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Daily Stock Market Commentary


Stock Market: Call/Put Ratios are rising to zones that indicate bullish sentiment.

Dow-Jones Industrial Average rose to a new 2009 closing price high, but The Transports are lagging and failing to confirm the Industrials’ price strength.

The Nasdaq Composite failed to make a new 2009 closing price high. Technology has been underperforming in October.

Volume declined again on Monday, 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

9.85% , R , RYDER SYSTEM
7.58% , BDK , BLACK & DECKER
7.02% , F , FORD MOTOR
2.14% , TBH , Telebras HOLDRS, TBH
1.27% , PXE , Energy Exploration & Prod, PXE
0.44% , FPX , IPOs, First Tr IPOX-100, FPX
3.82% , WFMI , Whole Foods Market Inc
3.66% , WFC , WELLS FARGO
5.72% , SVU , SUPERVALU
2.64% , GWW , WW GRAINGER
1.53% , XSD , Semiconductor SPDR, XSD
2.76% , SNA , SNAP ON
4.76% , LRCX , LAM RESEARCH CORP
2.91% , LLTC , LINEAR TECH
0.45% , VHT , Health Care VIPERs, VHT
3.03% , BAC , BANK OF AMERICA
4.42% , AMD , ADV MICRO DEV
4.22% , MHP , MCGRAW HILL
0.65% , IDU , Utilities DJ, IDU
4.44% , CIEN.O , CIENA
2.53% , CVG , CONVERGYS
1.22% , FEZ , Euro STOXX 50, FEZ
1.40% , EWI , Italy Index, EWI
1.80% , EWN , Netherlands Index, EWN
1.08% , HNZ , HJ HEINZ
1.91% , SUN , SUNOCO
2.03% , DBC , Commodity Tracking, DBC
1.90% , EWW , Mexico Index, EWW
2.37% , FMCN , Focus Media, FMCN
0.54% , IXJ , Healthcare Global, IXJ
1.64% , IR , INGER RAND
2.25% , ADSK , AUTODESK
0.90% , LEG , LEGGETT & PLATT
0.39% , PEJ , Leisure & Entertainment, PEJ
2.52% , ADI , ANALOG DEVICES
0.99% , BLL , BALL
1.12% , IGE , Natural Resource iS GS, IGE
3.02% , C , CITIGROUP
1.56% , EZA , South Africa Index, EZA
2.66% , HAL , HALLIBURTON

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

-7.84% , KBH , KB HOME
-1.51% , IIH , Internet Infrastructure H, IIH
-2.65% , GCI , GANNETT
-3.32% , PWER , POWER ONE
-2.82% , BSX , BOSTON SCIENT
-2.41% , FAST , Fastenal Company
-3.28% , X , US STEEL CORP
-1.95% , BA , BOEING
-1.03% , VLO , VALERO ENERGY
-2.86% , WYNN , Wynn Resorts L
-1.52% , BBBY , BED BATH BEYOND
-1.20% , SYMC , SYMANTEC
-1.12% , CTAS , CINTAS
-2.62% , LNC , LINCOLN NATL
-1.95% , RSH , RADIOSHACK
-0.31% , PSJ , Software, PSJ
-1.76% , ETFC.O , E*TRADE FINANCIAL
-2.20% , BHH , Internet B2B H, BHH
-0.41% , PKB , Building & Construction, PKB
-2.26% , HIG , HARTFORD FINL
-2.20% , AMZN , Amazoncom Inc
-0.83% , TIF , TIFFANY
-1.04% , XRAY , DENTSPLY International Inc
-0.97% , VRSN , VeriSign Inc
-1.79% , QLGC , QLOGIC
-0.16% , IAH , Internet Architecture H, IAH
-1.13% , UTX , UNITED TECH
-1.03% , FXI , China 25 iS, FXI
-0.14% , JKK , Growth SmallCap iS M, JKK
-0.16% , PWT , Growth SmallCap Dynamic PS, PWT
-2.25% , DISH , EchoStar Communications
-0.28% , PIV , Value Line Timeliness MidCap Gr, PIV
-1.11% , PDCO , Patterson Dental Company
-1.22% , WAG , WALGREEN
-0.30% , PHO , Water Resources, PHO
-0.25% , JKJ , SmallCap Core iS M, JKJ
-0.81% , ALL , ALLSTATE
-0.76% , BAX , BAXTER INTL
-1.70% , LM , LEGG MASON
-0.15% , MYY , Short 100% MidCap 400, MYY

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 and has sagged moderately below 2-week lows. 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 modestly higher 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 partially recovered 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 its 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 73-75.

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 the previous lows of 119.20 set on 10/9/09, 118.07 set on 9/23/09, 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 partially recovered in recent days. It 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 1.67 on 10/12/09, indicating more 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 0.56 on 10/12/09, 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
1,071.63, low of 10/12/2009
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


2.03% Commodity Tracking, DBC
1.90% Mexico Index, EWW
1.80% Netherlands Index, EWN
1.60% India Earnings WTree, EPI
1.56% South Africa Index, EZA
1.53% Semiconductor SPDR, XSD
1.51% Semiconductor H, SMH
1.49% Semiconductor iS GS, IGW
1.43% Oil, Crude, U.S. Oil Fund, USO
1.42% Energy Global, IXC
1.41% Oil Services H, OIH
1.40% Italy Index, EWI
1.36% Energy VIPERs, VDE
1.35% Energy SPDR, XLE
1.31% Latin Am 40, ILF
1.27% Energy Exploration & Prod, PXE
1.26% Oil & Gas, PXJ
1.22% Euro STOXX 50, FEZ
1.21% Sweden Index, EWD
1.20% Germany Index, EWG
1.19% WilderHill Clean Energy PS, PBW
1.15% Switzerland Index, EWL
1.14% Brazil Index, EWZ
1.12% Natural Resource iS GS, IGE
1.07% France Index, EWQ
1.03% Bank Regional H, RKH
1.03% Utilities SPDR, XLU
0.97% Financial Services DJ, IYG
0.93% Ultra S&P500 Double, SSO
0.93% EMU Europe Index, EZU
0.88% Europe 350 S&P Index, IEV
0.84% Canada Index, EWC
0.83% Emerging Markets, EEM
0.80% Austria Index, EWO
0.80% Semiconductors, PSI
0.79% Financial SPDR, XLF
0.79% Energy DJ, IYE
0.77% Transportation Av DJ, IYT
0.77% Pharmaceutical H, PPH
0.75% Value LargeCap Fundamental RAFI 1000, PRF
0.75% Value LargeCap NYSE 100 iS, NY
0.75% Value LargeCap Euro STOXX 50 DJ, FEU
0.74% Value Large Cap DJ, ELV
0.74% Value LargeCap iS M, JKF
0.70% Gold Shares S.T., GLD
0.68% Value VIPERs, VTV
0.66% Developed 100 BLDRS, ADRD
0.66% Value EAFE MSCI, EFV
0.65% Dividend International, PID
0.65% Europe 100 BLDRS, ADRU
0.65% Utilities DJ, IDU
0.65% LargeCap Blend Dynamic PS, PWC
0.64% European VIPERs, VGK
0.64% Value S&P 500, RPV
0.63% Dividend SPDR, SDY
0.63% Global 100, IOO
0.61% Financial DJ US, IYF
0.61% Belgium Index, EWK
0.60% LargeCap Blend S&P 100, OEF
0.60% Emerging VIPERs, VWO
0.60% EAFE Index, EFA
0.59% Financials VIPERs, VFH
0.59% Financials Global LargeCap Value, IXG
0.57% Insurance, PIC
0.57% Technology Global, IXN
0.57% Value 1000 Russell, IWD
0.57% Value SmallCap Dynamic PS, PWY
0.55% Utilities H, UTH
0.54% Growth EAFE MSCI, EFG
0.54% Healthcare Global, IXJ
0.53% LargeCap Rydex Rus Top 50, XLG
0.52% Value S&P 500 B, IVE
0.52% Utilities VIPERs, VPU
0.52% Value LargeCap Russell 3000, IWW
0.50% Consumer Discretionary SPDR, XLY
0.50% MidCap VIPERs, VO
0.49% Wilshire 5000 ST TM, TMW
0.49% Ultra QQQ Double, QLD
0.49% Ultra Dow30 Double, DDM
0.49% Consumer Non-Cyclical, IYK
0.48% Health Care SPDR, XLV
0.47% Growth S&P 500, RPG
0.45% United Kingdom Index, EWU
0.45% LargeCap VIPERs, VV
0.45% S&P 500 iS LargeCap Blend, IVV
0.45% Health Care VIPERs, VHT
0.44% IPOs, First Tr IPOX-100, FPX
0.44% LargeCap 1000 R, IWB
0.44% Global Titans, DGT
0.44% Value MidCap Dynamic PS, PWP
0.43% LargeCap Blend Socially Responsible iS, KLD
0.42% Consumer Staples SPDR, XLP
0.42% LargeCap Blend S&P=Weight R, RSP
0.41% LargeCap Blend S&P 1500 iS, ISI
0.41% LargeCap Blend Total Market DJ, IYY
0.41% Dividend Achievers PS, PFM
0.41% Utilities, PUI
0.40% Healthcare DJ, IYH
0.40% LargeCap Blend Core iS M, JKD
0.40% LargeCap Blend Russell 3000, IWV
0.39% S&P 500 SPDRs LargeCap Blend, SPY
0.39% Basic Materials DJ US, IYM
0.39% Leisure & Entertainment, PEJ
0.38% Dividend DJ Select, DVY
0.38% Dividend Leaders, FDL
0.37% Blend Total Market VIPERs, VTI
0.37% Value MidCap iS M, JKI
0.36% Growth MidCap Russell, IWP
0.36% Technology DJ US, IYW
0.36% LargeCap Blend NYSE Composite iS, NYC
0.36% Ultra MidCap400 Double, MVV
0.35% Dividend Appreciation Vipers, VIG
0.35% Bond, Corp, LQD
0.34% MidCap Russell, IWR
0.33% MidCap Growth iS M, JKH
0.33% Growth S&P 500/BARRA, IVW
0.31% Growth BARRA Small Cap 600, IJT
0.30% Australia Index, EWA
0.29% Bond, 10 Year Treasury, IEF
0.28% Japan LargeCap Blend TOPIX 150, ITF
0.28% Growth VIPERs, VUG
0.28% Value MidCap Russell, IWS
0.28% Singapore Index, EWS
0.26% Biotech SPDR, XBI
0.25% Materials SPDR, XLB
0.25% DIAMONDS , DIA
0.25% Preferred Stock iS, PFF
0.24% Growth LargeCap Russell 3000, IWZ
0.24% SmallCap S&P 600, IJR
0.24% Bond, TIPS, TIP
0.24% Technology GS, IGM
0.24% Emerging 50 BLDRS, ADRE
0.23% Telecom Services VIPERs, VOX
0.23% Bond, Aggregate, AGG
0.23% Silver Trust iS, SLV
0.22% Value SmallCap iS M, JKL
0.22% Info Tech VIPERs, VGT
0.22% Materials VIPERs, VAW
0.21% Growth LargeCap NASDAQ 100, QQQQ
0.21% Metals & Mining SPDR, XME
0.20% Software H, SWH
0.20% Japan Index, EWJ
0.19% Small Cap VIPERs, VB
0.19% Value MidCap S&P 400 B, IJJ
0.19% Growth LargeCap iS M, JKE
0.17% MidCap S&P 400 iS, IJH
0.17% Pharmaceuticals, PJP
0.17% Growth 1000 Russell, IWF
0.17% Telecommunications Global, IXP
0.16% Value LargeCap Dynamic PS, PWV
0.16% MidCap S&P 400 SPDRs, MDY
0.16% Bond, 20+ Years Treasury, TLT
0.15% Technology MS sT, MTK
0.15% Lg Cap Growth PSD, PWB
0.12% Bond, 1-3 Year Treasury, SHY
0.12% Extended Mkt VIPERs, VXF
0.11% Consumer D. VIPERs, VCR
0.11% Value Small Cap DJ, DSV
0.11% Growth Large Cap, ELG
0.10% Value 40 Large Low P/E FT DB, FDV
0.10% Spain Index, EWP
0.09% Value SmallCap S&P 600 B, IJS
0.09% Growth SmallCap VIPERs, VBK
0.08% Taiwan Index, EWT
0.08% Asia 50 BLDRS, ADRA
0.08% Growth SmallCap R 2000, IWO
0.07% Value SmallCap VIPERS, VBR
0.06% Financial Preferred, PGF
0.05% Technology SPDR, XLK
0.04% Growth MidCap 400 B, IJK
0.03% Consumer Staples VIPERs, VDC
0.02% MidCap Blend Core iS M, JKG
0.02% Industrials VIPERs, VIS
0.02% Industrial LargeCap Blend DJ US, IYJ
0.02% SmallCap Russell 2000, IWM
0.00% Software, IGV
0.00% Malaysia Index, EWM
0.00% Growth Mid Cap Dynamic PS, PWJ
0.00% Food & Beverage, PBJ
-0.01% Biotech H, BBH
-0.02% Value SmallCap Russell 2000, IWN
-0.02% Pacific VIPERs, VPL
-0.02% Bond, High-Yield Corporate, HYG
-0.04% REIT Wilshire, RWR
-0.05% Telecom DJ US, IYZ
-0.06% Growth Small Cap DJ, DSG
-0.07% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.07% Pacific ex-Japan, EPP
-0.08% Consumer Cyclical DJ, IYC
-0.10% Micro Cap Zachs, PZI
-0.12% Biotech & Genome, PBE
-0.12% Growth MidCap S&P 400, RFG
-0.13% Retail, PMR
-0.13% Retail H, RTH
-0.14% Growth SmallCap iS M, JKK
-0.15% REIT VIPERs, VNQ
-0.15% Short 100% MidCap 400, MYY
-0.16% Internet Architecture H, IAH
-0.16% Real Estate US DJ, IYR
-0.16% Growth SmallCap Dynamic PS, PWT
-0.17% Realty Cohen & Steers, ICF
-0.17% Short 100% QQQ, PSQ
-0.17% SmallCap PS Zacks, PZJ
-0.19% Industrial SPDR, XLI
-0.25% SmallCap Core iS M, JKJ
-0.25% Capital Markets KWB ST, KCE
-0.26% Value SmallCap S&P 600, RZV
-0.27% Telecommunications & Wireless, PTE
-0.28% Value Line Timeliness MidCap Gr, PIV
-0.29% Short 100% Dow 30, DOG
-0.29% Networking, IGN
-0.30% Water Resources, PHO
-0.30% Telecom H, TTH
-0.31% Software, PSJ
-0.36% OTC Dynamic PS, PWO
-0.37% Internet H, HHH
-0.38% Nanotech Lux, PXN
-0.39% Dividend High Yield Equity PS, PEY
-0.41% Short 200% MidCap 400 PS, MZZ
-0.41% Building & Construction, PKB
-0.45% Microcap Russell, IWC
-0.47% South Korea Index, EWY
-0.47% Short 200% Dow 30 PS, DXD
-0.49% Short 200% QQQ PS, QID
-0.51% Short 100% S&P 500, SH
-0.51% Hong Kong Index, EWH
-0.53% Homebuilders SPDR, XHB
-0.57% Short 200% US T Bond, TBT
-0.63% China LargeCap Growth G D H USX PS, PGJ
-0.68% Aerospace & Defense, PPA
-0.78% Short 200% Bond 7-10 Yr T, PST
-0.93% Short 200% S&P 500 PS, SDS
-1.03% China 25 iS, FXI
-1.51% Internet Infrastructure H, IIH
-2.20% Internet B2B H, BHH

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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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