The S&P 500 Composite (SPX: 1,244.28) absolute price suffered a bearish reversal day on 12/2/11 and appears overbought for the short term. SPX remains bearishly below its 200-day SMA, now at 1264.95, where it is likely to encounter resistance again. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/12/11.

Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above the highs of the previous 6 weeks on 12/2/11 and has been in a rising trend since 11/4/11. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 8/25/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.

VIX Fear Index fell below the lows of the previous 5 weeks to 25.29 intraday on 12/2/11, down from a peak of 48.00 on 8/8/11. This indicates significantly diminished fear.

Stock markets may remain volatile, with a continuing heightened sensitivity to news, and with continuing large daily moves in both directions. Note that very high price volatility is typical of bear markets, while bull markets are much less volatile. Reward/Risk still appears significantly skewed to the Risk side.

Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) rose above the highs of the previous 2 trading days on 12/2/11. TLT also rose above its 50-day SMA and remains above its 200-day SMA. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 6/24/11.

U.S. dollar ETF (UUP) rose above the highs of the previous 2 trading days on 12/2/11. UUP remains bullishly above 50-day and 200-day SMAs. The 50-day SMA has remained bullishly above the 200-day SMA every day since 10/26/11.

Gold, SPDR Gold Shares ETF (GLD) absolute price rose above the highs of the previous 10 trading days on 12/2/11. GLD remains bullishly above its 50-day and 200-day SMAs, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09.
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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
6.63% , DISH , EchoStar Communications
6.14% , JPM , J P MORGAN CHASE
2.51% , RKH , Bank Regional H, RKH
6.96% , MS , MORGAN STANLEY
4.26% , VIA , VIACOM INC. (New)
5.77% , GCI , GANNETT
3.50% , CMCSA , COMCAST HOLDINGS STK A
2.99% , GS , GOLDMAN SACHS
7.14% , DYN , DYNEGY
0.69% , FPX , IPOs, First Tr IPOX-100, FPX
3.22% , STI , SUNTRUST BANKS
6.31% , ODP , OFFICE DEPOT
3.90% , NYT , NY TIMES STK A
1.53% , GRMN , GARMIN LTD
4.75% , KBH , KB HOME
3.95% , OMX , OFFICEMAX INC., OMX
4.37% , C , CITIGROUP
1.07% , PSI , Semiconductors, PSI
1.38% , VFH , Financials VIPERs, VFH
1.60% , IXG , Financials Global LargeCap Value, IXG
1.99% , VLO , VALERO ENERGY
2.15% , LAMR , Lamar Advertising Company
0.64% , PXE , Energy Exploration & Prod, PXE
3.41% , IP , INTL PAPER
2.52% , NTRS , NORTHERN TRUST
2.38% , PETM , PETsMART Inc
2.09% , APOL , APOLLO GROUP
1.84% , ITW , ILLINOIS TOOL
2.52% , HOT , STARWOOD HOTELS
1.53% , HD , HOME DEPOT
2.35% , RHI , ROBERT HALF
2.90% , CPWR , COMPUWARE
1.33% , XLF , Financial SPDR, XLF

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-8.68% , BIG , BIG LOTS
-10.68% , THC , TENET HEALTHCARE
-7.89% , HMA , HEALTH MGMT STK A
-5.95% , MDT , MEDTRONIC
-6.41% , HRB , H&R BLOCK
-9.74% , RIMM , RESEARCH IN MOTION LTD
-7.01% , STJ , ST JUDE MEDICAL
-3.81% , ZMH , ZIMMER HLDGS
-6.78% , BSX , BOSTON SCIENT
-3.86% , SYK , STRYKER
-3.80% , MON , MONSANTO
-0.43% , SWH , Software H, SWH
-3.65% , AEE , AMEREN
-2.20% , CAH , CARDINAL HEALTH
-1.99% , SNV , SYNOVUS
-2.30% , HSP , HOSPIRA
-3.77% , EK , EASTMAN KODAK
-2.24% , WAG , WALGREEN
-0.54% , PSJ , Software, PSJ
-0.23% , JKI , Value MidCap iS M, JKI
-1.24% , XLV , Health Care SPDR, XLV
-1.55% , EZA , South Africa Index, EZA
-2.18% , SCHW.K , CHARLES SCHWAB, SCHW.O
-3.93% , CTL , CENTURYTEL
-1.88% , DHR , DANAHER
-0.28% , PPA , Aerospace & Defense, PPA
-2.20% , ERIC.O , LM Ericsson Telephone Company
-0.76% , BEN , FRANKLIN RSC
-1.94% , PPG , PPG INDUSTRIES
-1.79% , DTE , DTE ENERGY
-2.32% , BMC.O , BMC SOFTWARE
-1.03% , XLU , Utilities SPDR, XLU
-2.04% , APA , APACHE
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.70% India PS, PIN
2.11% India Earnings WTree, EPI
1.81% Financial Services DJ, IYG
1.40% Bond, 20+ Years Treasury, TLT
1.38% Capital Markets KWB ST, KCE
1.38% Financials VIPERs, VFH
1.33% Financial SPDR, XLF
1.17% Australia Index, EWA
1.15% Financial DJ US, IYF
1.09% Oil, Crude, U.S. Oil Fund, USO
1.08% Turkey MSCI iS, TUR
0.96% Homebuilders SPDR, XHB
0.93% Thailand MSCI iS, THD
0.89% Commodity Tracking, DBC
0.87% Oil Fund PowerShares, DBO
0.86% Spain Index, EWP
0.85% Bond, Corp, LQD
0.84% Transportation Av DJ, IYT
0.77% Consumer Discretionary SPDR, XLY
0.75% Microcap Russell, IWC
0.69% Austria Index, EWO
0.64% Bond EmrgMkt JPM iS, EMB
0.62% Mexico Index, EWW
0.61% Bond, High-Yield Junk, JNK
0.57% Bond, High-Yield Corporate, HYG
0.55% Pacific ex-Japan, EPP
0.55% Italy Index, EWI
0.52% Chile MSCI iS, ECH
0.49% Financial Preferred, PGF
0.48% Preferred Stock iS, PFF
0.46% Pacific VIPERs, VPL
0.46% Bond, TIPS, TIP
0.45% Belgium Index, EWK
0.44% Bond, 10 Year Treasury, IEF
0.44% Value SmallCap S&P 600 B, IJS
0.44% Sweden Index, EWD
0.41% SmallCap Russell 2000, IWM
0.35% Bond Muni ATM-Free S&P iS, MUB
0.34% Growth SmallCap R 2000, IWO
0.34% Value SmallCap VIPERS, VBR
0.34% Value SmallCap Russell 2000, IWN
0.32% Japan Index, EWJ
0.31% Small Cap VIPERs, VB
0.30% Latin Am 40, ILF
0.29% Netherlands Index, EWN
0.27% Growth MidCap 400 B, IJK
0.27% Value MidCap S&P 400 B, IJJ
0.26% Bond, Aggregate, AGG
0.25% Value VIPERs, VTV
0.25% MidCap S&P 400 SPDRs, MDY
0.24% MidCap S&P 400 iS, IJH
0.22% Brazil Index, EWZ
0.20% Global 100, IOO
0.20% REIT Wilshire, RWR
0.19% Value 1000 Russell, IWD
0.19% Telecom DJ US, IYZ
0.19% Dividend High Yield Equity PS, PEY
0.18% SmallCap S&P 600, IJR
0.16% Real Estate US DJ, IYR
0.16% Value S&P 500 B, IVE
0.16% Growth BARRA Small Cap 600, IJT
0.12% LargeCap VIPERs, VV
0.12% Realty Cohen & Steers, ICF
0.12% Growth SmallCap VIPERs, VBK
0.11% Gold Shares S.T., GLD
0.11% LargeCap Blend Russell 3000, IWV
0.08% Energy Global, IXC
0.08% Energy VIPERs, VDE
0.07% MidCap Russell, IWR
0.05% Value LargeCap Dynamic PS, PWV
0.05% Bear, Short S&P 500, SH
0.05% Value MidCap Russell, IWS
0.04% LargeCap 1000 R, IWB
0.04% LargeCap Blend S&P 100, OEF
0.03% Info Tech VIPERs, VGT
0.03% Small Cap EAFE MSCI iS, SCZ
0.02% Semiconductor iS IGW, SOXX
0.00% Growth MidCap Russell, IWP
0.00% Emerging 50 BLDRS, ADRE
0.00% Bond Treasury Short-Term iS, SHV
-0.02% S&P 500 iS LargeCap Blend, IVV
-0.02% EAFE Index, EFA
-0.02% Bond, 1-3 Year Treasury, SHY
-0.04% Growth EAFE MSCI, EFG
-0.04% Semiconductor SPDR, XSD
-0.05% Value EAFE MSCI, EFV
-0.05% Blend Total Market VIPERs, VTI
-0.05% France Index, EWQ
-0.05% Global ex US ACWI iS, ACWX
-0.06% DIAMONDS (DJIA), DIA
-0.06% United Kingdom Index, EWU
-0.07% EMU Europe Index, EZU
-0.07% Networking, IGN
-0.07% Energy DJ, IYE
-0.08% Technology SPDR, XLK
-0.09% Energy SPDR, XLE
-0.09% S&P 500 SPDRs LargeCap Blend, SPY
-0.09% REIT VIPERs, VNQ
-0.09% European VIPERs, VGK
-0.10% Bond Ex-US Treas, BWX
-0.11% LargeCap Blend S&P=Weight R, RSP
-0.12% Technology DJ US, IYW
-0.14% Dividend International, PID
-0.14% Europe 350 S&P Index, IEV
-0.21% Growth 1000 Russell, IWF
-0.21% Industrial SPDR, XLI
-0.21% Growth VIPERs, VUG
-0.22% Growth S&P 500/BARRA, IVW
-0.24% Dividend Appreciation Vipers, VIG
-0.25% Emerging VIPERs, VWO
-0.26% Singapore Index, EWS
-0.28% QQQ Nasdaq 100 Trust, QQQ
-0.29% Emerging Markets, EEM
-0.35% Consumer Staples SPDR, XLP
-0.35% Water Resources, PHO
-0.38% Energy & Nat Res iS GS, IGE
-0.43% Malaysia Index, EWM
-0.43% Basic Materials DJ US, IYM
-0.48% Agriculture DB PS, DBA
-0.54% Switzerland Index, EWL
-0.54% Germany Index, EWG
-0.54% WilderHill Clean Energy PS, PBW
-0.58% Biotech SPDR, XBI
-0.58% Frontier Markets Guggenheim , FRN
-0.60% China 25 iS, FXI
-0.61% Metals & Mining SPDR, XME
-0.63% Dividend DJ Select, DVY
-0.65% Silver Trust iS, SLV
-0.66% China LargeCap Growth G D H USX PS, PGJ
-0.70% South Korea Index, EWY
-0.77% Canada Index, EWC
-0.80% Dividend SPDR, SDY
-0.87% Materials SPDR, XLB
-0.96% Utilities VIPERs, VPU
-1.03% Utilities SPDR, XLU
-1.07% Hong Kong Index, EWH
-1.16% Indonesia MV, IDX
-1.20% Taiwan Index, EWT
-1.24% Health Care SPDR, XLV
-1.55% South Africa Index, EZA
-1.66% Russia MV, RSX