The S&P 500 Composite (SPX: 1,365.91) recovered most of its recent losses over the past 2 trading days. But such a recovery does not change the significance of the breakdown from a Bearish Rising Wedge chart pattern on 3/6/12.
NYSE volume fell 1% on Thursday and fell 15% on Wednesday. On days when stock prices rise, volume languishes at low levels, suggesting weak demand for stocks. On days when stock prices fall, volume increases, suggesting more aggressive selling of stocks.
Expect resistance near the 2011 highs, around the intraday peak on the SPX at 1370.58 set on 5/2/2011, allowing plus or minus a few percentage points for Gann’s “lost motion”.
Overbought, up big from the October low, and with little room above before encountering resistance, 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 appears to have signaled a Secondary Reaction, or at least a Minor Ripple downside correction, as of 3/6/12, when the Dow-Jones Industrial Average closed below its closing price lows of the previous 4 weeks while the Dow-Jones Transportation Average closed below its closing price lows of the previous 9 weeks. These two Averages previously gave an early warning by diverging after 2/3/12, as the Transports turned weak and failed to confirm higher highs by the Industrials.
NASDAQ Composite/S&P 500 Relative Strength Ratio rose from 12/29/12 to 2/16/12 but stalled since. Still, the Ratio remains above its 50-day and 200-day SMAs. Absolute price of the NASDAQ Composite rose to an 11-year high intraday on 2/29/12 but reversed to close lower, possibly suggesting exhaustion for the short term. Price broke down below its lows of the previous 3 weeks and fell further below its 11-weeks uptrend line on 3/6/12.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) is neutral between 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) is neutral between 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 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) is neutral between 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 1/14/11.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its highs of the previous 8 weeks on 3/6/12, 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. 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) fell below the lows of the previous 9 weeks on 3/6/12, thereby confirming a relatively weak trend for the medium term. IWM/SPY is technically neutral, below its 50-day SMA and 200-day SMA, but with the 50-day SMA now slightly above the 200-day SMA.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) is neutral between 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 8/24/11.
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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 they 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 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 66% Bulls–in the same 64% to 69% range last seen from February to July 2011 at the highs.
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. This 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 6 months on 2/3/12, hitting 16.10 intraday. That was down from a peak of 48.00 on 8/8/11. Such a large drop in VIX indicated a shift away from fear and toward bullish complacency, which may be bearish. 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
1406.32, high of 5/29/2008
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
The S&P 500 Composite Potential Support
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
1259.12, 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) turned neutral on 2/25/12 when price fell below its 50-day SMA. TLT remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA every day since 6/24/11, suggesting a persistently bullish major trend for the longer term. Support 114.95, 114.62, 109.82, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) whipsawed back down below its 50-day SMA on 3/7/12, thereby turning neutral again. IEF remains above its 200-day SMA. The 50-day SMA has remained above the 200-day SMA every day since 6/21/11, suggesting a persistently bullish major trend for the longer term. Support 104.34, 104.00, 103.29, 102.32, 101.36, 101.11, 99.79, and 97.66. Resistance 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) turned bearish again on 3/2/12 when it fell below its 50-day SMA. JNK/LQD remains below its 200-day SMA, and the 50-day SMA has remained bearishly 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) is neutral, short term. Longer term, the TIP/IEF 50-day SMA has remained bearishly below the 200-day SMA every day since 7/15/11.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) whipsawed back down below its 50-day SMA on 3/7/12, thereby turning neutral again. UUP has remained above its 200-day SMA since 1/23/12. The 50-day SMA has remained above the 200-day SMA every day since 10/26/11. Support 21.74, 21.58, 21.07, and 20.84. Resistance 22.26, 22.30, 22.41, 22.46, 22.85, 23.52, 25.84, 27.19, 28.97.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) remains technically bearish below its 50-day SMA and below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/8/11.
Crude Oil, United States Oil ETF (USO) remains technically bullish above its 50-day SMA and above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 1/3/12. Support 39.91, 38.51, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 42.30 and 45.60.
Gold, SPDR Gold Shares ETF (GLD) turned bullish again when it rose back above both its 50-day and 200-day SMAs on 3/8/12. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09. Support: 161.78, 160.29, 159.68, 158.01, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 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 2/15/12, thereby reconfirming a bearish major trend for the long term. The 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.
Silver, iShares Silver Trust ETF (SLV) fell below the lows of the previous 5 weeks on 3/6/12 in what looks like it could be a minor ABC, 3-wave pullback within a larger uptrend. SLV remains above its 50-day SMA but below its 200-day SMA. The 50-day SMA remains below the 200-day SMA. Support 31.54, 31.82, 30.67, 28.63, 27.83, 25.65, and 24.44. Resistance: 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) fell below the lows of the previous 8 trading days on 3/6/12 in what looks like a minor pullback within a larger uptrend. From 12/28/11 to 3/1/12, SLV/GLD rose above its highs of the previous 5 months in what still could become a more extended recovery following an 8-month collapse. SLV/GLD remains technically neutral, above its 50-day SMA but below its 200-day SMA. Longer term, the 50-day SMA has remained below the 200-day SMA every day since 8/30/11, but the spread is narrowing.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) remains neutral above its 50-day SMA but below its 200-day SMA. The 50-day SMA remains bearishly below the 200-day SMA. Copper has been lagging the stock market since peaking at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the best indicators of investor confidence (or lack thereof) in the global industrial economy, this underperformance may be suggesting rising doubts about prospects for the economy.
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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
2.16% , PKB , Building & Construction, PKB
1.57% , PWO , OTC Dynamic PS, PWO
3.83% , EWQ , France Index, EWQ
2.83% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
1.33% , JKI , Value MidCap iS M, JKI
2.36% , IXG , Financials Global LargeCap Value, IXG
1.29% , EWU , United Kingdom Index, EWU
2.00% , FPX , IPOs, First Tr IPOX-100, FPX
0.90% , PWB , Lg Cap Growth PSD, PWB
4.63% , COH , COACH
3.90% , HOLX , Hologic, Inc., HOLX
0.79% , RFV , Value MidCap S&P 400, RFV
7.00% , S , SPRINT NEXTEL
2.07% , KWT , Solar Energy MV, KWT
2.92% , BIIB , BIOGEN IDEC
4.78% , CTXS , CITRIX SYSTEMS
2.01% , ADRD , Developed 100 BLDRS, ADRD
1.70% , DGT , Global Titans, DGT
3.16% , CSX , CSX
2.12% , VIA.O , VIACOM INC. (New)
1.46% , IYT , Transportation Av DJ, IYT
1.18% , RFG , Growth MidCap S&P 400, RFG
1.39% , ADRE , Emerging 50 BLDRS, ADRE
1.36% , DTE , DTE ENERGY
2.05% , EFV , Value EAFE MSCI, EFV
1.20% , MO , ALTRIA, MO
4.86% , IGT , INTL GAME TECH
1.13% , VO , MidCap VIPERs, VO
3.49% , BSX , BOSTON SCIENT
1.42% , EWH , Hong Kong Index, EWH
4.94% , PHM , PULTE HOMES
2.98% , ETFC , E*TRADE FINANCIAL
4.76% , KBH , KB HOME
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-3.87% , AIG , AMER INTL GROUP
-4.84% , DYN , DYNEGY
-3.36% , CROX , CROCS Inc., CROX
-3.21% , MCD , MCDONALDS
-2.30% , MZZ , Short 200% MidCap 400 PS, MZZ
-1.78% , PLD , PROLOGIS TRUST
-0.50% , TLH , Bond 10-20 Year US Treas, TLH
-1.19% , AFL , AFLAC
-1.00% , TLT , Bond, 20+ Years Treasury, TLT
-0.94% , AIV , APT INV MNGMT
-1.17% , XOM , EXXON MOBIL
-1.10% , DXD , Short 200% Dow 30 PS, DXD
-0.48% , RWR , REIT Wilshire, RWR
-0.67% , EIX , EDISON INTL
-0.44% , JCP , JC PENNEY
-0.99% , SH , Short 100% S&P 500, SH
-0.59% , BLK , BlackRock Inc.
-0.84% , AZO , AUTOZONE
-0.50% , ORCL , ORACLE
-0.18% , WHR , WHIRLPOOL
-0.41% , BF.B , BROWN FORMAN STK B
-0.56% , SEE , SEALED AIR
-0.17% , LNC , LINCOLN NATL
-0.56% , PFG , PRINCIPAL FINL
-0.23% , IYR , Real Estate US DJ, IYR
-1.42% , CCE , COCA COLA ENTER
-0.08% , GVI , Bond Interm U.S. Gov, GVI
-0.23% , AGG , Bond, Aggregate, AGG
-0.26% , INTC , INTEL
-0.52% , VNQ , REIT VIPERs, VNQ
-0.69% , RF , REGIONS FINAN
-0.18% , ITT , ITT INDS
-0.04% , SHY , Bond, 1-3 Year Treasury, SHY
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
4.01% Sweden Index, EWD
3.83% France Index, EWQ
3.67% Germany Index, EWG
3.20% EMU Europe Index, EZU
2.87% Italy Index, EWI
2.81% Spain Index, EWP
2.71% European VIPERs, VGK
2.67% Belgium Index, EWK
2.65% Austria Index, EWO
2.62% Netherlands Index, EWN
2.57% Singapore Index, EWS
2.53% Europe 350 S&P Index, IEV
2.51% Russia MV, RSX
2.40% Growth EAFE MSCI, EFG
2.38% Switzerland Index, EWL
2.35% China 25 iS, FXI
2.33% Homebuilders SPDR, XHB
2.28% South Korea Index, EWY
2.20% Emerging VIPERs, VWO
2.17% India Earnings WTree, EPI
2.17% Thailand MSCI iS, THD
2.15% EAFE Index, EFA
2.12% Global ex US ACWI iS, ACWX
2.10% Emerging Markets, EEM
2.10% Biotech SPDR, XBI
2.08% Mexico Index, EWW
2.07% Chile MSCI iS, ECH
2.05% Value EAFE MSCI, EFV
1.93% India PS, PIN
1.90% South Africa Index, EZA
1.88% China LargeCap Growth G D H USX PS, PGJ
1.86% WilderHill Clean Energy PS, PBW
1.80% Water Resources, PHO
1.78% Latin Am 40, ILF
1.77% Semiconductor SPDR, XSD
1.75% Canada Index, EWC
1.74% Small Cap EAFE MSCI iS, SCZ
1.72% Japan Index, EWJ
1.67% Materials SPDR, XLB
1.66% Pacific ex-Japan, EPP
1.60% Growth SmallCap VIPERs, VBK
1.59% Financial Services DJ, IYG
1.59% Basic Materials DJ US, IYM
1.57% Indonesia MV, IDX
1.56% Pacific VIPERs, VPL
1.49% Growth SmallCap R 2000, IWO
1.49% Global 100, IOO
1.48% Semiconductor iS IGW, SOXX
1.46% Transportation Av DJ, IYT
1.44% Australia Index, EWA
1.43% Industrial SPDR, XLI
1.42% Hong Kong Index, EWH
1.40% Brazil Index, EWZ
1.39% Emerging 50 BLDRS, ADRE
1.36% Silver Trust iS, SLV
1.31% Energy Global, IXC
1.30% SmallCap Russell 2000, IWM
1.29% United Kingdom Index, EWU
1.28% Taiwan Index, EWT
1.28% Growth BARRA Small Cap 600, IJT
1.23% Growth MidCap Russell, IWP
1.23% Small Cap VIPERs, VB
1.21% Metals & Mining SPDR, XME
1.20% MidCap S&P 400 iS, IJH
1.20% LargeCap Blend S&P=Weight R, RSP
1.18% Info Tech VIPERs, VGT
1.18% Value MidCap S&P 400 B, IJJ
1.17% Growth VIPERs, VUG
1.17% Microcap Russell, IWC
1.17% Growth MidCap 400 B, IJK
1.15% Turkey MSCI iS, TUR
1.15% MidCap Russell, IWR
1.15% MidCap S&P 400 SPDRs, MDY
1.12% Dividend International, PID
1.11% Frontier Markets Guggenheim , FRN
1.11% Health Care SPDR, XLV
1.11% SmallCap S&P 600, IJR
1.10% Value SmallCap VIPERS, VBR
1.09% Value SmallCap Russell 2000, IWN
1.08% Energy & Nat Res iS GS, IGE
1.08% QQQ Nasdaq 100 Trust, QQQ
1.08% Technology DJ US, IYW
1.05% Value SmallCap S&P 600 B, IJS
1.05% Growth 1000 Russell, IWF
1.03% Blend Total Market VIPERs, VTI
1.03% Malaysia Index, EWM
1.02% Consumer Discretionary SPDR, XLY
1.01% Gold Shares S.T., GLD
1.01% Technology SPDR, XLK
1.00% LargeCap Blend Russell 3000, IWV
0.99% S&P 500 SPDRs LargeCap Blend, SPY
0.98% S&P 500 iS LargeCap Blend, IVV
0.96% LargeCap VIPERs, VV
0.96% Value MidCap Russell, IWS
0.96% Value S&P 500 B, IVE
0.96% Financial SPDR, XLF
0.94% Networking, IGN
0.93% Capital Markets KWB ST, KCE
0.92% Growth S&P 500/BARRA, IVW
0.92% LargeCap 1000 R, IWB
0.90% Value 1000 Russell, IWD
0.88% Financial DJ US, IYF
0.87% LargeCap Blend S&P 100, OEF
0.85% Energy VIPERs, VDE
0.83% Commodity Tracking, DBC
0.82% Dividend Appreciation Vipers, VIG
0.82% Dividend DJ Select, DVY
0.81% Bond, High-Yield Junk, JNK
0.81% Energy SPDR, XLE
0.81% Financials VIPERs, VFH
0.80% Value VIPERs, VTV
0.78% Bond, High-Yield Corporate, HYG
0.76% Dividend SPDR, SDY
0.75% Dividend High Yield Equity PS, PEY
0.73% Telecom DJ US, IYZ
0.69% Consumer Staples SPDR, XLP
0.65% Value LargeCap Dynamic PS, PWV
0.62% Financial Preferred, PGF
0.60% Bond Ex-US Treas, BWX
0.59% Energy DJ, IYE
0.54% Preferred Stock iS, PFF
0.54% DIAMONDS (DJIA), DIA
0.52% Oil, Crude, U.S. Oil Fund, USO
0.49% Oil Fund PowerShares, DBO
0.46% Utilities VIPERs, VPU
0.45% Bond EmrgMkt JPM iS, EMB
0.32% Agriculture DB PS, DBA
0.32% Utilities SPDR, XLU
0.02% Bond, Corp, LQD
0.00% Bond Treasury Short-Term iS, SHV
-0.04% Bond, 1-3 Year Treasury, SHY
-0.04% Bond, TIPS, TIP
-0.14% Bond Muni ATM-Free S&P iS, MUB
-0.23% Bond, Aggregate, AGG
-0.23% Real Estate US DJ, IYR
-0.30% Bond, 10 Year Treasury, IEF
-0.48% REIT Wilshire, RWR
-0.52% REIT VIPERs, VNQ
-0.65% Realty Cohen & Steers, ICF
-0.99% Bear, Short S&P 500, SH
-1.00% Bond, 20+ Years Treasury, TLT