Stock Market: Counter-trend bounce. Bullish sentiment. Volume lags. Momentum diverges.
On Monday 5/18/09, the S&P 500 ETF (SPY) recovered a normal fraction (a Fibonacci 61.8%) of last week’s loss.
The CBOE Put/Call Ratio fell to 0.55, indicating Bullish sentiment.
SPY volume fell 15%. Volume generally has not been confirming strong demand for stocks since the upturn on 3/6/09.
Short-term oscillators measuring general stock market momentum are still lagging and diverging Bearishly from price. For example, the popular RSI 14 peaked on 5/6/09 and fell to a 4-week low on 5/15/09. On Monday, RSI recovered 39% of that decline, while the SPY price recovered 62% of last week’s decline.
On Wednesday 5/13/09, the DJIA, DJTA, S&P 500, S&P 100, NASDAQ Composite, and the once mighty Advance Decline Lines for NYSE and NASDAQ all broke down below uptrendlines rising from the March lows. They remain below these trendlines.
Longer-term trends are still a problem, based mainly on Bearish long-term momentum indicators. In addition, each quarterly high has been lower than the previous quarterly high since Q4 2007, and that Bearish pattern is still intact. That is why the January 2009 high is significant.
The entire bounce from the March low could be a Dow Theory Secondary Reaction, an intermediate-term correction that interrupts and moves in an opposite direction against the Bearish Primary Tide—and fools many into thinking a new Bull Market has started.
A pure chartist might say the market needs bottom testing, base building, and time before it can free itself from the Bear.
On Monday, major stock price indexes opened significantly higher on overnight news of rising prices of oil and foreign markets, as well as recommendations to buy Financials from a prominent brokerage house. Prices consolidated for 45 minutes in early trading then trended up most of the session to finish near the high of the day. The S&P 500 ETF (SPY) jumped 2.84% to close above its open, previous close, and midpoint of the day’s range. SPY retraced about 61.8% of last week’s drop, which is a normal bounce.
SPY volume fell 15%, NYSE volume increased 4%, and NASDAQ volume fell 4%. Volume generally has not been confirming strong demand for stocks since the upturn on 3/6/09.
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
35.55% , DDS , DILLARD STK A
23.45% , EPI , India Earnings WTree, EPI
4.23% , PXE , Energy Exploration & Prod, PXE
13.73% , LEN , Lennar Corp. (LEN)
2.95% , NY , Value LargeCap NYSE 100 iS, NY
14.75% , FMCN , Focus Media, FMCN
2.99% , PSI , Semiconductors, PSI
8.52% , STT , STATE STREET
3.15% , RPG , Growth S&P 500, RPG
2.97% , IXP , Telecommunications Global, IXP
11.55% , STLD , Steel Dynamics, STLD
1.58% , PIV , Value Line Timeliness MidCap Gr, PIV
6.11% , XME , Metals & Mining SPDR, XME
8.08% , LOW , LOWES
6.87% , KCE , Capital Markets KWB ST, KCE
17.87% , JNS , JANUS CAPITAL
4.36% , JKI , Value MidCap iS M, JKI
4.15% , FDL , Dividend Leaders, FDL
5.22% , ADRE , Emerging 50 BLDRS, ADRE
2.94% , ELV , Value Large Cap DJ, ELV
6.20% , VWO , Emerging VIPERs, VWO
11.96% , RF , REGIONS FINAN
4.77% , EWN , Netherlands Index, EWN
3.27% , PBE , Biotech & Genome, PBE
3.68% , CHKP , Check Point Software Technologies Ltd
9.93% , BAC , BANK OF AMERICA
2.84% , PHJ , Dividend Growth PS, PHJ
9.18% , CIEN.O , CIENA
6.56% , PXJ , Oil & Gas, PXJ
4.87% , PXN , Nanotech Lux, PXN
6.57% , TBH , Telebras HOLDRS, TBH*
16.41% , ZION , ZIONS
4.66% , EWS , Singapore Index, EWS
11.74% , EK , EASTMAN KODAK
2.87% , MTK , Technology MS sT, MTK
3.63% , PWY , Value SmallCap Dynamic PS, PWY
10.52% , AFL , AFLAC
10.38% , DISH , EchoStar Communications Corporation
5.94% , RPV , Value S&P 500, RPV
4.97% , EWW , Mexico Index, EWW
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-5.71% , BHH , Internet B2B H, BHH
-0.85% , IIH , Internet Infrastructure H, IIH
-8.34% , AYE , ALLEGHENY ENERGY
-2.60% , THC , TENET HEALTHCARE
-3.91% , MYY , Short 100% MidCap 400, MYY
-7.59% , MZZ , Short 200% MidCap 400 PS, MZZ
-2.17% , GRMN , GARMIN LTD
-2.04% , RTN , RAYTHEON
-3.00% , SH , Short 100% S&P 500, SH
-1.29% , IAU , Gold COMEX iS, IAU
-0.81% , NOC , NORTHROP GRUMMAN
-0.83% , FDO , FAMILY DLR STRS
-0.95% , ADM , ARCHER DANIELS
-1.30% , GLD , Gold Shares S.T., GLD
-2.97% , SIRI , Sirius Satellite
-0.56% , PMCS , PMC SIERRA
-1.94% , PPL , PPL
-0.59% , IEF , Bond, 10 Year Treasury, IEF
-1.17% , T , AT&T Corp., T
-2.74% , CEPH , Cephalon Inc
-0.71% , APOL , APOLLO GROUP
-0.52% , FPX , IPOs, First Tr IPOX-100, FPX
-1.38% , SLV , Silver Trust iS, SLV
-5.39% , DXD , Short 200% Dow 30 PS, DXD
-0.52% , HANS , Hansen Natural, HANS
-0.78% , LLL , L-3 COMMS HLDGS
-0.17% , UTH , Utilities H, UTH
-0.89% , GILD , Gilead Sciences Inc
-0.88% , CI , CIGNA
-0.59% , MO , ALTRIA, MO
-1.94% , AN , AUTONATION
-0.36% , CMS , CMS ENERGY
-0.22% , TEVA , Teva Pharmaceutical Industries Limited
-0.07% , DLTR , Dollar Tree Stores Inc
-0.35% , BDX , BECTON DICKINSON
-0.14% , LQD , Bond, Corp, LQD
-5.75% , SDS , Short 200% S&P 500 PS, SDS
-0.51% , HUM , HUMANA
-0.09% , HOLX , Hologic, Inc., HOLX
9 Major U.S. Stock Sectors
Ranked on Latest One-Day Price Change
% Price Change, Sector ETF, Symbol
6.59% Financial SPDR, XLF
4.93% Consumer Discretionary SPDR, XLY
3.67% Industrial SPDR, XLI
3.46% Energy SPDR, XLE
2.86% Materials SPDR, XLB
2.74% Technology SPDR, XLK
2.10% Consumer Staples SPDR, XLP
0.99% Health Care SPDR, XLV
0.00% Utilities SPDR, XLU
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 Discretionary (XLY) Bearish, Underweight. The Relative Strength Ratio (XLY/SPY) was in a steep rising trend from 11/18/08 to 4/30/09—but Relative Strength has turned down sharply in May.
Technology (XLK) Bearish, Underweight. The Relative Strength Ratio (XLK/SPY) was in a rising trend from 12/31/08 to 5/1/09, resulting in a relatively high ranking for Technology—but Relative Strength has turned down sharply in May, enough to cause in a decline in this long-term ranking.
Consumer Staples (XLP) Bearish, Underweight. The Relative Strength Ratio (XLP/SPY) has been rising since 5/6/09.
Materials (XLB) Bearish, Underweight. The Relative Strength Ratio (XLB/SPY) turned down since 5/4/09.
Health Care (XLV) Bearish, Underweight. The Relative Strength Ratio (XLV/SPY) has been rising since 5/6/09.
Energy (XLE) Bearish, Underweight. The Relative Strength Ratio (XLE/SPY) is slightly lower since 5/8/09.
Industrial (XLI) Bearish, Underweight. The Relative Strength Ratio (XLI/SPY) turned down since 5/8/09.
Utilities (XLU) Bearish, Underweight. The Relative Strength Ratio (XLU/SPY) has been rising since 5/6/09.
Financial (XLF) Bearish, Underweight. The Relative Strength Ratio (XLF/SPY) rose from 3/6/09 to 5/8/09–but still it is so far down over previous 2 years that this ranking remains in the basement. The ratio fell steeply from 10/3/06 to 3/6/09, producing the most Bearish long-term Relative Strength Ranking.
The relative performance measurements of the 9 major sectors are beginning to hint at a shift in leadership. The sectors reflected a growing investor appetite for risk in March and April, but that may be starting to change in May.
Foreign stock index ETF (EFA) has outperformed the S&P 500 since 10/27/08. EFA is the ETF representing the EAFE, the international developed country stock markets, excluding the U.S. and Canada.
NASDAQ Composite both absolute price and Relative Strength broke down below trend lines from the low set on 3/9/09.
Growth Stock/Value Stock Relative Strength Ratio turned down since 3/5/09. The Ratio was in an uptrend from 8/8/06 to 3/5/09.
Russell 1000 Value ETF (IWD) remains in a Bearish Major Trend, underperforming the SPY since 3/22/07. Long term, the IWD closing price broke down below its 9-year closing price lows on 3/9/09. In addition, the IWD Relative Strength Ratio (IWD/SPY) broke down to a new 6-year low on 3/6/09.
The Small Cap/Large Cap Ratio turned down since 4/29/09.
Crude Oil June futures contract price closed above the previous 2 days’ highs. Oil moved up to a new 7-month high on 5/12/09, a significant Bullish sign. 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 outperformed Crude Oil from 3/9/09 to 4/29/09 but has turned down since 4/29/09.
Gold June futures contract price fell below the previous 3 days’ lows. Gold appears to be in a trading range for the intermediate term. Longer term, for more than a year, gold has been in a correction, since the peak of 1,033.90 on 3/17/08.
Gold Mining stocks (GDX) are starting to lag Gold bullion after outperforming from 10/27/08 to 5/12/09. GDX is an ETF of Gold Mining stocks.
U.S. Treasury Bond June futures contract price fell to close below the previous 2 days’ lows. Bonds remain in a downtrend that started that started on 12/18/08.
Bond quality ratios appear to be turning down, suggesting decreasing appetite for risk. LQD/TLT is iShares iBoxx $ Invest Grade Corp Bond ETF (LQD) price divided by 20+ Years US Treasury Bond ETF price (TLT).
The U.S. dollar price consolidated. The dollar hit a new 5-month low on 5/13/09, continuing a Bearish trend. The dollar also broke down below its 10-month uptrend line this month.
The Art of Contrary Thinking: It is important to recognize that although surveys indicated significant Bearish sentiment nearly all year in 2008, that did not keep the stock market from suffering one of its biggest yearly declines on record. Contrary Thinking alone is not sufficient. It must be tempered by means of more precise market timing tools.
Advisory Service Sentiment: There were 41.0% Bulls versus 33.7% Bears as of 5/13/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 1.22, down from 1.28 the previous week. The ratio’s 39-year range is 0.28 to 17.51, the median is 1.43, and the mean is 1.73.
VIX Fear Index fell to a 8-month low of 30.24 on 5/18/09, indicating bullish complacency displacing fear. 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 fell to a 8-month low of 30.22 on 5/18/09, indicating bullish complacency displacing fear. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.
CBOE Put/Call Ratio is 0.55, which indicates Bullish sentiment. The ratio’s 5-year mean is 0.67, median is 0.65, and range is 0.35 to 1.35.
ISEE Call/Put Ratio is 1.40, which indicates Neutral sentiment. The ratio’s 5-year mean is 1.43, median is 1.38, and 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 a net balance of positive earnings surprises. The unfolding fallout from the credit market crisis derailed that engine. Since the stock market low on since 3/9/09, unprecedented and massive monetary and fiscal stimulation appear to have had an impact on investor sentiment.
The Dow Theory allows for a Secondary Reaction to the upside since 3/9/09, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their previous lowest closing prices of 2004-2009, reconfirming a Primary Tide Bear Market. 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. A Secondary Reaction could retrace a significant fraction of the 2007-2009 decline.
The breadth of the market was in a Bearish trend from June 2007 to the low on 3/9/09 but rebounded strongly into the high on 5/8/09 before turning down in recent days. The number of New Lows exceeded the number of New Highs most days since July 2007.
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:
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
1,381.50, Fibonacci 78.6% of 2007-2009 drop
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
1,228.74, Fibonacci 61.8% of 2007-2009 drop
1,220.03, high of 9/25/2008
1,121.44, Fibonacci 50.0% of 2007-2009 drop
1,077.08, Fibonacci 61.8% of 2002-2007 upmove
1,044.31, high of 10/14/2008
1,014.14, Fibonacci 38.2% of 2007-2009 drop
1,007.51, high of 11/4/2008
943.85, high of 1/6/2009
930.17, high of 5/8/2009
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:
Potential Support
877.86, high of 1/28/2009
877.52, close of 5/1/2009
875.63, high of 4/17/2009
875.01, high of 2/9/2009
873.81, Fibonacci 23.6% down from 930.17 high
871.80, high of 4/24/2009
866.10, low of 5/1/2009
847.12, low of 4/28/2009
829.56, Fibonacci 38.2% down from 930.17 high
826.83, low of 4/21/2009
814.53, low of 4/7/2009
813.62, high of 4/1/2009
798.48, Fibonacci 50.0% down from 930.17 high
779.81, low of 3/30/2009
767.40, Fibonacci 61.8% down from 930.17 high
728.95, Fibonacci 78.6% down from 930.17 high
666.79, intraday low of 3/6/2009
665.23, Fibonacci 61.8% of 2002-2007 upmove
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
23.45% India Earnings WTree, EPI
8.61% REIT Wilshire, RWR
8.29% Value SmallCap S&P 600, RZV
8.04% REIT VIPERs, VNQ
7.85% Realty Cohen & Steers, ICF
7.57% Ultra MidCap400 Double, MVV
7.50% Real Estate US DJ, IYR
6.87% Capital Markets KWB ST, KCE
6.66% Sweden Index, EWD
6.59% Financial SPDR, XLF
6.58% Bank Regional H, RKH
6.56% Oil & Gas, PXJ
6.50% Brazil Index, EWZ
6.36% Latin Am 40, ILF
6.33% Financial Services DJ, IYG
6.20% Emerging VIPERs, VWO
6.13% Financials VIPERs, VFH
6.11% Metals & Mining SPDR, XME
5.94% Value S&P 500, RPV
5.90% Ultra S&P500 Double, SSO
5.88% China 25 iS, FXI
5.87% Homebuilders SPDR, XHB
5.87% Financial DJ US, IYF
5.76% Financials Global LargeCap Value, IXG
5.55% Emerging Markets, EEM
5.42% Ultra Dow30 Double, DDM
5.32% Ultra QQQ Double, QLD
5.31% Italy Index, EWI
5.22% Value Small Cap DJ, DSV
5.22% Emerging 50 BLDRS, ADRE
5.19% Hong Kong Index, EWH
5.17% Value SmallCap iS M, JKL
5.12% Pacific ex-Japan, EPP
5.09% South Korea Index, EWY
4.99% Euro STOXX 50, FEZ
4.97% Mexico Index, EWW
4.93% Consumer Discretionary SPDR, XLY
4.87% Nanotech Lux, PXN
4.83% Taiwan Index, EWT
4.79% Oil Services H, OIH
4.77% Netherlands Index, EWN
4.67% Value LargeCap Euro STOXX 50 DJ, FEU
4.67% Building & Construction, PKB
4.66% Singapore Index, EWS
4.62% Europe 100 BLDRS, ADRU
4.55% European VIPERs, VGK
4.50% Oil, Crude, U.S. Oil Fund, USO
4.50% SmallCap Core iS M, JKJ
4.49% United Kingdom Index, EWU
4.49% Value SmallCap VIPERS, VBR
4.49% Consumer D. VIPERs, VCR
4.48% Value LargeCap Fundamental RAFI 1000, PRF
4.43% Insurance, PIC
4.42% Germany Index, EWG
4.40% Canada Index, EWC
4.36% Value MidCap iS M, JKI
4.36% Basic Materials DJ US, IYM
4.35% Europe 350 S&P Index, IEV
4.35% Spain Index, EWP
4.28% LargeCap Blend S&P=Weight R, RSP
4.27% Belgium Index, EWK
4.26% Australia Index, EWA
4.23% Energy Exploration & Prod, PXE
4.21% Value EAFE MSCI, EFV
4.20% France Index, EWQ
4.17% Leisure & Entertainment, PEJ
4.16% Retail H, RTH
4.15% Dividend Leaders, FDL
4.12% Growth MidCap S&P 400, RFG
4.12% Developed 100 BLDRS, ADRD
4.08% EMU Europe Index, EZU
4.00% Value MidCap Russell, IWS
4.00% WilderHill Clean Energy PS, PBW
3.97% China LargeCap Growth G D H USX PS, PGJ
3.95% Extended Mkt VIPERs, VXF
3.91% Dividend SPDR, SDY
3.90% Consumer Cyclical DJ, IYC
3.90% MidCap Russell, IWR
3.88% Value SmallCap S&P 600 B, IJS
3.87% Value SmallCap Russell 2000, IWN
3.83% Value MidCap S&P 400 B, IJJ
3.82% MidCap Blend Core iS M, JKG
3.82% Financial Preferred, PGF
3.82% Value LargeCap Russell 3000, IWW
3.82% Retail, PMR
3.82% EAFE Index, EFA
3.80% Energy VIPERs, VDE
3.77% Growth Small Cap DJ, DSG
3.77% Growth MidCap Russell, IWP
3.76% Austria Index, EWO
3.76% Microcap Russell, IWC
3.75% South Africa Index, EZA
3.75% MidCap VIPERs, VO
3.70% Materials VIPERs, VAW
3.70% Growth SmallCap VIPERs, VBK
3.70% Small Cap VIPERs, VB
3.67% Industrial SPDR, XLI
3.67% MidCap S&P 400 iS, IJH
3.63% Value SmallCap Dynamic PS, PWY
3.59% SmallCap S&P 600, IJR
3.57% Growth EAFE MSCI, EFG
3.56% MidCap S&P 400 SPDRs, MDY
3.53% Energy Global, IXC
3.51% Growth MidCap 400 B, IJK
3.48% Energy DJ, IYE
3.46% Switzerland Index, EWL
3.46% Energy SPDR, XLE
3.45% Dividend International, PID
3.45% Dividend High Yield Equity PS, PEY
3.45% Semiconductor iS GS, IGW
3.45% LargeCap Blend NYSE Composite iS, NYC
3.41% Global 100, IOO
3.41% Preferred Stock iS, PFF
3.40% Semiconductor SPDR, XSD
3.40% Networking, IGN
3.38% Growth BARRA Small Cap 600, IJT
3.37% Growth SmallCap Dynamic PS, PWT
3.37% Global Titans, DGT
3.35% SmallCap Russell 2000, IWM
3.35% Industrial LargeCap Blend DJ US, IYJ
3.34% Value 1000 Russell, IWD
3.34% Industrials VIPERs, VIS
3.32% Value VIPERs, VTV
3.29% Natural Resource iS GS, IGE
3.27% Biotech & Genome, PBE
3.20% LargeCap Blend Core iS M, JKD
3.19% Growth SmallCap R 2000, IWO
3.17% Wilshire 5000 ST TM, TMW
3.15% Growth SmallCap iS M, JKK
3.15% Micro Cap Zachs, PZI
3.15% Growth S&P 500, RPG
3.13% Telecommunications & Wireless, PTE
3.11% LargeCap Blend S&P 1500 iS, ISI
3.10% Asia 50 BLDRS, ADRA
3.09% LargeCap Blend Russell 3000, IWV
3.09% Growth Large Cap, ELG
3.08% Value S&P 500 B, IVE
3.07% Internet H, HHH
3.07% Blend Total Market VIPERs, VTI
3.06% LargeCap 1000 R, IWB
3.06% Dividend Appreciation Vipers, VIG
2.99% Semiconductors, PSI
2.98% LargeCap Blend Socially Responsible iS, KLD
2.97% Transportation Av DJ, IYT
2.97% Telecommunications Global, IXP
2.97% SmallCap PS Zacks, PZJ
2.96% LargeCap Blend Total Market DJ, IYY
2.95% MidCap Growth iS M, JKH
2.95% Value LargeCap NYSE 100 iS, NY
2.94% Value Large Cap DJ, ELV
2.94% LargeCap VIPERs, VV
2.87% Technology MS sT, MTK
2.86% Materials SPDR, XLB
2.86% Value LargeCap iS M, JKF
2.84% S&P 500 SPDRs LargeCap Blend, SPY
2.83% DIAMONDS (DJIA), DIA
2.82% Dividend DJ Select, DVY
2.81% S&P 500 iS LargeCap Blend, IVV
2.80% Growth S&P 500/BARRA, IVW
2.79% 200% Short US T Bond, TBT
2.77% Growth LargeCap NASDAQ Fidelity, ONEQ
2.76% Value LargeCap Dynamic PS, PWV
2.74% Growth LargeCap Russell 3000, IWZ
2.74% Technology SPDR, XLK
2.73% Water Resources, PHO
2.72% Growth 1000 Russell, IWF
2.71% Semiconductor H, SMH
2.69% Technology GS, IGM
2.69% Dividend Achievers PS, PFM
2.64% Commodity Tracking, DBC
2.64% LargeCap Blend S&P 100, OEF
2.63% Technology DJ US, IYW
2.61% Growth LargeCap NASDAQ 100, QQQQ
2.61% Growth VIPERs, VUG
2.61% Info Tech VIPERs, VGT
2.59% Technology Global, IXN
2.57% LargeCap Blend Dynamic PS, PWC
2.54% Value MidCap Dynamic PS, PWP
2.54% Malaysia Index, EWM
2.52% LargeCap Rydex Rus Top 50, XLG
2.48% Value 40 Large Low P/E FT DB, FDV
2.47% Telecom Services VIPERs, VOX
2.46% Growth LargeCap iS M, JKE
2.13% Aerospace & Defense, PPA
2.13% Bond High-Yield Corporate, HYG
2.10% Consumer Staples SPDR, XLP
2.07% Lg Cap Growth PSD, PWB
1.96% Pharmaceuticals, PJP
1.94% Consumer Staples VIPERs, VDC
1.93% OTC Dynamic PS, PWO
1.88% Telecom DJ US, IYZ
1.88% Software, PSJ
1.83% Software H, SWH
1.79% Consumer Non-Cyclical, IYK
1.78% Biotech SPDR, XBI
1.75% Growth Mid Cap Dynamic PS, PWJ
1.67% Software, IGV
1.62% Healthcare Global, IXJ
1.58% Value Line Timeliness MidCap Gr, PIV
1.42% Pacific VIPERs, VPL
1.22% 200% Short Bond 7-10 Yr T, PST
1.14% Health Care VIPERs, VHT
1.06% Japan LargeCap Blend TOPIX 150, ITF
1.05% Internet Architecture H, IAH
1.01% Food & Beverage, PBJ
1.01% Biotech H, BBH
0.99% Health Care SPDR, XLV
0.89% Healthcare DJ, IYH
0.88% Japan Index, EWJ
0.69% Pharmaceutical H, PPH
0.44% Telecom H, TTH
0.26% Utilities DJ, IDU
0.23% Utilities, PUI
0.00% Utilities SPDR, XLU
-0.03% Bond, TIPS, TIP
-0.07% Utilities VIPERs, VPU
-0.10% Bond, 1-3 Year Treasury, SHY
-0.14% Bond, Corp, LQD
-0.17% Utilities H, UTH
-0.29% Bond, Aggregate, AGG
-0.52% IPOs, First Tr IPOX-100, FPX
-0.59% Bond, 10 Year Treasury, IEF
-0.85% Internet Infrastructure H, IIH
-1.30% Gold Shares S.T., GLD
-1.38% Silver Trust iS, SLV
-1.55% Bond, 20+ Years Treasury, TLT
-2.78% Short 100% Dow 30, DOG
-2.84% Short 100% QQQ, PSQ
-3.00% Short 100% S&P 500, SH
-3.91% Short 100% MidCap 400, MYY
-5.29% Short 200% QQQ PS, QID
-5.39% Short 200% Dow 30 PS, DXD
-5.71% Internet B2B H, BHH
-5.75% Short 200% S&P 500 PS, SDS
-7.59% Short 200% MidCap 400 PS, MZZ
