The markets are marking time, waiting for political appointees in high places in Europe and the FMOC to announce major decisions that will alter the course of your money and investments. Surely, these wonderful wizards will do the right thing and nothing can go wrong. The only question is: to what extent is the expected good news already discounted?
The S&P 500 (SPX: 1,433.56) rose 4.48 points or 0.31% on Tuesday, making back a insignificant fraction of its insignificant loss on Monday. Tuesday ‘s mild stock market recovery attempt changes nothing in my analysis, so you can stop reading here, unless you wish to review.
NYSE volume rose 9% to a level 7% below its 200-day SMA. Volume fell to its lowest levels in 13 years in August, reflecting diminishing enthusiasm for stocks. NYSE Volume 50-day SMA and 200-day SMA fell to their lowest levels in 13 years, and both are still trending down.
On-Balance Volume for the SPX remains in a downtrend with bearish divergence.
NYSE Cumulative Volume of Advancing Stocks minus Volume of Declining Stocks is still a considerable distance away from recovering its March-June loss. Clearly, volume has not been confirming the price up move.
It takes volume to push prices up. After the shorts have been forced to cover and the longs have had their fill of buying, in the absence of a fresh source of demand, stocks fall of their own weight.
RSI for the SPX is in the overbought zone that has marked previous market highs.
While the S&P 500 Composite Price Index rose to a new 4-year high last week, both the percentage of these same 500 stocks that are above their 200-day SMAs (now at 77, down from a peak above 85 in March) and the percentage in bullish Point-and-Figure Chart uptrends (now at 75, down from a peak above 85 in February) failed to confirm that higher high. Although both rose last week, both market breadth indicators still are diverging bearishly compared to the S&P 500 Composite Stock Price Index.
Investor sentiment data indicates alarming degrees of optimism and bullish complacency as the stock price indexes rise above their 2012 market highs. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean, as it did during the -10% April-June 2012 downside price correction for the stock market.
The technical condition of the stock market does not support the optimism of the bullish majority of stock investors and traders.
The S&P 500 much closer to its upper channel resistance line than to its lower channel support line. If the S&P continues to fluctuate within this channel, as it commonly does, then potential risk to the lower line is now about 4 times potential reward to the upper line. Choosing safety over risk appears to be the most reasonable approach for conservative traders and investors.
*For extensive coverage of major global markets with illustrative charts, take a free trial for my weekly report —
click here.
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Hedge funds and equity mutual funds both lost money last year, 2011, and some are down again this year as well.
Meanwhile, one money manager made gains for 5 consecutive quarters; see:
Robert W. Colby Asset Management, Inc. (click here).
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Stock Market Indicators
The Dow Theory signaled a Primary Tide Bear Market on 5/17/12 when both Industrials and Transports closed below their closing price lows of the previous 4 months, including the critical lows of March and April, 2012. The Dow-Jones Industrial Average rose above its closing price highs of the previous 4-years on Tuesday, 9/11/12, but the Dow-Jones Transportation Average did not, thereby failing to confirm a Dow Theory uptrend. The Transportation Average closed below its lows of the previous 6 weeks on 9/5/12 and remains relatively weak, far below its 4-year closing price highs.
NASDAQ 100/S&P 500 Relative Strength Ratio (QQQ/SPY) rose above its 50-day SMA on 8/6/12, thereby turning systematically bullish again. QQQ/SPY remains above its 200-day SMA, and its 50-day SMA has been above its 200-day SMA since 8/5/11.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 3 years on 9/4/12, reconfirming its bearish trend. Short term, BKF/SPY turned systematically bearish again on 8/14/12, when it fell below its 50-day SMA. BKF/SPY remains below its 200-day SMA, and its 50-day SMA has remained below its 200-day SMA every day since 1/13/11.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below its lows of the previous 3 years on 9/5/12, reconfirming its preexisting bearish trend. EEM/SPY turned systematically bearish again on 8/17/12, when it fell below its 50-day SMA. EEM/SPY remains below its 200-day SMA, and its 50-day SMA has remained below its 200-day SMA every day since 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) whipsawed back above its 50-day SMA on 9/7/12, thereby turning systematically neutral again. EFA/SPY remains below its 200-day SMA, and its 50-day SMA has remained below its 200-day SMA every day since 1/14/11.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEF/SPY) whipsawed back down below its 50-day SMA on 9/6/12, thereby turning systematically neutral again. OEF/SPY remains above its 200-day SMA, and the 50-day SMA has been above the 200-day SMA consistently every day since 8/24/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. On the other side of the coin, Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above its 50-day SMA on 9/4/12, thereby turning systematically neutral. IWM/SPY remains below its 200-day SMA, and its 50-day SMA has remained below its 200-day SMA consistently every day since 4/20/12.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) MDY/SPY whipsawed back above its 50-day SMA on 8/28/12, thereby turning systematically neutral again. MDY/SPY remains below its 200-day SMA, and its 50-day SMA has been below its 200-day SMA since 6/6/12.
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Sentiment for Contrary Thinking
Investor sentiment data indicates alarming degrees of optimism and bullish complacency as the stock price indexes rise above their 2012 market highs. Current elevated levels of optimism are bearish because when the majority is this bullish, investors are already fully invested in the market. Once everyone who is going to buy has already bought, stocks are vulnerable to a downside shakeout. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean, as it did during the -10% April-June 2012 downside price correction for the stock market.
AAII Sentiment shows that individual investors shifted toward moderation. As of 9/6/12, there were 33.06% Bulls and 33.06% Bears. In contrast, as of 8/23/12, there were 41.96% Bulls and 25.87% Bears–which was the most extreme optimism since 3/29/12, a few days before the SPX high close for the year and the beginning of a significant downside correction.
Investors Intelligence Sentiment shows that stock market newsletter advisors are even more bullish. As of 9/5/12, there were 51.0% Bulls and 24.5% Bears. This 51.0% Bulls is the largest percentage of Bulls since 4/4/12, just 2 days after the SPX high close for the year and the beginning of a 10% decline for the S&P 500 index stretching over 60 days.
Hulbert Stock Newsletter Sentiment Index showed that the average recommended equity exposure among a subset of the shortest-term stock market timers jumped to 53.1% in August, up from previous peaks at 47.0% in July and 42.1% in May. “Watch out for a correction — or worse. The odds of a stock market correction are now quite elevated,” according to Mark Hulbert.
Corporate Insiders Are Extremely Bearish. Insiders sold 5.97 shares for each share bought in August–up from 1.6-to-1 in May, and up from a long-term average of 2.25-to-1. The data was compiled by Vickers Weekly Insider Report, published by Argus Research, and reported by Mark Hulbert on MarketWatch.com.
NYSE Short Interest fell by more than 884 million shares from June to August, a decline of 6%. This source of short-covering, potential demand for stocks has diminished.
The ICI reported $62.6 billion has been withdrawn from domestic equity mutual funds so far in 2012. This is another confirmation that supply is greater than demand for stocks.
VIX Fear Index fell to 13.30 intraday on 8/17/12, its lowest level in more than 5 years, since 6/20/07. VIX fell from an intraday peak of 27.73 on 6/4/12. This large drop suggests a shift from worried concern to bullish complacency. 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.
The S&P 500 Composite Potential Resistance
1576.09, high of 10/11/2007
1552.76, high of 10/31/2007
1523.57, high of 12/11/2007
1498.85, high of 12/26/2007
1440.24, high of 5/19/2008
1438.74, high of 9/10/2012
The S&P 500 Composite Potential Support
1426.68, high of 8/21/2012
1422.38, high of 4/2/2012
1418.71, high of 8/17/2012
1415.32, high of 5/1/2012
1396.56, low of 9/4/2012
1391.04, low of 8/6/2012
1389.07, Fibonacci 78.6% of April-June 2012 range
1388.71, low of 5/3/2012
1387.15, 50-day SMA
1381.50, Fibonacci 78.6% of 2007-2009 range
1380.39, high of 7/19/2012
1374.81, high of 7/3/2012
1370.58, high of 5/2/2011
1363.49, high of 6/19/2012
1362.93, Fibonacci 61.8% of April-June 2012 range
1357.38, low of 4/10/2012
1355.70, low of 7/2/2012
1344.56, Fibonacci 50% of April-June 2012 range
1344.67, 200-day SMA
1340.34, Fibonacci 23.6% of 2011-12 range
1340.03, low of 3/6/2012
1335.52, high of 6/11/2012
1334.93, high of 5/31/2012
1329.24, low of 7/24/2012
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1326.19, Fibonacci 38.2% of April-June 2012 range
1325.41, low of 7/12/2012
1306.62, low of 6/12/2012
1303.47, Fibonacci 23.6% of April-June 2012 range
1291.98, low of 5/18/2012
1289.59, Fibonacci 38.2% of 2011-12 range
1266.74, low of 6/4/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.58, Fibonacci 61.8% of 2011 range
1248.58, Fibonacci 50.0% of 2011-12 range
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/2011
1231.04, high of 12/16/2011
1228.74, Fibonacci 61.8% of 2007-2009 range
1226.64, low of 11/9/2011
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1207.56, Fibonacci 61.8% of 2011-12 range
1202.37, low of 12/19/2011
1158.66, low of 11/25/2011
1121.44, Fibonacci 50% of 2007-2009 range
1074.77, low of 10/4/2011
1149.16, Fibonacci 78.6% R of 2011-12 range
1014.14, Fibonacci 38.2% of 2007-2009 range
1010.91, low of 7/1/2010
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
881.38, Fibonacci 23.6% of 2007-2009 range
869.32, low of 7/8/2009
666.79, intraday low of 3/6/2009
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) remains systematically neutral: below its 50-day SMA, below its 200-day SMA, and its 50-day SMA has stayed above its 200-day SMA every day since 10/26/11. Support 21.89, 21.74, 21.58, 21.07, and 20.84. Resistance 22.45, 23.14, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index remains systematically neutral: above its 50-day SMA, above its 200-day SMA, and its 50-day SMA has remained below its 200-day SMA every day since 8/18/11. The 50-200 SMA spread is narrowing rapidly, however, and a bullish crossover appears likely in weeks ahead.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and its 50-day SMA rose above its 200-day SMA on 8/13/12. High food prices could bring trouble for the general economy because more consumer spending for food means less consumer spending available for other goods and services.
Crude Oil, United States Oil ETF (USO) turned systematically neutral on 7/16/12, when price rose above its 50-day SMA. USO remains below its 200-day SMA, and its 50-day remains below its 200-day SMA. Support 34.34, 32.45, 31.40, 29.02, 26.28, and 22.74. Resistance 36.45, 36.97, 40.29, 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) rose above its 200-day SMA on 8/22/12 and rose above its 50-day SMA on 8/3/12. GLD remains systematically neutral because its 50-day SMA has stayed below its 200-day SMA every day since 4/17/12. The 50-200 SMA spread is narrowing, however, and a bullish crossover appears possible in weeks ahead. Support: 159.56, 154.83, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 174.00, 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) rose above its 50-day SMA on 8/16/12, thereby turning systematically neutral. GDX/GLD remains below its 200-day SMA, and its 50-day SMA has remained bearishly below its 200-day SMA every day since 2/22/11.
Silver, iShares Silver Trust ETF (SLV) price rose above its 50-day SMA on 8/3/12, thereby turning systematically neutral. SLV price rose above its 200-day SMA on 8/31/12. The price 50-day SMA has remained below its 200-day SMA every day since 10/27/11, but the 50-200 SMA spread is narrowing. Support 29.28, 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71, and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) rose above its 50-day SMA on 8/16/12, thereby turning systematically neutral. SLV/GLD rose above its 200-day SMA on 8/31/12. SLV/GLD remains systematically neutral because its 50-day SMA has stayed below its 200-day SMA every day since 8/30/11. The 50-200 SMA spread has been narrowing over the past two weeks, however, and a bullish crossover could be possible in weeks ahead if the SLV/GLD remains strong.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) price rose above its 50-day SMA on 8/21/12, thereby turning systematically neutral. Price rose above its 200-day SMA on 9/7/12. JJC remains systematically neutral because its 50-day SMA has remained below its 200-day SMA every day since 5/31/12. The 50-200 SMA spread has begun to narrow over the past few weeks, however. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this strengthening from bearish to neutral may be suggesting less pessimism about prospects going forward.
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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 later revealed to be deal stocks or are the subject of some other extraordinary events, positive or negative.
Bullish Stocks: Rising Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
8.97% , RFMD , RF Micro Devices Inc
5.42% , LM , LEGG MASON
4.29% , GCI , GANNETT
0.56% , FPX , IPOs, First Tr IPOX-100, FPX
0.67% , IGN , Networking, IGN
9.69% , CECO , CAREER EDUCATION CORP
2.15% , EWP , Spain Index, EWP
1.81% , EZU , EMU Europe Index, EZU
0.45% , AIG , AMER INTL GROUP
1.36% , IEV , Europe 350 S&P Index, IEV
0.90% , IXP , Telecommunications Global, IXP
0.37% , KCE , Capital Markets KWB ST, KCE
0.73% , IXJ , Healthcare Global, IXJ
1.94% , VIA.O , VIACOM INC. (New)
1.29% , EWK , Belgium Index, EWK
1.68% , ZEUS , Olympic Steel, ZEUS
0.59% , ITF , Japan LargeCap Blend TOPIX 150, ITF
0.27% , PEJ , Leisure & Entertainment, PEJ
1.79% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
1.01% , EFG , Growth EAFE MSCI, EFG
3.15% , HAL , HALLIBURTON
0.24% , IWV , LargeCap Blend Russell 3000, IWV
1.02% , XRAY , DENTSPLY International Inc
2.96% , KWT , Solar Energy MV, KWT
2.23% , EWI , Italy Index, EWI
2.60% , NOV , NATIONAL OILWELL VARC0
2.78% , DHI , D.R. HORTON, DHI
1.99% , MCO , MOODYS CORP
1.31% , ADRD , Developed 100 BLDRS, ADRD
0.55% , ADRA , Asia 50 BLDRS, ADRA
1.18% , KSU , Kansas City Southern, KSU
1.67% , TUP , TUPPERWARE
1.57% , PIN , India PS, PIN
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-2.55% , RL , Polo Ralph Lauren
-2.07% , LO , Lorillard, Inc. LO
-1.45% , HOLX , Hologic, Inc., HOLX
-0.18% , TMW , Wilshire 5000 ST TM, TMW
-2.22% , ROK , ROCKWELL AUTOMAT
-2.12% , RHT , Red Hat Inc.
-3.16% , UIS , UNISYS
-0.97% , PMR , Retail, PMR
-0.34% , TLH , Bond 10-20 Year US Treas, TLH
-2.69% , CIEN.O , CIENA
-1.38% , BF.B , BROWN FORMAN STK B
-2.09% , DLTR , Dollar Tree Stores Inc
-1.91% , WFM.O , Whole Foods Market Inc
-1.79% , COH , COACH
-0.93% , DXD , Short 200% Dow 30 PS, DXD
-1.41% , MJN , Mead Johnson Nutrition
-0.40% , SIRI , Sirius Satellite
-0.94% , LAMR , Lamar Advertising Company
-1.00% , COF , CAPITAL ONE FNCL
-0.68% , ABC , AMERISOURCEBERGN
-0.93% , WPI , WATSON PHARM
-1.36% , VRSN , VeriSign Inc
-1.27% , WFC , WELLS FARGO
-0.60% , PSI , Semiconductors, PSI
-2.19% , LUV , SOUTHWEST AIRLS
-0.69% , PPL , PPL
-1.28% , BC , BRUNSWICK
-0.96% , HSIC , Henry Schein Inc
-0.46% , DOG , Short 100% Dow 30, DOG
-1.75% , UNH , UNITEDHEALTH GRP
-2.91% , S , SPRINT NEXTEL
-0.06% , PUI , Utilities, PUI
-0.99% , GPS , GAP
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.23% Italy Index, EWI
2.15% Spain Index, EWP
2.11% Germany Index, EWG
1.83% Austria Index, EWO
1.81% EMU Europe Index, EZU
1.77% France Index, EWQ
1.59% Dividend ex-U.S. DJ iS, IDV
1.58% Sweden Index, EWD
1.57% India PS, PIN
1.54% Australia Index, EWA
1.47% European VIPERs, VGK
1.42% WilderHill Clean Energy PS, PBW
1.40% Pacific ex-Japan, EPP
1.39% Netherlands Index, EWN
1.39% Brazil Index, EWZ
1.36% Europe 350 S&P Index, IEV
1.33% Value EAFE MSCI, EFV
1.32% Russia MV, RSX
1.29% Belgium Index, EWK
1.27% Emerging 50 BLDRS, ADRE
1.26% Global ex U.S. LargeCap Blend, ACWX
1.25% Metals & Mining SPDR, XME
1.21% Taiwan Index, EWT
1.20% Emerging Markets MSCI iS, EEM
1.14% Foreign LargeCap EAFE MSCI iS, EFA
1.13% Latin Am 40, ILF
1.12% Energy & Nat Res iS GS, IGE
1.12% Energy Global, IXC
1.10% Emerging VIPERs, VWO
1.08% SmallCap Blend EAFE MSCI iS, SCZ
1.07% Turkey MSCI iS, TUR
1.07% Energy SPDR, XLE
1.06% India Earnings WTree, EPI
1.06% Singapore Index, EWS
1.05% Dividend International, PID
1.04% China LargeCap Growth G D H USX PS, PGJ
1.03% China 25 iS, FXI
1.02% Switzerland Index, EWL
1.01% Growth EAFE MSCI, EFG
1.01% Energy VIPERs, VDE
0.98% Hong Kong Index, EWH
0.98% Financial Services DJ, IYG
0.95% Energy DJ, IYE
0.93% Global 100, IOO
0.91% Pacific VIPERs, VPL
0.88% South Korea Index, EWY
0.87% Semiconductor SPDR, XSD
0.84% Financial SPDR, XLF
0.76% Financials VIPERs, VFH
0.73% Oil, Crude, U.S. Oil Fund, USO
0.72% Bond Ex-US Treas, BWX
0.72% Financial DJ US, IYF
0.71% Transportation Av DJ, IYT
0.71% Frontier Markets Guggenheim , FRN
0.71% Global LargeCap Blend MSCI iS, ACWI
0.71% Chile MSCI iS, ECH
0.68% Bond, High Yield Corp iBoxx iS, HYG
0.68% South Africa Index, EZA
0.67% Networking, IGN
0.65% Semiconductor iS IGW, SOXX
0.60% Mexico Index, EWW
0.58% United Kingdom Index, EWU
0.56% LargeCap Blend S&P=Weight R, RSP
0.54% Industrial SPDR, XLI
0.53% Value MidCap Russell, IWS
0.53% Basic Materials DJ US, IYM
0.49% Malaysia Index, EWM
0.49% LargeCap Value S&P 500 iS, IVE
0.47% Bond, High-Yield Junk, JNK
0.46% DIAMONDS (DJIA), DIA
0.46% Canada Index, EWC
0.45% Homebuilders SPDR, XHB
0.44% Telecom DJ US, IYZ
0.44% Japan Index, EWJ
0.43% SmallCap Value Russell 2000 iS, IWN
0.41% Value LargeCap Dynamic PS, PWV
0.40% Oil Fund PowerShares, DBO
0.39% Real Estate US DJ iS, IYR
0.39% Value VIPERs, VTV
0.39% Microcap Russell, IWC
0.37% LargeCap Value Russell 1000 iS, IWD
0.37% Silver Trust iS, SLV
0.37% Capital Markets KWB ST, KCE
0.36% Gold Shares S.T., GLD
0.36% Value SmallCap VIPERS, VBR
0.35% Materials SPDR, XLB
0.34% SmallCap Value S&P 600 iS, IJS
0.34% REIT Wilshire, RWR
0.33% Thailand MSCI iS, THD
0.30% Realty Cohen & Steers, ICF
0.30% REIT VIPERs, VNQ
0.29% LargeCap VIPERs, VV
0.29% MidCap Russell, IWR
0.28% S&P 500 SPDRs LargeCap Blend, SPY
0.26% Technology SPDR, XLK
0.26% Water Resources, PHO
0.25% LargeCap Blend S&P 500 iS, IVV
0.24% MidCap Value S&P 400 iS, IJJ
0.24% LargeCap Blend S&P 100, OEF
0.24% LargeCap Blend Russell 3000 iS, IWV
0.22% Small Cap VIPERs, VB
0.22% Dividend Appreciation Vipers, VIG
0.22% Blend Total Market VIPERs, VTI
0.21% SmallCap Blend Russell 2000 iS, IWM
0.21% Commodity Tracking, DBC
0.20% SmallCap Growth S&P 600 iS, IJT
0.20% Biotech SPDR, XBI
0.19% LargeCap Blend Russell 1000 iS, IWB
0.19% Info Tech VIPERs, VGT
0.17% Growth VIPERs, VUG
0.14% Dividend SPDR, SDY
0.13% Bond, Emerg Mkt JPM iS, EMB
0.13% Technology DJ US, IYW
0.13% Bond, Muni S&P ATM-Free iS, MUB
0.12% SmallCap Blend S&P 600 iS, IJR
0.11% Growth MidCap Russell, IWP
0.11% MidCap Blend S&P 400 iS, IJH
0.11% Financial Preferred, PGF
0.10% Dividend High Yield Equity PS, PEY
0.10% LargeCap Growth S&P 500 iS, IVW
0.08% Bond, Long-Term Corp iBoxx iS, LQD
0.08% LargeCap Growth Russell 1000 iS, IWF
0.07% Growth SmallCap VIPERs, VBK
0.07% MidCap S&P 400 SPDRs, MDY
0.05% Health Care SPDR, XLV
0.04% SmallCap Growth Russell 2000 iS, IWO
0.04% Indonesia MV, IDX
0.02% Bond, 1-3 Year Treasury, SHY
0.00% Bond Treasury Short-Term iS, SHV
-0.03% MidCap Growth S&P 400 iS, IJK
-0.03% Dividend U.S. DJ iS, DVY
-0.04% Consumer Discretionary SPDR, XLY
-0.05% Preferred Stock iS, PFF
-0.10% Bond, TIPS U.S. Treasury iS, TIP
-0.12% Bond, Intermediate US Aggregate iS, AGG
-0.16% QQQ Nasdaq 100 Trust, QQQ
-0.19% Bond, 10 Year Treasury, IEF
-0.25% Utilities SPDR, XLU
-0.26% Bear, Short S&P 500, SH
-0.31% Utilities VIPERs, VPU
-0.31% Consumer Staples SPDR, XLP
