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Daily Stock Market Commentary


Stock Market: 4 days up, but where’s the volume?

Price indexes rose again on Thursday, but NYSE volume fell 13%. Volume has been failing to confirm a rising price trend. Buying power appears weak.

Technically, there were some slight reversals but no significant changes in the underlying trends that I have been observing in this daily report. So, this summary is unusually brief.

ISEE Call/Put Ratio rose to 1.48 on 11/5/09, a level indicating neutral sentiment.

Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio rose to another new 13-month high on 11/5/09, confirming a bullish long-term trend. Bond investors may be growing increasingly concerned about the inflation outlook, despite assurances of tame inflation by economists.


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

23.32% , RX , IMS HEALTH
14.92% , LAMR , Lamar Advertising Company
12.94% , EK , EASTMAN KODAK
7.74% , TBH , Telebras HOLDRS, TBH
9.82% , CECO , CAREER EDUCATION CORP
1.22% , TTH , Telecom H, TTH
10.95% , PWER , POWER ONE
2.27% , JKK , Growth SmallCap iS M, JKK
3.91% , SIRI , Sirius Satellite
1.79% , PXQ , Networking, PXQ
0.86% , ADRA , Asia 50 BLDRS, ADRA
17.71% , LPX , LOUISIANA PAC
3.30% , BDH , Broadband H, BDH
4.43% , COL , ROCKWELL COLLINS
1.79% , PWV , Value LargeCap Dynamic PS, PWV
2.13% , SWH , Software H, SWH
3.49% , GPS , GAP
5.12% , MDT , MEDTRONIC
3.93% , MCHP , Microchip Technology Incorporated
2.82% , IGN , Networking, IGN
8.27% , WYNN , Wynn Resorts L
3.68% , SLE , SARA LEE
3.72% , GILD , Gilead Sciences Inc
1.71% , EWU , United Kingdom Index, EWU
4.91% , TNB , THOMAS & BETTS
5.49% , DISH , EchoStar Communications
2.80% , BBY , BEST BUY
4.13% , VFC , VF
5.41% , QCOM , QUALCOMM
3.98% , WAT , WATERS
9.63% , DYN , DYNEGY
1.87% , PIV , Value Line Timeliness MidCap Gr, PIV
7.48% , CBS , CBS CORP.
4.88% , PMTC.O , PARAMETRIC
1.49% , IXN , Technology Global, IXN
5.26% , JCI , JOHNSON CONTROLS
5.40% , KG , KING PHARM
1.62% , PNW , PINNACLE WEST
1.76% , EMC , EMC
3.19% , CCE , COCA COLA ENTER

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

-20.14% , CVS , CVS
-15.47% , WFMI , Whole Foods Market Inc
-4.12% , PRU , PRUDENTIAL FINL
-5.49% , JCP , JC PENNEY
-2.75% , S , SPRINT NEXTEL
-1.92% , ALL , ALLSTATE
-1.81% , SHLD , SEARS HOLDINGS
-1.04% , KSS , KOHLS
-1.45% , TDC , Teradata Corporation, TDC
-1.03% , ACE , ACE
-0.51% , ESRX , EXPRESS SCRIPTS
-0.96% , URBN , Urban Outfitters Inc.
-4.97% , QID , Short 200% QQQ PS, QID
-0.99% , AN , AUTONATION
-1.33% , LNC , LINCOLN NATL
-0.38% , ERIC.O , LM Ericsson Telephone Company
-0.51% , WPI , WATSON PHARM
-0.22% , IGT , INTL GAME TECH
-0.10% , TJX , TJX

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

Consumer Discretionary Neutral, Market Weight. The Relative Strength Ratio broke down to a new 8-week low on 10/28/09, turning the short-term relative trend bearish. Long term, XLY was relatively strong from 11/19/08 to 4/30/09, but that trend is now in question.

Technology Neutral, Market Weight. The Relative Strength Ratio fell below the lows of the previous 7 trading days on 11/3/09, which appeared to signal nothing more than a short-term pullback. XLK/SPY rose to a new 13-week high on 10/30/09. Intermediate term, the relative trend is bullish. 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.

Industrial Neutral, Market Weight. The Relative Strength Ratio rose above the highs of the previous 8 trading days on 11/3/09, which appeared to signal nothing more than a short-term bounce. XLP/SPY broke down to a new 8-week low on 10/30/09, signaling a bearish relative trend for the intermediate term. The long-term trend peaked on 3/31/08 and has been in a downtrend since.

Consumer Staples Neutral, Market Weight. The Relative Strength Ratio rose to another new 13-week highs on 10/30/09. This defensive sector outperforms when investors move away from risk.

Energy Neutral, Market Weight. The Relative Strength Ratio broke down below previous 11-day lows on 10/30/09, which should have been bearish for the short term. Longer term, it appears likely that XLE/SPY bottomed a year ago, on 10/16/08, and has been building a technical base over the past year.

Health Care Bearish, Underweight. The Relative Strength Ratio broke out above previous 4-week highs on 11/4/09, which ought to be bullish for the short term. XLV/SPY fell below the lows of the previous 12 months on 10/22/09, which was bearish for the longer term, however.

Materials Neutral, Market Weight. The Relative Strength Ratio rose above the highs of the previous 4 trading days on 11/3/09, which appeared to signal nothing more than a short-term bounce. XLB/SPY broke down to a new 14-week low on 10/28/09, signaling a bearish relative trend for the intermediate term. Long term, XLB/SPY has underperformed for 16 months since 6/23/08.

Financial Bearish, Underweight. The Relative Strength Ratio broke down below the lows of the previous 13 weeks on 11/4/09, confirming the preexisting bearish trend. The XLF/SPY trend looks bearish for the short term, the intermediate-term, and probably the long-term as well.

Utilities Bearish, Underweight. The Relative Strength Ratio fell below previous 24-month lows on 10/14/09. XLU has underperformed since 11/21/08, as the appetite for risk recovered.

Emerging Markets Stocks ETF Relative Strength Ratio rebounded strongly on 11/04/09 to its highest level in a week. It seems uncertain, however, whether the downside correction since 10/14/09 is over. Longer term, EEM/SPY moved above previous 6-year highs on 10/14/09, confirming a major bull market trend.

Foreign Stocks ETF Relative Strength Ratio fell further below the lows of the previous 8 weeks on 11/3/09, confirming a downside correction for the intermediate term. The ratio outperformed for 10 months, from 10/27/08 to 9/9/09, and that uptrend could resume eventually. 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 5-month lows on 11/4/09, indicating bearish trends for the short term and intermediate term.

Growth Stock/Value Stock Relative Strength Ratio broke out above the highs of the previous 13 weeks on 11/4/09, confirming the preexisting bullish trend for the intermediate term. IWF/IWD was in a major long-term uptrend from 8/8/06 to 3/5/09, and it seems quite possible that uptrend could resume.

Russell 1000 Value ETF Relative Strength Ratio broke down below the lows of the previous 13 weeks on 11/4/09, confirming the preexisting bearish trend. IWD/SPY has underperformed since 9/18/09. Long term, IWD/SPY remains in a bearish trend, underperforming since 3/22/07.

The S&P 500 equally weighted index relative to the S&P 500 capitalization weighted index broke down to a new 8-week low on 10/28/09, confirming a significant downside correction. The ratio had been in a strong uptrend from 11/19/08 to 9/16/09, and that trend could resume when this correction is over.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio peaked on 10/28/09 and turned down, as the market shifted back again toward risk seeking.

The Small Cap/Large Cap Relative Strength Ratio fell below the lows of the previous 6 months on 11/4/09, again confirming the preexisting bearish trend.

The Mid Cap/Large Cap Relative Strength Ratio broke down to a new 13-week low on 11/2/09, indicating a significant downside correction. The major secular trend since 1999 remains bullish, however.

Crude Oil nearest futures contract price rose above the highs of the previous 6 trading days on 11/4/09, which is bullish for the short term. Oil has consolidated large gains from the low at 32.40 on 12/19/08 to the high of 82.00 on 10/21/09. Long term, Oil remains in a bullish major trend. Potential support may be seen around the low of 76.55 set on 11/03/09 and around the high of 75.00 set on 8/25/09.

Gold nearest futures contract price closed further above previous all-time highs on 11/4/09. Gold remains bullish in all time frames. Technical supports might be found around previous highs and lows at 1072.0, 1070.2, 1069.0, 1047.5, 1026.9, 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 rose again after rising strongly on 11/3/09. The 7-week trend had been corrective to the downside until 11/2/09. The ratio rose to a 14-month high 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 5 trading days on 11/4/09, which is bullish for the short term. A rising trend of the Silver/Gold Ratio suggests growing confidence about global economic prospects, while a falling trend suggests doubts.

Copper nearest futures contract price has turned choppy and uncertain short term, since breaking out to a new 13-month high of 3.0690 on 10/26/09. The main trend remains bullish. Rising copper prices suggest growing confidence about global economic prospects, while falling copper prices suggest doubts.

U.S. Treasury Bond December futures contract price fell below the lows of the previous 6 trading days on 11/4/09, which appears bearish for the short term. Intermediate term, the Bond has been in a mild rising trend since making a low on 6/11/09. The Bond may find short-term support around the previous lows of 117.25 set on 10/26/09, 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 Relative Strength Ratio fell below the lows of the previous 3 weeks on 11/2/09, confirming a preexisting downside correction for the short term. When JNK/LQD is weak, that indicates risk aversion. Long term, JNK/LQD rose to a new 12-month high on 10/23/09, indicating an increasing appetite for risk.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio rose to another new 13-month high on 11/5/09, confirming a bullish long-term trend. Bond investors may be growing increasingly concerned about the inflation outlook, despite assurances of tame inflation by economists.

The U.S. dollar nearest futures contract price closed below the lows of the previous 6 trading days on 11/4/09, which is bearish for the short term. USD made a new 4-week high on 11/03/09 but surrendered nearly all of its gain by the close. Long term, the dominant trend remains bearish. USD fell below the lows of the previous 14 months on 10/21/09, confirming a bearish major 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 48.3% Bulls versus 24.7% Bears as of 11/4/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 1.96, down from 2.15 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 jumped to a 16-week high of 31.84 on 11/2/09, indicating rising levels of fear. VIX fell to a 13-month low of 20.10 on 10/21/09, indicating bullish complacency. VIX is down from a closing high 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 jumped to a 16-week high of 31.42 on 11/2/09, indicating rising levels of fear. VXN fell to a 13-month low of 20.75 on 10/21/09, indicating bullish complacency. VXN is down from a closing high 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 1.48 on 11/5/09, a level indicating neutral sentiment. The ratio’s 6-year mean is 1.41, its median is 1.36, and its range is 0.51 to 3.16.

CBOE Put/Call Ratio rose to 0.63 on 11/5/09, a level indicating neutral sentiment. The ratio’s 6-year mean is 0.66, its median is 0.64, 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
1,238.81, 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
1,101.36, high of 10/21/2009
1,066.83, high of 10/29/2009

S&P 500 Cash Index Potential Support
1,029.38, low of 11/2/2009
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
998.80, Fibonacci 23.6% Retrace of 2009 range
991.97, low of 9/2/2009
992.72, Gann 25% Retrace of 2009 range
978.51, low of 8/17/2009
956.50, Dow 33.3% Retrace of 2009 range
956.23, high of 6/11/2009
935.35, Fibonacci 38.2% Retrace of 2009 range
930.17, high of 5/8/2009
884.08, Fibonacci 50% of 2009 range
869.32, low of 7/8/2009
826.83, low of 4/21/2009
832.80, Fibonacci 61.8% Retrace of 2009 range
814.53, low of 4/7/2009
813.62, high of 4/1/2009
779.81, low of 3/30/2009
775.43, Gann 75% Retrace of 2009 range
759.79, Fibonacci 78.6% Retrace of 2009 range
721.11, Gann 87.5% Retrace of 2009 range
666.79, intraday low of 3/6/2009
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


14.95% Internet B2B H, BHH
4.84% Ultra QQQ Double, QLD
4.79% Ultra MidCap400 Double, MVV
4.32% Value SmallCap S&P 600, RZV
4.01% Ultra Dow30 Double, DDM
3.85% WilderHill Clean Energy PS, PBW
3.78% Ultra S&P500 Double, SSO
3.76% Biotech & Genome, PBE
3.43% Biotech H, BBH
3.39% India Earnings WTree, EPI
3.39% Semiconductors, PSI
3.38% Internet Infrastructure H, IIH
3.38% Growth SmallCap Dynamic PS, PWT
3.36% Microcap Russell, IWC
3.35% Building & Construction, PKB
3.25% Bank Regional H, RKH
3.18% SmallCap Russell 2000, IWM
3.15% Metals & Mining SPDR, XME
3.05% SmallCap PS Zacks, PZJ
3.01% Semiconductor iS GS, IGW
3.01% Nanotech Lux, PXN
2.99% Value SmallCap Russell 2000, IWN
2.98% Semiconductor SPDR, XSD
2.98% Growth SmallCap R 2000, IWO
2.97% Small Cap VIPERs, VB
2.94% Value SmallCap iS M, JKL
2.91% Brazil Index, EWZ
2.91% Biotech SPDR, XBI
2.88% SmallCap S&P 600, IJR
2.88% Value SmallCap VIPERS, VBR
2.87% Growth SmallCap VIPERs, VBK
2.82% Networking, IGN
2.80% Value SmallCap S&P 600 B, IJS
2.80% Latin Am 40, ILF
2.78% Basic Materials DJ US, IYM
2.77% Austria Index, EWO
2.76% Aerospace & Defense, PPA
2.75% Financial Services DJ, IYG
2.73% Consumer Discretionary SPDR, XLY
2.70% Industrial LargeCap Blend DJ US, IYJ
2.69% Consumer D. VIPERs, VCR
2.66% Industrials VIPERs, VIS
2.64% Water Resources, PHO
2.62% Capital Markets KWB ST, KCE
2.61% Pharmaceuticals, PJP
2.59% Extended Mkt VIPERs, VXF
2.59% Materials VIPERs, VAW
2.58% Industrial SPDR, XLI
2.58% Value Small Cap DJ, DSV
2.57% Financial SPDR, XLF
2.57% SmallCap Core iS M, JKJ
2.57% Value MidCap S&P 400 B, IJJ
2.56% Growth BARRA Small Cap 600, IJT
2.53% Internet H, HHH
2.50% Technology MS sT, MTK
2.49% MidCap S&P 400 iS, IJH
2.49% Value LargeCap Fundamental RAFI 1000, PRF
2.49% Micro Cap Zachs, PZI
2.48% Value S&P 500, RPV
2.47% Growth LargeCap NASDAQ 100, QQQQ
2.46% MidCap S&P 400 SPDRs, MDY
2.41% Homebuilders SPDR, XHB
2.38% Semiconductor H, SMH
2.37% Growth MidCap S&P 400, RFG
2.36% MidCap VIPERs, VO
2.36% China 25 iS, FXI
2.34% MidCap Russell, IWR
2.33% Spain Index, EWP
2.33% Info Tech VIPERs, VGT
2.31% Financial DJ US, IYF
2.31% Growth LargeCap NASDAQ Fidelity, ONEQ
2.30% Technology GS, IGM
2.29% Growth S&P 500, RPG
2.27% Growth SmallCap iS M, JKK
2.27% Sweden Index, EWD
2.26% REIT VIPERs, VNQ
2.25% LargeCap Blend S&P=Weight R, RSP
2.25% Oil & Gas, PXJ
2.25% Financials VIPERs, VFH
2.24% Growth MidCap 400 B, IJK
2.22% Growth MidCap Russell, IWP
2.22% Technology DJ US, IYW
2.17% Transportation Av DJ, IYT
2.17% Value MidCap Russell, IWS
2.17% Technology SPDR, XLK
2.15% REIT Wilshire, RWR
2.14% China LargeCap Growth G D H USX PS, PGJ
2.14% Financials Global LargeCap Value, IXG
2.13% Growth LargeCap Russell 3000, IWZ
2.13% Software H, SWH
2.12% Dividend DJ Select, DVY
2.12% Emerging 50 BLDRS, ADRE
2.11% LargeCap Blend S&P 1500 iS, ISI
2.10% Realty Cohen & Steers, ICF
2.10% OTC Dynamic PS, PWO
2.10% Value VIPERs, VTV
2.09% Leisure & Entertainment, PEJ
2.08% LargeCap Blend Russell 3000, IWV
2.08% Emerging VIPERs, VWO
2.08% LargeCap Blend Socially Responsible iS, KLD
2.08% Real Estate US DJ, IYR
2.07% Dividend High Yield Equity PS, PEY
2.06% LargeCap Blend Core iS M, JKD
2.06% Emerging Markets, EEM
2.04% Euro STOXX 50, FEZ
2.03% Growth 1000 Russell, IWF
2.03% Oil Services H, OIH
2.03% DIAMONDS , DIA
2.01% Consumer Non-Cyclical, IYK
2.01% Value 1000 Russell, IWD
2.00% LargeCap Blend Dynamic PS, PWC
2.00% Dividend Appreciation Vipers, VIG
1.99% Italy Index, EWI
1.99% France Index, EWQ
1.99% LargeCap Blend Total Market DJ, IYY
1.98% LargeCap 1000 R, IWB
1.98% Growth Mid Cap Dynamic PS, PWJ
1.97% Germany Index, EWG
1.96% S&P 500 iS LargeCap Blend, IVV
1.95% LargeCap VIPERs, VV
1.94% Global 100, IOO
1.94% Value 40 Large Low P/E FT DB, FDV
1.94% Growth Small Cap DJ, DSG
1.93% Dividend SPDR, SDY
1.93% Value S&P 500 B, IVE
1.91% Blend Total Market VIPERs, VTI
1.91% Growth S&P 500/BARRA, IVW
1.90% Belgium Index, EWK
1.90% Software, IGV
1.89% Value LargeCap iS M, JKF
1.88% Value LargeCap Euro STOXX 50 DJ, FEU
1.87% Health Care VIPERs, VHT
1.87% MidCap Growth iS M, JKH
1.87% Value Line Timeliness MidCap Gr, PIV
1.87% Growth VIPERs, VUG
1.85% LargeCap Blend S&P 100, OEF
1.84% S&P 500 SPDRs LargeCap Blend, SPY
1.84% MidCap Blend Core iS M, JKG
1.82% European VIPERs, VGK
1.81% Utilities VIPERs, VPU
1.79% Value LargeCap Dynamic PS, PWV
1.79% Energy VIPERs, VDE
1.79% Value MidCap Dynamic PS, PWP
1.78% Telecommunications & Wireless, PTE
1.78% Lg Cap Growth PSD, PWB
1.77% Materials SPDR, XLB
1.77% Netherlands Index, EWN
1.76% Dividend Leaders, FDL
1.75% Value MidCap iS M, JKI
1.74% Software, PSJ
1.73% Europe 350 S&P Index, IEV
1.71% Europe 100 BLDRS, ADRU
1.71% United Kingdom Index, EWU
1.71% Energy SPDR, XLE
1.70% EMU Europe Index, EZU
1.70% LargeCap Rydex Rus Top 50, XLG
1.70% Energy DJ, IYE
1.69% Utilities DJ, IDU
1.69% Utilities SPDR, XLU
1.68% Growth LargeCap iS M, JKE
1.68% Healthcare DJ, IYH
1.67% LargeCap Blend NYSE Composite iS, NYC
1.65% Health Care SPDR, XLV
1.62% Telecom Services VIPERs, VOX
1.60% Value LargeCap NYSE 100 iS, NY
1.60% Utilities H, UTH
1.60% Dividend Achievers PS, PFM
1.56% Natural Resource iS GS, IGE
1.52% Value SmallCap Dynamic PS, PWY
1.50% South Africa Index, EZA
1.49% Technology Global, IXN
1.48% Value EAFE MSCI, EFV
1.47% Telecommunications Global, IXP
1.42% Retail, PMR
1.39% Mexico Index, EWW
1.34% Healthcare Global, IXJ
1.34% Taiwan Index, EWT
1.33% Energy Exploration & Prod, PXE
1.32% Telecom DJ US, IYZ
1.30% Switzerland Index, EWL
1.29% EAFE Index, EFA
1.27% Energy Global, IXC
1.22% Telecom H, TTH
1.22% Singapore Index, EWS
1.21% Malaysia Index, EWM
1.21% Financial Preferred, PGF
1.19% Dividend International, PID
1.18% Consumer Cyclical DJ, IYC
1.17% Growth EAFE MSCI, EFG
1.14% Canada Index, EWC
1.11% Value LargeCap Russell 3000, IWW
1.08% Japan LargeCap Blend TOPIX 150, ITF
1.06% Developed 100 BLDRS, ADRD
1.03% Utilities, PUI
1.01% Preferred Stock iS, PFF
1.00% Wilshire 5000 ST TM, TMW
0.99% Internet Architecture H, IAH
0.99% Australia Index, EWA
0.94% Pacific ex-Japan, EPP
0.93% Global Titans, DGT
0.92% Pharmaceutical H, PPH
0.86% Asia 50 BLDRS, ADRA
0.83% Hong Kong Index, EWH
0.80% IPOs, First Tr IPOX-100, FPX
0.79% Growth Large Cap, ELG
0.73% Japan Index, EWJ
0.73% Pacific VIPERs, VPL
0.63% Consumer Staples VIPERs, VDC
0.56% Retail H, RTH
0.52% Insurance, PIC
0.46% Consumer Staples SPDR, XLP
0.36% Food & Beverage, PBJ
0.27% Value Large Cap DJ, ELV
0.26% Bond, Aggregate, AGG
0.23% South Korea Index, EWY
0.21% Short 200% US T Bond, TBT
0.19% Bond, TIPS, TIP
0.10% Bond, 1-3 Year Treasury, SHY
0.08% Bond, High-Yield Corporate, HYG
0.07% Bond, Corp, LQD
0.02% Bond, 10 Year Treasury, IEF
0.00% Bond, 20+ Years Treasury, TLT
-0.04% Short 200% Bond 7-10 Yr T, PST
-0.11% Gold Shares S.T., GLD
-0.12% Silver Trust iS, SLV
-0.46% Oil, Crude, U.S. Oil Fund, USO
-0.53% Commodity Tracking, DBC
-1.95% Short 100% S&P 500, SH
-2.07% Short 100% Dow 30, DOG
-2.40% Short 100% MidCap 400, MYY
-2.54% Short 100% QQQ, PSQ
-3.76% Short 200% S&P 500 PS, SDS
-4.18% Short 200% Dow 30 PS, DXD
-4.75% Short 200% MidCap 400 PS, MZZ
-4.97% Short 200% QQQ PS, QID

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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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