S&P 500 Composite (SPX, 1,337.77) fell 10.88 points or 0.81% on Friday. SPX closed below its 20-day SMA for the first time in 3 weeks. RSI(14) and MACD Histogram fell below 3-week lows. NYSE Composite Stock Price Index fell below its 50-day SMA. The short-term downtrend that started on 5/2/11 appears to have resumed. Closes below 3-week lows of 1,335.10 for the S&P 500 and 12,584.20 for the Dow-Jones Industrials would confirm the possibility of more severe downside risk.
Stock market leadership in May has been demonstrating increasing investor caution. The sectors up the most over the past week were defensive Consumer Staples, Utilities, and Health Care stocks. In contrast, the sectors down the most were more cyclical and dependent on the strength of the economy: Financial, Materials, and Energy.
Financial SPDR stock sector ETF Relative Strength Ratio (XLF/SPY) fell below 2-year lows and remains bearish.
Materials SPDR stock sector ETF Relative Strength Ratio (XLB/SPY) ) fell below 7-week lows and appears to be heading toward a possible bearish signal in weeks ahead.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell further below 28-year lows, again reconfirming its preexisting bearish major trend
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below 7-week lows and remains bearish. The Ratio gave a bearish signal on 5/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 5-week lows. The Ratio gave a bearish signal on 5/11/11.
Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) fell further below 15-month lows, again reconfirming its bearish trend.
U.S. Treasury Bond nearest futures contract price rose above the highs of the previous 7 weeks, confirming an uptrend.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) fell below 7-week lows, again reconfirming a downtrend.
The U.S. dollar nearest futures contract price rose above the highs of the previous 4 weeks, again reconfirming a long-overdue oversold bounce.
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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
15.25% , DDS , DILLARD STK A
5.26% , EK , EASTMAN KODAK
4.47% , A , AGILENT TECH
2.59% , TYC , TYCO INTL
3.58% , ERTS , ELECTRONIC ARTS
2.48% , CPB , CAMPBELL SOUP
2.92% , R , RYDER SYSTEM
2.80% , RFMD , RF Micro Devices Inc
2.38% , AET , AETNA
1.05% , MYY , Short 100% MidCap 400, MYY
1.49% , WHR , WHIRLPOOL
1.36% , AMGN , AMGEN
1.24% , EPU , Peru MSCI iS, EPU
1.99% , NKE , NIKE STK B
1.33% , CI , CIGNA
1.14% , PIC , Insurance, PIC
0.89% , RAI , Reynolds American
1.39% , RIG , TRANSOCEAN
0.33% , EMB , Bond EmrgMkt JPM iS, EMB
1.49% , IPG , INTERPUBLIC GRP
2.08% , MZZ , Short 200% MidCap 400 PS, MZZ
1.96% , BBY , BEST BUY
1.02% , CTL , CENTURYTEL
0.31% , WLP , WELLPOINT HEALTH
0.30% , LQD , Bond, Corp, LQD
0.85% , ODP , OFFICE DEPOT
1.74% , SLE , SARA LEE
0.40% , RDC , ROWAN COMPANIES
0.26% , GVI , Bond Interm U.S. Gov, GVI
0.39% , TMO , THERMO ELECTRON
0.40% , KFT , Kraft Foods Inc.
0.31% , LIZ , LIZ CLAIRBORNE
0.73% , DOG , Short 100% Dow 30, DOG
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.95% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-1.39% , EWI , Italy Index, EWI
-0.71% , PIV , Value Line Timeliness MidCap Gr, PIV
-10.93% , NVDA , NVIDIA
-1.90% , ADRD , Developed 100 BLDRS, ADRD
-4.84% , FMCN , Focus Media, FMCN
-0.88% , VOX , Telecom Services VIPERs, VOX
-1.49% , EWQ , France Index, EWQ
-2.53% , EWP , Spain Index, EWP
-3.61% , YHOO , YAHOO
-2.10% , EWJ , Japan Index, EWJ
-1.52% , MTB , M&T BANK
-1.39% , PSJ , Software, PSJ
-4.47% , JNS , JANUS CAPITAL
-0.94% , EIS , Israel MSCI iS, EIS
-1.34% , HHH , Internet H, HHH
-0.86% , PEJ , Leisure & Entertainment, PEJ
-1.56% , IYM , Basic Materials DJ US, IYM
-2.82% , MTG , MGIC INVESTMENT
-1.17% , PXQ , Networking, PXQ
-1.85% , KSU , Kansas City Southern, KSU
-2.91% , CSX , CSX
-0.88% , PWJ , Growth Mid Cap Dynamic PS, PWJ
-0.62% , JKF , Value LargeCap iS M, JKF
-2.24% , PMTC.O , PARAMETRIC
-2.02% , MVV , Ultra MidCap400 Double, MVV
-1.69% , PGJ , China LargeCap Growth G D H USX PS, PGJ
-1.42% , SNA , SNAP ON
-1.15% , EWU , United Kingdom Index, EWU
-1.54% , RZV , Value SmallCap S&P 600, RZV
-1.69% , SCZ , Small Cap EAFE MSCI iS, SCZ
-1.17% , ADRA , Asia 50 BLDRS, ADRA
-3.05% , KEY , KEYCORP
9 major U.S. stock sectors ranked in order of long-term relative strength:
Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) remains neutral but appears to be heading toward a possible bullish signal in weeks ahead, based on moving average relationships, with the 50-day SMA of the RS Ratio rising toward the 200-day SMA. Absolute price closed above 3-year highs on 5/12/11 and remains bullish. Support 32.57, 31.43, 30.14, 30.11, 29.87, 28.00, 27.49. Resistance 36.67 and 37.89.
Consumer Discretionary (XLY) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) has been consolidating previous gains since 11/26/10 and has added a moderate upward bias in recent weeks. Absolute price rose above 3-year highs on 4/28/11, which is bullish. Support 38.90, 38.46, 36.61, 36.13, 35.32, 35.02, 34.78, 33.94, 33.11, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance 41.02.
Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) has been rising since 2/16/11 but remains neutral, based on moving average relationships, with the rising 50-day SMA of the RS Ratio still below the falling 200-day SMA. Absolute price remains bullish. Support 29.64, 28.71, 28.22, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance: none.
Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) has been consolidating gains since 4/4/11 and remains neutral. Absolute price rose above previous 2-year highs on 4/29/11. Support 37.39, 36.24, 35.08, 35.03, 31.82, 31.58, 30.79, 30.51, 30.32, 29.77, and 27.67. Resistance 39.0 and 39.97
Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) fell below 3-month lows on 5/12/11. The Ratio has fallen steeply since 4/29/11 but remains neutral based on moving average relationships. Absolute price has been falling steeply since 5/2/11 but remains neutral based on moving average relationships. Support 72.78, 68.73, 67.49, 65.25, 65.03, 60.96, 60.21, 57.70, 55.68, 53.22, 50.33, 48.56, 46.16, and 43.66. Resistance 80.97, 83.27, and 91.42.
Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) has been rising since 2/18/11 but remains neutral, based on moving average relationships, with the 50-day SMA of the RS Ratio below the 200-day SMA. Absolute price rose further above 2-year highs on 5/12/11 and remains bullish. Support 31.35, 31.20, 30.74, 30.53, 29.66, 27.91, 27.44, and 25.76. Resistance 34.89 and 36.24.
Technology (XLK) Bearish, Under Weight. The Relative Strength Ratio (XLK/SPY) fell below 13-month lows on 4/5/11. The Ratio gave a clear bearish signal on 3/22/11 when the 50-day SMA of the RS Ratio crossed below the 200-day SMA. Absolute price of XLK peaked on 2/18/11 and remains neutral. Support 25.20, 24.87, 23.87, 23.74, 23.64, 23.56, 22.68, 22.53, 21.60, 20.01, and 19.51. Resistance 27.09, 27.43, 27.63, and 28.60.
Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) ) fell further below 7-week lows on 5/13/11 and appears to be heading toward a possible bearish signal in weeks ahead, based on moving average relationships, with the 50-day SMA of the RS Ratio sliding toward the 200-day SMA. The RS Ratio remains neutral even though it has been falling since 4/5/11. Absolute price has declining since 4/6/11. Support 38.44, 38.06, 36.44, 34.20, 33.70, 32.36, 29.88, 29.43, and 27.67. Resistance 41.28, 43.04, 45.21, 45.21, and 46.54.
Financial (XLF) Bearish, Under Weight. The Relative Strength Ratio (XLF/SPY) fell below 2-year lows on 5/13/11 and remains bearish. Absolute price fell below 5-month lows on 5/13/11 but remains neutral based on moving average relationships. Support 15.39, 15.08, 14.36, 14.25, 14.20, 13.29, and 13.08. Resistance 16.75, 16.85, 17.20, and 17.87.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below 7-week lows on 5/13/11 and remains bearish. The Ratio gave a bearish signal on 5/3/11 by crossing below its 50-day SMA. The Ratio remains below the 200-day SMA, and the 50-day SMA remains below the 200-day SMA.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 5-week lows on 5/13/11. The Ratio gave a bearish signal on 5/11/11 by crossing below its 50-day SMA. The Ratio remains below the 200-day SMA, and the 50-day SMA remains below the 200-day SMA.
NASDAQ Composite/S&P 500 Relative Strength Ratio has been consolidating previous gains since 1/18/11 and remains neutral. Absolute price rose above 10-year highs on 4/28/11, reconfirming a bullish major price trend.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell further below 28-year lows on 5/12/11, again reconfirming its preexisting bearish major trend.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) has been correcting and consolidating major gains since 4/5/11 and remains neutral. The Ratio rose above all-time highs on 4/5/11.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) has been correcting and consolidating major gains since 4/5/11 and remains neutral. The Ratio rose above all-time highs on 4/5/11.
Crude Oil nearest futures contract price fell below the lows of the previous 10 weeks on 5/6/11 and remains in a price downtrend. Support 94.63, 87.09, 83.85, 83.55, 80.28, 80.06, 79.84, 79.25, 78.86, 73.52, 72.63, 70.76, 70.35, 69.51, 68.59, 67.15, 65.05, and 64.24. Resistance 114.83, 120.42, 130.0, and 147.27.
Gold nearest futures contract price fell below the lows of the previous 3 weeks on 5/5/11 and remains in a price downtrend. On 5/2/11, I wrote, ” Gold rose above all-time highs on 5/2/11, again reconfirming its major uptrend. Gold looks overextended, however, and could be due for a downside correction.” Support: 1462.5, 1445.0, 1411.5, 1380.7, 1419.5, 1351.4, 1309.1, 1307.7, 1297.0, 1274.8, 1270.5, 1232.4, 1210.9, 1191.5, and 1155.6. Resistance: 1577.4.
Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) fell further below 15-month lows on 5/13/11, again reconfirming its bearish trend. The Ratio crossed below the 50-day SMA on 4/15/11, remains below the 200-day SMA, and the 50-day SMA remains below the 200-day SMA.
Silver nearest futures contract price fell below 2-month lows on 5/12/11 and remains in a price downtrend. Support 32.3, 31.695, 31.61, 30.265, 29.635, 26.30, 24.98, and 22.84. Resistance: 39.47, 49.845 and 50.35.
Silver/Gold Ratio broke down below the lows of the previous 12 weeks on 5/12/11, reconfirming the remarkable downtrend since the peak on 4/28/11.
Copper nearest futures contract price fell below 6-month lows on 5/12/11, confirming at least an intermediate-term correction, if not a bear market. Weakness in Copper suggests doubts about the economic outlook. Support 3.6065, 3.3930, 3.1775, 2.9285, 2.8555, 2.8445, and 2.72. Resistance: 4.533, 4.554, 4.6495, and 4.6575.
U.S. Treasury Bond nearest futures contract price rose above the highs of the previous 7 weeks on 5/13/11 weeks, confirming an uptrend. In addition, the Bond may have been building a 5-month, intermediate-term bullish base since the low of 12/15/10. In its favor, nearly everyone has been talking bearish on Bonds this year, so the Bond is rising up off an oversold condition. Support 120.20, 119.15, 117.28, 117.04, 116.26, 115.15, 114.06, 113.04, and 112.15. Resistance 125.06, 128.00 129.14, 129.27, 132.26, 133.00, 135.12, 135.19, 136.31, 137.31, and 142.31.
Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) has been stuck in a neutral trading range most of the time since JNK price peaked at 41.32 on 11/4/10.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) fell below 7-week lows on 5/13/11, again reconfirming a downtrend. TIP/IEF entered a downside correction phase after rising above 2-year highs on 4/8/11. The Ratio had been in a rising trend from 8/24/10 to 4/8/11, reflecting fixed-income investors’ preference for inflation-protected TIPs over the unprotected 7-10 Year U.S. Treasury Note ETF (IEF).
The U.S. dollar nearest futures contract price rose above the highs of the previous 4 weeks on 5/13/11, again reconfirming a long-overdue oversold bounce. Support 72.86 and 70.80. Resistance 76.87, 77.675, 78.98, 79.34, 81.635, 81.935, 82.02, 83.64, 84.73, 85.36, 86.71, 88.80, 89.22, 89.71, and 92.53.
Advisory Service Sentiment: There were 57.3% Bulls versus 15.7% Bears as of 4/6/11, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear Ratio soared to 3.65, up from 2.23 the previous week. The Ratio rose its highest level in the 8 years since the 20-year high of 3.74 set on 6/18/03. Following that 2003 peak, the stock market turned sideways/choppy for 2 months and sentiment reverted toward the mean. The Ratio’s 20-year range is 0.41 to 3.74, the median is 1.56, and the mean is 1.63. According to Humphrey B. Neill, The Art of Contrary Thinking, when everybody thinks alike, everyone is likely to be wrong.
VIX Fear Index fell below its 3-year range on 4/20/11, hitting 14.30 intraday, and again confirming a preexisting trend toward bullish complacency. This follows a brief spike up to an intraday peak of 31.28 on 3/16/11. Fear was short-lived. 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 Dow Theory reconfirmed a Primary Tide Bull Market as of 4/28/11, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above closing price highs of the previous 2-years. The Dow Theory originally 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.
Based on the daily SPX, momentum indicators have turned down and remained bearish. Momentum indicators gave bearish divergence warnings in April; that is, they never made it back to their February peaks when the price indexes rose to higher highs. These bearish divergence warnings are still in effect.
I previously pointed out that the major stock price indexes showed signs of exhaustion and reversal. Sentiment indicators have been suggesting for several weeks that the stock market may be over loved and overbought. And in view of last week’s dramatic collapse of commodity prices, the so-called “inflation trade” (where speculators buy stocks and sell fixed-income instruments based on expectations of rising price levels) appears to be unwinding. In addition, the U.S. stock market has entered its worst performing season, May through October.
S&P 500 Composite (SPX, 1,337.77) fell 10.88 points or 0.81% on Friday. SPX closed below its 20-day SMA for the first time in 3 weeks. RSI(14) and MACD Histogram fell below 3-week lows. NYSE Composite Stock Price Index fell below its 50-day SMA. The short-term downtrend that started on 5/2/11 appears to have resumed. Closes below 3-week lows of 1,335.10 for the S&P 500 and 12,584.20 for the Dow-Jones Industrials would confirm the possibility of more severe downside risk.
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
1370.50, high of 5/2/11
S&P 500 Cash Index Potential Support
1335.10, close of 5/5/11
1329.17, low of 5/5/11
1294.70, low of 4/18/11
1249.05, low of 3/16/11
1246.73, high of 12/13/10
1238.81, Fibonacci 78.6% of 1,576.09 high
1235.05, high of 12/7/10
1232.85, low of 12/16/10
1228.74, Fibonacci 61.8% of 2007-2009 range
1227.08, high of 11/5/10
1173.00, low of 11/16/10
1171.70, low of 10/27/10
1166.74, low of 10/20/10
1159.71, low of 10/19/10
1,151.41, low of 10/7/10
1,131.87, low of 10/4/10
1122.79, low of 9/23/2010
1114.63, low of 9/15/2010
1110.88, low of 9/10/2010
1091.15, low of 9/7/2010
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
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
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
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
One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
3.21% Silver Trust iS, SLV
0.90% Bond, 20+ Years Treasury, TLT
0.41% Oil, Crude, U.S. Oil Fund, USO
0.40% Oil Fund PowerShares, DBO
0.39% Bond, 10 Year Treasury, IEF
0.33% Bond EmrgMkt JPM iS, EMB
0.30% Bond, Corp, LQD
0.17% Commodity Tracking, DBC
0.16% Bond, Aggregate, AGG
0.13% Bond Muni ATM-Free S&P iS, MUB
0.12% Preferred Stock iS, PFF
0.08% Chile MSCI iS, ECH
0.05% Bond, 1-3 Year Treasury, SHY
0.04% Bond Treasury Short-Term iS, SHV
-0.02% Bond, TIPS, TIP
-0.12% Consumer Staples SPDR, XLP
-0.16% Hong Kong Index, EWH
-0.27% Bond, High-Yield Junk, JNK
-0.30% Health Care SPDR, XLV
-0.35% Energy DJ, IYE
-0.41% Bond, High-Yield Corporate, HYG
-0.47% Utilities SPDR, XLU
-0.48% Utilities VIPERs, VPU
-0.49% Energy SPDR, XLE
-0.49% Financial Preferred, PGF
-0.50% Singapore Index, EWS
-0.53% Energy VIPERs, VDE
-0.58% Biotech SPDR, XBI
-0.60% Bond Ex-US Treas, BWX
-0.63% Dividend Appreciation Vipers, VIG
-0.65% Gold Shares S.T., GLD
-0.68% Dividend DJ Select, DVY
-0.70% Energy & Nat Res iS GS, IGE
-0.70% India PS, PIN
-0.70% Dividend SPDR, SDY
-0.74% Belgium Index, EWK
-0.75% S&P 500 iS LargeCap Blend, IVV
-0.76% Consumer Discretionary SPDR, XLY
-0.76% Value 1000 Russell, IWD
-0.76% Value VIPERs, VTV
-0.77% S&P 500 SPDRs LargeCap Blend, SPY
-0.78% Growth S&P 500/BARRA, IVW
-0.78% MidCap Russell, IWR
-0.78% LargeCap Blend S&P 100, OEF
-0.78% Value LargeCap Dynamic PS, PWV
-0.80% Value S&P 500 B, IVE
-0.80% Value MidCap Russell, IWS
-0.81% LargeCap 1000 R, IWB
-0.81% DIAMONDS (DJIA), DIA
-0.81% LargeCap VIPERs, VV
-0.83% Growth MidCap 400 B, IJK
-0.83% LargeCap Blend S&P=Weight R, RSP
-0.83% Growth VIPERs, VUG
-0.84% Silver Miners Global X, SIL
-0.84% Canada Index, EWC
-0.86% Realty Cohen & Steers, ICF
-0.87% Growth 1000 Russell, IWF
-0.87% Growth MidCap Russell, IWP
-0.88% LargeCap Blend Russell 3000, IWV
-0.88% Frontier Markets Guggenheim , FRN
-0.89% India Earnings WTree, EPI
-0.91% Telecom DJ US, IYZ
-0.91% Real Estate US DJ, IYR
-0.91% Blend Total Market VIPERs, VTI
-0.92% Agriculture DB PS, DBA
-0.96% Energy Global, IXC
-0.97% MidCap S&P 400 SPDRs, MDY
-0.97% MidCap S&P 400 iS, IJH
-0.97% Dividend International, PID
-1.01% Homebuilders SPDR, XHB
-1.02% Networking, IGN
-1.05% REIT Wilshire, RWR
-1.06% REIT VIPERs, VNQ
-1.08% Value MidCap S&P 400 B, IJJ
-1.10% Dividend High Yield Equity PS, PEY
-1.11% Pacific ex-Japan, EPP
-1.12% Growth BARRA Small Cap 600, IJT
-1.12% Mexico Index, EWW
-1.15% United Kingdom Index, EWU
-1.17% China 25 iS, FXI
-1.17% Info Tech VIPERs, VGT
-1.18% QQQ Nasdaq 100 Trust, QQQ
-1.19% SmallCap S&P 600, IJR
-1.21% Industrial SPDR, XLI
-1.22% Semiconductor iS IGW, SOXX
-1.23% Technology SPDR, XLK
-1.23% Technology DJ US, IYW
-1.23% Growth SmallCap VIPERs, VBK
-1.25% Small Cap VIPERs, VB
-1.27% Growth SmallCap R 2000, IWO
-1.27% Global 100, IOO
-1.28% Materials SPDR, XLB
-1.30% Transportation Av DJ, IYT
-1.31% Growth EAFE MSCI, EFG
-1.32% Value SmallCap VIPERS, VBR
-1.33% WilderHill Clean Energy PS, PBW
-1.34% Capital Markets KWB ST, KCE
-1.37% Financial DJ US, IYF
-1.38% Financials VIPERs, VFH
-1.39% Italy Index, EWI
-1.39% SmallCap Russell 2000, IWM
-1.40% Value SmallCap Russell 2000, IWN
-1.44% Financial SPDR, XLF
-1.44% Value SmallCap S&P 600 B, IJS
-1.46% Switzerland Index, EWL
-1.46% Financial Services DJ, IYG
-1.49% France Index, EWQ
-1.52% Pacific VIPERs, VPL
-1.53% Global ex US ACWI iS, ACWX
-1.56% Basic Materials DJ US, IYM
-1.56% EAFE Index, EFA
-1.58% Australia Index, EWA
-1.58% Latin Am 40, ILF
-1.59% Europe 350 S&P Index, IEV
-1.60% Semiconductor SPDR, XSD
-1.61% Malaysia Index, EWM
-1.65% Water Resources, PHO
-1.66% Emerging 50 BLDRS, ADRE
-1.67% Microcap Russell, IWC
-1.68% Indonesia MV, IDX
-1.69% Small Cap EAFE MSCI iS, SCZ
-1.69% China LargeCap Growth G D H USX PS, PGJ
-1.82% European VIPERs, VGK
-1.82% Netherlands Index, EWN
-1.86% Russia MV, RSX
-1.89% Value EAFE MSCI, EFV
-2.00% South Korea Index, EWY
-2.00% Emerging VIPERs, VWO
-2.01% Taiwan Index, EWT
-2.01% EMU Europe Index, EZU
-2.09% Brazil Index, EWZ
-2.10% Japan Index, EWJ
-2.15% Germany Index, EWG
-2.17% Sweden Index, EWD
-2.19% Emerging Markets, EEM
-2.28% Metals & Mining SPDR, XME
-2.45% Thailand MSCI iS, THD
-2.50% South Africa Index, EZA
-2.51% Austria Index, EWO
-2.53% Spain Index, EWP
-4.84% Turkey MSCI iS, TUR
