Gold nearest futures contract price rose above previous all-time highs on 5/11/10, thereby confirming its preexisting bullish trend for the long term.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) crossed above the 50-day SMA on 5/10/10 and remains bullish. Absolute price of IWM rose above its 50-day SMA on 5/11/10 and is bullish again.

Technology Stock Sector Relative Strength Ratio (XLK/SPY) fell below 3-month lows on 5/11/10 and remains bearish.

Materials Stock Sector Relative Strength Ratio (XLB/SPY) fell below 9-month lows on 5/11/10 and remains bearish.

Energy Stock Sector Relative Strength Ratio (XLE/SPY) fell below 1-month lows on 5/11/10 and remains bearish.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) crossed below the 200-day SMA on 5/11/10 and remains neutral.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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
2.56% , PZJ , SmallCap PS Zacks, PZJ
0.87% , FPX , IPOs, First Tr IPOX-100, FPX
11.45% , LM , LEGG MASON
6.26% , NOVL , NOVELL
1.10% , JKK , Growth SmallCap iS M, JKK
4.64% , SLV , Silver Trust iS, SLV
1.51% , PUI , Utilities, PUI
4.66% , AIG , AMER INTL GROUP
0.23% , UTH , Utilities H, UTH
4.88% , NEM , NEWMONT MINING
0.78% , PBJ , Food & Beverage, PBJ
3.08% , FLR , FLUOR
5.93% , TBH , Telebras HOLDRS, TBH
4.64% , STI , SUNTRUST BANKS
5.97% , ZEUS , Olympic Steell, ZEUS
0.98% , IGN , Networking, IGN
0.67% , PIV , Value Line Timeliness MidCap Gr, PIV
3.07% , ERTS , ELECTRONIC ARTS
2.62% , GLD , Gold Shares S.T., GLD
2.02% , BBY , BEST BUY
2.68% , SNV , SYNOVUS
1.16% , AMP , Ameriprise Financial Inc.
1.45% , DSG , Growth Small Cap DJ, DSG
1.44% , FAST , Fastenal Company
0.93% , CR , CRANE
2.75% , KEY , KEYCORP
2.35% , BBT , BB&T
1.18% , HAS , HASBRO
1.29% , AMAT , APPLIED MATERIAL
1.29% , PXQ , Networking, PXQ
1.54% , ADM , ARCHER DANIELS
1.69% , WAG , WALGREEN
1.46% , TYC , TYCO INTL
0.05% , JKH , MidCap Growth iS M, JKH
1.88% , PETM , PETsMART Inc
0.64% , DSV , Value Small Cap DJ, DSV
0.30% , PSJ , Software, PSJ
3.17% , SLE , SARA LEE
0.95% , BBH , Biotech H, BBH
0.37% , CECO , CAREER EDUCATION CORP

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-7.18% , CLF , CLIFFS NATURAL RESOURCES, CLF
-6.22% , MBI , MBIA
-3.67% , HRB , H&R BLOCK
-0.98% , ADRA , Asia 50 BLDRS, ADRA
-4.71% , FMCN , Focus Media, FMCN
-2.14% , PSTL , Steel Global PS ETF, PSTL
-2.03% , RYAAY , Ryanair Holdings plc
-1.48% , IXG , Financials Global LargeCap Value, IXG
-1.87% , BK , BANK OF NEW YORK
-2.67% , KWT , Solar Energy MV, KWT
-1.32% , THD , Thailand MSCI iS, THD
-4.24% , LIZ , LIZ CLAIRBORNE
-0.57% , IGM , Technology GS, IGM
-1.21% , LXK , LEXMARK INTL STK A
-4.73% , X , US STEEL CORP
-6.91% , LPX , LOUISIANA PAC
-4.01% , GRMN , GARMIN LTD
-2.10% , VPL , Pacific VIPERs, VPL
-1.96% , APOL , APOLLO GROUP
-0.27% , JKE , Growth LargeCap iS M, JKE
-2.71% , JWN , NORDSTROM
-2.24% , EWO , Austria Index, EWO
-0.44% , IVW , Growth S&P 500/BARRA, IVW
-2.44% , AVP , AVON
-4.01% , STLD , Steel Dynamics, STLD
-1.71% , BAX , BAXTER INTL
-1.87% , EMR , EMERSON ELECTRIC
-0.88% , XSD , Semiconductor SPDR, XSD
-0.57% , IGW , Semiconductor iS GS, IGW
-1.91% , SEE , SEALED AIR
-1.85% , PTEN , Patterson-UTI Energy Inc
-1.64% , EOG , EOG RESOURCES
-2.20% , QLGC , QLOGIC
-0.94% , TUR , Turkey MSCI iS, TUR
-1.66% , TAP , ADOLPH COORS STK B, TAP
-1.82% , TROW , T ROWE PRICE GP
-0.94% , RPG , Growth S&P 500, RPG
-1.96% , EPP , Pacific ex-Japan, EPP
-0.80% , EWU , United Kingdom Index, EWU
-3.11% , APC , ANADARKO PETRO

9 major U.S. stock sectors ranked in order of long-term relative strength:

Consumer Discretionary (XLY) Bullish, Overweight. The Relative Strength Ratio (XLY/SPY) rose above 12-year highs on 4/26/10 and remains bullish. Absolute price of XLY fell to a 2-month low and fell below the 50-day SMA on 5/6/10. So, price trend is now neutral. Support 31.03, 31.66, 30.99, 29.90, 29.25, 28.66, 28.21 and 26.62. Resistance and 36.13, 38.25 and 39.09.

Industrial (XLI) Bullish, Overweight. The Relative Strength Ratio (XLI/SPY) rose above 18-month highs on 4/29/10 and remains bullish. Absolute price of XLI fell to a 2-month low and fell below the 50-day SMA on 5/6/10. So, price trend is now neutral. Support 28.44 and 28.15. Resistance 33.46, 34.24, 34.50, and 35.00.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) fell below 3-month lows on 5/11/10 and remains bearish. Absolute price fell to a 3-month low and tested the 200-day SMA on 5/6/10. Price trend is now neutral. Support 22.66, 22.52, 21.30, 20.71, 20.46 and 20.09. Resistance 24.16, 24.68, and 25.69.

Financial (XLF) Neutral, Market Weight. The Relative Strength Ratio (XLF/SPY) crossed above its 50-day simple moving average on 5/10/10, and so it is bullish again. Absolute price of XLF fell to a 2-month low and tested the 200-day SMA on 5/6/10. Price trend remains neutral. Support 15.52, 15.37, and 15.12. Resistance 16.90, 17.12, 17.16, and 17.87.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) rose above the 50-day SMA on 5/6/10 and is now neutral. Absolute price of XLP fell to an 8-month low and tested the 200-day SMA on 5/6/10. Price trend remains neutral. Support 24.95, 24.48, 24.02, and 22.63. Resistance 28.75, 29.29 and 30.29.

Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) fell below 9-month lows on 5/11/10 and remains bearish. Absolute price of XLB crossed above the 200-day SMA on 5/10/10 and remains neutral. Support 29.48, and 28.95. Resistance 35.47 and 37.56.

Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) fell below 1-month lows on 5/11/10 and remains bearish. Absolute price of XLE crossed above the 200-day SMA on 5/10/10 and remains neutral. Support 52.29 and 51.34. Resistance 62.30, 62.73, 69.95, and 78.10.

Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) fell below 18-month lows on 4/26/10 and remains bearish. Absolute price of XLV crossed above the 200-day SMA on 5/10/10. Price trend remains neutral. Support 28.53 and 27.96. Resistance 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.

Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) rose above 6-week highs on 5/4/10, thereby turning neutral. Absolute price of XLU crossed above the 200-day SMA on 5/10/10 and remains neutral. Support 25.76, 25.52, and 24.96. Resistance 31.30, 31.64 and 32.08.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell to a 12-month low on 5/6/10. EEM/SPY trend turned bearish on 4/16/10, according to strict moving average analysis. Absolute price of EEM fell below 3-month lows on 5/6/10 and, following a 2-day recovery, now is neutral.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 5-year lows on 5/6/10 and remains bearish. Absolute price of EFA fell below 10-month lows on 5/6/10 and is bearishly below both 50- and 200-day simple moving averages.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below its 50-day simple moving average on 5/6/10 rose and remains neutral. Absolute price of the NASDAQ fell below 2-month lows on 5/6/10 and remains neutral.

Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) fell to a 5-month low on 4/14/10 but has stabilized somewhat since. IWF/IWD remains below both 50- and 200-day simple moving averages. Absolute price of IWF fell below 8-week lows on 5/6/10 and remains neutral.

Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) rose above 7-month highs on 5/3/10 and remains bullish. Absolute price of IWD closed below 8-week lows on 5/6/10.

The S&P 500 Equally Weighted ETF Relative Strength Ratio (RSP/SPY) crossed above the 50-day SMA on 5/10/10 and is now bullish. Absolute price of RSP fell below 2-month lows and fell below its 50-day SMA on 5/6/10 and remains neutral.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below the lows of the previous 21 months on 4/26/10 and remains bearish. Absolute price of OEX fell below 2-month lows on 5/6/10 and remains neutral.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) crossed above the 50-day SMA on 5/10/10 and is now bullish. Absolute price of IWM rose above its 50-day SMA on 5/11/10 and is bullish again.

The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) crossed above the 50-day SMA on 5/10/10 and remains bullish. Absolute price of IWM rose above its 50-day SMA on 5/11/10 and is bullish again.

Crude Oil nearest futures contract price fell below 2-month lows on 5/7/10 and remains neutral. Oil appears to be in a correction phase for the short term. Longer term, Oil remains bullish. Support 74.51, 72.60, 69.50, 68.59 and 65.05. Resistance 87.15, 90.51, 98.65, and 102.84.

Gold nearest futures contract price rose above previous all-time highs on 5/11/10, thereby confirming its preexisting bullish trend for the long term. Support 1156.2, 1124.3, 1084.8, 1045.2, 1026.9 and 989.3. Resistance: none.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) crossed above the 200-day SMA on 5/10/10 and is now neutral. Absolute price rose above 3-month highs on 4/30/10 and remains bullish.

Silver/Gold Ratio remains neutral with the 50-day SMA below the 200-day SMA.

Copper nearest futures price fell below the lows of the previous 3 months on 5/5/10, again confirming a bearish trend for the short-term. Copper entered a correction phase since peaking at 3.68 on 4/12/10. Longer term, Copper remains bullish. Strength in Copper suggests renewed hope about prospects for the world economy, while weakness suggests doubts. Support 3.29, 3.1505, 3.034, and 2.811. Resistance 3.795 and 4.27.

U.S. Treasury Bond nearest futures contract price jumped up to a new 12-month high on 5/6/10. Support 118.24, 118.12, 115.15, 114.06. 113.04 and 112.15. Resistance 124.16, and 125.03.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) crossed below the 200-day SMA on 5/11/10 and remains neutral.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) crossed above the 50-day SMA on 5/10/10 and remains bullish. This means investors prefer more inflation protection. Absolute price of TIP rose above 22-month highs on 5/6/10 and remains bullish.

The U.S. dollar nearest futures contract price moved above 12-month highs on 5/6/10, thereby confirming its preexisting bullish trend. Support 81.74, 80.14, 79.73, 79.61, 78.83, 78.20, 76.74 and 75.90. Resistance 85.46, 87.22 and 89.71.

The Art of Contrary Thinking: The various surveys of investor sentiment are best considered as background factors. The majority of investors can be right for a long time before a major trend finally changes course. The Art of Contrary Thinking is best used together with more precise market timing tools.

Advisory Service Sentiment: There were 56.0% Bulls versus 18.7% Bears as of 5/5/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio rose to 2.99, down from 3.00 the previous week. The current Bull/Bear ratio is near its peak at 3.36 set on 1/13/10, which was the highest bullish sentiment in 6 years. The 20-year range is 0.41 to 3.74, the median is 1.51, and the mean is 1.57.

VIX Fear Index rose to a 13-month high of 42.15 on 5/7/10. A high and rising VIX suggests increasing bearish sentiment. 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.

VXN Fear Index rose to a 13-month high of 42.03 on 5/7/10. A high and rising VIX suggests increasing bearish sentiment. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.

ISEE Call/Put Ratio fell to .059 on 5/7/10, a low level that indicates bearish sentiment. Its 2-year mean is 1.20, and its typical range is 0.69 to 1.71, which represents two standard deviations from the mean.

CBOE Put/Call Ratio rose to 0.80 on 5/7/10, a high level that indicates moderately bearish sentiment. The 2-year mean is 0.70, and the typical range is 0.44 to 0.96, which represents two standard deviations from the mean.

The Dow Theory again confirmed a Bullish Major Trend on 4/26/10, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 18 months. The Dow Theory signaled the current Primary Tide Bull Market on 7/23/09, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 6 months. That 7/23/09 bullish signal reversed the previous bearish signal: the two Averages signaled a Primary Tide Bear Market on 11/21/07, when both Averages closed below their closing price lows of August 2007.

S&P 500 Composite (SPX) absolute price fell below 2-month lows on 5/6/10 and remains neutral. The S&P fell more than 8% from its peak on 4/23/10 at 1217.28 to its low on 5/7/10 at 1,110.88, based on closing prices. Minor corrections of between 5% and 10% are typical in bull markets. Support 1065.79, 1044.50, 1029.38, 1019.95, 1012.42, and 1008.55. Resistance 1219.80, 1220.03 and 1228.74.

S&P 500 Cash Index 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
1366.59, high of 6/17/2008
1335.63, high of 6/25/2008
1313.15, high of 8/11/2008
1274.42, high of 9/8/2008
1255.09, high of 9/12/2008
1238.81, Fibonacci 78.6% of 1,576.09 high
1228.74, Fibonacci 61.8% of 2007-2009 range
1220.03, high of 9/25/2008
1219.80, high of 4/26/2010

S&P 500 Cash Index Potential Support
1065.79, low of 5/6/2010
1044.50, low of 2/5/2010
1029.38, low of 11/2/2009
1019.95, low of 10/2/2009
1012.42, Gann 37.5% of 2009-2010 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
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
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

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol

4.64% Silver Trust iS, SLV
2.62% Gold Shares S.T., GLD
1.38% Value SmallCap S&P 600, RZV
1.31% Biotech SPDR, XBI
1.10% Microcap Russell, IWC
1.09% Dividend High Yield Equity PS, PEY
0.98% Networking, IGN
0.79% Growth SmallCap R 2000, IWO
0.71% Chile MSCI iS, ECH
0.70% Value SmallCap S&P 600 B, IJS
0.67% SmallCap Russell 2000, IWM
0.67% Growth SmallCap VIPERs, VBK
0.65% Value SmallCap Russell 2000, IWN
0.59% REIT VIPERs, VNQ
0.58% Value SmallCap VIPERS, VBR
0.58% Canada Index, EWC
0.53% Transportation Av DJ, IYT
0.51% Telecom DJ US, IYZ
0.51% Growth BARRA Small Cap 600, IJT
0.49% Preferred Stock iS, PFF
0.47% SmallCap S&P 600, IJR
0.45% Small Cap VIPERs, VB
0.43% Value MidCap S&P 400 B, IJJ
0.38% Switzerland Index, EWL
0.37% Bond, Aggregate, AGG
0.31% MidCap S&P 400 SPDRs, MDY
0.31% Dividend SPDR, SDY
0.30% South Africa Index, EZA
0.27% Realty Cohen & Steers, ICF
0.24% Bond Ex-US Treas, BWX
0.24% Utilities VIPERs, VPU
0.23% Growth MidCap 400 B, IJK
0.23% MidCap S&P 400 iS, IJH
0.23% REIT Wilshire, RWR
0.21% Water Resources, PHO
0.20% Utilities SPDR, XLU
0.19% Bond, TIPS, TIP
0.13% Dividend DJ Select, DVY
0.12% Bond, 10 Year Treasury, IEF
0.11% Real Estate US DJ, IYR
0.11% WilderHill Clean Energy PS, PBW
0.10% Bond, Corp, LQD
0.06% Bond, 1-3 Year Treasury, SHY
0.05% Bond EmrgMkt JPM iS, EMB
0.03% Bond Muni ATM-Free S&P iS, MUB
0.03% Natural Resource iS GS, IGE
0.00% Value LargeCap Dynamic PS, PWV
0.00% Financial Preferred, PGF
-0.03% Consumer Discretionary SPDR, XLY
-0.04% Value S&P 500 B, IVE
-0.04% Consumer Staples SPDR, XLP
-0.05% Value MidCap Russell, IWS
-0.05% Homebuilders SPDR, XHB
-0.08% MidCap Russell, IWR
-0.08% Blend Total Market VIPERs, VTI
-0.10% Growth LargeCap NASDAQ 100, QQQQ
-0.12% Bond, High-Yield Corporate, HYG
-0.17% Malaysia Index, EWM
-0.17% Commodity Tracking, DBC
-0.20% Health Care SPDR, XLV
-0.21% Growth MidCap Russell, IWP
-0.22% Value VIPERs, VTV
-0.22% LargeCap Blend Russell 3000, IWV
-0.25% Financials VIPERs, VFH
-0.25% Germany Index, EWG
-0.25% Growth 1000 Russell, IWF
-0.26% Growth VIPERs, VUG
-0.26% Bond, 20+ Years Treasury, TLT
-0.26% Value 1000 Russell, IWD
-0.28% Technology DJ US, IYW
-0.28% LargeCap Blend S&P 100, OEF
-0.28% Industrial SPDR, XLI
-0.28% S&P 500 SPDRs LargeCap Blend, SPY
-0.29% Dividend Appreciation Vipers, VIG
-0.29% Dividend International, PID
-0.30% LargeCap 1000 R, IWB
-0.30% S&P 500 iS LargeCap Blend, IVV
-0.31% Capital Markets KWB ST, KCE
-0.31% DIAMONDS (DJIA), DIA
-0.34% Info Tech VIPERs, VGT
-0.35% LargeCap Blend S&P=Weight R, RSP
-0.36% LargeCap VIPERs, VV
-0.38% Financial SPDR, XLF
-0.44% Financial DJ US, IYF
-0.44% Growth S&P 500/BARRA, IVW
-0.45% Energy DJ, IYE
-0.46% Energy Global, IXC
-0.53% Agriculture DB PS, DBA
-0.54% Europe 350 S&P Index, IEV
-0.57% Semiconductor iS GS, IGW
-0.60% Mexico Index, EWW
-0.65% Energy VIPERs, VDE
-0.66% Technology SPDR, XLK
-0.66% Financial Services DJ, IYG
-0.66% Energy SPDR, XLE
-0.80% United Kingdom Index, EWU
-0.88% Semiconductor SPDR, XSD
-0.94% Turkey MSCI iS, TUR
-0.99% Global 100, IOO
-1.04% Hong Kong Index, EWH
-1.09% Indonesia MV, IDX
-1.12% Basic Materials DJ US, IYM
-1.19% Singapore Index, EWS
-1.20% China LargeCap Growth G D H USX PS, PGJ
-1.26% Materials SPDR, XLB
-1.26% Oil, Crude, U.S. Oil Fund, USO
-1.32% Thailand MSCI iS, THD
-1.32% Global ex US ACWI iS, ACWX
-1.34% Latin Am 40, ILF
-1.48% India PS, PIN
-1.49% France Index, EWQ
-1.51% Italy Index, EWI
-1.53% Growth EAFE MSCI, EFG
-1.57% Netherlands Index, EWN
-1.59% EMU Europe Index, EZU
-1.59% Emerging 50 BLDRS, ADRE
-1.62% EAFE Index, EFA
-1.66% Value EAFE MSCI, EFV
-1.67% Small Cap EAFE MSCI iS, SCZ
-1.67% European VIPERs, VGK
-1.73% Metals & Mining SPDR, XME
-1.76% Emerging VIPERs, VWO
-1.81% Emerging Markets, EEM
-1.81% China 25 iS, FXI
-1.84% South Korea Index, EWY
-1.96% Pacific ex-Japan, EPP
-1.98% India Earnings WTree, EPI
-2.09% Belgium Index, EWK
-2.10% Pacific VIPERs, VPL
-2.19% Taiwan Index, EWT
-2.24% Austria Index, EWO
-2.25% Japan Index, EWJ
-2.27% Australia Index, EWA
-2.49% Brazil Index, EWZ
-2.75% Sweden Index, EWD
-3.45% Russia MV, RSX
-3.76% Spain Index, EWP