The S&P 500 (SPX) fell below 4-week lows, down 2.38%, its biggest drop since 2/4/10. Volume rose substantially to confirm the downturn. Breadth (advances-declines) was very bearish.
Sentiment had been complacently bullish for weeks, as the market marched higher most days and investors’ spirits followed. All that was needed for a shakeout to the downside was a catalyst.
Investors Intelligence survey of stock market newsletter advisors, Call/Put Volume Ratios, and implied option volatility have shown bullish complacency in recent weeks. Excessive bullish sentiment sometimes precedes a shakeout to the downside. Shakeouts in bull markets can amount to 5% to 10%.
Materials Stock Sector Relative Strength Ratio (XLB/SPY) fell to its lowest level in 9 months on 5/4/10 and remains bearish. Absolute price of XLB fell to its lowest level in 2 months on 5/4/10 and has entered the neutral zone.
Technology Stock Sector absolute price fell below 6-week lows and its 50-day SMA on 5/4/10, thereby turning neutral.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell to a 10-month low on 5/4/10 and remains bearish. Absolute price of EEM fell below 2-month lows on 5/4/10.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 19-month lows on 5/4/10 and remains bearish. Absolute price of EFA fell below 2-month lows on 5/4/10.
Copper fell below the lows of the previous 2 months on 5/4/10, thereby confirming a bearish signal for the short-term trend.
U.S. Treasury Bond price jumped above 50- and 200- day SMAs on 5/4/10, thereby turning bullish.
Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) and absolute price of JNK both fell below 50-day SMAs on 5/4/10, turning neutral.
The U.S. dollar moved above 12-month high on 5/4/10, thereby confirming its preexisting bullish trend.
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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
5.56% , MZZ , Short 200% MidCap 400 PS, MZZ
2.99% , PSQ , Short 100% QQQ, PSQ
4.12% , MCK , MCKESSON CORP
3.67% , HSP , HOSPIRA
6.13% , QID , Short 200% QQQ PS, QID
2.40% , SH , Short 100% S&P 500, SH
4.80% , SDS , Short 200% S&P 500 PS, SDS
2.64% , MYY , Short 100% MidCap 400, MYY
1.80% , TLT , Bond, 20+ Years Treasury, TLT
3.94% , DXD , Short 200% Dow 30 PS, DXD
1.53% , MRK , MERCK & CO
2.07% , PFE , PFIZER
2.01% , DOG , Short 100% Dow 30, DOG
0.96% , COST , COSTCO WHOLESAL
0.15% , TIP , Bond, TIPS, TIP
3.05% , THD , Thailand MSCI iS, THD
0.56% , BMY , BRISTOL MYERS
0.24% , PPH , Pharmaceutical H, PPH
0.52% , WMT , WAL MART STORES
0.15% , GIS , GENERAL MILLS
0.68% , IEF , Bond, 10 Year Treasury, IEF
0.37% , WFMI , Whole Foods Market Inc
0.88% , TLH , Bond 10-20 Year US Treas, TLH
0.06% , SHY , Bond, 1-3 Year Treasury, SHY
0.12% , LQD , Bond, Corp, LQD
0.07% , KMB , KIMBERLY CLARK
0.40% , AGG , Bond, Aggregate, AGG
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-11.60% , HOLX , Hologic, Inc., HOLX
-3.37% , IGN , Networking, IGN
-5.55% , KWT , Solar Energy MV, KWT
-2.65% , PTE , Telecommunications & Wireless, PTE
-7.21% , EWP , Spain Index, EWP
-6.42% , EMR , EMERSON ELECTRIC
-2.99% , PKB , Building & Construction, PKB
-3.77% , ACWX , Global ex US ACWI iS, ACWX
-3.11% , EWH , Hong Kong Index, EWH
-4.90% , PSTL , Steel Global PS ETF, PSTL
-3.72% , EFG , Growth EAFE MSCI, EFG
-4.05% , EWS , Singapore Index, EWS
-5.53% , RSX , Russia MV, RSX
-4.02% , PIN , India PS, PIN
-4.16% , PSI , Semiconductors, PSI
-3.04% , IAH , Internet Architecture H, IAH
-3.37% , PZJ , SmallCap PS Zacks, PZJ
-8.23% , ZEUS , Olympic Steell, ZEUS
-4.98% , NVLS , NOVELLUS SYS
-4.08% , EWY , South Korea Index, EWY
-4.59% , EEM , Emerging Markets, EEM
-4.57% , GOOG , Google
-5.07% , AFL , AFLAC
-7.41% , THC , TENET HEALTHCARE
-3.71% , ADRU , Europe 100 BLDRS, ADRU
-4.28% , EWW , Mexico Index, EWW
-2.66% , IGE , Natural Resource iS GS, IGE
-6.52% , TIN , TEMPLE INLAND
-6.72% , DOW , DOW CHEMICAL
-3.00% , ONEQ , Growth LargeCap NASDAQ Fidelity, ONEQ
-3.47% , EBAY , EBAY
-4.06% , PLL , PALL
-5.09% , BAX , BAXTER INTL
-1.95% , JKF , Value LargeCap iS M, JKF
-2.71% , RSP , LargeCap Blend S&P=Weight R, RSP
-4.02% , IEV , Europe 350 S&P Index, IEV
-4.78% , SSO , Ultra S&P500 Double, SSO
-4.53% , ILF , Latin Am 40, ILF
-5.57% , AMZN , Amazoncom Inc
-2.38% , VOX , Telecom Services VIPERs, VOX
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 rose above 2-year highs on 4/26/10 and remains bullish. Support 33.87, 33.15, 31.94, 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 moved above 18-month highs on 4/26/10 and remains bullish. Support 31.73, 31.27, 29.79, 29.60, and 28.15. Resistance 33.46, 34.24, 34.50, and 35.00.
Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) gave a bearish signal when it fell below 2-week lows and both 50- and 200-day simple moving averages on 4/30/10. Absolute price fell below 6-week lows and its 50-day SMA on 5/4/10, thereby turning neutral. XLK remains above its 200-day simple moving average. 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) broke below 6-week lows on 4/27/10 and remains neutral. Support 15.81, 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) broke down below 19-month lows on 4/29/10 and remains bearish. Absolute price of XLP broke down below 6-week lows on 4/27/10 and broke below its 50-day simple moving average. The price trend is now neutral. Support 27.76, 27.23, 26.82, 26.49, 26.04, 25.93 and 25.71. Resistance 28.75, 29.29 and 30.29.
Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) fell below 17-month lows on 3/25/10 but since has recovered into the neutral zone. Absolute price of XLE broke out above 18-month highs on 4/23/10 and remains bullish. Support 58.58, 58.27, 54.72, 52.67 and 51.34. Resistance 62.30, 62.73, 69.95, and 78.10.
Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) fell to its lowest level in 9 months on 5/4/10 and remains bearish. Absolute price of XLB fell to its lowest level in 2 months on 5/4/10 and has entered the neutral zone. Support 29.48, and 28.95. Resistance 35.47 and 37.56.
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 fell below 2-month lows on 4/27/10 and remains neutral relative to 50- and 200-day averages. Support 30.49, 30.27, and 29.55. 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 rose above 3-month highs on 5/3/10 and remains bullish. Support 29.95, 29.30, 28.45, and 28.10. Resistance 31.30, 31.64 and 32.08.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell to a 10-month low on 5/4/10. EEM/SPY trend turned bearish on 4/16/10, according to strict moving average analysis. Absolute price of EEM fell below 2-month lows on 5/4/10.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 19-month lows on 5/4/10 and remains bearish. Absolute price of EFA fell below 2-month lows on 5/4/10.
NASDAQ Composite/S&P 500 Relative Strength Ratio rose above 9-year highs on 4/27/10 and remains bullish. Absolute price of the NASDAQ closed above 22-month highs on 4/23/10 and remains bullish.
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 3-week lows on 5/4/10 and has turned 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 fell below 3-week lows on 5/4/10.
The S&P 500 Equally Weighted ETF Relative Strength Ratio (RSP/SPY) rose above previous 6-year highs on 4/26/10 and remains bullish. Absolute price of RSP rose above 19-month highs on 4/23/10 and remains bullish.
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 remains bullish relative to its moving averages.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above 17-month highs on 4/29/10. Absolute price of IWM rose above 17-month highs on 4/26/10. Both remain in bullish position relative to key moving averages.
The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above 15-year highs on 4/26/10 and remains bullish. Absolute price of MDY rose above 21-month highs on 4/23/10 and remains bullish.
Crude Oil nearest futures contract price rose to test 18 month highs above 87 on 5/3/10 but surrendered gains by the close. Short term, Oil may still be stuck in the same consolidation phase it entered on 4/6/10. Longer term, Oil remains bullish. Support 81.29, 78.86, 77.05, 76.71, 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 the highs of the previous 6 months on 5/3/10, thereby confirming its preexisting bullish trend for the intermediate-term. Longer term, Gold remains bullish. Support 1160, 1124.3, 1084.8, 1045.2, 1026.9 and 989.3. Resistance 1192.8, 1196.8, and 1226.4.
Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) rose above 3-month highs on 4/29/10, thereby confirming an uptrend trend for the intermediate term. Absolute price also rose above 3-month highs on 4/30/10 and remains bullish.
Silver/Gold Ratio fell below 50- and 200- day SMAs on 5/4/10, turning bearish.
Copper nearest futures price fell below the lows of the previous 2 months on 5/4/10, thereby confirming a bearish signal for the short-term trend. 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 above 50- and 200- day SMAs on 5/4/10, thereby turning bullish. Support 118.12, 115.15, 114.06. 113.04 and 112.15. Resistance 120.11 and 123.18.
Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) and absolute price of JNK both fell below 50-day SMAs on 5/4/10, turning neutral.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) rose to a 3-month high on 4/29/10 and remains bullish. This means investors prefer more inflation protection. Absolute price of TIP rose above 4-month highs on 4/30/10 and remains bullish.
The U.S. dollar nearest futures contract price moved above 12-month high on 5/4/10, 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 85.03, 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 54.0% Bulls versus 18.0% Bears as of 4/28/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio rose to 3.00, down from 3.06 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 fell to a 33-month low of 15.23 on 4/12/10. 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 15.53 on 4/14/10. 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 rose to 1.85 on 4/15/10, a high level that indicates extreme bullish sentiment, which might be taken as a sign to be alert. 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 fell to 0.32 on 4/14/10, a low level that indicates extreme bullish sentiment, which might be taken as a sign to be alert. 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 4-week lows on 5/4/10, signaling a minor downside correction. Corrections of between 5% and 10% are typical in bull markets. Support 1152.83, 1132.15, and 1111.46. 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
1219.80, high of 4/26/2010
S&P 500 Cash Index Potential Support
1152.83, Fibonacci 61.8% of 2010 range
1150.45, high of 1/19/2010
1132.15, Gann 50.0% of 2010 range
1111.46, Fibonacci 61.8% of 2010 range
1086.02, low of 2/25/2010
1044.50, low of 2/5/2010
1089.29, Fibonacci 23.6% of 2009-2010 range
1081.54, 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
1012.42, Gann 37.5% of 2009-2010 range
1008.55, Fibonacci 38.2% of 2009-2010 range
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
869.32, low of 7/8/2009
878.04, 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
3.05% Thailand MSCI iS, THD
1.80% Bond, 20+ Years Treasury, TLT
0.68% Bond, 10 Year Treasury, IEF
0.40% Bond, Aggregate, AGG
0.15% Bond, TIPS, TIP
0.12% Bond, Corp, LQD
0.06% Bond, 1-3 Year Treasury, SHY
-0.07% Bond Muni ATM-Free S&P iS, MUB
-0.41% Financial Preferred, PGF
-0.44% Agriculture DB PS, DBA
-0.51% Bond EmrgMkt JPM iS, EMB
-0.58% Health Care SPDR, XLV
-0.71% Bond Ex-US Treas, BWX
-0.74% Gold Shares S.T., GLD
-0.89% Preferred Stock iS, PFF
-1.01% Consumer Staples SPDR, XLP
-1.03% Bond, High-Yield Corporate, HYG
-1.72% Utilities SPDR, XLU
-1.78% Utilities VIPERs, VPU
-1.95% DIAMONDS (DJIA), DIA
-1.99% Realty Cohen & Steers, ICF
-2.02% United Kingdom Index, EWU
-2.07% Malaysia Index, EWM
-2.08% Dividend High Yield Equity PS, PEY
-2.09% Dividend Appreciation Vipers, VIG
-2.10% Dividend SPDR, SDY
-2.15% REIT Wilshire, RWR
-2.17% Chile MSCI iS, ECH
-2.23% Value VIPERs, VTV
-2.24% LargeCap Blend S&P 100, OEF
-2.25% Dividend DJ Select, DVY
-2.28% REIT VIPERs, VNQ
-2.30% Value S&P 500 B, IVE
-2.32% S&P 500 iS LargeCap Blend, IVV
-2.33% LargeCap VIPERs, VV
-2.34% Real Estate US DJ, IYR
-2.35% S&P 500 SPDRs LargeCap Blend, SPY
-2.36% Value LargeCap Dynamic PS, PWV
-2.39% LargeCap 1000 R, IWB
-2.41% Growth 1000 Russell, IWF
-2.41% Growth S&P 500/BARRA, IVW
-2.41% LargeCap Blend Russell 3000, IWV
-2.43% Blend Total Market VIPERs, VTI
-2.52% Value 1000 Russell, IWD
-2.52% Growth VIPERs, VUG
-2.55% Growth BARRA Small Cap 600, IJT
-2.57% Telecom DJ US, IYZ
-2.57% Financial DJ US, IYF
-2.63% Energy VIPERs, VDE
-2.66% Natural Resource iS GS, IGE
-2.66% Growth MidCap 400 B, IJK
-2.67% Energy SPDR, XLE
-2.68% Energy DJ, IYE
-2.69% Financial Services DJ, IYG
-2.69% Commodity Tracking, DBC
-2.71% LargeCap Blend S&P=Weight R, RSP
-2.72% Financials VIPERs, VFH
-2.73% Financial SPDR, XLF
-2.76% MidCap S&P 400 iS, IJH
-2.77% Growth MidCap Russell, IWP
-2.80% MidCap Russell, IWR
-2.84% Biotech SPDR, XBI
-2.84% MidCap S&P 400 SPDRs, MDY
-2.84% Growth SmallCap R 2000, IWO
-2.85% SmallCap S&P 600, IJR
-2.86% Dividend International, PID
-2.87% Technology SPDR, XLK
-2.91% Technology DJ US, IYW
-2.92% Canada Index, EWC
-2.92% Consumer Discretionary SPDR, XLY
-2.94% Microcap Russell, IWC
-2.97% Growth SmallCap VIPERs, VBK
-2.99% Value MidCap Russell, IWS
-3.00% Growth LargeCap NASDAQ 100, QQQQ
-3.01% Info Tech VIPERs, VGT
-3.01% Capital Markets KWB ST, KCE
-3.05% Global 100, IOO
-3.07% Japan Index, EWJ
-3.08% Value MidCap S&P 400 B, IJJ
-3.08% Small Cap VIPERs, VB
-3.11% Hong Kong Index, EWH
-3.12% Value SmallCap VIPERS, VBR
-3.14% Value SmallCap S&P 600 B, IJS
-3.14% SmallCap Russell 2000, IWM
-3.16% Industrial SPDR, XLI
-3.25% Energy Global, IXC
-3.26% Water Resources, PHO
-3.28% Value SmallCap Russell 2000, IWN
-3.33% Homebuilders SPDR, XHB
-3.33% Switzerland Index, EWL
-3.37% Networking, IGN
-3.47% Materials SPDR, XLB
-3.59% Semiconductor SPDR, XSD
-3.62% Transportation Av DJ, IYT
-3.70% China 25 iS, FXI
-3.72% Growth EAFE MSCI, EFG
-3.76% Value SmallCap S&P 600, RZV
-3.77% Global ex US ACWI iS, ACWX
-3.78% China LargeCap Growth G D H USX PS, PGJ
-3.83% Semiconductor iS GS, IGW
-3.89% Pacific VIPERs, VPL
-3.91% Belgium Index, EWK
-3.96% Small Cap EAFE MSCI iS, SCZ
-3.96% EAFE Index, EFA
-3.98% Basic Materials DJ US, IYM
-4.02% Europe 350 S&P Index, IEV
-4.02% India PS, PIN
-4.05% Singapore Index, EWS
-4.05% Taiwan Index, EWT
-4.08% South Korea Index, EWY
-4.11% Emerging VIPERs, VWO
-4.14% Indonesia MV, IDX
-4.20% India Earnings WTree, EPI
-4.23% Germany Index, EWG
-4.25% Oil, Crude, U.S. Oil Fund, USO
-4.26% Value EAFE MSCI, EFV
-4.28% Mexico Index, EWW
-4.31% European VIPERs, VGK
-4.33% Turkey MSCI iS, TUR
-4.37% Emerging 50 BLDRS, ADRE
-4.42% Metals & Mining SPDR, XME
-4.51% Silver Trust iS, SLV
-4.53% Latin Am 40, ILF
-4.59% Emerging Markets, EEM
-4.62% South Africa Index, EZA
-4.69% France Index, EWQ
-4.75% WilderHill Clean Energy PS, PBW
-4.81% EMU Europe Index, EZU
-4.83% Netherlands Index, EWN
-4.91% Pacific ex-Japan, EPP
-5.23% Australia Index, EWA
-5.33% Brazil Index, EWZ
-5.37% Sweden Index, EWD
-5.53% Russia MV, RSX
-5.86% Austria Index, EWO
-5.96% Italy Index, EWI
-7.21% Spain Index, EWP
