Daily Stock Market Commentary – 7/28/2008

Stock Market: a Primary Tide Bear Market.

There is no change in my stock market interpretation.

As of 7/23/08, the S&P 500 had retraced a normal 38.2% Fibonacci ratio of its steep May-July drop—a typical spot for resistance to appear. Prices have turned down from that level.

The upside stock price movement of the recent 6 trading days may have been simply a temporary, minor, counter-trend, short-covering reaction against the larger major downtrend.

On Friday, major stock price indexes opened higher but immediately turned choppy. The market spent the day mixed and little changed in a relatively narrow range. The S&P 500 Index ETF (SPY) suffered a drop after the 4:00 p.m. general stockclose to end slightly lower on the day, below the closes of the previous 2 days, below a 7-day uptrend line, below the open, and below the midpoint of the High-Low range. The S&P 500 cash index closed at 1,257.76, up 5.22 points or 0.42%. Total NYSE volume fell 26%, suggesting diminished demand for stocks.

The breadth of the market turned slightly upward. The Advance-Decline balance ((A-D) / (A+D)) was 13.40%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was 6.12%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -62.58% on the NYSE. The number of New Lows has exceeded the number of New Highs most days for more than a year, since July 2007, and that is one sign of a Bear Market. On 7/15/08, 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.

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
0.13% , IAH , Internet Architecture H, IAH
17.72% , JNPR , Juniper Networks Inc
1.78% , PKB , Building & Construction, PKB
1.26% , VDE , Energy VIPERs, VDE
1.16% , PXN , Nanotech Lux, PXN
6.40% , ITT , ITT INDS
0.98% , IGW , Semiconductor iS GS, IGW
0.99% , IGM , Technology GS, IGM
3.49% , PKI , PERKINELMER
2.71% , NOC , NORTHROP GRUMMAN
1.44% , IWC , Microcap Russell, IWC
4.81% , NVDA , NVIDIA
3.91% , SSCC , Smurfit-Stone Container Corporation
1.71% , MTK , Technology MS sT, MTK
5.83% , TIN , TEMPLE INLAND
1.14% , PWT , Growth SmallCap Dynamic PS, PWT
3.08% , CSCO , CISCO SYSTEMS
4.22% , XME , Metals & Mining SPDR, XME
1.98% , WEN , WENDYS INTL
1.88% , PHO , Water Resources, PHO
2.60% , IGN , Networking, IGN
1.64% , VNQ , REIT VIPERs, VNQ
1.07% , MYL , MYLAN LABS
1.91% , XSD , Semiconductor SPDR, XSD
1.41% , XLK , Technology SPDR, XLK
2.05% , RWR , REIT Wilshire, RWR
0.53% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
0.98% , PWER , POWER ONE
0.84% , PWB , Lg Cap Growth PSD, PWB
1.07% , CCU , CLEAR CHANNEL
0.40% , PHW , Hardware & Electronics, PHW
1.30% , VXF , Extended Mkt VIPERs, VXF
1.41% , HAS , HASBRO
3.47% , GILD , Gilead Sciences Inc
4.14% , EBAY , EBAY
0.62% , KG , KING PHARM
1.40% , MOT , MOTOROLA
0.67% , PXQ , Networking, PXQ
0.90% , IWZ , Growth LargeCap Russell 3000, IWZ
1.30% , EWQ , France Index, EWQ

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-0.47% , PEJ , Leisure & Entertainment, PEJ
-9.40% , EMN , EASTMAN CHEM
-7.46% , BMC , BMC SOFTWARE
-3.77% , TIF , TIFFANY
-3.59% , FII , FED INVESTORSSTK B
-4.70% , BIG , BIG LOTS
-4.70% , BDK , BLACK & DECKER
-3.21% , RRD , RR DONNELLEY SON
-0.90% , PBJ , Food & Beverage, PBJ
-2.64% , ACV , Alberto-Culver Co.
-2.10% , TBH , Telebras HOLDRS, TBH*
-0.52% , PUI , Utilities, PUI
-3.59% , COH , COACH
-1.06% , PHJ , Dividend Growth PS, PHJ
-10.63% , RF , REGIONS FINAN
-1.55% , NOVL , NOVELL
-0.07% , RFV , Value MidCap S&P 400, RFV
-2.22% , FLEX , Flextronics International Ltd
-8.46% , GM , GENERAL MOTORS
-3.20% , JBL , JABIL CIRCUIT
-1.93% , Q , QWEST COMMUNICAT
-1.17% , PSQ , Short 100% QQQ, PSQ
-4.20% , CB , CHUBB
-2.66% , DYN , DYNEGY
-1.00% , TLT , Bond, 20+ Years Treasury, TLT
-0.54% , MV , METAVANTE TECHNOLOGIES, MV
-1.29% , HSIC , Henry Schein Inc
-7.94% , LEH , LEHMAN BROS HLDG
-2.16% , USO , Oil, Crude, U.S. Oil Fund, USO
-6.13% , FRE , FREDDIE MAC
-0.82% , BSX , BOSTON SCIENT
-0.53% , LQD , Bond, Corp, LQD
-0.55% , XLP , Consumer Staples SPDR, XLP
-0.82% , CCE , COCA COLA ENTER
-0.72% , VPU , Utilities VIPERs, VPU
-1.03% , ODP , OFFICE DEPOT
-1.90% , JNY , JONES APPAREL
-0.33% , DOW , DOW CHEMICAL
-0.14% , IYK , Consumer Non-Cyclical, IYK
-0.48% , VFH , Financials VIPERs, VFH

Sectors: among the 9 major U.S. sectors, 5 rose and 4 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
1.41% Technology SPDR, XLK
0.94% Industrial SPDR, XLI
0.60% Health Care SPDR, XLV
0.27% Energy SPDR, XLE
0.15% Materials SPDR, XLB
-0.38% Financial SPDR, XLF
-0.55% Consumer Staples SPDR, XLP
-1.21% Utilities SPDR, XLU
-1.56% Consumer Discretionary SPDR, XLY

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):

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.

Health Care (XLV) Neutral, Market Weight. On 7/15/08, the XLV/SPY Relative Strength Ratio moved up to a new 5-month high.

Energy (XLE) Neutral, Market Weight. On 7/23/08, XLE absolute price and XLE/SPY Relative Strength Ratio both broke down to new 11-week lows, confirming a short-term correction. On 7/1/08, XLE/SPY Relative Strength Ratio rose to another new all-time high, again confirming a long-term, Primary Tide Uptrend.

Materials (XLB) Neutral, Market Weight. On 5/20/08, XLB absolute price and XLB/SPY Relative Strength Ratio both closed at new all-time highs, 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.

Utilities (XLU) Neutral, Market Weight. On 7/23/08, XLU absolute price and XLU/SPY Relative Strength Ratio both broke down to new 7-week lows, confirming a short-term correction. On 7/15/08, XLU/SPY Relative Strength Ratio rose to a new all-time high, a confirming a long-term, Primary Tide Uptrend.

Industrial (XLI) Bearish, Underweight. On 7/2/08, XLI/SPY Relative Strength Ratio fell to its lowest levels in 25 weeks, again confirming a Bearish trend.

Technology (XLK) Bearish, Underweight. On 7/22/08, XLK/SPY Relative Strength Ratio fell to its lowest levels in 12 weeks, again confirming a Bearish trend. 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.

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 24 months on 7/15/08. Relative Strength Ratio fell to its lowest level in 3 months on 7/8/08 but has firmed somewhat since. 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 broke out to a new 8-month high on 7/17/08 but turned down since. Absolute price tested and held its low of 3/17/08.

Growth Stock/Value Stock Relative Strength Ratio fell steeply to a new 7-week low on 7/23/08, confirming a short-term downward correction. This ratio (IWF/IWD) has been in an uptrend since 8/8/06, and it rose to a new 4-year high on 7/15/08.

The Small Cap/Large Cap Relative Strength Ratio made a new 15-month high on 7/25/08. The main trend appears to be improving.

Crude Oil August futures contract fell to a new 7-week low, again confirming a short-term correction phase. The short-term trend appears corrective, while the long-term trend remains Bullish. 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 declined again—but only slightly. Gold has been in a short-term downtrend since 7/15/08, in an intermediate-term uptrend since 5/2/08, and in long-term uptrend since 8/25/1999.

U.S. Treasury Bond September futures contract fell sharply, continuing a short-term correction. Bonds have been in a short-term downtrend since 7/15/08, in an intermediate-term uptrend since 6/13/08, and in a neutral sideways trend long-term since June 2003.

iShares Lehman TIPS Bond ETF (TIP) absolute price and Strength Ratio Relative to iShares Lehman 7-10 Year Treasury ETF (IEF) both have been falling, along with oil, gold, and other inflation hedges.

iShares iBoxx $ Investment Grade Corporate BondETF (LQD) turned down. Absolute price broke down to another new 5-year low on 7/18/08.

The U.S. dollar turned down. On 7/15/08, the dollar fell to its lowest price in 12-weeks. The most relevant trends still appear 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 29.2% Bulls versus 49.4% Bears as of 7/23/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio rose to 0.59, up from 0.57 the previous week. That 0.57 was 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 22.91, indicates falling Fear since the peak at 28.48 on 7/14/08. Previously, 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 26.63, indicates falling Fear since the peak at 33.20 on 7/14/08. 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 0.74, which indicates moderately 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 0.96, 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 pricespush 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 Tide 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 (1,257.76):

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
1,366.59, high of 6/17/2008
1,335.63, high of 6/25/2008
1,292.17, high of 7/2/2008

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 (1,257.76):

Potential Support
1,200.44, low of 7/15/2008
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

4.22% Metals & Mining SPDR, XME
2.68% Ultra QQQ Double, QLD
2.60% Networking, IGN
2.58% Broadband H, BDH
2.29% South Africa Index, EZA
2.13% Realty Cohen & Steers, ICF
2.05% REIT Wilshire, RWR
1.91% Basic Materials DJ US, IYM
1.91% Semiconductor SPDR, XSD
1.88% Water Resources, PHO
1.78% Building & Construction, PKB
1.71% Technology MS sT, MTK
1.64% REIT VIPERs, VNQ
1.62% Oil & Gas, PXJ
1.61% Hong Kong Index, EWH
1.61% WilderHill Clean Energy PS, PBW
1.58% IPOs, First Tr IPOX-100, FPX
1.52% Real Estate US DJ, IYR
1.46% Materials VIPERs, VAW
1.45% SmallCap PS Zacks, PZJ
1.44% Technology DJ US, IYW
1.44% Microcap Russell, IWC
1.43% Internet H, HHH
1.42% SmallCap Core iS M, JKJ
1.41% Energy Exploration & Prod, PXE
1.41% Technology SPDR, XLK
1.40% Value SmallCap S&P 600, RZV
1.31% Growth LargeCap NASDAQ Fidelity, ONEQ
1.30% France Index, EWQ
1.30% Extended Mkt VIPERs, VXF
1.30% Growth LargeCap NASDAQ 100, QQQQ
1.26% Energy VIPERs, VDE
1.23% Value SmallCap Dynamic PS, PWY
1.23% Growth LargeCap iS M, JKE
1.22% Info Tech VIPERs, VGT
1.21% Healthcare Global, IXJ
1.19% Aerospace & Defense, PPA
1.19% Value SmallCap S&P 600 B, IJS
1.16% Nanotech Lux, PXN
1.16% Micro Cap Zachs, PZI
1.15% Growth Mid Cap Dynamic PS, PWJ
1.14% Growth SmallCap Dynamic PS, PWT
1.10% MidCap Growth iS M, JKH
1.08% Value SmallCap Russell 2000, IWN
1.07% Sweden Index, EWD
1.02% Europe 100 BLDRS, ADRU
1.02% Biotech H, BBH
1.01% Natural Resource iS GS, IGE
1.00% Malaysia Index, EWM
0.99% Technology GS, IGM
0.98% Canada Index, EWC
0.98% Semiconductor iS GS, IGW
0.96% Growth Small Cap DJ, DSG
0.95% Growth SmallCap VIPERs, VBK
0.94% Industrials VIPERs, VIS
0.94% Industrial SPDR, XLI
0.93% Growth Large Cap, ELG
0.93% Growth SmallCap R 2000, IWO
0.90% Growth LargeCap Russell 3000, IWZ
0.88% Growth SmallCap iS M, JKK
0.84% Lg Cap Growth PSD, PWB
0.82% Pharmaceuticals, PJP
0.81% SmallCap Russell 2000, IWM
0.81% Mexico Index, EWW
0.81% LargeCap Blend Dynamic PS, PWC
0.80% OTC Dynamic PS, PWO
0.80% Growth MidCap Russell, IWP
0.80% Semiconductors, PSI
0.79% Growth 1000 Russell, IWF
0.78% Pharmaceutical H, PPH
0.76% Germany Index, EWG
0.75% China 25 iS, FXI
0.75% Growth BARRA Small Cap 600, IJT
0.73% Energy DJ, IYE
0.73% Growth S&P 500, RPG
0.73% Industrial LargeCap Blend DJ US, IYJ
0.72% Euro STOXX 50, FEZ
0.72% Small Cap VIPERs, VB
0.71% Transportation Av DJ, IYT
0.71% SmallCap S&P 600, IJR
0.69% Emerging Markets, EEM
0.68% Growth VIPERs, VUG
0.67% European VIPERs, VGK
0.67% Networking, PXQ
0.66% MidCap Blend Core iS M, JKG
0.65% EMU Europe Index, EZU
0.64% Biotechnology, IBB
0.63% Value MidCap Russell, IWS
0.62% Capital Markets KWB ST, KCE
0.61% Europe 350 S&P Index, IEV
0.61% United Kingdom Index, EWU
0.60% Healthcare DJ, IYH
0.60% Health Care SPDR, XLV
0.58% Value Small Cap DJ, DSV
0.57% Biotech SPDR, XBI
0.57% MidCap Russell, IWR
0.57% Italy Index, EWI
0.55% Growth S&P 500/BARRA, IVW
0.54% LargeCap Blend S&P 100, OEF
0.53% Growth EAFE MSCI, EFG
0.53% Value LargeCap Euro STOXX 50 DJ, FEU
0.53% Dividend International, PID
0.52% LargeCap Rydex Rus Top 50, XLG
0.51% Value MidCap S&P 400 B, IJJ
0.50% Health Care VIPERs, VHT
0.47% Homebuilders SPDR, XHB
0.47% Oil Services H, OIH
0.46% Technology Global, IXN
0.42% Value Line Timeliness MidCap Gr, PIV
0.40% Value SmallCap VIPERS, VBR
0.40% Hardware & Electronics, PHW
0.40% Value LargeCap Dynamic PS, PWV
0.39% Gold Shares S.T., GLD
0.38% LargeCap Blend Total Market DJ, IYY
0.38% Ultra MidCap400 Double, MVV
0.37% Ultra S&P500 Double, SSO
0.37% Emerging 50 BLDRS, ADRE
0.36% Short 200% Dow 30 PS, DXD
0.34% Telecom Services VIPERs, VOX
0.34% LargeCap Blend Russell 3000, IWV
0.34% Global 100, IOO
0.33% MidCap VIPERs, VO
0.32% Short 100% Dow 30, DOG
0.31% Blend Total Market VIPERs, VTI
0.30% Energy Global, IXC
0.30% Growth MidCap 400 B, IJK
0.29% MidCap S&P 400 iS, IJH
0.29% China LargeCap Growth G D H USX PS, PGJ
0.28% Developed 100 BLDRS, ADRD
0.28% LargeCap 1000 R, IWB
0.27% Energy SPDR, XLE
0.27% Short 200% MidCap 400 PS, MZZ
0.25% LargeCap Blend S&P 1500 iS, ISI
0.21% Dividend High Yield Equity PS, PEY
0.21% EAFE Index, EFA
0.21% Latin Am 40, ILF
0.19% S&P 500 iS LargeCap Blend, IVV
0.18% Value SmallCap iS M, JKL
0.15% Materials SPDR, XLB
0.13% Internet Architecture H, IAH
0.12% Software H, SWH
0.12% Telecommunications & Wireless, PTE
0.12% Netherlands Index, EWN
0.11% Internet Infrastructure H, IIH
0.10% LargeCap Blend Core iS M, JKD
0.10% LargeCap Blend S&P=Weight R, RSP
0.07% Telecommunications Global, IXP
0.06% Software, IGV
0.05% Value LargeCap NYSE 100 iS, NY
0.04% Switzerland Index, EWL
0.04% LargeCap Blend NYSE Composite iS, NYC
0.04% Semiconductor H, SMH
0.03% Austria Index, EWO
0.03% Short 100% S&P 500, SH
0.02% Dividend Appreciation Vipers, VIG
0.02% Growth MidCap S&P 400, RFG
0.01% MidCap S&P 400 SPDRs, MDY
0.00% Internet B2B H, BHH
0.00% Emerging VIPERs, VWO
-0.01% Spain Index, EWP
-0.02% South Korea Index, EWY
-0.02% S&P 500 SPDRs LargeCap Blend, SPY
-0.04% Value LargeCap Fundamental RAFI 1000, PRF
-0.06% Silver Trust iS, SLV
-0.06% Short 100% MidCap 400, MYY
-0.07% Dividend Achievers PS, PFM
-0.07% Value MidCap S&P 400, RFV
-0.08% Wilshire 5000 ST TM, TMW
-0.09% Telecom DJ US, IYZ
-0.12% LargeCap VIPERs, VV
-0.13% Brazil Index, EWZ
-0.13% Bond, 1-3 Year Treasury, SHY
-0.13% Consumer Staples VIPERs, VDC
-0.14% Retail, PMR
-0.14% Consumer Non-Cyclical, IYK
-0.16% Value LargeCap Russell 3000, IWW
-0.19% Value 1000 Russell, IWD
-0.20% Value MidCap iS M, JKI
-0.24% Singapore Index, EWS
-0.25% Value S&P 500 B, IVE
-0.25% Value VIPERs, VTV
-0.30% Short 200% S&P 500 PS, SDS
-0.31% Value 40 Large Low P/E FT DB, FDV
-0.33% Value EAFE MSCI, EFV
-0.33% Global Titans, DGT
-0.37% Consumer Cyclical DJ, IYC
-0.38% DIAMONDS (DJIA), DIA
-0.38% Insurance, PIC
-0.38% Financial SPDR, XLF
-0.43% Value LargeCap iS M, JKF
-0.44% Utilities DJ, IDU
-0.46% LargeCap Blend Socially Responsible iS, KLD
-0.46% Asia 50 BLDRS, ADRA
-0.47% Leisure & Entertainment, PEJ
-0.48% Financials VIPERs, VFH
-0.51% Bond, Aggregate, AGG
-0.52% Value Large Cap DJ, ELV
-0.52% Utilities, PUI
-0.53% Bond, Corp, LQD
-0.53% Consumer D. VIPERs, VCR
-0.54% Pacific ex-Japan, EPP
-0.55% Consumer Staples SPDR, XLP
-0.58% Bond, 10 Year Treasury, IEF
-0.60% Dividend SPDR, SDY
-0.65% Taiwan Index, EWT
-0.67% Financial DJ US, IYF
-0.69% Bond, TIPS, TIP
-0.70% Australia Index, EWA
-0.71% Belgium Index, EWK
-0.72% Utilities VIPERs, VPU
-0.76% Utilities H, UTH
-0.76% Ultra Dow30 Double, DDM
-0.80% Software, PSJ
-0.81% Value S&P 500, RPV
-0.86% Pacific VIPERs, VPL
-0.90% Value MidCap Dynamic PS, PWP
-0.90% Food & Beverage, PBJ
-0.94% Financial Services DJ, IYG
-0.94% Biotech & Genome, PBE
-1.00% Bond, 20+ Years Treasury, TLT
-1.02% Retail H, RTH
-1.05% Dividend DJ Select, DVY
-1.06% Dividend Growth PS, PHJ
-1.08% Japan LargeCap Blend TOPIX 150, ITF
-1.14% Japan Index, EWJ
-1.16% Telecom H, TTH
-1.17% Short 100% QQQ, PSQ
-1.18% Financials Global LargeCap Value, IXG
-1.21% Utilities SPDR, XLU
-1.25% Commodity Tracking, DBC
-1.40% Bank Regional H, RKH
-1.56% Consumer Discretionary SPDR, XLY
-2.16% Oil, Crude, U.S. Oil Fund, USO
-2.51% Short 200% QQQ PS, QID
-3.18% Dividend Leaders, FDL