The S&P 500 (857.51) opened lower, tried to recover, but closed further below its high of 875.63 set on 4/17/2009.
The S&P 500 also remains below its broken 6-week uptrend line (which is also the lower boundary line of a Bearish Rising Wedge).
Last week’s breakdown from a Bearish Rising Wedge (defined by converging upward sloping boundary lines drawn through the lows and highs from 3/6/09 to 4/17/09) is still valid.
Short-term momentum indicators remain negatively divergent after an overbought condition.
The longer-term trends are unchanged. Since 11/21/07, I have been consistently Bearish on the major trend of the stock market, based partly on CATS (the Colby Algorithmic Timing System, see graph: http://www.robertwcolby.com/AlgorithmicTimingSystem.jpg) and partly on my enhanced interpretation of Dow Theory. Financial risks remain elevated. Prudent investors should focus on capital preservation.
On Monday, major stock price indexes opened lower on a gap but quickly reversed to the upside. Just past noon, prices reversed again, heading down and breaking down below the opening levels. Prices turned choppy in the final two hours. Stocks closed above the open but still in the lowest quartile of the day’s high-low range. The large-cap Standard & Poor’s 500 cash index (857.51) fell 8.72 points, or 1.01%. Total NYSE volume fell 21%, indicating diminishing demand for stocks.
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
% Price Change, Symbol, Name
20.71% , GM , GENERAL MOTORS
1.25% , IXJ , Healthcare Global, IXJ
6.91% , HUM , HUMANA
6.15% , HGSI , Human Genome Sciences Inc
7.27% , WHR , WHIRLPOOL
4.38% , QCOM , QUALCOMM
5.10% , LRCX , LAM RESEARCH CORP
3.78% , GILD , Gilead Sciences Inc
3.49% , CNP , CENTERPNT ENERGY
2.86% , HSIC , Henry Schein Inc
3.67% , LVLT , LEVEL 3 COMMUNICATIONS
2.89% , DGX , QUEST DIAG
3.33% , GLW , CORNING
4.02% , OMC , OMNICOM
6.02% , HMA , HEALTH MGMT STK A
2.65% , ESRX , EXPRESS SCRIPTS
1.08% , ETR , ENTERGY
2.41% , BAX , BAXTER INTL
4.27% , GD , GENERAL DYNAMICS
3.69% , ODP , OFFICE DEPOT
3.02% , BDH , Broadband H, BDH
1.27% , SNPS , Synopsys Inc
2.93% , MCK , MCKESSON CORP
3.35% , IIH , Internet Infrastructure H, IIH
1.32% , LLL , L-3 COMMS HLDGS
0.95% , MYY , Short 100% MidCap 400, MYY
2.70% , MCO , MOODYS CORP
1.53% , PJP , Pharmaceuticals, PJP
1.20% , VHT , Health Care VIPERs, VHT
3.22% , MHS , MEDCO HEALTH
2.04% , CEPH , Cephalon Inc
0.54% , PUI , Utilities, PUI
0.47% , CAH , CARDINAL HEALTH
1.81% , ADM , ARCHER DANIELS
0.89% , PPH , Pharmaceutical H, PPH
1.50% , FPL , FPL GROUP INC
0.86% , TE , TECO ENERGY
1.29% , DTE , DTE ENERGY
1.17% , PBG , PEPSI BOTTLING
0.88% , GIS , GENERAL MILLS
Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-2.92% , PEJ , Leisure & Entertainment, PEJ
-13.51% , CCL , CARNIVAL STK A
-8.44% , ACV , Alberto-Culver Co.
-9.35% , LUV , SOUTHWEST AIRLS
-7.19% , EWW , Mexico Index, EWW
-2.63% , JKG , MidCap Blend Core iS M, JKG
-4.02% , RFV , Value MidCap S&P 400, RFV
-8.32% , KSU , Kansas City Southern, KSU
-2.70% , PXJ , Oil & Gas, PXJ
-6.31% , CHKP , Check Point Software Technologies Ltd
-10.90% , HOT , STARWOOD HOTELS
-4.09% , VFC , VF
-4.43% , ILF , Latin Am 40, ILF
-4.42% , FXI , China 25 iS, FXI
-1.77% , ADRA , Asia 50 BLDRS, ADRA
-1.12% , PSJ , Software, PSJ
-3.47% , RZV , Value SmallCap S&P 600, RZV
-2.79% , EWH , Hong Kong Index, EWH
-2.26% , EZA , South Africa Index, EZA
-2.26% , EWQ , France Index, EWQ
-0.65% , FPX , IPOs, First Tr IPOX-100, FPX
-4.69% , SYMC , SYMANTEC
-8.26% , SLM , SLM CORP
-5.81% , SIRI , Sirius Satellite
-5.35% , AES , AES
-3.93% , AVP , AVON
-8.64% , RYAAY , Ryanair Holdings plc
-4.02% , TJX , TJX
-4.95% , NSC , NORFOLK SOUTHERN
-3.12% , FLEX , Flextronics International Ltd
-3.98% , EXPD , Expeditors International WA
-1.32% , XLY , Consumer Discretionary SPDR, XLY
-3.22% , TDC , Teradata Corporation, TDC
-4.49% , DDS , DILLARD STK A
-6.85% , ATI , ALLEGHENY TECH
-2.99% , QLGC , QLOGIC
-4.51% , INTU , INTUIT
-2.33% , PAYX , PAYCHEX
-3.35% , VWO , Emerging VIPERs, VWO
-2.72% , MAT , MATTEL
9 Major U.S. Stock Sectors
Ranked on Latest One-Day Price Change
% Price Change, Sector ETF, Symbol
1.09% Health Care SPDR, XLV
0.71% Utilities SPDR, XLU
0.60% Consumer Staples SPDR, XLP
-0.47% Technology SPDR, XLK
-1.32% Consumer Discretionary SPDR, XLY
-1.62% Financial SPDR, XLF
-1.89% Energy SPDR, XLE
-1.99% Industrial SPDR, XLI
-2.19% Materials SPDR, XLB
Primary Tide Trends for the 9 major sectors can last for years. Here are my up-to-date Relative Strength Rankings, as measured with emphasis on these long-term Primary Tide Trends (listed in order of long-term relative strength):
Consumer Discretionary (XLY) Bearish, Underweight. The Relative Strength Ratio (XLY/SPY) has been a rising trend since 11/18/08, resulting in Consumer Discretionary rising in this ranking.
Technology (XLK) Neutral. The Relative Strength Ratio (XLK/SPY) has been a rising trend since 12/31/08, resulting in Technology rising in this ranking.
Consumer Staples (XLP) Bearish, Underweight. The Relative Strength Ratio (XLP/SPY) has been a falling trend since 11/20/08, resulting in Consumer Staples falling in this ranking.
Health Care (XLV) Bearish, Underweight. Since 2/23/09, the XLV has sharply underperformed SPY, resulting in significant deterioration of this long-term Relative Strength Ranking.
Materials (XLB) Bearish, Underweight. The Relative Strength Ratio (XLB/SPY) has been rising since 12/5/08, resulting in Materials rising in this ranking.
Industrial (XLI) Bearish, Underweight. The Relative Strength Ratio (XLI/SPY) has been rising since 3/6/08, resulting in Industrial rising in this ranking.
Utilities (XLU) Bearish, Underweight. The Relative Strength Ratio (XLU/SPY) has been falling since 11/21/08, resulting in a substantial drop in this long-term Relative Strength Ranking.
Energy (XLE) Bearish, Underweight. The Relative Strength Ratio (XLE/SPY) has been falling since 12/5/09, resulting in Energy falling in this ranking.
Financial (XLF) Bearish, Underweight. The Relative Strength Ratio (XLF/SPY) rose since the low of 3/6/09–but still it is so far down over previous years that this ranking remains in the basement. The ratio fell steeply from 10/3/06 to 3/6/09, producing the most Bearish long-term Relative Strength Ranking.
The relative performance measurements of the 9 major sectors are indicating a growing investor appetite for risk since the March 9, 2009, closing price low.
Foreign stock index ETF (EFA) has stabilized relative to the S&P 500 since 10/27/08. Long-term, EFA has underperformed the S&P 500 most of the time since 11/27/07. EFA is the ETF representing the EAFE, the international developed country stock markets, excluding the U.S. and Canada.
NASDAQ Composite Relative Strength has been rising since 12/2/09. Among major indexes, NASDAQ is the upside leader this year.
Growth Stock/Value Stock Relative Strength Ratio made a 7-year high on 3/5/09 but has lost considerable momentum since. The Ratio was in an uptrend from 8/8/06 to 3/5/09, and that uptrend may be tested.
Russell 1000 Value ETF (IWD) remains in a Bearish Major Trend, underperforming the SPY since 3/22/07. Long term, the IWD closing price broke down below its 9-year closing price lows on 3/9/09. In addition, the IWD Relative Strength Ratio (IWD/SPY) broke down to a new 6-year low on 3/6/09.
The Small Cap/Large Cap Ratio outperformed the SPY since 3/9/09, demonstrating Relative Strength for Small Capitalization stocks.
Crude Oil June futures contract price turned back down. Oil broke down below 5-week lows on 4/21/09. Oil’s intermediate-term trend appears vulnerable to further decline. U.S. OIL FUND ETF (AMEX: USO) is not a pure play on Crude Oil, although it generally moves in the same direction.
The Energy stock sector sharply underperformed Crude Oil from 2/18/09 to 3/9/09 but appears to be turning up since 3/9/09.
Gold June futures contract price eased moderately lower but is still in position to test a 2-month downtrend line. On 4/6/09, Gold broke down to a new 10-week low, which should have been Bearish for the intermediate term. Longer term, for more than a year, gold has been in a correction, since the peak of 1,033.90 on 3/17/08.
Gold Mining stocks (GDX) have underperformed Gold bullion since 4/1/09. Previously, GDX outperformed the metal from 10/27/08 to 4/1/09. GDX is an ETF of Gold Mining stocks.
U.S. Treasury Bond June futures contract price bounced moderately, but the short-term trend still appears to be testing year 2009 lows. Bonds remain in a downtrend that started last December.
Bond quality spreads have stabilized since 12/19/08. LQD/TLT Relative Strength Ratio was extremely weak from 6/12/07 to 12/19/08. It seems too early to call a turn in the tide. LQD/TLT is iShares iBoxx $ Invest Grade Corp Bond ETF (LQD) price divided by 20+ Years US Treasury Bond ETF price (TLT).
The U.S. dollar price recovered about half of 4-day losses, which is normal for a counter-trend reaction. On Friday, the dollar broke down below 3-week lows, which is a Bearish signal for the short-term. Longer term, the dollar’s 9-month uptrend may still be in force.
The Art of Contrary Thinking: It is important to recognize that although surveys indicated significant Bearish sentiment nearly all year in 2008, that did not keep the stock market from suffering one of its biggest yearly declines on record. Contrary Thinking alone is not sufficient. It must be tempered by means of more precise market timing tools.
Advisory Service Sentiment: There were 39.1% Bulls versus 34.5% Bears as of 4/22/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 1.13, down from 1.27 the previous week. The ratio’s 39-year range is 0.28 to 17.51, the median is 1.43, and the mean is 1.73.
VIX Fear Index, now at 38.32, has firmed up after making a low of 33.94 on 3/17/09, indicating an uptick in levels of fear. 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, now at 38.79, has firmed up after making a low of 35.29 on 3/17/09, indicating an uptick in levels of fear. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.
CBOE Put/Call Ratio is 0.65, which indicates Neutral sentiment. Its 4-year mean and median are 0.62, and its 4-year range is 0.35 to 1.28.
ISEE Call/Put Ratio is 0.97, which indicates Bearish sentiment. The ratio’s 4-year mean is 1.50, 4-year median is 1.47, and 4-year range is 0.51 to 3.16.
Fundamentals: The 2003-2007 Bull Market was fed by abundant global liquidly, M&A, leveraged buyouts, corporate stock buybacks, and a net balance of positive earnings surprises. The unfolding fallout from the credit market crisis derailed that engine. Famous value investors, who buy stocks when they are “cheap” based on “solid fundamentals”, badly underestimated the depth of the business downturn. They substantially underperformed a very weak stock market in 2008. Economic statistics and corporate earnings were much worse than expected in 2008 and could continue to surprise on the downside during 2009.
The Dow Theory reconfirmed a Primary Tide Bear Market on 3/9/09, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed below their previous lowest closing prices of 2004-2009. These two Averages originally signaled a Primary Tide Bear Market on 11/21/07, when both closed below their closing price lows of August, 2007.
The breadth of the market has been in a Bearish trend long term since June 2007. The number of New Lows has exceeded the number of New Highs most days since July 2007, and that is one sign of a Bear Market. On 3/9/09, the Cumulative Daily Advance-Decline Lines for the NYSE and for the NASDAQ both fell to new multi-year lows, reconfirming that the major breadth trends remain Bearish.
Short-term momentum oscillators plunged steeply on Monday 4/20/09, after failing to confirm the new price high on Friday 4/17/09. Momentum had been decelerating since 3/23/09 and 3/26/09. Like a ball tossed up into the air, loss of momentum precedes trend reversal.
Stocks’ previous 6-week bounce fully relieved the oversold technical condition and lifted the market to overbought.
The technical short squeeze in financials evaporated after options expiration on 4/17/09.
Gann day count for SPY: Monday 4/20/09 marked calendar day number 45 from the intraday low set on 3/6/2009. W.D. Gann, a famous trader/analyst 60-90 years ago, found that trends often change at 45 days. Time may have run out for the 6-week bounce.
To discover the next Resistance, traders probably will be watching how the market acts at the following levels for the Standard & Poor’s 500 cash index:
Potential Resistance
1,576.09, high of 10/11/2007
1,552.76, high of 10/31/2007
1,523.57, high of 12/11/2007
1,498.85, high of 12/26/2007
1,440.24, high of 5/19/2008
1,406.32, high of 5/29/2008
1,366.59, high of 6/17/2008
1,335.63, high of 6/25/2008
1,313.15, high of 8/11/2008
1,274.42, high of 9/8/2008
1,255.09, high of 9/12/2008
1,238.807, Fibonacci 78.6% of 1,576.09 high
1,220.03, high of 9/25/2008
1,077.08, Fibonacci 61.8% of 2002-2007 upmove
1,044.31, high of 10/14/2008
1,007.51, high of 11/4/2008
943.85, high of 1/6/2009
884.59, Fibonacci 78.6% of January-March 2009 drop
881.39, Fibonacci 23.6% of 2007-2009 drop
877.86, high of 1/28/2009
875.63, high of 4/17/2009
875.01, high of 2/9/2009
871.80, high of 4/24/2009
To discover the next Support, traders probably will be watching how the market acts at the following levels for the S&P 500 cash index:
Potential Support
826.83, low of 4/21/2009
814.53, low of 4/7/2009
813.62, high of 4/1/2009
779.81, low of 3/30/2009
666.79, intraday low of 3/6/2009
665.23, Fibonacci 61.8% of 2002-2007 upmove
602.07, Fibonacci 38.2% of 1,576.09 high
Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
17.59% Internet B2B H, BHH
3.35% Internet Infrastructure H, IIH
2.12% Biotech H, BBH
1.86% Short 200% MidCap 400 PS, MZZ
1.69% Short 200% S&P 500 PS, SDS
1.53% Pharmaceuticals, PJP
1.25% Healthcare Global, IXJ
1.20% Health Care VIPERs, VHT
1.13% Healthcare DJ, IYH
1.10% Utilities H, UTH
1.09% Health Care SPDR, XLV
1.00% Utilities DJ, IDU
0.99% Utilities VIPERs, VPU
0.99% Short 200% Dow 30 PS, DXD
0.95% Short 100% MidCap 400, MYY
0.89% Pharmaceutical H, PPH
0.89% Short 100% S&P 500, SH
0.81% Biotech SPDR, XBI
0.71% Utilities SPDR, XLU
0.65% Value Line Timeliness MidCap Gr, PIV
0.60% Consumer Staples SPDR, XLP
0.54% Utilities, PUI
0.52% Short 100% Dow 30, DOG
0.43% Bond, 20+ Years Treasury, TLT
0.41% Consumer Staples VIPERs, VDC
0.41% Bond, 10 Year Treasury, IEF
0.35% Japan LargeCap Blend TOPIX 150, ITF
0.16% OTC Dynamic PS, PWO
0.16% Bond, Aggregate, AGG
0.16% Short 200% QQQ PS, QID
0.12% Bond, 1-3 Year Treasury, SHY
0.12% Growth LargeCap NASDAQ 100, QQQQ
0.10% Bond, TIPS, TIP
0.09% Ultra QQQ Double, QLD
0.08% Short 100% QQQ, PSQ
0.06% Telecom DJ US, IYZ
0.03% Telecommunications & Wireless, PTE
0.00% United Kingdom Index, EWU
0.00% Telecom Services VIPERs, VOX
-0.05% Networking, IGN
-0.08% Silver Trust iS, SLV
-0.09% Insurance, PIC
-0.10% Growth SmallCap Dynamic PS, PWT
-0.12% Preferred Stock iS, PFF
-0.12% Bond, Corp, LQD
-0.23% Japan Index, EWJ
-0.25% Consumer Non-Cyclical, IYK
-0.27% LargeCap Rydex Rus Top 50, XLG
-0.29% LargeCap Blend Dynamic PS, PWC
-0.29% Growth Mid Cap Dynamic PS, PWJ
-0.32% Food & Beverage, PBJ
-0.32% Growth SmallCap iS M, JKK
-0.35% Global Titans, DGT
-0.35% Telecom H, TTH
-0.38% Technology Global, IXN
-0.40% Growth VIPERs, VUG
-0.40% Growth Large Cap, ELG
-0.41% Internet Architecture H, IAH
-0.42% LargeCap Blend Core iS M, JKD
-0.43% Growth LargeCap iS M, JKE
-0.44% Value LargeCap iS M, JKF
-0.47% Technology SPDR, XLK
-0.47% WilderHill Clean Energy PS, PBW
-0.47% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.51% Technology DJ US, IYW
-0.53% Aerospace & Defense, PPA
-0.55% Lg Cap Growth PSD, PWB
-0.56% LargeCap Blend Socially Responsible iS, KLD
-0.56% Technology GS, IGM
-0.56% Growth MidCap 400 B, IJK
-0.57% Dividend Appreciation Vipers, VIG
-0.57% LargeCap Blend S&P 100, OEF
-0.58% Growth LargeCap Russell 3000, IWZ
-0.58% DIAMONDS (DJIA), DIA
-0.59% Dividend Leaders, FDL
-0.59% Wilshire 5000 ST TM, TMW
-0.59% Info Tech VIPERs, VGT
-0.60% Growth 1000 Russell, IWF
-0.60% Growth S&P 500/BARRA, IVW
-0.61% Semiconductor iS GS, IGW
-0.62% Growth SmallCap R 2000, IWO
-0.62% Retail, PMR
-0.65% IPOs, First Tr IPOX-100, FPX
-0.66% Global 100, IOO
-0.67% Growth BARRA Small Cap 600, IJT
-0.69% 200% Short Bond 7-10 Yr T, PST
-0.73% Dividend DJ Select, DVY
-0.73% Value MidCap Dynamic PS, PWP
-0.74% Sweden Index, EWD
-0.75% Value LargeCap Dynamic PS, PWV
-0.76% MidCap Growth iS M, JKH
-0.77% MidCap S&P 400 iS, IJH
-0.78% Semiconductors, PSI
-0.79% Semiconductor SPDR, XSD
-0.79% Growth MidCap S&P 400, RFG
-0.79% Bond High-Yield Corporate, HYG
-0.79% Value Large Cap DJ, ELV
-0.79% Gold Shares S.T., GLD
-0.79% Software, IGV
-0.81% Biotech & Genome, PBE
-0.81% LargeCap Blend S&P 1500 iS, ISI
-0.82% LargeCap 1000 R, IWB
-0.84% MidCap S&P 400 SPDRs, MDY
-0.84% Value LargeCap NYSE 100 iS, NY
-0.87% S&P 500 iS LargeCap Blend, IVV
-0.89% LargeCap VIPERs, VV
-0.91% Growth SmallCap VIPERs, VBK
-0.93% LargeCap Blend Russell 3000, IWV
-0.93% Retail H, RTH
-0.93% Extended Mkt VIPERs, VXF
-0.94% LargeCap Blend Total Market DJ, IYY
-0.95% S&P 500 SPDRs LargeCap Blend, SPY
-0.98% Dividend Achievers PS, PFM
-0.99% Pacific VIPERs, VPL
-0.99% Value S&P 500 B, IVE
-1.00% SmallCap S&P 600, IJR
-1.00% Microcap Russell, IWC
-1.01% Value LargeCap Euro STOXX 50 DJ, FEU
-1.04% Blend Total Market VIPERs, VTI
-1.04% 200% Short US T Bond, TBT
-1.04% LargeCap Blend NYSE Composite iS, NYC
-1.07% Growth Small Cap DJ, DSG
-1.07% SmallCap Russell 2000, IWM
-1.10% Consumer Cyclical DJ, IYC
-1.11% Switzerland Index, EWL
-1.12% Software, PSJ
-1.13% Value LargeCap Russell 3000, IWW
-1.18% EAFE Index, EFA
-1.19% Technology MS sT, MTK
-1.20% Value VIPERs, VTV
-1.23% Growth EAFE MSCI, EFG
-1.23% Industrial LargeCap Blend DJ US, IYJ
-1.24% Value LargeCap Fundamental RAFI 1000, PRF
-1.27% Small Cap VIPERs, VB
-1.30% Value 1000 Russell, IWD
-1.31% Europe 350 S&P Index, IEV
-1.31% Developed 100 BLDRS, ADRD
-1.31% Value MidCap S&P 400 B, IJJ
-1.32% Consumer Discretionary SPDR, XLY
-1.33% Ultra Dow30 Double, DDM
-1.33% Dividend High Yield Equity PS, PEY
-1.35% Telecommunications Global, IXP
-1.35% Dividend SPDR, SDY
-1.40% Value SmallCap Dynamic PS, PWY
-1.42% Value 40 Large Low P/E FT DB, FDV
-1.42% Capital Markets KWB ST, KCE
-1.43% MidCap Russell, IWR
-1.44% European VIPERs, VGK
-1.46% Industrials VIPERs, VIS
-1.48% MidCap VIPERs, VO
-1.49% Value MidCap Russell, IWS
-1.52% Financial Preferred, PGF
-1.52% Value EAFE MSCI, EFV
-1.52% India Earnings WTree, EPI
-1.53% Germany Index, EWG
-1.56% Growth MidCap Russell, IWP
-1.59% Value SmallCap Russell 2000, IWN
-1.62% Financial SPDR, XLF
-1.67% Homebuilders SPDR, XHB
-1.67% Consumer D. VIPERs, VCR
-1.67% Europe 100 BLDRS, ADRU
-1.69% Energy Exploration & Prod, PXE
-1.72% Value MidCap iS M, JKI
-1.74% Materials VIPERs, VAW
-1.76% Energy Global, IXC
-1.77% Italy Index, EWI
-1.77% Asia 50 BLDRS, ADRA
-1.83% LargeCap Blend S&P=Weight R, RSP
-1.85% Building & Construction, PKB
-1.86% Value SmallCap VIPERS, VBR
-1.87% Ultra MidCap400 Double, MVV
-1.88% Semiconductor H, SMH
-1.89% Water Resources, PHO
-1.89% Energy SPDR, XLE
-1.89% SmallCap Core iS M, JKJ
-1.90% Micro Cap Zachs, PZI
-1.92% Netherlands Index, EWN
-1.93% Ultra S&P500 Double, SSO
-1.95% EMU Europe Index, EZU
-1.98% Value SmallCap S&P 600 B, IJS
-1.99% Industrial SPDR, XLI
-2.00% Natural Resource iS GS, IGE
-2.01% Value Small Cap DJ, DSV
-2.01% Growth S&P 500, RPG
-2.04% Energy DJ, IYE
-2.09% Financials VIPERs, VFH
-2.10% Dividend International, PID
-2.19% Materials SPDR, XLB
-2.20% Value SmallCap iS M, JKL
-2.24% Software H, SWH
-2.24% Internet H, HHH
-2.26% South Africa Index, EZA
-2.26% France Index, EWQ
-2.26% Euro STOXX 50, FEZ
-2.29% Financial Services DJ, IYG
-2.35% Financial DJ US, IYF
-2.40% Energy VIPERs, VDE
-2.49% Commodity Tracking, DBC
-2.54% Canada Index, EWC
-2.61% SmallCap PS Zacks, PZJ
-2.63% MidCap Blend Core iS M, JKG
-2.63% Basic Materials DJ US, IYM
-2.67% Australia Index, EWA
-2.69% Malaysia Index, EWM
-2.70% Oil & Gas, PXJ
-2.71% Oil Services H, OIH
-2.76% Belgium Index, EWK
-2.79% Hong Kong Index, EWH
-2.84% Oil, Crude, U.S. Oil Fund, USO
-2.86% China LargeCap Growth G D H USX PS, PGJ
-2.86% Austria Index, EWO
-2.92% Leisure & Entertainment, PEJ
-2.93% Value S&P 500, RPV
-3.04% Financials Global LargeCap Value, IXG
-3.06% Metals & Mining SPDR, XME
-3.09% Pacific ex-Japan, EPP
-3.12% Emerging 50 BLDRS, ADRE
-3.24% Singapore Index, EWS
-3.35% Spain Index, EWP
-3.35% Emerging VIPERs, VWO
-3.35% Emerging Markets, EEM
-3.37% Nanotech Lux, PXN
-3.42% Brazil Index, EWZ
-3.47% Value SmallCap S&P 600, RZV
-3.60% Taiwan Index, EWT
-3.77% South Korea Index, EWY
-3.78% Bank Regional H, RKH
-4.42% China 25 iS, FXI
-4.43% Latin Am 40, ILF
-4.72% Transportation Av DJ, IYT
-5.65% Real Estate US DJ, IYR
-5.83% REIT Wilshire, RWR
-5.99% REIT VIPERs, VNQ
-5.99% Realty Cohen & Steers, ICF
-7.19% Mexico Index, EWW
