by Robert W. Colby, Senior Analyst TraderPlanet.com
Stock Market: A Secondary Reaction (corrective wave).
The markets appear to have entered choppy, correction/consolidation modes for the short term.
August vacation schedule: next update posted here on Sunday, 8/17/08.
Updated Weekly Rankings as of the close on Friday, August 8, 2008, are posted below.
Since the lows on 7/15/2008, major stock priceindexes have been choppy with modest positive net change. Short-term day-to-day movements appear to be prone to sudden reversals, which may contribute to traderunwillingness to hold positions. Total NYSE volume has been slowing, typical of summer vacation season. This seasonal pattern may continue for a few more weeks.
The Standard & Poor’s 500 cash index (1,296.31) has been in an irregular firming trend since the intraday low of 1,200.44 on 7/15/2008. It could encounter resistance at its trailing 50-day simple moving average now at 1,297.47.The S&P has been in a long-term downtrend since the intraday high of 1,576.09 on 10/11/2007.
A Secondary Reaction (corrective wave) was signaled on 8/8/08, when the Dow-Jones Industrials and Transports both closed at new 6-week highs. 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.
The breadth of the market has been in a relatively Bearish trend long term since June 2007. 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
5.41% , RZV , Value SmallCap S&P 600, RZV
2.41% , RPV , Value S&P 500, RPV
9.67% , VC , VISTEON
1.76% , XSD , Semiconductor SPDR, XSD
3.19% , SDY , Dividend SPDR, SDY
2.79% , ELV , Value Large Cap DJ, ELV
2.00% , VBK , Growth SmallCap VIPERs, VBK
11.08% , Q , QWEST COMMUNICAT
3.05% , RFV , Value MidCap S&P 400, RFV
2.79% , RSP , LargeCap Blend S&P=Weight R, RSP
2.08% , XLG , LargeCap Rydex Rus Top 50, XLG
1.77% , RFG , Growth MidCap S&P 400, RFG
12.92% , LPX , LOUISIANA PAC
8.70% , URBN , Urban Outfitters Inc.
7.88% , IGT , INTL GAME TECH
2.14% , IGM , Technology GS, IGM
8.79% , LOW , LOWES
1.35% , TMW , Wilshire 5000 ST TM, TMW
2.29% , JKK , Growth SmallCap iS M, JKK
3.07% , IJS , Value SmallCap S&P 600 B, IJS
6.16% , MCD , MCDONALDS
7.72% , HD , HOME DEPOT
3.00% , PHJ , Dividend Growth PS, PHJ
2.82% , VOX , Telecom Services VIPERs, VOX
2.43% , VB , Small Cap VIPERs, VB
1.95% , ADRA , Asia 50 BLDRS, ADRA
3.94% , PKB , Building & Construction, PKB
6.71% , SHW , SHERWIN WILLIAMS
5.00% , BHH , Internet B2B H, BHH
1.06% , PUI , Utilities, PUI
5.16% , MAS , MASCO
1.81% , IWP , Growth MidCap Russell, IWP
10.58% , GT , GOODYEAR TIRE
2.08% , IYY , LargeCap Blend Total Market DJ, IYY
2.47% , PWO , OTC Dynamic PS, PWO
2.40% , IJJ , Value MidCap S&P 400 B, IJJ
2.09% , PSI , Semiconductors, PSI
5.72% , IR , INGER RAND
6.42% , DRI , DARDEN REST
5.94% , FDX , FEDEX
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-6.09% , FMCN , Focus Media, FMCN
-9.05% , FNM , FANNIE MAE
-1.52% , TBH , Telebras HOLDRS, TBH*
-5.71% , SIRI , Sirius Satellite
-5.48% , SLV , Silver Trust iS, SLV
-3.75% , WMB , WILLIAMS
-5.57% , STLD , Steel Dynamics, STLD
-1.61% , EWC , Canada Index, EWC
-4.08% , CC , CIRCUIT CITY STR
-4.36% , DXD , Short 200% Dow 30 PS, DXD
-2.06% , AES , AES
-1.91% , IAU , Gold COMEX iS, IAU
-0.73% , EWG , Germany Index, EWG
-3.67% , LVLT , LEVEL 3 COMMUNICATIONS
-2.80% , DBC , Commodity Tracking, DBC
-3.64% , SLB , SCHLUMBERGER
-3.21% , RIG , TRANSOCEAN
-3.52% , XME , Metals & Mining SPDR, XME
-0.56% , EZA , South Africa Index, EZA
-2.91% , PXJ , Oil & Gas, PXJ
-3.74% , NOV , NATIONAL OILWELL VARC0
-2.40% , DOG , Short 100% Dow 30, DOG
-1.76% , PXE , Energy Exploration & Prod, PXE
-1.81% , ILF , Latin Am 40, ILF
-4.05% , X , US STEEL CORP
-1.93% , GLD , Gold Shares S.T., GLD
-3.42% , BJS , BJ SERVICES
-4.09% , BHI , BAKER HUGHES
-3.28% , APA , APACHE
-1.96% , MYY , Short 100% MidCap 400, MYY
-0.74% , TUP , TUPPERWARE
-1.15% , ETR , ENTERGY
-0.81% , PGR , PROGRESSIVE OHIO
-2.99% , HAL , HALLIBURTON
-3.83% , QID , Short 200% QQQ PS, QID
-1.69% , XLE , Energy SPDR, XLE
-0.24% , FEZ , Euro STOXX 50, FEZ
-0.87% , FLR , FLUOR
-3.26% , OIH , Oil Services H, OIH
-2.74% , NVDA , NVIDIA
Sectors: among the 9 major U.S. sectors, 7 rose and 2 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
4.76% Consumer Discretionary SPDR, XLY
3.45% Industrial SPDR, XLI
3.44% Financial SPDR, XLF
2.08% Consumer Staples SPDR, XLP
1.92% Technology SPDR, XLK
1.74% Health Care SPDR, XLV
0.30% Utilities SPDR, XLU
-0.41% Materials SPDR, XLB
-1.69% 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):
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.
Technology (XLK) Neutral, Market Weight. Since making a 10-month low on 2/25/08, XLK/SPY Relative Strength Ratio has firmed up, producing a rise in this ranking.
Industrial (XLI) Neutral, Market Weight. Since making a 5-month low on 7/2/08, XLI/SPY Relative Strength Ratio has firmed up, producing a rise in this ranking.
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 8/8/08, the XLB/SPY Relative Strength Ratio fell to new 20-week lows, thereby suggesting an intermediate-term downside correction.
Consumer Discretionary (XLY) Bearish, Underweight. Since making a 26-week low on 7/11/08, XLY/SPY Relative Strength Ratio has firmed up, producing a modest rise in this ranking. Longer term, on 7/15/08, XLY absolute price fell to its lowest level in 5 years. Since 1/5/05, the XLY/SPY Relative Strength Ratio has underperformed substantially.
Energy (XLE) Bearish, Underweight. On 8/8/08, XLE absolute price and XLE/SPY Relative Strength Ratio both broke down to new 19-week lows, confirming an intermediate-term downside 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.
Utilities (XLU) Bearish, Underweight. On 8/8/08, XLU/SPY Relative Strength Ratio broke down to a new 12-week low, confirming an intermediate-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.
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 20-month low on 8/8/08 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 23-month high on 8/4/08. The main trend is again confirmed Bullish.
Crude Oil September futures contract trend is down for the short-term. The intermediate-term trend also may have turned down. 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 has been in a short-term downtrend since 7/15/08. Gold has been in an intermediate-term correction/consolidation phase since 3/17/08 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 trend remains up for the short-term. Bonds have been in an intermediate-term uptrend since 6/13/08. Bonds have been in a neutral sideways trend long-term since June 2003.
The U.S. dollar trend is up for the short-term. The intermediate-term trend also may have turned up. 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 34.0% Bulls versus 43.6% Bears as of 8/6/08, according to the weekly Investors Intelligence survey of newsletter advisors. The Bull/Bear ratio rose to 0.78, up from 0.60 the previous week. The low of 0.57 on 7/16/08 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.
VIX Fear Index, now at 20.66, 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 24.24, 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 0.61, 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 1.19, 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.
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 (1,296.31):
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
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 (1,296.31):
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
6.97% Homebuilders SPDR, XHB
5.41% Value SmallCap S&P 600, RZV
5.00% Internet B2B H, BHH
4.81% Leisure & Entertainment, PEJ
4.76% Retail H, RTH
4.76% Consumer Discretionary SPDR, XLY
4.70% Internet Infrastructure H, IIH
4.55% Consumer D. VIPERs, VCR
4.27% Ultra Dow30 Double, DDM
4.22% Aerospace & Defense, PPA
4.20% Dividend Leaders, FDL
4.01% Taiwan Index, EWT
4.00% Consumer Cyclical DJ, IYC
3.97% Financials VIPERs, VFH
3.94% Building & Construction, PKB
3.92% Ultra QQQ Double, QLD
3.86% Ultra S&P500 Double, SSO
3.86% Dividend High Yield Equity PS, PEY
3.76% Realty Cohen & Steers, ICF
3.73% Transportation Av DJ, IYT
3.73% Retail, PMR
3.71% Value SmallCap iS M, JKL
3.70% REIT Wilshire, RWR
3.64% Capital Markets KWB ST, KCE
3.56% Ultra MidCap400 Double, MVV
3.45% Industrial SPDR, XLI
3.44% Financial SPDR, XLF
3.43% Telecom DJ US, IYZ
3.39% Value SmallCap Russell 2000, IWN
3.24% Value SmallCap Dynamic PS, PWY
3.24% Real Estate US DJ, IYR
3.19% Dividend SPDR, SDY
3.11% Dividend DJ Select, DVY
3.10% Networking, IGN
3.07% Value SmallCap S&P 600 B, IJS
3.05% Value MidCap S&P 400, RFV
3.03%Financial ServicesDJ, IYG
3.01% Internet H, HHH
3.00% Dividend Growth PS, PHJ
3.00% Micro Cap Zachs, PZI
2.98% Bank Regional H, RKH
2.98% Networking, PXQ
2.92% Biotechnology, IBB
2.91% REIT VIPERs, VNQ
2.89% Industrial LargeCap Blend DJ US, IYJ
2.88% Financial DJ US, IYF
2.85% Industrials VIPERs, VIS
2.83% Food & Beverage, PBJ
2.82% Telecom Services VIPERs, VOX
2.82% SmallCap PS Zacks, PZJ
2.82% Value 40 Large Low P/E FT DB, FDV
2.80% Value LargeCap Russell 3000, IWW
2.79% Value Large Cap DJ, ELV
2.79% LargeCap Blend S&P=Weight R, RSP
2.78% Value SmallCap VIPERS, VBR
2.76% Value S&P 500 B, IVE
2.75% Biotech SPDR, XBI
2.74% South Korea Index, EWY
2.73% Nanotech Lux, PXN
2.71% Value MidCap Russell, IWS
2.69% Biotech & Genome, PBE
2.69% SmallCap S&P 600, IJR
2.68% Value MidCap iS M, JKI
2.67% Microcap Russell, IWC
2.64% Water Resources, PHO
2.64% Value LargeCap Fundamental RAFI 1000, PRF
2.64% SmallCap Russell 2000, IWM
2.61% Value Small Cap DJ, DSV
2.57% Dividend Achievers PS, PFM
2.55% LargeCap Blend Core iS M, JKD
2.51% Value 1000 Russell, IWD
2.51% China 25 iS, FXI
2.50% Dividend Appreciation Vipers, VIG
2.49% SmallCap Core iS M, JKJ
2.48% Value VIPERs, VTV
2.47% OTC Dynamic PS, PWO
2.47% Telecommunications & Wireless, PTE
2.46% Value MidCap Dynamic PS, PWP
2.43% Hong Kong Index, EWH
2.43% Growth LargeCap NASDAQ Fidelity, ONEQ
2.43% Small Cap VIPERs, VB
2.42% Consumer Non-Cyclical, IYK
2.41% Value S&P 500, RPV
2.41% Growth BARRA Small Cap 600, IJT
2.40% Value MidCap S&P 400 B, IJJ
2.37% Telecom H, TTH
2.32% MidCap Blend Core iS M, JKG
2.31% Growth SmallCap R 2000, IWO
2.30% LargeCap Blend Socially Responsible iS, KLD
2.29% Growth SmallCap iS M, JKK
2.29% Healthcare DJ, IYH
2.29% LargeCap Blend S&P 100, OEF
2.27% Growth LargeCap NASDAQ 100, QQQQ
2.27% MidCap Russell, IWR
2.26% Software, PSJ
2.25% Value LargeCap iS M, JKF
2.22% Growth Small Cap DJ, DSG
2.22% Growth Large Cap, ELG
2.20% LargeCap VIPERs, VV
2.17% Pharmaceuticals, PJP
2.16% LargeCap 1000 R, IWB
2.15% Broadband H, BDH
2.15% Health Care VIPERs, VHT
2.15% Semiconductor H, SMH
2.14% Technology GS, IGM
2.12% LargeCap Blend Russell 3000, IWV
2.12% Blend Total Market VIPERs, VTI
2.12% Consumer Staples VIPERs, VDC
2.12% S&P 500 iS LargeCap Blend, IVV
2.09% Info Tech VIPERs, VGT
2.09% Semiconductor iS GS, IGW
2.09% Semiconductors, PSI
2.08% Consumer Staples SPDR, XLP
2.08% LargeCap Blend Total Market DJ, IYY
2.08% MidCap S&P 400 iS, IJH
2.08% LargeCap Rydex Rus Top 50, XLG
2.06% DIAMONDS (DJIA), DIA
2.00% Insurance, PIC
2.00% Growth SmallCap VIPERs, VBK
1.98% Software, IGV
1.95% Asia 50 BLDRS, ADRA
1.94% Growth S&P 500, RPG
1.93% Extended Mkt VIPERs, VXF
1.93% Financials Global LargeCap Value, IXG
1.92% Technology SPDR, XLK
1.90% Growth MidCap 400 B, IJK
1.88% Technology MS sT, MTK
1.87% MidCap S&P 400 SPDRs, MDY
1.86% Value LargeCap Dynamic PS, PWV
1.86% S&P 500 SPDRs LargeCap Blend, SPY
1.86% IPOs, First Tr IPOX-100, FPX
1.85% Technology DJ US, IYW
1.81% Growth MidCap Russell, IWP
1.80% LargeCap Blend S&P 1500 iS, ISI
1.80% Pharmaceutical H, PPH
1.79% Growth LargeCap Russell 3000, IWZ
1.77% LargeCap Blend Dynamic PS, PWC
1.77% Growth MidCap S&P 400, RFG
1.76% Semiconductor SPDR, XSD
1.74% Health Care SPDR, XLV
1.74% Growth VIPERs, VUG
1.74% Value LargeCap NYSE 100 iS, NY
1.74% Software H, SWH
1.74% Healthcare Global, IXJ
1.73% Growth S&P 500/BARRA, IVW
1.72% Growth 1000 Russell, IWF
1.68% MidCap VIPERs, VO
1.59% Growth LargeCap iS M, JKE
1.51% Dividend International, PID
1.50% Lg Cap Growth PSD, PWB
1.48% Japan Index, EWJ
1.48% Growth Mid Cap Dynamic PS, PWJ
1.45% Value Line Timeliness MidCap Gr, PIV
1.41% Technology Global, IXN
1.39% Biotech H, BBH
1.37% LargeCap Blend NYSE Composite iS, NYC
1.35% Growth SmallCap Dynamic PS, PWT
1.35% Wilshire 5000 ST TM, TMW
1.34% Utilities VIPERs, VPU
1.32% Telecommunications Global, IXP
1.26% Netherlands Index, EWN
1.26% MidCap Growth iS M, JKH
1.21% Global Titans, DGT
1.13% Pacific VIPERs, VPL
1.12% Japan LargeCap Blend TOPIX 150, ITF
1.10% China LargeCap Growth G D H USX PS, PGJ
1.06% Utilities DJ, IDU
1.06% Utilities, PUI
0.98% Internet Architecture H, IAH
0.95% Global 100, IOO
0.89% Utilities H, UTH
0.77% Pacific ex-Japan, EPP
0.76% Singapore Index, EWS
0.74% Belgium Index, EWK
0.68% Switzerland Index, EWL
0.61% Developed 100 BLDRS, ADRD
0.44% Growth EAFE MSCI, EFG
0.43% WilderHill Clean Energy PS, PBW
0.42% Value EAFE MSCI, EFV
0.41% EAFE Index, EFA
0.37% Emerging VIPERs, VWO
0.34% Europe 100 BLDRS, ADRU
0.34% Materials VIPERs, VAW
0.30% Utilities SPDR, XLU
0.27% Bond, 20+ Years Treasury, TLT
0.24% Emerging Markets, EEM
0.23% Sweden Index, EWD
0.20% Malaysia Index, EWM
0.13% France Index, EWQ
0.13% Australia Index, EWA
0.11% European VIPERs, VGK
0.10% Bond, Corp, LQD
0.08% EMU Europe Index, EZU
0.04% Europe 350 S&P Index, IEV
0.02% Spain Index, EWP
0.00% United Kingdom Index, EWU
-0.04% Emerging 50 BLDRS, ADRE
-0.05% Bond, 10 Year Treasury, IEF
-0.09% Bond, 1-3 Year Treasury, SHY
-0.09% Value LargeCap Euro STOXX 50 DJ, FEU
-0.09% Mexico Index, EWW
-0.12% Basic Materials DJ US, IYM
-0.13% Bond, TIPS, TIP
-0.15% Bond, Aggregate, AGG
-0.24% Euro STOXX 50, FEZ
-0.41% Materials SPDR, XLB
-0.56% South Africa Index, EZA
-0.72% Hardware & Electronics, PHW
-0.73% Germany Index, EWG
-0.74% Energy DJ, IYE
-0.90% Energy Global, IXC
-1.06% Energy VIPERs, VDE
-1.11% Italy Index, EWI
-1.22% Austria Index, EWO
-1.61% Canada Index, EWC
-1.64% Natural Resource iS GS, IGE
-1.69% Energy SPDR, XLE
-1.71% Brazil Index, EWZ
-1.76% Energy Exploration & Prod, PXE
-1.81% Latin Am 40, ILF
-1.93% Gold Shares S.T., GLD
-1.96% Short 100% MidCap 400, MYY
-2.05% Short 100% S&P 500, SH
-2.21% Short 100% QQQ, PSQ
-2.40% Short 100% Dow 30, DOG
-2.80% Commodity Tracking, DBC
-2.91% Oil & Gas, PXJ
-3.26% Oil Services H, OIH
-3.52% Metals & Mining SPDR, XME
-3.54% Short 200% MidCap 400 PS, MZZ
-3.83% Short 200% QQQ PS, QID
-3.90% Oil, Crude, U.S. Oil Fund, USO
-4.08% Short 200% S&P 500 PS, SDS
-4.36% Short 200% Dow 30 PS, DXD
-5.48% Silver Trust iS, SLV
