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Daily Stock Market Commentary


Stock Market: major indexes turned down following non-confirmations and bearish divergences.

Technology Stock Sector Relative Strength Ratio broke out to a new 3-month high on 11/12/09, confirming a bullish trend for the intermediate term.

Materials Stock Sector Relative Strength Ratio rose above the highs of the previous 12 trading days on 11/12/09, confirming a short-term uptrend. 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.

Energy Stock Sector Relative Strength Ratio fell further below the lows of the previous 5 weeks on 11/12/09, again confirming the preexisting short-term downtrend.

Utilities Stock Sector Relative Strength Ratio fell further below previous 24-month lows on 11/12/09, again confirming the preexisting long-term downtrend.

Foreign Stocks ETF Relative Strength Ratio fell further below the lows of the previous 11 weeks on 11/12/09, again confirming a preexisting downside correction for the intermediate term.

Growth Stock/Value Stock Relative Strength Ratio broke out above the highs of the previous 13 weeks on 11/12/09, confirming the preexisting bullish trend for the intermediate term.

The Small Cap/Large Cap Relative Strength Ratio fell further below the lows of the previous 6 months on 11/12/09, again confirming the preexisting bearish trend.

Bond Quality Relative Strength Ratio fell below 5-week lows on 11/12/09 and has been in a downside corrective trend short term since 10/26/09.


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

21.80% , AMD , ADV MICRO DEV
4.68% , SIRI , Sirius Satellite
7.08% , DOW , DOW CHEMICAL
2.88% , MZZ , Short 200% MidCap 400 PS, MZZ
0.34% , MKC , MCCORMICK
1.52% , CMCSA , COMCAST HOLDINGS STK A
1.39% , MHP , MCGRAW HILL
1.05% , CAG , CONAGRA FOODS
1.64% , URBN , Urban Outfitters Inc.
0.80% , AMGN , AMGEN
1.24% , PM , Philip Morris, PM
1.55% , GT , GOODYEAR TIRE
1.98% , TYC , TYCO INTL
0.74% , TBT , 200% Short US T Bond, TBT
0.71% , RX , IMS HEALTH
1.34% , CAH , CARDINAL HEALTH
1.12% , LM , LEGG MASON
1.97% , SDS , Short 200% S&P 500 PS, SDS
0.43% , RHT , Red Hat Inc.
1.12% , IR , INGER RAND
0.16% , QLGC , QLOGIC
0.64% , ORCL , ORACLE
0.27% , CPB , CAMPBELL SOUP
1.36% , GRMN , GARMIN LTD
0.92% , GLW , CORNING
0.42% , K , KELLOGG
0.51% , WMT , WAL MART STORES
0.49% , GIS , GENERAL MILLS
0.82% , MSFT , MICROSOFT
0.23% , AVP , AVON
0.35% , BNI , BURLINGTON NORTH
0.46% , JNJ , JOHNSON&JOHNSON
0.17% , CSX , CSX
0.63% , EBAY , EBAY
0.57% , GENZ , GENZYME GEN
1.08% , SH , Short 100% S&P 500, SH
0.10% , PAYX , PAYCHEX
0.07% , NI , NISOURCE
0.12% , HYG , Bond High-Yield Corporate, HYG
0.07% , HHH , Internet H, HHH

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

-1.42% , ADRA , Asia 50 BLDRS, ADRA
-1.11% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-0.95% , PXN , Nanotech Lux, PXN
-1.79% , EWI , Italy Index, EWI
-4.10% , BAX , BAXTER INTL
-8.21% , LIZ , LIZ CLAIRBORNE
-2.80% , MDP , MEREDITH
-5.11% , UNM , UNUMPROVIDENT
-9.72% , CAR , Avis Budget Group, Inc.
-4.76% , NTRS , NORTHERN TRUST
-3.04% , PFG , PRINCIPAL FINL
-2.06% , PWT , Growth SmallCap Dynamic PS, PWT
-2.30% , IGE , Natural Resource iS GS, IGE
-1.83% , EWL , Switzerland Index, EWL
-2.73% , FE , FIRSTENERGY
-0.32% , FDV , Value 40 Large Low P/E FT DB, FDV
-1.77% , VPL , Pacific VIPERs, VPL
-0.55% , TTH , Telecom H, TTH
-4.27% , GCI , GANNETT
-2.56% , ADSK , AUTODESK
-1.20% , NYC , LargeCap Blend NYSE Composite iS, NYC
-1.68% , RFG , Growth MidCap S&P 400, RFG
-2.64% , CR , CRANE
-4.60% , NBR , NABORS
-1.73% , EWQ , France Index, EWQ
-3.16% , USO , Oil, Crude, U.S. Oil Fund, USO
-1.48% , EWN , Netherlands Index, EWN
-2.97% , PBW , WilderHill Clean Energy PS, PBW
-3.72% , KSU , Kansas City Southern, KSU
-2.60% , PXJ , Oil & Gas, PXJ
-5.01% , RDC , ROWAN COMPANIES
-2.11% , STJ , ST JUDE MEDICAL
-2.12% , PEP , PEPSICO
-2.35% , TGT , TARGET
-3.56% , HAL , HALLIBURTON
-1.00% , PWC , LargeCap Blend Dynamic PS, PWC
-3.75% , BJS , BJ SERVICES
-1.98% , EXC , EXELON CORP
-2.16% , PMTC.O , PARAMETRIC
-1.33% , IWW , Value LargeCap Russell 3000, IWW

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

Consumer Discretionary Neutral, Market Weight. The Relative Strength Ratio broke out to a new 6-month high on 11/10/09, confirming a bullish trend for the intermediate term. XLY has been at the top of my rankings for many months.

Technology Neutral, Market Weight. The Relative Strength Ratio broke out to a new 3-month high on 11/12/09, confirming a bullish trend for the intermediate term. XLK/SPY rose to its highest level in 7 years on 7/22/09, confirming a bullish trend for the long term.

Industrial Neutral, Market Weight. The Relative Strength Ratio rose above the highs of the previous 6 weeks on 11/9/09, confirming a short-term uptrend. XLI/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.

Materials Neutral, Market Weight. The Relative Strength Ratio rose above the highs of the previous 12 trading days on 11/12/09, confirming a short-term uptrend. 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.

Consumer Staples Neutral, Market Weight. The Relative Strength Ratio rose to a 13-week high on 11/2/09 but has drifted mildly lower since. This defensive sector underperforms when investors feel more confident and seek greater risk, and it outperforms when investors move away from risk.

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 for the intermediate-term, and probably for the long-term as well.

Health Care Bearish, Underweight. The Relative Strength Ratio broke down below 12-month lows on 10/22/09, which was bearish for the longer term. XLV/SPY has drifted slightly higher since 10/22/09, merely consolidating losses. XLV/SPY could resume its downtrend soon.

Energy Neutral, Market Weight. The Relative Strength Ratio fell further below the lows of the previous 5 weeks on 11/12/09, again confirming the preexisting short-term downtrend. 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.

Utilities Bearish, Underweight. The Relative Strength Ratio fell further below previous 24-month lows on 11/12/09, again confirming the preexisting long-term downtrend. XLU has underperformed since 11/21/08, as the appetite for risk recovered.

Emerging Markets Stocks ETF Relative Strength Ratio turned down short term after peaking at a lower high on 11/9/09 than on 10/14/09. 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 11 weeks on 11/12/09, again confirming a preexisting downside correction for the intermediate term.

NASDAQ Composite/S&P 500 Relative Strength Ratio broke down below 5-month lows on 11/4/09, thereby 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 11/12/09, 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 11/6/09, 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 has been in an intermediate-term downtrend since 9/16/09. The ratio had been in a strong uptrend from 11/19/08 to 9/16/09. That uptrend may or may not resume once the current downside correction is over.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio turned slightly higher in recent days. It is still well below its peak set on 10/28/09. Long term, OEX/SPX has trended down since the peak on 11/20/08.

The Small Cap/Large Cap Relative Strength Ratio fell further below the lows of the previous 6 months on 11/12/09, 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 appears to be in a downside correction since making a high of 82.00 on 10/21/09. Long term, Oil remains in a bullish major trend. Potential support may be seen around the high of 75.00 set on 8/25/09. Oil made a 153% gain made from the low at 32.40 on 12/19/08 to the high of 82.00 on 10/21/09.

Gold nearest futures contract price rose to another new all-time high of 1123.4 on 11/12/09, again confirming preexisting bullish trends 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 turned lower over the past 2 trading days. The Ratio remains below the 14-month high set on 9/17/09. The trend from the low set on 10/27/08 to high set on 9/17/09 was bullish for both Gold bullion and Gold Mining Stocks.

Silver/Gold Ratio peaked out on 9/16/09 and has been in an irregular falling trend since. 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. Rising copper prices suggest growing confidence about global economic prospects, while falling copper prices suggest doubts.

U.S. Treasury Bond nearest futures contract price has been consolidating over the past 3 weeks. The Bond may find short-term support around the previous lows of 117.10 set on 11/12/09 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 5-week lows on 11/12/09 and has been in a downside corrective trend short term since 10/26/09. 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 11/9/09, again 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 rose above previous 3-day highs on 11/12/09, and that may interest some short-term traders. USD broke down below the lows of the previous 15 months on 11/11/09, again confirming a preexisting 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 44.4% Bulls versus 26.7% Bears as of 11/11/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 1.66, down from 1.96 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 collapsed to 21.60 on 11/11/09 from a 16-week high of 31.84 on 11/2/09, indicating plunging 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 collapsed to 22.73 on 11/11/09 from a 16-week high of 31.42 on 11/2/09, indicating plunging 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 1.51 on 11/11/09, a level indicating bullish 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 fell to 0.53 on 11/11/09, a level indicating bullish 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
1,105.37, high of 11/11/2009

S&P 500 Cash Index Potential Support
1,066.83, high of 10/29/2009
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


2.88% Short 200% MidCap 400 PS, MZZ
1.97% Short 200% S&P 500 PS, SDS
1.80% Short 200% Dow 30 PS, DXD
1.44% Short 100% MidCap 400, MYY
1.15% Short 200% QQQ PS, QID
1.08% Short 100% S&P 500, SH
0.94% Short 100% Dow 30, DOG
0.74% Short 200% US T Bond, TBT
0.64% Financial Preferred, PGF
0.46% Short 100% QQQ, PSQ
0.20% Bond, Aggregate, AGG
0.12% Bond, High-Yield Corporate, HYG
0.08% Biotech H, BBH
0.07% Internet H, HHH
0.03% Bond, 10 Year Treasury, IEF
0.00% Bond, Corp, LQD
-0.01% Bond, 1-3 Year Treasury, SHY
-0.02% Short 200% Bond 7-10 Yr T, PST
-0.05% Semiconductor SPDR, XSD
-0.09% Austria Index, EWO
-0.11% Preferred Stock iS, PFF
-0.18% Bond, 20+ Years Treasury, TLT
-0.22% Pharmaceutical H, PPH
-0.24% Telecommunications & Wireless, PTE
-0.25% Software H, SWH
-0.32% Value 40 Large Low P/E FT DB, FDV
-0.34% Networking, IGN
-0.42% United Kingdom Index, EWU
-0.44% Retail H, RTH
-0.45% Internet Infrastructure H, IIH
-0.47% Bond, TIPS, TIP
-0.47% Materials SPDR, XLB
-0.48% Semiconductor iS GS, IGW
-0.54% Healthcare DJ, IYH
-0.55% Telecom H, TTH
-0.55% Telecommunications Global, IXP
-0.55% Technology DJ US, IYW
-0.55% Value LargeCap Dynamic PS, PWV
-0.56% Hong Kong Index, EWH
-0.56% Dividend Achievers PS, PFM
-0.57% Health Care SPDR, XLV
-0.57% Growth LargeCap NASDAQ 100, QQQQ
-0.57% Global Titans, DGT
-0.60% Consumer Staples SPDR, XLP
-0.61% Info Tech VIPERs, VGT
-0.63% Technology GS, IGM
-0.64% Technology MS sT, MTK
-0.64% Dividend Leaders, FDL
-0.64% Health Care VIPERs, VHT
-0.64% Taiwan Index, EWT
-0.64% OTC Dynamic PS, PWO
-0.65% Growth LargeCap NASDAQ Fidelity, ONEQ
-0.66% Consumer Staples VIPERs, VDC
-0.71% Singapore Index, EWS
-0.72% Technology Global, IXN
-0.72% Aerospace & Defense, PPA
-0.72% Growth LargeCap iS M, JKE
-0.73% Technology SPDR, XLK
-0.73% LargeCap Rydex Rus Top 50, XLG
-0.74% Internet Architecture H, IAH
-0.75% Software, IGV
-0.78% Consumer Cyclical DJ, IYC
-0.78% Food & Beverage, PBJ
-0.79% Growth LargeCap Russell 3000, IWZ
-0.79% LargeCap Blend Socially Responsible iS, KLD
-0.79% European VIPERs, VGK
-0.80% Growth 1000 Russell, IWF
-0.80% Value MidCap Dynamic PS, PWP
-0.81% Semiconductor H, SMH
-0.82% Spain Index, EWP
-0.82% Sweden Index, EWD
-0.83% Telecom DJ US, IYZ
-0.85% Pharmaceuticals, PJP
-0.85% Healthcare Global, IXJ
-0.88% LargeCap Blend S&P 100, OEF
-0.91% Growth S&P 500/BARRA, IVW
-0.91% Semiconductors, PSI
-0.92% Growth Large Cap, ELG
-0.93% LargeCap Blend Core iS M, JKD
-0.93% DIAMONDS , DIA
-0.94% Industrial LargeCap Blend DJ US, IYJ
-0.94% Biotech SPDR, XBI
-0.94% Wilshire 5000 ST TM, TMW
-0.95% Nanotech Lux, PXN
-0.97% Growth VIPERs, VUG
-0.97% Materials VIPERs, VAW
-0.98% Consumer Non-Cyclical, IYK
-0.99% Basic Materials DJ US, IYM
-1.00% LargeCap Blend Dynamic PS, PWC
-1.00% Developed 100 BLDRS, ADRD
-1.00% S&P 500 iS LargeCap Blend, IVV
-1.01% LargeCap 1000 R, IWB
-1.01% LargeCap Blend S&P 1500 iS, ISI
-1.02% S&P 500 SPDRs LargeCap Blend, SPY
-1.02% LargeCap VIPERs, VV
-1.02% Capital Markets KWB ST, KCE
-1.03% REIT VIPERs, VNQ
-1.03% Growth S&P 500, RPG
-1.03% Dividend Appreciation Vipers, VIG
-1.03% Value S&P 500 B, IVE
-1.04% Ultra QQQ Double, QLD
-1.05% Value Large Cap DJ, ELV
-1.05% Europe 100 BLDRS, ADRU
-1.05% Software, PSJ
-1.07% Dividend SPDR, SDY
-1.07% Dividend DJ Select, DVY
-1.07% Europe 350 S&P Index, IEV
-1.08% Value LargeCap NYSE 100 iS, NY
-1.09% Insurance, PIC
-1.09% Growth Mid Cap Dynamic PS, PWJ
-1.09% LargeCap Blend Russell 3000, IWV
-1.09% Malaysia Index, EWM
-1.10% Global 100, IOO
-1.11% IPOs, First Tr IPOX-100, FPX
-1.11% Consumer Discretionary SPDR, XLY
-1.11% Value LargeCap Euro STOXX 50 DJ, FEU
-1.12% Blend Total Market VIPERs, VTI
-1.12% MidCap Blend Core iS M, JKG
-1.13% Belgium Index, EWK
-1.15% LargeCap Blend Total Market DJ, IYY
-1.16% Industrial SPDR, XLI
-1.16% Consumer D. VIPERs, VCR
-1.17% Realty Cohen & Steers, ICF
-1.18% Real Estate US DJ, IYR
-1.19% Lg Cap Growth PSD, PWB
-1.19% Value MidCap iS M, JKI
-1.20% Telecom Services VIPERs, VOX
-1.20% LargeCap Blend NYSE Composite iS, NYC
-1.21% Industrials VIPERs, VIS
-1.23% LargeCap Blend S&P=Weight R, RSP
-1.24% Value VIPERs, VTV
-1.24% Value LargeCap iS M, JKF
-1.24% Growth EAFE MSCI, EFG
-1.24% Value EAFE MSCI, EFV
-1.24% Utilities H, UTH
-1.24% Mexico Index, EWW
-1.27% Gold Shares S.T., GLD
-1.28% REIT Wilshire, RWR
-1.29% Dividend International, PID
-1.29% Value 1000 Russell, IWD
-1.30% Growth MidCap Russell, IWP
-1.32% Japan LargeCap Blend TOPIX 150, ITF
-1.32% China LargeCap Growth G D H USX PS, PGJ
-1.33% Utilities VIPERs, VPU
-1.33% Dividend High Yield Equity PS, PEY
-1.33% Transportation Av DJ, IYT
-1.33% Value LargeCap Russell 3000, IWW
-1.35% MidCap Russell, IWR
-1.36% Utilities DJ, IDU
-1.36% MidCap VIPERs, VO
-1.37% Value MidCap S&P 400 B, IJJ
-1.39% Utilities SPDR, XLU
-1.39% EMU Europe Index, EZU
-1.42% Leisure & Entertainment, PEJ
-1.42% Asia 50 BLDRS, ADRA
-1.43% MidCap S&P 400 SPDRs, MDY
-1.45% EAFE Index, EFA
-1.46% Value SmallCap iS M, JKL
-1.47% Value LargeCap Fundamental RAFI 1000, PRF
-1.48% MidCap Growth iS M, JKH
-1.48% Netherlands Index, EWN
-1.49% Commodity Tracking, DBC
-1.53% Growth MidCap 400 B, IJK
-1.54% Value SmallCap Dynamic PS, PWY
-1.55% MidCap S&P 400 iS, IJH
-1.56% Value Line Timeliness MidCap Gr, PIV
-1.59% Germany Index, EWG
-1.61% Financial Services DJ, IYG
-1.62% Euro STOXX 50, FEZ
-1.64% Financial DJ US, IYF
-1.65% Canada Index, EWC
-1.65% Utilities, PUI
-1.66% Japan Index, EWJ
-1.67% Financials Global LargeCap Value, IXG
-1.68% Growth MidCap S&P 400, RFG
-1.69% Building & Construction, PKB
-1.70% Biotech & Genome, PBE
-1.70% Value SmallCap VIPERS, VBR
-1.71% Financials VIPERs, VFH
-1.72% Value S&P 500, RPV
-1.72% Value MidCap Russell, IWS
-1.73% France Index, EWQ
-1.76% Extended Mkt VIPERs, VXF
-1.77% Pacific VIPERs, VPL
-1.79% Italy Index, EWI
-1.80% Retail, PMR
-1.82% Growth SmallCap R 2000, IWO
-1.83% Energy Global, IXC
-1.83% China 25 iS, FXI
-1.83% Small Cap VIPERs, VB
-1.83% Switzerland Index, EWL
-1.84% SmallCap Russell 2000, IWM
-1.85% Growth BARRA Small Cap 600, IJT
-1.85% SmallCap PS Zacks, PZJ
-1.85% Ultra Dow30 Double, DDM
-1.87% Value Small Cap DJ, DSV
-1.87% Financial SPDR, XLF
-1.88% Growth SmallCap VIPERs, VBK
-1.89% Pacific ex-Japan, EPP
-1.92% Growth SmallCap iS M, JKK
-1.92% SmallCap S&P 600, IJR
-1.94% Water Resources, PHO
-1.95% Growth Small Cap DJ, DSG
-1.97% Value SmallCap S&P 600 B, IJS
-1.99% Australia Index, EWA
-2.02% Ultra S&P500 Double, SSO
-2.04% SmallCap Core iS M, JKJ
-2.06% Growth SmallCap Dynamic PS, PWT
-2.07% Micro Cap Zachs, PZI
-2.08% Value SmallCap Russell 2000, IWN
-2.10% India Earnings WTree, EPI
-2.13% Emerging VIPERs, VWO
-2.14% Silver Trust iS, SLV
-2.17% Energy DJ, IYE
-2.20% Energy SPDR, XLE
-2.21% Emerging 50 BLDRS, ADRE
-2.21% Bank Regional H, RKH
-2.22% Energy VIPERs, VDE
-2.23% Energy Exploration & Prod, PXE
-2.23% Metals & Mining SPDR, XME
-2.23% Emerging Markets, EEM
-2.30% Natural Resource iS GS, IGE
-2.33% South Africa Index, EZA
-2.36% South Korea Index, EWY
-2.40% Value SmallCap S&P 600, RZV
-2.41% Microcap Russell, IWC
-2.43% Homebuilders SPDR, XHB
-2.58% Latin Am 40, ILF
-2.60% Oil & Gas, PXJ
-2.86% Ultra MidCap400 Double, MVV
-2.97% WilderHill Clean Energy PS, PBW
-3.05% Oil Services H, OIH
-3.16% Oil, Crude, U.S. Oil Fund, USO
-3.29% Brazil Index, EWZ
-4.88% 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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