Daily Stock Market Commentary – 9/03/2008

Stock Market: trends are Bearish.
Bond market: a significant shift to safety.

NASDAQ Composite and Technology Stock Sector prices both broke down to new 3-week lows.

Growth Stock/Value Stock Relative Strength Ratio fell to a new 3-month low.

Energy and Materials Stock Sectors fell hard, as Oil, Gold, Silver, and Commodity price indexes broke down.

Seasonal tendencies for the month of September are unfavorable.

Reward/Risk tradeoffs for equities in general still appear unattractive.

The Corporate Bond/Treasury Bond Relative Strength Ratio broke down to a new multi-year low, again confirming a significant shift to safety.

The U.S. dollar jumped up to a new 11-month price high.

On Tuesday, stocks opened higher and rose further in the first 18 minutes of trading, surpassing the highs of the previous 13 trading days. Things were looking strong until about 9:48 a.m., when stock prices reversed to the downside. The market spent most of the rest of the day declining. Indexes closed near the low of the day and below the lows of the previous 2 trading days. The Standard & Poor’s 500 cash index (1,277.58) fell 5.25 points, or 0.41%.

It was an Outside Day, a Key Reversal Day, and a one-day Bearish Engulfing Pattern. Total NYSE volume jumped 46%, confirming the downside reversal and reflecting rising selling pressure on stocks. Supply overwhelmed early demand. The day’s action was Bearish for the short-term trend, especially given the context of the larger Primary Tide Bear Market.

For the intermediate-term, the S&P 500 remains below the 5-week uptrend line that formed the lower boundary line of a Bearish Rising Wedge that formed from the low of 1,200.44 set on 7/15/2008 to the high of 1313.15 set on 8/11/2008. Volume was in a declining trend during those weeks, and that is typical of the Bearish Rising Wedge pattern. A Bearish Rising Wedge is a typical pattern for a counter-trend oversold bounce in a Bear Market. The implication of such a Bearish Rising Wedge breakdown is that the S&P should test or break its low of 1,200.44 set on 7/15/2008.

Long-term, the S&P 500 has been in a Primary Tide Bear Market since the intraday high of 1,576.09 on 10/11/2007.

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
11.49% , SANM , SANMINA
19.20% , RF , REGIONS FINAN
5.81% , PBG , PEPSI BOTTLING
6.58% , CVG , CONVERGYS
1.06% , PMR , Retail, PMR
6.86% , LOW , LOWES
8.48% , SNV , SYNOVUS
0.91% , EWN , Netherlands Index, EWN
5.36% , NWL , NEWELL RUBBER
5.06% , PRU , PRUDENTIAL FINL
4.04% , URBN , Urban Outfitters Inc.
9.72% , ZION , ZIONS
3.80% , KSS , KOHLS
5.59% , CCL , CARNIVAL STK A
5.13% , YUM , YUM BRANDS
6.50% , GM , GENERAL MOTORS
4.26% , JCP , JC PENNEY
1.12% , FDL ,Dividend Leaders, FDL
5.72% , OMX , OFFICEMAX INC., OMX
1.22% , PJP , Pharmaceuticals, PJP
3.87% , PPG , PPG INDUSTRIES
2.40% , RTH , Retail H, RTH
4.96% , SVU , SUPERVALU
3.79% , SHW , SHERWIN WILLIAMS
3.81% , TGT , TARGET
2.83% , MAS , MASCO
3.50% , HD , HOME DEPOT
1.97% , XLY , Consumer Discretionary SPDR, XLY
7.43% , CTB , COOPER TIRE
3.11% , FII , FED INVESTORS STK B
1.46% , IYZ , Telecom DJ US, IYZ
7.38% , HBAN , HUNTINGTON
3.09% , XRX , XEROX
2.64% , HOG , HARLEY DAVIDSON
4.78% , BAC , BANK OF AMERICA
3.20% , PTV , PACTIV
3.27% , JNY , JONES APPAREL
1.34% , IYC , Consumer Cyclical DJ, IYC
3.69% , WHR , WHIRLPOOL
3.00% , BAX , BAXTER INTL

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-3.74% , IIH , Internet Infrastructure H, IIH
-5.76% , PXE , Energy Exploration & Prod, PXE
-7.85% , ISIL , INTERSIL CORP
-10.28% , X , US STEEL CORP
-7.33% , XME , Metals & Mining SPDR, XME
-0.93% , NY , Value LargeCap NYSE 100 iS, NY
-5.34% , IXC , Energy Global, IXC
-11.22% , PTEN , Patterson-UTI Energy Inc
-8.26% , FLR , FLUOR
-0.99% , ELG , Growth Large Cap, ELG
-6.39% , PXJ , Oil & Gas, PXJ
-1.75% , ADRU , Europe 100 BLDRS, ADRU
-7.70% , EP , EL PASO
-6.53% , NUE , NUCOR
-9.40% , NOV , NATIONAL OILWELL VARC0
-7.02% , FCX , FREEPRT MCMORAN STK B
-5.25% , VDE , Energy VIPERs, VDE
-1.85% , XSD , Semiconductor SPDR, XSD
-6.38% , WMB , WILLIAMS
-2.49% , BDH , Broadband H, BDH
-8.50% , STLD , Steel Dynamics, STLD
-5.20% , AA , ALCOA
-4.56% , GILD , Gilead Sciences Inc
-4.99% , ADRE , Emerging 50 BLDRS, ADRE
-7.16% , NBR , NABORS
-1.96% , TBH , Telebras HOLDRS, TBH*
-4.81% , NEM , NEWMONT MINING
-1.95% , PGJ , China LargeCap Growth G D H USX PS, PGJ
-3.44% , HOLX , Hologic, Inc., HOLX
-5.49% , XLE , Energy SPDR, XLE
-4.52% , BHI , BAKER HUGHES
-4.32% , WOR , WORTHINGTON INDS
-3.97% , IYM , Basic Materials DJ US, IYM
-3.22% , ILF , Latin Am 40, ILF
-4.63% , AYE , ALLEGHENY ENERGY
-6.79% , RDC , ROWAN COMPANIES
-7.03% , APA , APACHE
-7.44% , EWY , South Korea Index, EWY
-1.89% , PWB , Lg Cap Growth PSD, PWB
-3.96% , USO , Oil, Crude, U.S. Oil Fund, USO

Sectors: among the 9 major U.S. sectors, 4rose and 5 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
1.97% Consumer Discretionary SPDR, XLY
1.40%Financial SPDR, XLF
1.10% Consumer Staples SPDR, XLP
0.03% Industrial SPDR, XLI
-0.18% Health Care SPDR, XLV
-0.57% Technology SPDR, XLK
-1.22% Utilities SPDR, XLU
-2.52% Materials SPDR, XLB
-5.49% 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 8/12/08, 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 8/19/08, the XLV/SPY Relative Strength Ratio moved up to a new 7-month high, confirming an intermediate-term upside correction.

Consumer Discretionary (XLY) Bearish, Underweight. 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.

Industrial (XLI) Bearish, Underweight. On 8/20/08, XLI/SPY Relative Strength Ratio broke down to a new 3-week low. On 7/2/08, XLI/SPY Relative Strength broke down to a new 5-month low. On 7/15/08, XLI price broke down to a new 22-month low.

Materials (XLB) Bearish, Underweight. On 9/2/08, the XLB/SPY Relative Strength Ratio fell to a new 2-week low, thereby suggesting weakness in the short-term trend.

Technology (XLK) Bearish, Underweight. XLK/SPY Relative Strength Ratio fell to new 3-week lows on 8/29/08, has underperformed since 8/18/08, and performed about in line with the broader market over the past 6 years.

Utilities (XLU) Bearish, Underweight. On 9/2/08, the XLU/SPY Relative Strength Ratio fell to a new 2-week low, thereby suggesting weakness in the short-term trend. On 8/15/08, XLU/SPY Relative Strength Ratio broke down to a new 4-month low, confirming an intermediate-term downside correction.

Energy (XLE) Bearish, Underweight. On 9/2/08, the XLE/SPY Relative Strength Ratio fell to a new 2-week low, thereby suggesting weakness in the short-term trend.

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 26-month low on 8/15/08 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 price broke down to a new 3-week low. Relative Strength Ratio has been in a declining trend since 8/14/08.

Growth Stock/Value Stock Relative Strength Ratio fell to a new 3-month low on 9/2/08. The short-term trend remains down. 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 turned down after making a new 27-month high on 8/14/08. The long-term trend has been Bullish most of the time since 4/8/99.

Crude Oil Futurescontract price plunged to a new 5-month low. The short-term and intermediate-term trends are Bearish, but the long-term trend is 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 futures contract price fell steeply to a new 2-week low. Gold’s short-term trend turned Bearish. Gold has been in an intermediate-term downtrend since the peak of 1033.90 on 3/17/08. Gold has been in a long-term uptrend since 8/25/1999.

Gold Mining stocks continue to underperform Gold futures on a major trend basis.

U.S. Treasury Bond futures contract price bounced back from Friday’s loss and remains Bullish. On 8/25/08, price jumped up to a new 4-month high, and the short-term trend was confirmed as Bullish. Bonds have been in an intermediate-term uptrend since 6/13/08. Long term, Bonds have been in a neutral sideways trend since June 2003.

iShares iBoxx $Invest Grade Corp Bond (LQD) ETF fell again. On 9/2/08, LQD/TLT Relative Strength Ratio broke down to a new multi-year low, again confirming that the short-term, intermediate-term, and long-term trends all are Bearish.

The U.S. dollar jumped up to a new 11-month price high. The short-term and intermediate-term trends remain Bullish, but 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 39.3% Bulls versus 39.3% Bears as of 8/29/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio fell to 1.00, down from 1.06 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 21.99, still indicates relatively low 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 26.15, still indicates relatively low 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 0.69, 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 1.00, 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 and seem likely to stay weak over the next several months.

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.

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 (1,277.58):

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

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 (1,277.58):

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

2.89% Homebuilders SPDR, XHB
2.58% Short 200% QQQ PS, QID
2.55% Bank Regional H, RKH
2.40% Retail H, RTH
2.04% Leisure & Entertainment, PEJ
2.00% Dividend High Yield Equity PS, PEY
2.00% Dividend SPDR, SDY
1.97% Consumer Discretionary SPDR, XLY
1.96% Financial Services DJ, IYG
1.95% Short 200% MidCap 400 PS, MZZ
1.71% Financials VIPERs, VFH
1.57% Financial DJ US, IYF
1.53% Telecom H, TTH
1.51% Consumer D. VIPERs, VCR
1.46% Telecom DJ US, IYZ
1.40% Financial SPDR, XLF
1.34% Consumer Cyclical DJ, IYC
1.32% Value S&P 500, RPV
1.29% Short 200% S&P 500 PS, SDS
1.27% Telecom Services VIPERs, VOX
1.23% Real Estate US DJ, IYR
1.22% Pharmaceuticals, PJP
1.12% Dividend Leaders, FDL
1.11% Dividend DJ Select, DVY
1.10% Consumer Staples SPDR, XLP
1.09% REIT Wilshire, RWR
1.06% Retail, PMR
1.01% Capital Markets KWB ST, KCE
0.99% Short 100% QQQ, PSQ
0.97% Value SmallCap iS M, JKL
0.96% Short 100% MidCap 400, MYY
0.93% Realty Cohen & Steers, ICF
0.93% Consumer Staples VIPERs, VDC
0.91% Netherlands Index, EWN
0.86% Consumer Non-Cyclical, IYK
0.81% Dividend Growth PS, PHJ
0.80% Hardware & Electronics, PHW
0.75% Food & Beverage, PBJ
0.73% Short 200% Dow 30 PS, DXD
0.67% Financials Global LargeCap Value, IXG
0.65% REIT VIPERs, VNQ
0.59% Value SmallCap Russell 2000, IWN
0.56% Bond, 20+ Years Treasury, TLT
0.53% Value SmallCap VIPERS, VBR
0.52% Value SmallCap Dynamic PS, PWY
0.51% Belgium Index, EWK
0.50% SmallCap S&P 600, IJR
0.50% Short 100% S&P 500, SH
0.49% Value MidCap S&P 400, RFV
0.39% Value MidCap iS M, JKI
0.39% Value SmallCap S&P 600 B, IJS
0.37% Value MidCap Russell, IWS
0.34% Insurance, PIC
0.33% Sweden Index, EWD
0.32% Value S&P 500 B, IVE
0.32% Short 100% Dow 30, DOG
0.28% Value LargeCap Fundamental RAFI 1000, PRF
0.27% Pharmaceutical H, PPH
0.21% Bond, 10 Year Treasury, IEF
0.19% Dividend Appreciation Vipers, VIG
0.18% Singapore Index, EWS
0.17% Switzerland Index, EWL
0.17% Health Care VIPERs, VHT
0.15% Aerospace & Defense, PPA
0.10% Microcap Russell, IWC
0.09% LargeCap Blend S&P=Weight R, RSP
0.09% Growth BARRA Small Cap 600, IJT
0.07% Micro Cap Zachs, PZI
0.07% Value VIPERs, VTV
0.06% Telecommunications & Wireless, PTE
0.06% Value LargeCap Russell 3000, IWW
0.05% Healthcare DJ, IYH
0.03% Value 1000 Russell, IWD
0.03% Industrial SPDR, XLI
0.02% Mexico Index, EWW
0.00% Telecommunications Global, IXP
-0.03% SmallCap Russell 2000, IWM
-0.06% Bond, Corp, LQD
-0.06% Bond, Aggregate, AGG
-0.07% Value MidCap Dynamic PS, PWP
-0.10% Growth SmallCap Dynamic PS, PWT
-0.10% Value SmallCap S&P 600, RZV
-0.11% Small Cap VIPERs, VB
-0.12% Spain Index, EWP
-0.13% Dividend Achievers PS, PFM
-0.16% Bond, 1-3 Year Treasury, SHY
-0.16% Italy Index, EWI
-0.18% Health Care SPDR, XLV
-0.20% Industrials VIPERs, VIS
-0.20% Healthcare Global, IXJ
-0.20% Software, IGV
-0.24% LargeCap Blend S&P 100, OEF
-0.25% Software, PSJ
-0.25% DIAMONDS (DJIA), DIA
-0.28% Value LargeCap Dynamic PS, PWV
-0.29% Growth SmallCap iS M, JKK
-0.31% LargeCap Blend Core iS M, JKD
-0.33% Industrial LargeCap Blend DJ US, IYJ
-0.37% Value LargeCap iS M, JKF
-0.42% Value 40 Large Low P/E FT DB, FDV
-0.42% Ultra Dow30 Double, DDM
-0.42% Blend Total Market VIPERs, VTI
-0.42% Biotech SPDR, XBI
-0.45% LargeCap Rydex Rus Top 50, XLG
-0.46% S&P 500 iS LargeCap Blend, IVV
-0.46% Building & Construction, PKB
-0.48% Value MidCap S&P 400 B, IJJ
-0.48% LargeCap VIPERs, VV
-0.52% Value Small Cap DJ, DSV
-0.52% LargeCap Blend Russell 3000, IWV
-0.53% Growth SmallCap R 2000, IWO
-0.55% MidCap Russell, IWR
-0.57% Technology SPDR, XLK
-0.57% Internet H, HHH
-0.59% LargeCap Blend S&P 1500 iS, ISI
-0.60% Transportation Av DJ, IYT
-0.62% Software H, SWH
-0.62% S&P 500 SPDRs LargeCap Blend, SPY
-0.62% France Index, EWQ
-0.62% SmallCap PS Zacks, PZJ
-0.63% LargeCap Blend Total Market DJ, IYY
-0.65% Extended Mkt VIPERs, VXF
-0.66% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.66% Germany Index, EWG
-0.68% LargeCap 1000 R, IWB
-0.69% Networking, PXQ
-0.69% Wilshire 5000 ST TM, TMW
-0.70% Dividend International, PID
-0.71% Growth SmallCap VIPERs, VBK
-0.72% Euro STOXX 50, FEZ
-0.73% Growth S&P 500, RPG
-0.75% MidCap S&P 400 iS, IJH
-0.81% LargeCap Blend Socially Responsible iS, KLD
-0.82% Bond, TIPS, TIP
-0.82% Hong Kong Index, EWH
-0.82% SmallCap Core iS M, JKJ
-0.84% Biotechnology, IBB
-0.84% Growth Small Cap DJ, DSG
-0.91% Water Resources, PHO
-0.92% MidCap S&P 400 SPDRs, MDY
-0.93% Value LargeCap NYSE 100 iS, NY
-0.95% MidCap Blend Core iS M, JKG
-0.96% Value EAFE MSCI, EFV
-0.97% Growth VIPERs, VUG
-0.99% Growth Large Cap, ELG
-0.99% Value Large Cap DJ, ELV
-1.00% Utilities, PUI
-1.02% Biotech & Genome, PBE
-1.02% LargeCap Blend Dynamic PS, PWC
-1.02% Growth MidCap S&P 400, RFG
-1.04% Global 100, IOO
-1.08% Nanotech Lux, PXN
-1.08% Growth LargeCap Russell 3000, IWZ
-1.10% OTC Dynamic PS, PWO
-1.12% Networking, IGN
-1.12% Ultra S&P500 Double, SSO
-1.14% Growth S&P 500/BARRA, IVW
-1.15% Japan LargeCap Blend TOPIX 150, ITF
-1.15% Global Titans, DGT
-1.15% EMU Europe Index, EZU
-1.18% Growth MidCap 400 B, IJK
-1.22% Utilities SPDR, XLU
-1.23% Semiconductor H, SMH
-1.24% Biotech H, BBH
-1.24% Growth LargeCap NASDAQ 100, QQQQ
-1.25% MidCap VIPERs, VO
-1.26% Pacific VIPERs, VPL
-1.28% Europe 350 S&P Index, IEV
-1.29% Growth MidCap Russell, IWP
-1.30% Growth 1000 Russell, IWF
-1.31% Japan Index, EWJ
-1.35% Technology MS sT, MTK
-1.43% Technology GS, IGM
-1.43% LargeCap Blend NYSE Composite iS, NYC
-1.46% Info Tech VIPERs, VGT
-1.47% Growth Mid Cap Dynamic PS, PWJ
-1.47% Utilities VIPERs, VPU
-1.54% EAFE Index, EFA
-1.57% Semiconductor iS GS, IGW
-1.60% IPOs, First Tr IPOX-100, FPX
-1.61% Technology DJ US, IYW
-1.61% MidCap Growth iS M, JKH
-1.64% Value LargeCap Euro STOXX 50 DJ, FEU
-1.68% Growth LargeCap iS M, JKE
-1.73% Growth EAFE MSCI, EFG
-1.75% Ultra MidCap400 Double, MVV
-1.75% Utilities DJ, IDU
-1.75% Europe 100 BLDRS, ADRU
-1.79% Value Line Timeliness MidCap Gr, PIV
-1.81% Technology Global, IXN
-1.82% Internet B2B H, BHH
-1.83% Semiconductors, PSI
-1.85% China 25 iS, FXI
-1.85% Semiconductor SPDR, XSD
-1.87% Developed 100 BLDRS, ADRD
-1.89% Lg Cap Growth PSD, PWB
-1.91% Utilities H, UTH
-1.91% European VIPERs, VGK
-1.93% Austria Index, EWO
-1.95% China LargeCap Growth G D H USX PS, PGJ
-2.16% Pacific ex-Japan, EPP
-2.43% Australia Index, EWA
-2.49% Asia 50 BLDRS, ADRA
-2.49% Broadband H, BDH
-2.52% Materials SPDR, XLB
-2.52% Ultra QQQ Double, QLD
-2.56% Internet Architecture H, IAH
-2.60% Commodity Tracking, DBC
-3.01% Malaysia Index, EWM
-3.02% United Kingdom Index, EWU
-3.02% Emerging Markets, EEM
-3.07% Gold Shares S.T., GLD
-3.18% Materials VIPERs, VAW
-3.18% WilderHill Clean Energy PS, PBW
-3.22% Silver Trust iS, SLV
-3.22% Latin Am 40, ILF
-3.43% Emerging VIPERs, VWO
-3.55% Canada Index, EWC
-3.74% Internet Infrastructure H, IIH
-3.96% Oil, Crude, U.S. Oil Fund, USO
-3.97% Basic Materials DJ US, IYM
-3.98% South Africa Index, EZA
-4.47% Brazil Index, EWZ
-4.68% Taiwan Index, EWT
-4.78% Energy DJ, IYE
-4.99% Emerging 50 BLDRS, ADRE
-5.07% Oil Services H, OIH
-5.25% Energy VIPERs, VDE
-5.34% Energy Global, IXC
-5.34% Natural Resource iS GS, IGE
-5.49% Energy SPDR, XLE
-5.76% Energy Exploration & Prod, PXE
-6.39% Oil & Gas, PXJ
-7.33% Metals & Mining SPDR, XME
-7.44% South Korea Index, EWY