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Daily Stock Market Commentary


Stock Market: diminishing demand for stocks.

Major stock price indexes finished mixed, showing loss of upside momentum.

Stock price momentum oscillators still show bearish divergences compared with the major stock price indexes.

Trading volume fell significantly, indicating diminishing demand for stocks.

Industrial Stock Sector Relative Strength Ratio fell below 5-week lows, a sign of relative weakness.

Utilities Stock Sector Relative Strength Ratio fell further below previous 23-month lows. XLU has underperformed since 11/21/08, as the appetite for risk recovered.

U.S. Treasury Bond futures closed above the highest closing prices of the previous 5 months and remain bullish.

Gold rose further above previous all-time highs. Gold appears to have substantial upside potential.


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
% Price Change, Symbol, Name

10.00% , BHH , Internet B2B H, BHH
4.05% , JCI , JOHNSON CONTROLS
0.73% , EWN , Netherlands Index, EWN
0.52% , PZJ , SmallCap PS Zacks, PZJ
0.43% , KLD , LargeCap Blend Socially Responsible iS, KLD
3.77% , GOOG , Google
2.15% , SUN , SUNOCO
1.85% , COST , COSTCO WHOLESAL
0.50% , PWY , Value SmallCap Dynamic PS, PWY
3.27% , NIHD , NII Holdings, Inc.
0.36% , ELV , Value Large Cap DJ, ELV
3.00% , SLB , SCHLUMBERGER
1.48% , QLGC , QLOGIC
2.43% , RIG , TRANSOCEAN
4.32% , HAL , HALLIBURTON
2.17% , MCK , MCKESSON CORP
4.55% , FCX , FREEPRT MCMORAN STK B
2.66% , COP , CONOCOPHILLIPS
1.67% , CPWR , COMPUWARE
0.42% , PRF , Value LargeCap Fundamental RAFI 1000, PRF
0.99% , VPL , Pacific VIPERs, VPL
3.74% , MTG , MGIC INVESTMENT
2.09% , TNB , THOMAS & BETTS
3.07% , CI , CIGNA
4.06% , ERTS , ELECTRONIC ARTS
2.30% , WLP , WELLPOINT HEALTH
0.83% , GAS , NICOR
0.49% , PWO , OTC Dynamic PS, PWO
1.49% , COH , COACH
2.06% , OIH , Oil Services H, OIH
1.16% , VIA.B , VIACOM STK B
1.99% , ITW , ILLINOIS TOOL
0.66% , PIV , Value Line Timeliness MidCap Gr, PIV
0.49% , IGM , Technology GS, IGM
2.11% , WAG , WALGREEN
1.30% , IYG , Financial Services DJ, IYG
1.67% , FLR , FLUOR
2.23% , AA , ALCOA
0.65% , KSU , Kansas City Southern, KSU
2.73% , COF , CAPITAL ONE FNCL

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name

-5.87% , CAR , Avis Budget Group, Inc.
-4.87% , SIRI , Sirius Satellite
-3.00% , CEPH , Cephalon Inc
-2.82% , LMT , LOCKHEED MARTIN
-3.57% , T , AT&T Corp., T
-3.82% , PHM , PULTE HOMES
-0.49% , PSI , Semiconductors, PSI
-1.60% , NWL , NEWELL RUBBER
-2.36% , DLX , DELUXE
-2.62% , VZ , VERIZON COMMS
-0.48% , XBI , Biotech SPDR, XBI
-1.33% , CVG , CONVERGYS
-3.23% , IPG , INTERPUBLIC GRP
-1.72% , MON , MONSANTO
-2.33% , MRVL , MARVELL TECHNOLOGY
-1.86% , FPL , FPL GROUP INC
-1.41% , YUM , YUM BRANDS
-0.61% , EWP , Spain Index, EWP
-0.59% , ETFC.O , E*TRADE FINANCIAL
-0.56% , ADRA , Asia 50 BLDRS, ADRA
-0.95% , FDO , FAMILY DLR STRS
-1.41% , ROK , ROCKWELL AUTOMAT
-1.18% , TROW , T ROWE PRICE GP
-1.19% , ERIC.O , LM Ericsson Telephone Company
-2.80% , TTH , Telecom H, TTH
-1.56% , KBH , KB HOME
-0.14% , IDU , Utilities DJ, IDU
-1.27% , CTXS , CITRIX SYSTEMS
-1.29% , PST , 200% Short Bond 7-10 Yr T, PST
-0.84% , LRCX , LAM RESEARCH CORP
-0.63% , MAS , MASCO
-0.72% , GPC , GENUINE PARTS
-0.43% , BDK , BLACK & DECKER
-0.81% , ECL , ECOLAB
-0.41% , CBS , CBS CORP.
-1.07% , MMM , 3M
-0.38% , RFV , Value MidCap S&P 400, RFV
-0.44% , FDL , Dividend Leaders, FDL
-0.57% , XL , XL CAPITAL STK A
-0.39% , FEZ , Euro STOXX 50, FEZ

9 major U.S. stock sectors ranked in order of long-term relative strength:

Consumer Discretionary Neutral, Market Weight. The Relative Strength Ratio appears choppy short term. Intermediate term, the relative trend appears neutral/sideways since peaking on 4/30/09. XLY was strong from 11/19/08 to 4/30/09, and that past strength accounts for XLY’s high ranking here. The XLY/SPY trend was clearly down from 1/5/05 to 11/19/08.

Technology Neutral, Market Weight. The Relative Strength Ratio appears choppy short term. It turned down after 9/30/09. Long term, on 7/22/09, XLK/SPY rose to its highest level in 7 years, thereby confirming a long-term uptrend in effect since 9/30/02.

Financial Neutral, Market Weight. The Relative Strength Ratio appears choppy since peaking on 8/31/09. It turned up after 10/1/09. Longer term, XLF/SPY may still be in a secular Bear trend since its major top on 3/23/04.

Materials Neutral, Market Weight. The Relative Strength Ratio peaked on 8/5/09 and remains in a short-term downtrend. XLB/SPY broke down below a 7-month uptrend line and below 2-month lows on 10/1/09. XLB/SPY was in an intermediate-term uptrend from its low on 12/5/08 to its high on 8/5/09.

Consumer Staples Neutral, Market Weight. The Relative Strength Ratio turned upward since 9/17/09 and rose to a new 9-week high on 10/2/09. Still, longer term, XLP/SPY has been in a relatively weak trend since 11/20/08, as the appetite for risk recovered.

Health Care Neutral, Market Weight. The Relative Strength Ratio broke down below the low of 9/28/09. The short-term trend is down. Longer term, XLV/SPY has been relatively weak since 2/23/09.

Industrial Neutral, Market Weight. The Relative Strength Ratio fell below 5-week lows on 10/7/09. XLI/SPY was in an intermediate-term uptrend from its low on 3/6/09 to its high on 9/17/09.

Energy Bearish, Underweight. The Relative Strength Ratio has stabilized since falling to an 11-month low on 8/17/09, which confirmed a bearish cycle phase in force since XLE/SPY peaked on 7/1/08.

Utilities Bearish, Underweight. The Relative Strength Ratio fell further below previous 23-month lows on 10/7/09. XLU has underperformed since 11/21/08, as the appetite for risk recovered.

Emerging Markets Stocks ETF Relative Strength Ratio moved further above previous 6-year highs on 10/6/09. Trends are bullish in all time frames.

Foreign Stocks ETF Relative Strength Ratio fell further below the lows of the previous 4 weeks on 10/5/09, confirming the preexisting short-term downtrend. EFA outperformed from 10/27/08 to 9/9/09. EFA is the ETF representing the EAFE, the international developed country stock markets, excluding the U.S. and Canada.

NASDAQ Composite/S&P 500 Relative Strength Ratio broke down below 2-week lows on 10/2/09.

Growth Stock/Value Stock Relative Strength Ratio has been correcting and consolidating gains since the peak on 3/5/09. IWF/IWD was in an uptrend from 8/8/06 to 3/5/09, and it is quite possible that uptrend could resume.

Russell 1000 Value ETF Relative Strength Ratio has underperformed since 9/18/09. Long term, IWD/SPY remains in a Bearish Major Trend, underperforming the SPY since 3/22/07.

The S&P 500 equally weighted index relative to the S&P 500 capitalization weighted index has been consolidating gains since 9/16/09. Longer term, the trend may still be bullish. The ratio has been in a strong uptrend since making a low on 11/19/08.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio broke out above 3-week highs on 10/2/09, as the market moved further toward a defensive posture.

The Small Cap/Large Cap Relative Strength Ratio been consolidating gains since 9/18/09. IWM/SPY was in a an uptrend for more than 6 months this year, from 3/9/09 to 9/18/09, and that uptrend could resume.

The Mid Cap/Large Cap Relative Strength Ratio has been consolidating gains since 9/16/09. The secular trend since 1999 remains bullish.

Crude Oil nearest futures contract price may be in a neutral/sideways trading range since the high at 75.00 set on 8/25/09. Look for potential support at previous lows of 65.05, 61.38, and 58.32. Look for potential resistance at previous highs around 72-75.

Gold nearest futures contract price rose further above previous all-time highs. Obviously now all trends remain bullish. Gold appears to have substantial upside potential. Technical supports might be found around previous highs and lows at 1033.9, 1024.7, 982.2, 940.3, 931.5, 925.2 and 904.8, based on the nearest futures contract. There is no chart resistance.

Gold Mining Stocks ETF Relative Strength Ratio moved further above the highs of the previous 2 weeks on 10/7/09. The short-term trend remains bullish. The ratio moved above previous 13-month highs on 9/17/09, confirming a preexisting longer-term uptrend in effect since 10/27/08. This main trend remains bullish for both Gold bullion and Gold Mining Stocks.

Silver/Gold Ratio rose above the highs of the previous 10 trading days on 10/7/09. This is a reversal after it broke down below 4-week lows on 10/2/09. Although the short-term trend appears choppy, the ratio is still above uptrendlines drawn from the low on 10/10/08.

Copper nearest futures contract price broke down below 2-month lows on 10/2/09, possibly reflecting doubts about global economic prospects.

U.S. Treasury Bond December futures contract price closed above the highest closing prices of the previous 5 months on 10/7/09. The Bond remains bullish. The Bond may find short-term support around 121 and 118, as well at the lows of 117.18 set on 9/9/09 and at 116.30 set on 8/24/09. On 8/7/09, Bonds found support at the upper end of the 112-115 zone of many previous reversal points .

Bond quality ratio broke down below a 6-month uptrend line and also broke down below 11-week lows on 10/1/09, signaling a move away from risk and toward safety. The trend had been up from 12/19/08 to 8/7/09, as the appetite for risk recovered, but even that trend could be stalling out. LQD/TLT is iShares iBoxx $ Invest Grade Corp Bond ETF price divided by 20+ Years US Treasury Bond ETF price .

The U.S. dollar nearest futures contract price fell below the lows of the previous 7 trading days on 10/6/09. The short-term trend is bearish. USD hit a new 11-month low at 76.045 on 9/23/09. That low will be a critical number to watch on a test. The longer-term trend remains bearish, and it probably would take a long period of base building and bottom testing to turn this trend.

The Art of Contrary Thinking: The various surveys of investor sentiment are best considered as background factors. The majority of investors can be right for a long time before a major trend finally changes course. So, Contrary Thinking should be used with more precise market timing tools.

Advisory Service Sentiment: There were 48.9% Bulls versus 24.4% Bears as of 10/7/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 2.00, down from 2.14 the previous week. The ratio was 2.61 on 8/26/09, the highest reading since 10/17/07. The ratio’s 39-year range is 0.28 to 17.51, the median is 1.43, and the mean is 1.73.

VIX Fear Index remains locked within its 3-month range. VIX has been fluctuating sideways, between 22 and 30 since 7/10/09. VIX is down from a peak of 80.86 set on 11/20/08. 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.

VXN Fear Index remains locked within its 3-month range. VXN has been fluctuating sideways, between 23 and 30 since 7/10/09. VXN is down from a peak of 80.64 set on 11/20/08. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.

ISEE Call/Put Ratio rose to 1.47 on 10/7/09, indicating neutral sentiment. The ratio’s 5-year mean is 1.43, median is 1.38, and its range is 0.51 to 3.16.

CBOE Put/Call Ratio rose to 0.52 on 10/7/09, indicating bullish sentiment. The ratio’s 5-year mean is 0.67, median is 0.65, and its range is 0.35 to 1.35.

Fundamentals: The 2003-2007 Bull Market was fed by abundant global liquidly, M&A, leveraged buyouts, corporate stock buybacks, and a net balance of positive earnings surprises. The unfolding fallout from the credit market crisis derailed that engine. Since the stock market low on 3/9/09, massive monetary and fiscal stimulation appears to have had a Bullish impact on investor sentiment.

The Dow Theory signaled a Primary Tide Bull Market on 7/23/09 when both the Dow-Jones Industrial Average the Dow-Jones Transportation Average closed above their May-June 2009 closing price highs. This reverses the previous signal: the two Averages signaled a Primary Tide Bear Market on 11/21/07, when both Averages closed below their closing price lows of August, 2007.

S&P 500 Cash Index Potential Resistance
1,576.09, high of 10/11/2007
1,552.76, high of 10/31/2007
1,523.57, high of 12/11/2007
1,498.85, high of 12/26/2007
1,440.24, high of 5/19/2008
1,406.32, high of 5/29/2008
1,381.50, Fibonacci 78.6% of 2007-2009 range
1,366.59, high of 6/17/2008
1,335.63, high of 6/25/2008
1,313.15, high of 8/11/2008
1,274.42, high of 9/8/2008
1,255.09, high of 9/12/2008
1,238.807, Fibonacci 78.6% of 1,576.09 high
1,228.74, Fibonacci 61.8% of 2007-2009 range
1,220.03, high of 9/25/2008
1,158.76, EW ABC measured move target
1,121.44, Fibonacci 50.0% of 2007-2009 drop
1,098.14, gap from 10/3/08 to 10/6/08
1,080.15, high of 9/23/2009
1,069.62, high of 9/29/2009
1,060.55, high of 10/6/2009

S&P 500 Cash Index Potential Support
1,042.58, high of 10/5/2009
1,041.17, low of 9/25/2009
1,035.00, low of 9/14/2009
1,028.48, Gann 87.5% of 2009 range
1,019.85, low of 10/2/2009
1,014.14, Fibonacci 38.2% of 2007-2009 drop
1,007.78, Gann 37.5% of 2007-2009 range
991.97, low of 9/2/2009
982.60, Fibonacci 23.6% of 2009 range
978.51, low of 8/17/2009
976.81, Gann 75% of 2009 range
956.23, high of 6/11/2009
922.25, Fibonacci 38.2% of 2009 range
930.17, high of 5/8/2009
873.47, Fibonacci 50% of 2009 range
869.32, low of 7/8/2009
826.83, low of 4/21/2009
824.69, Fibonacci 61.8% of 2009 range
814.53, low of 4/7/2009
813.62, high of 4/1/2009
779.81, low of 3/30/2009
770.13, Gann 25% of 2009 range
755.25, Fibonacci 78.6% of 2009 range
718.46, Gann 12.5% of 2009 range
666.79, intraday low of 3/6/2009
665.23, Fibonacci 61.8% of 2002-2007 upmove
602.07, Fibonacci 38.2% of 1,576.09 high

Daily Rankings of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol


10.00% Internet B2B H, BHH
2.92% Internet Infrastructure H, IIH
2.06% Oil Services H, OIH
1.48% Oil & Gas, PXJ
1.44% Internet H, HHH
1.30% Metals & Mining SPDR, XME
1.30% Financial Services DJ, IYG
1.27% Pacific ex-Japan, EPP
1.25% Bank Regional H, RKH
1.22% Japan LargeCap Blend TOPIX 150, ITF
1.21% Australia Index, EWA
1.20% South Africa Index, EZA
1.18% China 25 iS, FXI
1.17% Bond, 20+ Years Treasury, TLT
1.12% China LargeCap Growth G D H USX PS, PGJ
1.08% Financials Global LargeCap Value, IXG
1.07% Financial SPDR, XLF
1.00% Silver Trust iS, SLV
0.99% Pacific VIPERs, VPL
0.92% Japan Index, EWJ
0.91% Financial DJ US, IYF
0.85% Hong Kong Index, EWH
0.83% Austria Index, EWO
0.82% Energy VIPERs, VDE
0.78% IPOs, First Tr IPOX-100, FPX
0.77% Energy SPDR, XLE
0.77% Basic Materials DJ US, IYM
0.76% Financials VIPERs, VFH
0.74% Bond, High-Yield Corporate, HYG
0.73% Netherlands Index, EWN
0.70% Natural Resource iS GS, IGE
0.67% Canada Index, EWC
0.66% Value Line Timeliness MidCap Gr, PIV
0.65% Energy DJ, IYE
0.65% United Kingdom Index, EWU
0.64% Capital Markets KWB ST, KCE
0.64% Bond, Corp, LQD
0.64% Bond, 10 Year Treasury, IEF
0.61% Ultra S&P500 Double, SSO
0.60% Lg Cap Growth PSD, PWB
0.59% Italy Index, EWI
0.58% Ultra QQQ Double, QLD
0.57% Value MidCap iS M, JKI
0.55% Retail H, RTH
0.53% Growth LargeCap iS M, JKE
0.53% Networking, IGN
0.52% SmallCap PS Zacks, PZJ
0.50% Value SmallCap Dynamic PS, PWY
0.49% OTC Dynamic PS, PWO
0.49% Technology GS, IGM
0.47% WilderHill Clean Energy PS, PBW
0.47% Singapore Index, EWS
0.44% Value LargeCap NYSE 100 iS, NY
0.44% Bond, TIPS, TIP
0.43% LargeCap Blend Socially Responsible iS, KLD
0.43% Consumer Staples SPDR, XLP
0.42% Insurance, PIC
0.42% India Earnings WTree, EPI
0.42% Mexico Index, EWW
0.42% Value LargeCap Fundamental RAFI 1000, PRF
0.41% Micro Cap Zachs, PZI
0.41% Energy Global, IXC
0.40% Taiwan Index, EWT
0.40% Bond, Aggregate, AGG
0.40% Growth LargeCap Russell 3000, IWZ
0.40% Value 1000 Russell, IWD
0.39% LargeCap Blend Core iS M, JKD
0.38% LargeCap Blend S&P 1500 iS, ISI
0.38% Info Tech VIPERs, VGT
0.38% LargeCap Rydex Rus Top 50, XLG
0.38% Financial Preferred, PGF
0.37% Value LargeCap Russell 3000, IWW
0.37% EAFE Index, EFA
0.36% Materials VIPERs, VAW
0.36% Value Large Cap DJ, ELV
0.35% Growth S&P 500/BARRA, IVW
0.35% Growth LargeCap NASDAQ Fidelity, ONEQ
0.35% Growth 1000 Russell, IWF
0.35% Value MidCap Dynamic PS, PWP
0.34% Healthcare DJ, IYH
0.34% Consumer Staples VIPERs, VDC
0.33% Value SmallCap iS M, JKL
0.33% LargeCap Blend S&P 100, OEF
0.31% France Index, EWQ
0.30% Brazil Index, EWZ
0.29% Value S&P 500 B, IVE
0.29% S&P 500 iS LargeCap Blend, IVV
0.29% Internet Architecture H, IAH
0.29% Dividend Appreciation Vipers, VIG
0.29% Extended Mkt VIPERs, VXF
0.29% Nanotech Lux, PXN
0.29% Malaysia Index, EWM
0.29% Consumer Cyclical DJ, IYC
0.29% Growth LargeCap NASDAQ 100, QQQQ
0.28% Growth S&P 500, RPG
0.27% S&P 500 SPDRs LargeCap Blend, SPY
0.27% LargeCap Blend Total Market DJ, IYY
0.27% Germany Index, EWG
0.26% Growth Large Cap, ELG
0.25% SmallCap S&P 600, IJR
0.24% LargeCap 1000 R, IWB
0.24% Value VIPERs, VTV
0.23% Dividend Achievers PS, PFM
0.23% Value SmallCap Russell 2000, IWN
0.23% Value 40 Large Low P/E FT DB, FDV
0.23% Belgium Index, EWK
0.23% Growth EAFE MSCI, EFG
0.22% Blend Total Market VIPERs, VTI
0.22% Dividend International, PID
0.22% Value EAFE MSCI, EFV
0.21% Consumer Non-Cyclical, IYK
0.21% LargeCap VIPERs, VV
0.20% Growth VIPERs, VUG
0.19% Developed 100 BLDRS, ADRD
0.19% Growth MidCap 400 B, IJK
0.19% LargeCap Blend S&P=Weight R, RSP
0.18% Value Small Cap DJ, DSV
0.18% Commodity Tracking, DBC
0.18% SmallCap Core iS M, JKJ
0.18% Value SmallCap S&P 600 B, IJS
0.18% LargeCap Blend Dynamic PS, PWC
0.18% LargeCap Blend Russell 3000, IWV
0.17% Growth Small Cap DJ, DSG
0.17% Technology DJ US, IYW
0.17% Value LargeCap iS M, JKF
0.16% Small Cap VIPERs, VB
0.16% Health Care VIPERs, VHT
0.15% Value SmallCap VIPERS, VBR
0.15% Value SmallCap S&P 600, RZV
0.14% Value MidCap Russell, IWS
0.14% Dividend SPDR, SDY
0.13% Technology MS sT, MTK
0.13% Bond, 1-3 Year Treasury, SHY
0.12% Growth Mid Cap Dynamic PS, PWJ
0.11% LargeCap Blend NYSE Composite iS, NYC
0.10% Microcap Russell, IWC
0.10% Emerging 50 BLDRS, ADRE
0.09% Growth SmallCap R 2000, IWO
0.09% Growth MidCap S&P 400, RFG
0.09% Value LargeCap Dynamic PS, PWV
0.08% Preferred Stock iS, PFF
0.08% Healthcare Global, IXJ
0.08% Gold Shares S.T., GLD
0.07% Consumer Discretionary SPDR, XLY
0.07% Growth MidCap Russell, IWP
0.07% Health Care SPDR, XLV
0.07% Utilities SPDR, XLU
0.07% Food & Beverage, PBJ
0.06% MidCap Russell, IWR
0.04% Value S&P 500, RPV
0.03% SmallCap Russell 2000, IWM
0.03% Materials SPDR, XLB
0.03% MidCap Blend Core iS M, JKG
0.02% European VIPERs, VGK
0.02% Software, IGV
0.01% Transportation Av DJ, IYT
0.00% Short 100% MidCap 400, MYY
0.00% MidCap VIPERs, VO
0.00% Growth SmallCap Dynamic PS, PWT
0.00% Growth BARRA Small Cap 600, IJT
-0.01% Technology Global, IXN
-0.01% DIAMONDS , DIA
-0.02% MidCap S&P 400 SPDRs, MDY
-0.03% Ultra Dow30 Double, DDM
-0.03% Telecom Services VIPERs, VOX
-0.03% Telecommunications & Wireless, PTE
-0.04% Growth SmallCap VIPERs, VBK
-0.04% Short 100% Dow 30, DOG
-0.04% MidCap Growth iS M, JKH
-0.05% Value MidCap S&P 400 B, IJJ
-0.05% Ultra MidCap400 Double, MVV
-0.06% Energy Exploration & Prod, PXE
-0.07% Global 100, IOO
-0.07% Leisure & Entertainment, PEJ
-0.07% MidCap S&P 400 iS, IJH
-0.07% REIT VIPERs, VNQ
-0.08% Pharmaceutical H, PPH
-0.08% Building & Construction, PKB
-0.09% Short 200% Dow 30 PS, DXD
-0.09% Industrial LargeCap Blend DJ US, IYJ
-0.09% Software, PSJ
-0.10% Emerging Markets, EEM
-0.10% Software H, SWH
-0.11% Growth SmallCap iS M, JKK
-0.12% Dividend DJ Select, DVY
-0.12% Industrials VIPERs, VIS
-0.13% Wilshire 5000 ST TM, TMW
-0.13% Utilities VIPERs, VPU
-0.14% Utilities DJ, IDU
-0.14% Utilities, PUI
-0.16% Short 200% MidCap 400 PS, MZZ
-0.16% Utilities H, UTH
-0.18% Latin Am 40, ILF
-0.19% Consumer D. VIPERs, VCR
-0.19% Technology SPDR, XLK
-0.20% Semiconductor H, SMH
-0.21% Semiconductor iS GS, IGW
-0.21% EMU Europe Index, EZU
-0.23% Emerging VIPERs, VWO
-0.24% Biotech & Genome, PBE
-0.26% Europe 100 BLDRS, ADRU
-0.26% Retail, PMR
-0.26% Europe 350 S&P Index, IEV
-0.26% Dividend High Yield Equity PS, PEY
-0.27% REIT Wilshire, RWR
-0.30% Semiconductor SPDR, XSD
-0.31% Real Estate US DJ, IYR
-0.32% Realty Cohen & Steers, ICF
-0.32% Short 100% S&P 500, SH
-0.32% Switzerland Index, EWL
-0.35% Short 100% QQQ, PSQ
-0.38% Industrial SPDR, XLI
-0.39% Euro STOXX 50, FEZ
-0.40% Pharmaceuticals, PJP
-0.44% Dividend Leaders, FDL
-0.44% Global Titans, DGT
-0.47% Short 200% S&P 500 PS, SDS
-0.48% Telecom DJ US, IYZ
-0.48% Biotech SPDR, XBI
-0.49% Water Resources, PHO
-0.49% Semiconductors, PSI
-0.50% Aerospace & Defense, PPA
-0.52% Short 200% QQQ PS, QID
-0.56% Asia 50 BLDRS, ADRA
-0.57% Sweden Index, EWD
-0.60% Biotech H, BBH
-0.61% Spain Index, EWP
-0.85% Telecommunications Global, IXP
-0.95% Homebuilders SPDR, XHB
-1.05% Value LargeCap Euro STOXX 50 DJ, FEU
-1.29% Short 200% Bond 7-10 Yr T, PST
-1.44% South Korea Index, EWY
-1.59% Oil, Crude, U.S. Oil Fund, USO
-2.40% Short 200% US T Bond, TBT
-2.80% Telecom H, TTH

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Robert W. Colby
Senior Analyst, TraderPlanet.com

Robert W. Colby is managing director of Colby Research in New York and the author of The Encyclopedia of Technical Market Indicators, Second Edition, which has become the standard reference work throughout the world for technical indicators and trading systems design.

Colby’s firm develops research methods and custom investment decision-making systems for institutional and private clients. Colby also writes daily technical market analysis and strategy comments for an experimental educational service exploring investment strategy ideas for professional investors and traders.

He previously was a proprietary trader at Schonfeld Securities with complete profit-and-loss responsibility for one of the firm’s equities trading accounts and was senior technical research analyst and vice president at Smith Barney in New York in the 1980s, writing daily and weekly reports and making thousands of presentations to institutional and individual investors. He created an objective technical and quantitative ranking system for stock selection across the full spectrum of industry groups, foreign and domestic stocks.

A graduate of Ohio State University with a BS in finance, Colby is a Chartered Market Technician (CMT) and a member of the Market Technicians Association since 1980.

He also has been a part-time professor at New York University and NewYork Institute of Finance, developing several new courses.

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