The S&P 500 Composite (SPX: 1,376.92) fell again on Thursday. SPX now has surrendered most of Tuesday’s gain. SPX crossed back down below its 50-day SMA.
NYSE volume rose 39%, confirming increasing selling pressure.
Volatility has increased over the past 5 weeks, suggesting doubt replacing bullish complacency.
A variety of technical indicators have been demonstrating waning bullish momentum for stocks. A downside correction or shakeout has seemed overdue, according to past norms.
Following unusually large price run ups, such as Q1 2012, stocks become more vulnerable to sudden reversals. Potential Reward relative to potential Risk remains unattractive for stocks at this time.
The SPX chart broke down below the rising lower boundary line of a Bearish Rising Wedge on 4/5/12, thereby giving a clear bearish chart signal. This chart pattern suggests that stocks could erase all gains since the 10/4/11 low of 1,074.77 on the S&P 500.
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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 signaled a downside Secondary Reaction on 4/9/12, as both Industrials and Transports fell below their lows of the previous 3 weeks, and both fell below their 50-day SMAs. The Averages gave 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 broke sharply below the lows of the previous 4 weeks on 4/16/12 and came very close to its 50-day SMA. This RS Ratio remains above its 50-day SMA (only slightly) and 200-day SMA, and the 50-day SMA has remained above the 200-day SMA every day since 2/24/12. Absolute price fell below the lows of the previous 5 weeks on 4/16/12.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 2 months on 3/29/12, reconfirming its bearish trend. Systematically, BKF/SPY remains bearish below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA 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, reconfirming its bearish trend. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained 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 4/5/12. Systematically, EFA/SPY remains bearish 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) fell below its lows of the previous 5 weeks on 4/19/12, suggesting a pullback in its 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 further below its lows of the previous 4 months on 4/10/12, reconfirming renewed downside momentum for the medium term. Systematically, IWM/SPY remains technically neutral, below both its 50-day and 200-day SMAs, but with the 50-day SMA still 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 3 months on 4/10/12, reconfirming 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
1392.76, high of 4/17/2012
1391.56, low of 3/29/2012
1383.29, low of 4/18/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1378.93, 50-day SMA
1378.04, high of 2/29/2012
The S&P 500 Composite Potential Support
1376.55, Fibonacci 100.0% projection 10/11 range
1370.58, high of 5/2/11
1357.38, low of 4/11/2012
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
1273.00, 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) whipsawed back above its 50-day SMA on 4/13/12. Systematically, TLT remains bullish: above 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 117.60, 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) rose above its 50-day SMA on 4/9/12. IEF remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and 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 105.42, 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) fell below its lows of the previous 4 months on 4/10/12, reconfirming a bearish trend. JNK/LQD remains systematically bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 6/20/11.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) appears to have turned corrective after peaking on 3/19/12. Systematically, TIP/IEF is neutral again: below its 50-day SMA (although just slightly below now), above its 200-day SMA, and the 50-day SMA has been above the 200-day SMA every day since 6/21/11.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) is systematically neutral: below its 50-day SMA, above 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 21.85, 21.74, 21.58, 21.07, and 20.84. Resistance 22.23, 22.47, 22.85, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index fell further below its lows of the previous 3 months on 4/19/12. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months on 4/18/12, 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) 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 38.31, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 39.89, 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. Systematically, GLD turned bearish as of 4/17/12: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA. Support: 156.58, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 163.20, 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 4/11/12, 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) broke down below its lows of the previous 12 weeks on 4/13/12, confirming renewed downside momentum for the medium term. SLV/GLD remains below its 50-day SMA, 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) fell further below its lows of the past 3 months on 4/16/12, confirming renewed downside momentum for the medium term. Systematically, however, JJC remains neutral: below its 50-day and 200-day SMAs, but with the 50-day SMA above the 200-day SMA every day since 3/21/12. 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 weakness 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
97.63% , HGSI , Human Genome Sciences Inc
12.10% , GILD , Gilead Sciences Inc
13.24% , EBAY , EBAY
5.60% , BSX , BOSTON SCIENT
4.00% , XBI , Biotech SPDR, XBI
4.28% , MAR , MARRIOTT INTL STK A
3.91% , GT , GOODYEAR TIRE
4.79% , RSH , RADIOSHACK
3.20% , SNA , SNAP ON
4.42% , NYT , NY TIMES STK A
2.57% , PPG , PPG INDUSTRIES
3.44% , ACE , ACE
2.56% , HOT , STARWOOD HOTELS
0.51% , MYY , Short 100% MidCap 400, MYY
3.41% , NE , NOBLE
2.30% , XL , XL CAPITAL STK A
0.22% , PIC , Insurance, PIC
2.10% , QID , Short 200% QQQ PS, QID
2.89% , MPEL , Melco Crown Entertainment, MPEL
2.32% , MS , MORGAN STANLEY
2.66% , FMCN , Focus Media, FMCN
2.15% , CB , CHUBB
2.91% , RIG , TRANSOCEAN
4.31% , LUV , SOUTHWEST AIRLS
1.30% , VZ , VERIZON COMMS
1.12% , PSQ , Short 100% QQQ, PSQ
1.65% , ASH , ASHLAND
1.40% , QLGC , QLOGIC
2.43% , UNH , UNITEDHEALTH GRP
0.79% , PGJ , China LargeCap Growth G D H USX PS, PGJ
1.07% , BMY , BRISTOL MYERS
2.05% , RIMM , RESEARCH IN MOTION LTD
1.02% , EIS , Israel MSCI iS, EIS
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-16.01% , GNTX , Gentex Corporation
-0.69% , VOX , Telecom Services VIPERs, VOX
-0.72% , XSD , Semiconductor SPDR, XSD
-7.11% , SWK , Stanley Black & Decker
-7.83% , FHN , First Horizon National
-4.79% , COL , ROCKWELL COLLINS
-5.00% , NUE , NUCOR
-0.96% , PXN , Nanotech Lux, PXN
-3.57% , EMC , EMC
-5.48% , STLD , Steel Dynamics, STLD
-2.70% , RHI , ROBERT HALF
-3.09% , DHR , DANAHER
-6.60% , QCOM , QUALCOMM
-5.41% , LVLT.K , LEVEL 3 COMMUNICATIONS
-3.07% , BRCM , BROADCOM STK A
-0.60% , IYZ , Telecom DJ US, IYZ
-3.60% , UNP , UNION PACIFIC
-0.96% , XLG , LargeCap Rydex Rus Top 50, XLG
-1.07% , ADRU , Europe 100 BLDRS, ADRU
-0.41% , IGN , Networking, IGN
-1.97% , NWSA , News Corporation, NWSA
-2.50% , CLF , CLIFFS NATURAL RESOURCES, CLF
-0.41% , EPU , Peru MSCI iS, EPU
-1.83% , FEZ , Euro STOXX 50, FEZ
-1.50% , PWB , Lg Cap Growth PSD, PWB
-0.98% , VIS , Industrials VIPERs, VIS
-2.12% , MCD , MCDONALDS
-3.93% , RFMD , RF Micro Devices Inc
-4.76% , S , SPRINT NEXTEL
-2.05% , ADSK , AUTODESK
-1.92% , APOL , APOLLO GROUP
-3.07% , FITB , FIFTH THIRD BANC
-2.21% , MDP , MEREDITH
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
4.00% Biotech SPDR, XBI
1.22% Russia MV, RSX
1.00% Thailand MSCI iS, THD
0.96% Chile MSCI iS, ECH
0.79% China LargeCap Growth G D H USX PS, PGJ
0.61% Switzerland Index, EWL
0.61% Bear, Short S&P 500, SH
0.60% China 25 iS, FXI
0.52% Silver Trust iS, SLV
0.48% Agriculture DB PS, DBA
0.47% Bond Muni ATM-Free S&P iS, MUB
0.44% Sweden Index, EWD
0.22% Health Care SPDR, XLV
0.13% Australia Index, EWA
0.11% Bond, 10 Year Treasury, IEF
0.09% Bond, 20+ Years Treasury, TLT
0.09% Pacific ex-Japan, EPP
0.08% Gold Shares S.T., GLD
0.07% Bond, Corp, LQD
0.06% United Kingdom Index, EWU
0.04% Commodity Tracking, DBC
0.03% Hong Kong Index, EWH
0.01% Bond, 1-3 Year Treasury, SHY
0.01% Bond EmrgMkt JPM iS, EMB
0.00% Taiwan Index, EWT
0.00% REIT VIPERs, VNQ
0.00% Bond Treasury Short-Term iS, SHV
-0.04% Realty Cohen & Steers, ICF
-0.04% Latin Am 40, ILF
-0.05% Frontier Markets Guggenheim , FRN
-0.05% Real Estate US DJ, IYR
-0.06% Financial Preferred, PGF
-0.06% REIT Wilshire, RWR
-0.07% Dividend International, PID
-0.07% Bond, Aggregate, AGG
-0.08% Energy & Nat Res iS GS, IGE
-0.11% Basic Materials DJ US, IYM
-0.13% Preferred Stock iS, PFF
-0.13% Energy SPDR, XLE
-0.16% Singapore Index, EWS
-0.16% Energy VIPERs, VDE
-0.17% Emerging 50 BLDRS, ADRE
-0.19% Bond, High-Yield Corporate, HYG
-0.21% Value MidCap Russell, IWS
-0.22% Bond Ex-US Treas, BWX
-0.23% MidCap Russell, IWR
-0.23% Oil, Crude, U.S. Oil Fund, USO
-0.24% Bond, TIPS, TIP
-0.24% Oil Fund PowerShares, DBO
-0.24% Value LargeCap Dynamic PS, PWV
-0.25% Capital Markets KWB ST, KCE
-0.25% Energy DJ, IYE
-0.25% Canada Index, EWC
-0.27% Austria Index, EWO
-0.27% Growth MidCap Russell, IWP
-0.28% Value MidCap S&P 400 B, IJJ
-0.28% Value 1000 Russell, IWD
-0.28% Growth EAFE MSCI, EFG
-0.28% Bond, High-Yield Junk, JNK
-0.29% Utilities SPDR, XLU
-0.29% Metals & Mining SPDR, XME
-0.31% Utilities VIPERs, VPU
-0.31% Financials VIPERs, VFH
-0.32% MidCap S&P 400 iS, IJH
-0.33% Emerging VIPERs, VWO
-0.34% Value SmallCap VIPERS, VBR
-0.35% Value S&P 500 B, IVE
-0.35% Financial DJ US, IYF
-0.35% Consumer Staples SPDR, XLP
-0.35% Materials SPDR, XLB
-0.38% Growth SmallCap VIPERs, VBK
-0.38% MidCap S&P 400 SPDRs, MDY
-0.39% WilderHill Clean Energy PS, PBW
-0.39% Value VIPERs, VTV
-0.40% Dividend DJ Select, DVY
-0.41% Networking, IGN
-0.41% LargeCap Blend S&P=Weight R, RSP
-0.43% Global ex US ACWI iS, ACWX
-0.43% Small Cap VIPERs, VB
-0.43% Dividend High Yield Equity PS, PEY
-0.44% Emerging Markets, EEM
-0.44% Value SmallCap Russell 2000, IWN
-0.47% DIAMONDS (DJIA), DIA
-0.49% Financial SPDR, XLF
-0.49% Turkey MSCI iS, TUR
-0.49% Mexico Index, EWW
-0.50% Netherlands Index, EWN
-0.51% LargeCap 1000 R, IWB
-0.51% Small Cap EAFE MSCI iS, SCZ
-0.52% Pacific VIPERs, VPL
-0.52% Energy Global, IXC
-0.52% Growth MidCap 400 B, IJK
-0.53% Europe 350 S&P Index, IEV
-0.54% LargeCap Blend Russell 3000, IWV
-0.54% SmallCap S&P 600, IJR
-0.54% European VIPERs, VGK
-0.55% Dividend SPDR, SDY
-0.56% South Korea Index, EWY
-0.57% Brazil Index, EWZ
-0.57% SmallCap Russell 2000, IWM
-0.58% Blend Total Market VIPERs, VTI
-0.59% Growth SmallCap R 2000, IWO
-0.60% S&P 500 iS LargeCap Blend, IVV
-0.60% LargeCap VIPERs, VV
-0.60% EAFE Index, EFA
-0.60% Telecom DJ US, IYZ
-0.60% Dividend Appreciation Vipers, VIG
-0.64% S&P 500 SPDRs LargeCap Blend, SPY
-0.64% Growth BARRA Small Cap 600, IJT
-0.66% Japan Index, EWJ
-0.66% Microcap Russell, IWC
-0.67% Financial Services DJ, IYG
-0.68% Indonesia MV, IDX
-0.68% Global 100, IOO
-0.68% India Earnings WTree, EPI
-0.68% Malaysia Index, EWM
-0.70% Value SmallCap S&P 600 B, IJS
-0.71% LargeCap Blend S&P 100, OEF
-0.72% Semiconductor SPDR, XSD
-0.76% Growth 1000 Russell, IWF
-0.78% Growth S&P 500/BARRA, IVW
-0.78% Growth VIPERs, VUG
-0.80% Consumer Discretionary SPDR, XLY
-0.82% India PS, PIN
-0.92% Belgium Index, EWK
-0.95% Germany Index, EWG
-0.95% Value EAFE MSCI, EFV
-0.96% Water Resources, PHO
-1.01% Technology SPDR, XLK
-1.01% South Africa Index, EZA
-1.11% Industrial SPDR, XLI
-1.13% QQQ Nasdaq 100 Trust, QQQ
-1.15% Info Tech VIPERs, VGT
-1.23% Semiconductor iS IGW, SOXX
-1.27% Homebuilders SPDR, XHB
-1.42% Transportation Av DJ, IYT
-1.43% EMU Europe Index, EZU
-1.52% Technology DJ US, IYW
-1.87% Italy Index, EWI
-1.90% France Index, EWQ
-2.40% Spain Index, EWP
