The Dow-Jones Industrial Average rose above its closing price highs of the previous 4-years on 9/13/12, but the Dow-Jones Transportation Average languished below previous highs, thereby demonstrating non confirmation and bearish divergence.
NASDAQ 100/S&P 500 Relative Strength Ratio (QQQ/SPY) fell below its 50-day SMA on 9/13/12, thereby turning systematically neutral.
CRB Commodity Price Index turned systematically bullish on 9/13/12 when its 50-day SMA crossed above its 200-day SMA. The markets are anticipating rising inflation.
The S&P 500 (SPX: 1,459.99) rose 23.43 points or 1.63% on Thursday, rising above its highs of the previous 4 years.
NYSE volume rose 30% to a level 22% above its 200-day SMA. Still, average volume has been trending down for more than 6 years, since 6/30/2006, and fell further in September, 2012, reflecting diminishing enthusiasm for stocks. NYSE Volume 50-day SMA and 200-day SMA both fell to their lowest levels in 13 years this month, and both are still trending downward.
On-Balance Volume for the SPX remains below its July high, thereby demonstrating relative weakness and bearish divergence.
NYSE Cumulative Volume of Advancing Stocks minus Volume of Declining Stocks remains below its March high, thereby demonstrating relative weakness and bearish divergence. 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(14) for the SPX is in the overbought zone that has marked previous market highs. RSI(14) now at 73.30 is nearly 2 standard deviations above its 20-year average.
While the S&P 500 Composite Price Index rose to a new 4-year high, both the percentage of these same 500 stocks that are above their 200-day SMAs (now at 81, down from a peak above 85 in March) and the percentage in bullish Point-and-Figure Chart uptrends (now at 76, down from a peak above 85 in February) failed to confirm that higher high. 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. 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 9/13/12, but the Dow-Jones Transportation Average languished below previous highs, thereby demonstrating non confirmation and bearish divergence.
NASDAQ 100/S&P 500 Relative Strength Ratio (QQQ/SPY) fell below its 50-day SMA on 9/13/12, thereby turning systematically neutral. 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) turned systematically neutral on 9/13/12, when it rose above 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) turned systematically neutral on 9/13/12, when it rose above 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) turned systematically bullish on 9/13/12, when it rose above its 50-day SMA. 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 remained moderate. As of 9/13/12, there were 36.46%Bulls and 32.99% 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 9/12/12, there were 51.1% Bulls and 23.5% Bears. This 51.1% 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
The S&P 500 Composite Potential Support
1440.24, high of 5/19/2008
1439.15, high of 9/12/2012
1428.98, low of 9/10/2012
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
1390.65 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
1347.39, 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 21.58, 21.07, and 20.84. Resistance 22.36, 22.45, 23.14, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index turned systematically bullish on 9/13/12 when its 50-day SMA crossed above its 200-day SMA. CRB remains above its 50-day SMA and 200-day SMA.
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 34.97, 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 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: 166.30, 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) rose above its 200-day SMA on 9/13/12, but 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 31.46, 29.28, 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 33.75, 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 3 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
7.96% , PLL , PALL
1.48% , ADRU , Europe 100 BLDRS, ADRU
1.80% , PHO , Water Resources, PHO
4.14% , DOW , DOW CHEMICAL
0.42% , KWT , Solar Energy MV, KWT
1.77% , PIN , India PS, PIN
4.39% , XME , Metals & Mining SPDR, XME
3.64% , SPLS , STAPLES
3.69% , MAR , MARRIOTT INTL STK A
3.52% , MDP , MEREDITH
3.92% , RSX , Russia MV, RSX
3.77% , NUE , NUCOR
2.66% , PNW , PINNACLE WEST
5.80% , OMX , OFFICEMAX INC., OMX
5.50% , NEM , NEWMONT MINING
2.33% , PKI , PERKINELMER
3.33% , EPU , Peru MSCI iS, EPU
1.62% , FRN , Frontier Markets Guggenheim , FRN
1.40% , PFM , Dividend Achievers PS, PFM
1.48% , IYY , LargeCap Blend Total Market DJ, IYY
1.39% , PXN , Nanotech Lux, PXN
3.11% , DDM , Ultra Dow30 Double, DDM
4.19% , ZEUS , Olympic Steel, ZEUS
2.60% , XLF , Financial SPDR, XLF
1.61% , IEV , Europe 350 S&P Index, IEV
4.02% , PM , Philip Morris, PM
2.67% , IYG , Financial Services DJ, IYG
1.43% , XEL , XCEL ENERGY
3.47% , VFC , VF
1.25% , EZU , EMU Europe Index, EZU
1.60% , EFV , Value EAFE MSCI, EFV
2.12% , WMB , WILLIAMS
3.55% , WFC , WELLS FARGO
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-3.20% , SDS , Short 200% S&P 500 PS, SDS
-3.05% , DXD , Short 200% Dow 30 PS, DXD
-1.52% , DOG , Short 100% Dow 30, DOG
-1.94% , MZZ , Short 200% MidCap 400 PS, MZZ
-1.00% , TYC , TYCO INTL
-2.15% , TLAB , TELLABS
-1.58% , SH , Short 100% S&P 500, SH
-1.35% , NOC , NORTHROP GRUMMAN
-1.63% , NKE , NIKE STK B
-0.57% , PST , 200% Short Bond 7-10 Yr T, PST
-2.07% , CROX , CROCS Inc., CROX
-1.65% , THC , TENET HEALTHCARE
-0.43% , ROK , ROCKWELL AUTOMAT
-1.38% , PSQ , Short 100% QQQ, PSQ
-1.34% , JCP , JC PENNEY
-0.37% , AGN , ALLERGAN
-0.86% , AZO , AUTOZONE
-0.39% , TLT , Bond, 20+ Years Treasury, TLT
-0.54% , MRVL , MARVELL TECHNOLOGY
-0.30% , CPWR , COMPUWARE
-0.42% , GWW , WW GRAINGER
-1.93% , RFMD , RF Micro Devices Inc
-0.37% , CHRW.O , CH Robinson Worldwide Inc, CHRWD
-0.24% , XLNX , XILINX
-1.44% , RSH , RADIOSHACK
-0.27% , KSU , Kansas City Southern, KSU
-0.11% , LM , LEGG MASON
-0.11% , IR , INGER RAND
-0.50% , JWN , NORDSTROM
-0.06% , TLH , Bond 10-20 Year US Treas, TLH
-0.09% , TDC , Teradata Corporation, TDC
-0.03% , WLP , WELLPOINT HEALTH
-0.12% , FMCN , Focus Media, FMCN
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
4.39% Metals & Mining SPDR, XME
4.36% Silver Trust iS, SLV
3.92% Russia MV, RSX
3.30% South Africa Index, EZA
2.99% Brazil Index, EWZ
2.92% Latin Am 40, ILF
2.80% Basic Materials DJ US, IYM
2.76% South Korea Index, EWY
2.69% Emerging Markets MSCI iS, EEM
2.67% Financial Services DJ, IYG
2.60% Financial SPDR, XLF
2.55% Emerging VIPERs, VWO
2.54% Mexico Index, EWW
2.46% Materials SPDR, XLB
2.40% Indonesia MV, IDX
2.38% Italy Index, EWI
2.37% China 25 iS, FXI
2.36% Emerging 50 BLDRS, ADRE
2.34% Energy & Nat Res iS GS, IGE
2.31% Energy Global, IXC
2.15% Financial DJ US, IYF
2.15% India Earnings WTree, EPI
2.07% Financials VIPERs, VFH
2.06% Belgium Index, EWK
2.04% Spain Index, EWP
2.02% Gold Shares S.T., GLD
2.00% Malaysia Index, EWM
1.97% Global ex U.S. LargeCap Blend, ACWX
1.94% Energy VIPERs, VDE
1.90% Taiwan Index, EWT
1.89% United Kingdom Index, EWU
1.84% Austria Index, EWO
1.83% China LargeCap Growth G D H USX PS, PGJ
1.81% Chile MSCI iS, ECH
1.81% SmallCap Blend EAFE MSCI iS, SCZ
1.80% Water Resources, PHO
1.80% Australia Index, EWA
1.79% Energy DJ, IYE
1.78% Canada Index, EWC
1.78% Consumer Staples SPDR, XLP
1.78% Capital Markets KWB ST, KCE
1.77% India PS, PIN
1.77% Dividend ex-U.S. DJ iS, IDV
1.75% LargeCap Blend S&P 100, OEF
1.75% Global LargeCap Blend MSCI iS, ACWI
1.74% LargeCap Value S&P 500 iS, IVE
1.71% Homebuilders SPDR, XHB
1.70% LargeCap Value Russell 1000 iS, IWD
1.67% European VIPERs, VGK
1.67% Pacific ex-Japan, EPP
1.63% Japan Index, EWJ
1.63% Value VIPERs, VTV
1.63% Energy SPDR, XLE
1.62% Frontier Markets Guggenheim , FRN
1.62% Growth EAFE MSCI, EFG
1.61% Thailand MSCI iS, THD
1.61% Europe 350 S&P Index, IEV
1.60% Value EAFE MSCI, EFV
1.59% LargeCap VIPERs, VV
1.58% LargeCap Blend S&P 500 iS, IVV
1.57% Singapore Index, EWS
1.56% Dividend International, PID
1.55% LargeCap Blend Russell 3000 iS, IWV
1.54% Pacific VIPERs, VPL
1.53% LargeCap Blend Russell 1000 iS, IWB
1.52% S&P 500 SPDRs LargeCap Blend, SPY
1.52% Foreign LargeCap EAFE MSCI iS, EFA
1.51% DIAMONDS (DJIA), DIA
1.50% Blend Total Market VIPERs, VTI
1.49% SmallCap Value Russell 2000 iS, IWN
1.47% Microcap Russell, IWC
1.47% Hong Kong Index, EWH
1.46% LargeCap Growth S&P 500 iS, IVW
1.46% LargeCap Blend S&P=Weight R, RSP
1.44% Info Tech VIPERs, VGT
1.43% Global 100, IOO
1.42% Value LargeCap Dynamic PS, PWV
1.41% Utilities SPDR, XLU
1.40% Growth VIPERs, VUG
1.40% Sweden Index, EWD
1.36% Netherlands Index, EWN
1.36% Utilities VIPERs, VPU
1.36% Technology DJ US, IYW
1.36% Dividend Appreciation Vipers, VIG
1.35% Technology SPDR, XLK
1.35% QQQ Nasdaq 100 Trust, QQQ
1.35% Germany Index, EWG
1.35% Dividend High Yield Equity PS, PEY
1.33% LargeCap Growth Russell 1000 iS, IWF
1.31% SmallCap Blend Russell 2000 iS, IWM
1.30% Oil, Crude, U.S. Oil Fund, USO
1.30% Realty Cohen & Steers, ICF
1.28% Consumer Discretionary SPDR, XLY
1.27% Networking, IGN
1.27% Dividend SPDR, SDY
1.27% REIT Wilshire, RWR
1.25% EMU Europe Index, EZU
1.23% Value MidCap Russell, IWS
1.23% REIT VIPERs, VNQ
1.22% SmallCap Value S&P 600 iS, IJS
1.22% Real Estate US DJ iS, IYR
1.20% MidCap Russell, IWR
1.15% WilderHill Clean Energy PS, PBW
1.15% MidCap Value S&P 400 iS, IJJ
1.13% SmallCap Blend S&P 600 iS, IJR
1.13% Switzerland Index, EWL
1.13% Industrial SPDR, XLI
1.12% Growth SmallCap VIPERs, VBK
1.12% Dividend U.S. DJ iS, DVY
1.11% SmallCap Growth Russell 2000 iS, IWO
1.10% Small Cap VIPERs, VB
1.07% Telecom DJ US, IYZ
1.07% Growth MidCap Russell, IWP
1.06% Value SmallCap VIPERS, VBR
1.02% SmallCap Growth S&P 600 iS, IJT
1.01% Health Care SPDR, XLV
0.99% MidCap S&P 400 SPDRs, MDY
0.91% MidCap Blend S&P 400 iS, IJH
0.90% Biotech SPDR, XBI
0.89% Semiconductor iS IGW, SOXX
0.84% Bond, TIPS U.S. Treasury iS, TIP
0.82% France Index, EWQ
0.78% MidCap Growth S&P 400 iS, IJK
0.72% Bond Ex-US Treas, BWX
0.68% Commodity Tracking, DBC
0.64% Bond, High Yield Corp iBoxx iS, HYG
0.62% Oil Fund PowerShares, DBO
0.60% Semiconductor SPDR, XSD
0.56% Turkey MSCI iS, TUR
0.53% Bond, Long-Term Corp iBoxx iS, LQD
0.50% Transportation Av DJ, IYT
0.47% Bond, High-Yield Junk, JNK
0.33% Agriculture DB PS, DBA
0.29% Bond, 10 Year Treasury, IEF
0.23% Bond, Intermediate US Aggregate iS, AGG
0.16% Financial Preferred, PGF
0.08% Preferred Stock iS, PFF
0.04% Bond, 1-3 Year Treasury, SHY
0.01% Bond Treasury Short-Term iS, SHV
-0.02% Bond, Muni S&P ATM-Free iS, MUB
-0.22% Bond, Emerg Mkt JPM iS, EMB
-0.39% Bond, 20+ Years Treasury, TLT
-1.58% Bear, Short S&P 500, SH
