The S&P 500 Composite (SPX: 1236.47) absolute fell below the lows of the previous 7 trading days intraday on 12/12/11 and closed down by 1.49%. Similar weakness was confirmed by most other indexes.

Short-term price momentum oscillators have given bearish divergence warning by stalling out and rolling downward after peaking on 11/30/11.

VIX Fear Index, now at 25.67, fell steeply from an intraday peak of 30.91 on 12/8/11, indicating a shift away from fear and toward confidence.

Energy stock sector Relative Strength Ratio (XLE/SPY) fell below its 50-day SMA on 12/12/11and remains below its falling 200-day SMA.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below the lows of the previous 2 years on 12/12/11.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below the lows of the previous 6 years on 12/12/11.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 14 months on 12/12/11, thereby confirming a major bearish downtrend in all time frames.

Gold, SPDR Gold Shares ETF (GLD) absolute price fell below the lows of the previous 7 weeks and broke down below its 50-day SMA on 12/12/11.

Silver, iShares Silver Trust ETF (SLV) absolute price fell below the lows of the previous 3 weeks on 12/12/11.
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Stock Market Indicators

The S&P 500 Composite (SPX: 1236.47) absolute fell below the lows of the previous 7 trading days intraday on 12/12/11 at 11:56 a.m. ET.

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
1370.58, high of 5/2/11
1359.44, high of 5/10/11
1356.48, high of 7/7/11
1347.00, high of 7/21/11
1307.28, Fibonacci 78.6% of 2011 range
1292.66, high of 10/27/11
1277.55, high of 11/8/2011
1267.06, high of 12/7/2011
1262.86, 200-day SMA
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

The S&P 500 Composite Potential Support
1234.81, low of 11/3/11
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1221.06, low of 10/26/2011
1215.42, low of 11/1/2011
1209.43, low of 11/17/2011
1204.49, Fibonacci 23.6% of 2009-11 range
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

The Dow Theory signaled a Primary Tide Bear Market on 8/2/11, when both Dow-Jones Averages, Industrial and Transportation, closed below their closing price lows of the previous 11 months. This Bear Market was confirmed on 10/3/11 by lower closing price lows for both Averages. A short-term downtrend was confirmed on 11/21/11 when both Averages closed below previous 4-week lows after making lower highs since peaking on 10/27/11.

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Tangible Assets, Commodities

U.S. dollar ETF (UUP) rose above the highs of the previous 10 trading days on 12/12/11 and looks bullish for the short term. UUP rose above its 50-day SMA on 11/14/11 and remains bullishly above both its 50-day and 200-day SMAs. The 50-day SMA has remained bullishly above the 200-day SMA every day since 10/26/11. Support 21.97, 21.92, 21.58, 21.07, and 20.84. Resistance 22.44 and 22.62.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 14 months on 12/12/11, thereby confirming a major bearish downtrend in all time frames.

Crude Oil, United States Oil ETF (USO) absolute price fell below the lows of the previous 9 trading days on 12/12/11. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 7/14/11. Finally, USO broke down below 2-year lows on 10/4/11 to confirm a major bear market. Support 36.79, 36.49, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 39.74, 40.74, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) absolute price fell below the lows of the previous 7 weeks and broke down below its 50-day SMA on 12/12/11. Previously, I warned that a break below last week’s low at 165.53 would be bearish for the short term. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09. Support: 154.19, 153.61, 147.19, 143.97, 143.42, and 142.55. Resistance: 162.07, 165.53, 170.80, 175.46, 177.40, and 185.85.

Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) is bearishly below its falling 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11. GDX/GLD fell below 29-month lows on 8/8/11, reconfirming a bearish major trend for the long term.

Silver, iShares Silver Trust ETF (SLV) absolute price fell below the lows of the previous 3 weeks on 12/12/11. SLV crossed below its 50-day SMA on 12/8/11, and SLV remains below its 200-day SMA. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 10/27/11. SLV price broke down below the lows of the previous 7 months on 9/26/11, which confirmed a bearish major trend for the long term. Support 29.83, 29.14, 27.41, 26.03, and 24.44. Resistance: 34.44, 34.51, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) remains bearishly below falling 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/30/11. This SLV/GLD downtrend means investors prefer Gold over Silver.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) absolute price fell below the lows of the previous 8 trading days on 12/12/11. JJC remains below its 200-day SMA. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/8/11. Major trend weakness in Copper suggests serious concerns about the 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 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
15.35% , VMC , VULCAN MATERIALS
6.16% , NFLX , Netflix, NFLX
0.49% , GAS , NICOR
2.60% , CMCSA , COMCAST HOLDINGS STK A
2.71% , FLEX , Flextronics International Ltd
1.14% , TEVA , Teva Pharmaceutical Industries Limited
0.97% , MBI , MBIA
2.44% , DXD , Short 200% Dow 30 PS, DXD
1.73% , YUM , YUM BRANDS
0.84% , KSS , KOHLS
0.46% , URBN , Urban Outfitters Inc.
0.43% , SNI , Scripps Networks Interactive
0.16% , GRMN , GARMIN LTD
0.67% , THC , TENET HEALTHCARE
0.47% , TIP , Bond, TIPS, TIP
0.25% , DIS , WALT DISNEY
0.46% , JWN , NORDSTROM
0.35% , IEF , Bond, 10 Year Treasury, IEF
0.40% , BIG , BIG LOTS
0.31% , MO , ALTRIA, MO
0.04% , MUB , Bond Muni ATM-Free S&P iS, MUB
0.05% , SWK , Stanley Black & Decker
0.03% , AGG , Bond, Aggregate, AGG
0.46% , MCD , MCDONALDS
0.07% , CHD , Church & Dwight

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-2.09% , SWH , Software H, SWH
-1.48% , IAH , Internet Architecture H, IAH
-0.35% , IYC , Consumer Cyclical DJ, IYC
-5.00% , EWO , Austria Index, EWO
-2.01% , IGV , Software, IGV
-1.96% , RPV , Value S&P 500, RPV
-1.54% , IXJ , Healthcare Global, IXJ
-3.99% , KWT , Solar Energy MV, KWT
-2.36% , DGT , Global Titans, DGT
-3.38% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-1.27% , XLK , Technology SPDR, XLK
-3.26% , EWK , Belgium Index, EWK
-2.53% , MTK , Technology MS sT, MTK
-6.17% , KBH , KB HOME
-6.07% , AMAT , APPLIED MATERIAL
-4.04% , INTC , INTEL
-4.18% , EZU , EMU Europe Index, EZU
-5.48% , PIN , India PS, PIN
-4.22% , SIL , Silver Miners Global X, SIL
-5.18% , EPI , India Earnings WTree, EPI
-2.56% , THD , Thailand MSCI iS, THD
-3.66% , PSTL , Steel Global PS ETF, PSTL
-3.43% , IEV , Europe 350 S&P Index, IEV
-2.37% , NYC , LargeCap Blend NYSE Composite iS, NYC
-1.61% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
-3.53% , VWO , Emerging VIPERs, VWO
-2.76% , KCE , Capital Markets KWB ST, KCE
-5.58% , PTEN , Patterson-UTI Energy Inc
-1.04% , VPU , Utilities VIPERs, VPU
-3.35% , MVV , Ultra MidCap400 Double, MVV
-2.58% , IAU , Gold COMEX iS, IAU
-1.82% , BBH , Biotech H, BBH
-2.37% , EWU , United Kingdom Index, EWU
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.50% Bear, Short S&P 500, SH
1.11% Bond, 20+ Years Treasury, TLT
0.47% Bond, TIPS, TIP
0.35% Bond, 10 Year Treasury, IEF
0.04% Bond Muni ATM-Free S&P iS, MUB
0.03% Bond, Aggregate, AGG
0.01% Bond, Corp, LQD
0.00% Bond, 1-3 Year Treasury, SHY
0.00% Bond Treasury Short-Term iS, SHV
-0.01% Bond EmrgMkt JPM iS, EMB
-0.14% Agriculture DB PS, DBA
-0.29% Bond, High-Yield Junk, JNK
-0.31% Consumer Discretionary SPDR, XLY
-0.33% Preferred Stock iS, PFF
-0.42% Financial Preferred, PGF
-0.54% Bond, High-Yield Corporate, HYG
-0.55% Dividend High Yield Equity PS, PEY
-0.63% Telecom DJ US, IYZ
-0.86% Utilities SPDR, XLU
-0.86% Bond Ex-US Treas, BWX
-0.87% Transportation Av DJ, IYT
-0.87% Dividend DJ Select, DVY
-0.91% Consumer Staples SPDR, XLP
-1.00% Dividend SPDR, SDY
-1.04% Utilities VIPERs, VPU
-1.12% QQQ Nasdaq 100 Trust, QQQ
-1.18% Microcap Russell, IWC
-1.18% Health Care SPDR, XLV
-1.20% Biotech SPDR, XBI
-1.21% Growth S&P 500/BARRA, IVW
-1.23% SmallCap S&P 600, IJR
-1.25% Taiwan Index, EWT
-1.26% DIAMONDS (DJIA), DIA
-1.27% Technology SPDR, XLK
-1.28% Frontier Markets Guggenheim , FRN
-1.28% Commodity Tracking, DBC
-1.28% Homebuilders SPDR, XHB
-1.29% Chile MSCI iS, ECH
-1.29% Dividend Appreciation Vipers, VIG
-1.31% Value SmallCap Russell 2000, IWN
-1.35% Growth BARRA Small Cap 600, IJT
-1.36% Value LargeCap Dynamic PS, PWV
-1.37% Growth VIPERs, VUG
-1.40% LargeCap Blend S&P 100, OEF
-1.42% Growth 1000 Russell, IWF
-1.43% Technology DJ US, IYW
-1.43% Dividend International, PID
-1.44% SmallCap Russell 2000, IWM
-1.44% S&P 500 iS LargeCap Blend, IVV
-1.44% LargeCap VIPERs, VV
-1.46% S&P 500 SPDRs LargeCap Blend, SPY
-1.46% Info Tech VIPERs, VGT
-1.46% Oil Fund PowerShares, DBO
-1.46% LargeCap 1000 R, IWB
-1.47% Water Resources, PHO
-1.48% Value MidCap Russell, IWS
-1.48% Growth SmallCap VIPERs, VBK
-1.49% LargeCap Blend Russell 3000, IWV
-1.50% Value SmallCap S&P 600 B, IJS
-1.51% MidCap Russell, IWR
-1.52% Value SmallCap VIPERS, VBR
-1.53% Blend Total Market VIPERs, VTI
-1.56% Networking, IGN
-1.56% Small Cap VIPERs, VB
-1.57% LargeCap Blend S&P=Weight R, RSP
-1.57% Value VIPERs, VTV
-1.58% Value 1000 Russell, IWD
-1.61% Oil, Crude, U.S. Oil Fund, USO
-1.64% Value S&P 500 B, IVE
-1.65% WilderHill Clean Energy PS, PBW
-1.68% Growth MidCap Russell, IWP
-1.68% MidCap S&P 400 SPDRs, MDY
-1.69% MidCap S&P 400 iS, IJH
-1.70% Malaysia Index, EWM
-1.70% Japan Index, EWJ
-1.71% Growth SmallCap R 2000, IWO
-1.73% Value MidCap S&P 400 B, IJJ
-1.77% REIT VIPERs, VNQ
-1.79% Real Estate US DJ, IYR
-1.80% Growth MidCap 400 B, IJK
-1.83% Industrial SPDR, XLI
-1.97% REIT Wilshire, RWR
-2.02% Singapore Index, EWS
-2.04% Financial DJ US, IYF
-2.06% Pacific VIPERs, VPL
-2.06% Realty Cohen & Steers, ICF
-2.07% Canada Index, EWC
-2.12% Indonesia MV, IDX
-2.17% Financials VIPERs, VFH
-2.23% Global 100, IOO
-2.29% Energy Global, IXC
-2.34% Energy SPDR, XLE
-2.36% Energy DJ, IYE
-2.37% United Kingdom Index, EWU
-2.37% Financial SPDR, XLF
-2.38% Materials SPDR, XLB
-2.39% Energy VIPERs, VDE
-2.44% Switzerland Index, EWL
-2.56% Thailand MSCI iS, THD
-2.60% Growth EAFE MSCI, EFG
-2.60% China LargeCap Growth G D H USX PS, PGJ
-2.61% Hong Kong Index, EWH
-2.65% Gold Shares S.T., GLD
-2.67% Semiconductor iS IGW, SOXX
-2.68% Silver Trust iS, SLV
-2.69% Financial Services DJ, IYG
-2.69% Semiconductor SPDR, XSD
-2.70% Basic Materials DJ US, IYM
-2.72% Energy & Nat Res iS GS, IGE
-2.75% Small Cap EAFE MSCI iS, SCZ
-2.76% Capital Markets KWB ST, KCE
-2.81% Emerging 50 BLDRS, ADRE
-2.89% Global ex US ACWI iS, ACWX
-2.90% Latin Am 40, ILF
-2.92% EAFE Index, EFA
-2.94% Pacific ex-Japan, EPP
-3.02% Brazil Index, EWZ
-3.05% Mexico Index, EWW
-3.07% Australia Index, EWA
-3.18% South Korea Index, EWY
-3.26% Belgium Index, EWK
-3.38% Value EAFE MSCI, EFV
-3.43% Europe 350 S&P Index, IEV
-3.53% Emerging VIPERs, VWO
-3.54% Netherlands Index, EWN
-3.64% Turkey MSCI iS, TUR
-3.75% China 25 iS, FXI
-3.76% Emerging Markets, EEM
-3.92% France Index, EWQ
-3.93% European VIPERs, VGK
-4.05% Metals & Mining SPDR, XME
-4.18% EMU Europe Index, EZU
-4.19% Spain Index, EWP
-4.26% Sweden Index, EWD
-4.50% South Africa Index, EZA
-4.76% Germany Index, EWG
-4.79% Russia MV, RSX
-4.91% Italy Index, EWI
-5.00% Austria Index, EWO
-5.18% India Earnings WTree, EPI
-5.48% India PS, PIN