Copper broke out to a new 17-month high. Copper has been in a strong trend since 12/08. Strength in Copper suggests renewed hope about prospects for the world economy.

Industrial Stock Sector Relative Strength Ratio (XLI/SPY) rose above 16-month highs while absolute price of XLI moved above 17-month highs. Both remain bullish.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) rose above 10-week highs while absolute price of JNK also rose above 10-week highs. Both remain bullish.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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
4.54% , DHR , DANAHER
3.59% , MMM , 3M
2.56% , VZ , VERIZON COMMS
1.85% , RDC , ROWAN COMPANIES
3.00% , SVU , SUPERVALU
4.40% , ETFC.O , E*TRADE FINANCIAL
3.02% , FMCN , Focus Media, FMCN
3.15% , DYN , DYNEGY
1.10% , PBW , WilderHill Clean Energy PS, PBW
2.35% , MCK , MCKESSON CORP
2.28% , TMO , THERMO ELECTRON
2.73% , RHT , Red Hat Inc.
2.19% , TYC , TYCO INTL
0.68% , BDH , Broadband H, BDH
0.78% , JKK , Growth SmallCap iS M, JKK
1.57% , NOVL , NOVELL
0.67% , IAH , Internet Architecture H, IAH
1.97% , EMR , EMERSON ELECTRIC
1.18% , PWER , POWER ONE
0.07% , FDV , Value 40 Large Low P/E FT DB, FDV
0.59% , SDY , Dividend SPDR, SDY
1.30% , CMCSA , COMCAST HOLDINGS STK A
0.46% , KWT , Solar Energy MV, KWT
1.36% , LBTYA , Liberty Global Inc. (LBTYA)
1.65% , URBN , Urban Outfitters Inc.
0.63% , HANS , Hansen Natural, HANS
1.51% , MU.O , MICRON TECH
0.26% , RPG , Growth S&P 500, RPG
0.20% , PUI , Utilities, PUI
1.85% , SNV , SYNOVUS
0.97% , SUN , SUNOCO
1.32% , AET , AETNA
1.76% , AMD , ADV MICRO DEV
0.89% , QCOM , QUALCOMM
0.93% , XRAY , DENTSPLY International Inc
2.28% , PMCS , PMC SIERRA
1.73% , AMP , Ameriprise Financial Inc.
1.06% , PMTC.O , PARAMETRIC
0.22% , PKB , Building & Construction, PKB
0.47% , DSV , Value Small Cap DJ, DSV

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-0.68% , EWQ , France Index, EWQ
-2.11% , T , AT&T Corp., T
-1.47% , MTB , M&T BANK
-0.51% , FEZ , Euro STOXX 50, FEZ
-0.46% , EWK , Belgium Index, EWK
-2.52% , CEPH , Cephalon Inc
-0.69% , IXG , Financials Global LargeCap Value, IXG
-0.37% , TTH , Telecom H, TTH
-1.65% , GNTX , Gentex Corporation
-1.14% , EWP , Spain Index, EWP
-1.20% , WHR , WHIRLPOOL
-2.66% , GRMN , GARMIN LTD
-1.89% , FPL , FPL GROUP INC
-0.71% , EWI , Italy Index, EWI
-0.59% , EWD , Sweden Index, EWD
-1.15% , DUK , DUKE ENERGY
-0.40% , EWO , Austria Index, EWO
-1.11% , BLL , BALL
-1.83% , AM , AMER GREETINGS STK A
-1.31% , PNC , PNC FINL SVC
-1.59% , HMA , HEALTH MGMT STK A
-0.94% , LSI , LSI LOGIC
-0.55% , VFH , Financials VIPERs, VFH
-2.55% , THC , TENET HEALTHCARE
-1.37% , BMS , BEMIS
-0.46% , MCHP , Microchip Technology Incorporated
-1.03% , RIMM , RESEARCH IN MOTION LTD
-0.54% , TWX , TIME WARNER INC
-0.38% , EPI , India Earnings WTree, EPI
-0.76% , TIF , TIFFANY
-1.97% , PLD , PROLOGIS TRUST
-0.44% , IEV , Europe 350 S&P Index, IEV
-0.38% , DXD , Short 200% Dow 30 PS, DXD
-1.15% , ABT , ABBOTT LABS
-0.37% , ROST , Ross Stores Inc
-0.19% , GWW , WW GRAINGER
-0.77% , HP , Helmerich & Payne HP
-0.37% , PSQ , Short 100% QQQ, PSQ
-0.87% , GENZ , GENZYME
-1.06% , STT , STATE STREET

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 4-year highs on 3/26/10 and remains bullish. Absolute price of XLY closed above 17-month closing price highs on 3/26/10 and remains bullish. Support 31.94, 31.66, 30.99, 29.90, 29.25, 28.66, 28.21 and 26.62. Resistance 33.76 and 34.50.

Industrial (XLI) Bullish, Overweight. The Relative Strength Ratio (XLI/SPY) rose above 16-month highs on 3/30/10 and remains bullish. Absolute price of XLI moved above 17-month highs on 3/30/10 and remains bullish. Support 29.79, 29.60, and 28.15. Resistance 32.00 and 35.00.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) remains stuck in the neutral zone with 50- below the 200-day simple moving average. Absolute price rose above 11-week highs on 3/25/10 and remains bullish. Support 22.52, 21.30, 20.71, 20.46 and 20.09. Resistance 23.38 and 23.83.

Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) bounced moderately and is now neutral, between 50- and 200-day simple moving averages. Absolute price of XLB rose above 9-week highs on 3/23/10 and remains bullish. Support 32.85, 32.58, 30.79, 29.48, 28.95 and 28.67. Resistance 34.52 and 35.38.

Financial (XLF) Neutral, Market Weight. The Relative Strength Ratio (XLF/SPY) rose above 4-month highs on 3/26/10. Although XLF/SPY is above both moving averages, the 50 remains below the 200, which is not bullish. Absolute price of XLF moved above 16-month highs on 3/24/10, and moving average analysis of XLF price remains bullish. Support 15.37, 15.12, 14.33, 13.95, 13.51 and 13.08. Resistance 16.53 and 17.87.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) turned bearish on 3/9/10 when it fell below its 50-day simple moving average. XLP/SPY remains below its 200, and the 50 is below the 200 SMA. Absolute price of XLP moved above 17-month highs on 3/23/10 and remains bullish. Support 27.23, 26.82, 26.49, 26.04, 25.93 and 25.71. Resistance 28.75, 29.29 and 30.29.

Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) fell sharply below 4-month lows on 3/26/10 but still remains neutral because the 50-day is above the 200-day simple moving average. Absolute price of XLV rose above 8-week highs on 3/22/10 and remains bullish. Support 31.46, 31.00, 30.27, 30.65 and 29.55. Resistance 33.16, 33.37 and 33.74.

Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) fell further below 17-month lows on 3/25/10 and remains bearish. Absolute price of XLE has been neutral most of the time since the peak on 1/11/10. Support 54.72, 52.67 and 51.34. Resistance 59.42, 59.90 and 60.87.

Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) fell further below 2-year lows on 3/25/10 and remains bearish. Absolute price of XLU has been neutral most of the time since the peak on 12/14/09. Support 28.45 and 28.10. Resistance 31.30, 31.64 and 32.08.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) remains bearish, but absolute price of EEM remains bullishly above 50- and 200-day simple moving averages. When relative strength and absolute price trends are in conflict, it may be best to stand aside.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) remains bearish. Absolute price of EFA remains bullishly above 50- and 200-day simple moving averages. When relative strength and absolute price trends are in conflict, it may be best to stand aside.

NASDAQ Composite/S&P 500 Relative Strength Ratio rose above 9-year highs on 3/10/10 and remains in bullish position above rising 50- and 200-day simple moving averages, and the 50 is above the 200. Absolute price of the NASDAQ rose above 17-month highs on 3/23/10 and is in bullish position relative to moving averages.

Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) fell to a 4-month low on 3/17/10. IWF/IWD has been below both 50- and 200-day simple moving averages for most of the month, March 2010. In contrast, absolute price of IWF rose above 17-month highs on 3/23/10 and remains bullish. When relative strength and absolute price trends are in conflict, it may be best to stand aside.

Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) rose above 5-month highs on 3/23/10 and is bullish. Absolute price of IWD rose above 17-month highs on 3/23/10 and is bullish.

The S&P 500 Equally Weighted ETF Relative Strength Ratio (RSP/SPY) rose above previous 6-year highs on 3/17/10 and remains bullish. Absolute price of RSP rose above 18-month highs on 3/17/10 and remains bullish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) broke down below the lows of the previous 20 months on 3/10/10. OEX/SPX remains bearish below its falling 50- and 200-day simple moving averages, and the 50 is below the 200. Conflicting with this bearish Relative Strength trend, absolute price of OEX remains bullish relative to its moving averages.

The Small Cap/Large Cap Relative Strength Ratio (IWM/SPY) rose above 17-month highs on 3/23/10. Absolute price of IWM rose further above 17-month highs on 3/23/10. Both remain in bullish position relative to key moving averages.

The Mid Cap/Large Cap Relative Strength Ratio (MDY/SPY) rose above 15-year highs on 3/23/10 and remains bullish. Absolute price of MDY rose above 17-month highs on 3/17/10 and remains bullish.

Crude Oil nearest futures contract price has been in a choppy/sideways trading range most of the time since October 2009. Longer term, Oil remains in strong position above 50- and 200-day simple moving averages. Support 78.86, 77.05, 76.71, 72.60, 69.50, 68.59 and 65.05. Resistance 83.95, 85.82 and 98.65.

Gold nearest futures contract appears to be in an intermediate term neutral consolidation phase, fluctuating back and forth basically sideways through a flat 50-day simple moving average. Support 1045.2, 1026.9 and 989.3. Resistance 1145.8, 1163.0, 1170.2, 1196.8 and 1226.4.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) turned bearish on 3/24/10 by falling below 50-day and 200-day simple moving averages when the 50 was below the 200. Absolute price of GDX turned neutral on 3/24/10 and is hanging on by a slim margin. The gold mining stocks have underperformed gold bullion since 9/17/09.

Silver/Gold Ratio is neutral: above the 50- and 200-day simple moving averages but the 50 remains below the 200, which is not bullish. Mixed indications from the Silver/Gold Ratio still implies some uncertainty about prospects for the world economy.

Copper nearest futures contract price broke out to a new 17-month high on 3/30/10. Copper has been in a strong trend since 12/08. 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 fell sharply below 10-week lows on 3/25/10 and remains bearish. Support 114.16, 113.04 and 112.15. Resistance 118.12, 119.18, 120.11 and 123.18.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) rose above 10-week highs on 3/30/10 and remains bullish. Absolute price of JNK also rose above 10-week highs on 3/30/10 and remains bullish.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) turned slightly bullish on 3/25/10, when TIP/IEF rose above 50- and 200-day simple moving averages.

The U.S. dollar nearest futures contract price rose further above its 10-month trading range on 3/25/10 and remains bullish. Support 80.775, 79.61, 78.83, 78.20, 76.74 and 75.90. Resistance 83.145 and 83.335.

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 48.9% Bulls versus 20.5% Bears as of 3/25/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio rose to 2.39, up from 2.16 the previous week. The current Bull/Bear ratio is still well below 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 fell to a 22-month low of 16.17 on 3/19/10. A low and falling VIX suggests bullish complacency. VIX is down from a closing high of 80.86 set on 11/20/08. 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 fell to a 31-month low of 17.16 on 3/18/10. A low and falling VXN suggests bullish complacency. VXN is down from a closing high of 80.64 set on 11/20/08. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.

ISEE Call/Put Ratio has been consistently neutral in recent months: its 2-year mean is 1.20, and its typical range is 0.69 to 1.71, which is two standard deviations from the mean.

CBOE Put/Call Ratio fell to 0.43 on 3/9/10, a low level that indicates significant bullish sentiment, which might be taken as a caution sign. The 2-year mean is 0.70, and the typical range is 0.44 to 0.96, which is two standard deviations from the mean.

The Dow Theory again confirmed a Bullish Major Trend on 3/18/10, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 17 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 rose above 17-month highs on 3/23/10 and remains bullish. Support 1141.45, 1116.11, 1086.02, 1078.46, 1069.97, 1044.50, 1036.31 and 1029.54. Resistance 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

S&P 500 Cash Index Potential Support
1141.45, low of 3/15/2010
1116.11, high of 3/1/2010
1086.95, Fibonacci 38.2% of 2/5-2/19/10 range
1086.02, low of 2/25/2010
1078.46, Fibonacci 50.0% of 2/5-2/19/10 range
1069.97, Fibonacci 61.8% of 2/5-2/19/10 range
1044.50, low of 2/5/2010
1036.31, Fibonacci 23.6% of 2009-2010 range
1029.54, Gann 25.0% of 2009-2010 range
1029.38, low of 11/2/2009
1019.95, low of 10/2/2009
991.97, low of 9/2/2009
978.51, low of 8/17/2009
969.08, Gann 37.5% of 2009-2010 range
965.69, Fibonacci 38.2% of 2009-2010 range
956.23, high of 6/11/2009
908.62, Gann 50.0% of 2009-2010 range
869.32, low of 7/8/2009
851.55, Fibonacci 61.8% 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

2.63% Thailand MSCI iS, THD
1.54% China 25 iS, FXI
1.13% Chile MSCI iS, ECH
1.10% WilderHill Clean Energy PS, PBW
0.68% China LargeCap Growth G D H USX PS, PGJ
0.65% Agriculture DB PS, DBA
0.62% Emerging 50 BLDRS, ADRE
0.61% Semiconductor iS GS, IGW
0.59% Brazil Index, EWZ
0.59% Dividend SPDR, SDY
0.57% Japan Index, EWJ
0.53% Info Tech VIPERs, VGT
0.50% Semiconductor SPDR, XSD
0.49% Hong Kong Index, EWH
0.48% SmallCap S&P 600, IJR
0.48% Latin Am 40, ILF
0.46% South Korea Index, EWY
0.46% Technology DJ US, IYW
0.43% Technology SPDR, XLK
0.43% Mexico Index, EWW
0.43% Singapore Index, EWS
0.41% Growth BARRA Small Cap 600, IJT
0.40% Taiwan Index, EWT
0.38% Emerging Markets, EEM
0.34% Value SmallCap S&P 600 B, IJS
0.33% Emerging VIPERs, VWO
0.33% Growth LargeCap NASDAQ 100, QQQQ
0.33% Pacific VIPERs, VPL
0.32% Canada Index, EWC
0.32% Transportation Av DJ, IYT
0.32% Bond, 20+ Years Treasury, TLT
0.31% Networking, IGN
0.31% SmallCap Russell 2000, IWM
0.29% Growth VIPERs, VUG
0.28% Pacific ex-Japan, EPP
0.27% Energy DJ, IYE
0.26% Natural Resource iS GS, IGE
0.26% Growth SmallCap R 2000, IWO
0.25% United Kingdom Index, EWU
0.23% Value SmallCap Russell 2000, IWN
0.22% Small Cap VIPERs, VB
0.22% South Africa Index, EZA
0.22% Growth S&P 500/BARRA, IVW
0.21% Small Cap EAFE MSCI iS, SCZ
0.21% Commodity Tracking, DBC
0.21% Dividend Appreciation Vipers, VIG
0.20% Telecom DJ US, IYZ
0.20% Energy Global, IXC
0.20% Bond Ex-US Treas, BWX
0.19% DIAMONDS (DJIA), DIA
0.19% Growth 1000 Russell, IWF
0.18% Growth SmallCap VIPERs, VBK
0.18% Consumer Staples SPDR, XLP
0.17% Financial Preferred, PGF
0.17% MidCap S&P 400 SPDRs, MDY
0.17% Australia Index, EWA
0.16% MidCap S&P 400 iS, IJH
0.16% Growth MidCap 400 B, IJK
0.16% Industrial SPDR, XLI
0.16% Energy SPDR, XLE
0.15% Materials SPDR, XLB
0.14% Value MidCap S&P 400 B, IJJ
0.13% Value SmallCap S&P 600, RZV
0.13% Dividend DJ Select, DVY
0.12% Dividend High Yield Equity PS, PEY
0.12% Homebuilders SPDR, XHB
0.11% Value LargeCap Dynamic PS, PWV
0.11% Basic Materials DJ US, IYM
0.10% Growth MidCap Russell, IWP
0.10% Bond, 10 Year Treasury, IEF
0.10% Global ex US ACWI iS, ACWX
0.09% Bond, TIPS, TIP
0.08% MidCap Russell, IWR
0.08% LargeCap 1000 R, IWB
0.07% LargeCap Blend Russell 3000, IWV
0.07% LargeCap Blend S&P=Weight R, RSP
0.07% Microcap Russell, IWC
0.07% S&P 500 SPDRs LargeCap Blend, SPY
0.07% Global 100, IOO
0.06% Energy VIPERs, VDE
0.06% Bond, Corp, LQD
0.06% LargeCap VIPERs, VV
0.06% LargeCap Blend S&P 100, OEF
0.05% S&P 500 iS LargeCap Blend, IVV
0.05% Blend Total Market VIPERs, VTI
0.05% Value SmallCap VIPERS, VBR
0.04% Bond, Aggregate, AGG
0.00% Value MidCap Russell, IWS
0.00% Malaysia Index, EWM
0.00% Health Care SPDR, XLV
0.00% EAFE Index, EFA
-0.02% Bond, 1-3 Year Treasury, SHY
-0.03% Oil, Crude, U.S. Oil Fund, USO
-0.04% Growth EAFE MSCI, EFG
-0.04% Bond EmrgMkt JPM iS, EMB
-0.04% Bond Muni ATM-Free S&P iS, MUB
-0.05% Value S&P 500 B, IVE
-0.07% Realty Cohen & Steers, ICF
-0.07% Dividend International, PID
-0.07% REIT Wilshire, RWR
-0.08% Utilities VIPERs, VPU
-0.08% Turkey MSCI iS, TUR
-0.09% Consumer Discretionary SPDR, XLY
-0.10% Bond, High-Yield Corporate, HYG
-0.12% Russia MV, RSX
-0.12% Value VIPERs, VTV
-0.13% Value 1000 Russell, IWD
-0.14% REIT VIPERs, VNQ
-0.17% Water Resources, PHO
-0.20% Netherlands Index, EWN
-0.20% Real Estate US DJ, IYR
-0.21% Capital Markets KWB ST, KCE
-0.27% Utilities SPDR, XLU
-0.27% Germany Index, EWG
-0.31% Preferred Stock iS, PFF
-0.37% Value EAFE MSCI, EFV
-0.38% India Earnings WTree, EPI
-0.40% Austria Index, EWO
-0.42% EMU Europe Index, EZU
-0.44% Switzerland Index, EWL
-0.44% Indonesia MV, IDX
-0.44% Europe 350 S&P Index, IEV
-0.46% Belgium Index, EWK
-0.52% European VIPERs, VGK
-0.53% Silver Trust iS, SLV
-0.54% Biotech SPDR, XBI
-0.55% Financials VIPERs, VFH
-0.58% Financial DJ US, IYF
-0.59% Sweden Index, EWD
-0.62% Financial SPDR, XLF
-0.68% France Index, EWQ
-0.71% Italy Index, EWI
-0.72% Gold Shares S.T., GLD
-0.75% Financial Services DJ, IYG
-0.79% India PS, PIN
-1.08% Metals & Mining SPDR, XME
-1.14% Spain Index, EWP