Daily Stock Market Commentary – 9/04/2008

Stock Market: doji candlestick indicates indecision, a lack of progress, a standoff.
Bond Market: much more concern about the economy than about inflation.

NASDAQ Composite broke down to a new 4-week low.

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

Technology Stock Sector: XLK/SPY Relative Strength Ratio fell to a new 6-week low.

Seasonal tendencies for the month of September are unfavorable.

Reward/Risk tradeoffs for equitiesin general still appear unattractive.

The Corporate Bond/Treasury Bond Relative Strength Ratio broke down to another new multi-year low, again confirming a significant shift to safety. Bond investors are seriously concerned about the economic outlook.

The TIPS/Treasury Bond Relative Strength Ratio broke down to a new multi-year low, again confirming again that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors are not concerned about the inflation outlook.

The U.S. dollar rose to another new 11-month price high.

On Wednesday, stocks opened lower, fell below the lows of the previous 4 trading days, but struggled back to the opening price in the afternoon, thereby retracing most of the morning loss. The Standard & Poor’s 500 cash index (1,274.98) closed down 2.59 points, or 0.20%. Total NYSE volume rose 6%, indicating greater interest in trading.

The Standard & Poor’s 500 ETF (SPY) formed a perfect doji, a Japanese Candlestick daily bar. A doji has no real body, that is, the open and the close are equal. A doji indicates no net price movement from the first price to the last price recorded during the predefined time interval that formed the candlestick, in this case, one day. A doji indicates a lack of progress, a standoff, and an equal balance between the forces of supply and demand. A doji also implies uncertainty about the trend. The bulls and bears are said to be in a “tug of war” that has reached a standstill for the short term.

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
30.27% , SSCC , Smurfit-Stone Container Corporation
22.35% , ABK , AMBAC FINL GRP
11.88% , TIN , TEMPLE INLAND
0.86% , EWO , Austria Index, EWO
5.92% , THC , TENET HEALTHCARE
3.60% , RZV , Value SmallCap S&P 600, RZV
13.95% , MTG , MGIC INVESTMENT
5.70% , VFC , VF
1.13% , KCE , Capital Markets KWB ST, KCE
4.56% , IP , INTL PAPER
3.68% , HRB , H&R BLOCK
6.75% , Q , QWEST COMMUNICAT
5.98% , NWL , NEWELL RUBBER
1.35% , PZJ , SmallCap PS Zacks, PZJ
8.31% , ETFC.O , E*TRADE Financial
5.16% , AN , AUTONATION
3.15% , DLX , DELUXE
3.96% , NYT , NY TIMES STK A
2.10% , VMC , VULCAN MATERIALS
4.49% , HD , HOME DEPOT
0.60% , JKI , Value MidCap iS M, JKI
5.82% , GM , GENERAL MOTORS
1.02% , IXG , Financials Global LargeCap Value, IXG
2.23% , PLD , PROLOGIS TRUST
5.47% , JWN , NORDSTROM
5.80% , LPX , LOUISIANA PAC
5.69% , LIZ , LIZ CLAIRBORNE
3.47% , CIT , CIT GROUP
2.37% , MU , MICRON TECH
3.30% , VC , VISTEON
2.93% , SWK , STANLEY WORKS
2.20% , AIV , APT INV MNGMT
2.98% , WFMI , Whole Foods Market Inc
0.91% , SO , SOUTHERN
1.33% , F , FORD MOTOR
1.37% , ADP , AUTOMATIC DATA
1.80% , NTRS , NORTHERN TRUST
0.54% , IWW , Value LargeCap Russell 3000, IWW
1.43% , IYF , Financial DJ US, IYF
0.75% , VCR , Consumer D. VIPERs, VCR

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-1.45% , PXQ , Networking, PXQ
-14.31% , FRX , FOREST LABS STK A
-8.53% , CAG , CONAGRA FOODS
-12.56% , GLW , CORNING
-4.03% , XSD , Semiconductor SPDR, XSD
-10.87% , MRVL , MARVELL TECHNOLOGY
-7.86% , HGSI , Human Genome Sciences Inc
-0.42% , PWO , OTC Dynamic PS, PWO
-4.89% , ADI , ANALOG DEVICES
-5.60% , TBH , Telebras HOLDRS, TBH*
-3.40% , PSI , Semiconductors, PSI
-1.39% , UTH , Utilities H, UTH
-1.87% , JKH , MidCap Growth iS M, JKH
-3.64% , FPL , FPL GROUP INC
-1.42% , PWJ , Growth Mid Cap Dynamic PS, PWJ
-6.53% , LRCX , LAM RESEARCH CORP
-5.32% , NSM , NATL SEMICONDUCT
-4.09% , LLTC , LINEAR TECH
-0.79% , EWQ , France Index, EWQ
-6.93% , ALTR , ALTERA
-5.24% , BJS , BJ SERVICES
-4.61% , INTC , INTEL
-2.77% , JCI , JOHNSON CONTROLS
-0.77% , IYJ , Industrial LargeCap Blend DJ US, IYJ
-4.52% , TDC , Teradata Corporation, TDC
-0.64% , EWU , United Kingdom Index, EWU
-3.35% , BMC , BMC SOFTWARE
-3.68% , XLNX , XILINX
-0.72% , EWC , Canada Index, EWC
-1.87% , HMA , HEALTH MGMT STK A
-3.50% , MCHP , Microchip Technology Incorporated
-0.47% , VXF , Extended Mkt VIPERs, VXF
-3.73% , QCOM , QUALCOMM
-3.98% , SMH , Semiconductor H, SMH
-1.15% , PHO , Water Resources, PHO
-0.37% , DGT , Global Titans, DGT
-0.12% , EWI , Italy Index, EWI
-2.68% , CPWR , COMPUWARE
-9.15% , FMCN , Focus Media, FMCN
-1.93% , TER , TERADYNE

Sectors: among the 9 major U.S. sectors, 3rose and 6 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
1.57% Financial SPDR, XLF
0.58% Health Care SPDR, XLV
0.51% Consumer Discretionary SPDR, XLY
-0.38% Energy SPDR, XLE
-0.52% Materials SPDR, XLB
-0.74% Industrial SPDR, XLI
-0.74% Consumer Staples SPDR, XLP
-1.33% Technology SPDR, XLK
-1.59% Utilities SPDR, XLU

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 a new 6-week low on 9/3/08, has underperformed since 8/18/08, and performed about in line with the broader market over the past 6 years.

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.

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.

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 4-week low. Relative Strength Ratio has been in a declining trend since 8/14/08.

Growth Stock/Value Stock Relative Strength Ratio fell to another new 3-month low on 9/3/08. 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 has been rising since 8/21/08. The long-term trend has been Bullish most of the time since 4/8/99.

Crude Oil futures contract price consolidatedwith an Inside Day (lower high and higher low). On 9/2/08, oil plunged to a new 5-month low. The short-term and intermediate-term trends are Bearish, but the long-term trend still might be 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 again. 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 jumped up to a new 5-month high. Again, 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 9/3/08, LQD/TLT Relative Strength Ratio broke down to another new multi-year low, again confirming again that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors are seriously concerned about the economic outlook.

iShares Lehman TIPS Bond (TIP) ETF fell again. On 9/3/08, TIP/TLT Relative Strength Ratio broke down to a new multi-year low, again confirming again that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors are not concerned about the inflation outlook.

The U.S. dollar rose to another new 11-month price high. The short-term and intermediate-term trends remain Bullish, but the long-term trend still might be 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 21.43, 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 25.74, 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 0.68, 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 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 (1,274.98):

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 (1,274.98):

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

3.60% Value SmallCap S&P 600, RZV
2.16% Dividend High Yield Equity PS, PEY
2.07% Short 200% QQQ PS, QID
1.77% Value SmallCap iS M, JKL
1.72% Realty Cohen & Steers, ICF
1.58% REIT VIPERs, VNQ
1.57% Financial SPDR, XLF
1.56% Short 200% MidCap 400 PS, MZZ
1.51% REIT Wilshire, RWR
1.50%Financial ServicesDJ, IYG
1.50% Value Small Cap DJ, DSV
1.45% Dividend DJ Select, DVY
1.43% Financial DJ US, IYF
1.37% Real Estate US DJ, IYR
1.35% SmallCap PS Zacks, PZJ
1.24% Bank Regional H, RKH
1.13% Dividend Growth PS, PHJ
1.13% Capital Markets KWB ST, KCE
1.08% Homebuilders SPDR, XHB
1.07% Dividend SPDR, SDY
1.03% Biotechnology, IBB
1.03% Short 100% QQQ, PSQ
1.02% Financials Global LargeCap Value, IXG
1.00% Biotech SPDR, XBI
0.99% Retail, PMR
0.99% Dividend Leaders, FDL
0.99% Value S&P 500, RPV
0.93% Value LargeCap iS M, JKF
0.91% Financials VIPERs, VFH
0.90% Value SmallCap Russell 2000, IWN
0.88% Insurance, PIC
0.86% Austria Index, EWO
0.77% Microcap Russell, IWC
0.75% Consumer D. VIPERs, VCR
0.73% Retail H, RTH
0.72% Spain Index, EWP
0.71% Value SmallCap VIPERS, VBR
0.66% Micro Cap Zachs, PZI
0.65% Value MidCap S&P 400, RFV
0.64% Value SmallCap S&P 600 B, IJS
0.60% Value MidCap iS M, JKI
0.60% Japan LargeCap Blend TOPIX 150, ITF
0.60% Dividend Achievers PS, PFM
0.58% Health Care SPDR, XLV
0.57% Biotech & Genome, PBE
0.54% Value LargeCap Russell 3000, IWW
0.53% Value Large Cap DJ, ELV
0.52% Switzerland Index, EWL
0.52% Value 1000 Russell, IWD
0.52% Short 100% MidCap 400, MYY
0.51% Consumer Discretionary SPDR, XLY
0.48% Ultra Dow30 Double, DDM
0.44% Japan Index, EWJ
0.44% Consumer Cyclical DJ, IYC
0.42% Bond, 20+ Years Treasury, TLT
0.41% SmallCap Russell 2000, IWM
0.39% Value LargeCap Dynamic PS, PWV
0.37% Dividend Appreciation Vipers, VIG
0.33% Value VIPERs, VTV
0.30% DIAMONDS (DJIA), DIA
0.30% Telecom H, TTH
0.29% Telecom DJ US, IYZ
0.28% Value MidCap Russell, IWS
0.26% SmallCap S&P 600, IJR
0.26% Healthcare Global, IXJ
0.25% Bond, 10 Year Treasury, IEF
0.24% Short 200% S&P 500 PS, SDS
0.24% Value LargeCap Fundamental RAFI 1000, PRF
0.23% Small Cap VIPERs, VB
0.23% Biotech H, BBH
0.20% Bond, Corp, LQD
0.18% Value SmallCap Dynamic PS, PWY
0.15% LargeCap Blend S&P 100, OEF
0.15% Consumer Non-Cyclical, IYK
0.15% Leisure & Entertainment, PEJ
0.14% Value S&P 500 B, IVE
0.14% Healthcare DJ, IYH
0.13% European VIPERs, VGK
0.11% Malaysia Index, EWM
0.11% Germany Index, EWG
0.06% Telecom Services VIPERs, VOX
0.06% Short 100% S&P 500, SH
0.06% Belgium Index, EWK
0.06% Internet B2B H, BHH
0.05% Health Care VIPERs, VHT
0.04% LargeCap Rydex Rus Top 50, XLG
0.04% Bond, 1-3 Year Treasury, SHY
-0.01% Consumer Staples VIPERs, VDC
-0.02% Bond, Aggregate, AGG
-0.05% Value LargeCap NYSE 100 iS, NY
-0.05% Telecommunications Global, IXP
-0.05% Value EAFE MSCI, EFV
-0.05% Pharmaceuticals, PJP
-0.07% EMU Europe Index, EZU
-0.07% S&P 500 iS LargeCap Blend, IVV
-0.09% S&P 500 SPDRs LargeCap Blend, SPY
-0.10% LargeCap Blend S&P 1500 iS, ISI
-0.12% Value MidCap S&P 400 B, IJJ
-0.12% Italy Index, EWI
-0.12% LargeCap VIPERs, VV
-0.12% Materials VIPERs, VAW
-0.12% LargeCap Blend NYSE Composite iS, NYC
-0.14% LargeCap 1000 R, IWB
-0.16% Global 100, IOO
-0.17% LargeCap Blend Socially Responsible iS, KLD
-0.17% Bond, TIPS, TIP
-0.18% Growth SmallCap R 2000, IWO
-0.18% Dividend International, PID
-0.18% SmallCap Core iS M, JKJ
-0.18% Growth BARRA Small Cap 600, IJT
-0.18% Telecommunications & Wireless, PTE
-0.19% Blend Total Market VIPERs, VTI
-0.19% LargeCap Blend Russell 3000, IWV
-0.20% Ultra S&P500 Double, SSO
-0.23% LargeCap Blend Core iS M, JKD
-0.27% Transportation Av DJ, IYT
-0.28% LargeCap Blend Total Market DJ, IYY
-0.28% Value MidCap Dynamic PS, PWP
-0.29% Short 200% Dow 30 PS, DXD
-0.30% Short 100% Dow 30, DOG
-0.32% Growth Small Cap DJ, DSG
-0.32% Growth S&P 500/BARRA, IVW
-0.33% Sweden Index, EWD
-0.33% MidCap Russell, IWR
-0.33% Euro STOXX 50, FEZ
-0.34% Value LargeCap Euro STOXX 50 DJ, FEU
-0.36% Nanotech Lux, PXN
-0.37% Energy DJ, IYE
-0.37% Global Titans, DGT
-0.38% Energy SPDR, XLE
-0.39% Wilshire 5000 ST TM, TMW
-0.39% Gold Shares S.T., GLD
-0.42% EAFE Index, EFA
-0.42% OTC Dynamic PS, PWO
-0.43% MidCap Blend Core iS M, JKG
-0.44% Energy Global, IXC
-0.46% Growth SmallCap VIPERs, VBK
-0.46% Aerospace & Defense, PPA
-0.46% Value 40 Large Low P/E FT DB, FDV
-0.47% Extended Mkt VIPERs, VXF
-0.47% Europe 350 S&P Index, IEV
-0.48% Developed 100 BLDRS, ADRD
-0.50% Pacific VIPERs, VPL
-0.51% Asia 50 BLDRS, ADRA
-0.51% Pharmaceutical H, PPH
-0.52% Materials SPDR, XLB
-0.55% Europe 100 BLDRS, ADRU
-0.56% Energy VIPERs, VDE
-0.56% LargeCap Blend S&P=Weight R, RSP
-0.57% Commodity Tracking, DBC
-0.58% MidCap S&P 400 SPDRs, MDY
-0.60% Software, PSJ
-0.63% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.64% United Kingdom Index, EWU
-0.69% Internet H, HHH
-0.70% Growth SmallCap iS M, JKK
-0.71% Software H, SWH
-0.72% Canada Index, EWC
-0.72% MidCap S&P 400 iS, IJH
-0.72% Growth S&P 500, RPG
-0.74% Industrial SPDR, XLI
-0.74% Consumer Staples SPDR, XLP
-0.76% Growth MidCap S&P 400, RFG
-0.76% MidCap VIPERs, VO
-0.77% Industrial LargeCap Blend DJ US, IYJ
-0.79% France Index, EWQ
-0.80% Industrials VIPERs, VIS
-0.81% Growth Large Cap, ELG
-0.83% Hong Kong Index, EWH
-0.84% Growth LargeCap Russell 3000, IWZ
-0.84% Oil, Crude, U.S. Oil Fund, USO
-0.86% Emerging VIPERs, VWO
-0.86% Netherlands Index, EWN
-0.87% South Africa Index, EZA
-0.87% South Korea Index, EWY
-0.92% Growth LargeCap iS M, JKE
-0.93% Growth 1000 Russell, IWF
-0.94% Growth LargeCap NASDAQ 100, QQQQ
-0.99% Building & Construction, PKB
-1.01% Value Line Timeliness MidCap Gr, PIV
-1.03% Growth SmallCap Dynamic PS, PWT
-1.04% Natural Resource iS GS, IGE
-1.05% Growth EAFE MSCI, EFG
-1.06% Software, IGV
-1.08% Australia Index, EWA
-1.09% Utilities, PUI
-1.09% Mexico Index, EWW
-1.10% Latin Am 40, ILF
-1.13% Growth VIPERs, VUG
-1.14% Pacific ex-Japan, EPP
-1.15% Lg Cap Growth PSD, PWB
-1.15% LargeCap Blend Dynamic PS, PWC
-1.15% Water Resources, PHO
-1.23% Internet Architecture H, IAH
-1.23% Utilities VIPERs, VPU
-1.26% Growth MidCap Russell, IWP
-1.28% Utilities DJ, IDU
-1.29% IPOs, First Tr IPOX-100, FPX
-1.29% Internet Infrastructure H, IIH
-1.30% Ultra MidCap400 Double, MVV
-1.33% Technology SPDR, XLK
-1.34% Energy Exploration & Prod, PXE
-1.35% Food & Beverage, PBJ
-1.38% Growth MidCap 400 B, IJK
-1.39% Utilities H, UTH
-1.42% Growth Mid Cap Dynamic PS, PWJ
-1.45% Networking, PXQ
-1.45% Technology MS sT, MTK
-1.46% Silver Trust iS, SLV
-1.47% Basic Materials DJ US, IYM
-1.56% Info Tech VIPERs, VGT
-1.59% Utilities SPDR, XLU
-1.59% Technology GS, IGM
-1.65% Emerging Markets, EEM
-1.76% Technology DJ US, IYW
-1.79% Networking, IGN
-1.83% Ultra QQQ Double, QLD
-1.86% Singapore Index, EWS
-1.87% MidCap Growth iS M, JKH
-1.92% Technology Global, IXN
-1.94% Brazil Index, EWZ
-2.05% Emerging 50 BLDRS, ADRE
-2.14% WilderHill Clean Energy PS, PBW
-2.40% Oil Services H, OIH
-2.64% Metals & Mining SPDR, XME
-2.74% Hardware & Electronics, PHW
-2.76% China 25 iS, FXI
-2.88% China LargeCap Growth G D H USX PS, PGJ
-2.88% Oil & Gas, PXJ
-3.04% Taiwan Index, EWT
-3.40% Semiconductors, PSI
-3.98% Semiconductor H, SMH
-4.01% Broadband H, BDH
-4.03% Semiconductor SPDR, XSD
-4.54% Semiconductor iS GS, IGW