Whether ’tis Nobler in the mind to suffer
The Slings and Arrows of outrageous Fortune,
Or to take Arms against a Sea of troubles…
Thus Conscience does make Cowards of us all,
And thus the Native hue of Resolution
Is sicklied o’er, with the pale cast of Thought,
And enterprises of great pitch and moment,
With this regard their Currents turn awry,
And lose the name of Action…
–Shakespeare
What a difference a few words make–when those words come from the FOMC. The wizards who create fiat money (out of thin air and backed by nothing at all) are said to have mumbled something or other in a somewhat more “hawkish tone”.
A very high market seemed to have forgotten that it is, after all, only a matter of time before the mighty Fed pulls back the punch bowl a little bit. If that is indeed the message (subject to data, of course), perhaps we’ll see some of the traditional ebb and flow in the markets, rather than the one-way ticket to paradise that the bullish majority has come to expect.
Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) broke down below its lows of the previous 9 trading days and broke below its 200-day SMA on 4/3/12, suggesting renewed downside momentum for the short term.
More trouble appears to be brewing in the Euro zone. Spain ETF (EWP) fell below its lows of the previous 3 years, thereby confirming a renewed bearish trend.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) confirmed a bearish trend. EFA/SPY fell below its lows of the previous 2 months on 4/3/12. Systematically, EFA/SPY remains 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 S&P 500 Composite (SPX: 1,413.38) appeared to be caught by surprise by FOMC Minutes released at 2:00 p.m. Two hours later, SPX closed down by 0.40%, and NYSE Declines led Advances by nearly 2 to 1.
A variety of technical indicators show waning bullish momentum. A downside correction seems overdue.
The S&P 500 chart remains within a Potential Bearish Rising Wedge. A breakdown below the lower boundary line currently rising just above the recent intraday low of 1386.87 would be a bearish chart signal.
RSI(14) based on SPX fell to 62.91, down from 66.80. RSI remains well below recent highs. RSI(14) showed previous bearish divergences at the March highs: the 73.15 high on 3/19/12 was less than the 75.38 high set on 2/9/12.
MACD based on SPX fell below its lows of the previous 2 weeks and remains bearish. MACD remains below its signal line, and fell further below its high set on 2/9/12, which appears to have been the momentum peak for the rally.
On-Balance Volume for the SPX shows a bearish divergence: it peaked on 3/19/12, made a lower high on 3/26/12, and fell below its two previous lows for the first time this year on 3/29/12.
The NYSE Cumulative Daily Advance-Decline Line shows a bearish divergence: it peaked on 3/13/12 and made a lower high on 3/26/12.
NYSE New Highs Minus New Lows peaked on 2/3/12 and have made a series of lower highs since.
The Dow Theory may have given an earlier warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.
It has been an exceptional year so far, with no downside pullbacks of as much as 3% in more than 3 months, since 12/19/12, based on SPX close prices. It is extremely unlikely that stocks can continue to go up like this much longer, however, without a significant downside correction. Odds are stocks will experience the usual ups and downs this year. After large price run ups, stocks become more vulnerable to sudden reversals. Therefore, 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 may have given 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 rose above its highs of the previous 11-years on 3/27/12, confirming a rising trend since its low on 12/29/12. This RS Ratio 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 2/24/12. Absolute price confirmed the uptrend for this RS Ratio.
iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 2 months on 3/29/12. BKF/SPY remains below 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) fell below its lows of the previous 2 months on 3/28/12. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/3/11.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) confirmed a bearish trend. EFA/SPY fell below its lows of the previous 2 months on 4/3/12. Systematically, EFA/SPY remains 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) rose above its highs of the previous 22 months on 3/28/12, 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. 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 since 4/5/11. IWM/SPY fell below the lows of the previous 3 weeks on 3/30/12, suggesting renewed downside momentum for the short term. Systematically, IWM/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.
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 2 months on 4/2/12, suggesting renewed 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
The S&P 500 Composite Potential Support
1391.56, low of 3/29/2012
1386.87, low of 3/23/2012
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
1366.93, 50-day SMA
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
1268.54, 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) broke down below its lows of the previous 9 trading days and broke below its 200-day SMA on 4/3/12, suggesting renewed downside momentum for the short term. Systematically, TLT remains neutral: below its 50-day and 200-day SMAs, but 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 114.27, 114.36, 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) broke down below its lows of the previous 8 trading days and broke below its 200-day SMA on 4/3/12, suggesting renewed downside momentum for the short term. Systematically, IEF remains neutral: below its 50-day and 200-day SMAs, but 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 103.91, 104.00, 105.80, 106.49 and 106.66.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back above its 50-day and 200-day SMAs on 4/3/12, thereby turning systematically neutral. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/20/11, although that 50-200 SMA spread has been narrowing.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned bullish on 3/14/12 when the 50-day SMA rose above the 200-day SMA. TIP/IEF remains above both its 50-day and 200-day SMAs. The market recognizes that the Fed, ECB, and other global monetary authorities are willing to print as much fiat money (out of thin air, backed by nothing) as necessary in order to keep the broken financial system afloat a little while longer.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) remains neutral. UUP rose above the highs of the previous 6 trading days on 4/3/12–after finding support at its 200-day SMA. UUP remains below its 50-day SMA. The 50-day SMA has remained consistently above the 200-day SMA every day since 10/26/11. Support 21.85, 21.74, 21.58, 21.07, and 20.84. Resistance 22.01, 22.20, 22.47, 22.85, 23.52, 25.84, 27.19, 28.97.
CRB Commodity Price Index fell below its lows of the previous 12 weeks on 3/29/12.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months on 3/29/12, for another a bearish trend confirmation. DBA remains technically 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 38.87, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) broke down below its lows of the previous 7 trading days, suggesting renewed downside momentum for the short term. Systematically, TLT remains neutral: below its 50-day and 200-day SMAs, but with the 50-day SMA above the 200-day SMA every day since 2/11/09. Support: 158.13, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 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 3/28/12, 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) remains below its 50-day and 200-day SMAs. The 50-day SMA has remained bearishly below the 200-day SMA every day since 10/27/11. Support 30.72, 30.21, 28.63, 27.83, 25.65, and 24.44. Resistance: 32.29, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) remains neutral. SLV/GLD crossed above its 50-day SMA on 4/2/12, remains 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) appears to be consolidating within its February trading range from 47.57 to 51.41. 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 underperformance 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
3.40% , SNV , SYNOVUS
2.30% , URBN , Urban Outfitters Inc.
3.46% , TBT , 200% Short US T Bond, TBT
1.10% , RYAAY , Ryanair Holdings plc
2.64% , HRB , H&R BLOCK
1.48% , HGSI , Human Genome Sciences Inc
2.57% , SEE , SEALED AIR
0.93% , NTAP , NETWK APPLIANCE
2.24% , LVLT.K , LEVEL 3 COMMUNICATIONS
1.86% , SRE , SEMPRA ENERGY
1.06% , RF , REGIONS FINAN
1.83% , MPEL , Melco Crown Entertainment, MPEL
1.22% , WMB , WILLIAMS
1.73% , AAPL , APPLE COMPUTER
0.90% , HAR , Harman International
0.18% , JKE , Growth LargeCap iS M, JKE
1.44% , SCHW.K , CHARLES SCHWAB, SCHW.O
1.20% , EP , EL PASO
0.68% , XEL , XCEL ENERGY
1.61% , AES , AES
1.11% , FDO , FAMILY DLR STRS
1.00% , ITT , ITT INDS
0.81% , LTD , LIMITED BRANDS
0.84% , AZO , AUTOZONE
2.05% , SHLD , SEARS HOLDINGS
0.09% , PWB , Lg Cap Growth PSD, PWB
1.83% , SUN , SUNOCO
0.75% , LEN , Lennar Corp. (LEN)
0.74% , BK , BANK OF NEW YORK
1.04% , BLL , BALL
0.56% , NWL , NEWELL RUBBER
0.97% , FITB , FIFTH THIRD BANC
0.23% , IYH , Healthcare DJ, IYH
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-5.43% , TAP , ADOLPH COORS STK B, TAP
-1.89% , DGT , Global Titans, DGT
-3.67% , EWP , Spain Index, EWP
-9.46% , RIMM , RESEARCH IN MOTION LTD
-4.34% , KWT , Solar Energy MV, KWT
-3.80% , COH , COACH
-1.45% , PBW , WilderHill Clean Energy PS, PBW
-5.40% , CECO , CAREER EDUCATION CORP
-2.90% , EWI , Italy Index, EWI
-3.69% , APOL , APOLLO GROUP
-1.16% , NYC , LargeCap Blend NYSE Composite iS, NYC
-6.36% , SVU , SUPERVALU
-1.60% , SOXX , Semiconductor iS IGW, SOXX
-2.34% , FAST , Fastenal Company
-4.01% , UIS , UNISYS
-6.04% , FMCN , Focus Media, FMCN
-2.91% , TIF , TIFFANY
-3.53% , VLO , VALERO ENERGY
-0.24% , PUI , Utilities, PUI
-0.23% , ADRA , Asia 50 BLDRS, ADRA
-0.27% , JKG , MidCap Blend Core iS M, JKG
-3.40% , NEM , NEWMONT MINING
-0.38% , PWO , OTC Dynamic PS, PWO
-1.87% , GLD , Gold Shares S.T., GLD
-0.38% , IXJ , Healthcare Global, IXJ
-1.75% , CSCO , CISCO SYSTEMS
-1.61% , JBL , JABIL CIRCUIT
-1.34% , EWL , Switzerland Index, EWL
-2.51% , GNW , GENWORTH FINANCIAL
-1.12% , IGN , Networking, IGN
-1.53% , EWU , United Kingdom Index, EWU
-1.07% , JKF , Value LargeCap iS M, JKF
-2.71% , KR , KROGER
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
0.75% Thailand MSCI iS, THD
0.74% South Korea Index, EWY
0.67% Biotech SPDR, XBI
0.39% Bear, Short S&P 500, SH
0.33% Indonesia MV, IDX
0.32% Growth MidCap 400 B, IJK
0.30% China 25 iS, FXI
0.29% MidCap S&P 400 iS, IJH
0.23% MidCap S&P 400 SPDRs, MDY
0.14% Value MidCap S&P 400 B, IJJ
0.13% Russia MV, RSX
0.06% Financial Preferred, PGF
0.05% Utilities VIPERs, VPU
0.03% Preferred Stock iS, PFF
0.00% Hong Kong Index, EWH
0.00% Homebuilders SPDR, XHB
0.00% Dividend High Yield Equity PS, PEY
-0.02% Bond Treasury Short-Term iS, SHV
-0.03% Bond, High-Yield Junk, JNK
-0.03% India Earnings WTree, EPI
-0.03% QQQ Nasdaq 100 Trust, QQQ
-0.05% India PS, PIN
-0.05% Health Care SPDR, XLV
-0.06% Growth VIPERs, VUG
-0.06% Utilities SPDR, XLU
-0.06% Capital Markets KWB ST, KCE
-0.07% Technology SPDR, XLK
-0.07% Bond, 1-3 Year Treasury, SHY
-0.09% Bond, High-Yield Corporate, HYG
-0.12% Dividend DJ Select, DVY
-0.13% Telecom DJ US, IYZ
-0.14% Technology DJ US, IYW
-0.15% Growth 1000 Russell, IWF
-0.16% Mexico Index, EWW
-0.16% MidCap Russell, IWR
-0.17% Growth S&P 500/BARRA, IVW
-0.17% Growth MidCap Russell, IWP
-0.19% Info Tech VIPERs, VGT
-0.20% Consumer Discretionary SPDR, XLY
-0.21% Value MidCap Russell, IWS
-0.28% Bond EmrgMkt JPM iS, EMB
-0.30% Transportation Av DJ, IYT
-0.30% Dividend SPDR, SDY
-0.31% Growth SmallCap VIPERs, VBK
-0.31% LargeCap Blend Russell 3000, IWV
-0.32% LargeCap 1000 R, IWB
-0.32% Frontier Markets Guggenheim , FRN
-0.33% Blend Total Market VIPERs, VTI
-0.34% LargeCap VIPERs, VV
-0.35% Financial Services DJ, IYG
-0.35% Small Cap VIPERs, VB
-0.36% Financial DJ US, IYF
-0.36% LargeCap Blend S&P=Weight R, RSP
-0.36% Realty Cohen & Steers, ICF
-0.38% S&P 500 iS LargeCap Blend, IVV
-0.39% Emerging VIPERs, VWO
-0.39% LargeCap Blend S&P 100, OEF
-0.39% REIT VIPERs, VNQ
-0.39% Value SmallCap VIPERS, VBR
-0.41% REIT Wilshire, RWR
-0.41% S&P 500 SPDRs LargeCap Blend, SPY
-0.43% Bond, Aggregate, AGG
-0.45% Commodity Tracking, DBC
-0.46% Growth BARRA Small Cap 600, IJT
-0.46% Chile MSCI iS, ECH
-0.46% Real Estate US DJ, IYR
-0.48% Dividend Appreciation Vipers, VIG
-0.48% DIAMONDS (DJIA), DIA
-0.48% Growth SmallCap R 2000, IWO
-0.49% Financials VIPERs, VFH
-0.51% Value 1000 Russell, IWD
-0.51% Water Resources, PHO
-0.52% SmallCap S&P 600, IJR
-0.54% Malaysia Index, EWM
-0.55% Value VIPERs, VTV
-0.55% Consumer Staples SPDR, XLP
-0.57% Financial SPDR, XLF
-0.58% Value S&P 500 B, IVE
-0.59% Emerging Markets, EEM
-0.60% China LargeCap Growth G D H USX PS, PGJ
-0.64% Agriculture DB PS, DBA
-0.67% SmallCap Russell 2000, IWM
-0.69% Value LargeCap Dynamic PS, PWV
-0.70% Bond Muni ATM-Free S&P iS, MUB
-0.72% Value SmallCap S&P 600 B, IJS
-0.72% Industrial SPDR, XLI
-0.74% Bond, 10 Year Treasury, IEF
-0.74% Bond, TIPS, TIP
-0.74% Turkey MSCI iS, TUR
-0.75% Materials SPDR, XLB
-0.76% Value SmallCap Russell 2000, IWN
-0.78% Energy VIPERs, VDE
-0.84% Emerging 50 BLDRS, ADRE
-0.87% Energy SPDR, XLE
-0.88% Energy DJ, IYE
-0.88% Bond Ex-US Treas, BWX
-0.89% Oil Fund PowerShares, DBO
-0.89% Latin Am 40, ILF
-0.92% Singapore Index, EWS
-0.92% Oil, Crude, U.S. Oil Fund, USO
-0.95% Bond, Corp, LQD
-0.96% Dividend International, PID
-0.96% Brazil Index, EWZ
-1.00% Energy & Nat Res iS GS, IGE
-1.06% Microcap Russell, IWC
-1.06% Basic Materials DJ US, IYM
-1.09% Pacific VIPERs, VPL
-1.12% Networking, IGN
-1.12% Energy Global, IXC
-1.25% Global 100, IOO
-1.25% Silver Trust iS, SLV
-1.26% Small Cap EAFE MSCI iS, SCZ
-1.28% Japan Index, EWJ
-1.32% Pacific ex-Japan, EPP
-1.34% Switzerland Index, EWL
-1.38% Global ex US ACWI iS, ACWX
-1.45% WilderHill Clean Energy PS, PBW
-1.46% Sweden Index, EWD
-1.49% Canada Index, EWC
-1.53% United Kingdom Index, EWU
-1.57% Australia Index, EWA
-1.60% Semiconductor iS IGW, SOXX
-1.64% Austria Index, EWO
-1.68% Belgium Index, EWK
-1.68% Growth EAFE MSCI, EFG
-1.73% Bond, 20+ Years Treasury, TLT
-1.75% EAFE Index, EFA
-1.75% South Africa Index, EZA
-1.84% Value EAFE MSCI, EFV
-1.87% Gold Shares S.T., GLD
-1.89% Semiconductor SPDR, XSD
-2.07% Germany Index, EWG
-2.08% Europe 350 S&P Index, IEV
-2.17% Taiwan Index, EWT
-2.18% European VIPERs, VGK
-2.21% Metals & Mining SPDR, XME
-2.24% Netherlands Index, EWN
-2.51% France Index, EWQ
-2.60% EMU Europe Index, EZU
-2.90% Italy Index, EWI
-3.67% Spain Index, EWP
