Break Down From A Bearish Rising Wedge Chart Pattern

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its highs of the previous 2 years, reconfirming its preexisting major bullish trend. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) whipsawed

back down below its 50-day SMA, thereby turning systematically bearish again.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back down below its 50-day SMA, thereby turning systematically bearish again.

Crude Oil, United States Oil ETF (USO) fell below the lows of the previous 8 months, confirming its preexisting bearish trend.

Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 20 months, reconfirming its major downtrend.

VIX Fear Index fell to 16.77 intraday, its lowest level since 5/3/12. VIX fell from an intraday peak of 27.73 on 6/4/12. This large drop suggests a rapid shift from worried concern to bullish complacency.

The S&P 500 (SPX: 1,325.51) fell 30.18 points or 2.23% on Thursday, for its second largest percentage loss of the year. SPX broke down from a Bearish Rising Wedge Chart Pattern.

NYSE volume rose 11%, suggesting greater selling pressure on stocks. Volume patterns generally have been bearish for months, however, with a tendency toward lower volume on rallies and higher volume on declines, indicating the dominance of selling pressure over buying pressure.

Over 12 trading days in June, the S&P 500 price index recovered 96.72 points intraday, a 61.8% Fibonacci ratio of its losses from April highs to June lows. This bounce was smaller in size and duration than the 123.34 point drop intraday over 13 trading days in May. Therefore, price and time confirm the dominance of selling pressure over buying pressure indicated by volume.

For extensive coverage of major global markets with illustrative charts, take a free trial for my weekly report —
click here.

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Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.

But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).

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Stock Market Indicators

The Dow Theory signaled a Primary Tide Bear Market on 5/17/12 when both Industrials and Transports closed below their closing price lows of the previous 4 months, including the critical lows of March and April, 2012. The Averages gave an early warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials. Again on 5/1/12, the Industrials rose to a higher closing price high while the Transports failed to rise to a higher closing price high, thereby indicating a non-confirmation and bearish divergence.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below its lows of the previous 4 months on 6/14/12. The Ratio remains systematically neutral below its 50-day SMA and above its 200-day SMA. The 50-day is still above the 200-day SMA, but the spread between these two SMAs has been narrowing.

iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 3 years on 5/24/12, reconfirming its bearish trend. Systematically, BKF/SPY remains bearish below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 1/13/11.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below its lows of the previous 3 years on 5/25/12, reconfirming its bearish trend. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained below the 200-day SMA every day since 2/3/11.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend when it fell below its lows of the previous 8 years on 5/30/12. Systematically, EFA/SPY remains bearish below its 50-day and 200-day SMAs, and the 50-day SMA has remained below the 200-day SMA consistently every day since 1/14/11.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its highs of the previous 2 years on 6/21/12, reconfirming its preexisting major bullish trend. OEX/SPX remains systematically bullish above its 50-day SMA, above its 200-day SMA, and the 50-day SMA has been above the 200-day SMA consistently every day since 8/24/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. On the other side of the coin, Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) whipsawed back down below its 50-day SMA on 6/21/12, thereby turning systematically bearish again. IWM/SPY remains below its 200-day SMA, and the 50-day SMA has remained below the 200-day SMA since 4/20/12. Longer term, IWM/SPY has been relatively weak for more than a year, since 4/5/11.

The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) fell below its lows of the previous 8 months on 6/14/12, reconfirming its preexisting major bearish trend. MDY/SPY turned systematically bearish on 6/6/12, when its 50-day SMA crossed below its 200-day SMA. MDY/SPY remains below its 50-day SMA and below its 200-day SMA.
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Sentiment for Contrary Thinking

Investor sentiment data indicated alarming degrees of optimism and bullish complacency at the February to May 2012 market highs. That was bearish because when the majority of investors has been bullish for some time, investors are already fully invested in the market. Once everyone who is going to buy has already bought, stocks are vulnerable to a downside shakeout. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean. Some of the most recent data suggests that investors’ sentiment may be beginning to shift away from bullish complacency. The evidence is mixed, however, and there still is plenty of room for the pendulum of emotion to swing too far in the direction of bearish excess.

AAII Sentiment: There were 51.64% Bulls and 20.19% Bears, according to the AAII weekly survey reported on 2/9/12. This was the highest level of bullish sentiment in more than a year, since 52.34% Bulls on 1/13/11. As of 6/21/12, however, sentiment had moderated, with 32.89% Bulls and 35.88% Bears.

Investors Intelligence Sentiment: according to the Investors Intelligence weekly survey of stock market newsletter advisors, there were 37.2% Bulls and 25.6% Bears reported on 6/20/12. This represents a moderation in sentiment from 2012 extremes of 54.8% Bulls reported on 2/15/11 and 20.4% Bears reported on 5/9/12.

VIX Fear Index fell to 16.77 intraday on 6/21/12, its lowest level since 5/3/12. VIX fell from an intraday peak of 27.73 on 6/4/12. This large drop suggests a rapid shift from worried concern to bullish complacency. 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.

The S&P 500 Composite Potential Resistance
1576.09, high of 10/11/2007
1552.76, high of 10/31/2007
1523.57, high of 12/11/2007
1498.85, high of 12/26/2007
1440.24, high of 5/19/2008
1422.38, high of 4/2/2012
1415.32, high of 5/1/2012
1389.07, Fibonacci 78.6% of April-June 2012 range
1388.71, low of 5/3/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1363.49, high of 6/19/2012
1362.93, Fibonacci 61.8% of April-June 2012 range
1345.98, 50-day SMA
1344.56, Fibonacci 50% of April-June 2012 range
1340.34, Fibonacci 23.6% of 2011-12 range
1340.03, low of 3/6/2012
1335.52, high of 6/11/2012
1334.93, high of 5/31/2012
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1326.19, Fibonacci 38.2% of April-June 2012 range

The S&P 500 Composite Potential Support
1306.62, low of 6/12/2012
1303.47, Fibonacci 23.6% of April-June 2012 range
1291.98, low of 5/18/2012
1289.59, Fibonacci 38.2% of 2011-12 range
1294.93, 200-day SMA
1266.74, low of 6/4/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.58, Fibonacci 61.8% of 2011 range
1248.58, Fibonacci 50.0% of 2011-12 range
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/2011
1231.04, high of 12/16/2011
1228.74, Fibonacci 61.8% of 2007-2009 range
1226.64, low of 11/9/2011
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1207.56, Fibonacci 61.8% of 2011-12 range
1202.37, low of 12/19/2011
1158.66, low of 11/25/2011
1121.44, Fibonacci 50% of 2007-2009 range
1074.77, low of 10/4/2011
1149.16, Fibonacci 78.6% R of 2011-12 range
1014.14, Fibonacci 38.2% of 2007-2009 range
1010.91, low of 7/1/2010
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
881.38, Fibonacci 23.6% of 2007-2009 range
869.32, low of 7/8/2009
666.79, intraday low of 3/6/2009
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Fixed-Income Investments

Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) price has had a normal, minor correction and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 124.09, 122.06, 120.60, 117.44, 115.69, 114.82, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance. 127.34 and 130.38.

Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) price has had a normal, minor correction and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 107.51, 107.43, 105.85, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 108.53 and 109.37.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back down below its 50-day SMA on 6/21/12, thereby turning systematically bearish again. JNK/LQD remains below its 200-day SMA. The 50-day SMA fell below the 200-day SMA on 6/1/12.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) fell below its lows of the previous 5 months on 6/1/12. Systematically, TIP/IEF remains neutral: below its 50-day SMA, below its 200-day SMA, and the 50-day SMA remains above the 200-day SMA–although that 50-200 SMA spread is narrowing and could cross in days ahead, thereby turning bearish.
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Tangible Assets, Commodities

U.S. dollar ETF (UUP) price quickly recovered more than half of its recent losses on 6/21/12. UUP remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 22.38, 22.14, 21.89, 21.74, 21.58, 21.07, and 20.84. Resistance 23.02, 23.52, 25.84, 27.19, 28.97.

CRB Commodity Price Index fell below its lows of the previous 19 months on 6/4/12, for another a bearish trend confirmation. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) whipsawed back down below its 50-day SMA on 6/21/12, thereby turning systematically bearish again. DBA is now below its 50-day SMA, below its 200-day SMAs, and the 50-day SMA has been consistently below the 200-day SMA every day since 8/8/11.

Crude Oil, United States Oil ETF (USO) fell below the lows of the previous 8 months on 6/21/12. USO turned systematically bearish on 6/7/12, when the 50-day SMA fell below the 200-day SMA. USO remains below its 50-day and 200-day SMAs. Support 29.10, 26.28, and 22.74. Resistance 31.81, 32.80, 34.76, 35.19, 36.97, 40.29, 41.38, 42.30, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) fell below its 50-day SMA on 6/20/12, turning systematically bearish again. GLD remains below its 200-day SMA, and its 50-day SMA remains below its 200-day SMA. Support: 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 159.20, 162.18, 163.20, 164.89, 166.57, 174.00, 175.46, 177.40, and 185.85.

Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) rose above its 50-day SMA on 6/1/12, turning systematically neutral. GDX/GLD remains below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.

Silver, iShares Silver Trust ETF (SLV) remains systematically bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 25.65 and 24.44. Resistance: 29.02, 30.52, 31.64, 32.34, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 20 months on 6/21/12, reconfirming its major downtrend. SLV/GLD remains systematically bearish: below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has remained below the 200-day SMA every day since 8/30/11.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its lows of the previous 5 months on 6/8/12, reconfirming its major downtrend. JJC turned systematically bearish on 5/31/12, when the 50-day SMA crossed below the 200-day SMA. JJC fell below its 200-day SMA on 5/3/12 and fell below its 50-day SMA on 5/2/12. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this weakness may be suggesting rising doubts about prospects going forward.
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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
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name

3.22% , GCI , GANNETT
2.68% , CAG , CONAGRA FOODS
3.78% , DXD , Short 200% Dow 30 PS, DXD
2.56% , PSQ , Short 100% QQQ, PSQ
0.26% , XBI , Biotech SPDR, XBI
1.60% , S , SPRINT NEXTEL
2.18% , SH , Short 100% S&P 500, SH
0.61% , MRK , MERCK & CO
0.38% , HGSI , Human Genome Sciences Inc
0.43% , TLH , Bond 10-20 Year US Treas, TLH
1.99% , DOG , Short 100% Dow 30, DOG
0.38% , TWX , TIME WARNER INC
0.21% , IEF , Bond, 10 Year Treasury, IEF
0.01% , SHV , Bond Treasury Short-Term iS, SHV
0.04% , KR , KROGER
0.07% , VZ , VERIZON COMMS

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

-2.74% , FPX , IPOs, First Tr IPOX-100, FPX
-3.11% , IGV , Software, IGV
-2.61% , IGM , Technology GS, IGM
-4.03% , AIV , APT INV MNGMT
-16.97% , BBBY , BED BATH BEYOND
-3.47% , PXQ , Networking, PXQ
-1.56% , TMW , Wilshire 5000 ST TM, TMW
-7.24% , KMX , CarMax
-2.20% , EPU , Peru MSCI iS, EPU
-3.49% , MTK , Technology MS sT, MTK
-2.93% , DBO , Oil Fund PowerShares, DBO
-2.23% , IWS , Value MidCap Russell, IWS
-3.48% , EIS , Israel MSCI iS, EIS
-3.83% , SCZ , Small Cap EAFE MSCI iS, SCZ
-6.23% , EWD , Sweden Index, EWD
-2.56% , JKG , MidCap Blend Core iS M, JKG
-7.33% , HES , AMERADA HESS
-2.52% , DOW , DOW CHEMICAL
-5.26% , EFV , Value EAFE MSCI, EFV
-2.28% , NUE , NUCOR
-2.00% , XLG , LargeCap Rydex Rus Top 50, XLG
-6.49% , LSI , LSI LOGIC
-6.95% , EOG , EOG RESOURCES
-2.69% , RPG , Growth S&P 500, RPG
-4.65% , IGE , Energy & Nat Res iS GS, IGE
-6.19% , RHT , Red Hat Inc.
-4.88% , EWI , Italy Index, EWI
-3.44% , FII , FED INVESTORS STK B
-2.34% , IWZ , Growth LargeCap Russell 3000, IWZ
-2.54% , JKH , MidCap Growth iS M, JKH
-7.35% , NE , NOBLE
-7.76% , MU.O , MICRON TECH
-3.49% , FDV , Value 40 Large Low P/E FT DB, FDV
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol

2.18% Bear, Short S&P 500, SH
0.53% Bond, 20+ Years Treasury, TLT
0.26% Biotech SPDR, XBI
0.21% Bond, 10 Year Treasury, IEF
0.15% Bond, Corp, LQD
0.14% Bond, Aggregate, AGG
0.13% Bond Muni ATM-Free S&P iS, MUB
0.01% Bond, 1-3 Year Treasury, SHY
0.01% Bond Treasury Short-Term iS, SHV
-0.34% Financial Preferred, PGF
-0.34% Preferred Stock iS, PFF
-0.34% Bond EmrgMkt JPM iS, EMB
-0.42% Bond, TIPS, TIP
-0.58% Bond, High-Yield Junk, JNK
-0.74% Bond Ex-US Treas, BWX
-0.82% Bond, High-Yield Corporate, HYG
-1.01% Agriculture DB PS, DBA
-1.04% Utilities SPDR, XLU
-1.08% Utilities VIPERs, VPU
-1.18% Consumer Staples SPDR, XLP
-1.22% Telecom DJ US, IYZ
-1.38% Health Care SPDR, XLV
-1.39% Dividend High Yield Equity PS, PEY
-1.51% Dividend DJ Select, DVY
-1.55% Realty Cohen & Steers, ICF
-1.57% Real Estate US DJ, IYR
-1.61% REIT Wilshire, RWR
-1.63% REIT VIPERs, VNQ
-1.78% Dividend SPDR, SDY
-1.85% Value LargeCap Dynamic PS, PWV
-1.88% India Earnings WTree, EPI
-1.95% Frontier Markets Guggenheim , FRN
-1.97% Industrial SPDR, XLI
-1.97% DIAMONDS (DJIA), DIA
-1.97% Value VIPERs, VTV
-1.99% Transportation Av DJ, IYT
-2.01% India PS, PIN
-2.03% Microcap Russell, IWC
-2.07% Value 1000 Russell, IWD
-2.07% Water Resources, PHO
-2.07% Financials VIPERs, VFH
-2.08% LargeCap Blend S&P 100, OEF
-2.12% Value S&P 500 B, IVE
-2.14% Financial DJ US, IYF
-2.15% Dividend Appreciation Vipers, VIG
-2.15% Commodity Tracking, DBC
-2.18% S&P 500 iS LargeCap Blend, IVV
-2.19% Consumer Discretionary SPDR, XLY
-2.20% Value SmallCap Russell 2000, IWN
-2.21% Growth S&P 500/BARRA, IVW
-2.23% Value MidCap Russell, IWS
-2.24% Financial SPDR, XLF
-2.24% Pacific VIPERs, VPL
-2.24% S&P 500 SPDRs LargeCap Blend, SPY
-2.25% LargeCap VIPERs, VV
-2.26% LargeCap Blend Russell 3000, IWV
-2.26% Blend Total Market VIPERs, VTI
-2.27% LargeCap 1000 R, IWB
-2.29% Value SmallCap VIPERS, VBR
-2.37% Technology SPDR, XLK
-2.39% Global 100, IOO
-2.39% Japan Index, EWJ
-2.43% Growth BARRA Small Cap 600, IJT
-2.43% SmallCap Russell 2000, IWM
-2.44% Growth 1000 Russell, IWF
-2.44% Dividend International, PID
-2.45% Growth VIPERs, VUG
-2.47% Small Cap VIPERs, VB
-2.47% SmallCap S&P 600, IJR
-2.48% WilderHill Clean Energy PS, PBW
-2.49% Financial Services DJ, IYG
-2.49% QQQ Nasdaq 100 Trust, QQQ
-2.51% MidCap Russell, IWR
-2.54% Gold Shares S.T., GLD
-2.54% Capital Markets KWB ST, KCE
-2.55% Value SmallCap S&P 600 B, IJS
-2.57% Growth SmallCap R 2000, IWO
-2.58% LargeCap Blend S&P=Weight R, RSP
-2.58% Growth SmallCap VIPERs, VBK
-2.62% Info Tech VIPERs, VGT
-2.62% MidCap S&P 400 SPDRs, MDY
-2.62% Turkey MSCI iS, TUR
-2.68% Growth MidCap 400 B, IJK
-2.68% Value MidCap S&P 400 B, IJJ
-2.70% MidCap S&P 400 iS, IJH
-2.73% Technology DJ US, IYW
-2.76% Europe 350 S&P Index, IEV
-2.83% European VIPERs, VGK
-2.85% South Korea Index, EWY
-2.86% Indonesia MV, IDX
-2.88% Growth MidCap Russell, IWP
-2.89% Malaysia Index, EWM
-2.93% Oil Fund PowerShares, DBO
-3.07% Taiwan Index, EWT
-3.27% Materials SPDR, XLB
-3.30% China LargeCap Growth G D H USX PS, PGJ
-3.39% Oil, Crude, U.S. Oil Fund, USO
-3.40% Mexico Index, EWW
-3.45% Latin Am 40, ILF
-3.54% Networking, IGN
-3.61% Emerging 50 BLDRS, ADRE
-3.64% Emerging VIPERs, VWO
-3.72% Basic Materials DJ US, IYM
-3.74% Chile MSCI iS, ECH
-3.83% Small Cap EAFE MSCI iS, SCZ
-3.98% Semiconductor SPDR, XSD
-4.08% Semiconductor iS IGW, SOXX
-4.09% Energy SPDR, XLE
-4.13% Energy Global, IXC
-4.17% Growth EAFE MSCI, EFG
-4.18% Silver Trust iS, SLV
-4.19% Energy DJ, IYE
-4.20% China 25 iS, FXI
-4.27% Energy VIPERs, VDE
-4.48% Singapore Index, EWS
-4.51% Global ex US ACWI iS, ACWX
-4.55% Switzerland Index, EWL
-4.57% Netherlands Index, EWN
-4.62% Homebuilders SPDR, XHB
-4.63% Russia MV, RSX
-4.63% Canada Index, EWC
-4.65% Energy & Nat Res iS GS, IGE
-4.71% Metals & Mining SPDR, XME
-4.80% Emerging Markets, EEM
-4.82% Hong Kong Index, EWH
-4.84% EAFE Index, EFA
-4.88% Italy Index, EWI
-5.13% Austria Index, EWO
-5.18% France Index, EWQ
-5.19% United Kingdom Index, EWU
-5.26% Value EAFE MSCI, EFV
-5.38% Brazil Index, EWZ
-5.40% Spain Index, EWP
-5.42% Thailand MSCI iS, THD
-5.46% EMU Europe Index, EZU
-5.50% Australia Index, EWA
-5.50% Pacific ex-Japan, EPP
-5.55% Belgium Index, EWK
-5.61% Germany Index, EWG
-5.82% South Africa Index, EZA
-6.23% Sweden Index, EWD

 


About the Author

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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