Friday’s stock price indexes opened lower but quickly recovered. The S&P 500 (SPX: 1,518.20) finished up 0.23%, the Nasdaq Composite Index rose 0.30%, the Dow Jones Industrial Average gained 0.25%, but the Dow Jones Transportation Average declined 0.14%. By the close, the number of Advances exceeded the number of Declines by nearly 5 to 4. Volume on the NYSE fell 1%.
The S&P 500 ended little changed for the week as a whole. As I have been pointing out, price momentum peaked on 1/4/13, and the S&P 500 absolute price has made little progress in recent weeks.
Under the surface, many daily price momentum oscillators have been diverging bearishly while the price indexes rose to higher highs earlier in February. Momentum oscillators have remained below their 2011-2012 highs and below their highs of late January. For example, RSI(14), which rose slightly to 56.64 on Friday, is down from a peak at 74.46 on 1/29/13. MACD(12,26,9) also peaked on 1/29/13, rose slightly on Friday, crossed below its signal line on 2/4/13, and fell to its lowest level in more than 6 weeks on Wednesday 2/26/13.Bearishly diverging momentum is a problem because momentum is a leading indicator of price.
The percentage of stocks in the S&P 500 trading above their 50-day SMAs (simple moving averages) fell to its lowest level of the year last Monday.
The percentage of stocks in the S&P 500 trading above their 200-day SMAs (simple moving averages) fell to the lowest level in 5 weeks.
The Bullish Percentage of stocks in the S&P 500 in Point-and-Figure Chart uptrends fell to the lowest level in 5 weeks.
The broad-based Wilshire 5000 Composite Index ($WLSH: 16,028.27) indicates a Point-and-Figure downside objective of 15,300.00, which would be 4.54% below the current level and take away most of the gain for this year.
The Number of Daily Net New Highs on the NYSE (New Highs minus New Lows) continues to erode. The difference was only 121 on Friday, down from recent peaks above 400, and it was below 20-, 50-, and 200-day Simple Moving Averages (SMAs). With price indexes still near their highs, the collapse in the number of stocks making net new highs suggests a remarkable loss of bullish momentum.
The Art of Contrary Thinking has been calling for questioning overwhelming bullish sentiment. Objective investor sentiment data clearly has demonstrated extremely high degrees of optimism and bullish complacency, matching or exceeding extremes at past market price tops. The pendulum of emotion tends to swing too far in one direction, but the market mood always reverts to the mean–eventually. Sentiment extremes are a leading indicator of price.
Our clients’ separately managed accounts made gains in 6 of the past 7 consecutive quarters; see:
Robert W. Colby Asset Management, Inc. (click here).
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Stock Market Indicators
The Dow Theory confirmed a Primary Tide Bull Market on 2/19/13, when both Dow-Jones Industrial and Transportation Averages closed above their closing price highs of the previous 5 years.
NASDAQ 100/S&P 500 Relative Strength Ratio (QQQ/SPY)fell below its lows of the previous 13 months on 2/21/13. QQQ/SPY turned systematically bearish on 11/7/12, when the 50-day SMA fell below the 200-day SMA.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below the lows of the previous 5 months on 3/1/13, again confirming a medium-term downtrend. BKF/SPY fell below its 50-day SMA on 2/4/13 and fell below its 200-day SMA on 2/19/13. BKF/SPY remains systematically neutral. Price peaked on 2/1/13 and is pointing down.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below the lows of the previous 5 months on 3/1/13, again confirming a medium-term downtrend. EEM/SPY remains systematically neutral. Price peaked on 1/2/13 and is pointing down.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below the lows of the previous 3 months on 3/1/13, again confirming a medium-term downtrend. EFA/SPY remains systematically neutral. Price peaked on 2/1/13.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEF/SPY) turned systematically bearish on 12/17/12, when the 50-day SMA fell below the 200-day SMA. Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors seek greater potential returns in more volatile, smaller stocks. On the other hand, Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative stability and safety of large size.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) peaked on 2/19/13, following a 3-month rise. The IWM/SPY Ratio is currently systematically bullish, but it appears to be heading toward the neutral zone.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) fell below its lows of the previous 6 weeks on 3/1/13. MDY/SPY also crossed below its 50-day SMA on 3/1/13, thereby turning systematically neutral.
VIX Fear Index jumped to 19.28 on 2/25/13, its highest level of the year 2013, suggesting moderate caution. Just 1 week earlier, VIX collapsed to 12.08 on 2/19/13, its lowest level in more than 5 years, since 4/20/2007, suggesting extreme 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
1530.94, high of 2/19/2013
1525.34, high of 2/28/2013
The S&P 500 Composite Potential Support
1485.01, low of 2/26/2013
1482.x, 50-day SMA
1474.51, high of 9/14/2012
1463.76, low of 1/15/2013
1451.64, low on 1/8/13
1448.00, high of 12/19/2012
1440.24, high of 5/19/2008
1439.15, high of 9/12/2012
1438.59, high of 12/12/2012
1434.27, high of 11/2/2012
1432.82, low of 12/20/2012
1430.53, low of 9/26/2012
1426.76, low of 12/12/2012
1425.53, low of 10/12/2012
1425.48, Fibonacci 23.6% of June-Sept ’12 range
1424.41, Fibonacci 61.8% of Sept-Nov ’12 range
1423.73, high of 12/3/2012
1422.58, low of 12/21/2012
1422.38, high of 4/2/2012
1422.06, low of 10/22/2012
1421.12, high of 10/25/2012
1420.34, high of 12/7/2012
1419.70, high of 11/29/2012
1418.71, high of 8/17/2012
1415.32, high of 5/1/2012
1411.x, 200-day SMA
1409.16, high of 11/23/2012
1403.28, low of 10/26/12
1401.58, low of 12/28/12
1398.11, low of 12/31/2012
1397.68, low of 11/26/2012
1396.56, low of 9/4/2012
1395.14, Fibonacci 38.2% of June-Sept 2012 range
1391.04, low of 8/6/2012
1388.71, low of 5/3/2012
1385.43, low of 11/28/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1380.39, high of 7/19/2012
1374.81, high of 7/3/2012
1370.62, Fibonacci 50.0% of June-Sept 2012 range
1370.58, high of 5/2/2011
1363.49, high of 6/19/2012
1357.38, low of 4/10/2012
1355.70, low of 7/2/2012
1346.11, Fibonacci 61.8% of June-Sept 2012 range
1343.35, low of 11/16/2012
1340.03, low of 3/6/2012
1335.52, high of 6/11/2012
1334.93, high of 5/31/2012
1329.24, low of 7/24/2012
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1325.41, low of 7/12/2012
1311.20, Fibonacci 78.6% of June-Sept 2012 range
1306.62, low of 6/12/2012
1291.98, low of 5/18/2012
1266.74, low of 6/4/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.58, Fibonacci 61.8% of 2011 range
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 11/3/2011
1231.04, high of 12/16/2011
1228.74, Fibonacci 61.8% of 2007-2009 range
1226.64, low of 11/9/2011
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1202.37, low of 12/19/2011
1158.66, low of 11/25/2011
1121.44, Fibonacci 50% of 2007-2009 range
1074.77, low of 10/4/2011
1014.14, Fibonacci 38.2% of 2007-2009 range
1010.91, low of 7/1/2010
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
881.38, Fibonacci 23.6% of 2007-2009 range
869.32, low of 7/8/2009
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)price jumped up above its 50-day SMA on 2/25/13, thereby turning systematically neutral. TLT formed a technical base after hitting an “oversold” low at 115.51 on 2/1/13 and successfully testing that low on 2/13/13 and again on 2/20/13. Various technical oscillators showed losses of downside momentum and bullish divergences. Support 117.85, 115.51, 114.82, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance: 120.70, 123.71, 126.08, 127.19, 127.72, 130.69, and 132.22.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF)price jumped up above its 50-day SMA on 2/25/13, thereby turning systematically neutral. IEF formed a technical base after hitting an “oversold” low at 105.56 on 2/1/13 and successfully testing that low 3 times. Various technical oscillators show losses of downside momentum and bullish divergences. Support 106.50, 105.56, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance: 107.35, 108.07, 108.15, 109.20, 109.32, and 109.89.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) fell below its 50-day SMA on 2/25/13, thereby turning systematically neutral. JNK/LQD has been neutral for most of the past 3 years. Absolute price of JNK peaked at 41.43 on 1/25/13 and fell below the lows of the previous 5 weeks on 2/7/13.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) fell below its 50-day SMA on 2/15/13, thereby turning systematically neutral. Longer term, TIP/IEF has been neutral for most of the past 3 years. Absolute price of TIP peaked at 123.44 on 12/6/12.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) price rose above its highs 6-months on 3/1/13, after closing above its 200-day SMA on 2/21/13. UUP turned systematically neutral on 2/7/13, when it rose above its 50-day SMA. Longer term, UUP has been consolidating secular trend losses since bottoming at 20.84 on 5/4/11. Support 22.38, 22.15, 21.53, 21.07, and 20.84. Resistance 22.78, 22.96, 23.14, 23.52, 25.84, 27.19, 28.97.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA)price fell below its lows of the previous 7 months on 2/26/13. Price turned systematically bearish on 1/11/13 when the 50-day SMA crossed down below the 200-day SMA.
Crude Oil, United States Oil ETF (USO) price fell to its lowest level in more than 9 weeks on 3/1/13, confirming a downtrend for the medium term. Longer term, USO has been mostly bearish since peaking at 119.17 on 7/11/08. Support 31.00, 29.02, 26.28, and 22.74. Resistance 33.75, 35.53, 37.17, 38.31, 40.29, 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) price fell below its lows of the previous 8 months on 2/20/13. Price turned systematically bearish on 2/22/13, when the 50-day SMA fell below the 200-day SMA. Longer term, GLD has been mostly bearish since peaking at 185.85 on 9/6/11. Support: 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 156.80, 164.40, 166.94, 170.01, 174.07, 175.46, 177.40, and 185.85.
Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) turned systematically bearish again on 12/27/12, when the 50-day SMA crossed below the 200-day SMA. Longer term, GDX/GLD has remained mostly bearish for more than 6 years, since 9/5/06.
Silver, iShares Silver Trust ETF (SLV) price fell below its lows of the previous 6 months on 2/20/13. Price turned systematically neutral on 2/7/13 when it fell below its 50-day SMA. The 50-day SMA appears to be heading toward a bearish “Dead Cross” below the 200-day SMA in days ahead. Longer term, SLV price has been mostly bearish since peaking at 48.35 on 4/28/11. Support 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 28.61, 29.73, 31.41, 32.72, 33.31, 34.08, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71, and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 6 months on 2/28/13. SLV/GLD remains below both its falling 50-day SMA and its falling 200-day SMA.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC)fell below its lows of the previous 3 months on 3/1/13, confirming a medium-term downtrend. JJC remains systematically neutral, below the 50-day SMA and 200-day SMA. JJC has been consolidating losses between 38.99 and 51.41 since 10/5/11. Longer term, JJC has been mostly bearish since peaking at 61.69 on 2/14/11. “Dr. Copper” is widely accepted as one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, so price weakness of Copper implies a weak economic outlook.
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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 later revealed to be deal stocks 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
4.57% , BBY , BEST BUY
4.22% , SLM.O , SLM CORP
1.74% , ADSK , AUTODESK
2.27% , GRMN , GARMIN LTD
2.98% , YHOO , YAHOO
1.34% , PMTC.O , PARAMETRIC
0.64% , IYH , Healthcare DJ, IYH
0.65% , SSO , Ultra S&P500 Double, SSO
2.80% , TIF , TIFFANY
1.65% , COF , CAPITAL ONE FNCL
0.40% , IWV , LargeCap Blend Russell 3000, IWV
0.42% , TIP , Bond, TIPS, TIP
2.89% , GPS , GAP
1.60% , SYK , STRYKER
0.60% , PWB , Lg Cap Growth PSD, PWB
0.75% , RPG , Growth S&P 500, RPG
0.37% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
0.59% , IWC , Microcap Russell, IWC
0.62% , IWO , Growth SmallCap R 2000, IWO
1.42% , BIIB , BIOGEN IDEC
0.85% , TWX , TIME WARNER INC
0.17% , EWO , Austria Index, EWO
0.76% , XLV , Health Care SPDR, XLV
0.59% , VPL , Pacific VIPERs, VPL
2.10% , DISCA , Discovery Communications
0.39% , ICF , Realty Cohen & Steers, ICF
0.16% , IYK , Consumer Non-Cyclical, IYK
1.00% , SYY , SYSCO
1.24% , WHR , WHIRLPOOL
1.11% , ETN , EATON
0.21% , SCZ , Small Cap EAFE MSCI iS, SCZ
0.78% , RF , REGIONS FINAN
2.31% , CPB , CAMPBELL SOUP
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.76% , XSD , Semiconductor SPDR, XSD
-0.45% , MVV , Ultra MidCap400 Double, MVV
-0.77% , EMB , Bond EmrgMkt JPM iS, EMB
-0.73% , EWG , Germany Index, EWG
-0.22% , IJH , MidCap S&P 400 iS, IJH
-2.69% , CIEN.O , CIENA
-2.54% , WMB , WILLIAMS
-2.25% , FLR , FLUOR
-2.05% , XME , Metals & Mining SPDR, XME
-2.81% , AMD , ADV MICRO DEV
-0.71% , FMCN , Focus Media, FMCN
-2.48% , AAPL , APPLE COMPUTER
-0.60% , CMS , CMS ENERGY
-1.26% , NE , NOBLE
-2.12% , PWER , POWER ONE
-2.25% , JNY , JONES APPAREL
-0.96% , HOLX , Hologic, Inc., HOLX
-0.14% , MDY , MidCap S&P 400 SPDRs, MDY
-1.08% , FII , FED INVESTORS STK B
-0.88% , SNPS , Synopsys Inc
-1.07% , RHI , ROBERT HALF
-1.39% , JBL , JABIL CIRCUIT
-1.19% , JNS , JANUS CAPITAL
-0.94% , CHD , Church & Dwight
-2.16% , EOG , EOG RESOURCES
-2.82% , RFMD , RF Micro Devices Inc
-0.63% , XRAY , DENTSPLY International Inc
-1.22% , BLK , BlackRock Inc.
-2.54% , X , US STEEL CORP
-0.82% , HMA , HEALTH MGMT STK A
-1.13% , WOR , WORTHINGTON INDS
-0.73% , RAI , Reynolds American
-1.66% , XLNX , XILINX
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.95% South Africa Index, EZA
1.58% Turkey MSCI iS, TUR
1.15% Biotech SPDR, XBI
1.06% Thailand MSCI iS, THD
0.98% Japan Index, EWJ
0.90% Sweden Index, EWD
0.88% Indonesia MV, IDX
0.76% Health Care SPDR, XLV
0.62% SmallCap Growth Russell 2000 iS, IWO
0.59% Microcap Russell, IWC
0.59% Pacific VIPERs, VPL
0.55% Value LargeCap Dynamic PS, PWV
0.48% Growth SmallCap VIPERs, VBK
0.46% LargeCap Growth S&P 500 iS, IVW
0.45% SmallCap Blend Russell 2000 iS, IWM
0.43% SmallCap Value Russell 2000 iS, IWN
0.43% SmallCap Blend S&P 600 iS, IJR
0.43% LargeCap Blend Russell 1000 iS, IWB
0.42% Bond, TIPS U.S. Treasury iS, TIP
0.42% LargeCap Blend S&P=Weight R, RSP
0.42% QQQ Nasdaq 100 Trust, QQQ
0.41% Value VIPERs, VTV
0.41% SmallCap Growth S&P 600 iS, IJT
0.41% Chile MSCI iS, ECH
0.41% South Korea Index, EWY
0.40% Growth VIPERs, VUG
0.40% LargeCap Blend Russell 3000 iS, IWV
0.39% Realty Cohen & Steers, ICF
0.38% Financial DJ US, IYF
0.35% REIT Wilshire, RWR
0.34% Consumer Staples SPDR, XLP
0.33% REIT VIPERs, VNQ
0.33% S&P 500 SPDRs LargeCap Blend, SPY
0.33% Bond, 20+ Years Treasury, TLT
0.33% DIAMONDS (DJIA), DIA
0.33% Growth MidCap Russell, IWP
0.32% LargeCap Value S&P 500 iS, IVE
0.32% LargeCap Growth Russell 1000 iS, IWF
0.32% Homebuilders SPDR, XHB
0.31% LargeCap Blend S&P 100, OEF
0.31% LargeCap Value Russell 1000 iS, IWD
0.30% Dividend Appreciation Vipers, VIG
0.29% Singapore Index, EWS
0.29% Silver Trust iS, SLV
0.28% Financial SPDR, XLF
0.28% Utilities VIPERs, VPU
0.28% Canada Index, EWC
0.28% SmallCap Value S&P 600 iS, IJS
0.26% Taiwan Index, EWT
0.25% Dividend SPDR, SDY
0.25% LargeCap Blend S&P 500 iS, IVV
0.24% Emerging Markets MSCI iS, EEM
0.24% Consumer Discretionary SPDR, XLY
0.23% Blend Total Market VIPERs, VTI
0.22% Australia Index, EWA
0.22% Financial Services DJ, IYG
0.22% Financials VIPERs, VFH
0.22% LargeCap VIPERs, VV
0.21% SmallCap Blend EAFE MSCI iS, SCZ
0.19% Real Estate US DJ iS, IYR
0.19% Utilities SPDR, XLU
0.17% Info Tech VIPERs, VGT
0.17% Technology SPDR, XLK
0.17% Austria Index, EWO
0.16% MidCap Russell, IWR
0.16% Growth EAFE MSCI, EFG
0.16% Frontier Markets Guggenheim , FRN
0.15% Emerging VIPERs, VWO
0.14% Value SmallCap VIPERS, VBR
0.14% Small Cap VIPERs, VB
0.13% Bond, 10 Year Treasury, IEF
0.13% Energy SPDR, XLE
0.13% Brazil Index, EWZ
0.12% Latin Am 40, ILF
0.10% Global LargeCap Blend MSCI iS, ACWI
0.10% Technology DJ US, IYW
0.07% Global ex U.S. LargeCap Blend, ACWX
0.06% Energy Global, IXC
0.05% Materials SPDR, XLB
0.05% Emerging 50 BLDRS, ADRE
0.04% Value MidCap Russell, IWS
0.00% Malaysia Index, EWM
0.00% Hong Kong Index, EWH
0.00% Dividend High Yield Equity PS, PEY
0.00% Bond, 1-3 Year Treasury, SHY
0.00% Bond Treasury Short-Term iS, SHV
-0.03% Mexico Index, EWW
-0.04% Bond, Muni S&P ATM-Free iS, MUB
-0.04% Pacific ex-Japan, EPP
-0.07% Spain Index, EWP
-0.08% Dividend International, PID
-0.08% Bond, Long-Term Corp iBoxx iS, LQD
-0.09% Dividend ex-U.S. DJ iS, IDV
-0.09% Water Resources, PHO
-0.10% Dividend U.S. DJ iS, DVY
-0.11% China LargeCap Growth G D H USX PS, PGJ
-0.11% Financial Preferred, PGF
-0.11% Energy DJ, IYE
-0.13% Preferred Stock iS, PFF
-0.14% Russia MV, RSX
-0.14% MidCap S&P 400 SPDRs, MDY
-0.15% Transportation Av DJ, IYT
-0.15% Bond, Intermediate US Aggregate iS, AGG
-0.16% Bond, High-Yield Junk, JNK
-0.17% Global 100, IOO
-0.17% Telecom DJ US, IYZ
-0.17% Industrial SPDR, XLI
-0.20% Foreign LargeCap EAFE MSCI iS, EFA
-0.22% MidCap Blend S&P 400 iS, IJH
-0.24% MidCap Growth S&P 400 iS, IJK
-0.26% Value EAFE MSCI, EFV
-0.26% European VIPERs, VGK
-0.32% Energy VIPERs, VDE
-0.34% Capital Markets KWB ST, KCE
-0.34% Bond, High Yield Corp iBoxx iS, HYG
-0.35% MidCap Value S&P 400 iS, IJJ
-0.36% Basic Materials DJ US, IYM
-0.37% Gold Shares S.T., GLD
-0.38% Switzerland Index, EWL
-0.38% France Index, EWQ
-0.41% Semiconductor iS IGW, SOXX
-0.45% Energy & Nat Res iS GS, IGE
-0.45% Europe 350 S&P Index, IEV
-0.45% WilderHill Clean Energy PS, PBW
-0.47% Bear, Short S&P 500, SH
-0.49% Belgium Index, EWK
-0.49% Agriculture DB PS, DBA
-0.50% United Kingdom Index, EWU
-0.54% Networking, IGN
-0.55% India PS, PIN
-0.57% EMU Europe Index, EZU
-0.60% India Earnings WTree, EPI
-0.64% Netherlands Index, EWN
-0.70% Commodity Tracking, DBC
-0.73% Germany Index, EWG
-0.73% Bond Ex-US Treas, BWX
-0.77% Bond, Emerg Mkt JPM iS, EMB
-0.86% Oil Fund PowerShares, DBO
-0.90% China 25 iS, FXI
-0.97% Oil, Crude, U.S. Oil Fund, USO
-1.53% Italy Index, EWI
-1.76% Semiconductor SPDR, XSD
-2.05% Metals & Mining SPDR, XME
