Daily Stock Market Commentary – 7/31/2008

Stock Market: unpredictable reversals may lead to caution for the short-term.

Tuesday’s strongest groups lagged while Tuesday’s weakest groups led.

Foreign stock index EFA Relative Strength Ratio fell to a new 5-month low and has been in a falling trend since 5/23/08.

Crude Oil reversed to the upside, closing above the highs of the previous 4 trading days.

Gold August futures contract fell steeply to a new 5-week low.

On Wednesday, major stock price indexes opened higher, gave up gains as crude oil rebounded to the upside, then rallied strongly in the afternoon as the price of crude oil leveled off. The big upside reversal in the price of crude oil drove the Energy StockSector up a steep 5.95%–after falling 1.19% on Tuesday. Those are big swings.

News appeared to add fuel to the fire. The Fed said it is extending the length of its Term Securities LendingFacility program through 1/30/09 and is introducing longer terms to maturity for its Term Auction Facility. Also, President Bush signed a housing bill supporting Fannie Mae and Freddie Mac. And, the SEC is extending its temporary restriction on naked short selling.

The S&P 500 Index ETF (SPY) closed above the highs of the previous 4 trading days, above the open, and above the midpoint of the High-Low range. The S&P 500 cash index closed at 1,284.26, up 21.07 points or 1.67%. Total NYSE volume rose 6%, suggesting greater demand for stocks.

The breadth of the market was less Bullish despite the apparent strength in the price indexes. The Advance-Decline balance ((A-D) / (A+D)) was 35.36%, the Up-Down Volume balance ((Up-Dn) / (Up+Dn)) was 43.64%, and the New Highs-New Lows balance ((H-L) / ( H+L)) was -37.35% 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.

The short-term day-to-day movements have become quite unpredictable, which ought to lead to trader caution before long. In contrast, long-term major trends tend to persist. There is no change in my general stock market interpretation: it appears to be a Primary Tide Bear Market. Such major trends can last longer and run further than most people imagine.

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
17.41% , AVP , AVON
19.53% , VC , VISTEON
7.04% , IPG , INTERPUBLIC GRP
11.74% , JNY , JONES APPAREL
16.84% , RFMD , RF Micro Devices Inc
13.50% , HES , AMERADA HESS
14.48% , SUN , SUNOCO
7.20% , EMC , EMC
6.79% , CMI , CUMMINS
2.06% , JKE , Growth LargeCap iS M, JKE
5.46% , TIN , TEMPLE INLAND
6.68% , RAI , RJR TOBACCO HLDS
4.30% , ILF , Latin Am 40, ILF
4.91% , NVLS , NOVELLUS SYS
7.98% , LRCX , LAM RESEARCH CORP
0.52% , PIC , Insurance, PIC
1.72% , XLG , LargeCap Rydex Rus Top 50, XLG
5.91% , CSX , CSX
4.30% , BNI , BURLINGTON NORTH
8.73% , FLR , FLUOR
6.00% , PXE , Energy Exploration & Prod, PXE
3.16% , VAW , Materials VIPERs, VAW
5.62% , VDE , Energy VIPERs, VDE
1.01% , EPP , Pacific ex-Japan, EPP
10.43% , NOV , NATIONAL OILWELL VARC0
1.58% , VPU , Utilities VIPERs, VPU
2.42% , PGJ , China LargeCap Growth G D H USX PS, PGJ
2.73% , ADRE , Emerging 50 BLDRS, ADRE
1.60% , VWO , Emerging VIPERs, VWO
6.77% , MRO , MARATHON OIL
8.79% , WB , WACHOVIA
6.02% , FCX , FREEPRT MCMORAN STK B
5.60% , FMCN , Focus Media, FMCN
3.03% , FISV , FISERV
5.95% , XLE , Energy SPDR, XLE
8.30% , APA , APACHE
5.74% , OIH , Oil Services H, OIH
1.54% , RPV , Value S&P 500, RPV
1.57% , IWB , LargeCap 1000 R, IWB
6.54% , RIG , TRANSOCEAN

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-21.90% , GRMN , GARMIN LTD
-11.90% , WYE , WYETH
-10.35% , OMX , OFFICEMAX INC., OMX
-6.97% , BHH , Internet B2B H, BHH
-1.46% , PXQ , Networking, PXQ
-5.87% , MDP , MEREDITH
-6.56% , ERTS , ELECTRONIC ARTS
-3.91% , VIA.B , VIACOM STK B
-3.89% , VIA , VIACOM INC. (New)
-3.94% , DISCA , Discovery Holding Co.
-2.54% , AGN , ALLERGAN
-4.13% , PMCS , PMC SIERRA
-2.91% , WEN , WENDYS INTL
-0.20% , PHW , Hardware & Electronics, PHW
-3.99% , GLW , CORNING
-1.96% , MYY , Short 100% MidCap 400, MYY
-2.52% , MCO , MOODYS CORP
-3.00% , FDX , FEDEX
-2.52% , HOLX , Hologic, Inc., HOLX
-2.01% , KEY , KEYCORP
-2.49% , AN , AUTONATION
-1.95% , MET , METLIFE
-2.22% , SSCC , Smurfit-Stone Container Corporation
-1.93% , DOG , Short 100% Dow 30, DOG
-0.31% , PPH , Pharmaceutical H, PPH
-1.88% , ODP , OFFICE DEPOT
-0.70% , SEE , SEALED AIR
-1.86% , THC , TENET HEALTHCARE
-1.77% , S , SPRINT NEXTEL
-1.23% , CHKP , Check Point Software Technologies Ltd
-4.24% , CIEN.O , CIENA
-3.83% , PETM , PETsMART Inc
-1.76% , LLY , ELI LILLY
-2.10% , GNTX , Gentex Corporation
-2.43% , HD , HOME DEPOT
-2.23% , CAR , Avis Budget Group, Inc. (CAR)
-2.85% , MZZ , Short 200% MidCap 400 PS, MZZ
-1.60% , SH , Short 100% S&P 500, SH
-2.20% , MIL , MILLIPORE
-0.50% , RZV , Value SmallCap S&P 600, RZV

Sectors: among the 9 major U.S. sectors, 7 rose and 2 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
5.95% Energy SPDR, XLE
2.37% Materials SPDR, XLB
1.96% Utilities SPDR, XLU
1.53% Financial SPDR, XLF
1.17% Industrial SPDR, XLI
1.16% Consumer Staples SPDR, XLP
0.67% Technology SPDR, XLK
-0.03% Health Care SPDR, XLV
-0.10% 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):

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.

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 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.

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

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 Relative Strength Ratio fell to a new 5-month low and has been in a falling trend since 5/23/08. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.

NASDAQ Composite Relative Strength Ratio has been in a rising trend since 3/3/08.

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. Longer term, 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 rose to a new 17-month high on 7/29/08. The main trend is confirmed Bullish.

Crude Oil September futures contract reversed to the upside, closing above the highs of the previous 4 trading days. This reversal might break the short-term downside momentum. The short-term trend had been corrective since 7/11/08, while the more important long-term trend remained Bullish. U.S. OILFund 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 fell steeply to a new 5-week low. Gold has been in a short-term downtrend since 7/15/08, in an intermediate-term uptrend since 5/2/08, and in a long-term uptrend since 8/25/1999.

Gold Mining stocks continue to underperform Gold futures.

U.S. Treasury Bond September futures contract eased slightly lower. 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.

The U.S. dollar consolidated recent gains. The short-term trend is up, the intermediate-term trend is neutral sideways since March 2008, and the long-term trend remains 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 21.21, 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 25.54, 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 0.71, which indicates Neutral 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 1.07, 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 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 (1,284.26):

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 (1,284.26):

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

6.00% Energy Exploration & Prod, PXE
5.95% Energy SPDR, XLE
5.74% Oil Services H, OIH
5.62% Energy VIPERs, VDE
5.48% Energy DJ, IYE
5.25% Natural Resource iS GS, IGE
4.94% Brazil Index, EWZ
4.80% Metals & Mining SPDR, XME
4.52% Oil & Gas, PXJ
4.49% Dividend Growth PS, PHJ
4.30% Latin Am 40, ILF
4.17% Oil, Crude, U.S. Oil Fund, USO
4.07% Ultra Dow30 Double, DDM
3.91% Basic Materials DJ US, IYM
3.81% Energy Global, IXC
3.65% Ultra S&P500 Double, SSO
3.17% Bank Regional H, RKH
3.16% Materials VIPERs, VAW
3.06% Ultra MidCap400 Double, MVV
3.03% South Africa Index, EZA
2.90% Canada Index, EWC
2.73% Emerging 50 BLDRS, ADRE
2.47% Value LargeCap iS M, JKF
2.47% Financial Services DJ, IYG
2.42% China LargeCap Growth G D H USX PS, PGJ
2.40% Value Line Timeliness MidCap Gr, PIV
2.39% China 25 iS, FXI
2.37% Materials SPDR, XLB
2.28% Growth Mid Cap Dynamic PS, PWJ
2.20% Dividend Leaders, FDL
2.18% United Kingdom Index, EWU
2.11% LargeCap Blend S&P 100, OEF
2.08% Value LargeCap NYSE 100 iS, NY
2.06% Growth LargeCap iS M, JKE
1.98% Commodity Tracking, DBC
1.96% Utilities SPDR, XLU
1.94% Value VIPERs, VTV
1.93% Utilities, PUI
1.87% Value Large Cap DJ, ELV
1.84% Value 1000 Russell, IWD
1.78% S&P 500 SPDRs LargeCap Blend, SPY
1.74% S&P 500 iS LargeCap Blend, IVV
1.74% Growth MidCap 400 B, IJK
1.74% LargeCap Blend Dynamic PS, PWC
1.73% MidCap VIPERs, VO
1.73% DIAMONDS (DJIA), DIA
1.72% Ultra QQQ Double, QLD
1.72% LargeCap Rydex Rus Top 50, XLG
1.70% LargeCap VIPERs, VV
1.70% Water Resources, PHO
1.70% WilderHill Clean Energy PS, PBW
1.66% Utilities DJ, IDU
1.65% Growth 1000 Russell, IWF
1.64% Value S&P 500 B, IVE
1.62% Industrials VIPERs, VIS
1.62% Financial DJ US, IYF
1.61% Growth VIPERs, VUG
1.60% LargeCap Blend Total Market DJ, IYY
1.60% Emerging VIPERs, VWO
1.60% Growth LargeCap Russell 3000, IWZ
1.59% LargeCap Blend NYSE Composite iS, NYC
1.59% LargeCap Blend Socially Responsible iS, KLD
1.59% Value LargeCap Russell 3000, IWW
1.58% MidCap S&P 400 SPDRs, MDY
1.58% Growth S&P 500/BARRA, IVW
1.58% Utilities VIPERs, VPU
1.58% Sweden Index, EWD
1.58% Utilities H, UTH
1.57% LargeCap 1000 R, IWB
1.57% LargeCap Blend S&P 1500 iS, ISI
1.56% LargeCap Blend Russell 3000, IWV
1.56% Growth MidCap Russell, IWP
1.54% Value S&P 500, RPV
1.53% Financial SPDR, XLF
1.53% Industrial LargeCap Blend DJ US, IYJ
1.50% Financials VIPERs, VFH
1.47% MidCap Growth iS M, JKH
1.45% Dividend DJ Select, DVY
1.43% MidCap Russell, IWR
1.43% Value LargeCap Fundamental RAFI 1000, PRF
1.43% Dividend International, PID
1.42% LargeCap Blend S&P=Weight R, RSP
1.41% Value 40 Large Low P/E FT DB, FDV
1.40% MidCap S&P 400 iS, IJH
1.39% Growth MidCap S&P 400, RFG
1.38% Europe 100 BLDRS, ADRU
1.36% Growth Large Cap, ELG
1.35% Value LargeCap Dynamic PS, PWV
1.34% Blend Total Market VIPERs, VTI
1.33% Growth S&P 500, RPG
1.31% Dividend Appreciation Vipers, VIG
1.30% France Index, EWQ
1.27% Building & Construction, PKB
1.26% Dividend SPDR, SDY
1.18% Capital Markets KWB ST, KCE
1.17% Industrial SPDR, XLI
1.16% Consumer Staples SPDR, XLP
1.16% Wilshire 5000 ST TM, TMW
1.15% Global Titans, DGT
1.14% Food & Beverage, PBJ
1.13% Lg Cap Growth PSD, PWB
1.12% Hong Kong Index, EWH
1.11% Extended Mkt VIPERs, VXF
1.11% Global 100, IOO
1.11% MidCap Blend Core iS M, JKG
1.09% Value EAFE MSCI, EFV
1.09% LargeCap Blend Core iS M, JKD
1.08% Malaysia Index, EWM
1.05% Growth SmallCap VIPERs, VBK
1.02% Consumer Staples VIPERs, VDC
1.02% Developed 100 BLDRS, ADRD
1.01% Pacific ex-Japan, EPP
1.01% Telecom Services VIPERs, VOX
0.99% Europe 350 S&P Index, IEV
0.99% Silver Trust iS, SLV
0.98% Mexico Index, EWW
0.97% Growth Small Cap DJ, DSG
0.96% Switzerland Index, EWL
0.96% European VIPERs, VGK
0.95% Value MidCap Dynamic PS, PWP
0.94% Value MidCap S&P 400 B, IJJ
0.93% EAFE Index, EFA
0.91% Telecommunications Global, IXP
0.91% Japan Index, EWJ
0.89% IPOs, First Tr IPOX-100, FPX
0.88% Singapore Index, EWS
0.86% Value MidCap Russell, IWS
0.83% Growth EAFE MSCI, EFG
0.82% Dividend Achievers PS, PFM
0.81% Semiconductor iS GS, IGW
0.79% Financials Global LargeCap Value, IXG
0.79% Value MidCap iS M, JKI
0.79% Belgium Index, EWK
0.76% Pacific VIPERs, VPL
0.76% Asia 50 BLDRS, ADRA
0.76% Australia Index, EWA
0.74% Growth SmallCap iS M, JKK
0.74% Small Cap VIPERs, VB
0.73% Telecom DJ US, IYZ
0.72% Semiconductor H, SMH
0.72% SmallCap Core iS M, JKJ
0.72% Growth BARRA Small Cap 600, IJT
0.71% Value LargeCap Euro STOXX 50 DJ, FEU
0.69% Value Small Cap DJ, DSV
0.68% Biotech & Genome, PBE
0.67% SmallCap PS Zacks, PZJ
0.67% Technology SPDR, XLK
0.67% Growth SmallCap R 2000, IWO
0.66% Euro STOXX 50, FEZ
0.66% Telecommunications & Wireless, PTE
0.66% Netherlands Index, EWN
0.63% Japan LargeCap Blend TOPIX 150, ITF
0.62% Technology DJ US, IYW
0.61% Internet Architecture H, IAH
0.60% SmallCap Russell 2000, IWM
0.58% Retail H, RTH
0.58% EMU Europe Index, EZU
0.58% Technology GS, IGM
0.55% Consumer Non-Cyclical, IYK
0.54% Value SmallCap VIPERS, VBR
0.52% Insurance, PIC
0.52% Consumer Cyclical DJ, IYC
0.51% Growth LargeCap NASDAQ 100, QQQQ
0.48% Germany Index, EWG
0.48% Info Tech VIPERs, VGT
0.48% Bond, Corp, LQD
0.47% Value SmallCap Dynamic PS, PWY
0.42% Bond, TIPS, TIP
0.40% Biotechnology, IBB
0.39% Growth SmallCap Dynamic PS, PWT
0.38% Growth LargeCap NASDAQ Fidelity, ONEQ
0.35% Technology MS sT, MTK
0.31% Taiwan Index, EWT
0.30% OTC Dynamic PS, PWO
0.28% Broadband H, BDH
0.28% SmallCap S&P 600, IJR
0.26% Spain Index, EWP
0.23% Retail, PMR
0.23% Software, PSJ
0.21% Value SmallCap iS M, JKL
0.21% Telecom H, TTH
0.21% Dividend High Yield Equity PS, PEY
0.19% Bond, 10 Year Treasury, IEF
0.19% Biotech SPDR, XBI
0.18% Technology Global, IXN
0.18% Semiconductor SPDR, XSD
0.13% Aerospace & Defense, PPA
0.13% Consumer D. VIPERs, VCR
0.12% Software H, SWH
0.12% Value SmallCap Russell 2000, IWN
0.11% Bond, Aggregate, AGG
0.10% Bond, 20+ Years Treasury, TLT
0.09% Value SmallCap S&P 600 B, IJS
0.08% Micro Cap Zachs, PZI
0.06% Microcap Russell, IWC
0.03% Bond, 1-3 Year Treasury, SHY
-0.02% Healthcare DJ, IYH
-0.03% Health Care SPDR, XLV
-0.04% Italy Index, EWI
-0.04% Biotech H, BBH
-0.05% Value MidCap S&P 400, RFV
-0.05% Health Care VIPERs, VHT
-0.06% Transportation Av DJ, IYT
-0.10% Consumer Discretionary SPDR, XLY
-0.20% Hardware & Electronics, PHW
-0.27% Realty Cohen & Steers, ICF
-0.31% Pharmaceutical H, PPH
-0.34% REIT VIPERs, VNQ
-0.36% Software, IGV
-0.38% Austria Index, EWO
-0.39% Healthcare Global, IXJ
-0.42% Internet H, HHH
-0.49% Real Estate US DJ, IYR
-0.50% Value SmallCap S&P 600, RZV
-0.57% South Korea Index, EWY
-0.64% REIT Wilshire, RWR
-0.68% Short 100% QQQ, PSQ
-0.74% Semiconductors, PSI
-0.87% Leisure & Entertainment, PEJ
-0.87% Networking, IGN
-0.89% Pharmaceuticals, PJP
-1.01% Internet Infrastructure H, IIH
-1.04% Emerging Markets, EEM
-1.18% Gold Shares S.T., GLD
-1.42% Short 200% QQQ PS, QID
-1.46% Networking, PXQ
-1.60% Short 100% S&P 500, SH
-1.60% Homebuilders SPDR, XHB
-1.93% Short 100% Dow 30, DOG
-1.96% Short 100% MidCap 400, MYY
-2.13% Nanotech Lux, PXN
-2.85% Short 200% MidCap 400 PS, MZZ
-3.52% Short 200% S&P 500 PS, SDS
-3.82% Short 200% Dow 30 PS, DXD
-6.97% Internet B2B H, BHH