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 S&P 500 (SPX: 1,432.12) rose 28.68 points or 2.04% on Thursday. It was the largest percentage price gain since 6/29/12 and the highest price level in more than 4 years. A variety of price momentum indicators turned upward but remain far below their highs for the year.
NYSE volume soared 42% to a level 4% above its 200-day SMA, thereby confirming stronger demand for stocks. 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 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 remains weak relative to price: it recovered only a little more than 2/3rds of 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.
While the S&P 500 Composite Price Index hit a new high, both the percentage of these same 500 stocks that are above their 200-day SMAs (now at 74, down from a peak above 85 in March) and the percentage in bullish Point-and-Figure Chart uptrends (now at 72, down from a peak above 85 in February) failed to confirm that strong trend. Both are diverging bearishly compared to the S&P 500.
With the stock price indexes far above their 4-year lows and now above the top ends of their 4-year price ranges, downside risk may exceed upside potential for the stock market. 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 Thursday, 9/6/12, 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) reconfirmed a bearish major trend when it fell below its lows of the previous 9 years on 7/24/12. EFA/SPY whipsawed back down below its 50-day SMA on 9/4/12, thereby turning systematically bearish 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
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
1381.96, 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
1340.88, 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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Fixed-Income Investments
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) closed below its 50-day SMA on 9/5/12, turning systematically neutral again. TLT remains above its 200-day SMA, and its 50-day SMA has remained above its 200-day SMA every day since 6/24/11. TLT rose to a new high on 7/24/12, thereby confirming its preexisting major uptrend. Support 120.52, 117.44, 115.69, 114.82, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance: 127.72, 130.69, and 132.22.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) closed below its 50-day SMA on 9/6/12, turning systematically neutral again. IEF remains above its 200-day SMA, and its 50-day SMA has remained above its 200-day SMA every day since 6/21/11. IEF rose to a new high on 7/24/12, thereby confirming its preexisting major uptrend. Support 106.42, 105.84, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance: 108.99, 109.32, and 109.89.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back up above its 50-day SMA on 9/6/12, thereby turning systematically neutral again. JNK/LQD remains below its 200-day SMA, and its 50-day SMA fell below its 200-day SMA on 6/1/12.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) whipsawed back up above its 50-day SMA on 9/4/12, thereby turning systematically neutral. TIP/IEF remains below its 200-day SMA, and its 50-day SMA crossed below its 200-day SMA on 6/27/12.
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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 22.14, 21.89, 21.74, 21.58, 21.07, and 20.84. Resistance 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.
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 far below its 200-day SMA. Support 34.34, 32.45, 31.40, 29.02, 26.28, and 22.74. Resistance 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 but remains systematically neutral. GLD remains above its 50-day SMA, but its 50-day SMA has stayed below its 200-day SMA every day since 4/17/12. Support: 159.56, 154.83, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 166.57, 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. Support 29.28, 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 32.34, 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 200-day SMA on 8/31/12 but remains systematically neutral. SLV/GLD remains above its 50-day SMA, but its 50-day SMA has stayed below its 200-day SMA every day since 8/30/11.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) price whipsawed back above its 50-day SMA on 8/21/12, thereby turning systematically neutral again for the short term. Longer term, JJC fell to its lowest level in 8 months on 8/2/12, thereby confirming its major bearish trend. JJC price remains below its 200-day SMA, and its 50-day SMA has remained below its 200-day SMA every day since 5/31/12. In addition, JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since 12/31/10. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this relative weakness may be suggesting rising doubts 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
1.12% , PSJ , Software, PSJ
2.38% , DGT , Global Titans, DGT
2.14% , PXN , Nanotech Lux, PXN
8.40% , SNDK , SanDisk Corporation
10.09% , SHLD , SEARS HOLDINGS
2.13% , ADRA , Asia 50 BLDRS, ADRA
7.73% , SNV , SYNOVUS
4.63% , XSD , Semiconductor SPDR, XSD
4.32% , EZA , South Africa Index, EZA
2.83% , EWK , Belgium Index, EWK
5.03% , BAC , BANK OF AMERICA
8.05% , SWK , Stanley Black & Decker
1.74% , NYC , LargeCap Blend NYSE Composite iS, NYC
2.68% , PBW , WilderHill Clean Energy PS, PBW
1.32% , FPX , IPOs, First Tr IPOX-100, FPX
3.04% , SOXX , Semiconductor iS IGW, SOXX
1.15% , PUI , Utilities, PUI
4.53% , C , CITIGROUP
3.03% , VGK , European VIPERs, VGK
2.53% , PSI , Semiconductors, PSI
4.69% , ADSK , AUTODESK
2.82% , IGV , Software, IGV
1.63% , PZI , Micro Cap Zachs, PZI
2.50% , IOO , Global 100, IOO
2.19% , EPP , Pacific ex-Japan, EPP
5.36% , EWI , Italy Index, EWI
1.86% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
4.26% , JPM , J P MORGAN CHASE
3.36% , IGN , Networking, IGN
4.83% , STI , SUNTRUST BANKS
2.25% , RZV , Value SmallCap S&P 600, RZV
4.20% , EWO , Austria Index, EWO
2.02% , IWV , LargeCap Blend Russell 3000, IWV
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-7.37% , PWER , POWER ONE
-4.01% , SDS , Short 200% S&P 500 PS, SDS
-3.84% , MZZ , Short 200% MidCap 400 PS, MZZ
-4.40% , QID , Short 200% QQQ PS, QID
-2.16% , PSQ , Short 100% QQQ, PSQ
-3.73% , DXD , Short 200% Dow 30 PS, DXD
-1.69% , AIG , AMER INTL GROUP
-1.79% , MYY , Short 100% MidCap 400, MYY
-1.67% , TLT , Bond, 20+ Years Treasury, TLT
-2.00% , SH , Short 100% S&P 500, SH
-1.90% , WAG , WALGREEN
-1.00% , EWM , Malaysia Index, EWM
-0.96% , USO , Oil, Crude, U.S. Oil Fund, USO
-0.44% , LQD , Bond, Corp, LQD
-0.23% , AGG , Bond, Aggregate, AGG
-0.68% , IEF , Bond, 10 Year Treasury, IEF
-0.84% , TLH , Bond 10-20 Year US Treas, TLH
-1.91% , RAI , Reynolds American
-1.88% , DOG , Short 100% Dow 30, DOG
-0.29% , MUB , Bond Muni ATM-Free S&P iS, MUB
-0.05% , BWX , Bond Ex-US Treas, BWX
-0.58% , LO , Lorillard, Inc. LO
-0.05% , PGF , Financial Preferred, PGF
-0.14% , FAST , Fastenal Company
-0.10% , SUN , SUNOCO
-0.05% , SHY , Bond, 1-3 Year Treasury, SHY
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
5.78% Spain Index, EWP
5.36% Italy Index, EWI
4.63% Semiconductor SPDR, XSD
4.32% South Africa Index, EZA
4.20% Austria Index, EWO
3.71% EMU Europe Index, EZU
3.58% Russia MV, RSX
3.36% Networking, IGN
3.24% France Index, EWQ
3.09% Germany Index, EWG
3.04% Semiconductor iS IGW, SOXX
3.03% European VIPERs, VGK
3.02% Netherlands Index, EWN
2.93% Brazil Index, EWZ
2.92% Europe 350 S&P Index, IEV
2.88% Metals & Mining SPDR, XME
2.83% Belgium Index, EWK
2.68% WilderHill Clean Energy PS, PBW
2.68% Financial Services DJ, IYG
2.64% Basic Materials DJ US, IYM
2.59% Value EAFE MSCI, EFV
2.50% Materials SPDR, XLB
2.50% Global 100, IOO
2.49% Foreign LargeCap EAFE MSCI iS, EFA
2.44% Australia Index, EWA
2.40% Homebuilders SPDR, XHB
2.38% Global ex U.S. LargeCap Blend, ACWX
2.37% Financial SPDR, XLF
2.36% Info Tech VIPERs, VGT
2.36% Capital Markets KWB ST, KCE
2.32% South Korea Index, EWY
2.32% Technology DJ US, IYW
2.31% Energy Global, IXC
2.30% Dividend ex-U.S. DJ iS, IDV
2.29% Sweden Index, EWD
2.28% Emerging 50 BLDRS, ADRE
2.25% United Kingdom Index, EWU
2.25% LargeCap Value S&P 500 iS, IVE
2.24% Industrial SPDR, XLI
2.23% Technology SPDR, XLK
2.23% Global LargeCap Blend MSCI iS, ACWI
2.23% Consumer Discretionary SPDR, XLY
2.23% Emerging Markets MSCI iS, EEM
2.22% QQQ Nasdaq 100 Trust, QQQ
2.19% Growth EAFE MSCI, EFG
2.19% Pacific ex-Japan, EPP
2.18% Energy & Nat Res iS GS, IGE
2.16% LargeCap Blend S&P=Weight R, RSP
2.14% Financial DJ US, IYF
2.14% India Earnings WTree, EPI
2.13% LargeCap Value Russell 1000 iS, IWD
2.13% Emerging VIPERs, VWO
2.12% Water Resources, PHO
2.11% Growth MidCap Russell, IWP
2.11% Energy SPDR, XLE
2.10% Latin Am 40, ILF
2.10% Switzerland Index, EWL
2.09% Energy DJ, IYE
2.09% India PS, PIN
2.06% SmallCap Value S&P 600 iS, IJS
2.05% Financials VIPERs, VFH
2.05% MidCap Russell, IWR
2.05% MidCap Value S&P 400 iS, IJJ
2.04% Energy VIPERs, VDE
2.03% LargeCap Blend Russell 1000 iS, IWB
2.03% S&P 500 SPDRs LargeCap Blend, SPY
2.03% LargeCap Blend S&P 500 iS, IVV
2.02% LargeCap VIPERs, VV
2.02% Value VIPERs, VTV
2.02% Value MidCap Russell, IWS
2.02% LargeCap Blend Russell 3000 iS, IWV
2.00% Blend Total Market VIPERs, VTI
1.98% Growth VIPERs, VUG
1.98% SmallCap Blend EAFE MSCI iS, SCZ
1.97% LargeCap Blend S&P 100, OEF
1.97% Biotech SPDR, XBI
1.96% Canada Index, EWC
1.96% MidCap S&P 400 SPDRs, MDY
1.96% Growth SmallCap VIPERs, VBK
1.95% Dividend International, PID
1.92% MidCap Blend S&P 400 iS, IJH
1.90% LargeCap Growth Russell 1000 iS, IWF
1.90% Transportation Av DJ, IYT
1.89% Thailand MSCI iS, THD
1.88% DIAMONDS (DJIA), DIA
1.85% SmallCap Growth Russell 2000 iS, IWO
1.85% MidCap Growth S&P 400 iS, IJK
1.84% Small Cap VIPERs, VB
1.84% SmallCap Blend Russell 2000 iS, IWM
1.83% LargeCap Growth S&P 500 iS, IVW
1.79% SmallCap Value Russell 2000 iS, IWN
1.78% SmallCap Blend S&P 600 iS, IJR
1.78% Value LargeCap Dynamic PS, PWV
1.77% Dividend Appreciation Vipers, VIG
1.75% Indonesia MV, IDX
1.74% Value SmallCap VIPERS, VBR
1.74% China 25 iS, FXI
1.68% SmallCap Growth S&P 600 iS, IJT
1.66% Dividend SPDR, SDY
1.63% Mexico Index, EWW
1.59% Health Care SPDR, XLV
1.57% Dividend U.S. DJ iS, DVY
1.57% Chile MSCI iS, ECH
1.55% China LargeCap Growth G D H USX PS, PGJ
1.51% Pacific VIPERs, VPL
1.50% Frontier Markets Guggenheim , FRN
1.50% Hong Kong Index, EWH
1.48% Dividend High Yield Equity PS, PEY
1.48% Telecom DJ US, IYZ
1.47% Microcap Russell, IWC
1.47% Singapore Index, EWS
1.36% Japan Index, EWJ
1.28% Silver Trust iS, SLV
1.24% Consumer Staples SPDR, XLP
1.21% Utilities VIPERs, VPU
1.13% Utilities SPDR, XLU
1.12% Taiwan Index, EWT
1.05% Turkey MSCI iS, TUR
0.91% REIT Wilshire, RWR
0.89% REIT VIPERs, VNQ
0.84% Realty Cohen & Steers, ICF
0.79% Real Estate US DJ iS, IYR
0.59% Bond, High Yield Corp iBoxx iS, HYG
0.50% Bond, High-Yield Junk, JNK
0.35% Gold Shares S.T., GLD
0.23% Preferred Stock iS, PFF
0.20% Bond, Emerg Mkt JPM iS, EMB
0.07% Agriculture DB PS, DBA
0.00% Bond Treasury Short-Term iS, SHV
-0.03% Commodity Tracking, DBC
-0.05% Bond, 1-3 Year Treasury, SHY
-0.05% Bond Ex-US Treas, BWX
-0.05% Financial Preferred, PGF
-0.23% Bond, Intermediate US Aggregate iS, AGG
-0.29% Bond, Muni S&P ATM-Free iS, MUB
-0.44% Bond, Long-Term Corp iBoxx iS, LQD
-0.54% Bond, TIPS U.S. Treasury iS, TIP
-0.68% Bond, 10 Year Treasury, IEF
-0.70% Oil Fund PowerShares, DBO
-0.96% Oil, Crude, U.S. Oil Fund, USO
-1.00% Malaysia Index, EWM
