Daily Stock Market Commentary – 9/16/08

Stock Market: S&P 500 closed below 1,200.44, the low of 7/15/2008. It plunged 4.71% to a new 3-year low under heavy selling pressure as Financial Sector problems unhinged traders.

DJIAfell to its lowest closing price in more than 2 years. This report has consistently pointed out the Bearish Primary Tide Trend for the major indexes over the past 10 months. There is no change in that Major Trend.

VIX and VXN now indicate relatively high and rising levels of Fear.

Major Sectors: Consumer Staples and Health Care gave confirming signals of continuing Relative Strength. Technology and Financial gave confirming signals of continuing of Relative Weakness.

U.S. Treasury Bond futures contract price soared to a new 5-year high, suggesting an accelerating flight to safety.

iShares iBoxx $ InvestGrade Corp Bond (LQD) ETF absolute price plummeted to a new low. LQD/TLT Relative Strength Ratio broke down to another new multi-year low, again confirming that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors appear to be seriously concerned about the economic outlook.

iShares Lehman TIPS Bond (TIP) ETF remains relatively weak. The TIP/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. Bond investors are not concerned about the inflation outlook.

The U.S. dollar fell steeply, breaking below the lows of the previous 2 weeks.

Crude Oil broke down decisively below 100, again confirming its established Bearish trend.

On Monday, stocksopened lower, tried to recover, failed, then spent most of the day sagging lower, especially in the final hour. Stocks closed very near their lowest levels of the day. The Standard & Poor’s 500 cash index (1,192.70) closed down 59.00 points, or 4.71%. Total NYSE volume jumped up by 31%, indicating heavy selling pressure. The trend for the short term was confirmed as Bearish.

News and speculation about companies in the deeply troubled financial sector appear to be causing volatile, disorderly, unpredictable market behavior. For the general stock market indexes, seasonal tendencies for the month of September are unfavorable.

The established intermediate-term trend remains clearly Bearish. 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.

Reward/Risk tradeoffs for the major stock indexes still appear unattractive, so it still seems appropriate to focus on capital preservation.

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
9.79% , SDS , Short 200% S&P 500 PS, SDS
3.99% , MYY , Short 100% MidCap 400, MYY
8.67% , DXD , Short 200%Dow 30 PS, DXD
4.24% , DOG , Short 100% Dow 30, DOG
2.65% , IAU , Gold COMEX iS, IAU
3.35% , PSQ , Short 100% QQQ, PSQ
9.64% , MZZ , Short 200% MidCap 400 PS, MZZ
6.41% , QID , Short 200% QQQ PS, QID
1.26% , ED , CON ED
4.82% , SH , Short 100% S&P 500, SH
2.32% , CCE , COCA COLA ENTER
3.24% , TLT , Bond, 20+ Years Treasury, TLT
2.65% , EXPD , Expeditors International WA
1.92% , IEF , Bond, 10 Year Treasury, IEF
1.23% , PNW , PINNACLE WEST
1.25% , ACE , ACE
0.59% , TIP , Bond, TIPS, TIP
0.71% , SHY , Bond, 1-3 Year Treasury, SHY
0.15% , SHW , SHERWIN WILLIAMS
0.46% , KO , COCA COLA
0.52% , MAT , MATTEL
0.68% , AMAT , APPLIED MATERIAL
0.15% , LH , LAB CRP OF AMER
0.02% , BHH , Internet B2B H, BHH

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-5.47% , IIH , Internet Infrastructure H, IIH
-4.77% , EFV , Value EAFE MSCI, EFV
-8.26% , IXG , Financials Global LargeCap Value, IXG
-60.79% , AIG , AMER INTL GROUP
-1.54% , PBJ , Food & Beverage, PBJ
-2.70% , MTK , Technology MS sT, MTK
-21.31% , BAC , BANK OF AMERICA
-9.93% , NCR , NCR
-94.25% , LEH , LEHMAN BROS HLDG
-24.95% , WB , WACHOVIA
-30.31% , CIT , CIT GROUP
-13.79% , HMA , HEALTH MGMT STK A
-3.64% , IWZ , Growth LargeCap Russell 3000, IWZ
-17.78% , CEG , CONSTELL ENERGY
-3.87% , FDL , Dividend Leaders, FDL
-4.62% , IGN , Networking, IGN
-6.04% , EWH , Hong Kong Index, EWH
-15.95% , ASH , ASHLAND
-3.29% , FPX , IPOs, First Tr IPOX-100, FPX
-15.14% , C , CITIGROUP
-3.25% , EWN , Netherlands Index, EWN
-3.09% , UTH , Utilities H, UTH
-14.81% , HPC , HERCULES
-12.13% , GS , GOLDMAN SACHS
-4.87% , VOX , Telecom Services VIPERs, VOX
-4.60% , IWR , MidCap Russell, IWR
-13.54% , MS , MORGAN STANLEY
-2.91% , PBE , Biotech & Genome, PBE
-2.36% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-4.01% , FDV , Value 40 Large Low P/E FT DB, FDV
-5.63% , ADRA , Asia 50 BLDRS, ADRA
-3.74% , RPV , Value S&P 500, RPV
-6.24% , PBW , WilderHill Clean Energy PS, PBW
-5.96% , JKF , Value LargeCap iS M, JKF
-3.55% , IGV , Software, IGV
-8.91% , AXP , AMERICAN EXPRESS
-3.91% , IWC , Microcap Russell, IWC
-8.60% , JNS , JANUS CAPITAL
-8.67% , DDM , Ultra Dow30 Double, DDM
-7.21% , VWO , Emerging VIPERs, VWO

Sectors: among the 9 major U.S. sectors, all 9 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
-1.20% Consumer Staples SPDR, XLP
-2.78% Health Care SPDR, XLV
-3.37% Consumer Discretionary SPDR, XLY
-3.48% Utilities SPDR, XLU
-4.02% Industrial SPDR, XLI
-4.15% Materials SPDR, XLB
-4.83% Technology SPDR, XLK
-7.66% Energy SPDR, XLE
-9.74% Financial SPDR, XLF

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 9/15/08, XLP /SPY Relative Strength Ratio rose to another new 5-year high, again confirming that the long-term trend is up. On 9/8/08, XLP absolute price rose to a new 8-month high, indicating significant price trend strength.

Health Care (XLV) Neutral, Market Weight. On 9/15/08, the XLV/SPY Relative Strength Ratio moved up to a new 8-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.

Materials (XLB) Bearish, Underweight. On 9/10/08, the XLB absolute price fell to a new 8-month low, indicating significant trend weakness.

Industrial (XLI) Bearish, Underweight. On 9/5/08, the XLI absolute price fell to a new 7-week low, indicating intermediate-term trend weakness.

Utilities (XLU) Bearish, Underweight. On 9/9/08, the XLU absolute price fell to a new 23-month low, indicating significant trend weakness.

Technology (XLK) Bearish, Underweight. On 9/15/08, the XLK absolute price fell to their lowest level in 8 months, indicating significant trend weakness.

Energy (XLE) Bearish, Underweight. On 9/9/08, the XLE absolute price fell to a new 8-month low, indicating significant trend weakness.

Financial (XLF) Bearish, Underweight. On 9/15/08, the XLF absolute price fell to their lowest level in 2 months. 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 34-month low on 9/15/08 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 remains Bearish. On 9/8/08, absolute price broke down to a new 8-week low, indicating intermediate-term trend weakness. Relative Strength Ratio has been in a declining trend since 8/14/08.

NASDAQ 100 Index absolute price broke down to a new 5-month low and Relative Strength broke down to a new 4-month low on 9/5/08, indicating substantial trend weakness.

Growth Stock/Value Stock Relative Strength Ratio fell to a new 5-month low on 9/8/08. 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 consolidating since making a 2-year high on 8/14/08. The long-term trend has been Bullish most of the time since 4/8/99.

Crude Oil futures contract price broke 100 and fell to a new 7-month low. The short-term and intermediate-term trends remain Bearish. 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 closed above the highs of the previous 3 trading days, but the chart is not Bullish. Gold’s short-term and intermediate-term trends still appear Bearish. Gold has been in an intermediate-term downtrend since the peak of 1033.90 on 3/17/08.

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

U.S. Treasury Bond futures contract price soared to a new 5-year high, suggesting an accelerating flight to safety. 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 absolute price plummeted to a new low. On 9/15/08, LQD/TLT Relative Strength Ratio broke down to another new multi-year low, again confirming that the short-term, intermediate-term, and long-term trends all are Bearish. Bond investors appear to be seriously concerned about the economic outlook.

iShares Lehman TIPS Bond (TIP) ETF remains relatively weak. On 9/15/08, TIP/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. Bond investors are not concerned about the inflation outlook.

The U.S. dollar fell steeply, breaking below the lows of the previous 2 weeks. The short-term appears to have turned corrective to the downside.

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 38.2% Bulls versus 41.6% Bears as of 9/10/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio fell to 0.92, down from 0.95 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 31.80, indicates a high and rising level of Fear. 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 31.13, indicates a high and rising level of Fear. 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 1.18, which indicates 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 1.04, 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 weaken further 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 (1,192.70):

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 (1,192.70):

Potential Support
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
9.79% Short 200% S&P 500 PS, SDS
9.64% Short 200% MidCap 400 PS, MZZ
8.67% Short 200% Dow 30 PS, DXD
6.41% Short 200% QQQ PS, QID
4.82% Short 100% S&P 500, SH
4.24% Short 100% Dow 30, DOG
3.99% Short 100% MidCap 400, MYY
3.35% Short 100% QQQ, PSQ
3.24% Bond, 20+ Years Treasury, TLT
2.66% Gold Shares S.T., GLD
1.92% Bond, 10 Year Treasury, IEF
1.86% Silver Trust iS, SLV
0.71% Bond, 1-3 Year Treasury, SHY
0.59% Bond, TIPS, TIP
0.40% Bond, Aggregate, AGG
0.02% Internet B2B H, BHH
-0.74% Bond, Corp, LQD
-1.12% Software H, SWH
-1.20% Consumer Staples SPDR, XLP
-1.33% Leisure & Entertainment, PEJ
-1.45% Healthcare Global, IXJ
-1.47% Consumer Staples VIPERs, VDC
-1.54% Food & Beverage, PBJ
-1.67% Insurance, PIC
-1.76% Pharmaceutical H, PPH
-1.78% Consumer Non-Cyclical, IYK
-1.80% Healthcare DJ, IYH
-1.86% Biotechnology, IBB
-1.89% Biotech H, BBH
-1.90% Semiconductor H, SMH
-1.98% Biotech SPDR, XBI
-2.03% Utilities, PUI
-2.06% Health Care VIPERs, VHT
-2.11% Internet H, HHH
-2.12% Retail, PMR
-2.35% Consumer Cyclical DJ, IYC
-2.36% Retail H, RTH
-2.36% Japan LargeCap Blend TOPIX 150, ITF
-2.37% Transportation Av DJ, IYT
-2.38% Value SmallCap S&P 600, RZV
-2.42% LargeCap Blend Core iS M, JKD
-2.47% OTC Dynamic PS, PWO
-2.47% Software, PSJ
-2.61% Growth SmallCap Dynamic PS, PWT
-2.67% Switzerland Index, EWL
-2.70% Technology MS sT, MTK
-2.78% Health Care SPDR, XLV
-2.80% Japan Index, EWJ
-2.85% Networking, PXQ
-2.87% Consumer D. VIPERs, VCR
-2.91% Biotech & Genome, PBE
-2.94% Malaysia Index, EWM
-3.00% Nanotech Lux, PXN
-3.03% Growth S&P 500, RPG
-3.04% Dividend Appreciation Vipers, VIG
-3.05% Semiconductors, PSI
-3.09% Utilities H, UTH
-3.11% Growth LargeCap NASDAQ Fidelity, ONEQ
-3.11% Growth LargeCap NASDAQ 100, QQQQ
-3.14% Dividend SPDR, SDY
-3.17% Value MidCap iS M, JKI
-3.20% Broadband H, BDH
-3.20% Technology Global, IXN
-3.21% Pacific VIPERs, VPL
-3.23% Growth BARRA Small Cap 600, IJT
-3.25% Netherlands Index, EWN
-3.27% Growth EAFE MSCI, EFG
-3.29% Utilities VIPERs, VPU
-3.29% IPOs, First Tr IPOX-100, FPX
-3.33% Dividend DJ Select, DVY
-3.33% Semiconductor SPDR, XSD
-3.35% Aerospace & Defense, PPA
-3.35% Germany Index, EWG
-3.37% Consumer Discretionary SPDR, XLY
-3.39% Growth SmallCap R 2000, IWO
-3.40% LargeCap Blend Socially Responsible iS, KLD
-3.44% Value SmallCap Dynamic PS, PWY
-3.46% Internet Architecture H, IAH
-3.46% Utilities DJ, IDU
-3.47% Value MidCap S&P 400, RFV
-3.48% Utilities SPDR, XLU
-3.51% Info Tech VIPERs, VGT
-3.51% Value MidCap Dynamic PS, PWP
-3.52% Technology GS, IGM
-3.54% Telecommunications & Wireless, PTE
-3.55% Software, IGV
-3.58% Dividend Growth PS, PHJ
-3.59% Growth SmallCap VIPERs, VBK
-3.61% Technology DJ US, IYW
-3.62% Growth Large Cap, ELG
-3.63% Growth 1000 Russell, IWF
-3.64% Growth LargeCap Russell 3000, IWZ
-3.65% Growth SmallCap iS M, JKK
-3.65% Value SmallCap iS M, JKL
-3.67% LargeCap Blend Dynamic PS, PWC
-3.69% SmallCap Core iS M, JKJ
-3.69% Growth VIPERs, VUG
-3.69% Austria Index, EWO
-3.72% SmallCap S&P 600, IJR
-3.73% SmallCap PS Zacks, PZJ
-3.74% Value S&P 500, RPV
-3.78% Growth S&P 500/BARRA, IVW
-3.79% Dividend Achievers PS, PFM
-3.81% Value LargeCap Dynamic PS, PWV
-3.84% Value SmallCap S&P 600 B, IJS
-3.85% Italy Index, EWI
-3.85% Micro Cap Zachs, PZI
-3.85% Growth MidCap S&P 400, RFG
-3.86% Growth LargeCap iS M, JKE
-3.87% Dividend Leaders, FDL
-3.88% France Index, EWQ
-3.90% Semiconductor iS GS, IGW
-3.91% Telecommunications Global, IXP
-3.91% Microcap Russell, IWC
-3.92% Value Small Cap DJ, DSV
-3.94% Commodity Tracking, DBC
-3.95% Growth MidCap 400 B, IJK
-3.97% Value MidCap S&P 400 B, IJJ
-3.99% Lg Cap Growth PSD, PWB
-3.99% Small Cap VIPERs, VB
-4.01% Value 40 Large Low P/E FT DB, FDV
-4.02% Industrial SPDR, XLI
-4.02% Industrial LargeCap Blend DJ US, IYJ
-4.04% EMU Europe Index, EZU
-4.07% Growth Small Cap DJ, DSG
-4.09% Industrials VIPERs, VIS
-4.10% Value Line Timeliness MidCap Gr, PIV
-4.10% Value SmallCap VIPERS, VBR
-4.11% LargeCap Blend Total Market DJ, IYY
-4.12% Water Resources, PHO
-4.15% Materials SPDR, XLB
-4.16% LargeCap Blend S&P=Weight R, RSP
-4.18% Hardware & Electronics, PHW
-4.18% Value SmallCap Russell 2000, IWN
-4.23% Value MidCap Russell, IWS
-4.26% EAFE Index, EFA
-4.26% LargeCap Blend S&P 1500 iS, ISI
-4.27% Belgium Index, EWK
-4.27% Euro STOXX 50, FEZ
-4.28% Extended Mkt VIPERs, VXF
-4.28% Pharmaceuticals, PJP
-4.29% Wilshire 5000 ST TM, TMW
-4.30% LargeCap Blend NYSE Composite iS, NYC
-4.30% MidCap Blend Core iS M, JKG
-4.30% LargeCap 1000 R, IWB
-4.32% Global 100, IOO
-4.32% S&P 500 iS LargeCap Blend, IVV
-4.35% DIAMONDS (DJIA), DIA
-4.35% MidCap VIPERs, VO
-4.36% MidCap S&P 400 iS, IJH
-4.36% LargeCap VIPERs, VV
-4.36% LargeCap Blend Russell 3000, IWV
-4.37% Telecom H, TTH
-4.40% Growth MidCap Russell, IWP
-4.43% Value LargeCap Euro STOXX 50 DJ, FEU
-4.44% European VIPERs, VGK
-4.46% LargeCap Rydex Rus Top 50, XLG
-4.48% SmallCap Russell 2000, IWM
-4.59% Blend Total Market VIPERs, VTI
-4.60% MidCap Russell, IWR
-4.60% Sweden Index, EWD
-4.61% LargeCap Blend S&P 100, OEF
-4.61% Value LargeCap NYSE 100 iS, NY
-4.62% Networking, IGN
-4.68% Europe 350 S&P Index, IEV
-4.68% Value LargeCap Fundamental RAFI 1000, PRF
-4.72% Global Titans, DGT
-4.76% S&P 500 SPDRs LargeCap Blend, SPY
-4.77% Value EAFE MSCI, EFV
-4.81% Value Large Cap DJ, ELV
-4.82% Spain Index, EWP
-4.83% Technology SPDR, XLK
-4.85% MidCap S&P 400 SPDRs, MDY
-4.87% Telecom Services VIPERs, VOX
-4.95% Europe 100 BLDRS, ADRU
-4.98% Value LargeCap Russell 3000, IWW
-5.00% Growth Mid Cap Dynamic PS, PWJ
-5.00% MidCap Growth iS M, JKH
-5.00% Building & Construction, PKB
-5.07% Value S&P 500 B, IVE
-5.10% Canada Index, EWC
-5.12% Telecom DJ US, IYZ
-5.13% Value VIPERs, VTV
-5.18% Developed 100 BLDRS, ADRD
-5.22% Homebuilders SPDR, XHB
-5.28% South Korea Index, EWY
-5.32% Value 1000 Russell, IWD
-5.43% Energy Global, IXC
-5.45% Materials VIPERs, VAW
-5.47% Internet Infrastructure H, IIH
-5.47% Singapore Index, EWS
-5.54% United Kingdom Index, EWU
-5.56% Dividend International, PID
-5.63% Asia 50 BLDRS, ADRA
-5.73% Dividend High Yield Equity PS, PEY
-5.73% South Africa Index, EZA
-5.77% REIT VIPERs, VNQ
-5.87% Pacific ex-Japan, EPP
-5.96% Value LargeCap iS M, JKF
-6.04% Hong Kong Index, EWH
-6.14% Mexico Index, EWW
-6.15% Real Estate US DJ, IYR
-6.17% Basic Materials DJ US, IYM
-6.18% Energy DJ, IYE
-6.24% WilderHill Clean Energy PS, PBW
-6.25% Energy VIPERs, VDE
-6.26% China LargeCap Growth G D H USX PS, PGJ
-6.34% REIT Wilshire, RWR
-6.37% Oil, Crude, U.S. Oil Fund, USO
-6.53% Ultra QQQ Double, QLD
-6.55% Taiwan Index, EWT
-6.73% Natural Resource iS GS, IGE
-6.92% China 25 iS, FXI
-6.98% Oil & Gas, PXJ
-7.03% Realty Cohen & Steers, ICF
-7.19% Australia Index, EWA
-7.21% Emerging VIPERs, VWO
-7.27% Oil Services H, OIH
-7.46% Bank Regional H, RKH
-7.48% Capital Markets KWB ST, KCE
-7.59% Emerging 50 BLDRS, ADRE
-7.66% Energy SPDR, XLE
-7.71% Energy Exploration & Prod, PXE
-7.85% Emerging Markets, EEM
-8.04% Financial DJ US, IYF
-8.06% Financials VIPERs, VFH
-8.26% Financials Global LargeCap Value, IXG
-8.67% Ultra Dow30 Double, DDM
-8.92% Financial Services DJ, IYG
-9.36% Brazil Index, EWZ
-9.39% Ultra S&P500 Double, SSO
-9.44% Ultra MidCap400 Double, MVV
-9.47% Latin Am 40, ILF
-9.74% Financial SPDR, XLF
-9.85% Metals & Mining SPDR, XME