U.S. dollar ETF (UUP) fell below the lows of the previous 3 months on 2/28/12, obviously losing strength.
Gold, SPDR Gold Shares ETF (GLD) rose above the highs of the previous 3 months.
Silver, iShares Silver Trust ETF (SLV) rose above its highs of the previous 5 months.
Technology sector price rose above the highs of the previous 11 years.
Consumer Discretionary price rose above previous highs.
Health Care sector price rose above the highs of the previous 9 months.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its 50-day SMA, thereby turning bullish again. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) fell below the lows of the previous 5 weeks, which is a bearish signal for the short term. Longer-term, IWM/SPY appears neutral.
The Dow-Jones Industrial Average rose above its highs of the previous 3 years, but the Transportation Average remains nearly 3 percentage points below its high of 2/3/12, for a non confirmation.
The S&P 500 Composite (SPX: 1,372.18) rose above the high of 2011 on 2/28/12.
NYSE volume fell 4% and continues to languish at extremely low levels, suggesting weak demand for stocks. The 50-day SMA of NYSE Volume is at its lowest level in 12 years.
Popular Price Momentum indicators, such as RSI(14) and MACD(12/26/9), failed to confirm higher price highs over the past 12 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.
My Sensitive Short-Term Price Momentum Oscillator based on SPX turned slightly upward but is well below recent highs and so still warns of bearish divergence compared to the SPX price. In recent weeks, the slowness of the grind higher indicated that the stock market already had lost most of its bullish momentum.
Expect resistance near the 2011 highs, around the intraday peak on the SPX at 1370.58 set on 5/2/2011, allowing plus or minus a few percentage points for Gann’s “lost motion”.
Overbought, up big from the October low, and with very little room above before encountering resistance, Potential Reward relative to potential Risk appears unattractive for stocks.
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:
Available by subscription only (click here).
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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. The Industrials rose above the highs of the previous 3 years on 2/28/12 but the Transports remain nearly 3 percentage points below their high of 2/3/12.
NASDAQ Composite/S&P 500 Relative Strength Ratio rose from 12/29/12 to 2/16/12 but stalled out in recent days. Still, the Ratio remains above its 50-day and 200-day SMAs. Absolute price of the NASDAQ Composite rose to an 11-year high on 2/284/12.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) remains neutral. BKF/SPY remains above its 50-day SMA but 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 technically neutral. EEM/SPY remains above its 50-day SMA but 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) remains neutral. EFA/SPY remains above its 50-day SMA but below its 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) rose above its 50-day SMA on 2/28/12, thereby turning bullish again. 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) fell below the lows of the previous 5 weeks on 2/28/12, which is a bearish signal for the short term. Longer-term, IWM/SPY appears neutral.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) fell below the lows of the previous 4 weeks on 2/28/12, which is a bearish signal for the short term. Longer-term, the 50-day SMA has remained 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
1373.09, high of 2/28/2012
1370.58, high of 5/2/11
The S&P 500 Composite Potential Support
1352.28, low of 2/23/2012
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
1258.10, 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) remains neutral. TLT remains 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 6/24/11, suggesting a persistently bullish major trend for the longer term. Support 114.95, 114.62, 109.82, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) turned bullish on 2/27/12 when price rose above its 50-day SMA. IEF remains above its 200-day SMA. The 50-day SMA has remained above the 200-day SMA every day since 6/21/11, suggesting a persistently bullish major trend for the longer term. Support 104.37, 104.00, 103.29, 102.32, 101.36, 101.11, 99.79, and 97.66. Resistance 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) remains neutral. JNK/LQD remains below its 200-day SMA but above its 50-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 long term but has gained strength since 12/30/11 as it became clear that the world’s monetary authorities are inflating fiat currencies. TIP/IEF has remained bullishly above both its 50-day and 200-day SMAs since 2/15/12. 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 3 months on 2/28/12, obviously losing strength. UUP remains neutral below its 50-day SMA but above its 200-day SMA since 2/6/12. The 50-day SMA has remained above the 200-day SMA every day since 10/26/11. Support 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) remains neutral and appears to be picking up some strength in recent days. DBA has remained above its 50-day SMA but below its 200-day SMA since 2/14/12, 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) fell below the lows of the previous 2 trading days on 2/28/12, suggesting a small pullback. USO rose above its highs of the previous 9 months on 2/24/12, which was a clear sign of major trend strength. USO rose above its 50-day SMA and rose above a 6-week downtrend line on 2/13/12, has remained above its 200-day SMA since 12/20/11, and the 50-day SMA has remained above the 200-day SMA every day since 1/3/12. Support 40.35, 39.96, 38.51, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 42.07, 42.19, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) rose above the highs of the previous 3 months on 2/28/12 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) rose above its highs of the previous 5 months on 2/28/12. SLV remains bullishly above its 50-day and 200-day SMAs. The 50-day SMA remains below the 200-day SMA, however. 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) rose above its highs of the previous 5 months on 2/28/12 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) remains neutral, bullishly above both 50-day and 200-day SMAs, but with the 50-day SMA 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
18.87% , ODP , OFFICE DEPOT
4.52% , GNTX , Gentex Corporation
4.99% , SPLS , STAPLES
0.78% , EWO , Austria Index, EWO
3.58% , SIL , Silver Miners Global X, SIL
4.28% , SLV , Silver Trust iS, SLV
4.33% , MPEL , Melco Crown Entertainment, MPEL
5.65% , ISIL , INTERSIL CORP
3.64% , LRCX , LAM RESEARCH CORP
0.60% , EWI , Italy Index, EWI
1.78% , RYAAY , Ryanair Holdings plc
0.20% , RPV , Value S&P 500, RPV
2.63% , DISCA , Discovery Communications
3.92% , OMX , OFFICEMAX INC., OMX
2.79% , BIDU , Baidu, Inc., BIDU
3.73% , NVLS , NOVELLUS SYS
2.82% , AZO , AUTOZONE
0.63% , EWQ , France Index, EWQ
0.35% , EWP , Spain Index, EWP
2.95% , AMZN , Amazoncom Inc
2.39% , FMCN , Focus Media, FMCN
1.27% , VWO , Emerging VIPERs, VWO
1.64% , NWSA , News Corporation, NWSA
1.03% , WAT , WATERS
0.44% , MZZ , Short 200% MidCap 400 PS, MZZ
2.12% , IP , INTL PAPER
0.83% , SRE , SEMPRA ENERGY
2.38% , TUR , Turkey MSCI iS, TUR
0.87% , LIZ , LIZ CLAIRBORNE
0.63% , EWS , Singapore Index, EWS
0.85% , FEZ , Euro STOXX 50, FEZ
1.90% , CPWR , COMPUWARE
1.20% , PETM , PETsMART Inc
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-16.26% , APOL , APOLLO GROUP
-18.75% , CECO , CAREER EDUCATION CORP
-0.43% , IGN , Networking, IGN
-5.94% , RDC , ROWAN COMPANIES
-0.71% , EPU , Peru MSCI iS, EPU
-3.78% , DV , DeVry, Inc.
-3.79% , MBI , MBIA
-1.32% , PXE , Energy Exploration & Prod, PXE
-4.70% , HGSI , Human Genome Sciences Inc
-3.03% , KBH , KB HOME
-1.58% , URBN , Urban Outfitters Inc.
-1.39% , ECL , ECOLAB
-1.62% , AON , AON
-1.46% , EXPD , Expeditors International WA
-2.57% , NYT , NY TIMES STK A
-1.23% , WYNN , Wynn Resorts L
-1.05% , COH , COACH
-2.36% , AIV , APT INV MNGMT
-1.28% , HSY , HERSHEY FOODS
-1.33% , GLW , CORNING
-0.35% , IYZ , Telecom DJ US, IYZ
-2.46% , DHI , D.R. HORTON, DHI
-1.03% , BMC.O , BMC SOFTWARE
-0.19% , FDV , Value 40 Large Low P/E FT DB, FDV
-0.61% , BMY , BRISTOL MYERS
-0.64% , X , US STEEL CORP
-0.54% , CNP , CENTERPNT ENERGY
-0.74% , HAR , Harman International
-1.27% , HP , Helmerich & Payne HP
-1.56% , DVN , DEVON ENERGY
-0.81% , HNZ , HJ HEINZ
-1.10% , CPB , CAMPBELL SOUP
-0.47% , IJS , Value SmallCap S&P 600 B, IJS
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
4.28% Silver Trust iS, SLV
2.54% India Earnings WTree, EPI
2.38% Turkey MSCI iS, TUR
2.20% Indonesia MV, IDX
2.05% South Africa Index, EZA
1.98% Brazil Index, EWZ
1.71% India PS, PIN
1.70% Emerging 50 BLDRS, ADRE
1.68% Latin Am 40, ILF
1.61% Semiconductor iS IGW, SOXX
1.60% Japan Index, EWJ
1.51% Taiwan Index, EWT
1.46% China 25 iS, FXI
1.44% Sweden Index, EWD
1.41% Chile MSCI iS, ECH
1.39% Emerging Markets, EEM
1.33% China LargeCap Growth G D H USX PS, PGJ
1.28% Hong Kong Index, EWH
1.27% Belgium Index, EWK
1.27% Emerging VIPERs, VWO
1.17% Germany Index, EWG
1.15% Small Cap EAFE MSCI iS, SCZ
1.04% Gold Shares S.T., GLD
1.03% Growth EAFE MSCI, EFG
1.01% QQQ Nasdaq 100 Trust, QQQ
1.00% Semiconductor SPDR, XSD
1.00% Thailand MSCI iS, THD
1.00% Global ex US ACWI iS, ACWX
0.96% Pacific VIPERs, VPL
0.95% EMU Europe Index, EZU
0.94% EAFE Index, EFA
0.92% South Korea Index, EWY
0.89% European VIPERs, VGK
0.87% Canada Index, EWC
0.85% Europe 350 S&P Index, IEV
0.80% Value EAFE MSCI, EFV
0.78% Technology DJ US, IYW
0.78% Austria Index, EWO
0.73% Technology SPDR, XLK
0.68% United Kingdom Index, EWU
0.67% Mexico Index, EWW
0.65% Info Tech VIPERs, VGT
0.64% Capital Markets KWB ST, KCE
0.63% France Index, EWQ
0.63% Singapore Index, EWS
0.62% Agriculture DB PS, DBA
0.60% Italy Index, EWI
0.57% Financial Services DJ, IYG
0.56% Consumer Discretionary SPDR, XLY
0.56% Global 100, IOO
0.52% Frontier Markets Guggenheim , FRN
0.51% WilderHill Clean Energy PS, PBW
0.48% Growth S&P 500/BARRA, IVW
0.45% Financial Preferred, PGF
0.45% Metals & Mining SPDR, XME
0.43% LargeCap Blend S&P 100, OEF
0.39% Dividend International, PID
0.39% Health Care SPDR, XLV
0.37% Growth 1000 Russell, IWF
0.35% Bond, High-Yield Junk, JNK
0.35% Spain Index, EWP
0.33% LargeCap VIPERs, VV
0.33% Consumer Staples SPDR, XLP
0.33% Basic Materials DJ US, IYM
0.33% Growth VIPERs, VUG
0.32% Materials SPDR, XLB
0.32% Pacific ex-Japan, EPP
0.32% Bond, Corp, LQD
0.31% Preferred Stock iS, PFF
0.30% Bond EmrgMkt JPM iS, EMB
0.29% S&P 500 SPDRs LargeCap Blend, SPY
0.28% Blend Total Market VIPERs, VTI
0.28% S&P 500 iS LargeCap Blend, IVV
0.27% Financial SPDR, XLF
0.26% Netherlands Index, EWN
0.25% Bond Ex-US Treas, BWX
0.22% LargeCap Blend Russell 3000, IWV
0.21% Value S&P 500 B, IVE
0.20% Value LargeCap Dynamic PS, PWV
0.20% Bond, High-Yield Corporate, HYG
0.18% Bond Muni ATM-Free S&P iS, MUB
0.15% DIAMONDS (DJIA), DIA
0.14% Value VIPERs, VTV
0.13% LargeCap 1000 R, IWB
0.12% Switzerland Index, EWL
0.12% Dividend Appreciation Vipers, VIG
0.11% Financial DJ US, IYF
0.10% Value 1000 Russell, IWD
0.10% LargeCap Blend S&P=Weight R, RSP
0.09% Energy & Nat Res iS GS, IGE
0.05% Bond, 10 Year Treasury, IEF
0.04% Australia Index, EWA
0.02% Bond, 1-3 Year Treasury, SHY
0.02% Bond Treasury Short-Term iS, SHV
0.02% Bond, TIPS, TIP
-0.02% Growth MidCap Russell, IWP
-0.03% Commodity Tracking, DBC
-0.04% Dividend SPDR, SDY
-0.04% Value MidCap Russell, IWS
-0.07% Energy Global, IXC
-0.07% Bond, Aggregate, AGG
-0.09% Dividend DJ Select, DVY
-0.09% MidCap Russell, IWR
-0.10% Financials VIPERs, VFH
-0.12% MidCap S&P 400 SPDRs, MDY
-0.13% Growth MidCap 400 B, IJK
-0.13% Industrial SPDR, XLI
-0.15% Transportation Av DJ, IYT
-0.15% MidCap S&P 400 iS, IJH
-0.17% Growth BARRA Small Cap 600, IJT
-0.18% Microcap Russell, IWC
-0.20% Growth SmallCap R 2000, IWO
-0.21% SmallCap S&P 600, IJR
-0.22% Small Cap VIPERs, VB
-0.23% Growth SmallCap VIPERs, VBK
-0.27% SmallCap Russell 2000, IWM
-0.27% Energy DJ, IYE
-0.27% Malaysia Index, EWM
-0.30% Homebuilders SPDR, XHB
-0.30% Value SmallCap Russell 2000, IWN
-0.31% Value MidCap S&P 400 B, IJJ
-0.33% Bear, Short S&P 500, SH
-0.33% Energy SPDR, XLE
-0.33% Bond, 20+ Years Treasury, TLT
-0.33% Russia MV, RSX
-0.35% Energy VIPERs, VDE
-0.35% Value SmallCap VIPERS, VBR
-0.35% Telecom DJ US, IYZ
-0.42% Dividend High Yield Equity PS, PEY
-0.43% Networking, IGN
-0.47% Value SmallCap S&P 600 B, IJS
-0.48% Utilities SPDR, XLU
-0.49% Utilities VIPERs, VPU
-0.58% REIT VIPERs, VNQ
-0.59% Biotech SPDR, XBI
-0.76% Real Estate US DJ, IYR
-0.79% REIT Wilshire, RWR
-0.80% Realty Cohen & Steers, ICF
-0.95% Oil, Crude, U.S. Oil Fund, USO
-1.02% Oil Fund PowerShares, DBO
-1.27% Water Resources, PHO
