U.S. dollar ETF (UUP) turned bullish again. Systematically, UUP rose above its 50-day SMA, remains above its 200-day SMA, and the 50-day SMA has stayed above the 200-day SMA every day since 6/21/11.
CRB Commodity Price Index fell below its lows of the previous 14 weeks and remains bearish.
Crude Oil, United States Oil ETF (USO) fell below its lows of the previous 7 weeks.
Gold, SPDR Gold Shares ETF (GLD) broke down below its lows of the previous 12 weeks, suggesting renewed downside momentum for the medium term.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below the lows of the previous 3 years.
Silver, iShares Silver Trust ETF (SLV) broke down below its lows of the previous 11 weeks, suggesting renewed downside momentum for the medium term.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend when it fell below its lows of the previous 8 years.
The S&P 500 Composite (SPX: 1,398.96) fell 1.02% to close below the lows of the previous 3 trading days, possibly signaling a pullback. A variety of technical indicators show waning bullish momentum. A downside correction seems overdue.
NYSE Declines led Advances by nearly 4 to 1. The NYSE Cumulative Daily Advance-Decline Line shows a bearish divergence: it peaked on 3/13/12 and made a lower high on 3/26/12.
The S&P 500 chart remains within a Potential Bearish Rising Wedge. A breakdown below the lower boundary line currently rising just above the recent intraday low of 1386.87 would be a bearish chart signal.
RSI(14) based on SPX fell to 54.25, its weakest reading in 4 weeks. RSI remains well below recent highs. RSI(14) showed previous bearish divergences at the March highs: the 73.15 high on 3/19/12 was less than the 75.38 high set on 2/9/12.
MACD based on SPX fell below its lows of the previous 3 weeks and remains bearish. MACD remains below its signal line, and fell further below its high set on 2/9/12, which appears to have been the momentum peak for the rally.
On-Balance Volume for the SPX shows a bearish divergence: it peaked on 3/19/12, made a lower high on 3/26/12, and fell below its 3 previous lows for the first time this year on 4/4/12.
NYSE New Highs Minus New Lows turned bearish (with net New Lows), after making a series of lower highs over the past 2 months.
The Dow Theory may have given an earlier warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.
It has been an exceptional year so far, with no downside pullbacks of as much as 3% in more than 3 months, since 12/19/12, based on SPX close prices. It is extremely unlikely that stocks can continue to go up like this much longer, however, without a significant downside correction. Odds are stocks will experience the usual ups and downs this year. After large price run ups, stocks become more vulnerable to sudden reversals. Therefore, Potential Reward relative to potential Risk appears unattractive for stocks.
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Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.
But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).
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9 major U.S. stock sectors ranked in order of long-term relative strength:
Available by subscription only (click here).
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Stock Market Indicators
The Dow Theory may have given an early warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.
NASDAQ Composite/S&P 500 Relative Strength Ratio fell below the lows of the previous 8 trading days on 4/4/12, possibly signaling a pullback. Longer term, this RS Ratio remains above its 50-day and 200-day SMAs, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/24/12. Absolute price fell below the lows of the previous 7 trading days on 4/4/12.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 2 months on 3/29/12. BKF/SPY remains below its 50-day and 200-day SMAs. Longer term, the bias is bearish because the 50-day SMA has remained below the 200-day SMA every day since 1/13/11.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below its lows of the previous 2 months on 3/28/12. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend when it fell below its lows of the previous 8 years on 4/4/12. Systematically, EFA/SPY remains below its 50-day and 200-day SMAs, and the 50-day SMA has remained below the 200-day SMA consistently every day since 1/14/11.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its highs of the previous 22 months on 3/28/12, reconfirming its preexisting bullish trend. OEX/SPX remains above its 50-day and 200-day SMAs, and 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. On the other side of the coin, Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) has been relatively weak for a year, since 4/5/11. IWM/SPY fell below its lows of the previous 4 weeks on 4/4/12, suggesting renewed downside momentum for the short term. Systematically, IWM/SPY remains technically neutral, below both its 50-day and 200-day SMAs, but with the 50-day SMA slightly above the 200-day SMA.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) has been relatively weak since 4/5/11. MDY/SPY fell below its lows of the previous 2 months on 4/2/12, suggesting renewed downside momentum for the medium term. Systematically, MDY/SPY remains technically neutral, below both its 50-day and 200-day SMAs but with the 50-day SMA slightly above the 200-day SMA.
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Sentiment for Contrary Thinking
Recent sentiment data, detailed below, indicates alarming degrees of optimism and bullish complacency. When the majority of investors has been bullish for some time, we can assume that investors are already fully invested in the market. Once everyone who is going to buy has already bought, stocks are vulnerable to a downside shakeout. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean.
ABC News reported on 2/21/12 that 10 out of 10 investment strategists at large firms were bullish. http://abcnews.go.com/watch/world-news-with-diane-sawyer/SH5585921/VD55173505/world-news-221-dow-jones-climbs-past-13000
The Commitment of Traders (COT) report showed that the Commercials (giant corporations with deep pockets) have been buying “risk off” defensive futures contracts, specifically, the U.S. dollar and the ten-year Treasury note. On the other side, trend-following Speculators have been buying “risk on” aggressively bullish contracts, setting a new all-time net-long record in the Nasdaq futures. The unusually large size of Speculators’ positions implies a weak-handed, top-heavy stock market.
AAII Sentiment: There were 51.64% Bulls and 20.19% Bears, according to the AAII weekly survey reported on 2/9/12. This was the highest level of bullish sentiment in more than a year, since 52.34% Bulls on 1/13/11.
Investors Intelligence Sentiment: There were 54.8% Bulls versus 25.8% Bears, according to the Investors Intelligence weekly survey of stock market newsletter advisors reported on 2/15/11. This was the highest level of bullish sentiment since the stock market top in May, 2011.
Investment Newsletters recently were 75% bullish, the highest since near the major top in year 2000, according to Hulbert Digest.
Market Vane’s Bullish Consensus among Advisors and Newsletters rose to 65% Bulls–the same extreme level of optimism recorded at the February 2011 top in the stock market.
Short Selling ETFs were trading the lowest volume since the market top in April, 2011, according to Frank D. Gretz of Wellington Shields & Co.
Corporate insiders have been selling their companies’ stock at the heaviest rate since the market peak in April 2011, according to Mark Hulbert at MarketWatch. Insiders sold 656 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That was a big change in insider behavior from 81 shares sold for each 100 shares bought in November. Since corporate insiders (officers, directors, and largest shareholders) know so much more about their companies than the public can possibly know, it is bearish when insiders sell at such a heavy pace.
NYSE short interest collapsed from a high peak of 16.1 billion shares sold short last September, which coincided with the stock market lows, to 12.5 billion shares sold short in February, which was the lowest level since last April, at the market top. Short interest represents a pool of potential demand for stocks, since short sellers eventually must buy back the shares they borrowed. That pool of demand has been depleted.
VIX Fear Index broke down below the lows of the previous 4 years on 3/16/12, hitting 13.66 intraday, its lowest level since 6/20/07. VIX is down from a peak of 48.00 on 8/8/11: such a large drop indicated a shift away from fear and toward bullish complacency. 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.
The S&P 500 Composite 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
1422.38, high of 4/2/2012
The S&P 500 Composite Potential Support
1391.56, low of 3/29/2012
1386.87, low of 3/23/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1378.04, high of 2/29/2012
1376.55, Fibonacci 100.0% projection 10/11 range
1370.58, high of 5/2/11
1368.61, 50-day SMA
1340.03, low of 3/6/2012
1337.35, low of 2/10/2012
1300.49, low of 1/30/2012
1277.58, low of 1/13/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1269.14, 200-day SMA
1257.46, low of 12/30/11
1257.58, Fibonacci 61.8% of 2011 range
1255.22, high of 12/22/2011
1248.64, low of 12/29/2011
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/11
1231.04, high of 12/16/11
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1224.57, high of 12/19/11
1215.20, low of 12/16/11
1209.47, low of 12/14/2011
1209.43, low of 11/17/2011
1204.49, Fibonacci 23.6% of 2009-11 range
1202.37, low of 12/19/11
1187.77, Fibonacci 38.2% of 2011 range
1158.66, low of 11/25/2011
1144.38, Fibonacci 23.6% of 2011 range
1101.73, Fibonacci 38.2% of 2009-11 range
1074.77, low of 10/4/2011
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1018.69, Fibonacci 50% of 2009-11 range
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
935.64, Fibonacci 61.8% of 2009-11 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
817.40, Fibonacci 78.6% of 2009-11 range
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% of 2009-2010 range
666.79, intraday low of 3/6/2009
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Fixed-Income Investments
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) broke down below its lows of the previous 9 trading on 4/3/12, suggesting renewed downside momentum for the short term. Systematically, TLT remains neutral: below its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 114.27, 114.36, 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) broke down below its lows of the previous 8 trading days and broke below its 200-day SMA on 4/3/12, suggesting renewed downside momentum for the short term. Systematically, IEF remains neutral: below its 50-day and 200-day SMAs, but with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 103.91, 104.00, 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back above its 50-day and 200-day SMAs on 4/3/12, thereby turning systematically neutral. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/20/11, although that 50-200 SMA spread has been narrowing.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned down in a minor correction after peaking on 3/19/12. Systematically, TIP/IEF remains bullish: above its 50-day and 200-day SMAs, and with the 50-day SMA above the 200-day SMA every day since 6/21/11.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) turned bullish again on 4/4/12. Systematically, UUP rose above its 50-day SMA, remains above its 200-day SMA, and the 50-day SMA has stayed above the 200-day SMA every day since 6/21/11. Support 21.85, 21.74, 21.58, 21.07, and 20.84. Resistance 22.20, 22.47, 22.85, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index fell below its lows of the previous 14 weeks on 4/4/12 and remains bearish.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months on 3/29/12, for another a bearish trend confirmation. Systematically, DBA remains bearish, below both its 50-day SMA and 200-day SMAs, and with the 50-day SMA consistently below the 200-day SMA every day since 8/8/11.
Crude Oil, United States Oil ETF (USO) fell below its lows of the previous 7 weeks on 4/4/12. USO whipsawed back below its 50-day SMA on 4/3/12, turning systematically neutral. USO remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA consistently every day since 1/3/12. Support 38.74, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) broke down below its lows of the previous 12 weeks on 4/4/12, suggesting renewed downside momentum for the medium term. Systematically, GLD remains neutral: below its 50-day and 200-day SMAs, but with the 50-day SMA above the 200-day SMA every day since 2/11/09. Support: 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 164.89, 166.57, 174.00, 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below the lows of the previous 3 years on 4/4/12, thereby reconfirming a bearish major trend for the long term. Systematically, GDX/GLD remains bearish: below its 50-day and 200-day SMAs, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.
Silver, iShares Silver Trust ETF (SLV) broke down below its lows of the previous 11 weeks on 4/4/12, suggesting renewed downside momentum for the medium term. Systematically, SLV remains bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 30.11, 28.63, 27.83, 25.65, and 24.44. Resistance: 32.34, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) turned bearish on 4/4/12 when it fell below its 50-day SMA . SLV/GLD remains below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/30/11.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) appears to be consolidating within its February trading range from 47.57 to 51.41. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this underperformance may be suggesting rising doubts about prospects going forward.
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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
8.46% , PMCS , PMC SIERRA
5.35% , AIG , AMER INTL GROUP
3.09% , LIZ , LIZ CLAIRBORNE
1.64% , LO , Lorillard, Inc. LO
0.82% , BF.B , BROWN FORMAN STK B
2.30% , GPS , GAP
0.52% , ABT , ABBOTT LABS
2.69% , QID , Short 200% QQQ PS, QID
2.20% , LUV , SOUTHWEST AIRLS
0.93% , DOG , Short 100% Dow 30, DOG
1.54% , CSX , CSX
1.90% , DXD , Short 200% Dow 30 PS, DXD
1.27% , PSQ , Short 100% QQQ, PSQ
2.75% , MZZ , Short 200% MidCap 400 PS, MZZ
0.77% , NEE , NextEra Energy Resources LLC
1.95% , RSH , RADIOSHACK
0.59% , FE , FIRSTENERGY
0.95% , SH , Short 100% S&P 500, SH
0.84% , KMX , CarMax
1.21% , SWY , SAFEWAY
2.54% , NIHD , NII Holdings, Inc.
1.13% , JCP , JC PENNEY
0.48% , MRK , MERCK & CO
0.33% , KSS , KOHLS
0.31% , CIEN.O , CIENA
0.64% , LOW , LOWES
0.18% , DVN , DEVON ENERGY
0.21% , AGG , Bond, Aggregate, AGG
0.45% , T , AT&T Corp., T
0.34% , WM , WASTE MANAGEMENT
0.59% , YHOO , YAHOO
0.43% , PGR , PROGRESSIVE OHIO
0.48% , SHW , SHERWIN WILLIAMS
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-24.72% , DYN , DYNEGY
-1.70% , PSI , Semiconductors, PSI
-3.65% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-11.07% , SNDK , SanDisk Corporation
-4.86% , STJ , ST JUDE MEDICAL
-1.46% , RZV , Value SmallCap S&P 600, RZV
-2.58% , ADRU , Europe 100 BLDRS, ADRU
-2.35% , EWO , Austria Index, EWO
-0.82% , PIC , Insurance, PIC
-2.69% , EWK , Belgium Index, EWK
-2.09% , XBI , Biotech SPDR, XBI
-5.17% , SIL , Silver Miners Global X, SIL
-0.69% , PWC , LargeCap Blend Dynamic PS, PWC
-3.07% , EWN , Netherlands Index, EWN
-4.13% , MU.O , MICRON TECH
-3.06% , EWI , Italy Index, EWI
-1.71% , PHO , Water Resources, PHO
-2.10% , EFG , Growth EAFE MSCI, EFG
-1.10% , IWS , Value MidCap Russell, IWS
-1.14% , PKB , Building & Construction, PKB
-4.41% , CECO , CAREER EDUCATION CORP
-3.28% , EPU , Peru MSCI iS, EPU
-2.94% , TER , TERADYNE
-1.05% , IXP , Telecommunications Global, IXP
-1.09% , AM , AMER GREETINGS STK A
-1.66% , IXG , Financials Global LargeCap Value, IXG
-1.95% , DBO , Oil Fund PowerShares, DBO
-0.38% , PWO , OTC Dynamic PS, PWO
-3.51% , DHI , D.R. HORTON, DHI
-1.15% , RPG , Growth S&P 500, RPG
-1.95% , EWY , South Korea Index, EWY
-1.90% , LAMR , Lamar Advertising Company
-1.89% , GILD , Gilead Sciences Inc
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.37% Bond, 20+ Years Treasury, TLT
0.95% Bear, Short S&P 500, SH
0.51% Bond, 10 Year Treasury, IEF
0.21% Bond, Aggregate, AGG
0.19% Bond, Corp, LQD
0.05% Bond Muni ATM-Free S&P iS, MUB
0.02% Bond, 1-3 Year Treasury, SHY
0.02% Bond, TIPS, TIP
0.00% Bond Treasury Short-Term iS, SHV
-0.02% Bond EmrgMkt JPM iS, EMB
-0.13% Bond, High-Yield Junk, JNK
-0.14% Utilities SPDR, XLU
-0.24% Utilities VIPERs, VPU
-0.28% Financial Preferred, PGF
-0.29% Transportation Av DJ, IYT
-0.32% Consumer Staples SPDR, XLP
-0.35% Bond Ex-US Treas, BWX
-0.37% Bond, High-Yield Corporate, HYG
-0.41% Preferred Stock iS, PFF
-0.54% Health Care SPDR, XLV
-0.58% Value LargeCap Dynamic PS, PWV
-0.59% Dividend DJ Select, DVY
-0.72% Industrial SPDR, XLI
-0.74% Dividend High Yield Equity PS, PEY
-0.74% Dividend SPDR, SDY
-0.76% Telecom DJ US, IYZ
-0.77% Dividend Appreciation Vipers, VIG
-0.85% Agriculture DB PS, DBA
-0.88% DIAMONDS (DJIA), DIA
-0.88% Chile MSCI iS, ECH
-0.88% Growth S&P 500/BARRA, IVW
-0.92% Frontier Markets Guggenheim , FRN
-0.93% Consumer Discretionary SPDR, XLY
-0.94% Homebuilders SPDR, XHB
-0.94% Value VIPERs, VTV
-0.95% LargeCap Blend S&P 100, OEF
-0.98% Value 1000 Russell, IWD
-0.99% S&P 500 SPDRs LargeCap Blend, SPY
-1.01% Real Estate US DJ, IYR
-1.02% LargeCap VIPERs, VV
-1.05% Growth 1000 Russell, IWF
-1.06% Pacific ex-Japan, EPP
-1.07% S&P 500 iS LargeCap Blend, IVV
-1.08% Malaysia Index, EWM
-1.09% LargeCap 1000 R, IWB
-1.10% Value MidCap Russell, IWS
-1.10% REIT VIPERs, VNQ
-1.10% LargeCap Blend Russell 3000, IWV
-1.12% Blend Total Market VIPERs, VTI
-1.12% Growth VIPERs, VUG
-1.14% REIT Wilshire, RWR
-1.15% LargeCap Blend S&P=Weight R, RSP
-1.18% Technology SPDR, XLK
-1.20% Value S&P 500 B, IVE
-1.20% MidCap Russell, IWR
-1.20% Australia Index, EWA
-1.22% Value MidCap S&P 400 B, IJJ
-1.25% Hong Kong Index, EWH
-1.28% Growth MidCap Russell, IWP
-1.28% Realty Cohen & Steers, ICF
-1.28% Energy SPDR, XLE
-1.29% Dividend International, PID
-1.35% MidCap S&P 400 SPDRs, MDY
-1.36% Singapore Index, EWS
-1.36% MidCap S&P 400 iS, IJH
-1.36% QQQ Nasdaq 100 Trust, QQQ
-1.37% Energy DJ, IYE
-1.40% Materials SPDR, XLB
-1.40% Energy VIPERs, VDE
-1.44% Value SmallCap VIPERS, VBR
-1.46% Info Tech VIPERs, VGT
-1.47% China LargeCap Growth G D H USX PS, PGJ
-1.48% Growth BARRA Small Cap 600, IJT
-1.48% Financial DJ US, IYF
-1.48% India Earnings WTree, EPI
-1.49% Value SmallCap Russell 2000, IWN
-1.50% Technology DJ US, IYW
-1.50% Financials VIPERs, VFH
-1.52% Growth MidCap 400 B, IJK
-1.53% Mexico Index, EWW
-1.53% Basic Materials DJ US, IYM
-1.53% China 25 iS, FXI
-1.54% SmallCap S&P 600, IJR
-1.55% Commodity Tracking, DBC
-1.55% Small Cap VIPERs, VB
-1.58% Financial SPDR, XLF
-1.60% SmallCap Russell 2000, IWM
-1.65% Taiwan Index, EWT
-1.67% Global 100, IOO
-1.68% Gold Shares S.T., GLD
-1.68% Growth SmallCap VIPERs, VBK
-1.71% Water Resources, PHO
-1.71% Microcap Russell, IWC
-1.72% Networking, IGN
-1.72% Value SmallCap S&P 600 B, IJS
-1.76% Canada Index, EWC
-1.79% Energy Global, IXC
-1.79% Growth SmallCap R 2000, IWO
-1.80% Emerging Markets, EEM
-1.81% Brazil Index, EWZ
-1.81% Turkey MSCI iS, TUR
-1.84% Switzerland Index, EWL
-1.85% Energy & Nat Res iS GS, IGE
-1.90% Financial Services DJ, IYG
-1.92% Capital Markets KWB ST, KCE
-1.94% India PS, PIN
-1.95% South Korea Index, EWY
-1.95% Oil Fund PowerShares, DBO
-1.95% Pacific VIPERs, VPL
-1.96% Latin Am 40, ILF
-1.98% Emerging 50 BLDRS, ADRE
-1.99% Emerging VIPERs, VWO
-2.02% Thailand MSCI iS, THD
-2.07% Oil, Crude, U.S. Oil Fund, USO
-2.08% Global ex US ACWI iS, ACWX
-2.09% Biotech SPDR, XBI
-2.10% Growth EAFE MSCI, EFG
-2.12% United Kingdom Index, EWU
-2.14% Semiconductor SPDR, XSD
-2.20% Semiconductor iS IGW, SOXX
-2.24% EAFE Index, EFA
-2.26% Value EAFE MSCI, EFV
-2.34% Japan Index, EWJ
-2.35% Austria Index, EWO
-2.41% Metals & Mining SPDR, XME
-2.42% Small Cap EAFE MSCI iS, SCZ
-2.45% Russia MV, RSX
-2.54% European VIPERs, VGK
-2.58% Indonesia MV, IDX
-2.58% WilderHill Clean Energy PS, PBW
-2.59% Europe 350 S&P Index, IEV
-2.64% Spain Index, EWP
-2.69% Belgium Index, EWK
-2.93% EMU Europe Index, EZU
-2.99% France Index, EWQ
-3.06% Italy Index, EWI
-3.07% Netherlands Index, EWN
-3.11% Germany Index, EWG
-3.49% Sweden Index, EWD
-3.49% South Africa Index, EZA
-4.19% Silver Trust iS, SLV
