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Daily Stock Market Commentary


Stock Market: Dow-Jones Industrial Average rose to a new 2009 closing price high, but other indexes failed to confirm.

Volume declined on Friday, thereby denying confirmation of price strength.

On-Balance Volume and Candlestick Volume continue to lag behind price.

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


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

0.74% , IWZ , Growth LargeCap Russell 3000, IWZ
4.54% , MTB , M&T BANK
0.56% , JKH , MidCap Growth iS M, JKH
0.69% , PWC , LargeCap Blend Dynamic PS, PWC
1.65% , PNW , PINNACLE WEST
0.72% , BBH , Biotech H, BBH
2.98% , IBM , IBM
1.14% , PZI , Micro Cap Zachs, PZI
6.72% , AMD , ADV MICRO DEV
3.66% , ITT , ITT INDS
1.31% , PEY , Dividend High Yield Equity PS, PEY
4.56% , LRCX , LAM RESEARCH CORP
2.25% , SWY , SAFEWAY
0.52% , BDH , Broadband H, BDH
1.54% , GWW , WW GRAINGER
1.89% , IAH , Internet Architecture H, IAH
6.81% , MU , MICRON TECH
3.19% , SMH , Semiconductor H, SMH
1.97% , PST , 200% Short Bond 7-10 Yr T, PST
1.14% , PXN , Nanotech Lux, PXN
0.45% , JKI , Value MidCap iS M, JKI
0.69% , KLD , LargeCap Blend Socially Responsible iS, KLD
2.49% , MHS , MEDCO HEALTH
1.97% , EMC , EMC
4.43% , NVLS , NOVELLUS SYS
1.10% , ETR , ENTERGY
1.80% , PETM , PETsMART Inc
0.94% , SNDK , SanDisk Corporation
1.47% , BMC , BMC SOFTWARE
0.67% , XLK , Technology SPDR, XLK
1.18% , TDC , Teradata Corporation, TDC
2.77% , FAST , Fastenal Company
0.95% , VBK , Growth SmallCap VIPERs, VBK
3.44% , FHN , FIRST TENNESSEE
2.95% , KR , KROGER
3.95% , HMA , HEALTH MGMT STK A
1.60% , MCK , MCKESSON CORP
2.02% , SYK , STRYKER
2.03% , RHT , Red Hat Inc.
1.18% , MO , ALTRIA, MO

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

-2.72% , S , SPRINT NEXTEL
-0.62% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-0.20% , PTE , Telecommunications & Wireless, PTE
-2.65% , CIT , CIT GROUP
-2.29% , TLT , Bond, 20+ Years Treasury, TLT
-2.99% , WYNN , Wynn Resorts L
-1.15% , ROK , ROCKWELL AUTOMAT
-1.32% , NOVL , NOVELL
-4.03% , FNM , FANNIE MAE
-0.88% , LQD , Bond, Corp, LQD
-0.59% , TBH , Telebras HOLDRS, TBH
-1.67% , URBN , Urban Outfitters Inc.
-0.28% , ADRA , Asia 50 BLDRS, ADRA
-1.01% , OMC , OMNICOM
-0.38% , IYZ , Telecom DJ US, IYZ
-0.96% , IEF , Bond, 10 Year Treasury, IEF
-0.11% , IXC , Energy Global, IXC
-0.33% , ADRU , Europe 100 BLDRS, ADRU
-0.82% , AZO , AUTOZONE
-0.98% , HHH , Internet H, HHH
-0.67% , CTSH , Cognizant Technology Solutions
-0.70% , AGG , Bond, Aggregate, AGG
-0.23% , RIMM , RESEARCH IN MOTION LTD
-0.14% , SHY , Bond, 1-3 Year Treasury, SHY
-4.04% , YHOO , YAHOO
-0.30% , MCD , MCDONALDS
-1.32% , ABK , AMBAC FINL GRP
-0.17% , ECL , ECOLAB
-1.09% , ODP , OFFICE DEPOT
-0.28% , PAYX , PAYCHEX
-0.08% , AYE , ALLEGHENY ENERGY
-0.28% , CB , CHUBB
-0.48% , KEY , KEYCORP
-0.04% , PGJ , China LargeCap Growth G D H USX PS, PGJ
-0.37% , TIN , TEMPLE INLAND
-0.05% , XEL , XCEL ENERGY
-0.40% , PCAR , PACCAR

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 has been in a downtrend since. 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 has been in a moderate downtrend since peaking on 11/20/08, as the appetite for risk recovered.

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, but that uptrend is now in question.

Health Care Bearish, Underweight. The Relative Strength Ratio fell below the lows of the previous 3 months on 10/8/09. Longer term, XLV/SPY has been relatively weak since 2/23/09.

Energy Bearish, Underweight. The Relative Strength Ratio has stabilized since falling to an 11-month low on 8/17/09. XLE underperformed SPY from 7/1/08 to 10/16/08.

Utilities Bearish, Underweight. The Relative Strength Ratio fell further below previous 23-month lows on 10/8/09. 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 10/8/09. Trends remain bullish in all time frames.

Foreign Stocks ETF Relative Strength Ratio peaked on 9/9/09 and has been lagging short term, after outperforming 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 peaked out on 7/23/09 and has been correcting and consolidating since.

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. The ratio had been in a strong uptrend from 11/19/08 to 9/16/09, and that trend could resume.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio appears to have rolled over to the downside in recent days as the market shifted back to a more aggressive risk seeking posture.

The Small Cap/Large Cap Relative Strength Ratio been consolidating gains since 9/18/09. IWM/SPY was in 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 on 10/8/09. 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 above the highs of the previous 3 weeks on 10/8/09. 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 further above the highs of the previous 2 weeks on 10/9/09. Although the short-term trend has been choppy, the ratio is still above uptrendlines drawn from the low on 10/10/08.

Copper nearest futures contract price moved above previous 3-week highs on 10/8/09. But copper just broke down below 2-month lows on 10/2/09. Copper appears confused about global economic prospects.

U.S. Treasury Bond December futures contract price broke down below 10-day lows on 10/9/09 in what looks like a short-term shakeout. The 4-month trend still looks bullish. The Bond may find short-term support around current levels, around 118, and around the previous lows of 117.18 set on 9/9/09 and 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 that trend appears to have ended. 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 13 months on 10/8/09. 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 1.60 on 10/9/09, indicating bullish 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 0.55 on 10/9/09, still 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

S&P 500 Cash Index Potential Support
1,060.55, high of 10/6/2009
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


4.47% Short 200% US T Bond, TBT
3.69% Semiconductor SPDR, XSD
3.55% Semiconductors, PSI
3.43% Semiconductor iS GS, IGW
3.19% Semiconductor H, SMH
2.51% Internet Infrastructure H, IIH
1.97% Short 200% Bond 7-10 Yr T, PST
1.89% Internet Architecture H, IAH
1.66% Ultra MidCap400 Double, MVV
1.64% South Korea Index, EWY
1.58% Ultra Dow30 Double, DDM
1.42% Value SmallCap S&P 600 B, IJS
1.34% Technology DJ US, IYW
1.34% Bank Regional H, RKH
1.32% Info Tech VIPERs, VGT
1.31% Growth SmallCap R 2000, IWO
1.31% Dividend High Yield Equity PS, PEY
1.31% Oil, Crude, U.S. Oil Fund, USO
1.30% Networking, IGN
1.30% Value SmallCap S&P 600, RZV
1.24% Software, PSJ
1.21% Value SmallCap Russell 2000, IWN
1.19% Aerospace & Defense, PPA
1.17% SmallCap Russell 2000, IWM
1.16% Microcap Russell, IWC
1.15% Growth SmallCap iS M, JKK
1.14% Value SmallCap Dynamic PS, PWY
1.14% Nanotech Lux, PXN
1.14% Micro Cap Zachs, PZI
1.14% Technology GS, IGM
1.12% SmallCap Core iS M, JKJ
1.12% Growth BARRA Small Cap 600, IJT
1.10% Capital Markets KWB ST, KCE
1.08% Health Care VIPERs, VHT
1.06% SmallCap S&P 600, IJR
1.06% Ultra S&P500 Double, SSO
1.04% SmallCap PS Zacks, PZJ
1.04% Growth Small Cap DJ, DSG
1.02% Ultra QQQ Double, QLD
1.02% Value SmallCap VIPERS, VBR
1.02% Technology Global, IXN
1.02% Small Cap VIPERs, VB
0.99% Healthcare DJ, IYH
0.98% Realty Cohen & Steers, ICF
0.97% Real Estate US DJ, IYR
0.97% Water Resources, PHO
0.96% Pharmaceutical H, PPH
0.96% Growth MidCap Russell, IWP
0.95% Growth SmallCap VIPERs, VBK
0.95% Value MidCap S&P 400 B, IJJ
0.94% Health Care SPDR, XLV
0.94% Financial Services DJ, IYG
0.93% WilderHill Clean Energy PS, PBW
0.92% Financial DJ US, IYF
0.92% Technology MS sT, MTK
0.90% Software, IGV
0.89% Dividend Appreciation Vipers, VIG
0.86% MidCap S&P 400 SPDRs, MDY
0.86% Financials VIPERs, VFH
0.86% Financial SPDR, XLF
0.86% Pharmaceuticals, PJP
0.85% REIT VIPERs, VNQ
0.84% REIT Wilshire, RWR
0.84% Dividend DJ Select, DVY
0.82% OTC Dynamic PS, PWO
0.82% MidCap S&P 400 iS, IJH
0.82% Value Small Cap DJ, DSV
0.81% Value LargeCap NYSE 100 iS, NY
0.80% Growth Mid Cap Dynamic PS, PWJ
0.80% MidCap Russell, IWR
0.80% Homebuilders SPDR, XHB
0.80% DIAMONDS , DIA
0.80% Extended Mkt VIPERs, VXF
0.79% Growth MidCap 400 B, IJK
0.77% Industrials VIPERs, VIS
0.76% MidCap Blend Core iS M, JKG
0.75% Value SmallCap iS M, JKL
0.75% Growth MidCap S&P 400, RFG
0.75% Value Line Timeliness MidCap Gr, PIV
0.74% Growth LargeCap Russell 3000, IWZ
0.72% Software H, SWH
0.72% Biotech H, BBH
0.71% Growth S&P 500/BARRA, IVW
0.71% Growth 1000 Russell, IWF
0.69% LargeCap Blend Dynamic PS, PWC
0.69% LargeCap Blend Socially Responsible iS, KLD
0.68% Blend Total Market VIPERs, VTI
0.68% MidCap VIPERs, VO
0.67% Technology SPDR, XLK
0.66% Dividend Achievers PS, PFM
0.64% Growth SmallCap Dynamic PS, PWT
0.64% LargeCap Blend Russell 3000, IWV
0.63% Value LargeCap Dynamic PS, PWV
0.63% Financials Global LargeCap Value, IXG
0.62% Utilities SPDR, XLU
0.61% S&P 500 SPDRs LargeCap Blend, SPY
0.60% Growth VIPERs, VUG
0.60% LargeCap Blend Core iS M, JKD
0.60% Brazil Index, EWZ
0.60% Utilities DJ, IDU
0.60% Lg Cap Growth PSD, PWB
0.60% Industrial LargeCap Blend DJ US, IYJ
0.59% Biotech & Genome, PBE
0.59% S&P 500 iS LargeCap Blend, IVV
0.59% LargeCap Rydex Rus Top 50, XLG
0.59% LargeCap Blend Total Market DJ, IYY
0.57% Utilities VIPERs, VPU
0.57% Value LargeCap Fundamental RAFI 1000, PRF
0.57% Growth LargeCap NASDAQ 100, QQQQ
0.57% LargeCap Blend S&P 100, OEF
0.56% Dividend SPDR, SDY
0.56% Growth Large Cap, ELG
0.56% LargeCap Blend S&P 1500 iS, ISI
0.56% Value S&P 500 B, IVE
0.56% MidCap Growth iS M, JKH
0.55% Wilshire 5000 ST TM, TMW
0.55% Value 40 Large Low P/E FT DB, FDV
0.54% Utilities H, UTH
0.53% Value MidCap Russell, IWS
0.53% Emerging VIPERs, VWO
0.52% Sweden Index, EWD
0.51% Latin Am 40, ILF
0.51% Utilities, PUI
0.51% LargeCap Blend S&P=Weight R, RSP
0.50% Growth S&P 500, RPG
0.50% Food & Beverage, PBJ
0.50% Value 1000 Russell, IWD
0.49% LargeCap VIPERs, VV
0.48% Growth LargeCap iS M, JKE
0.46% Value LargeCap Russell 3000, IWW
0.46% Mexico Index, EWW
0.45% Value VIPERs, VTV
0.45% Hong Kong Index, EWH
0.45% Value MidCap iS M, JKI
0.44% LargeCap 1000 R, IWB
0.44% Value MidCap Dynamic PS, PWP
0.42% Value LargeCap iS M, JKF
0.40% Value Large Cap DJ, ELV
0.40% Commodity Tracking, DBC
0.39% Bond, High-Yield Corporate, HYG
0.37% China 25 iS, FXI
0.36% Austria Index, EWO
0.34% LargeCap Blend NYSE Composite iS, NYC
0.33% Building & Construction, PKB
0.30% Dividend Leaders, FDL
0.29% Retail H, RTH
0.29% Insurance, PIC
0.28% Biotech SPDR, XBI
0.26% Industrial SPDR, XLI
0.26% Emerging 50 BLDRS, ADRE
0.26% Global 100, IOO
0.26% Retail, PMR
0.25% Consumer Staples VIPERs, VDC
0.23% Consumer Staples SPDR, XLP
0.23% IPOs, First Tr IPOX-100, FPX
0.23% Canada Index, EWC
0.20% Transportation Av DJ, IYT
0.19% Consumer Non-Cyclical, IYK
0.19% Malaysia Index, EWM
0.19% Singapore Index, EWS
0.16% Leisure & Entertainment, PEJ
0.15% Consumer D. VIPERs, VCR
0.15% Consumer Cyclical DJ, IYC
0.13% Growth LargeCap NASDAQ Fidelity, ONEQ
0.11% Natural Resource iS GS, IGE
0.10% EMU Europe Index, EZU
0.10% Italy Index, EWI
0.10% Materials SPDR, XLB
0.08% Healthcare Global, IXJ
0.08% Taiwan Index, EWT
0.08% Pacific VIPERs, VPL
0.08% Emerging Markets, EEM
0.08% Belgium Index, EWK
0.06% Materials VIPERs, VAW
0.03% Energy DJ, IYE
0.00% Japan Index, EWJ
0.00% Internet B2B H, BHH
0.00% Financial Preferred, PGF
-0.04% Consumer Discretionary SPDR, XLY
-0.04% China LargeCap Growth G D H USX PS, PGJ
-0.04% Value S&P 500, RPV
-0.05% Netherlands Index, EWN
-0.06% Growth EAFE MSCI, EFG
-0.07% Euro STOXX 50, FEZ
-0.08% Energy VIPERs, VDE
-0.09% Energy SPDR, XLE
-0.09% Switzerland Index, EWL
-0.11% Basic Materials DJ US, IYM
-0.11% Global Titans, DGT
-0.11% Energy Global, IXC
-0.13% Germany Index, EWG
-0.14% Japan LargeCap Blend TOPIX 150, ITF
-0.14% Bond, 1-3 Year Treasury, SHY
-0.14% Dividend International, PID
-0.15% Value EAFE MSCI, EFV
-0.19% Pacific ex-Japan, EPP
-0.20% Preferred Stock iS, PFF
-0.20% Developed 100 BLDRS, ADRD
-0.20% Telecommunications & Wireless, PTE
-0.24% Energy Exploration & Prod, PXE
-0.25% EAFE Index, EFA
-0.28% Asia 50 BLDRS, ADRA
-0.33% Europe 100 BLDRS, ADRU
-0.38% Telecom DJ US, IYZ
-0.38% France Index, EWQ
-0.46% Silver Trust iS, SLV
-0.47% Australia Index, EWA
-0.50% European VIPERs, VGK
-0.51% Telecom Services VIPERs, VOX
-0.51% Bond, TIPS, TIP
-0.56% Telecom H, TTH
-0.57% Oil & Gas, PXJ
-0.61% Short 100% QQQ, PSQ
-0.62% Value LargeCap Euro STOXX 50 DJ, FEU
-0.63% Short 100% S&P 500, SH
-0.64% Europe 350 S&P Index, IEV
-0.70% Bond, Aggregate, AGG
-0.71% Spain Index, EWP
-0.77% United Kingdom Index, EWU
-0.77% Gold Shares S.T., GLD
-0.79% Short 100% MidCap 400, MYY
-0.81% Short 100% Dow 30, DOG
-0.82% Metals & Mining SPDR, XME
-0.88% Bond, Corp, LQD
-0.93% India Earnings WTree, EPI
-0.95% Telecommunications Global, IXP
-0.96% Bond, 10 Year Treasury, IEF
-0.98% Internet H, HHH
-1.00% Oil Services H, OIH
-1.13% Short 200% QQQ PS, QID
-1.21% Short 200% S&P 500 PS, SDS
-1.36% South Africa Index, EZA
-1.60% Short 200% Dow 30 PS, DXD
-1.69% Short 200% MidCap 400 PS, MZZ
-2.29% Bond, 20+ Years Treasury, TLT

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About the author


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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