U.S. dollar ETF (UUP) fell below the lows of the previous 8 trading days.
Crude Oil, United States Oil ETF (USO) rose above its highs of the previous 9 months.
Gold, SPDR Gold Shares ETF (GLD) rose above the highs of the previous 3 months and remains in bullish position above its 50-day and 200-day SMAs.
Silver, iShares Silver Trust ETF (SLV) rose above its 200-day SMA and rose above its highs of the previous 5 months.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell away from its 200-day SMA on 2/23/12 following a failed rally attempt.
The S&P 500 Composite (SPX: 1,363.46) rose above the previous day’s high on 2/23/12 in continuing dull trading.
Popular Price Momentum indicators, such as RSI(14) and MACD(12/26/9), failed to confirm higher price highs over the past 9 trading days, thereby warning of bearish divergence.
SPX remains within a potential Bearish Rising Wedge chart pattern, which has forming since December. In addition, that pattern is contained within a larger potential Bearish Rising Wedge chart pattern beginning at the October low. Break downs below the lower boundary lines would offer technical warning of a possible fast return to the lows.
NYSE volume continues to languish at a low levels, suggesting weak demand for stocks.
My Sensitive Short-Term Price Momentum Oscillator based on SPX turned upward but shows a bearish divergence compared to Price. In recent weeks, the slowness of the grind higher indicated that the stock market already had lost most of its bullish momentum, and that still applies.
Expect resistance near the 2011 highs, around SPX 1370.58 set on 5/2/2011, allowing plus or minus a few percentage points for Gann’s “lost motion”.
Up big from recent lows, and with very little room above before resistance, Potential Reward relative to potential Risk appears unattractive.
The Dow-Jones Industrial and Transportation Averages diverged after 2/3/12, as Industrials struggled higher but Transports trended down.
Recent sentiment data, detailed below, indicates alarming degrees of optimism and bullish complacency. When the majority of investors has been bullish for some time, we can assume that they 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.
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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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9 major U.S. stock sectors ranked in order of long-term relative strength:
Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) has been rising since 1/10/12 but remains below its high of 10/17/11. Absolute price rose above the highs of the previous 11 years on 2/21/12. Support 27.93, 27.55, 26.65, 25.89, 25.66, 25.27, 24.01, 22.60, 22.47, 21.60, 20.01, and 19.51. Resistance 28.77.
Consumer Discretionary (XLY) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) whipsawed back above its 50-day SMA on 2/3/12. Absolute price rose above previous highs intraday on 2/21/12 but reversed to close lower, possibly signaling exhaustion. Support 42.06, 41.21, 40.83, 39.97, 39.23, 38.75, 36.33, 33.07, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance: 43.21.
Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) fell below the lows of the previous 5-weeks on 2/15/12, signaling a minor downside correction. The 50-day SMA rose above the 200-day SMA on 2/1/12. Absolute price rose above the highs of the previous 7 months intraday on 2/21/12 but reversed to close back inside the trading range. Support 36.71, 36.00, 35.77, 34.16, 33.46, 32.22, 31.08, and 27.67. Resistance 37.57, 38.43, and 39.98.
Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) whipsawed back above its 50-day SMA on 2/16/12 but remains neutral at best. XLE/SPY remains below its 200-day SMA, and the 50-day SMA has remained bearishly below 200-day SMA every day since 9/23/11, suggesting a persistent Bear trend. Absolute price rose above the highs of the previous 6 months on 2/22/12. The 50-day SMA and 200-day SMA are now in bullish position. Support 72.56, 70.13, 68.74, 68.36, 63.83, 62.78, 54.26, 53.71, 50.33, 48.56, 46.16, and 43.66. Resistance 76.07, 77.85, 80.97, 83.27, and 91.42.
Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) fell below its lows of the previous 6 months on 2/23/12, continuing a preexisting, relatively weak trend. Longer term, the 50-day SMA remains above the 200-day SMA. Absolute price fell below its lows of the previous 6 trading days on 2/22/12. Support 35.62, 35.45, 35.15, 34.71, 34.42, 31.68, 30.11, 29.64, 28.00, and 27.49. Resistance 36.40, 36.57, and 37.89.
Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) fell below the lows of the previous 6 months on 2/8/12. XLP/SPY fell below its 200-day SMA on 1/19/12 and fell below its 50-day SMA on 1/5/12. Absolute price rose to a new high on 2/17/12. Support 32.46, 31.84, 31.30, 30.19, 28.70, 28.07, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance: 33.07.
Materials (XLB) Neutral, Under Weight. The Relative Strength Ratio (XLB/SPY) rose above its 50-day SMA on 2/21/12 but remains below its 200-day SMA. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/8/11, suggesting a persistent Bear trend. Absolute price has been correcting and consolidating since peaking at 41.28 on 4/6/11. Support 36.40, 36.10, 35.68, 34.23, 33.04, 31.41, 30.72, 27.77, 23.85, and 17.83. Resistance 37.97, 40.20, 40.72, 41.28, 43.04, 45.21, 45.21, and 46.54.
Financial (XLF) Neutral, Under Weight. The Relative Strength Ratio (XLF/SPY) fell below the lows of the previous 3 weeks on 2/22/12. XLF/SPY remain below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 6/30/10, suggesting a persistent long-term Bear trend. Absolute price remains neutral. Support 14.39, 13.88, 13.58, 13.12, 12.86, 12.21, 11.73, 10.95, 10.83, 9.41, and 5.88. Resistance 14.87, 15.41, 15.70, 15.89, 16.01, 16.46, 16.75, 16.85, 17.20, and 17.87.
Utilities (XLU) Neutral, Under Weight. The Relative Strength Ratio (XLU/SPY) fell below its lows of the previous 6 months on 2/23/12, continuing a preexisting, relatively weak trend. Absolute price remains neutral, correcting and consolidating since peaking at 36.27 on 12/30/11. Price has stayed below its 50-day SMA most of the time since 1/13/12. Support 34.50, 34.14, 33.18, 31.94, 29.45, 27.91, 27.44, and 25.76. Resistance 35.27, 35.37, 36.27, 36.75, 38.58, 41.98, and 44.66.
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Stock Market Indicators
The Dow Theory gave a bullish signal on 12/23/11, when both Dow-Jones Industrial and Transportation Averages closed above their closing price highs of the previous 5 months. These two Averages diverged after 2/3/12, however, as Industrials struggled higher while Transports failed to confirm.
NASDAQ Composite/S&P 500 Relative Strength Ratio rose from 12/29/12 to 2/16/12 but turned down in recent days. The Ratio remains above its 50-day and 200-day SMAs. Absolute price of the NASDAQ Composite on 2/22/12 fell below an uptrend line rising from the low of 2518.01 set on 12/19/11.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) remains neutral but appears to be losing strength in recent weeks. BKF/SPY remains bearishly below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 1/13/11.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) remains neutral but appears to be losing strength in recent weeks. EEM/SPY remains bearishly below its 200-day SMA, and the 50-day SMA has remained bearishly below the 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 2/1/12, turning technically neutral again. EFA/SPY fell below the lows of the previous 7 years on 1/6/12, reconfirming the preexisting major bearish trend. EFA/SPY remains below its falling 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 1/14/11.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) remains neutral but appears to be gaining strength in recent weeks. OEX/SPX remains above its 200-day SMA, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 8/25/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. 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) remains neutral but appears to be losing strength in recent weeks. The 50-day SMA has remained below the 200-day SMA consistently every day since 8/11/11.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above the highs of the previous 6 months on 2/16/12 but appears to be losing strength in recent days. The 50-day SMA has remained bearishly below the 200-day SMA consistently every day since 8/24/11.
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Sentiment for Contrary Thinking
ABC News reported on 2/21/12 that 10 out of 10 investment strategists at large firms were bullish. http://abcnews.go.com/watch/world-news-with-diane-sawyer/SH5585921/VD55173505/world-news-221-dow-jones-climbs-past-13000
The Commitment of Traders (COT) report shows that the Commercials (giant corporations with deep pockets) have been buying “risk off” defensive futures contracts, specifically, the U.S. dollar and the ten-year Treasury note. On the other side, trend-following Speculators have been buying “risk on” aggressively bullish contracts, setting a new all-time net-long record in the Nasdaq futures. The unusually large size of Speculators’ positions implies a weak-handed, top-heavy stock market.
AAII Sentiment: There were 44% Bulls and 28% Bears, according to the AAII weekly survey reported on 2/23/12. Net bullish opinion is as high as it was last July, near the market top.
Investors Intelligence Sentiment: There were 54.8% Bulls versus 25.8% Bears, according to the Investors Intelligence weekly survey of stock market newsletter advisors reported on 2/15/11. This was the highest level of bullish sentiment since the stock market top in May, 2011.
Investment Newsletters were 75% bullish, the highest since near the major top in year 2000, according to Hulbert Digest.
Market Vane’s Bullish Consensus among Advisors and Newsletters rose to 66% Bulls this month, in the same 64% to 69% range of Bulls from February to July 2011 at the highs.
Short Selling ETFs are trading the lowest volume since the market top in April, 2011, according to Frank D. Gretz of Wellington Shields & Co.
Corporate insiders have been selling their companies’ stock at the heaviest rate since the market peak last July, according to Mark Hulbert at MarketWatch. Insiders sold 577 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That is a big change in insider behavior from 81 shares sold for each 100 shares bought in November. Since corporate insiders (officers, directors, and largest shareholders) know so much more about their companies than the public can possibly know, it is bearish when insiders sell at such a heavy pace.
NYSE short interest collapsed from a high peak of 16.1 billion shares sold short last September, which coincided with the stock market lows, to 12.5 billion shares sold short in February. This is the lowest level since last April, at the market top. Short interest represents a pool of potential demand for stocks, since short sellers eventually must buy back the shares they borrowed. Currently, that pool of demand is depleted.
VIX Fear Index broke down below the lows of the previous 6 months on 2/3/12, hitting 16.10 intraday. That was down from a peak of 48.00 on 8/8/11. Such a large drop in VIX indicated a shift away from fear and toward bullish complacency, which may be bearish. 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
1406.32, high of 5/29/2008
1381.50, Fibonacci 78.6% of 2007-2009 range
1376.55, Fibonacci 100.0% projection 10/11 range
1370.58, high of 5/2/11
1367.76, high of 2/21/2012
The S&P 500 Composite Potential Support
1337.35, low of 210/2012
1300.49, low of 1/30/2012
1277.58, low of 1/13/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.81, 200-day SMA
1257.46, low of 12/30/11
1257.58, Fibonacci 61.8% of 2011 range
1255.22, high of 12/22/2011
1248.64, low of 12/29/2011
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 11/3/11
1231.04, high of 12/16/11
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1224.57, high of 12/19/11
1215.20, low of 12/16/11
1209.47, low of 12/14/2011
1209.43, low of 11/17/2011
1204.49, Fibonacci 23.6% of 2009-11 range
1202.37, low of 12/19/11
1187.77, Fibonacci 38.2% of 2011 range
1158.66, low of 11/25/2011
1144.38, Fibonacci 23.6% of 2011 range
1101.73, Fibonacci 38.2% of 2009-11 range
1074.77, low of 10/4/2011
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1018.69, Fibonacci 50% of 2009-11 range
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
935.64, Fibonacci 61.8% of 2009-11 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
817.40, Fibonacci 78.6% of 2009-11 range
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
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Fixed-Income Investments
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) has drifted moderately lower into the neutral zone. TLT fell below its 50-day SMA on 2/1/12. TLT remains above its 200-day SMA. The 50-day SMA has remained above the 200-day SMA every day since 6/24/11, suggesting a persistently bullish major trend for the longer term. Support 114.62, 109.82, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 118.28, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) whipsawed back below its 50-day SMA on 2/16/12, turning technically neutral again. IEF remains above its 200-day SMA, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 6/21/11, suggesting a persistently bullish major trend. Support 104.37, 104.00, 103.29, 102.32, 101.36, 101.11, 99.79, and 97.66. Resistance 105.68, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) remains neutral, above its 50-day SMA but below its 200-day SMA. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/20/11.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) remains neutral. The 50-day SMA has remained bearishly below the 200-day SMA every day since 7/15/11.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) fell below the lows of the previous 8 trading days on 2/23/12. UUP rose above the highs of the previous 3 weeks on 12/16/12 intraday but reversed to close lower, which looked like a sign of exhaustion. UUP remains neutral below its 50-day SMA but above its 200-day SMA. The 50-day SMA has remained above the 200-day SMA every day since 10/26/11. Support 21.84, 21.58, 21.07, and 20.84. Resistance 22.30, 22.41, 22.46, 22.85, 23.52, 25.84, 27.19, 28.97.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 2 trading days on 2/23/12 and remains neutral. DBA has been whipsawing up and down through its 50-day SMA for most of 2012. DBA remains below its 200-day SMA, and the 50-day SMA has remained below the 200-day SMA every day since 8/8/11.
Crude Oil, United States Oil ETF (USO) rose above its highs of the previous 9 months on 2/23/12. USO rose above its 50-day SMA and rose above a 6-week downtrend line on 2/13/12, suggesting a bullish trend. USO remains above its 200-day SMA, and the 50-day SMA remains above the 200-day SMA. Support 39.96, 38.51, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 42.19 and 45.60.
Gold, SPDR Gold Shares ETF (GLD) rose above the highs of the previous 3 months on 2/23/12 and remains in bullish position above its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09. Support: 166.17, 160.29, 159.68, 158.01, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below the lows of the previous 3 years on 2/15/12, thereby reconfirming a bearish major trend for the long term. GDX/GLD remains bearishly below its 50-day and 200-day SMAs. Longer term, 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 neutral. SLV rose above its 200-day SMA and rose above its highs of the previous 5 months on 2/23/12. The 50-day SMA remains below the 200-day SMA. Support 31.82, 30.67, 28.63, 27.83, 25.65, and 24.44. Resistance: 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) remains neutral. SLV/GLD rose above its highs of the previous 5 months on 2/23/12 but remains below its falling 200-day SMA. Longer term, 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 away from its 200-day SMA on 2/23/12 following a failed rally attempt. JJC fell below the lows of the previous 4 weeks on 12/17/12. JJC’s 50-day SMA has remained bearishly below the 200-day SMA every day since 8/8/11.
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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
12.54% , LVLT.K , LEVEL 3 COMMUNICATIONS
18.66% , SHLD , SEARS HOLDINGS
13.00% , S , SPRINT NEXTEL
10.79% , DDS , DILLARD STK A
6.01% , FLR , FLUOR
9.42% , OMX , OFFICEMAX INC., OMX
5.00% , IGT , INTL GAME TECH
5.91% , FII , FED INVESTORS STK B
1.56% , EWQ , France Index, EWQ
3.07% , PG , PROCTER & GAMBLE
3.89% , EBAY , EBAY
0.76% , PWO , OTC Dynamic PS, PWO
0.85% , IGN , Networking, IGN
3.31% , RIG , TRANSOCEAN
2.89% , TGT , TARGET
3.17% , LIZ , LIZ CLAIRBORNE
0.93% , D , DOMINION RSCS
3.45% , SCHW.K , CHARLES SCHWAB, SCHW.O
3.26% , PFG , PRINCIPAL FINL
0.76% , LMT , LOCKHEED MARTIN
1.93% , IBM , IBM
0.61% , IYE , Energy DJ, IYE
4.08% , ERIC.O , LM Ericsson Telephone Company
1.34% , IWN , Value SmallCap Russell 2000, IWN
2.35% , GPS , GAP
0.62% , IOO , Global 100, IOO
0.64% , JKH , MidCap Growth iS M, JKH
1.58% , IWO , Growth SmallCap R 2000, IWO
0.99% , IJJ , Value MidCap S&P 400 B, IJJ
0.62% , PWC , LargeCap Blend Dynamic PS, PWC
2.30% , SIL , Silver Miners Global X, SIL
0.57% , JKE , Growth LargeCap iS M, JKE
1.33% , PMTC.O , PARAMETRIC
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-6.69% , KWT , Solar Energy MV, KWT
-4.84% , AEP , AM ELEC POWER
-9.78% , NIHD , NII Holdings, Inc.
-7.59% , SWY , SAFEWAY
-6.53% , HPQ , HEWLETT PACKARD
-5.90% , KSS , KOHLS
-3.41% , JCI , JOHNSON CONTROLS
-1.26% , EIS , Israel MSCI iS, EIS
-1.49% , PEG , PUBL SVC ENTER
-4.44% , PWER , POWER ONE
-1.65% , NWL , NEWELL RUBBER
-2.79% , KR , KROGER
-1.86% , PDCO , Patterson Dental Company
-2.19% , BRCM , BROADCOM STK A
-2.47% , MON , MONSANTO
-2.74% , MU.O , MICRON TECH
-2.07% , SVU , SUPERVALU
-1.29% , LPX , LOUISIANA PAC
-1.31% , TUR , Turkey MSCI iS, TUR
-1.23% , ADI , ANALOG DEVICES
-0.82% , WMB , WILLIAMS
-0.49% , PIC , Insurance, PIC
-1.03% , SRE , SEMPRA ENERGY
-2.04% , MUB , Bond Muni ATM-Free S&P iS, MUB
-1.86% , MZZ , Short 200% MidCap 400 PS, MZZ
-1.17% , ZEUS , Olympic Steel, ZEUS
-0.25% , PLL , PALL
-1.54% , PFE , PFIZER
-1.71% , EMR , EMERSON ELECTRIC
-0.86% , HON , HONEYWELL INTL
-0.28% , TE , TECO ENERGY
-1.66% , LUV , SOUTHWEST AIRLS
-0.76% , CTSH , Cognizant Technology Solutions
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.87% Silver Trust iS, SLV
2.42% Biotech SPDR, XBI
1.94% Homebuilders SPDR, XHB
1.92% Oil, Crude, U.S. Oil Fund, USO
1.92% South Africa Index, EZA
1.66% Telecom DJ US, IYZ
1.62% Oil Fund PowerShares, DBO
1.58% Growth SmallCap R 2000, IWO
1.56% France Index, EWQ
1.52% Microcap Russell, IWC
1.50% SmallCap Russell 2000, IWM
1.42% Value SmallCap S&P 600 B, IJS
1.34% Value SmallCap Russell 2000, IWN
1.31% Realty Cohen & Steers, ICF
1.30% REIT Wilshire, RWR
1.30% Growth SmallCap VIPERs, VBK
1.29% Thailand MSCI iS, THD
1.28% SmallCap S&P 600, IJR
1.25% REIT VIPERs, VNQ
1.23% Small Cap VIPERs, VB
1.17% Growth BARRA Small Cap 600, IJT
1.17% Real Estate US DJ, IYR
1.11% Russia MV, RSX
1.10% Value SmallCap VIPERS, VBR
1.10% Austria Index, EWO
1.04% Energy Global, IXC
1.03% Water Resources, PHO
1.02% Australia Index, EWA
1.02% Netherlands Index, EWN
1.01% European VIPERs, VGK
1.00% Sweden Index, EWD
0.99% Value MidCap S&P 400 B, IJJ
0.99% Financials VIPERs, VFH
0.98% Switzerland Index, EWL
0.97% Europe 350 S&P Index, IEV
0.96% Dividend High Yield Equity PS, PEY
0.93% Financial SPDR, XLF
0.92% United Kingdom Index, EWU
0.92% Growth EAFE MSCI, EFG
0.90% Financial DJ US, IYF
0.88% Capital Markets KWB ST, KCE
0.86% Belgium Index, EWK
0.85% Networking, IGN
0.84% EAFE Index, EFA
0.84% Germany Index, EWG
0.83% Transportation Av DJ, IYT
0.83% Energy & Nat Res iS GS, IGE
0.81% Small Cap EAFE MSCI iS, SCZ
0.81% MidCap S&P 400 iS, IJH
0.80% MidCap S&P 400 SPDRs, MDY
0.80% EMU Europe Index, EZU
0.75% Growth MidCap 400 B, IJK
0.75% Financial Services DJ, IYG
0.70% Value MidCap Russell, IWS
0.67% Frontier Markets Guggenheim , FRN
0.66% MidCap Russell, IWR
0.66% QQQ Nasdaq 100 Trust, QQQ
0.65% Japan Index, EWJ
0.64% Pacific ex-Japan, EPP
0.64% Energy VIPERs, VDE
0.63% Info Tech VIPERs, VGT
0.62% Global 100, IOO
0.61% Energy DJ, IYE
0.60% Bond, High-Yield Junk, JNK
0.60% Value 1000 Russell, IWD
0.59% Dividend SPDR, SDY
0.59% Semiconductor SPDR, XSD
0.59% LargeCap Blend S&P=Weight R, RSP
0.57% Growth MidCap Russell, IWP
0.57% Bond Ex-US Treas, BWX
0.56% Value EAFE MSCI, EFV
0.56% Metals & Mining SPDR, XME
0.56% Blend Total Market VIPERs, VTI
0.54% Growth VIPERs, VUG
0.53% LargeCap Blend Russell 3000, IWV
0.52% Dividend Appreciation Vipers, VIG
0.52% Consumer Staples SPDR, XLP
0.50% Energy SPDR, XLE
0.50% LargeCap VIPERs, VV
0.49% Pacific VIPERs, VPL
0.49% Consumer Discretionary SPDR, XLY
0.49% Growth 1000 Russell, IWF
0.48% S&P 500 iS LargeCap Blend, IVV
0.47% Global ex US ACWI iS, ACWX
0.45% Canada Index, EWC
0.45% LargeCap 1000 R, IWB
0.44% S&P 500 SPDRs LargeCap Blend, SPY
0.43% Technology DJ US, IYW
0.43% Value S&P 500 B, IVE
0.43% Growth S&P 500/BARRA, IVW
0.41% Value VIPERs, VTV
0.40% Basic Materials DJ US, IYM
0.40% Financial Preferred, PGF
0.39% Technology SPDR, XLK
0.38% Mexico Index, EWW
0.37% LargeCap Blend S&P 100, OEF
0.36% Bond, High-Yield Corporate, HYG
0.36% Dividend DJ Select, DVY
0.35% Latin Am 40, ILF
0.34% DIAMONDS (DJIA), DIA
0.32% Industrial SPDR, XLI
0.31% Commodity Tracking, DBC
0.28% Dividend International, PID
0.24% Bond EmrgMkt JPM iS, EMB
0.21% Value LargeCap Dynamic PS, PWV
0.18% Preferred Stock iS, PFF
0.17% Semiconductor iS IGW, SOXX
0.14% Bond, 10 Year Treasury, IEF
0.14% Malaysia Index, EWM
0.14% Bond, Corp, LQD
0.11% Materials SPDR, XLB
0.08% Health Care SPDR, XLV
0.08% Bond, Aggregate, AGG
0.07% Utilities VIPERs, VPU
0.05% Gold Shares S.T., GLD
0.03% Bond, TIPS, TIP
0.03% Spain Index, EWP
0.00% Bond Treasury Short-Term iS, SHV
-0.01% Bond, 20+ Years Treasury, TLT
-0.01% Bond, 1-3 Year Treasury, SHY
-0.06% Chile MSCI iS, ECH
-0.07% Italy Index, EWI
-0.08% Singapore Index, EWS
-0.09% Utilities SPDR, XLU
-0.09% Emerging 50 BLDRS, ADRE
-0.10% Brazil Index, EWZ
-0.17% Emerging Markets, EEM
-0.18% China LargeCap Growth G D H USX PS, PGJ
-0.23% Emerging VIPERs, VWO
-0.39% India PS, PIN
-0.39% Hong Kong Index, EWH
-0.45% China 25 iS, FXI
-0.50% Taiwan Index, EWT
-0.56% Bear, Short S&P 500, SH
-0.81% India Earnings WTree, EPI
-0.84% Indonesia MV, IDX
-0.91% South Korea Index, EWY
-0.96% Agriculture DB PS, DBA
-1.31% Turkey MSCI iS, TUR
-1.79% WilderHill Clean Energy PS, PBW
-2.04% Bond Muni ATM-Free S&P iS, MUB
