW
-4.75% Homebuilders SPDR, XHB
