Highlights based on trading on Wednesday, June 20, 2012:

Crude Oil, United States Oil ETF (USO) fell below the lows of the previous 8 months, confirming its preexisting bearish trend.

Gold, SPDR Gold Shares ETF (GLD) fell below its 50-day SMA, turning systematically bearish again.

VIX Fear Index fell to 17.09 intraday on 6/20/12, down from an intraday peak of 27.73 on 6/4/12. This suggests a rapid shift from concern toward bullish complacency.

The S&P 500 (SPX: 1,355.69) fell 2.29 points or 0.17% on Wednesday. Another day of news and rumors of news resulted in high intraday volatility that was not reflected in the final numbers.

NYSE volume fell 3%, suggesting somewhat diminished demand for stocks. Volume patterns generally have been bearish for months, however, with a tendency toward lower volume on rallies and higher volume on declines, indicating the dominance of selling pressure over buying pressure.

Over 12 trading days in June, the S&P 500 price index recovered 96.72 points intraday, a 61.8% Fibonacci ratio of its losses from April highs to June lows. This bounce was smaller in size and duration than the 123.34 point drop intraday over 13 trading days in May. Therefore, price and time confirm the dominance of selling pressure over buying pressure indicated by volume.

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Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.

But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).

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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
1422.38, high of 4/2/2012
1415.32, high of 5/1/2012
1389.07, Fibonacci 78.6% of April-June 2012 range
1388.71, low of 5/3/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1363.49, high of 6/19/2012
1362.93, Fibonacci 61.8% of April-June 2012 range

The S&P 500 Composite Potential Support
1346.84, 50-day SMA
1344.56, Fibonacci 50% of April-June 2012 range
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
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1326.19, Fibonacci 38.2% of April-June 2012 range
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
1294.13, 200-day SMA
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) price has had a normal, minor correction and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 124.39, 122.06, 120.60, 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. 127.34 and 130.38.

Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) price has had a normal, minor correction and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 107.51, 107.43, 105.85, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 108.53 and 109.37.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) crossed back above its 50-day SMA on 6/20/12, thereby turning systematically neutral. JNK/LQD remains above its 200-day SMA. The 50-day SMA fell below the 200-day SMA on 6/1/12.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) fell below its lows of the previous 5 months on 6/1/12. Systematically, TIP/IEF remains neutral: below its 50-day SMA, below its 200-day SMA, and the 50-day SMA remains above the 200-day SMA–although that 50-200 SMA spread is narrowing and could cross in weeks ahead, thereby turning bearish.
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Tangible Assets, Commodities

U.S. dollar ETF (UUP) price has pulled back sharply but remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 22.38, 22.14, 21.89, 21.74, 21.58, 21.07, and 20.84. Resistance 22.64, 23.02, 23.52, 25.84, 27.19, 28.97.

CRB Commodity Price Index fell below its lows of the previous 19 months on 6/4/12, for another a bearish trend confirmation. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) is now systematically neutral: above its 50-day SMA, below its 200-day SMAs, and with the 50-day SMA consistently below the 200-day SMA every day since 8/8/11.

Crude Oil, United States Oil ETF (USO) fell below the lows of the previous 8 months on 6/20/12. USO turned systematically bearish on 6/7/12, when the 50-day SMA fell below the 200-day SMA. USO remains below its 50-day and 200-day SMAs. Support 29.10, 26.28, and 22.74. Resistance 31.81, 32.80, 34.76, 35.19, 36.97, 40.29, 41.38, 42.30, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) fell below its 50-day SMA on 6/20/12, turning systematically bearish again. GLD remains below its 200-day SMA, and its 50-day SMA remains below its 200-day SMA. Support: 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 159.20, 162.18, 163.20, 164.89, 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 6/1/12, turning systematically neutral. GDX/GLD remains below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.

Silver, iShares Silver Trust ETF (SLV) remains systematically bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 25.65 and 24.44. Resistance: 29.02, 30.52, 31.64, 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) fell below its lows of the previous 5 months on 6/4/12, reconfirming its major downtrend. SLV/GLD remains systematically bearish: below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has remained below the 200-day SMA every day since 8/30/11.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its lows of the previous 5 months on 6/8/12, reconfirming its major downtrend. JJC turned systematically bearish on 5/31/12, when the 50-day SMA crossed below the 200-day SMA. JJC fell below its 200-day SMA on 5/3/12 and fell below its 50-day SMA on 5/2/12. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this 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 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
8.18% , CECO , CAREER EDUCATION CORP
0.91% , EZU , EMU Europe Index, EZU
6.85% , JBL , JABIL CIRCUIT
3.36% , AMAT , APPLIED MATERIAL
3.02% , JPM , J P MORGAN CHASE
0.81% , ADRD , Developed 100 BLDRS, ADRD
3.43% , WOR , WORTHINGTON INDS
3.94% , MTG , MGIC INVESTMENT
1.60% , LRCX , LAM RESEARCH CORP
0.81% , VIA.O , VIACOM INC. (New)
1.91% , CLF , CLIFFS NATURAL RESOURCES, CLF
2.74% , AVP , AVON
1.68% , FLEX , Flextronics International Ltd
0.88% , LH , LAB CRP OF AMER
2.06% , UNM , UNUMPROVIDENT
0.44% , FEZ , Euro STOXX 50, FEZ
0.96% , TUP , TUPPERWARE
1.09% , VIAB.O , VIACOM STK B
0.44% , EWG , Germany Index, EWG
2.62% , ATI , ALLEGHENY TECH
0.62% , RYAAY , Ryanair Holdings plc
0.54% , PBE , Biotech & Genome, PBE
1.88% , LAMR , Lamar Advertising Company
0.69% , TUR , Turkey MSCI iS, TUR
0.87% , LUV , SOUTHWEST AIRLS
0.50% , VGK , European VIPERs, VGK
0.35% , PST , 200% Short Bond 7-10 Yr T, PST
2.20% , DV , DeVry, Inc.
1.40% , ISIL , INTERSIL CORP
4.30% , AMD , ADV MICRO DEV
0.19% , PEJ , Leisure & Entertainment, PEJ
0.56% , PLD , PROLOGIS TRUST
0.49% , TLT , Bond, 20+ Years Treasury, TLT

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.20% , EIS , Israel MSCI iS, EIS
-3.76% , USO , Oil, Crude, U.S. Oil Fund, USO
-2.93% , PG , PROCTER & GAMBLE
-2.74% , ADBE , ADOBE SYS
-1.63% , DBC , Commodity Tracking, DBC
-2.29% , RSX , Russia MV, RSX
-4.17% , NIHD , NII Holdings, Inc.
-1.63% , COL , ROCKWELL COLLINS
-2.02% , EMR , EMERSON ELECTRIC
-1.37% , SLV , Silver Trust iS, SLV
-0.43% , JKK , Growth SmallCap iS M, JKK
-0.40% , PMR , Retail, PMR
-1.76% , CAG , CONAGRA FOODS
-1.14% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-2.40% , SLB , SCHLUMBERGER
-1.92% , KMB , KIMBERLY CLARK
-2.42% , APC , ANADARKO PETRO
-0.82% , IAU , Gold COMEX iS, IAU
-2.07% , DLTR , Dollar Tree Stores Inc
-3.86% , RIMM , RESEARCH IN MOTION LTD
-1.97% , SO , SOUTHERN
-3.14% , EOG , EOG RESOURCES
-0.25% , MUB , Bond Muni ATM-Free S&P iS, MUB
-0.76% , GLD , Gold Shares S.T., GLD
-1.70% , WMB , WILLIAMS
-0.50% , IYK , Consumer Non-Cyclical, IYK
-1.88% , CAT , CATERPILLAR
-1.17% , STT , STATE STREET
-1.56% , IR , INGER RAND
-0.11% , PXJ , Oil & Gas, PXJ
-2.05% , ED , CON ED
-1.06% , BEN , FRANKLIN RSC
-0.47% , JKJ , SmallCap Core iS M, JKJ
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.85% Spain Index, EWP
1.84% Italy Index, EWI
1.82% Sweden Index, EWD
1.32% Chile MSCI iS, ECH
1.14% WilderHill Clean Energy PS, PBW
0.93% Japan Index, EWJ
0.91% EMU Europe Index, EZU
0.89% Biotech SPDR, XBI
0.88% Semiconductor iS IGW, SOXX
0.75% Value EAFE MSCI, EFV
0.69% Turkey MSCI iS, TUR
0.69% Austria Index, EWO
0.67% Small Cap EAFE MSCI iS, SCZ
0.66% United Kingdom Index, EWU
0.58% EAFE Index, EFA
0.53% Semiconductor SPDR, XSD
0.50% European VIPERs, VGK
0.49% Bond, 20+ Years Treasury, TLT
0.46% France Index, EWQ
0.45% Indonesia MV, IDX
0.44% Germany Index, EWG
0.43% Financial Services DJ, IYG
0.42% South Africa Index, EZA
0.41% Pacific VIPERs, VPL
0.39% Networking, IGN
0.39% Bond, High-Yield Corporate, HYG
0.33% Bond, High-Yield Junk, JNK
0.29% Taiwan Index, EWT
0.27% Mexico Index, EWW
0.27% Global ex US ACWI iS, ACWX
0.26% Growth EAFE MSCI, EFG
0.21% Dividend International, PID
0.21% Preferred Stock iS, PFF
0.21% Financial SPDR, XLF
0.20% Financial DJ US, IYF
0.20% Technology DJ US, IYW
0.20% Metals & Mining SPDR, XME
0.18% Netherlands Index, EWN
0.17% Technology SPDR, XLK
0.17% Financial Preferred, PGF
0.16% Bear, Short S&P 500, SH
0.14% Info Tech VIPERs, VGT
0.12% Hong Kong Index, EWH
0.10% Value LargeCap Dynamic PS, PWV
0.08% Singapore Index, EWS
0.08% QQQ Nasdaq 100 Trust, QQQ
0.07% Bond EmrgMkt JPM iS, EMB
0.04% Bond, Corp, LQD
0.03% Financials VIPERs, VFH
0.02% Bond Ex-US Treas, BWX
0.00% Bond Treasury Short-Term iS, SHV
0.00% Belgium Index, EWK
-0.04% Bond, 1-3 Year Treasury, SHY
-0.05% REIT VIPERs, VNQ
-0.05% Value S&P 500 B, IVE
-0.07% LargeCap 1000 R, IWB
-0.07% Small Cap VIPERs, VB
-0.07% Malaysia Index, EWM
-0.07% MidCap S&P 400 SPDRs, MDY
-0.07% Growth SmallCap VIPERs, VBK
-0.08% DIAMONDS (DJIA), DIA
-0.08% LargeCap Blend S&P 100, OEF
-0.10% REIT Wilshire, RWR
-0.10% Value MidCap S&P 400 B, IJJ
-0.10% Microcap Russell, IWC
-0.10% Value 1000 Russell, IWD
-0.10% Realty Cohen & Steers, ICF
-0.10% Value SmallCap VIPERS, VBR
-0.11% MidCap S&P 400 iS, IJH
-0.11% Consumer Discretionary SPDR, XLY
-0.12% LargeCap Blend S&P=Weight R, RSP
-0.13% Real Estate US DJ, IYR
-0.13% Bond, TIPS, TIP
-0.13% MidCap Russell, IWR
-0.15% SmallCap Russell 2000, IWM
-0.15% Bond, Aggregate, AGG
-0.16% LargeCap VIPERs, VV
-0.16% Value VIPERs, VTV
-0.16% S&P 500 SPDRs LargeCap Blend, SPY
-0.16% Emerging VIPERs, VWO
-0.17% Water Resources, PHO
-0.17% Switzerland Index, EWL
-0.17% Value MidCap Russell, IWS
-0.19% Blend Total Market VIPERs, VTI
-0.19% Value SmallCap Russell 2000, IWN
-0.19% SmallCap S&P 600, IJR
-0.20% Growth MidCap Russell, IWP
-0.20% Bond, 10 Year Treasury, IEF
-0.21% S&P 500 iS LargeCap Blend, IVV
-0.22% Growth VIPERs, VUG
-0.22% LargeCap Blend Russell 3000, IWV
-0.23% Capital Markets KWB ST, KCE
-0.23% Growth SmallCap R 2000, IWO
-0.24% Growth 1000 Russell, IWF
-0.24% India Earnings WTree, EPI
-0.25% Growth MidCap 400 B, IJK
-0.25% Bond Muni ATM-Free S&P iS, MUB
-0.26% Growth S&P 500/BARRA, IVW
-0.26% Emerging 50 BLDRS, ADRE
-0.27% Canada Index, EWC
-0.27% Health Care SPDR, XLV
-0.27% Pacific ex-Japan, EPP
-0.29% Value SmallCap S&P 600 B, IJS
-0.31% Basic Materials DJ US, IYM
-0.32% Transportation Av DJ, IYT
-0.33% Emerging Markets, EEM
-0.34% Growth BARRA Small Cap 600, IJT
-0.37% Energy DJ, IYE
-0.37% Agriculture DB PS, DBA
-0.39% South Korea Index, EWY
-0.39% Energy SPDR, XLE
-0.40% Energy VIPERs, VDE
-0.45% Dividend SPDR, SDY
-0.50% Dividend DJ Select, DVY
-0.52% Frontier Markets Guggenheim , FRN
-0.52% Consumer Staples SPDR, XLP
-0.53% Dividend High Yield Equity PS, PEY
-0.54% Industrial SPDR, XLI
-0.57% Materials SPDR, XLB
-0.58% Australia Index, EWA
-0.61% Dividend Appreciation Vipers, VIG
-0.63% Telecom DJ US, IYZ
-0.67% Energy & Nat Res iS GS, IGE
-0.73% Brazil Index, EWZ
-0.76% Gold Shares S.T., GLD
-0.91% Homebuilders SPDR, XHB
-0.97% Utilities SPDR, XLU
-1.03% Utilities VIPERs, VPU
-1.09% India PS, PIN
-1.12% Thailand MSCI iS, THD
-1.12% China LargeCap Growth G D H USX PS, PGJ
-1.34% Energy Global, IXC
-1.37% Silver Trust iS, SLV
-1.58% Latin Am 40, ILF
-1.61% Global 100, IOO
-1.63% Commodity Tracking, DBC
-2.11% Europe 350 S&P Index, IEV
-2.29% Russia MV, RSX
-2.57% Oil Fund PowerShares, DBO
-2.75% China 25 iS, FXI
-3.76% Oil, Crude, U.S. Oil Fund, USO