by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: S&P 500 tested its March low. Volume confirmed the price upturn from the low, but the A-D Line for the NYSE broke down to new 18-month low.
Well-established major trends are continuing.
Energy Stock Sector Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Utilities Stock Sector Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
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.
Foreign stock index EFA absolute price and Relative Strength Ratio both fell to their lowest levels in more than 3 months.
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) price broke down below previous 5-year lows, confirming a major downtrend.
Crude Oil and the CRB index of commodity prices both moved up to new all-time highs, confirming major uptrends.
On Tuesday, major stock price indexes opened lower, recovered, fell below the early low, then recovered again to close on the plus side and near the High of the day’s High-Low range. Total NYSE volume rose 15%, thereby confirming the rally attempt.
The S&P 500 closed at 1,284.91, up 4.91 points or 0.38%. This index held slightly above 1,256.98, the intraday low of 3/17/2008, which may be a critical support.
But the breadth of the market was Bearish–again. The Advance-Decline Balance ((A-D) / (A+D)) was -17.62%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was 1.05%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -87.71% on the NYSE. The Cumulative Daily Advance-Decline Line for the NYSE broke its March 2008 low and fell new 18-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 9.93% 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
29.66% , CIT , CIT GROUP
5.72% , VFC , VF
6.38% , SHW , SHERWIN WILLIAMS
0.57% , IDU , Utilities DJ, IDU
0.34% , FPX , IPOs, First Tr IPOX-100, FPX
6.57% , PETM , PETsMART Inc
1.74% , IBB , Biotechnology, IBB
6.17% , BIIB , BIOGEN IDEC
5.42% , CMA , COMERICA
6.24% , AXP , AMERICAN EXPRESS
2.88% , ERIC.O , LM Ericsson Telephone Company
5.81% , LEH , LEHMAN BROS HLDG
4.36% , URBN , Urban Outfitters Inc.
5.60% , COF , CAPITAL ONE FNCL
4.32% , AAPL , APPLE COMPUTER
2.42% , NTRS , NORTHERN TRUST
2.17% , GM , GENERAL MOTORS
2.00% , XBI , Biotech SPDR, XBI
0.30% , IYW , Technology DJ US, IYW
2.93% , UNM , UNUMPROVIDENT
4.76% , LRCX , LAM RESEARCH CORP
3.69% , SLV , Silver Trust iS, SLV
0.26% , UTH , Utilities H, UTH
6.23% , RF , REGIONS FINAN
2.69% , CTX , CENTEX
2.56% , CZN , CITIZENS COMMS STK B
2.83% , BC , BRUNSWICK
1.66% , TAP , ADOLPH COORS STK B, TAP
3.45% , RFMD , RF Micro Devices Inc
1.38% , GLD , Gold Shares S.T., GLD
2.60% , TEVA , Teva Pharmaceutical Industries Limited
3.14% , AMGN , AMGEN
3.80% , MTB , M&T BANK
2.51% , ADBE , ADOBE SYS
1.31% , RHT , Red Hat Inc.
0.48% , PWO , OTC Dynamic PS, PWO
0.83% , IGV , Software, IGV
0.45% , KLD , LargeCap Blend Socially Responsible iS, KLD
1.63% , NCR , NCR
5.45% , RIMM , RESEARCH IN MOTION LTD
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-13.27% , FO , FORTUNE BRANDS
-12.90% , CAR , Avis Budget Group, Inc. (CAR)
-5.10% , X , US STEEL CORP
-3.67% , BF.B , BROWN FORMAN STK B
-5.32% , LM , LEGG MASON
-1.34% , ADRD , Developed 100 BLDRS, ADRD
-1.40% , PEJ , Leisure & Entertainment, PEJ
-5.78% , SNDK , SanDisk Corporation
-6.22% , DDS , DILLARD STK A
-5.43% , MNST , MONSTER WORLDWID
-2.40% , EPP , Pacific ex-Japan, EPP
-3.08% , MDP , MEREDITH
-4.13% , LEN , Lennar Corp. (LEN)
-1.43% , VGK , European VIPERs, VGK
-2.24% , ILF , Latin Am 40, ILF
-11.76% , CC , CIRCUIT CITY STR
-3.80% , XLNX , XILINX
-2.19% , LLL , L-3 COMMS HLDGS
-1.46% , RAI , RJR TOBACCO HLDS
-4.45% , PMCS , PMC SIERRA
-2.76% , VWO , Emerging VIPERs, VWO
-3.05% , TROW , T ROWE PRICE GP
-3.31% , AA , ALCOA
-2.45% , BDK , BLACK & DECKER
-2.23% , YHOO , YAHOO
-0.46% , XSD , Semiconductor SPDR, XSD
-2.14% , MO , ALTRIA GROUP
-3.56% , NCC , NATIONAL CITY
-1.85% , TXN , TEXAS INSTRUMENT
-1.03% , PID , Dividend International, PID
-3.02% , IPG , INTERPUBLIC GRP
-1.78% , XME , Metals & Mining SPDR, XME
-1.41% , MAR , MARRIOTT INTL STK A
-1.00% , ADRA , Asia 50 BLDRS, ADRA
-2.51% , STLD , Steel Dynamics, STLD
-2.22% , BLL , BALL
-3.27% , NUE , NUCOR
-1.43% , PBW , WilderHill Clean Energy PS, PBW
-1.85% , EWA , Australia Index, EWA
-0.38% , PSI , Semiconductors, PSI
Sectors: among the 9 major U.S. sectors, 3 rose and 5 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
0.52% Utilities SPDR, XLU
0.42% Energy SPDR, XLE
0.30% Financial SPDR, XLF
0.00% Health Care SPDR, XLV
-0.06% Industrial SPDR, XLI
-0.11% Consumer Staples SPDR, XLP
-0.70% Technology SPDR, XLK
-1.26% Consumer Discretionary SPDR, XLY
-1.85% Materials SPDR, XLB
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 7/1/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend.
Utilities (XLU) Neutral, Market Weight. On 7/1/08, 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 7/1/08, 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 7/1/08, 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 more than 3 months on 7/1/08. 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 fell below previous 2-week lows on 7/1/08. The minor Ripple Trend appears to be turning away from Small Caps and toward Large Caps.
Crude Oil August futures contract rose to a new all-time high close at 141.38. Trends are Bullish in all 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 10-week high. Gold’s trends are now Bullish again for the short and intermediate terms. Gold’s long-term trend remains Bullish.
U.S. Treasury Bond September futures contract rose to a new 5-week high intraday but reversed to close lower. The “flight capital away from stocks” game might be getting stale. Obvious resistance is nearby, and so I suspected that the sustainability of the rally might be uncertain.
The U.S. dollar fell, erasing Monday’s small gain. The short-term trend of the most recent 12 trading days is down. 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 23.65, 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 28.73, 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 0.79, 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 0.89, 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 (1,284.91):
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 (1,284.91):
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
3.69% Silver Trust iS, SLV
2.62% Ultra QQQ Double, QLD
2.14% Biotech H, BBH
2.01% Homebuilders SPDR, XHB
2.00% Biotech SPDR, XBI
1.76% Commodity Tracking, DBC
1.74% Biotechnology, IBB
1.53% Retail, PMR
1.42% Growth LargeCap NASDAQ 100, QQQQ
1.40% Biotech & Genome, PBE
1.38% Gold Shares S.T., GLD
1.32% Bank Regional H, RKH
1.19% Financial Services DJ, IYG
1.13% Financials VIPERs, VFH
1.08% Dividend DJ Select, DVY
1.03% Dividend High Yield Equity PS, PEY
0.96% Oil Services H, OIH
0.96% Financial DJ US, IYF
0.96% Energy Exploration & Prod, PXE
0.95% Pharmaceutical H, PPH
0.92% Internet Infrastructure H, IIH
0.90% Pharmaceuticals, PJP
0.87% Insurance, PIC
0.86% Energy VIPERs, VDE
0.83% Software, IGV
0.82% Oil, Crude, U.S. Oil Fund, USO
0.79% Dividend SPDR, SDY
0.74% Energy DJ, IYE
0.67% Healthcare DJ, IYH
0.64% Utilities VIPERs, VPU
0.62% Value LargeCap Dynamic PS, PWV
0.62% Growth Mid Cap Dynamic PS, PWJ
0.60% Natural Resource iS GS, IGE
0.60% Growth S&P 500/BARRA, IVW
0.59% Growth LargeCap NASDAQ Fidelity, ONEQ
0.58% Health Care VIPERs, VHT
0.58% Broadband H, BDH
0.58% Ultra Dow30 Double, DDM
0.58% Real Estate US DJ, IYR
0.57% LargeCap 1000 R, IWB
0.57% Utilities DJ, IDU
0.55% Value Large Cap DJ, ELV
0.55% Dividend Leaders, FDL
0.52% Utilities SPDR, XLU
0.51% Growth VIPERs, VUG
0.51% Value S&P 500, RPV
0.50% Technology GS, IGM
0.49% Growth MidCap S&P 400, RFG
0.48% OTC Dynamic PS, PWO
0.48% Oil & Gas, PXJ
0.47% Blend Total Market VIPERs, VTI
0.47% Utilities, PUI
0.46% LargeCap Blend S&P 100, OEF
0.46% Value VIPERs, VTV
0.46% Networking, IGN
0.45% Dividend Appreciation Vipers, VIG
0.45% LargeCap Blend Socially Responsible iS, KLD
0.45% S&P 500 iS LargeCap Blend, IVV
0.44% Value LargeCap Russell 3000, IWW
0.43% Value LargeCap Fundamental RAFI 1000, PRF
0.42% Ultra S&P500 Double, SSO
0.42% Energy SPDR, XLE
0.41% Lg Cap Growth PSD, PWB
0.41% Value S&P 500 B, IVE
0.41% Value SmallCap Russell 2000, IWN
0.40% Japan Index, EWJ
0.40% Growth 1000 Russell, IWF
0.40% LargeCap VIPERs, VV
0.38% Consumer Staples VIPERs, VDC
0.37% Software H, SWH
0.35% Healthcare Global, IXJ
0.34% Software, PSJ
0.34% MidCap VIPERs, VO
0.34% Internet Architecture H, IAH
0.34% IPOs, First Tr IPOX-100, FPX
0.34% LargeCap Blend Total Market DJ, IYY
0.33% Growth LargeCap Russell 3000, IWZ
0.31% S&P 500 SPDRs LargeCap Blend, SPY
0.31% DIAMONDS (DJIA), DIA
0.30% Value 1000 Russell, IWD
0.30% Financial SPDR, XLF
0.30% Technology DJ US, IYW
0.29% Value Line Timeliness MidCap Gr, PIV
0.28% Value SmallCap S&P 600, RZV
0.27% LargeCap Blend Russell 3000, IWV
0.26% Growth MidCap 400 B, IJK
0.26% Utilities H, UTH
0.25% Value MidCap iS M, JKI
0.24% Canada Index, EWC
0.23% LargeCap Blend S&P 1500 iS, ISI
0.23% Retail H, RTH
0.21% LargeCap Blend S&P=Weight R, RSP
0.20% Value SmallCap iS M, JKL
0.20% Info Tech VIPERs, VGT
0.19% Financials Global LargeCap Value, IXG
0.18% REIT Wilshire, RWR
0.17% MidCap Russell, IWR
0.16% Consumer Cyclical DJ, IYC
0.16% MidCap S&P 400 iS, IJH
0.16% Micro Cap Zachs, PZI
0.15% Value LargeCap iS M, JKF
0.14% Growth LargeCap iS M, JKE
0.13% Growth MidCap Russell, IWP
0.13% Growth SmallCap Dynamic PS, PWT
0.12% Growth SmallCap R 2000, IWO
0.12% Ultra MidCap400 Double, MVV
0.11% Growth SmallCap iS M, JKK
0.08% Extended Mkt VIPERs, VXF
0.07% SmallCap Russell 2000, IWM
0.07% Consumer Non-Cyclical, IYK
0.07% Growth S&P 500, RPG
0.07% LargeCap Blend Core iS M, JKD
0.06% Value MidCap Dynamic PS, PWP
0.05% Aerospace & Defense, PPA
0.05% Short 200% MidCap 400 PS, MZZ
0.05% Industrial LargeCap Blend DJ US, IYJ
0.04% LargeCap Rydex Rus Top 50, XLG
0.04% MidCap Growth iS M, JKH
0.04% Value MidCap S&P 400, RFV
0.03% Value SmallCap VIPERS, VBR
0.03% SmallCap S&P 600, IJR
0.02% Value MidCap Russell, IWS
0.02% Value SmallCap S&P 600 B, IJS
0.01% Japan LargeCap Blend TOPIX 150, ITF
0.00% Water Resources, PHO
0.00% Internet B2B H, BHH
0.00% Health Care SPDR, XLV
-0.03% MidCap S&P 400 SPDRs, MDY
-0.04% Growth Small Cap DJ, DSG
-0.04% Consumer D. VIPERs, VCR
-0.06% Industrials VIPERs, VIS
-0.06% Industrial SPDR, XLI
-0.06% Short 100% MidCap 400, MYY
-0.07% Dividend Achievers PS, PFM
-0.07% Growth Large Cap, ELG
-0.08% Small Cap VIPERs, VB
-0.09% REIT VIPERs, VNQ
-0.09% Technology Global, IXN
-0.09% Growth SmallCap VIPERs, VBK
-0.11% Value SmallCap Dynamic PS, PWY
-0.11% Consumer Staples SPDR, XLP
-0.12% Global 100, IOO
-0.12% Technology MS sT, MTK
-0.12% Value Small Cap DJ, DSV
-0.15% Realty Cohen & Steers, ICF
-0.17% LargeCap Blend Dynamic PS, PWC
-0.18% Value MidCap S&P 400 B, IJJ
-0.18% Short 100% Dow 30, DOG
-0.20% Energy Global, IXC
-0.20% Internet H, HHH
-0.20% Food & Beverage, PBJ
-0.21% Value LargeCap NYSE 100 iS, NY
-0.23% Dividend Growth PS, PHJ
-0.28% LargeCap Blend NYSE Composite iS, NYC
-0.29% Bond, 1-3 Year Treasury, SHY
-0.32% SmallCap PS Zacks, PZJ
-0.33% Wilshire 5000 ST TM, TMW
-0.33% MidCap Blend Core iS M, JKG
-0.34% Short 100% S&P 500, SH
-0.35% Telecommunications Global, IXP
-0.35% Semiconductor iS GS, IGW
-0.37% SmallCap Core iS M, JKJ
-0.38% Global Titans, DGT
-0.38% Semiconductors, PSI
-0.40% Pacific VIPERs, VPL
-0.46% Growth BARRA Small Cap 600, IJT
-0.46% Semiconductor SPDR, XSD
-0.47% Bond, Corp, LQD
-0.51% China 25 iS, FXI
-0.52% Nanotech Lux, PXN
-0.54% Microcap Russell, IWC
-0.54% Short 200% S&P 500 PS, SDS
-0.55% Capital Markets KWB ST, KCE
-0.59% Hong Kong Index, EWH
-0.60% Bond, 20+ Years Treasury, TLT
-0.60% Bond, 10 Year Treasury, IEF
-0.60% Euro STOXX 50, FEZ
-0.60% Short 200% Dow 30 PS, DXD
-0.61% Germany Index, EWG
-0.65% Bond, TIPS, TIP
-0.67% Switzerland Index, EWL
-0.68% France Index, EWQ
-0.68% Netherlands Index, EWN
-0.70% Technology SPDR, XLK
-0.70% Sweden Index, EWD
-0.72% Spain Index, EWP
-0.73% Bond, Aggregate, AGG
-0.74% Networking, PXQ
-0.79% Building & Construction, PKB
-0.82% Value 40 Large Low P/E FT DB, FDV
-0.84% Semiconductor H, SMH
-0.87% Telecom Services VIPERs, VOX
-0.87% Europe 350 S&P Index, IEV
-0.90% South Korea Index, EWY
-0.96% Malaysia Index, EWM
-0.97% Italy Index, EWI
-1.00% Asia 50 BLDRS, ADRA
-1.01% United Kingdom Index, EWU
-1.03% Basic Materials DJ US, IYM
-1.03% Dividend International, PID
-1.03% EMU Europe Index, EZU
-1.04% Telecom DJ US, IYZ
-1.05% Singapore Index, EWS
-1.06% Materials VIPERs, VAW
-1.08% Value LargeCap Euro STOXX 50 DJ, FEU
-1.08% EAFE Index, EFA
-1.10% Growth EAFE MSCI, EFG
-1.17% Value EAFE MSCI, EFV
-1.20% Taiwan Index, EWT
-1.21% Telecom H, TTH
-1.26% Consumer Discretionary SPDR, XLY
-1.27% Emerging 50 BLDRS, ADRE
-1.28% Telecommunications & Wireless, PTE
-1.32% Belgium Index, EWK
-1.32% Short 100% QQQ, PSQ
-1.34% Developed 100 BLDRS, ADRD
-1.40% Leisure & Entertainment, PEJ
-1.42% Hardware & Electronics, PHW
-1.43% WilderHill Clean Energy PS, PBW
-1.43% European VIPERs, VGK
-1.67% Europe 100 BLDRS, ADRU
-1.67% Transportation Av DJ, IYT
-1.69% Brazil Index, EWZ
-1.78% Metals & Mining SPDR, XME
-1.78% Emerging Markets, EEM
-1.85% Materials SPDR, XLB
-1.85% Australia Index, EWA
-1.88% Mexico Index, EWW
-2.02% China LargeCap Growth G D H USX PS, PGJ
-2.07% Austria Index, EWO
-2.24% Latin Am 40, ILF
-2.40% Pacific ex-Japan, EPP
-2.48% Short 200% QQQ PS, QID
-2.72% South Africa Index, EZA
-2.76% Emerging VIPERs, VWO
