Stock Market: flight to safety. Bear trend confirmed again.
The Dow Theory reconfirmed a Primary Tide Bear Market on Wednesday when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their previous lowest closing prices of 2005-2008. These two Averages originally signaled a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
New low prices for crude oil, commodities, and TIPS indicate rising expectations of deflation.
The stock market’s clear preference for defensive stocks over cyclical stocks implies expectations for weak business and market trends ahead.
With the business conditions outlook deteriorating, and the possibility of further financial risks, prudent investors will continue to focus on capital preservation.
On Wednesday, major stock price indexes opened lower and continued to erode most of the day. Rally attempts were brief and feeble, which is a sign of weakness. Stocks closed near their lowest levels of the day. Major stock price indexes fell to new 5-year lows, thereby confirming their preexisting Primary Tide Bear Markets. The breadth balance was extremely negative, with many more declines than advances. The Standard & Poor’s 500 cash index (806.58) closed down 52.54 points, or 6.12%. Total NYSE volume rose 6%, and the volume of declining stocks swamped the volume of advancing stocks, indicating overwhelming selling pressure.
The stock market reflects future fundamental conditions about 6 months ahead. Economic and business news has been growing dramatically worse as time goes on, with no visible end to the downward fundamental spiral. Some economists see weakness for another 12 months. Assuming that, it would be too early for a change in the major trend. The unfolding financial crisis is like an iceberg, and no one has been able to determine how much of it is hidden under water.
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
12.96% , LPX , LOUISIANA PAC
9.51% , DXD , Short 200% Dow 30 PS, DXD
2.56% , TLT , Bond, 20+ Years Treasury, TLT
7.10% , MYY , Short 100% MidCap 400, MYY
15.06% , MZZ , Short 200% MidCap 400 PS, MZZ
0.23% , PKB , Building & Construction, PKB
5.78% , SH , Short 100% S&P 500, SH
5.29% , DOG , Short 100% Dow 30, DOG
5.36% , PSQ , Short 100% QQQ, PSQ
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-9.33% , PZJ , SmallCap PS Zacks, PZJ
-39.88% , LNC , LINCOLN NATL
-7.70% , PTE , Telecommunications & Wireless, PTE
-19.76% , ACE , ACE
-6.96% , PWT , Growth SmallCap Dynamic PS, PWT
-25.00% , F , FORD MOTOR
-10.91% , VFH , Financials VIPERs, VFH
-19.91% , DYN , DYNEGY
-33.23% , LIZ , LIZ CLAIRBORNE
-24.53% , UIS , UNISYS
-28.63% , HIG , HARTFORD FINL
-6.44% , ISI , LargeCap Blend S&P 1500 iS, ISI
-5.72% , JKI , Value MidCap iS M, JKI
-21.60% , ETFC.O , E*TRADE FINANCIAL
-31.58% , VC , VISTEON
-8.36% , EPP , Pacific ex-Japan, EPP
-4.39% , PEJ , Leisure & Entertainment, PEJ
-4.96% , ADRD , Developed 100 BLDRS, ADRD
-33.33% , ABK , AMBAC FINL GRP
-23.45% , C , CITIGROUP
-11.40% , BBY , BEST BUY
-21.15% , IPG , INTERPUBLIC GRP
-7.62% , EWG , Germany Index, EWG
-7.01% , JKJ , SmallCap Core iS M, JKJ
-6.30% , EWU , United Kingdom Index, EWU
-22.70% , HMA , HEALTH MGMT STK A
-10.65% , PBW , WilderHill Clean Energy PS, PBW
-6.82% , FEZ , Euro STOXX 50, FEZ
-10.31% , TGT , TARGET
-18.89% , THC , TENET HEALTHCARE
-16.51% , ATI , ALLEGHENY TECH
-20.40% , ALL , ALLSTATE
-7.66% , VB , Small Cap VIPERs, VB
-10.97% , IYG , Financial Services DJ, IYG
-5.62% , IYY , LargeCap Blend Total Market DJ, IYY
-10.33% , SWK , STANLEY WORKS
-4.10% , IWZ , Growth LargeCap Russell 3000, IWZ
-11.07% , MHP , MCGRAW HILL
-18.45% , PFG , PRINCIPAL FINL
-25.11% , PLD , PROLOGIS TRUST
9 Major U.S. Stock Sectors
Ranked on Latest One-Day Price Change
% Price Change, Sector ETF, Symbol
-2.14% Utilities SPDR, XLU
-2.57% Consumer Staples SPDR, XLP
-4.04% Health Care SPDR, XLV
-5.18% Energy SPDR, XLE
-5.55% Technology SPDR, XLK
-6.00% Materials SPDR, XLB
-6.42% Consumer Discretionary SPDR, XLY
-6.46% Industrial SPDR, XLI
-10.47% Financial SPDR, XLF
Primary Tide Trends for the 9 major sectors can 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 11/19/08, XLP/SPY Relative Strength Ratio rose to a new 10-year high. All 9 sectors have lost in 2008, but XLP has lost least.
Health Care (XLV) Neutral, Market Weight. On 11/19/08, XLV/SPY Relative Strength Ratio rose to a new 4-year high.
Utilities (XLU) Neutral, Market Weight. On 11/19/08, the XLU/SPY Relative Strength Ratio rose to a new 10-year high.
Energy (XLE) Bearish, Underweight. On 10/10/08, the XLE absolute price hit another new 18-month intraday low.
Technology (XLK) Bearish, Underweight. On 11/19/08, the XLK absolute price fell to a new 5-year low.
Industrial (XLI) Bearish, Underweight. On 11/19/08, the XLI absolute price fell to a new 5-year low.
Consumer Discretionary (XLY) Bearish, Underweight. On 11/19/08, XLY absolute price fell to its lowest level in 10 years. The Relative Strength Ratio (XLY/SPY) has been trending down since 1/5/05 and fell to a new 7-year low on 11/19/08.
Materials (XLB) Bearish, Underweight. On 11/19/08, the XLB absolute price fell to a new 5-year low.
Financial (XLF) Bearish, Underweight. On 11/19/08, the XLF absolute price hit another new 10-year low. In addition, the XLF long-term trend of Relative Strength Ratio (XLF/SPY) has been trending down since 2/20/07 and fell to a new 10-year low on 11/19/08.
The relative performance measurements of the 9 major sectors have indicated for many months a clear preference for defensive stocks that are insulated to a degree from economic downturns.
Foreign stock index EFA Relative Strength Ratio has sharply underperformed the S&P 500 since 11/27/07. EFA absolute price fell to a new 5-year low on 10/27/08 and has been in a falling trend since 10/31/07. EFA is the ETF representing the EAFE, the international developed country stock markets, ex the U.S. and Canada.
NASDAQ Composite remains Bearish. Relative Strength has been underperforming the S&P 500 since 8/14/08. On 11/19/08, the absolute price made another new 5-year low, reconfirming absolute long-term trend weakness.
Growth Stock/Value Stock Relative Strength Ratio has been trending down since it peaked on 7/15/08.
The Small Cap/Large Cap Relative Strength Ratio has been trending down since it peaked on 9/19/08.
Crude Oil futures December contract price fell to a new 22-month low of 52.79, confirming its preexisting Bearish trend. 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 outperformed Crude Oil since 10/9/08.
Gold futures contract price broke out above the highs of the previous 6 trading days but gave up most of its gains by the close. The trend still seems uncertain for the short-term. Gold remains in an intermediate-term downtrend since the peak of 1,033.90 on 3/17/08.
Gold Mining stocks continue to underperform Gold futures on a major trend basis.
U.S. Treasury Bond futures contract price rose sharply to a new 9-week high, thereby confirming its Bullish trend for the intermediate term. Long term, Bonds have been in a neutral sideways trend since June 2003.
iShares iBoxx $ Invest Grade Corp Bond (LQD) ETF absolute price and LQD/TLT Relative Strength Ratio both fell to multi-year new lows on 10/10/08. Bond investors appear to be seriously concerned about the economic outlook.
iShares Lehman TIPS Bond (TIP) ETF Relative Strength Ratio (TIP/TLT) confirmed deflation. On 11/19/08, the Ratio fell to a new 5-year low and has been in a persistent major downtrend since 7/3/08.
The U.S. dollar rose to a new 2-year high but reversed to close lower. Appears uncertain for the short term, but the longer-term trend is still Bullish.
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 record high levels of volatility. Investors might be wise to focus on risk control.
Sentiment/Contrary Opinion: There were 30.9% Bulls versus 43.6% Bears as of 11/19/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.71, up from 0.69 the previous week. This still indicates pessimism. The ratio’s 38-year range is 0.28 to 17.51, and the median is 1.47. Contrary Opinion must be tempered with other timing tools, of course.
VIX Fear Index, now at 74.26, approached its high. Its 18-year high was 80.06 on 10/27/08. Its 18-year 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 74.66, approached its high. Its 7-year high was 79.16 on 10/27/08. Its record high was 114.23 on 10/8/98. Its record 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 1.16, which indicates extremely 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 0.78, which indicates extremely 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 credit market crisis has derailed that engine. Economic statistics and corporate earnings have been weakening and seem likely to weaken further over the next several quarters.
The Dow Theory last reconfirmed a Primary Tide Bear Market on 11/19/08, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their previous lowest closing prices of 2005-2008. These two Averages originally signaled a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
Shock and Fear. There is nothing new under the sun. The Dow Theory described this type of market many decades ago. From my book, The Encyclopedia of Technical Market Indicators , Second Edition : “The second Bear phase is marked by a sudden mood change, from optimism and hope to shock and fear. One day, the public wakes up and sees, much to its surprise, that “the emperor has no clothes”. Actual fundamental business conditions are not panning out to be as positive as previously hoped. In fact, there may be a little problem. The smart money is long gone, and there is no one left to buy when the public wants out. Stock prices drop steeply in a vacuum. Fear quickly replaces greed. Repeated waves of panic may sweep the market. Transactional volume swells as the unsophisticated investor screams, “Get me out at any price!” Sharp professional traders are willing to bid way down in price for stocks when prices drop too far too fast. The best that can be expected, however, is a dead-cat bounce that recovers only a fraction of the steep loss.”
The breadth of the market has been in a 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 11/18/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 2-year lows, reconfirming that the major breadth trends remain Bearish.
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 (806.58):
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
1,313.15, high of 8/11/2008
1,274.42, high of 9/8/2008
1,255.09, high of 9/12/2008
1,238.807, Fibonacci 78.6% of 1,576.09 high
1,220.03, high of 9/25/2008
1,077.08, Fibonacci 61.8% of 2002-2007 upmove
1,044.31, high of 10/14/2008
1,001.84, high of 11/4/2008
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 (806.58):
Potential Support
788.05, Fibonacci 50.0% of 1,576.09 high
768.63, low of 10/10/2002
602.07, Fibonacci 38.2% of 1,576.09 high
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
15.06% Short 200% MidCap 400 PS, MZZ
11.22% Short 200% S&P 500 PS, SDS
10.72% Short 200% QQQ PS, QID
9.51% Short 200% Dow 30 PS, DXD
7.10% Short 100% MidCap 400, MYY
5.78% Short 100% S&P 500, SH
5.36% Short 100% QQQ, PSQ
5.29% Short 100% Dow 30, DOG
2.56% Bond, 20+ Years Treasury, TLT
1.08% Bond, 10 Year Treasury, IEF
0.29% Bond, Aggregate, AGG
0.23% Building & Construction, PKB
0.15% Bond, Corp, LQD
0.14% Bond, 1-3 Year Treasury, SHY
-0.02% Bond, TIPS, TIP
-0.34% Gold Shares S.T., GLD
-0.87% Software H, SWH
-0.96% Value 40 Large Low P/E FT DB, FDV
-1.14% Commodity Tracking, DBC
-1.21% Broadband H, BDH
-1.41% Networking, PXQ
-1.92% Semiconductor SPDR, XSD
-2.10% Utilities, PUI
-2.14% Utilities SPDR, XLU
-2.16% Utilities H, UTH
-2.30% Growth MidCap S&P 400, RFG
-2.49% Software, PSJ
-2.57% Pharmaceutical H, PPH
-2.57% Consumer Staples SPDR, XLP
-2.96% Internet Architecture H, IAH
-3.01% Utilities VIPERs, VPU
-3.02% Food & Beverage, PBJ
-3.13% Consumer Staples VIPERs, VDC
-3.19% Biotech H, BBH
-3.22% Utilities DJ, IDU
-3.37% Oil, Crude, U.S. Oil Fund, USO
-3.46% Internet Infrastructure H, IIH
-3.49% Pharmaceuticals, PJP
-3.51% Retail H, RTH
-3.60% Dividend Achievers PS, PFM
-3.75% Healthcare DJ, IYH
-3.82% Global Titans, DGT
-3.89% Health Care VIPERs, VHT
-3.97% Silver Trust iS, SLV
-4.04% Health Care SPDR, XLV
-4.04% Internet B2B H, BHH
-4.09% Retail, PMR
-4.10% Growth LargeCap Russell 3000, IWZ
-4.13% OTC Dynamic PS, PWO
-4.15% Biotech & Genome, PBE
-4.16% Technology MS sT, MTK
-4.19% Semiconductors, PSI
-4.26% Growth S&P 500, RPG
-4.32% Telecom H, TTH
-4.36% Consumer Non-Cyclical, IYK
-4.39% Leisure & Entertainment, PEJ
-4.41% Insurance, PIC
-4.44% Hardware & Electronics, PHW
-4.47% Value MidCap S&P 400, RFV
-4.52% Canada Index, EWC
-4.54% IPOs, First Tr IPOX-100, FPX
-4.54% LargeCap Blend NYSE Composite iS, NYC
-4.58% Energy DJ, IYE
-4.62% Dividend Leaders, FDL
-4.67% Growth 1000 Russell, IWF
-4.70% Malaysia Index, EWM
-4.72% DIAMONDS (DJIA), DIA
-4.81% Growth LargeCap NASDAQ Fidelity, ONEQ
-4.82% Telecommunications Global, IXP
-4.89% Aerospace & Defense, PPA
-4.92% LargeCap Blend Core iS M, JKD
-4.96% Developed 100 BLDRS, ADRD
-4.98% Growth S&P 500/BARRA, IVW
-4.99% Energy Exploration & Prod, PXE
-5.03% Growth Large Cap, ELG
-5.05% Dividend Appreciation Vipers, VIG
-5.06% MidCap Russell, IWR
-5.13% Biotech SPDR, XBI
-5.13% Value LargeCap NYSE 100 iS, NY
-5.14% Growth LargeCap iS M, JKE
-5.18% Energy SPDR, XLE
-5.22% Technology GS, IGM
-5.22% Growth LargeCap NASDAQ 100, QQQQ
-5.25% LargeCap Rydex Rus Top 50, XLG
-5.25% LargeCap Blend Socially Responsible iS, KLD
-5.25% Value S&P 500, RPV
-5.26% Italy Index, EWI
-5.32% Consumer Cyclical DJ, IYC
-5.40% Healthcare Global, IXJ
-5.41% Mexico Index, EWW
-5.41% Value Large Cap DJ, ELV
-5.42% LargeCap Blend Dynamic PS, PWC
-5.44% Growth Mid Cap Dynamic PS, PWJ
-5.46% Info Tech VIPERs, VGT
-5.48% Software, IGV
-5.48% Value LargeCap Dynamic PS, PWV
-5.53% Technology DJ US, IYW
-5.54% Networking, IGN
-5.55% Technology SPDR, XLK
-5.56% Global 100, IOO
-5.56% Dividend International, PID
-5.60% Switzerland Index, EWL
-5.61% Lg Cap Growth PSD, PWB
-5.62% LargeCap Blend Total Market DJ, IYY
-5.65% S&P 500 iS LargeCap Blend, IVV
-5.71% Value MidCap Dynamic PS, PWP
-5.71% LargeCap VIPERs, VV
-5.72% Value MidCap iS M, JKI
-5.73% Nanotech Lux, PXN
-5.73% Hong Kong Index, EWH
-5.78% LargeCap Blend S&P 100, OEF
-5.79% Growth VIPERs, VUG
-5.86% Energy Global, IXC
-5.97% Europe 100 BLDRS, ADRU
-6.00% Materials SPDR, XLB
-6.02% LargeCap 1000 R, IWB
-6.06% Europe 350 S&P Index, IEV
-6.07% Blend Total Market VIPERs, VTI
-6.08% LargeCap Blend Russell 3000, IWV
-6.09% Value SmallCap S&P 600, RZV
-6.11% Growth EAFE MSCI, EFG
-6.16% Wilshire 5000 ST TM, TMW
-6.16% Value LargeCap Fundamental RAFI 1000, PRF
-6.17% Oil Services H, OIH
-6.18% Dividend SPDR, SDY
-6.23% Energy VIPERs, VDE
-6.25% Asia 50 BLDRS, ADRA
-6.30% United Kingdom Index, EWU
-6.31% Value VIPERs, VTV
-6.32% Spain Index, EWP
-6.34% Japan LargeCap Blend TOPIX 150, ITF
-6.35% Taiwan Index, EWT
-6.38% France Index, EWQ
-6.41% S&P 500 SPDRs LargeCap Blend, SPY
-6.41% Japan Index, EWJ
-6.42% Consumer Discretionary SPDR, XLY
-6.44% LargeCap Blend S&P 1500 iS, ISI
-6.46% Industrial SPDR, XLI
-6.48% LargeCap Blend S&P=Weight R, RSP
-6.50% Value 1000 Russell, IWD
-6.51% Value LargeCap iS M, JKF
-6.51% Dividend DJ Select, DVY
-6.52% MidCap Growth iS M, JKH
-6.53% Pacific VIPERs, VPL
-6.63% Singapore Index, EWS
-6.66% Water Resources, PHO
-6.66% Consumer D. VIPERs, VCR
-6.69% EAFE Index, EFA
-6.69% Growth MidCap 400 B, IJK
-6.72% European VIPERs, VGK
-6.78% Value LargeCap Euro STOXX 50 DJ, FEU
-6.81% Industrial LargeCap Blend DJ US, IYJ
-6.82% EMU Europe Index, EZU
-6.82% Euro STOXX 50, FEZ
-6.83% Growth MidCap Russell, IWP
-6.85% Growth SmallCap VIPERs, VBK
-6.88% Value Small Cap DJ, DSV
-6.90% MidCap Blend Core iS M, JKG
-6.91% Oil & Gas, PXJ
-6.91% Telecom Services VIPERs, VOX
-6.91% MidCap VIPERs, VO
-6.92% Value LargeCap Russell 3000, IWW
-6.93% Netherlands Index, EWN
-6.95% Micro Cap Zachs, PZI
-6.96% Growth SmallCap Dynamic PS, PWT
-6.96% Natural Resource iS GS, IGE
-7.01% SmallCap Core iS M, JKJ
-7.01% Technology Global, IXN
-7.02% Value S&P 500 B, IVE
-7.08% Value MidCap Russell, IWS
-7.10% Industrials VIPERs, VIS
-7.10% Extended Mkt VIPERs, VXF
-7.11% Dividend Growth PS, PHJ
-7.11% Semiconductor H, SMH
-7.13% MidCap S&P 400 iS, IJH
-7.15% Growth SmallCap iS M, JKK
-7.19% Dividend High Yield Equity PS, PEY
-7.28% Growth BARRA Small Cap 600, IJT
-7.32% South Africa Index, EZA
-7.33% Value EAFE MSCI, EFV
-7.34% Value SmallCap Dynamic PS, PWY
-7.38% Value Line Timeliness MidCap Gr, PIV
-7.39% Growth SmallCap R 2000, IWO
-7.41% Microcap Russell, IWC
-7.45% Australia Index, EWA
-7.47% Semiconductor iS GS, IGW
-7.50% Telecom DJ US, IYZ
-7.52% Materials VIPERs, VAW
-7.55% Basic Materials DJ US, IYM
-7.56% Emerging VIPERs, VWO
-7.56% Growth Small Cap DJ, DSG
-7.62% Germany Index, EWG
-7.63% Emerging 50 BLDRS, ADRE
-7.66% Small Cap VIPERs, VB
-7.68% Transportation Av DJ, IYT
-7.68% Value MidCap S&P 400 B, IJJ
-7.70% Latin Am 40, ILF
-7.70% Telecommunications & Wireless, PTE
-7.73% Value SmallCap S&P 600 B, IJS
-7.77% Value SmallCap VIPERS, VBR
-7.84% China LargeCap Growth G D H USX PS, PGJ
-7.92% Austria Index, EWO
-7.92% Value SmallCap iS M, JKL
-8.09% SmallCap S&P 600, IJR
-8.15% SmallCap Russell 2000, IWM
-8.24% China 25 iS, FXI
-8.25% Value SmallCap Russell 2000, IWN
-8.26% Internet H, HHH
-8.36% Pacific ex-Japan, EPP
-8.51% Belgium Index, EWK
-8.64% Emerging Markets, EEM
-8.68% India Earnings WTree, EPI
-9.06% Brazil Index, EWZ
-9.07% MidCap S&P 400 SPDRs, MDY
-9.33% SmallCap PS Zacks, PZJ
-9.59% Sweden Index, EWD
-9.83% Homebuilders SPDR, XHB
-9.93% South Korea Index, EWY
-9.95% Ultra S&P500 Double, SSO
-10.03% Ultra Dow30 Double, DDM
-10.35% Ultra QQQ Double, QLD
-10.41% Financials Global LargeCap Value, IXG
-10.47% Financial SPDR, XLF
-10.55% Financial DJ US, IYF
-10.65% WilderHill Clean Energy PS, PBW
-10.73% Bank Regional H, RKH
-10.91% Financials VIPERs, VFH
-10.93% Metals & Mining SPDR, XME
-10.97% Financial Services DJ, IYG
-11.20% Capital Markets KWB ST, KCE
-12.06% Real Estate US DJ, IYR
-13.43% REIT VIPERs, VNQ
-13.53% Realty Cohen & Steers, ICF
-14.36% REIT Wilshire, RWR
-14.47% Ultra MidCap400 Double, MVV
