Daily Stock Market Commentary – 7/16/2008

Stock Market: major trends persist. S&P 500 fell to its lowest level since 11/2/05.

Crude Oil August futures contract, down 6.63 to 138.55, fell steeply but did not break uptrends in weekly and monthly time frames.

Gold rose to another new 4-month high.

The U.S. dollar fell further to its lowest closing price in 12-weeks.

Financial StockSector XLF absolute price and the XLF/SPY Relative Strength Ratio both fell to their lowest level in 8 years

Utilities and Consumer Staples Relative Strength Ratios both rose new 5-year highs–again. Both are Defensive Stock Sectors because they are relatively insensitive to economic recessions.

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

Growth Stock/Value StockRelative Strength Ratio rose to a new 4-year high.

The Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 20-month lows, so major breadth trends are down.

On Tuesday, majorstock priceindexes gapped substantially lower on the open and fell further to new 33-month lows at 10:08 a.m. Helped by a steep drop in the price of crude oil, over the next 5 hours stocks recovered all of their early losses and briefly turned positive on the day. Stocks fell in the final hour, however, as traders appeared reluctant to take the risk of carrying longs overnight. Indexes finally closed below the open, below the previous close, and below the midpoint of the High-Low range. The S&P 500 closed at 1,214.91, down 13.39 points or 1.09%. Total NYSE volume jumped up by 36%, confirming the Bear trend.

Fed chairman Ben Bernanke told the Senate Banking Committee that he sees significant risks to economic growth and intensified inflation risks. Indeed, the same thing has been evident in market price and relative strength trends for months already.

The breadth of the market was Bearish again. The Advance-Decline balance ((A-D) / (A+D)) was -47.79%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was -41.79%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -90.74% on the NYSE. The Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 20-month lows, so major breadth trends remain Bearish.

The S&P 500 has fallen 14.84% since its rally high close of 1,426.63 on 5/19/08 and 22.38% since its all-time high close of 1,565.15 on 10/9/07. It has fallen to its lowest level since 11/2/05. 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. Even while emphasizing the Primary Trend, short-term traders must be always on the lookout for changes in the minor trends, which can be sudden and violent.

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
9.44% , S , SPRINT NEXTEL
7.48% , SANM , SANMINA
10.53% , MBI , MBIA
3.34% , CEPH , Cephalon Inc
5.95% , HAS , HASBRO
4.39% , RHT , Red Hat Inc.
3.49% , SIAL , SIGMA ALDRICH
7.09% , STT , STATE STREET
3.33% , HOLX , Hologic, Inc., HOLX
16.87% , FHN , FIRST TENNESSEE
3.89% , BBH , Biotech H, BBH
4.90% , GM , GENERAL MOTORS
2.99% , BAX , BAXTER INTL
2.84% , XBI , Biotech SPDR, XBI
6.68% , PMCS , PMC SIERRA
2.88% , HGSI , Human Genome Sciences Inc
13.21% , ABK , AMBAC FINL GRP
2.65% , BMY , BRISTOL MYERS
2.05% , IBB , Biotechnology, IBB
2.31% , MOLX , MOLEX
3.98% , MSFT , MICROSOFT
3.85% , LEG , LEGGETT & PLATT
3.13% , KLAC , KLA TENCOR
2.90% , ABT , ABBOTT LABS
0.18% , PIV , Value Line Timeliness MidCap Gr, PIV
4.03% , BIIB , BIOGEN IDEC
2.66% , SYK , STRYKER
2.63% , MAR , MARRIOTT INTL STK A
2.33% , MIL , MILLIPORE
6.43% , VMC , VULCAN MATERIALS
2.86% , CBE , COOPER INDS STK A
1.58% , VLO , VALERO ENERGY
2.90% , KBH , KB HOME
1.94% , JNJ , JOHNSON&JOHNSON
4.21% , BRCM , BROADCOM STK A
2.42% , STJ , ST JUDE MEDICAL
3.78% , ADBE , ADOBE SYS
1.25% , GIS , GENERAL MILLS
2.82% , MKC , MCCORMICK
0.85% , PBJ , Food & Beverage, PBJ

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-1.94% , BDH , Broadband H, BDH
-11.98% , WOR , WORTHINGTON INDS
-3.18% , DBC , Commodity Tracking, DBC
-6.14% , TXT , TEXTRON
-7.96% , ACE , ACE
-6.45% , KMB , KIMBERLY CLARK
-6.78% , ETN , EATON
-4.33% , USO , Oil, Crude, U.S. Oil Fund, USO
-9.16% , ODP , OFFICE DEPOT
-8.47% , AIG , AMER INTL GROUP
-3.92% , AES , AES
-6.34% , GNW , GENWORTH (NYSE:GNW)
-4.18% , XME , Metals & Mining SPDR, XME
-7.72% , WB , WACHOVIA
-1.73% , DSV , Value Small Cap DJ, DSV
-2.10% , EZA , South Africa Index, EZA
-6.54% , AN , AUTONATION
-8.09% , BAC , BANK OF AMERICA
-3.70% , PXJ , Oil & Gas, PXJ
-4.08% , CSX , CSX
-4.05% , EWO , Austria Index, EWO
-5.46% , COF , CAPITAL ONE FNCL
-4.91% , WFC , WELLS FARGO
-5.72% , CMI , CUMMINS
-2.75% , EWC , Canada Index, EWC
-4.18% , AET , AETNA
-3.79% , LOW , LOWES
-2.94% , EWY , South Korea Index, EWY
-4.07% , Q , QWEST COMMUNICAT
-3.11% , PH , PARKER HANNIFIN
-4.23% , JNS , JANUS CAPITAL
-2.73% , NYT , NY TIMES STK A
-0.97% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-1.47% , HHH , Internet H, HHH
-4.39% , LNC , LINCOLN NATL
-1.00% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
-4.59% , OXY , OCCIDENTAL
-3.64% , AFL , AFLAC
-4.80% , ADM , ARCHER DANIELS
-4.13% , COP , CONOCOPHILLIPS

Sectors: among the 9 major U.S. sectors, 1 rose and 7 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
0.48% Health Care SPDR, XLV
0.00% Consumer Discretionary SPDR, XLY
-0.19% Consumer Staples SPDR, XLP
-0.23% Technology SPDR, XLK
-0.70% Utilities SPDR, XLU
-0.98% Materials SPDR, XLB
-1.99% Industrial SPDR, XLI
-3.10% Financial SPDR, XLF
-4.21% 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 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 7/15/08, 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 7/15/08, 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 7/10/08, 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 7/15/08, the XLV/SPY Relative Strength Ratio moved up to another 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 7/15/08, XLY absolute price fell to its lowest level in 5 years. On 7/11/08, the XLY/SPY Relative Strength Ratio fell to its lowest levels in 6 months. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.

Financial (XLF) Bearish, Underweight. On 7/15/08, the XLF absolute price and the XLF/SPY Relative Strength Ratio both fell to their lowest level in 8 years, again confirming a Bearish Primary Tide Trend. Since 3/23/04, the XLF/SPY Relative Strength Ratio has underperformed substantially.

Foreign stock index EFA absolute price fell to its lowest level in 23 months on 7/11/08. Relative Strength Ratio fell to its lowest level in 3 months on 7/8/08. 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 4-year high on 7/15/08. This ratio (IWF/IWD) has been in an uptrend since 8/8/06.

The Small Cap/Large Cap Relative Strength Ratio has firmed moderately since its low on 7/3/08. The longer-term trend appears neutral.

Crude Oil August futures contract fell steeply, down 6.44 to 138.74, breaking down below the lows of the previous 2 trading days. Such sharp breaks always raise questions for the short-term outlook, but uptrends in longer weekly and monthly time frames are intact. 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 rose to another new 4-month high early in the day but surrendered nearly all gains by the close. Such a failure to hold gains may raise questions for the short-term, but the long-term Primary Tide Trend for Gold remains Bullish.

U.S. Treasury Bond September futures contract rose slightly. Bonds have been volatile and uncertain since 7/11/08, in an intermediate-term uptrend since 6/13/08, and in a neutral sideways trend since June 2003.

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 7/15/08.

The U.S. dollar fell to its lowest price in 12-weeks. The short-term trend remains Bearish. Intermediate term, the dollar has been in a choppy sidewaystrading 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 28.54, 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 33.01, 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 0.89, 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 1.22, which indicates 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 500cash index (1,214.91):

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 (1,214.91):

Potential Support
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

3.89% Biotech H, BBH
2.84% Biotech SPDR, XBI
2.48% Short 200% S&P 500 PS, SDS
2.05% Biotechnology, IBB
1.98% Short 200% Dow 30 PS, DXD
1.66% Health Care VIPERs, VHT
1.66% Short 200% MidCap 400 PS, MZZ
1.46% Biotech & Genome, PBE
1.37% Homebuilders SPDR, XHB
1.36% Software, IGV
1.34% Software H, SWH
1.33% HealthcareDJ, IYH
1.32% Pharmaceuticals, PJP
1.21% Semiconductor H, SMH
1.12% Software, PSJ
1.11% Leisure & Entertainment, PEJ
1.11% Short 100% S&P 500, SH
1.03% Telecommunications & Wireless, PTE
0.98% Semiconductor iS GS, IGW
0.97% Healthcare Global, IXJ
0.95% Semiconductors, PSI
0.92% Short 100% MidCap 400, MYY
0.88% Short 200% QQQ PS, QID
0.85% Food & Beverage, PBJ
0.83% Short 100% Dow 30, DOG
0.71% Pharmaceutical H, PPH
0.69% Info Tech VIPERs, VGT
0.55% Internet Infrastructure H, IIH
0.54% Global Titans, DGT
0.52% Consumer Staples VIPERs, VDC
0.48% Health Care SPDR, XLV
0.47% SmallCap PS Zacks, PZJ
0.45% OTC Dynamic PS, PWO
0.43% Value SmallCap S&P 600, RZV
0.39% Bond, Aggregate, AGG
0.36% Bond, 10 Year Treasury, IEF
0.34% Growth SmallCap Dynamic PS, PWT
0.30% Telecom Services VIPERs, VOX
0.29% Consumer Non-Cyclical, IYK
0.29% Technology DJ US, IYW
0.28% Technology GS, IGM
0.27% Gold Shares S.T., GLD
0.26% Consumer D. VIPERs, VCR
0.22% Short 100% QQQ, PSQ
0.18% Value Line Timeliness MidCap Gr, PIV
0.17% Telecom DJ US, IYZ
0.16% Capital Markets KWB ST, KCE
0.14% Bond, 1-3 Year Treasury, SHY
0.11% Value MidCap iS M, JKI
0.09% Growth SmallCap iS M, JKK
0.07% Microcap Russell, IWC
0.06% Consumer Cyclical DJ, IYC
0.02% Growth LargeCap NASDAQ Fidelity, ONEQ
0.02% Growth LargeCap NASDAQ 100, QQQQ
0.00% Consumer Discretionary SPDR, XLY
-0.02% Bond, Corp, LQD
-0.03% Semiconductor SPDR, XSD
-0.03% Bond, 20+ Years Treasury, TLT
-0.04% Growth SmallCap R 2000, IWO
-0.06% Bond, TIPS, TIP
-0.07% Telecom H, TTH
-0.15% Brazil Index, EWZ
-0.15% Mexico Index, EWW
-0.19% Consumer Staples SPDR, XLP
-0.20% Technology Global, IXN
-0.21% Growth MidCap S&P 400, RFG
-0.23% Technology SPDR, XLK
-0.28% Retail, PMR
-0.29% Value 40 Large Low P/E FT DB, FDV
-0.33% Internet Architecture H, IAH
-0.39% Aerospace & Defense, PPA
-0.41% Wilshire 5000 ST TM, TMW
-0.42% SmallCap Russell 2000, IWM
-0.43% Ultra QQQ Double, QLD
-0.46% LargeCap Blend Socially Responsible iS, KLD
-0.55% Growth Small Cap DJ, DSG
-0.58% Growth 1000 Russell, IWF
-0.59% Value SmallCap S&P 600 B, IJS
-0.62% SmallCap Core iS M, JKJ
-0.62% Growth BARRA Small Cap 600, IJT
-0.63% Networking, IGN
-0.63% Telecommunications Global, IXP
-0.64% Technology MS sT, MTK
-0.65% Value S&P 500, RPV
-0.65% Dividend Appreciation Vipers, VIG
-0.66% Switzerland Index, EWL
-0.68% Growth SmallCap VIPERs, VBK
-0.70% Utilities SPDR, XLU
-0.72% MidCap Blend Core iS M, JKG
-0.72% Growth Mid Cap Dynamic PS, PWJ
-0.74% LargeCap Blend S&P=Weight R, RSP
-0.75% Utilities VIPERs, VPU
-0.76% LargeCap Blend Core iS M, JKD
-0.77% REIT Wilshire, RWR
-0.77% Growth LargeCap iS M, JKE
-0.79% Growth VIPERs, VUG
-0.83% Latin Am 40, ILF
-0.83% Value MidCap Russell, IWS
-0.84% Small Cap VIPERs, VB
-0.84% Value SmallCap iS M, JKL
-0.85% Nanotech Lux, PXN
-0.85% Growth LargeCap Russell 3000, IWZ
-0.85% Retail H, RTH
-0.86% MidCap Russell, IWR
-0.86% Realty Cohen & Steers, ICF
-0.87% Value SmallCap VIPERS, VBR
-0.87% Utilities DJ, IDU
-0.87% Utilities H, UTH
-0.88% Global 100, IOO
-0.88% Networking, PXQ
-0.88% Value MidCap S&P 400 B, IJJ
-0.91% Lg Cap Growth PSD, PWB
-0.91% MidCap S&P 400 iS, IJH
-0.92% MidCap S&P 400 SPDRs, MDY
-0.93% Extended Mkt VIPERs, VXF
-0.93% Sweden Index, EWD
-0.93% Growth S&P 500, RPG
-0.95% Real Estate US DJ, IYR
-0.95% SmallCap S&P 600, IJR
-0.96% LargeCap Rydex Rus Top 50, XLG
-0.97% REIT VIPERs, VNQ
-0.97% Japan LargeCap Blend TOPIX 150, ITF
-0.97% LargeCap Blend S&P 1500 iS, ISI
-0.98% Growth MidCap Russell, IWP
-0.98% Materials SPDR, XLB
-1.00% Value LargeCap Fundamental RAFI 1000, PRF
-1.00% Building & Construction, PKB
-1.03% Growth MidCap 400 B, IJK
-1.04% LargeCap Blend Total Market DJ, IYY
-1.05% Growth S&P 500/BARRA, IVW
-1.07% Growth EAFE MSCI, EFG
-1.09% Germany Index, EWG
-1.09% DIAMONDS (DJIA), DIA
-1.11% European VIPERs, VGK
-1.11% LargeCap Blend Dynamic PS, PWC
-1.12% Value LargeCap Euro STOXX 50 DJ, FEU
-1.12% MidCap Growth iS M, JKH
-1.15% Value LargeCap NYSE 100 iS, NY
-1.15% Value SmallCap Russell 2000, IWN
-1.16% Dividend Growth PS, PHJ
-1.16% Value MidCap Dynamic PS, PWP
-1.17% Growth Large Cap, ELG
-1.17% LargeCap Blend S&P 100, OEF
-1.17% LargeCap 1000 R, IWB
-1.20% Dividend Achievers PS, PFM
-1.20% S&P 500 iS LargeCap Blend, IVV
-1.21% Utilities, PUI
-1.22% Transportation Av DJ, IYT
-1.22% LargeCap Blend NYSE Composite iS, NYC
-1.23% LargeCap Blend Russell 3000, IWV
-1.24% Hardware & Electronics, PHW
-1.24% Silver Trust iS, SLV
-1.27% MidCap VIPERs, VO
-1.28% Blend Total Market VIPERs, VTI
-1.29% Value S&P 500 B, IVE
-1.30% Value SmallCap Dynamic PS, PWY
-1.31% LargeCap VIPERs, VV
-1.32% Water Resources, PHO
-1.32% France Index, EWQ
-1.35% Italy Index, EWI
-1.39% Micro Cap Zachs, PZI
-1.39% Netherlands Index, EWN
-1.40% Dividend Leaders, FDL
-1.41% S&P 500 SPDRs LargeCap Blend, SPY
-1.42% Dividend SPDR, SDY
-1.43% United Kingdom Index, EWU
-1.43% EMU Europe Index, EZU
-1.47% Internet H, HHH
-1.47% Industrial LargeCap Blend DJ US, IYJ
-1.47% Value MidCap S&P 400, RFV
-1.48% Value LargeCap Russell 3000, IWW
-1.48% Europe 350 S&P Index, IEV
-1.51% Materials VIPERs, VAW
-1.55% Value LargeCap Dynamic PS, PWV
-1.56% Euro STOXX 50, FEZ
-1.60% EAFE Index, EFA
-1.62% Value 1000 Russell, IWD
-1.62% Value Large Cap DJ, ELV
-1.66% Japan Index, EWJ
-1.67% Emerging Markets, EEM
-1.69% Industrials VIPERs, VIS
-1.70% Ultra MidCap400 Double, MVV
-1.71% Ultra Dow30 Double, DDM
-1.71% Europe 100 BLDRS, ADRU
-1.73% Value Small Cap DJ, DSV
-1.75% Emerging 50 BLDRS, ADRE
-1.75% Dividend DJ Select, DVY
-1.78% Value VIPERs, VTV
-1.78% Pacific VIPERs, VPL
-1.78% WilderHill Clean Energy PS, PBW
-1.78% Developed 100 BLDRS, ADRD
-1.87% Pacific ex-Japan, EPP
-1.88% Malaysia Index, EWM
-1.89% Australia Index, EWA
-1.92% Internet B2B H, BHH
-1.92% Spain Index, EWP
-1.94% Broadband H, BDH
-1.94% Value EAFE MSCI, EFV
-1.96% IPOs, First Tr IPOX-100, FPX
-1.99% Industrial SPDR, XLI
-2.01% Asia 50 BLDRS, ADRA
-2.10% South Africa Index, EZA
-2.12% Basic Materials DJ US, IYM
-2.19% Dividend High Yield Equity PS, PEY
-2.29% China LargeCap Growth G D H USX PS, PGJ
-2.29% Emerging VIPERs, VWO
-2.52% Singapore Index, EWS
-2.57% Bank Regional H, RKH
-2.61% Value LargeCap iS M, JKF
-2.68% Insurance, PIC
-2.68% Ultra S&P500 Double, SSO
-2.70% Hong Kong Index, EWH
-2.75% Canada Index, EWC
-2.80% Financial DJ US, IYF
-2.84% Financials VIPERs, VFH
-2.91% Financial Services DJ, IYG
-2.94% South Korea Index, EWY
-3.08% China 25 iS, FXI
-3.10% Financial SPDR, XLF
-3.18% Commodity Tracking, DBC
-3.27% Dividend International, PID
-3.38% Energy Global, IXC
-3.65% Financials Global LargeCap Value, IXG
-3.70% Oil & Gas, PXJ
-3.94% Natural Resource iS GS, IGE
-3.98% Energy VIPERs, VDE
-4.02% Belgium Index, EWK
-4.05% Taiwan Index, EWT
-4.05% Austria Index, EWO
-4.10% Oil Services H, OIH
-4.18% Metals & Mining SPDR, XME
-4.19% Energy DJ, IYE
-4.21% Energy SPDR, XLE
-4.33% Oil, Crude, U.S. Oil Fund, USO
-4.62% Energy Exploration & Prod, PXE