The S&P 500 (SPX: 1,428.48) rose 0.64 points or 0.04% on Wednesday. The Dow Industrials and Transportation Averages both closed lower, as did the Nasdaq Composite, Russell 2000, and Advance-Decline Line.
SPX jumped up on news of the Federal Open Market Committee’s latest massive Treasury purchasing program, only to give up gains in the final 2 hours, suggesting that this widely-anticipated news already may have been fully discounted.
Speculators still appear to be hoping for some kind of deal on the fiscal cliff, and the majority has been anticipating a year-end rally. Bullish sentiment has been high for months and has been rising further into year end.
The technical condition of the stock market has not supported the excessive optimism that the bullish majority of stock investors and traders clearly exhibited over the past several months. Low volume has revealed a lack of big buying power. Long-term momentum has been showing bearish divergence and has weakened considerably since the SPX price peak on 9/14/12. Choosing safety over risk still appears to be the most reasonable approach for conservative traders and investors.
Our clients’ separately managed accounts preserved capital over the past 9 weeks while the S&P 500 fell 8.9%, based on intraday highs and lows from 9/14/12 to 11/16/12. In addition, our clients’ accounts made gains every quarter for the past 6 consecutive quarters; see:
Robert W. Colby Asset Management, Inc. (click here).
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Stock Market Indicators
The Dow Theory signaled a Primary Tide Bear Market on 5/17/12 when both Industrials and Transports closed below their closing price lows of the previous 4 months, including the critical lows of March and April, 2012. The Dow-Jones Industrial Average rose above its closing price highs of the previous 4-years on 10/5/12, but the Dow-Jones Transportation Average failed to confirm, remaining substantially below its 2012 high, thereby demonstrating non confirmation and bearish divergence. Both Averages broke down below their closing price lows of the previous 4 months again on 11/15/12 and 11/16/12.
NASDAQ 100/S&P 500 Relative Strength Ratio (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) turned systematically neutral on 11/29/12, when it rose above its 50-day SMA. BKF/SPY 50-day SMA has remained below its 200-day SMA every day since 1/13/11.
Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) turned systematically bullish on 12/12/12, when the 50-day SMA crossed above the 200-day SMA.
Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) turned systematically bullish on 11/27/12, when the 50-day SMA crossed above the 200-day SMA.
The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEF/SPY) turned systematically neutral on 10/11/12 when it fell below its 50-day SMA. OEF/SPY fell below its 200-day SMA on 11/7/11. The 50-day SMA has remained above the 200-day SMA consistently every day since 8/24/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative stability and 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 seek greater potential returns in more volatile, smaller stocks.
The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above its 50-day SMA on 11/29/12, thereby turning systematically neutral again. IWM/SPY 50-day SMA has remained below its 200-day SMA consistently every day since 4/20/12.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above its 50-day SMA on 10/23/12, thereby turning systematically neutral again. Longer term, the MDY/SPY 50-day SMA has been below the 200-day SMA since 6/6/12.
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Sentiment for Contrary Thinking
Investor sentiment data recently indicated alarming degrees of optimism and bullish complacency as the stock price indexes rose above their 2012 market highs. Elevated levels of optimism are bearish because when the majority is extremely bullish, 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.
The CFTC’s Commitments of Traders report for stock indexes showed smart professionals selling heavily to dumb speculators. Large commercial hedging firms enjoy an enormous inside informational advantage over speculators, who are usually wrong at major market turning points, according to Steve Briese, bullishreview.com. The current maximum bearish reading indicates that a major top is brewing and next move should be down big, possibly to SPX 1074.77, the low of 10/4/2011.
Large speculators held a record net-long position in futures and options contracts on the NASDAQ 100, according to the CFTC’s Commitment of Traders report. Large Speculators, which are mainly hedge funds, are trend-followers, and their aggregate position usually becomes extreme near market reversals.
SentimentTrader.com noted that 67% of the “dumb money” was bullish, compared to 29% of the “smart money”. At such readings in the past, the stock market suffered a 3% to 8% downside correction spread out over a few weeks.
Put/Call Ratios fell to a record low in September on the CBOE.
Market Vane’s Bullish Consensus survey showed extreme optimism. The percentage of stock market bulls surged to 70% in September, the highest since June 2007.
AAII Sentiment showed that individual investors were extremely bullish recently. As of 8/23/12, there were 41.96% Bulls and 25.87% Bears. This was the most extreme optimism since 3/29/12, a few days before the SPX high close on 4/2/2012 and the beginning of a 10% downside correction.
Investors Intelligence Sentiment confirmed that stock market newsletter advisors were extremely bullish recently. As of 9/19/12, there were 54.2% Bulls and 24.5% Bears. That was the highest percentage of Bulls since 2/15/12 and the second highest since 54.9% Bulls on 5/4/11, just 2 days after the SPX peak for 2011 and the beginning of a 22% downside correction.
Hulbert Stock Newsletter Sentiment Index showed that the average recommended equity exposure among a subset of the shortest-term stock market timers jumped to 53.1% in August, up from previous peaks at 47.0% in July and 42.1% in May. “Watch out for a correction — or worse. The odds of a stock market correction are now quite elevated,” according to Mark Hulbert.
Corporate insiders have been extremely bearish. Insiders sold 5.97 shares for each share bought in September–up from 1.6-to-1 in May 2012, up from a low of 1.04-to-1 in October 2011, and up from a long-term average of 2.25-to-1. For Nasdaq-listed stocks, insiders sold 6.17 shares for each share bought. This data is compiled by Vickers Weekly Insider Report, published by Argus Research. Reporting for MarketWatch.com, Mark Hulbert wrote, “To be sure, the stock market didn’t decline in September, notwithstanding the insiders’ selling. But, since historically the insiders have been more right than wrong, it seems risky to bet that the market will continue to escape the bearish implication of their behavior…. Note carefully that the insiders’ bearish behavior doesn’t necessarily mean the bull market is now over. However, to the extent the insiders turn out to be as right as they were on other recent occasions when their behavior was as lopsided on the sell side, we should be prepared for a notable market decline.” Separately, data provided by Bloomberg shows 40 sales for every buy by insiders of S&P 500 companies.
NYSE Margin Debt rose another $3 billion to $318 billion in October. In September, Margin Debt rose $30 billion to $315 billion, the highest level since March 2011, a few weeks before the highest price for the S&P 500 for the year 2011. Stocks may be vulnerable to forced selling if stock prices fall significantly.
NYSE Short Interest fell by more than 884 million shares from June to August, a decline of 6%. This source of short-covering, potential demand for stocks has diminished.
The ICI reported $62.6 billion has been withdrawn from domestic equity mutual funds so far in 2012. This is another confirmation that supply is greater than demand for stocks.
VIX Fear Index has been fluctuating near 5-year lows from July into December, suggesting bullish complacency. VIX fell to 13.30 intraday on 8/17/12, its lowest level in more than 5 years, since 6/20/07. VIX fell from an intraday peak of 27.73 on 6/4/12. This large drop suggests a shift from worried concern to 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
1474.51, high of 9/14/2012
1464.02, high of 10/18/2012
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
1430.53, low of 9/26/2012
The S&P 500 Composite Potential Support
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
1422.38, 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
1416.23, 50-day SMA
1415.32, high of 5/1/2012
1409.16, high of 11/23/2012
1403.28, low of 10/26/12
1398.23, low of 12/5/2012
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
1387.01, 200-day SMA
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) fell below its 50-day SMA on 12/12/12, thereby turning systematically neutral again. TLT remains above its 200-day SMA, and TLT’s 50-day SMA has remained above the 200-day SMA every day since 6/24/11. Support 121.78, 119.87, 118.05, 117.44, 115.69, 114.82, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance: 127.19, 127.72, 130.69, and 132.22.
Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) fell below its 50-day SMA on 12/12/12, thereby turning systematically neutral again. IEF remains above its 200-day SMA, and IEF’s 50-day SMA has remained above the 200-day SMA every day since 6/21/11. Support 107.99, 107.25, 106.59, 106.42, 105.84, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance: 109.20, 109.32, and 109.89.
Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) rose above its 50-day SMA on 11/28/12, thereby turning systematically neutral again. JNK/LQD fell below its 200-day SMA on 9/20/12. JNK/LQD 50-day SMA has remained consistently below the 200-day SMA every day since 6/1/12.
U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned systematically bullish again on 12/6/12 when it rose above its 50-day SMA. TIP/IEF rose above its 200-day SMA on 9/27/12, and the 50-day SMA rose above the 200-day SMA on 10/10/12.
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Tangible Assets, Commodities
U.S. dollar ETF (UUP) turned systematically bearish again on 12/11/12 when it fell below its 50-day SMA. UUP fell below its 200-day SMA on 8/31/12, and the 50-day SMA fell below the 200-day SMA on 10/2/12. Support 21.76, 21.57, 21.07, and 20.84. Resistance 22.05, 22.30, 22.45, 23.14, 23.52, 25.84, 27.19, 28.97.
Agriculture, PowerShares DB Agriculture Fund ETF (DBA) turned systematically neutral again on 11/30/12 when price crossed back down below its 50-day SMA. The 50-day SMA remains above the 200-day SMA, although the 50-200 spread has been narrowing gradually.
Crude Oil, United States Oil ETF (USO) turned systematically bearish on 9/19/12, when price fell below its 50-day SMA. USO price fell below its 200-day SMA on 9/17/12, and the 50-day SMA has remained below its 200-day SMA consistently every day since 6/7/12. Support 31.00, 29.02, 26.28, and 22.74. Resistance 32.93, 34.70, 37.17, 38.31, 40.29, 41.38, 42.30, and 45.60.
Gold, SPDR Gold Shares ETF (GLD) turned systematically neutral on 11/27/12, when price fell below its 50-day SMA. GLD price rose above its 200-day SMA on 8/22/12. GLD 50-day SMA rose above the 200-day SMA on 9/20/12. Support: 163.20, 162.30, 159.56, 154.83, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 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 neutral on 11/5/12 when it fell below its 50-day SMA. The 50-day SMA has been above the 200-day SMA since 10/19/12, but a bearish crossover seems possible in weeks ahead.
Silver, iShares Silver Trust ETF (SLV) turned systematically bullish again on 12/12/12 when it rose above its 50-day SMA. The 50-day SMA crossed above the 200-day SMA on 10/1/12. Support 31.48, 31.00, 29.84, 29.28, 26.87, 26.13, 25.34, 25.00, 24.44, 22.52, 20.73, and 19.44. Resistance: 34.08, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71, and 48.35.
Silver/Gold ETFs Ratio (SLV/GLD) rose above its 50-day SMA on 11/20/12, thereby turning systematically bullish. Longer term, SLV/GLD 50-day SMA crossed above the 200-day SMA on 10/9/12.
Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) rose above both its 50-day SMA and 200-day SMA on 11/30/12. Long term, JJC has been consolidating losses in Triangle chart pattern trading range between 38.99 and 51.41 for more than a year since October 2011. “Dr. Copper” is widely accepted as one of the better indicators of investor confidence (or lack thereof) in the global industrial 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 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
5.40% , NFLX , Netflix, NFLX
4.24% , SNV , SYNOVUS
1.51% , PBW , WilderHill Clean Energy PS, PBW
2.35% , SIL , Silver Miners Global X, SIL
1.92% , CAG , CONAGRA FOODS
7.73% , MTG , MGIC INVESTMENT
3.08% , NIHD , NII Holdings, Inc.
2.87% , HES , AMERADA HESS
2.36% , TBT , 200% Short US T Bond, TBT
5.63% , RIMM , RESEARCH IN MOTION LTD
3.50% , DHI , D.R. HORTON, DHI
1.44% , SLV , Silver Trust iS, SLV
3.33% , WYNN , Wynn Resorts L
3.67% , KBH , KB HOME
3.21% , AET , AETNA
3.32% , HOG , HARLEY DAVIDSON
2.40% , EMN , EASTMAN CHEM
1.20% , MET , METLIFE
1.00% , RSX , Russia MV, RSX
2.05% , LH , LAB CRP OF AMER
2.13% , DHR , DANAHER
3.31% , HMA , HEALTH MGMT STK A
0.16% , MYY , Short 100% MidCap 400, MYY
1.40% , DD , DU PONT
1.60% , CI , CIGNA
0.46% , VPL , Pacific VIPERs, VPL
2.19% , LVLT.K , LEVEL 3 COMMUNICATIONS
1.34% , BBT , BB&T
2.04% , A , AGILENT TECH
0.63% , IGT , INTL GAME TECH
0.58% , BBY , BEST BUY
1.95% , WHR , WHIRLPOOL
0.18% , IWW , Value LargeCap Russell 3000, IWW
Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-3.16% , LLY , ELI LILLY
-2.79% , ECL , ECOLAB
-2.22% , NOV , NATIONAL OILWELL VARC0
-0.84% , ETFC , E*TRADE FINANCIAL
-2.75% , WMT , WAL MART STORES
-2.57% , EMC , EMC
-0.89% , GWW , WW GRAINGER
-1.20% , LM , LEGG MASON
-1.03% , PBE , Biotech & Genome, PBE
-0.80% , WMB , WILLIAMS
-1.16% , TLT , Bond, 20+ Years Treasury, TLT
-1.25% , PX , PRAXAIR
-1.82% , VMC , VULCAN MATERIALS
-1.75% , CCE , COCA COLA ENTER
-0.93% , LTD , LIMITED BRANDS
-0.43% , IGV , Software, IGV
-1.54% , CPB , CAMPBELL SOUP
-0.45% , VIA.O , VIACOM INC. (New)
-1.61% , SNPS , Synopsys Inc
-1.39% , WOR , WORTHINGTON INDS
-1.10% , DRI , DARDEN REST
-0.97% , AVP , AVON
-0.51% , IJR , SmallCap S&P 600, IJR
-1.17% , BCR , C R BARD
-2.37% , RL , Polo Ralph Lauren
-1.16% , CVG , CONVERGYS
-0.56% , IWO , Growth SmallCap R 2000, IWO
-0.90% , TLAB , TELLABS
-1.45% , TGT , TARGET
-1.67% , STLD , Steel Dynamics, STLD
-0.39% , PHO , Water Resources, PHO
-1.39% , SLM.O , SLM CORP
-0.36% , KEY , KEYCORP
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.65% Homebuilders SPDR, XHB
1.51% WilderHill Clean Energy PS, PBW
1.44% China LargeCap Growth G D H USX PS, PGJ
1.44% Silver Trust iS, SLV
1.31% Frontier Markets Guggenheim , FRN
1.19% Italy Index, EWI
1.17% Spain Index, EWP
1.12% Telecom DJ US, IYZ
1.00% Russia MV, RSX
0.99% Oil, Crude, U.S. Oil Fund, USO
0.89% Turkey MSCI iS, TUR
0.80% Indonesia MV, IDX
0.77% Oil Fund PowerShares, DBO
0.77% Canada Index, EWC
0.69% Chile MSCI iS, ECH
0.65% EMU Europe Index, EZU
0.62% Germany Index, EWG
0.57% South Africa Index, EZA
0.57% Belgium Index, EWK
0.56% Global ex U.S. LargeCap Blend, ACWX
0.55% Energy & Nat Res iS GS, IGE
0.54% Austria Index, EWO
0.52% China 25 iS, FXI
0.47% Commodity Tracking, DBC
0.46% Pacific VIPERs, VPL
0.44% Europe 350 S&P Index, IEV
0.44% Taiwan Index, EWT
0.44% Financial SPDR, XLF
0.43% Japan Index, EWJ
0.42% European VIPERs, VGK
0.39% France Index, EWQ
0.39% Global 100, IOO
0.39% Emerging VIPERs, VWO
0.39% Thailand MSCI iS, THD
0.39% Dividend ex-U.S. DJ iS, IDV
0.37% Mexico Index, EWW
0.36% Singapore Index, EWS
0.36% Energy SPDR, XLE
0.36% Value EAFE MSCI, EFV
0.33% United Kingdom Index, EWU
0.32% Foreign LargeCap EAFE MSCI iS, EFA
0.32% Dividend International, PID
0.32% Financial DJ US, IYF
0.32% Energy VIPERs, VDE
0.32% Energy DJ, IYE
0.31% Australia Index, EWA
0.31% Energy Global, IXC
0.30% Emerging Markets MSCI iS, EEM
0.30% SmallCap Blend EAFE MSCI iS, SCZ
0.30% Bond, High Yield Corp iBoxx iS, HYG
0.29% Financial Services DJ, IYG
0.27% LargeCap Value S&P 500 iS, IVE
0.27% Bond, High-Yield Junk, JNK
0.27% Financials VIPERs, VFH
0.27% Switzerland Index, EWL
0.26% LargeCap Value Russell 1000 iS, IWD
0.24% Value VIPERs, VTV
0.23% Pacific ex-Japan, EPP
0.22% Basic Materials DJ US, IYM
0.21% Global LargeCap Blend MSCI iS, ACWI
0.18% Value LargeCap Dynamic PS, PWV
0.16% Industrial SPDR, XLI
0.15% Preferred Stock iS, PFF
0.14% LargeCap Blend S&P 500 iS, IVV
0.13% Growth EAFE MSCI, EFG
0.13% Malaysia Index, EWM
0.13% Bond Ex-US Treas, BWX
0.13% Consumer Discretionary SPDR, XLY
0.10% Hong Kong Index, EWH
0.10% Emerging 50 BLDRS, ADRE
0.09% Latin Am 40, ILF
0.09% LargeCap Blend S&P 100, OEF
0.09% Capital Markets KWB ST, KCE
0.09% LargeCap Blend Russell 1000 iS, IWB
0.07% Gold Shares S.T., GLD
0.07% Metals & Mining SPDR, XME
0.07% Brazil Index, EWZ
0.06% MidCap Russell, IWR
0.06% Value MidCap Russell, IWS
0.06% LargeCap Blend S&P=Weight R, RSP
0.05% Netherlands Index, EWN
0.05% Financial Preferred, PGF
0.05% S&P 500 SPDRs LargeCap Blend, SPY
0.05% South Korea Index, EWY
0.05% Growth MidCap Russell, IWP
0.04% Blend Total Market VIPERs, VTI
0.01% DIAMONDS (DJIA), DIA
0.00% Bond Treasury Short-Term iS, SHV
-0.01% LargeCap Blend Russell 3000 iS, IWV
-0.01% Bond, 1-3 Year Treasury, SHY
-0.02% LargeCap VIPERs, VV
-0.06% Bear, Short S&P 500, SH
-0.06% Real Estate US DJ iS, IYR
-0.08% Bond, Emerg Mkt JPM iS, EMB
-0.09% Utilities VIPERs, VPU
-0.11% MidCap Blend S&P 400 iS, IJH
-0.12% LargeCap Growth S&P 500 iS, IVW
-0.12% LargeCap Growth Russell 1000 iS, IWF
-0.14% Realty Cohen & Steers, ICF
-0.15% Health Care SPDR, XLV
-0.15% Growth VIPERs, VUG
-0.16% MidCap S&P 400 SPDRs, MDY
-0.17% Bond, Muni S&P ATM-Free iS, MUB
-0.17% Utilities SPDR, XLU
-0.17% Technology SPDR, XLK
-0.17% MidCap Value S&P 400 iS, IJJ
-0.18% Networking, IGN
-0.18% REIT Wilshire, RWR
-0.21% QQQ Nasdaq 100 Trust, QQQ
-0.22% Consumer Staples SPDR, XLP
-0.23% MidCap Growth S&P 400 iS, IJK
-0.25% Agriculture DB PS, DBA
-0.25% Materials SPDR, XLB
-0.25% Transportation Av DJ, IYT
-0.26% Dividend U.S. DJ iS, DVY
-0.26% India Earnings WTree, EPI
-0.28% REIT VIPERs, VNQ
-0.28% Biotech SPDR, XBI
-0.28% Bond, Intermediate US Aggregate iS, AGG
-0.29% Dividend SPDR, SDY
-0.30% Bond, Long-Term Corp iBoxx iS, LQD
-0.31% Bond, TIPS U.S. Treasury iS, TIP
-0.33% Dividend Appreciation Vipers, VIG
-0.34% Growth SmallCap VIPERs, VBK
-0.35% Small Cap VIPERs, VB
-0.37% Value SmallCap VIPERS, VBR
-0.38% Semiconductor iS IGW, SOXX
-0.38% Technology DJ US, IYW
-0.39% Water Resources, PHO
-0.42% Bond, 10 Year Treasury, IEF
-0.43% Info Tech VIPERs, VGT
-0.45% SmallCap Value S&P 600 iS, IJS
-0.46% Semiconductor SPDR, XSD
-0.47% SmallCap Value Russell 2000 iS, IWN
-0.51% SmallCap Blend S&P 600 iS, IJR
-0.52% Dividend High Yield Equity PS, PEY
-0.54% India PS, PIN
-0.56% SmallCap Growth Russell 2000 iS, IWO
-0.56% SmallCap Blend Russell 2000 iS, IWM
-0.66% SmallCap Growth S&P 600 iS, IJT
-0.74% Microcap Russell, IWC
-0.92% Sweden Index, EWD
-1.16% Bond, 20+ Years Treasury, TLT
