by Robert W. Colby, Senior Analyst TraderPlanet.com

Stock Market: Bearish Primary Trend is the dominant force.
Defensive instruments have been outperforming cyclicals consistently.

Investment newsletter advisors are the most Bearish since 1994—but that is not Bullish.

Utilities Stock Sector XLU/SPY Relative Strength Ratio rose to another new all-time high.

Consumer Staples Stock Sector XLP /SPY Relative Strength Ratio rose to another new 5-year high.

Health Care Stock Sector XLV/SPY Relative Strength Ratio moved up to a new 5-month high.

Growth Stock/Value Stock Relative Strength Ratio rose to a new 3-year high.

On Tuesday, major stock price indexes opened above the highs of the previous 3 trading days, turned choppy, then began a steady erosion after 11:29 a.m. Prices closed weak, near the low of day’s High-Low range. Total NYSE volume fell 14%, reflecting falling demand for stocks.

The S&P 500 closed at 1,244.68, down 29.02 points or 2.28%, its lowest closing price in more than 23 months.

The breadth of the market was Bearish. The Advance-Decline balance ((A-D) / (A+D)) was -31.49%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was -63.82%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -81.22% on the NYSE. On 7/7/08, the Cumulative Daily Advance-Decline Line for the NYSE fell to a new 18-month low. On 7/9/08, the A-D Line for the NASDAQ fell to a new multi-year low. So, major breadth trends are down.

The S&P 500 has fallen 12.75% since its rally high close of 1,426.63 on 5/19/08 and 20.48% since its all-time high close of 1,565.15 on 10/9/07. Consistently, I have been assuming that the U.S. stock market is in a Bearish Primary Trend, which was clearly signaled here on 11/21/07, when both the Dow-Jones Industrial and Transportation Averages closed below their respective closing price lows of August, 2007. The Primary Trend is the dominant force, and it tends to overwhelm smaller trends and cycles. Nevertheless, even while emphasizing the Primary Trend, traders may want to keep in mind that stocks do not move in a straight line for very long, and shorter-term trends can change violently and rapidly.

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

8.52% , QLGC , QLOGIC
5.06% , X , US STEEL CORP
1.67% , TBH , Telebras HOLDRS, TBH*
3.52% , SLE , SARA LEE
4.46% , SGP , SCHERING PLOUGH
2.24% , PTE , Telecommunications & Wireless, PTE
1.36% , HRB , H&R BLOCK
2.83% , VRSN , VeriSign Inc
1.55% , DTE , DTE ENERGY
2.26% , SO , SOUTHERN
2.75% , PNW , PINNACLE WEST
2.01% , HNZ , HJ HEINZ
1.58% , KG , KING PHARM
0.48% , IEF , Bond, 10 Year Treasury, IEF
2.15% , PSQ , Short 100% QQQ, PSQ
0.48% , XLV , Health Care SPDR, XLV
1.64% , GIS , GENERAL MILLS
1.77% , PPL , PPL
3.85% , NUE , NUCOR
0.30% , IBB , Biotechnology, IBB
0.96% , MHS , MEDCO HEALTH
1.25% , MCD , MCDONALDS
0.58% , TIP , Bond, TIPS, TIP
0.68% , K , KELLOGG
0.39% , AGG , Bond, Aggregate, AGG
0.35% , AYE , ALLEGHENY ENERGY
1.02% , F , FORD MOTOR
0.05% , DISCA , Discovery Holding Co.
1.65% , WLP , WELLPOINT HEALTH
0.28% , CMS , CMS ENERGY
0.17% , MMC , MARSH & MCLENNAN
0.03% , CCU , CLEAR CHANNEL
0.19% , CECO , CAREER EDUCATION CORP
0.18% , XLB , Materials SPDR, XLB
0.70% , GLD , Gold Shares S.T., GLD
0.04% , EDS , ELECTR DATA
0.68% , HGSI , Human Genome Sciences Inc

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name

-4.05% , IGW , Semiconductor iS GS, IGW
-5.20% , ATVI , Activision Inc.
-15.16% , HANS , Hansen Natural, HANS
-6.97% , NYT , NY TIMES STK A
-5.78% , INTU , INTUIT
-2.05% , PXE , Energy Exploration & Prod, PXE
-2.30% , VIA , VIACOM INC. (New)
-1.70% , IXP , Telecommunications Global, IXP
-12.82% , MBI , MBIA
-5.68% , CSCO , CISCO SYSTEMS
-7.50% , KLAC , KLA TENCOR
-23.77% , FRE , FREDDIE MAC
-7.68% , MRVL , MARVELL TECHNOLOGY
-2.76% , IGV , Software, IGV
-5.25% , AMAT , APPLIED MATERIAL
-5.21% , LLTC , LINEAR TECH
-1.51% , PWP , Value MidCap Dynamic PS, PWP
-6.62% , MAS , MASCO
-2.90% , IXN , Technology Global, IXN
-3.96% , HAS , HASBRO
-5.55% , EK , EASTMAN KODAK
-6.94% , COH , COACH
-0.71% , DGT , Global Titans, DGT
-1.01% , EZU , EMU Europe Index, EZU
-2.23% , IXC , Energy Global, IXC
-5.41% , TER , TERADYNE
-4.77% , BDK , BLACK & DECKER
-4.14% , BMC , BMC SOFTWARE
-4.79% , LXK , LEXMARK INTL STK A
-4.05% , CTSH , Cognizant Technology Solutions
-8.50% , AMD , ADV MICRO DEV
-2.31% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
-3.73% , PHM , PULTE HOMES
-3.61% , AW , ALLIED WASTE IND
-2.52% , VDE , Energy VIPERs, VDE
-3.54% , TXT , TEXTRON
-3.38% , XSD , Semiconductor SPDR, XSD
-2.02% , IYY , LargeCap Blend Total Market DJ, IYY
-2.01% , PSJ , Software, PSJ
-4.72% , ABK , AMBAC FINL GRP

Sectors: among the 9 major U.S. sectors, 3 rose and 6 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol

1.19% Utilities SPDR, XLU
0.48% Health Care SPDR, XLV
0.18% Materials SPDR, XLB
-0.99% Consumer Staples SPDR, XLP
-1.90% Energy SPDR, XLE
-2.11% Consumer Discretionary SPDR, XLY
-2.78% Industrial SPDR, XLI
-2.98% Technology SPDR, XLK
-5.70% 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 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 7/9/08, XLU/SPY Relative Strength Ratio rose to another new all-time high, again confirming a major uptrend. Since 10/17/02, the XLU/SPY Relative Strength Ratio has outperformed substantially.

Consumer Staples (XLP) Neutral, Market Weight. On 7/9/08, XLP /SPY Relative Strength Ratio rose to another new 5-year high, again confirming that the long-term trend is up.

Materials (XLB) Neutral, Market Weight. On 6/23/08, XLB/SPY Relative Strength Ratio rose to another new all-time high, thereby confirming a major uptrend. But on 7/8/08, absolute price and XLB/SPY Relative Strength Ratio both fell to new 9-week lows, thereby suggesting an intermediate-term downside correction.

Health Care (XLV) Bearish, Underweight. On 7/9/08, the XLV/SPY Relative Strength Ratio moved up to a new 5-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.

Technology (XLK) Bearish, Underweight. On 7/3/08, the XLK absolute price and the XLK/SPY Relative Strength Ratio both fell to their lowest levels in 6 weeks, thereby signaling a deteriorating intermediate-term trend. The XLK/SPY Relative Strength Ratio has been deteriorating since 6/6/08.

Industrial (XLI) Bearish, Underweight. On 7/2/08, 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 levels in more than 5 months. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.

Financial (XLF) Bearish, Underweight. On 7/7/08, the XLF/SPY Relative Strength Ratio fell to its lowest level in 8 years, and the XLF absolute price fell to its lowest level in more than 5 years. Since 3/23/04, the XLF/SPY Relative Strength Ratio has underperformed substantially.

Foreign stock index EFA Relative Strength Ratio fell to its lowest level in 3 months on 7/8/08. Absolute price fell to its lowest levels in more than 5 months on 7/2/08. 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 Relative Strength Ratio and absolute price both fell to their lowest levels in 6 weeks on 7/3/08, thereby signaling a deteriorating intermediate-term trend. NASDAQ Composite has underperformed the S&P 500 since 6/19/08.

Growth Stock/Value Stock Relative Strength Ratio rose to a new 3-year high on 7/9/08. This ratio (IWF/IWD) has been in an uptrend since 8/8/06.

The Small Cap/Large Cap Relative Strength Ratio has fallen significantly since its peak on 6/20/08. The minor Ripple Trend (at least) has turned away from Small Caps and toward Large Caps.

Crude Oil August futures contract consolidated recent losses. Oil closed little changed after a narrower-range Inside Day. The 3-day correction appears to be nothing more than a minor short-term price pullback. Trends remain 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 consolidated recent losses with a narrower-range Inside Day. Gold’s 3-day correction appears to be nothing more than a minor short-term price pullback. Trends remain Bullish in longer time frames.

U.S. Treasury Bond September futures contract moved up to another new 3-month closing price high. Bonds are benefiting from a flight to safety as stocks decline.

iShares Lehman TIPS Bond ETF (TIP) Strength Ratio Relative to iShares Lehman 7-10 Year Treasury ETF (IEF) broke out to a new 18-month high on 7/3/08.

iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) absolute price broke down to another new 5-year low on 7/3/08.

The U.S. dollar broke down below the previous 2-days lows. The short-term trend appears treacherous. 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. The business and financial news has flipped from fear to hope and back again this year, creating higher levels of volatility. Investors might be wise to focus on risk control.

Sentiment/Contrary Opinion: There were 27.4% Bulls versus 47.3% Bears as of 7/9/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio fell to 0.58, down from 0.71 the previous week. This is the lowest level of the ratio since 1994. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47. Sentiment indicators are often early, and so should not be used on a stand-alone basis for market timing.

VIX “Fear Index”, now at 25.23, 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 30.27, 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 0.83, which indicates Bearish sentiment. Its 4-year mean and median are 0.62, and its 4-year range is 0.35 to 1.28.

ISEE Call/Put Ratio is 1.27, which indicates moderately Bearish sentiment. The ratio’s 4-year mean is 1.50, 4-year median is 1.47, and 4-year range is 0.51 to 3.16.

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. Rising commodity prices push up inflation.

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 (1,244.68):

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 (1,244.68):

Potential Support
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

4.18% Short 200% S&P 500 PS, SDS
4.05% Short 200% Dow 30 PS, DXD
3.64% Short 200% QQQ PS, QID
2.56% Short 200% MidCap 400 PS, MZZ
2.24% Telecommunications & Wireless, PTE
2.15% Short 100% QQQ, PSQ
2.06% Short 100% S&P 500, SH
1.79% Short 100% Dow 30, DOG
1.62% Silver Trust iS, SLV
1.54% Short 100% MidCap 400, MYY
1.19% Utilities SPDR, XLU
1.13% Utilities H, UTH
1.04% Utilities VIPERs, VPU
0.96% Utilities, PUI
0.92% Utilities DJ, IDU
0.82% Dividend International, PID
0.70% Gold Shares S.T., GLD
0.61% Metals & Mining SPDR, XME
0.61% Malaysia Index, EWM
0.58% Bond, TIPS, TIP
0.48% Health Care SPDR, XLV
0.48% Bond, 10 Year Treasury, IEF
0.44% Bond, 20+ Years Treasury, TLT
0.39% Bond, Aggregate, AGG
0.30% Biotechnology, IBB
0.18% Materials SPDR, XLB
0.17% Bond, 1-3 Year Treasury, SHY
0.11% Pharmaceutical H, PPH
0.11% Belgium Index, EWK
0.07% Bond, Corp, LQD
-0.01% Asia 50 BLDRS, ADRA
-0.03% Biotech H, BBH
-0.03% Healthcare DJ, IYH
-0.07% Food & Beverage, PBJ
-0.07% Commodity Tracking, DBC
-0.07% Germany Index, EWG
-0.08% Basic Materials DJ US, IYM
-0.12% Pharmaceuticals, PJP
-0.20% Materials VIPERs, VAW
-0.25% Oil, Crude, U.S. Oil Fund, USO
-0.29% Oil & Gas, PXJ
-0.34% Dividend Achievers PS, PFM
-0.36% Health Care VIPERs, VHT
-0.41% Healthcare Global, IXJ
-0.52% Consumer Staples VIPERs, VDC
-0.55% United Kingdom Index, EWU
-0.55% Hardware & Electronics, PHW
-0.55% WilderHill Clean Energy PS, PBW
-0.56% Biotech & Genome, PBE
-0.59% Dividend Growth PS, PHJ
-0.59% Value LargeCap Euro STOXX 50 DJ, FEU
-0.60% Switzerland Index, EWL
-0.63% Growth MidCap S&P 400, RFG
-0.64% Aerospace & Defense, PPA
-0.71% Global Titans, DGT
-0.71% Consumer Non-Cyclical, IYK
-0.74% Value 40 Large Low P/E FT DB, FDV
-0.85% Europe 100 BLDRS, ADRU
-0.86% Value Line Timeliness MidCap Gr, PIV
-0.88% Canada Index, EWC
-0.90% Netherlands Index, EWN
-0.93% Developed 100 BLDRS, ADRD
-0.96% Value EAFE MSCI, EFV
-0.96% Spain Index, EWP
-0.98% European VIPERs, VGK
-0.99% Europe 350 S&P Index, IEV
-0.99% Consumer Staples SPDR, XLP
-1.01% EMU Europe Index, EZU
-1.06% Growth MidCap 400 B, IJK
-1.11% France Index, EWQ
-1.13% Dividend Appreciation Vipers, VIG
-1.13% IPOs, First Tr IPOX-100, FPX
-1.19% Euro STOXX 50, FEZ
-1.21% Italy Index, EWI
-1.23% Austria Index, EWO
-1.28% MidCap S&P 400 SPDRs, MDY
-1.29% LargeCap Blend Dynamic PS, PWC
-1.30% EAFE Index, EFA
-1.30% Sweden Index, EWD
-1.33% Insurance, PIC
-1.33% Growth EAFE MSCI, EFG
-1.35% Retail, PMR
-1.36% Growth 1000 Russell, IWF
-1.37% Australia Index, EWA
-1.42% Biotech SPDR, XBI
-1.43% Lg Cap Growth PSD, PWB
-1.48% MidCap S&P 400 iS, IJH
-1.51% MidCap Growth iS M, JKH
-1.51% Value MidCap Dynamic PS, PWP
-1.52% Japan LargeCap Blend TOPIX 150, ITF
-1.53% LargeCap Blend NYSE Composite iS, NYC
-1.55% Water Resources, PHO
-1.56% Growth SmallCap iS M, JKK
-1.58% SmallCap PS Zacks, PZJ
-1.61% China LargeCap Growth G D H USX PS, PGJ
-1.63% Japan Index, EWJ
-1.64% LargeCap Blend Socially Responsible iS, KLD
-1.66% OTC Dynamic PS, PWO
-1.66% Growth Large Cap, ELG
-1.67% Internet Infrastructure H, IIH
-1.69% Oil Services H, OIH
-1.69% LargeCap Blend Core iS M, JKD
-1.69% Growth S&P 500, RPG
-1.70% Telecommunications Global, IXP
-1.74% Global 100, IOO
-1.76% Value Large Cap DJ, ELV
-1.78% Value LargeCap NYSE 100 iS, NY
-1.78% Value S&P 500, RPV
-1.80% South Korea Index, EWY
-1.81% Growth LargeCap Russell 3000, IWZ
-1.82% Nanotech Lux, PXN
-1.83% DIAMONDS (DJIA), DIA
-1.83% Emerging 50 BLDRS, ADRE
-1.84% Value MidCap S&P 400 B, IJJ
-1.85% Pacific VIPERs, VPL
-1.86% Growth MidCap Russell, IWP
-1.87% Pacific ex-Japan, EPP
-1.89% Internet B2B H, BHH
-1.89% Natural Resource iS GS, IGE
-1.90% Growth VIPERs, VUG
-1.90% Energy SPDR, XLE
-1.92% Growth LargeCap iS M, JKE
-1.93% S&P 500 SPDRs LargeCap Blend, SPY
-1.93% Growth Small Cap DJ, DSG
-1.93% MidCap VIPERs, VO
-1.94% Value MidCap iS M, JKI
-1.95% LargeCap Rydex Rus Top 50, XLG
-1.97% Value Small Cap DJ, DSV
-1.99% Building & Construction, PKB
-2.00% LargeCap VIPERs, VV
-2.00% LargeCap Blend S&P 100, OEF
-2.01% Growth S&P 500/BARRA, IVW
-2.01% Software, PSJ
-2.02% Emerging Markets, EEM
-2.02% LargeCap Blend Total Market DJ, IYY
-2.03% Blend Total Market VIPERs, VTI
-2.04% China 25 iS, FXI
-2.05% Energy Exploration & Prod, PXE
-2.07% Growth SmallCap VIPERs, VBK
-2.07% Growth BARRA Small Cap 600, IJT
-2.08% Energy DJ, IYE
-2.09% Telecom H, TTH
-2.09% Consumer Cyclical DJ, IYC
-2.09% Latin Am 40, ILF
-2.09% Dividend Leaders, FDL
-2.10% Singapore Index, EWS
-2.10% Industrial LargeCap Blend DJ US, IYJ
-2.11% Consumer Discretionary SPDR, XLY
-2.11% LargeCap Blend S&P 1500 iS, ISI
-2.15% Wilshire 5000 ST TM, TMW
-2.15% LargeCap Blend Russell 3000, IWV
-2.15% LargeCap 1000 R, IWB
-2.16% MidCap Russell, IWR
-2.17% Growth Mid Cap Dynamic PS, PWJ
-2.20% S&P 500 iS LargeCap Blend, IVV
-2.22% Broadband H, BDH
-2.23% Extended Mkt VIPERs, VXF
-2.23% Energy Global, IXC
-2.23% Value VIPERs, VTV
-2.26% Industrials VIPERs, VIS
-2.28% Value SmallCap Dynamic PS, PWY
-2.29% Value LargeCap Dynamic PS, PWV
-2.30% Software H, SWH
-2.31% Transportation Av DJ, IYT
-2.31% Value LargeCap Fundamental RAFI 1000, PRF
-2.38% Consumer D. VIPERs, VCR
-2.39% Value S&P 500 B, IVE
-2.41% Growth LargeCap NASDAQ Fidelity, ONEQ
-2.43% Value LargeCap iS M, JKF
-2.45% MidCap Blend Core iS M, JKG
-2.46% Value LargeCap Russell 3000, IWW
-2.47% Retail H, RTH
-2.50% Dividend DJ Select, DVY
-2.51% LargeCap Blend S&P=Weight R, RSP
-2.52% Energy VIPERs, VDE
-2.52% Dividend SPDR, SDY
-2.54% Value 1000 Russell, IWD
-2.56% Microcap Russell, IWC
-2.57% Financials Global LargeCap Value, IXG
-2.59% Telecom Services VIPERs, VOX
-2.60% Value MidCap Russell, IWS
-2.60% Mexico Index, EWW
-2.63% Small Cap VIPERs, VB
-2.64% Micro Cap Zachs, PZI
-2.65% Growth LargeCap NASDAQ 100, QQQQ
-2.67% SmallCap Russell 2000, IWM
-2.69% Emerging VIPERs, VWO
-2.71% Growth SmallCap Dynamic PS, PWT
-2.76% Software, IGV
-2.77% SmallCap Core iS M, JKJ
-2.78% Industrial SPDR, XLI
-2.80% Technology MS sT, MTK
-2.80% Telecom DJ US, IYZ
-2.84% SmallCap S&P 600, IJR
-2.85% Info Tech VIPERs, VGT
-2.88% Dividend High Yield Equity PS, PEY
-2.90% Technology Global, IXN
-2.91% Value MidCap S&P 400, RFV
-2.92% Growth SmallCap R 2000, IWO
-2.98% Value SmallCap VIPERS, VBR
-2.98% South Africa Index, EZA
-2.98% Technology SPDR, XLK
-3.00% Brazil Index, EWZ
-3.04% Hong Kong Index, EWH
-3.07% Value SmallCap iS M, JKL
-3.08% Networking, PXQ
-3.08% Technology DJ US, IYW
-3.09% Technology GS, IGM
-3.15% Ultra MidCap400 Double, MVV
-3.20% Internet Architecture H, IAH
-3.31% Leisure & Entertainment, PEJ
-3.38% Semiconductor SPDR, XSD
-3.41% Value SmallCap S&P 600 B, IJS
-3.50% Internet H, HHH
-3.51% Value SmallCap Russell 2000, IWN
-3.64% Semiconductors, PSI
-3.67% Taiwan Index, EWT
-3.67% Networking, IGN
-3.81% Ultra QQQ Double, QLD
-3.98% Semiconductor H, SMH
-3.99% Ultra S&P500 Double, SSO
-4.04% Value SmallCap S&P 600, RZV
-4.05% Semiconductor iS GS, IGW
-4.06% Ultra Dow30 Double, DDM
-4.99% Financials VIPERs, VFH
-5.10% Financial DJ US, IYF
-5.31% Bank Regional H, RKH
-5.40% Homebuilders SPDR, XHB
-5.58% Financial Services DJ, IYG
-5.68% Capital Markets KWB ST, KCE
-5.70% Financial SPDR, XLF
-6.82% REIT VIPERs, VNQ
-7.36% Real Estate US DJ, IYR
-7.63% REIT Wilshire, RWR
-7.67% Realty Cohen & Steers, ICF