The S&P 500 Composite (SPX: 1255.19) absolute price recovered most of Thursday’s steep loss on Friday, but volume fell, thereby denying confirmation of the price upturn.

Short-term price momentum oscillators have given bearish divergence warning by stalling out and rolling downward after peaking on 11/30/11.

SPX appears to have encountered resistance near its 200-day SMA, now at 1263.32 and declining fractionally every day.

Longer term, SPX has made lower highs both this month (December) and last month (November).

The SPX 50-day SMA has remained bearishly below the 200-day SMA every day since 8/12/11.

VIX Fear Index, now at 26.38, fell steeply on 12/9/11 from an intraday peak of 30.91 the day before, on 12/8/11, indicating a shift away from fear and toward confidence. Longer term, VIX is down from a peak of 48.00 set on 8/8/11.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 13 months on 12/8/11, thereby confirming a major bearish downtrend in all time frames.

Gold, SPDR Gold Shares ETF (GLD) price chart shows a normal pullback since peaking at 170.80 on 12/8/11. GLD has been testing and holding above its 50-day SMA.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

There is a strategy that gained over the past 6 months, while most other strategies lost —
NOW WITH A NO-RISK FREE TRIAL.

The Colby Global Markets Report
(click here for a no-risk free trial)

Includes Top Ten ETFs, Major Trend Relative Strength Rankings, charts, support and resistance levels, and much more.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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
1.71% , HHH , Internet H, HHH
1.57% , PFM , Dividend Achievers PS, PFM
1.56% , BDH , Broadband H, BDH
1.32% , XSD , Semiconductor SPDR, XSD
2.51% , SWH , Software H, SWH
7.92% , PLL , PALL
2.35% , RZV , Value SmallCap S&P 600, RZV
2.80% , VB , Small Cap VIPERs, VB
1.92% , IWZ , Growth LargeCap Russell 3000, IWZ
13.64% , DYN , DYNEGY
2.17% , RWR , REIT Wilshire, RWR
0.74% , TTH , Telecom H, TTH
1.99% , RFV , Value MidCap S&P 400, RFV
2.97% , JKJ , SmallCap Core iS M, JKJ
1.65% , VOX , Telecom Services VIPERs, VOX
0.49% , GAS , NICOR
1.79% , JKD , LargeCap Blend Core iS M, JKD
6.17% , FMCN , Focus Media, FMCN
2.83% , EWP , Spain Index, EWP
2.54% , IGN , Networking, IGN
1.50% , EIS , Israel MSCI iS, EIS
4.12% , PXQ , Networking, PXQ
3.57% , ININ , Interactive Intelligence ININ
2.66% , EFV , Value EAFE MSCI, EFV
2.59% , KCE , Capital Markets KWB ST, KCE
2.46% , IYJ , Industrial LargeCap Blend DJ US, IYJ
2.39% , IJK , Growth MidCap 400 B, IJK
4.45% , GT , GOODYEAR TIRE
5.53% , TER , TERADYNE
4.31% , PMTC.O , PARAMETRIC
3.62% , ZEUS , Olympic Steel, ZEUS
3.88% , EZA , South Africa Index, EZA
1.33% , SOXX , Semiconductor iS IGW, SOXX

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-3.05% , PSTL , Steel Global PS ETF, PSTL
-3.18% , DD , DU PONT
-1.91% , EL , Estee Lauder
-2.37% , SHLD , SEARS HOLDINGS
-1.57% , RIG , TRANSOCEAN
-1.84% , STJ , ST JUDE MEDICAL
-2.56% , MYY , Short 100% MidCap 400, MYY
-6.71% , EK , EASTMAN KODAK
-1.56% , DOG , Short 100% Dow 30, DOG
-1.56% , PSQ , Short 100% QQQ, PSQ
-1.08% , RSX , Russia MV, RSX
-1.31% , AVP , AVON
-0.54% , HMA , HEALTH MGMT STK A
-0.69% , IEF , Bond, 10 Year Treasury, IEF
-0.53% , TIP , Bond, TIPS, TIP
-2.06% , TLT , Bond, 20+ Years Treasury, TLT
-0.74% , PMCS , PMC SIERRA
-0.46% , STI , SUNTRUST BANKS
-0.98% , WAT , WATERS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
4.14% Italy Index, EWI
3.88% South Africa Index, EZA
3.59% Metals & Mining SPDR, XME
3.55% France Index, EWQ
3.28% Germany Index, EWG
3.19% Value SmallCap S&P 600 B, IJS
3.15% Growth SmallCap R 2000, IWO
3.14% Growth BARRA Small Cap 600, IJT
3.14% Microcap Russell, IWC
3.11% EMU Europe Index, EZU
3.09% SmallCap S&P 600, IJR
3.01% SmallCap Russell 2000, IWM
2.95% Growth SmallCap VIPERs, VBK
2.91% Value SmallCap Russell 2000, IWN
2.89% European VIPERs, VGK
2.88% Homebuilders SPDR, XHB
2.85% Water Resources, PHO
2.83% Spain Index, EWP
2.80% Small Cap VIPERs, VB
2.72% Value SmallCap VIPERS, VBR
2.71% Latin Am 40, ILF
2.66% Value EAFE MSCI, EFV
2.59% Capital Markets KWB ST, KCE
2.57% Europe 350 S&P Index, IEV
2.54% Networking, IGN
2.54% Mexico Index, EWW
2.51% Energy VIPERs, VDE
2.51% Financial Services DJ, IYG
2.49% EAFE Index, EFA
2.45% Indonesia MV, IDX
2.45% Brazil Index, EWZ
2.40% Value MidCap S&P 400 B, IJJ
2.39% Growth MidCap 400 B, IJK
2.38% Austria Index, EWO
2.38% MidCap S&P 400 SPDRs, MDY
2.35% Energy Global, IXC
2.33% MidCap S&P 400 iS, IJH
2.31% Energy & Nat Res iS GS, IGE
2.29% Industrial SPDR, XLI
2.29% Japan Index, EWJ
2.28% Energy DJ, IYE
2.28% Sweden Index, EWD
2.28% Netherlands Index, EWN
2.28% Energy SPDR, XLE
2.28% India PS, PIN
2.26% WilderHill Clean Energy PS, PBW
2.25% Dividend High Yield Equity PS, PEY
2.24% Small Cap EAFE MSCI iS, SCZ
2.23% Turkey MSCI iS, TUR
2.20% Global ex US ACWI iS, ACWX
2.19% REIT VIPERs, VNQ
2.19% Global 100, IOO
2.18% Financial SPDR, XLF
2.18% Financials VIPERs, VFH
2.17% REIT Wilshire, RWR
2.13% Realty Cohen & Steers, ICF
2.10% Pacific VIPERs, VPL
2.06% Chile MSCI iS, ECH
2.06% Silver Trust iS, SLV
2.02% Emerging Markets, EEM
2.02% Financial DJ US, IYF
1.99% Real Estate US DJ, IYR
1.98% United Kingdom Index, EWU
1.96% Growth EAFE MSCI, EFG
1.96% Info Tech VIPERs, VGT
1.91% MidCap Russell, IWR
1.91% Oil, Crude, U.S. Oil Fund, USO
1.88% Value MidCap Russell, IWS
1.88% LargeCap Blend S&P=Weight R, RSP
1.86% Emerging 50 BLDRS, ADRE
1.85% Switzerland Index, EWL
1.84% Pacific ex-Japan, EPP
1.84% Transportation Av DJ, IYT
1.84% Growth MidCap Russell, IWP
1.78% Blend Total Market VIPERs, VTI
1.76% LargeCap Blend Russell 3000, IWV
1.75% LargeCap VIPERs, VV
1.74% Technology DJ US, IYW
1.74% Growth VIPERs, VUG
1.74% Oil Fund PowerShares, DBO
1.71% Value 1000 Russell, IWD
1.70% Australia Index, EWA
1.70% Value S&P 500 B, IVE
1.69% S&P 500 SPDRs LargeCap Blend, SPY
1.68% Value VIPERs, VTV
1.68% China 25 iS, FXI
1.68% LargeCap 1000 R, IWB
1.67% Emerging VIPERs, VWO
1.65% Consumer Discretionary SPDR, XLY
1.65% Growth 1000 Russell, IWF
1.65% S&P 500 iS LargeCap Blend, IVV
1.65% Dividend SPDR, SDY
1.60% Value LargeCap Dynamic PS, PWV
1.60% QQQ Nasdaq 100 Trust, QQQ
1.58% Dividend Appreciation Vipers, VIG
1.56% Technology SPDR, XLK
1.55% Growth S&P 500/BARRA, IVW
1.55% Biotech SPDR, XBI
1.55% Utilities VIPERs, VPU
1.55% LargeCap Blend S&P 100, OEF
1.53% DIAMONDS (DJIA), DIA
1.50% Basic Materials DJ US, IYM
1.48% Dividend DJ Select, DVY
1.47% Health Care SPDR, XLV
1.38% Dividend International, PID
1.37% Belgium Index, EWK
1.37% China LargeCap Growth G D H USX PS, PGJ
1.36% Telecom DJ US, IYZ
1.35% Canada Index, EWC
1.34% Thailand MSCI iS, THD
1.34% Singapore Index, EWS
1.33% Semiconductor iS IGW, SOXX
1.32% Semiconductor SPDR, XSD
1.30% India Earnings WTree, EPI
1.28% Materials SPDR, XLB
1.27% Utilities SPDR, XLU
1.18% South Korea Index, EWY
1.18% Taiwan Index, EWT
1.12% Malaysia Index, EWM
1.04% Consumer Staples SPDR, XLP
1.03% Hong Kong Index, EWH
0.86% Bond, High-Yield Corporate, HYG
0.79% Bond, High-Yield Junk, JNK
0.76% Frontier Markets Guggenheim , FRN
0.61% Preferred Stock iS, PFF
0.61% Financial Preferred, PGF
0.37% Commodity Tracking, DBC
0.26% Gold Shares S.T., GLD
0.20% Bond Ex-US Treas, BWX
0.18% Bond EmrgMkt JPM iS, EMB
0.15% Bond Muni ATM-Free S&P iS, MUB
0.00% Bond, 1-3 Year Treasury, SHY
0.00% Bond Treasury Short-Term iS, SHV
-0.05% Bond, Aggregate, AGG
-0.38% Bond, Corp, LQD
-0.53% Bond, TIPS, TIP
-0.69% Bond, 10 Year Treasury, IEF
-1.08% Russia MV, RSX
-1.09% Agriculture DB PS, DBA
-1.65% Bear, Short S&P 500, SH
-2.06% Bond, 20+ Years Treasury, TLT