Minor price pullbacks for the short term are still evident in global markets, but these should not last much longer.

Minor price corrections against major trends usually are limited in extent and duration.

The strongest markets ended mixed in lighter trading on Monday. Downside momentum slowed.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) rose above 6-month highs. Absolute price rose above 2-year highs on 10/29/10 and remains bullish
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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 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
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
4.29% , F , FORD MOTOR
2.20% , CTB , COOPER TIRE
2.34% , CL , COLGATE
3.74% , LAMR , Lamar Advertising Company
0.14% , PSTL , Steel Global PS ETF, PSTL
0.83% , RFV , Value MidCap S&P 400, RFV
2.51% , PST , 200% Short Bond 7-10 Yr T, PST
3.87% , CECO , CAREER EDUCATION CORP
1.08% , DPS , Dr Pepper Snapple Group
3.96% , TBT , 200% Short US T Bond, TBT
1.38% , CINF , CINCINNATI FIN
0.96% , CAT , CATERPILLAR
0.62% , PJP , Pharmaceuticals, PJP
0.36% , PWO , OTC Dynamic PS, PWO
0.51% , KLD , LargeCap Blend Socially Responsible iS, KLD
1.73% , TER , TERADYNE
0.71% , PUI , Utilities, PUI
2.67% , FMCN , Focus Media, FMCN
1.97% , SBUX , STARBUCKS
1.25% , SNA , SNAP ON
1.68% , MJN , Mead Johnson Nutrition
1.46% , AGN , ALLERGAN
1.04% , JWN , NORDSTROM
1.20% , CEPH , Cephalon Inc
2.08% , EP , EL PASO
0.13% , JKI , Value MidCap iS M, JKI
0.40% , CPWR , COMPUWARE
0.83% , EIS , Israel MSCI iS, EIS
0.67% , BBH , Biotech H, BBH
0.82% , AVY , AVERY DENNISON
0.43% , VIS , Industrials VIPERs, VIS
1.22% , ITW , ILLINOIS TOOL
1.15% , BMY , BRISTOL MYERS
1.68% , MS , MORGAN STANLEY
1.27% , PH , PARKER HANNIFIN
1.49% , BIIB , BIOGEN IDEC
0.75% , WY , WEYERHAEUSER
0.78% , CMS , CMS ENERGY
0.87% , WOR , WORTHINGTON INDS
0.31% , GAS , NICOR

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.90% , HHH , Internet H, HHH
-4.96% , S , SPRINT NEXTEL
-1.85% , MUB , Bond Muni ATM-Free S&P iS, MUB
-5.47% , PHM , PULTE HOMES
-1.73% , BHH , Internet B2B H, BHH
-2.46% , SIRI , Sirius Satellite
-3.03% , IIH , Internet Infrastructure H, IIH
-0.57% , IGM , Technology GS, IGM
-3.06% , NYT , NY TIMES STK A
-1.08% , BWX , Bond Ex-US Treas, BWX
-4.09% , AMZN , Amazoncom Inc
-1.26% , TIP , Bond, TIPS, TIP
-1.28% , DYN , DYNEGY
-0.71% , GVI , Bond Interm U.S. Gov, GVI
-1.31% , PXQ , Networking, PXQ
-0.55% , AGG , Bond, Aggregate, AGG
-1.16% , HSY , HERSHEY FOODS
-3.71% , MI , MARSHAL & ILSLEY
-0.40% , DSG , Growth Small Cap DJ, DSG
-1.82% , CAG , CONAGRA FOODS
-3.27% , UNH , UNITEDHEALTH GRP
-0.20% , DSV , Value Small Cap DJ, DSV
-0.98% , SIAL , SIGMA ALDRICH
-1.31% , ECL , ECOLAB
-0.36% , IYE , Energy DJ, IYE
-0.32% , DGT , Global Titans, DGT
-2.09% , TLT , Bond, 20+ Years Treasury, TLT
-1.14% , ECH , Chile MSCI iS, ECH
-0.50% , XEL , XCEL ENERGY
-1.73% , XHB , Homebuilders SPDR, XHB
-1.06% , LOW , LOWES
-1.32% , GIS , GENERAL MILLS
-2.14% , SHLD , SEARS HOLDINGS
-1.45% , DVN , DEVON ENERGY
-0.11% , PMR , Retail, PMR
-1.54% , TLH , Bond 10-20 Year US Treas, TLH
-1.07% , FDX , FEDEX
-0.71% , ININ , Interactive Intelligence ININ
-0.17% , IXN , Technology Global, IXN
-0.86% , GR , GOODRICH CORP

9 major U.S. stock sectors ranked in order of long-term relative strength:

Consumer Discretionary (XLY) Bullish, Over Weight. The Relative Strength Ratio (XLY/SPY) rose above 12-year highs on 11/12/10 and remains bullish. XLY has been at the top of my sector rankings for more than a year and has outperformed substantially. Absolute price rose above 3-year highs on 11/5/10 and remains bullish. Support 35.84, 35.78, 33.94, 33.11, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance 38.25 and 39.09.

Energy (XLE) Bullish, Over Weight. The Relative Strength Ratio (XLE/SPY) rose above 10-month highs on 11/11/10 and gave a new bullish signal: the 50-day SMA crossed above the 200-day SMA. Absolute price rose above 2-year highs on 11/11/10 and remains bullish, with the rising 50-day SMA above the rising 200-day SMA. Support 61.93, 60.21, 57.70, 55.68, 53.22, 50.33, 48.56, 46.16, and 43.66. Resistance 69.95 and 78.10.

Technology (XLK) Bullish, Over Weight. The Relative Strength Ratio (XLK/SPY) rose above 8-year highs on 11/3/10 and remains bullish. Absolute price of XLK rose above 2-year highs on 11/4/10 and remains bullish. Support 24.22, 23.64, 23.56, 22.68, 22.53, 21.60, 20.01, and 19.51. Resistance 25.28 and 25.69.

Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) fell below 10-week lows on 11/11/10 and remains neutral. Absolute price rose above 2-year highs on 11/5/10 and remains bullish. Support 32.25, 31.58, 30.79, 30.51, 30.32, 29.77, and 27.67. Resistance 33.53, 35.00, and 36.16.

Materials (XLB) Bullish, Over Weight. The Relative Strength Ratio (XLB/SPY) rose above 10-month highs on 11/11/10 and remains bullish. Absolute price rose above rose above 2-year highs on 11/5/10 and remains bullish. Support 35.21, 33.70, 32.36, 29.88, 29.43, and 27.67. Resistance 37.56 and 39.00.

Consumer Staples (XLP) Bearish, Under Weight. The Relative Strength Ratio (XLP/SPY) fell below 5-month lows on 11/10/10 and remains bearish. Absolute price rose above 2-year highs on 11/4/10 and remains bullish. Support 28.56, 28.28, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance 29.00, 29.29 and 30.29.

Health Care (XLV) Bearish, Under Weight. The Relative Strength Ratio (XLV/SPY) fell below 6-month lows on 11/10/10 and remains bearish, as it has been most of the time since peaking on 2/23/09. Absolute price of XLV rose above 6-month highs on 11/4/10 and is now bullish. Support 30.70, 30.11, 29.87, 28.00, 27.49. Resistance 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.

Utilities (XLU) Bearish, Under Weight. The Relative Strength Ratio (XLU/SPY) fell below 5-month lows on 11/8/10. Absolute price of XLU peaked on 10/20/10 and appears neutral. Support 31.21, 30.76, 30.15, 29.66, 27.91, 27.44, and 25.76. Resistance 32.11 and 32.40.

Financial (XLF) Bearish, Under Weight. The Relative Strength Ratio (XLF/SPY) remains bearish, below falling 50-day and 200-day SMAs. Absolute price of XLF rose above 5-month highs on 11/5/10 and remains neutral, with the 50-day SMA below the 200-day SMA. Support 14.75, 14.25, 13.29, and 13.08. Resistance 15.68, 16.13, 16.90, 17.12, 17.16, and 17.87.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) rose above 2-week highs on 11/4/10 and remains bullish.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 8-week lows on 11/11/10 and is now neutral.

NASDAQ Composite/S&P 500 Relative Strength Ratio rose above 9-year highs on 11/2/10 and remains bullish for the long term. Absolute price rose above 2-year highs on 11/8/10 and remains bullish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below 28-year lows on 11/11/10. The ratio has been trending lower since 8/3/10. Longer term, big caps have been relatively out of favor for more than 10 years, since 3/29/2000.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above 5-month highs on 11/10/10 and remains bullish.

The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above 15-year highs on 11/11/10 and remains bullish. Absolute price rose above 2-year highs on 11/5/10 and remains bullish.

Crude Oil nearest futures contract price fell below the lows of the previous 7 trading days on 11/15/10, confirming a minor price pullback for the short term. Oil rose above 2-year highs on 11/11/10, again reconfirming a bullish major long-term price trend. Support 79.84, 78.86, 72.63, 70.76, 70.35, 69.51, 68.59, 67.15, 65.05, and 64.24. Resistance 88.63, 90.51, 98.65, and 102.84.

Gold nearest futures contract price fell below the lows of the previous 6 trading days on 11/15/10, confirming a minor price pullback for the short term. Gold rose above previous all-time highs on 11/9/10, again confirming the bullish major trend. Support 1315.6, 1297.0, 1274.8, 1270.5, 1232.4, 1210.9, 1191.5, and 1155.6. Resistance: 1424.3.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) rose above 11-month highs on 11/12/10 and remains bullish.

Silver nearest futures contract price fell below the lows of the previous 6 trading days on 11/15/10, confirming a minor price pullback for the short term. Silver rose above previous 30-year highs on 11/9/10, confirming a bullish major trend.

Silver/Gold Ratio rose further above 2-year highs on 11/5/10, again confirming a bullish trend. Silver has outperformed Gold substantially since 8/20/10.

Copper nearest futures contract price fell below the lows of the previous 6 trading days on 11/15/10 but reversed to close higher. Copper rose above previous 2-year highs on 11/11/10, again confirming the bullish major trend. Strength in Copper suggests confidence about prospects for the world economy, while weakness in Copper suggests doubts. Support 3.7035, 3.6445, 3.3930, 3.1775, 2.9285, 2.8555, 2.8445, and 2.72. Resistance 3.90, 4.0825, and 4.27.

U.S. Treasury Bond nearest futures contract price fell below the lows of the previous 4 months on 11/15/10, confirming the preexisting bearish trend for the intermediate-term trend. Support 125.07, 124.19, 123.03, 121.28, 119.26, 118.24, 118.12, 115.15, 114.06. 113.04, and 112.15. Resistance 129.27, 133.00, 135.12, 135.19, 136.31, 137.31, and 142.31.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) rose above 6-month highs on 11/15/10. Absolute price rose above 2-year highs on 10/29/10 and remains bullish.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) sagged lower since 10/26/10, which implies that fixed-income investors actually have been choosing less inflation protection, contrary to those voices warning of inflation recently.

The U.S. dollar nearest futures contract price rose above 4-week highs and closed above old resistance at 78.64 on 11/15/10. The preexisting short-term bounce was confirmed. USD fell below 11-month lows on 11/3/10, however, thereby confirming a bearish long-term price trend. Support 75.235, 74.27, and 70.80. Resistance 78.64, 80.505, 82.335, 83.315, 83.64, 83.96, 85.36, 86.71, 88.80, 89.22, 89.71, and 92.53.

Advisory Service Sentiment: There were 48.4% Bulls versus 23.1% Bears as of 11/10/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio stands at an above average 2.10, up from an extreme low of 0.78 on 9/1/10. That 0.78 was the lowest level of bullish sentiment in 17 months, since 3/25/09. Previously, the ratio had fallen substantially from an extreme peak at 3.36 set on 1/13/10, which was the highest bullish sentiment in 6 years. The 20-year range is 0.41 to 3.74, the median is 1.53, and the mean is 1.60.

VIX Fear Index collapsed to the 18-22 range in November, down from 48 last May. This indicates increasing bullish confidence and decreasing concern and hesitancy by options players to chase obvious price strength. 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 Dow Theory reconfirmed a Primary Tide Bull Market as of 11/3/10, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 25 months. The Dow Theory originally signaled the current Primary Tide Bull Market on 7/23/09, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 6 months. Many other analysts were fooled into calling “Bear Market” by the big downside Secondary Reaction in May and June 2010, but my interpretation has been steadily Bullish on the Primary Trend.

S&P 500 Composite (SPX, 1,197.75) consolidated recent moderate losses with an “Inside Day” (lower high and higher low) in lighter trading. SPX fell below the lows of the previous 6 trading days on 11/12/10, confirming a minor price pullback for the short term. Last week, SPX retraced a normal two-thirds fraction of its gain from its November intraday low to its November intraday low, which is a typical price correction within a larger uptrend. Such minor price pullbacks ought to be limited in this phase of the stock market. On Friday 11/5/10, SPX closed above its closing price highs of the previous 25 months and again confirmed The Dow Theory Primary Tide Bull Market.

S&P 500 Cash Index 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
1406.32, high of 5/29/2008
1381.50, Fibonacci 78.6% of 2007-2009 range
1366.59, high of 6/17/2008
1335.63, high of 6/25/2008
1313.15, high of 8/11/2008
1274.42, high of 9/8/2008
1255.09, high of 9/12/2008
1238.81, Fibonacci 78.6% of 1,576.09 high
1228.74, Fibonacci 61.8% of 2007-2009 range
1227.08, high of 11/5/10

S&P 500 Cash Index Potential Support
1177.65, low of 11/1/10
1171.70, low of 10/27/10
1166.74, low of 10/20/10
1159.71, low of 10/19/10
1,151.41, low of 10/7/10
1,131.87, low of 10/4/10
1122.79, low of 9/23/2010
1114.63, low of 9/15/2010
1110.88, low of 9/10/2010
1091.15, low of 9/7/2010
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% of 2009-2010 range
666.79, intraday low of 3/6/2009

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol

1.35% Thailand MSCI iS, THD
1.21% Agriculture DB PS, DBA
0.70% Biotech SPDR, XBI
0.67% Turkey MSCI iS, TUR
0.60% Financial Services DJ, IYG
0.50% Capital Markets KWB ST, KCE
0.49% Sweden Index, EWD
0.44% Financial SPDR, XLF
0.40% WilderHill Clean Energy PS, PBW
0.37% Utilities VIPERs, VPU
0.37% MidCap S&P 400 iS, IJH
0.36% Growth MidCap 400 B, IJK
0.34% Austria Index, EWO
0.34% Utilities SPDR, XLU
0.31% Dividend DJ Select, DVY
0.31% Industrial SPDR, XLI
0.26% Transportation Av DJ, IYT
0.24% MidCap S&P 400 SPDRs, MDY
0.24% Financial DJ US, IYF
0.24% Financials VIPERs, VFH
0.23% Water Resources, PHO
0.21% Brazil Index, EWZ
0.20% Dividend SPDR, SDY
0.19% Value SmallCap S&P 600, RZV
0.16% Value MidCap S&P 400 B, IJJ
0.16% Commodity Tracking, DBC
0.15% Dividend High Yield Equity PS, PEY
0.13% Germany Index, EWG
0.13% South Africa Index, EZA
0.10% Dividend Appreciation Vipers, VIG
0.08% Value MidCap Russell, IWS
0.08% Oil, Crude, U.S. Oil Fund, USO
0.08% Australia Index, EWA
0.08% DIAMONDS (DJIA), DIA
0.08% SmallCap S&P 600, IJR
0.07% India Earnings WTree, EPI
0.07% Small Cap VIPERs, VB
0.07% MidCap Russell, IWR
0.06% Value 1000 Russell, IWD
0.06% Value SmallCap VIPERS, VBR
0.06% Value SmallCap S&P 600 B, IJS
0.05% Growth SmallCap R 2000, IWO
0.05% Spain Index, EWP
0.04% Microcap Russell, IWC
0.04% Switzerland Index, EWL
0.04% Growth MidCap Russell, IWP
0.03% Consumer Staples SPDR, XLP
0.03% Global 100, IOO
0.03% Health Care SPDR, XLV
0.03% LargeCap Blend Russell 3000, IWV
0.02% Value LargeCap Dynamic PS, PWV
0.02% South Korea Index, EWY
0.02% Value SmallCap Russell 2000, IWN
0.01% SmallCap Russell 2000, IWM
0.00% Value S&P 500 B, IVE
0.00% Preferred Stock iS, PFF
0.00% Japan Index, EWJ
0.00% Growth EAFE MSCI, EFG
0.00% Dividend International, PID
0.00% Bond Treasury Short-Term iS, SHV
-0.01% Growth BARRA Small Cap 600, IJT
-0.03% EMU Europe Index, EZU
-0.04% Value VIPERs, VTV
-0.04% Pacific ex-Japan, EPP
-0.04% Emerging Markets, EEM
-0.05% Indonesia MV, IDX
-0.05% Global ex US ACWI iS, ACWX
-0.06% Bond, 1-3 Year Treasury, SHY
-0.06% Emerging 50 BLDRS, ADRE
-0.07% Canada Index, EWC
-0.07% EAFE Index, EFA
-0.07% Taiwan Index, EWT
-0.07% Belgium Index, EWK
-0.08% LargeCap 1000 R, IWB
-0.08% Latin Am 40, ILF
-0.08% Value EAFE MSCI, EFV
-0.09% Pacific VIPERs, VPL
-0.11% Growth SmallCap VIPERs, VBK
-0.12% France Index, EWQ
-0.13% Emerging VIPERs, VWO
-0.13% S&P 500 iS LargeCap Blend, IVV
-0.14% European VIPERs, VGK
-0.14% LargeCap Blend S&P 100, OEF
-0.14% S&P 500 SPDRs LargeCap Blend, SPY
-0.15% LargeCap VIPERs, VV
-0.15% Blend Total Market VIPERs, VTI
-0.16% LargeCap Blend S&P=Weight R, RSP
-0.16% Mexico Index, EWW
-0.17% Growth VIPERs, VUG
-0.17% Bond, High-Yield Junk, JNK
-0.19% Energy Global, IXC
-0.19% Bond, High-Yield Corporate, HYG
-0.19% Consumer Discretionary SPDR, XLY
-0.20% Europe 350 S&P Index, IEV
-0.22% Growth 1000 Russell, IWF
-0.23% Russia MV, RSX
-0.24% Netherlands Index, EWN
-0.25% Small Cap EAFE MSCI iS, SCZ
-0.27% Telecom DJ US, IYZ
-0.29% Technology SPDR, XLK
-0.32% Growth S&P 500/BARRA, IVW
-0.32% India PS, PIN
-0.34% United Kingdom Index, EWU
-0.36% Singapore Index, EWS
-0.36% Energy DJ, IYE
-0.37% Growth LargeCap NASDAQ 100, QQQQ
-0.40% Info Tech VIPERs, VGT
-0.41% Hong Kong Index, EWH
-0.43% Energy VIPERs, VDE
-0.43% Malaysia Index, EWM
-0.45% Technology DJ US, IYW
-0.47% Italy Index, EWI
-0.51% Energy SPDR, XLE
-0.55% Bond, Aggregate, AGG
-0.60% Metals & Mining SPDR, XME
-0.62% Natural Resource iS GS, IGE
-0.64% Semiconductor SPDR, XSD
-0.66% Financial Preferred, PGF
-0.72% Basic Materials DJ US, IYM
-0.75% Semiconductor iS IGW, SOXX
-0.79% Materials SPDR, XLB
-0.90% Bond EmrgMkt JPM iS, EMB
-0.93% China LargeCap Growth G D H USX PS, PGJ
-0.95% Gold Shares S.T., GLD
-0.96% REIT VIPERs, VNQ
-1.04% REIT Wilshire, RWR
-1.06% Realty Cohen & Steers, ICF
-1.08% Bond Ex-US Treas, BWX
-1.09% Real Estate US DJ, IYR
-1.10% Bond, Corp, LQD
-1.12% Networking, IGN
-1.14% Chile MSCI iS, ECH
-1.26% Bond, TIPS, TIP
-1.29% Bond, 10 Year Treasury, IEF
-1.31% China 25 iS, FXI
-1.73% Homebuilders SPDR, XHB
-1.85% Bond Muni ATM-Free S&P iS, MUB
-2.09% Bond, 20+ Years Treasury, TLT
-2.30% Silver Trust iS, SLV