Daily Stock Market Commentary – 9/25/2008

Stock Market:The Dow-Jones Transportation Average absolute price fell to a new 10-week low and closed below a trend line connecting the lows of January and July, 2008. This suggests intermediate-term trend weakness.

Many more stocks fell than rose every day this week. The NASDAQ A-D Line made a new low, and the NYSE A-D Line is very close to a new low.

It remains an uncertain, high-risk trading environment.

With news pending, look for sudden changes in days ahead.

Volatility decreased on Wednesday but seems likely rise again.

Focus on capital preservation.

On Wednesday, major stocks indexes opened and closed little changed in a dull, narrow range, low volume trading session. The Standard & Poor’s 500 cash index (1,185.87) closed down 2.35 points, or 0.20%.

Total NYSE volume fell 7%, reflecting lack of demand for stocks due to uncertainties caused by government intervention. Traders may be reluctant to trade, not knowing how the rules of “free market capitalism” might change next. The banning of short sales on nearly 900 financial stocks removes normal short-covering buying demand for stocks when prices fall. Business as usual is suspended, and traders naturally don’t like it.

Uncertainties surrounding reports, rumors, speculation, and news about companies in the deeply troubled financial sector and the Treasury bailout plan have been causing volatile, disorderly, unpredictable market behavior this month. The chaos seems likely to continue. Understandably, traders may be reluctant to trade, resulting in thinner, relatively inactive markets with bigger spreads, bigger volatility, and sudden reversals.

I’ll call the short-term trend unsettled, or even undefined, since I have never seen the market so disrupted in my 39-years of market analysis.

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, as this daily update has consistently pointed out.

For the general stock market indexes, seasonal tendencies for the month of September are unfavorable. Reward/Risk tradeoffs still appear unattractive. It seems more appropriate than ever 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
6.36% , GS , GOLDMAN SACHS
4.95% , CTXS , CITRIX SYSTEMS
0.91% , SWH , Software H, SWH
2.64% , PETM , PETsMART Inc
3.20% , WOR , WORTHINGTON INDS
2.27% , MYL , MYLAN LABS
6.04% , NTRS , NORTHERN TRUST
32.82% , FNM , FANNIE MAE
3.05% , HPC , HERCULES
2.19% , WAT , WATERS
1.49% , DLX , DELUXE
2.15% , URBN , Urban Outfitters Inc.
1.02% , IGW , Semiconductor iS GS, IGW
4.51% , NE , NOBLE
3.50% , F , FORD MOTOR
6.60% , MU , MICRON TECH
1.16% , XBI , Biotech SPDR, XBI
6.27% , FMCN , Focus Media, FMCN
2.18% , LXK , LEXMARK INTL STK A
0.43% , EFV , Value EAFE MSCI, EFV
0.70% , RKH , Bank Regional H, RKH
0.65% , JBL , JABIL CIRCUIT
43.18% , FRE , FREDDIE MAC
0.65% , TTH , Telecom H, TTH
1.84% , SEE , SEALED AIR
0.12% , AGG , Bond, Aggregate, AGG
3.83% , SNV , SYNOVUS
2.16% , CEPH , Cephalon Inc
2.81% , NIHD , NII Holdings, Inc.
1.67% , TNB , THOMAS & BETTS
3.29% , PHM , PULTE HOMES
1.65% , BMC , BMC SOFTWARE
0.35% , VHT , Health Care VIPERs, VHT
4.10% , CIEN.O , CIENA
2.55% , HSP , HOSPIRA
0.50% , XSD , Semiconductor SPDR, XSD
2.48% , ABI , Applera Corp-Applied Biosystems Group (ABI)
3.35% , ETFC.O , E*TRADE FINANCIAL
0.86% , ROH , ROHM & HAAS
1.07% , SVU , SUPERVALU

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-29.38% , WM , WASHINGTON MUT
-1.15% , DSG , Growth Small Cap DJ, DSG
-1.10% , RFV , Value MidCap S&P 400, RFV
-1.27% , PWJ , Growth Mid Cap Dynamic PS, PWJ
-5.75% , JWN , NORDSTROM
-33.80% , AIG , AMER INTL GROUP
-4.69% , ETN , EATON
-7.45% , HIG , HARTFORD FINL
-2.73% , GD , GENERAL DYNAMICS
-1.19% , IAH , Internet Architecture H, IAH
-1.68% , PTE , Telecommunications & Wireless, PTE
-0.22% , UTH , Utilities H, UTH
-11.46% , MS , MORGAN STANLEY
-0.42% , IWZ , Growth LargeCap Russell 3000, IWZ
-11.53% , CIT , CIT GROUP
-1.57% , IYJ , Industrial LargeCap Blend DJ US, IYJ
-2.25% , NCR , NCR
-4.15% , TXT , TEXTRON
-8.90% , JNS , JANUS CAPITAL
-2.16% , IWW , Value LargeCap Russell 3000, IWW
-6.77% , ATI , ALLEGHENY TECH
-0.47% , PHJ , Diveded Growth PS, PHJ
-0.87% , IYY , LargeCap Blend Total Market DJ, IYY
-1.73% , COL , ROCKWELL COLLINS
-1.24% , PWY , Value SmallCap Dynamic PS, PWY
-3.83% , COH , COACH
-7.89% , CMI , CUMMINS
-2.42% , AGN , ALLERGAN
-1.31% , VMC , VULCAN MATERIALS
-3.20% , AM , AMER GREETINGS STK A
-2.51% , TBH , Telebras HOLDRS, TBH*
-0.95% , IJK , Growth MidCap 400 B, IJK
-3.85% , YUM , YUM BRANDS
-2.51% , QLGC , QLOGIC
-5.23% , CTB , COOPER TIRE
-3.31% , LSI , LSI LOGIC
-1.14% , PXJ , Oil & Gas, PXJ
-2.99% , MOLX , MOLEX
-4.52% , LAMR , Lamar Advertising Company
-2.85% , AOC , AON

Sectors: among the 9 major U.S. sectors, 4 rose and 5 fell.
Major Sectors Ranked for the Day
% Price Change, Sector ETF, Symbol
0.93% Health Care SPDR, XLV
0.92% Utilities SPDR, XLU
0.30% Energy SPDR, XLE
0.25% Technology SPDR, XLK
-0.18% Consumer Staples SPDR, XLP
-0.22% Industrial SPDR, XLI
-0.35% Consumer Discretionary SPDR, XLY
-1.12% Financial SPDR, XLF
-1.98% Materials SPDR, XLB

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 9/17/08, the XLV/SPY Relative Strength Ratio moved up to a new 3-year high, confirming a long-term uptrend.

Energy (XLE) Bearish, Underweight. On 9/16/08, the XLE absolute price fell to a new 8-month intraday low, indicating significant trend weakness.

Materials (XLB) Bearish, Underweight. On 9/18/08, the XLB absolute price hit a new 8-month intraday low, indicating significant trend weakness.

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.

Utilities (XLU) Bearish, Underweight. On 9/17/08, the XLU absolute price fell to a new 2-year low, indicating long-term trend weakness. On 9/22/08, the XLU/SPY Relative Strength Ratio broke down to a new 6-month low.

Industrial (XLI) Bearish, Underweight. On 9/18/08, the XLI absolute price hit a new 2-year intraday low, indicating long-term trend weakness. On 9/24/08, the XLI/SPY Relative Strength Ratio broke down to a new 3-month low.

Technology (XLK) Bearish, Underweight. On 9/17/08, the XLK absolute price fell to a new 3-year low, indicating long-term trend weakness.

Financial (XLF) Bearish, Underweight. On 9/19/08, the XLF absolute price hit a new 3-month intraday high, reflecting dramatic government intervention. On 9/18/08, the XLF absolute price hit a new 2-month intraday low, indicating intermediate-term trend weakness. With the rules changing day by day, trading these stocks would seem to be extraordinarily risky.

Foreign stock index EFA Relative Strength Ratio fell to a new 34-month low on 9/17/08 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 9/18/08, absolute price broke down to another new 2-year intraday low, indicating long-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 2-year intraday low on 9/18/08.

Growth Stock/Value Stock Relative Strength Ratio fell to a new 5-month low on 9/19/08. The short-term trend appears relatively weak. 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 jumped up to a 21-year high on 9/19/08, confirming a major uptrend. The long-term trend has been Bullish most of the time since 4/8/99.

Crude Oil futures November contract price fell again after hitting resistance in the 110-120 zone on Monday, 9/22/08. The intermediate-term trend remains 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 underperformed Crude Oil since 9/16/08.

Gold futures contract price consolidated and ended little changed. Gold is a safe haven in times of great stress. Gold seems likely to fluctuate inversely to the financial news and the broad-based stock indexes in days ahead. 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 consolidated in a narrow-range again. Bonds may be somewhat oversold for the short term. On 9/22/08, Bonds fell below the lows of the previous 4 weeks, breaking their short-term uptrend. 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 $ InvestGrade Corp Bond (LQD) ETF moved lower again, and all trends remain Bearish. On 9/17/08, 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 fell again, and all trends remain relatively weak. On 9/19/08, TIP/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. This implies that Bond investors may be anticipating deflation.

The U.S. dollar recovered modestly but remains vulnerable to decline. On 9/22/08, the dollar fell steeply to its lowest level in 6 weeks. The short-term trend appears to be vulnerable to further downside action.

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 37.5% Bulls versus 40.9% Bears as of 9/24/2008, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 0.92, and it was 0.92 the previous week. The Bull/Bear ratio 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 35.19, approached its recent peak of 36.22 set on 9/17/08, which was the highest level of Fear since 10/11/02. 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 36.40, backed off its recent peak of 36.52 set on 9/23/08, which was the highest level of Fear since 4/14/03. 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 0.71, 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 0.83, 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 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 9/17/08, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new 22-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 (1,185.87):

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

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 (1,185.87):

Potential Support
1,133.50, low of 9/18/2008

Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol

2.96% Homebuilders SPDR, XHB
2.07% Ultra QQQ Double, QLD
1.79% South Korea Index, EWY
1.62% Emerging VIPERs, VWO
1.43% Pacific ex-Japan, EPP
1.42% China LargeCap Growth G D H USX PS, PGJ
1.39% Japan Index, EWJ
1.38% Asia 50 BLDRS, ADRA
1.33% Japan LargeCap Blend TOPIX 150, ITF
1.31% LargeCap Blend S&P=Weight R, RSP
1.30% Short 200% MidCap 400 PS, MZZ
1.28% Biotech & Genome, PBE
1.26% China 25 iS, FXI
1.20% Australia Index, EWA
1.16% Biotech SPDR, XBI
1.15% Emerging Markets, EEM
1.07% Latin Am 40, ILF
1.04% Pharmaceutical H, PPH
1.02% Semiconductor iS GS, IGW
0.98% Biotech H, BBH
0.93% Health Care SPDR, XLV
0.93% Malaysia Index, EWM
0.92% Utilities SPDR, XLU
0.91% Software H, SWH
0.75% Emerging 50 BLDRS, ADRE
0.71% Pacific VIPERs, VPL
0.70% Oil Services H, OIH
0.70% Bank Regional H, RKH
0.69% Growth LargeCap NASDAQ 100, QQQQ
0.65% Telecom H, TTH
0.58% Software, IGV
0.57% Short 100% MidCap 400, MYY
0.57% Austria Index, EWO
0.55% Retail, PMR
0.53% Taiwan Index, EWT
0.51% Technology GS, IGM
0.50% Semiconductor SPDR, XSD
0.48% Ultra S&P500 Double, SSO
0.46% Pharmaceuticals, PJP
0.45% Technology DJ US, IYW
0.44% Bond, 20+ Years Treasury, TLT
0.43% Value EAFE MSCI, EFV
0.41% Technology MS sT, MTK
0.40% South Africa Index, EZA
0.39% Financials Global LargeCap Value, IXG
0.38% Growth Large Cap, ELG
0.37% Info Tech VIPERs, VGT
0.36% Networking, PXQ
0.35% Health Care VIPERs, VHT
0.34% Growth LargeCap iS M, JKE
0.32% S&P 500 SPDRs LargeCap Blend, SPY
0.32% Healthcare Global, IXJ
0.31% Lg Cap Growth PSD, PWB
0.30% WilderHill Clean Energy PS, PBW
0.30% Growth VIPERs, VUG
0.30% Energy SPDR, XLE
0.29% EAFE Index, EFA
0.26% EMU Europe Index, EZU
0.26% Bond, 10 Year Treasury, IEF
0.25% Technology SPDR, XLK
0.22% Growth LargeCap NASDAQ Fidelity, ONEQ
0.22% Bond, 1-3 Year Treasury, SHY
0.20% Singapore Index, EWS
0.18% Internet B2B H, BHH
0.17% Global Titans, DGT
0.16% Global 100, IOO
0.15% Hong Kong Index, EWH
0.13% LargeCap Blend Core iS M, JKD
0.12% Bond, Aggregate, AGG
0.10% Healthcare DJ, IYH
0.09% Telecommunications Global, IXP
0.09% Europe 100 BLDRS, ADRU
0.07% Telecom Services VIPERs, VOX
0.07% Value SmallCap iS M, JKL
0.06% Dividend International, PID
0.05% LargeCap 1000 R, IWB
0.04% Ultra Dow30 Double, DDM
0.02% Growth S&P 500/BARRA, IVW
0.00% Internet Infrastructure H, IIH
0.00% Developed 100 BLDRS, ADRD
-0.01% Consumer Staples VIPERs, VDC
-0.02% S&P 500 iS LargeCap Blend, IVV
-0.05% LargeCap Rydex Rus Top 50, XLG
-0.05% Value LargeCap iS M, JKF
-0.05% LargeCap Blend S&P 100, OEF
-0.06% Utilities, PUI
-0.06% Technology Global, IXN
-0.09% Value MidCap iS M, JKI
-0.09% Euro STOXX 50, FEZ
-0.10% IPOs, First Tr IPOX-100, FPX
-0.11% United Kingdom Index, EWU
-0.11% OTC Dynamic PS, PWO
-0.12% Growth 1000 Russell, IWF
-0.12% Value 1000 Russell, IWD
-0.13% Value LargeCap NYSE 100 iS, NY
-0.15% Value MidCap Russell, IWS
-0.16% Value S&P 500, RPV
-0.17% Dividend Leaders, FDL
-0.18% Natural Resource iS GS, IGE
-0.18% Switzerland Index, EWL
-0.18% Consumer Staples SPDR, XLP
-0.18% DIAMONDS (DJIA), DIA
-0.19% Europe 350 S&P Index, IEV
-0.20% Germany Index, EWG
-0.20% Value MidCap Dynamic PS, PWP
-0.22% Utilities H, UTH
-0.22% Industrial SPDR, XLI
-0.23% Energy DJ, IYE
-0.25% Belgium Index, EWK
-0.25% Brazil Index, EWZ
-0.26% Food & Beverage, PBJ
-0.26% Bond, Corp, LQD
-0.26% Value S&P 500 B, IVE
-0.28% European VIPERs, VGK
-0.28% Growth MidCap Russell, IWP
-0.28% Short 100% Dow 30, DOG
-0.29% Value LargeCap Dynamic PS, PWV
-0.29% Consumer Non-Cyclical, IYK
-0.30% Mexico Index, EWW
-0.34% Italy Index, EWI
-0.35% Consumer Discretionary SPDR, XLY
-0.35% Value 40 Large Low P/E FT DB, FDV
-0.40% Semiconductor H, SMH
-0.41% LargeCap Blend S&P 1500 iS, ISI
-0.42% Growth EAFE MSCI, EFG
-0.42% Growth LargeCap Russell 3000, IWZ
-0.45% Sweden Index, EWD
-0.45% MidCap VIPERs, VO
-0.46% France Index, EWQ
-0.47% Dividend Growth PS, PHJ
-0.48% Value Line Timeliness MidCap Gr, PIV
-0.48% Internet H, HHH
-0.49% Bond, TIPS, TIP
-0.50% LargeCap Blend NYSE Composite iS, NYC
-0.52% MidCap Growth iS M, JKH
-0.52% Dividend High Yield Equity PS, PEY
-0.53% Telecom DJ US, IYZ
-0.54% Nanotech Lux, PXN
-0.54% MidCap Russell, IWR
-0.55% Energy Global, IXC
-0.55% Canada Index, EWC
-0.56% Insurance, PIC
-0.56% Spain Index, EWP
-0.57% Consumer D. VIPERs, VCR
-0.58% Blend Total Market VIPERs, VTI
-0.59% Value Large Cap DJ, ELV
-0.60% Value LargeCap Fundamental RAFI 1000, PRF
-0.62% MidCap S&P 400 SPDRs, MDY
-0.62% Dividend Achievers PS, PFM
-0.66% Energy VIPERs, VDE
-0.67% Dividend SPDR, SDY
-0.68% Retail H, RTH
-0.68% Semiconductors, PSI
-0.68% Silver Trust iS, SLV
-0.70% Value LargeCap Euro STOXX 50 DJ, FEU
-0.71% Software, PSJ
-0.72% Short 100% S&P 500, SH
-0.72% Water Resources, PHO
-0.72% LargeCap Blend Dynamic PS, PWC
-0.73% MidCap S&P 400 iS, IJH
-0.76% LargeCap VIPERs, VV
-0.76% Value SmallCap S&P 600, RZV
-0.79% Growth S&P 500, RPG
-0.80% Aerospace & Defense, PPA
-0.80% Energy Exploration & Prod, PXE
-0.80% Value MidCap S&P 400 B, IJJ
-0.82% Value VIPERs, VTV
-0.82% Commodity Tracking, DBC
-0.84% MidCap Blend Core iS M, JKG
-0.84% Dividend Appreciation Vipers, VIG
-0.86% LargeCap Blend Russell 3000, IWV
-0.87% LargeCap Blend Total Market DJ, IYY
-0.90% Materials VIPERs, VAW
-0.90% Consumer Cyclical DJ, IYC
-0.93% Extended Mkt VIPERs, VXF
-0.95% Growth MidCap 400 B, IJK
-0.98% Value SmallCap Russell 2000, IWN
-1.05% Value Small Cap DJ, DSV
-1.06% Small Cap VIPERs, VB
-1.09% Growth SmallCap VIPERs, VBK
-1.09% Utilities DJ, IDU
-1.10% Value MidCap S&P 400, RFV
-1.11% Utilities VIPERs, VPU
-1.12% Building & Construction, PKB
-1.12% Growth SmallCap R 2000, IWO
-1.12% Financial SPDR, XLF
-1.14% Oil & Gas, PXJ
-1.14% LargeCap Blend Socially Responsible iS, KLD
-1.15% Growth Small Cap DJ, DSG
-1.16% Value SmallCap VIPERS, VBR
-1.18% Networking, IGN
-1.19% Internet Architecture H, IAH
-1.22% Hardware & Electronics, PHW
-1.22% Micro Cap Zachs, PZI
-1.23% Value SmallCap S&P 600 B, IJS
-1.24% Broadband H, BDH
-1.24% Value SmallCap Dynamic PS, PWY
-1.25% Growth MidCap S&P 400, RFG
-1.27% Growth Mid Cap Dynamic PS, PWJ
-1.28% Capital Markets KWB ST, KCE
-1.30% Financials VIPERs, VFH
-1.32% SmallCap Core iS M, JKJ
-1.32% Industrials VIPERs, VIS
-1.40% Netherlands Index, EWN
-1.43% Growth BARRA Small Cap 600, IJT
-1.43% Financial Services DJ, IYG
-1.47% Oil, Crude, U.S. Oil Fund, USO
-1.48% SmallCap Russell 2000, IWM
-1.52% Growth SmallCap Dynamic PS, PWT
-1.52% Short 100% QQQ, PSQ
-1.54% Leisure & Entertainment, PEJ
-1.57% Realty Cohen & Steers, ICF
-1.57% Industrial LargeCap Blend DJ US, IYJ
-1.58% Wilshire 5000 ST TM, TMW
-1.67% Growth SmallCap iS M, JKK
-1.68% Telecommunications & Wireless, PTE
-1.71% Dividend DJ Select, DVY
-1.74% Transportation Av DJ, IYT
-1.74% Financial DJ US, IYF
-1.82% Gold Shares S.T., GLD
-1.84% SmallCap S&P 600, IJR
-1.91% Metals & Mining SPDR, XME
-1.94% REIT Wilshire, RWR
-1.94% Basic Materials DJ US, IYM
-1.97% REIT VIPERs, VNQ
-1.98% Materials SPDR, XLB
-1.99% Real Estate US DJ, IYR
-2.01% Ultra MidCap400 Double, MVV
-2.06% Microcap Russell, IWC
-2.16% SmallCap PS Zacks, PZJ
-2.16% Value LargeCap Russell 3000, IWW
-2.98% Biotechnology, IBB
-2.98% Short 200% QQQ PS, QID
-5.48% Short 200% Dow 30 PS, DXD
-5.96% Short 200% S&P 500 PS, SDS