Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) fell further below its 50-day and 200-day SMAs.
Crude Oil, United States Oil ETF (USO) whipsawed back above its 50-day SMA on 4/2/12, turning systematically bullish.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) has been relatively weak since 4/5/11. MDY/SPY fell below its lows of the previous 2 months on 4/2/12, suggesting renewed downside momentum for the medium term.
The S&P 500 Composite (SPX: 1,419.04) rose above the highs of the previous 3 years. Still, a variety of technical indicators show waning bullish momentum. A downside correction seems due.
The S&P 500 chart remains within a Potential Bearish Rising Wedge. A breakdown below the lower boundary line currently rising just above the recent intraday low of 1386.87 would be a bearish chart signal.
RSI(14) based on SPX rose to 66.80 but remains well below recent highs. RSI(14) showed previous bearish divergences at the March highs: the 73.15 high on 3/19/12 was less than the 75.38 high set on 2/9/12.
MACD based on SPX remains bearish. MACD fell below the levels of the past 2 weeks on 3/30/12, fell further below its signal line, and fell further below its high set on 2/9/12, which appears to have been the momentum peak for the rally.
On-Balance Volume for the SPX shows a bearish divergence: it peaked on 3/19/12, made a lower high on 3/26/12, and fell below its two previous lows for the first time this year on 3/29/12.
The NYSE Cumulative Daily Advance-Decline Line shows a bearish divergence: it peaked on 3/13/12 and made a lower high on 3/26/12.
NYSE New Highs Minus New Lows peaked on 2/3/12 and have made a series of lower highs since.
The Dow Theory may have given an earlier warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.
It has been an exceptional year so far, with no downside pullbacks of as much as 3% in more than 3 months, since 12/19/12, based on SPX close prices. It is extremely unlikely that stocks can continue to go up like this much longer, however, without a significant downside correction. Odds are stocks will experience the usual ups and downs this year. After large price run ups, stocks become more vulnerable to sudden reversals. Therefore, Potential Reward relative to potential Risk appears unattractive for stocks.
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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:
Available by subscription only (click here).
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Stock Market Indicators
The Dow Theory may have given an early warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.
NASDAQ Composite/S&P 500 Relative Strength Ratio rose above its highs of the previous 11-years on 3/27/12, confirming a rising trend since its low on 12/29/12. This RS Ratio remains above its 50-day and 200-day SMAs, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/24/12. Absolute price confirmed the uptrend for this RS Ratio.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 2 months on 3/29/12. BKF/SPY remains below its 50-day and 200-day SMAs. Longer term, the bias is bearish because the 50-day SMA has remained below the 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 2 months on 3/28/12. EEM/SPY remains 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 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below its lows of the previous 2 months on 3/29/12. EFA/SPY remains below its 50-day and 200-day SMAs, and the 50-day SMA has remained below the 200-day SMA consistently every day since 1/14/11.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its highs of the previous 22 months on 3/28/12, reconfirming its preexisting bullish trend. OEX/SPX remains above its 50-day and 200-day SMAs, 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. 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) has been relatively weak since 4/5/11. IWM/SPY fell below the lows of the previous 3 weeks on 3/30/12, suggesting renewed downside momentum for the short term. Systematically, IWM/SPY remains technically neutral, below both its 50-day and 200-day SMAs but with the 50-day SMA slightly above the 200-day SMA.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) has been relatively weak since 4/5/11. MDY/SPY fell below its lows of the previous 2 months on 4/2/12, suggesting renewed downside momentum for the medium term. Systematically, MDY/SPY remains technically neutral, below both its 50-day and 200-day SMAs but with the 50-day SMA slightly above the 200-day SMA.
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Sentiment for Contrary Thinking
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 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.
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 showed 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 51.64% Bulls and 20.19% Bears, according to the AAII weekly survey reported on 2/9/12. This was the highest level of bullish sentiment in more than a year, since 52.34% Bulls on 1/13/11.
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 recently 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 65% Bulls–the same extreme level of optimism recorded at the February 2011 top in the stock market.
Short Selling ETFs were 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 in April 2011, according to Mark Hulbert at MarketWatch. Insiders sold 656 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That was 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, which was 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. That pool of demand has been depleted.
VIX Fear Index broke down below the lows of the previous 4 years on 3/16/12, hitting 13.66 intraday, its lowest level since 6/20/07. VIX is down from a peak of 48.00 on 8/8/11: such a large drop indicated a shift away from fear and toward 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
1422.38, high of 4/2/2012
The S&P 500 Composite Potential Support
1391.56, low of 3/29/2012
1386.87, low of 3/23/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1378.04, high of 2/29/2012
1376.55, Fibonacci 100.0% projection 10/11 range
1370.58, high of 5/2/11
1364.98, 50-day SMA
1340.03, low of 3/6/2012
1337.35, low of 2/10/2012
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
1267.53, 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) broke down below its lows of the previous 3 days with a Bearish Engulfing Candlestick on 3/30/12, suggesting renewed downside momentum for the short term. Systematically, TLT remains neutral: below its 50-day SMA but above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA every day since 6/24/11. Support 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 114.27, 114.36, 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) broke down below its lows of the previous 2 days on 3/30/12. Systematically, IEF remains neutral: below its 50-day SMA but above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA every day since 6/21/11. Support 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 103.91, 104.00, 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) fell further below its 50-day and 200-day SMAs on 4/2/12. JNK/LQD turned systematically bearish during the last week of March, 2012, when it fell below both SMAs. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/20/11, although that 50-200 SMA spread has been narrowing.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned bullish on 3/14/12 when the 50-day SMA rose above the 200-day SMA. TIP/IEF remains above both its 50-day and 200-day SMAs. The market recognizes that the Fed, ECB, and other global monetary authorities are willing to print as much money out of thin air as necessary in order to keep the broken financial system afloat a little while longer.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) fell further below its lows of the previous 3 weeks and fell further below its 50-day SMA on 4/2/12, thereby reconfirming a bearish trend for the short-term. UUP remains above its 200-day SMA, however, and the 50-day SMA has remained consistently above the 200-day SMA every day since 10/26/11. Support 21.74, 21.58, 21.07, and 20.84. Resistance 22.01, 22.20, 22.47, 22.85, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index fell below its lows of the previous 12 weeks on 3/29/12.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months on 3/29/12, for another a bearish trend confirmation. DBA remains technically bearish below both its 50-day SMA and 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) whipsawed back above its 50-day SMA on 4/2/12, turning systematically bullish. USO remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA consistently every day since 1/3/12. Support 38.87, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) remains below its 50-day and 200-day SMAs. GLD has been correcting and consolidating since peaking at 185.85 on 9/6/11. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09. Support: 159.81, 158.13, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 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) fell below the lows of the previous 3 years on 3/28/12, thereby reconfirming a bearish major trend for the long 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 below its 50-day and 200-day SMAs. The 50-day SMA has remained bearishly below the 200-day SMA every day since 10/27/11. Support 30.72, 30.21, 28.63, 27.83, 25.65, and 24.44. Resistance: 32.29, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) turned neutral on 4/2/12. SLV/GLD crossed above its 50-day SMA on 4/2/12, remains below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/30/11.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) appears to be consolidating within its February trading range from 47.57 to 51.41. 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 underperformance 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
17.25% , AVP , AVON
1.12% , MVV , Ultra MidCap400 Double, MVV
1.60% , EIS , Israel MSCI iS, EIS
0.69% , IYJ , Industrial LargeCap Blend DJ US, IYJ
1.37% , FDV , Value 40 Large Low P/E FT DB, FDV
1.09% , IGV , Software, IGV
4.13% , HIG , HARTFORD FINL
1.09% , IJT , Growth BARRA Small Cap 600, IJT
0.91% , KCE , Capital Markets KWB ST, KCE
0.84% , IYG , Financial Services DJ, IYG
1.33% , ADRD , Developed 100 BLDRS, ADRD
0.96% , IYE , Energy DJ, IYE
1.53% , IEV , Europe 350 S&P Index, IEV
0.82% , VDC , Consumer Staples VIPERs, VDC
0.73% , TMW , Wilshire 5000 ST TM, TMW
0.99% , IWP , Growth MidCap Russell, IWP
3.63% , TXT , TEXTRON
2.38% , IDX , Indonesia MV, IDX
1.09% , ADRE , Emerging 50 BLDRS, ADRE
0.86% , IYK , Consumer Non-Cyclical, IYK
1.31% , IJS , Value SmallCap S&P 600 B, IJS
0.86% , PWC , LargeCap Blend Dynamic PS, PWC
0.86% , IVW , Growth S&P 500/BARRA, IVW
1.34% , EWD , Sweden Index, EWD
2.73% , ADRU , Europe 100 BLDRS, ADRU
1.47% , PSTL , Steel Global PS ETF, PSTL
0.95% , VB , Small Cap VIPERs, VB
1.96% , PPG , PPG INDUSTRIES
0.91% , VFH , Financials VIPERs, VFH
0.50% , IJH , MidCap S&P 400 iS, IJH
0.93% , PBE , Biotech & Genome, PBE
1.30% , EWK , Belgium Index, EWK
2.14% , SLV , Silver Trust iS, SLV
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.46% , OMC , OMNICOM
-1.60% , KWT , Solar Energy MV, KWT
-1.85% , TLAB , TELLABS
-1.99% , LLTC , LINEAR TECH
-0.52% , MYY , Short 100% MidCap 400, MYY
-2.20% , AMZN , Amazoncom Inc
-0.30% , XSD , Semiconductor SPDR, XSD
-0.58% , VIA.O , VIACOM INC. (New)
-0.81% , SH , Short 100% S&P 500, SH
-0.29% , NYT , NY TIMES STK A
-1.12% , MAS , MASCO
-0.75% , XHB , Homebuilders SPDR, XHB
-1.52% , SDS , Short 200% S&P 500 PS, SDS
-1.66% , YUM , YUM BRANDS
-2.81% , RFMD , RF Micro Devices Inc
-0.43% , KMX , CarMax
-0.21% , AGG , Bond, Aggregate, AGG
-1.05% , PSQ , Short 100% QQQ, PSQ
-0.43% , HYG , Bond High-Yield Corporate, HYG
-1.46% , KBH , KB HOME
-2.03% , PHM , PULTE HOMES
-0.41% , PMCS , PMC SIERRA
-0.99% , DHI , D.R. HORTON, DHI
-0.84% , EBAY , EBAY
-0.29% , FRX , FOREST LABS STK A
-0.95% , STJ , ST JUDE MEDICAL
-0.31% , MUB , Bond Muni ATM-Free S&P iS, MUB
-0.68% , TYC , TYCO INTL
-0.38% , JNK , Bond, High-Yield Junk, JNK
-0.44% , CPWR , COMPUWARE
-0.22% , CMA , COMERICA
-0.37% , AVY , AVERY DENNISON
-0.67% , VIAB.O , VIACOM STK B
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.38% Indonesia MV, IDX
2.25% United Kingdom Index, EWU
2.14% Silver Trust iS, SLV
2.04% Oil, Crude, U.S. Oil Fund, USO
1.94% Oil Fund PowerShares, DBO
1.81% South Korea Index, EWY
1.77% Chile MSCI iS, ECH
1.76% Mexico Index, EWW
1.73% Metals & Mining SPDR, XME
1.72% Turkey MSCI iS, TUR
1.62% Canada Index, EWC
1.61% European VIPERs, VGK
1.58% Malaysia Index, EWM
1.56% Dividend International, PID
1.53% Europe 350 S&P Index, IEV
1.50% Germany Index, EWG
1.49% Basic Materials DJ US, IYM
1.49% India PS, PIN
1.48% India Earnings WTree, EPI
1.41% Materials SPDR, XLB
1.40% Emerging Markets, EEM
1.36% Latin Am 40, ILF
1.36% Growth EAFE MSCI, EFG
1.34% Sweden Index, EWD
1.34% Value SmallCap Russell 2000, IWN
1.32% Switzerland Index, EWL
1.31% Value SmallCap S&P 600 B, IJS
1.30% Microcap Russell, IWC
1.30% Belgium Index, EWK
1.28% Commodity Tracking, DBC
1.27% Global ex US ACWI iS, ACWX
1.25% Water Resources, PHO
1.23% SmallCap Russell 2000, IWM
1.22% SmallCap S&P 600, IJR
1.20% Thailand MSCI iS, THD
1.17% Energy & Nat Res iS GS, IGE
1.17% EAFE Index, EFA
1.16% China 25 iS, FXI
1.14% EMU Europe Index, EZU
1.13% Emerging VIPERs, VWO
1.11% Brazil Index, EWZ
1.11% Netherlands Index, EWN
1.10% South Africa Index, EZA
1.09% Growth BARRA Small Cap 600, IJT
1.09% Emerging 50 BLDRS, ADRE
1.08% Growth SmallCap R 2000, IWO
1.06% Dividend High Yield Equity PS, PEY
1.06% Technology SPDR, XLK
1.05% Russia MV, RSX
1.04% France Index, EWQ
1.04% Technology DJ US, IYW
1.04% QQQ Nasdaq 100 Trust, QQQ
1.02% Info Tech VIPERs, VGT
1.02% Biotech SPDR, XBI
1.01% Growth SmallCap VIPERs, VBK
1.00% Hong Kong Index, EWH
1.00% Energy VIPERs, VDE
0.99% Global 100, IOO
0.99% Growth MidCap Russell, IWP
0.98% Frontier Markets Guggenheim , FRN
0.98% Energy SPDR, XLE
0.97% China LargeCap Growth G D H USX PS, PGJ
0.96% Energy DJ, IYE
0.95% Small Cap VIPERs, VB
0.95% Transportation Av DJ, IYT
0.92% Value SmallCap VIPERS, VBR
0.92% Value EAFE MSCI, EFV
0.92% Growth VIPERs, VUG
0.91% Capital Markets KWB ST, KCE
0.91% Financials VIPERs, VFH
0.88% Growth 1000 Russell, IWF
0.86% Growth S&P 500/BARRA, IVW
0.85% Energy Global, IXC
0.85% Singapore Index, EWS
0.84% Blend Total Market VIPERs, VTI
0.84% Financial Services DJ, IYG
0.83% Dividend SPDR, SDY
0.83% LargeCap Blend Russell 3000, IWV
0.83% LargeCap Blend S&P 100, OEF
0.80% Financial DJ US, IYF
0.80% Small Cap EAFE MSCI iS, SCZ
0.79% Consumer Staples SPDR, XLP
0.79% LargeCap VIPERs, VV
0.79% Financial SPDR, XLF
0.79% S&P 500 iS LargeCap Blend, IVV
0.79% MidCap Russell, IWR
0.78% LargeCap 1000 R, IWB
0.78% Pacific ex-Japan, EPP
0.77% LargeCap Blend S&P=Weight R, RSP
0.75% Dividend DJ Select, DVY
0.73% S&P 500 SPDRs LargeCap Blend, SPY
0.71% REIT VIPERs, VNQ
0.71% REIT Wilshire, RWR
0.70% Value 1000 Russell, IWD
0.68% Dividend Appreciation Vipers, VIG
0.66% Value MidCap Russell, IWS
0.66% Growth MidCap 400 B, IJK
0.65% Industrial SPDR, XLI
0.65% Value S&P 500 B, IVE
0.64% Real Estate US DJ, IYR
0.62% Value VIPERs, VTV
0.61% Agriculture DB PS, DBA
0.60% Value LargeCap Dynamic PS, PWV
0.59% MidCap S&P 400 SPDRs, MDY
0.55% Spain Index, EWP
0.51% Australia Index, EWA
0.51% Gold Shares S.T., GLD
0.50% MidCap S&P 400 iS, IJH
0.50% Utilities SPDR, XLU
0.47% Utilities VIPERs, VPU
0.46% Value MidCap S&P 400 B, IJJ
0.45% Telecom DJ US, IYZ
0.42% Realty Cohen & Steers, ICF
0.38% DIAMONDS (DJIA), DIA
0.35% Health Care SPDR, XLV
0.31% Italy Index, EWI
0.29% Bond, 20+ Years Treasury, TLT
0.27% Consumer Discretionary SPDR, XLY
0.24% Pacific VIPERs, VPL
0.23% Bond, TIPS, TIP
0.18% Austria Index, EWO
0.17% Financial Preferred, PGF
0.15% Japan Index, EWJ
0.08% Semiconductor iS IGW, SOXX
0.07% Bond, 10 Year Treasury, IEF
0.06% Networking, IGN
0.03% Bond Ex-US Treas, BWX
0.03% Bond EmrgMkt JPM iS, EMB
0.01% Bond Treasury Short-Term iS, SHV
-0.01% Bond, 1-3 Year Treasury, SHY
-0.09% Bond, Corp, LQD
-0.21% Bond, Aggregate, AGG
-0.30% Semiconductor SPDR, XSD
-0.31% Bond Muni ATM-Free S&P iS, MUB
-0.38% Bond, High-Yield Junk, JNK
-0.41% Preferred Stock iS, PFF
-0.43% Bond, High-Yield Corporate, HYG
-0.48% Taiwan Index, EWT
-0.75% Homebuilders SPDR, XHB
-0.81% Bear, Short S&P 500, SH
-0.90% WilderHill Clean Energy PS, PBW
