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#1 TTHQ Staff

TTHQ Staff

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Posted 27 June 2011 - 06:12 PM

The VRTrader.com VR Silver Newsletter - Monday 6/27/2011
"Tools for the High Performance Trader"
Copyright ©2011, All rights reserved.
Redistribution in any form is strictly prohibited.
LEIBOVIT FILES | by Mark Leibovit
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Leibovit Files
Monday, June 27, 2011

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Pre-July 4th Trading Ahead!

Commentary below from Mark Leibovit, TIMER DIGEST's #1 Intermediate Market Timer for the 10-year period ending in 2007, the #2 Intermediate Market Timer for the 10-year period ending in 2009, AND currently the #2 Market Timer for the six-month period ending June 3, 2011. And, the #3 Gold Timer for the Ten Year Period ending 12/31/10.
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TIMER DIGEST SIGNALS:

Stocks - NEUTRAL -

Well, we're coming into another pre-holiday week with next weekend and the following Monday encompassing the U.S. Fourth of July. Very generally speaking, markets tend to trade in the opposite direction of where they have been trading ahead of long holiday weekends. If the present downtrend in commodities and equities persists early this week, we might come to expect to see just the opposite by the end of the week. That said, we know the playing field is not level and with the Plunge Protection Team and Obama diligently at work, for example, his unleashing of the emergency oil reserves as a supposed solution to driving down oil prices. In effect, the government has declared war on commodity prices to distract 2012 voters away from high employment and sagging home prices. 'Sell May and Go Away' is still the overriding tenet of market action at this time, not discounting the ongoing chance of sharp contra-market rallies or a 'summer rally' coming unexpectedly. I am mai ntaining an overall NEUTRAL market position, but trading inverse ETFs so long as downside potential still exists. Small market tops can become big market tops and there is no way of knowing for sure that we have not entered or are in the early stages of a prolonged bear market. That said, there is political reality and the aforementioned Plunge Protection Team and a news environment that is so negative you can cut it with a knife. All of this opens the possibility that the bull market could indeed resume if too much technical is not done in the interim. Right now, as I've told you, the 'Street' is watching the June 16 low in the S&P 500 (1258.05) as a key support zone.

Gold - BULL -

The 'summer' correction though delayed is now underway in earnest and it will be interesting to see just how much damage can be inflicted by the bears who are desperately trying to save face after having been given the enema of their careers in recent months. As I've told you, I'm a perma-bull and 'dare' these guys to take the market lower! Yes, I dare them, because it not only presents a greater buying opportunity but it also affords me the opportunity to make a few shekels on the short-side on the way down. That said, I know with confidence that substantially higher prices are on the horizon. Below is a link I just received this weekend listing 90 analysts who believe gold will go $5,000 an ounce or higher. It comes from Goldseek.com:

http://news.goldseek.../1308463740.php


Bonds - NEUTRAL -

Bonds rallied as expected, but I've been on the sidelines. I hesitated jumping back in to the long bond ETFs thinking stocks could rally and we would be afforded a better buying opportunity.




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Technical Analysts Corner -

Support for the SPX remains at 1258-1261 and then 1240, with resistance at 1291, 1298, 1303 and 1313. The big 200-day moving average has provided support, but we're caught trading between the 50-day moving average and the 200-day. Most recent volume patterns are negative, but we're sitting in somewhat neutral territory insofar as overbought/oversold readings are concerned. If we hold the lows again early this week (which, frankly, would surprise me), a decent Fourth of July rally may emerge. Always keeping an eye on the Dow Transports which bottomed three days ahead of the other major indexes on June 13, but topped out simultaneously on Wednesday. I believe short-term market direction will be guided in part by the action of the Transports.

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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
JUNE 27 - JULY 1, 2011:
--------------------------------------------
MONDAY, JUNE 27:

End of Month 'Window Dressing' begins

Personal Income and Outlays
8:30 AM ET

Narayana Kocherlakota Speaks
11:00 AM ET

4-Week Bill Announcement
11:00 AM ET

3-Month Bill Auction
11:30 AM ET

6-Month Bill Auction
11:30 AM ET

Thomas Hoenig Speaks
1:00 PM ET

2-Yr Note Auction
1:00 PM ET

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TUESDAY, JUNE 28:

'Turnaround Tuesday'

ICSC-Goldman Store Sales
7:45 AM ET

Redbook
8:55 AM ET

S&P Case-Shiller HPI
9:00 AM ET

Consumer Confidence
10:00 AM ET

State Street Investor Confidence Index
10:00 AM ET

4-Week Bill Auction
11:30 AM ET

52-Week Bill Auction
11:30 AM ET

5-Yr Note Auction
1:00 PM ET

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WEDNESDAY, JUNE 29:

MBA Purchase Applications
7:00 AM ET

Pending Home Sales Index
10:00 AM ET

EIA Petroleum Status Report
10:30 AM ET

Sarah Bloom Raskin Speaks
12:00 PM ET

7-Yr Note Auction
1:00 PM ET

Farm Prices
3:00 PM ET

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THURSDAY, JUNE 30:

Jobless Claims
8:30 AM ET

James Bullard Speaks
9:00 AM ET

Bloomberg Consumer Comfort Index
9:45 AM ET

Chicago PMI
9:45 AM ET

EIA Natural Gas Report
10:30 AM ET

3-Month Bill Announcement
11:00 AM ET

6-Month Bill Announcement
11:00 AM ET

Fed Balance Sheet
4:30 PM ET

Money Supply
4:30 PM ET

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FRIDAY, JULY 1:

401 (k) Funds Begin To Be Employed

Motor Vehicle Sales

Consumer Sentiment
9:55 AM ET

ISM Mfg Index
10:00 AM ET

Construction Spending
10:00 AM ET

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STOCKS - ACTION ALERT -

The stock market fell sharply on Friday after disappointing earnings news from Oracle and Micron and new concerns that the trouble in Europe could be spreading to Italy and Spain (see US Dollar section). The Dow Industrials fell 115.42 or 0.96% to 11934.58, the S&P 500 dropped 15.05 or 1.17% to 1268.46, and the NASDAQ lost 33.86 or 1.26% to 2652.89.

It sure was an interesting week. The market rallied on Monday and Tuesday on expectations that Greece's Prime Minister will survive a confidence vote. But it was a case of buy the rumor and sell the news. The market fell the last three days of the week and for the week finished mixed (Dow Industrials and S&P 500 down, but NASDAQ, Dow Transports, and Russell 2000 up).

Next week could prove to be more of the same: the market fluctuating on every rumor out of Europe. A vote on austerity in Greece is expected on Tuesday. But the focus may shift away from Greece as other country's are in nearly as much trouble (see US Dollar section).

At the same time, we could see volume lightening up towards the end of the week as traders get an early start on the July 4th weekend. We also have end of the month window dressing next week and the beginning of 401(k) inflows that appear at the start of each month.

Meanwhile, the market is still stuck in its trading range (SPX 1258-1300). With the trend down, I'd expect a downward breakout. We have lots of support in the 1260 area (recent low, 200-day moving average) and some positive cycles coming up, as I mentioned above. I look to the news out of Greece to determine which way we'll go. We could know as early as next week with Greece expected to vote on austerity on Tuesday. Stay tuned...

Back to Friday's action. Eight on nine market sectors declined. Only Utilities (XLU +0.31%) managed a gain as traders looked for safety.

Technology led the decline (XLK -1.72%) on those disappointing earnings reports from Oracle and Micron (see Corporate News section below). However, Energy was the biggest decliner (XLE -1.89%) on week oil prices and refinery problems (see Corporate News section below).

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DOW TRANSPORTS - ACTION ALERT -

Transportation stocks underperformed on Friday and Airlines were hit even harder after United Continental announced disappointing revenue forecasts and American said it is seeing higher than expected costs. The Dow Jones Transportation Average fell 88.48 or 1.67% to 5214.15. Airlines lost 2.14%.

United Continental said its flying capacity will only rise 1.0% for the second quarter, at the low end of its previously-announced forecast of 0.8% to 1.8%. United Continental also expects passenger revenue per available seat mile to rise between 8.3% to 9.3% in the second quarter. That suggests June unit revenue growth of 3% to 4%, which the Street will likely view as a miss. UAL fell 8.55%.

The parent company of American Airlines said it didn't expect to reach its goal of keeping costs flat this year, with U.S. storms and the aftermath of Japan's natural disasters trimming $60 million from second-quarter revenue. American, the third-largest U.S. airline by traffic, expects unit revenue to be 4.5% to 5.5% higher in the second quarter than a year earlier, compared with a 5% advance in the seasonally weaker first quarter. American, which has the highest cost base among the network carriers, said its operating expenses in 2011 would be 0.5% to 1.5% higher than last year when rising fuel costs are stripped out. The company expects to end the second quarter with $5.6 billion in cash and short-term investments, down from $6.3 billion at March 31. AMR declined 6.78%.

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GOLD and METALS - ACTION ALERT -

Gold fell to a one-month low on Friday and the other precious metals followed it down as the Dollar rose and inflation fears declined after Thursday's IEA announcement that it will sell oil from strategic reserves. Gold declined 18.40 to 1502.30 and traded as low as 1497.50. The other precious metals are also down sharply. Silver fell 0.99 to 34.32, platinum dropped 18 to 1685, and palladium lost 15 to 728. However, copper gained 0.0595 to 4.0985 after the better than expected durable goods report.

Gold is now trading below it June 13 low and below its 50-day moving average for the first time since February. Given the virtual triple top in gold established over the previous two months, this correction could have more to go. Looking at the long-term chart, things still look great. The uptrend going back to 2008 is still in effect. However, we could fall as low as the 200-day moving average (currently at 1409) and still be in a bull market.

We are currently on the sidelines here. So in reality, a decline to that level would enable us to buy on the cheap. Not that I expect gold to fall so far, but, as always, I advise you to pick up mining shares and bullion for long-term holding on every correction, as we are experiencing now. When gold hits $3000 or $5000, you'll be glad the market gives you these opportunities.

So much depends on the situation in Europe. If Greece is unable to pass its austerity or other countries (Portugal, Ireland) start to weaken again, traders will move to safety and buy gold. But if Europe solves its problems, even temporarily, gold will look a whole lot less attractive. As always, I recommend holding gold just in case Europe goes down the drain. And even if it does not, you'll protect yourself from the world's constant printing of new money.

For more in depth coverage of all the week's action, subscribe to the VR Gold Newsletter. http://www.vrgoldletter.com/.

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URANIUM - ACTION ALERT

Spot Uranium 54.50. Uranium has swung from the June 13, 2007 high of 154.95 down to 40.00 and recently backup to 73.00 until the Japanese earthquake. Since then, we're trading between 52.00 and 62.50. Fear of another nuclear incident and mass destruction overshadow science and progress at the present time.

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BONDS - ACTION ALERT-

Treasuries rose Friday as traders looked for safety amid declines in stocks and metals. However, the better than expected durable goods report pressured bonds. The long bond future rose 5/32 to 126 19/32.

Yields on 2-year notes fell 1 basis point to 0.34%. Yields on 2-year notes are on pace for an 11th straight weekly decline - the longest string since at least 2006.

The Federal Reserve Bank of New York bought $4.58 billion in Treasury debt on Friday, nearing the end of a program that's the centerpiece of the U.S. central bank's loose monetary policy. Dealers offered to sell the Fed $15.25 billion in 2013-2015 debt.

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CRUDE OIL - ACTION ALERT -

Oil tested and held its recent lows on Friday and then finished with a small gain. Crude oil rose 0.14 to 91.16. Oil fell as low as 89.82, virtually the same as Thursday's 89.69 low.

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US DOLLAR AND CURRENCIES- ACTION ALERT -

The US Dollar Index rose again after durable goods orders rose more than expected, as traders worry about eurozone debt again after feeling optimistic for a few days that the situation will be resolved, and after Moody's Investors Service put ratings of more than a dozen Italian banks on review. The US Dollar Index rose 0.218 to 75.665.

European leaders meeting in Brussels signaled that Greece remains on track to receive additional aid from the European Union and International Monetary Fund after the Greek government approves of its additional austerity measures. However, there is no guarantee that the Greek Parliament will vote for the austerity measures. In fact, rumors are that a second lawmaker from Greek Prime Minister George Papandreou's PASOK party may vote against additional austerity measures.

Moody's late Thursday put the long-term debt and deposit ratings of more than a dozen Italian banks and two Italian government-related financial institutions on review for possible downgrade.

While Greece's 2-year rate fell 0.33% to 28.31% and 10-year rate dropped 0.10% to 16.78%, Ireland's 10-year rate rose 0.18% to 11.97%, a new high. Spain's 10-year rate rose 0.05% to 5.681% and Italy's rose 0.04% to 4.98%.

The Euro declined 0.51% against the Dollar.

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ECONOMIC NEWS:

U.S. real gross domestic product for the first quarter was revised to an increase of 1.9% annualized from the earlier estimate of a 1.8% rise, the Commerce Department said Friday. Economists expected first-quarter growth to be revised to a 2.0% rate. The revision to first-quarter GDP was largely due to a downward revision to imports and a stronger inventory buildup. A key measure of inflation was revised higher. Core prices increased 1.6% in the first quarter, up from 1.4% reported earlier. Corporate profits before tax were revised higher. Corporate profits before tax increased 7.8% quarter-to-quarter, down from the 6.3% reported earlier.

Orders for U.S.-made durable goods partially rebounded in May after a steep decline in April, the Commerce Department reported Friday. Durable-goods orders rose 1.9% in May after a downwardly revised 2.7% fall in April. The increase in May was slightly stronger than expected. Economists expected a 1.6% rise in durables orders. Transportation orders had the biggest increase last month. Excluding transportation, orders rose 0.6%. Shipments rose 0.3% in May. Orders for core capital goods rose 1.6% in May after a 0.8% fall in April.

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CORPORATE NEWS:

Oracle reported that its fiscal fourth-quarter net income rose to $3.2 billion, or 62 cents a share, from $2.4 billion, or 46 cents a share in the same period last year. The provider of computer hardware and software used by businesses said revenue for the period ended May 31 rose 13% to $10.8 billion. Excluding one-time items, Oracle said earnings for the quarter were 75 cents a share. Analysts had expected Oracle to report fourth-quarter earnings excluding items of 71 cents a share, and $10.8 billion in revenue. ORCL fell 4.06%.

Micron Technology reported a fiscal third-quarter profit of $75 million, or 7 cents a share, on revenue of $2.14 billion. During the same period a year ago, the maker of memory chips earned $939 million, or $1.06 a share, on $2.26 billion in sales. Analysts had forecast Micron to earn 16 cents a share on revenue of $2.37 billion. MU crashed 14.59%.

Business consult and tax preparer H&R Block reported fiscal fourth-quarter net profit fell to $659 million, or $2.14 a share, from $691 million, or $2.10 a share, a year ago. Revenue for the period ended April 30 fell 0.5% to $2.33 billion from $2.34 billion. Analysts had forecast the company would earn $2.15 a share. HRB slipped 16.69%.

Energy pipeline operator Williams Cos. announced plans to acquire Southern Union Co. for $8.7 billion, with the per-share price of $39 representing a 14% premium over its most recent closing price. The bid tops a rival offer from Energy Transfer Equity, LP. "Our proposal provides significantly greater value to all Southern Union shareholders than they would receive from Energy Transfer and a path to realize such premium value that is more transparent, more expedient and more certain," said Williams CEO Alan Armstrong. SUG jumped 16.69% while WMB dropped 2.33%.

Campbell Soup announced that its board has formally elected Denise Morrison to be the company's next chief executive officer. Morrison succeeds CEO and President Douglas Conant. Morrison, 57, is currently executive vice president and chief operating officer of the company and was widely expected to step into the CEO office upon Conant's retirement. At the same time, the food company announced it plans to buy back up to $1 billion of its outstanding shares. It set no deadline for the new plan, which replaces a three-year-old plan to buy up to $1.2 billion worth of shares. CPB gained 2.39%.

Valero Energy fell to its lowest closing price since early January. The company struggled last week with outages and repairs at two of its Texas facilities. VLO fell 6.38%.

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Canadian TSX, TSX Venture and Canadian Dollar Commentary for our Canadian clients updated for Monday, June 27.

The Canadian market fell on Friday but held up better than the US market as base-metal producers rallied with rising copper prices and the weak Canadian Dollar helped exporters, including telecom companies even though Research In Motion fell. The TSX declined 70.69 or 0.54% to 12908.89. The boundary for support/resistance is 12763 and 13,160 with other support at 12838.

Teck Resources Ltd (TCK/B), the country's biggest base-metals and coal producer, rose 0.9 percent to C$45.95. First Quantum Minerals Ltd. (FM), Canada's second-largest publicly traded copper producer, climbed 3.2 percent to C$127.45.

BlackBerry maker Research In Motion Ltd. (RIM) decreased 3.1 percent to C$28.23, trimming its weekly gain to 3.6 percent. Speculation that RIM may be acquired is unwarranted, Kris Thompson, an analyst at National Bank of Canada, said in a note to clients.

Energy 303.49 -2.35 (-0.77%)
Financials 186.57 -0.41 (-0.22%)
Health Care 58.72 -0.25 (-0.42%)
Industrials 115.02 -0.49 (-0.42%)
Info Tech 30.17 -0.39 (-1.28%)
Metals & Mining 1,327.35 12.45 (0.95%)
Telecom 97.96 0.28 (0.29%)
Utilities 217.72 -2.00 (-0.91%)

Resistance is 13,160, 13,262, 13,450, 13,901, 14,089, 14,330, 14,715, 15,000, 15,600. Support is 12,760, 12,600, 12,501, 12,200

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CANADIAN TSX Venture:

The Venture also fell as weak precious metal prices outweighed rising copper. The TSX Venture dropped 9.55 or 0.50% to 1905.33.

Resistance: 1940-47, 2107, 2127, 2254, 2291, 2400, 2465, 2535, 2575. Support: 1881, 1806, 1788.
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THE CANADIAN DOLLAR (using the FXC Exchange Traded Fund):

The Canadian Dollar fell to its lowest level in three months, hit by generally weak commodity prices and the ongoing flight to safety. FXC declined 0.93 to 100.76.

Resistance is 105.25, 108.00, 110.00, 113.00. Support is 99.77, 95.96, 93.20, 92.50 91.82, 91.00, 89.75, 87.50 and 85.18.
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LEIBOVIT VOLUME REVERSAL LIST:

Editor's note: I have modified the format. I cannot follow all the VRs, so I suspect you cannot either. Below is a list of VRs for ETFs and in deference to our Canadian clients a list of VRs for Canadian shares is also provided.

Subscribing to Metastock and my 'Add-On' is the way to go if you wish to selective check or scan for a more comprehensive list of VRs.

http://tinyurl.com/469bbzh

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EXCHANGE TRADED FUND (ETF) AND CANADIAN LEIBOVIT VOLUME REVERSALS (VRs) FOR FRIDAY JUNE 24, 2011:

POSITIVE VRs:


FINANCIAL SERVICES Closed End Fund - Debt

ADRA BLDRS Asia 50 ADR Index Fund E
AWF Alliance World Dol Govt2
BCV Bancroft Convertible Fd
BGT Blackrock Global Fltg Inc
BNJ Blackrock Nj Municipal Inc Tr
CIK Credit Suisse Asset Mgmt
CRF Cornerstone Total Return Fd
ESD Salomon Br Emerging Mkt Debt
ETG Eaton Vance Tx Adv Global Div
EVT Eaton Vance Tax Adv Div Inc
FRB Floating Rate Income Str FD II
GGT.B Gabelli Global Multimedia Trus
GRI Cohen & Steers Global Realty M
HIO High Income Oppor Fd Inc
HTGC Hercules Technology Growth Cap
IF Indonesia Fund
MAB Eaton Vance Insured Ma Muni Bd
MCN Madison/Calymore Covrd Call FD
MINT PIMCO Enhanced Short Maturity
MVC MVC Capital
MZA Muniyield Arizona Fund
NRI Neuberger Berman Realty Inc
PCA Putnam Ca Inv Grd Mun Tr
PDT John Hancock Prem Dv Ii
PWC Powershares Dynamic Mkt Port
RNJ Blackrock Nj Iqmt
SLA American Select Prtfolio
TINY Harris & Harris Group
VIT Van Kampen Mer Cap Hit

FINANCIAL SERVICES Closed End Fund - Equity

ACWI iShares MSCI ACWI Index Fund E
ADRD BLDRS Developed Markets 100 AD
ALUM Global X Aluminum ETF
BBH Biotech HOLDRS ETF
BDCS UBS E-Tracs Wells Fargo Bus
BWC BlackRock World Investment Tru
BWV iPath CBOE S&P 500 BuyWrite In
CCXE WisdomTree Commodity Country E
CFX Colonial Insured Muni Fd
CII Blackrock Cap And Inc Strat Fd
CLM Cornerstone Strategic Value
COW CLAYMORE GLOBAL AGRIC
CSM Merrill Lynch Spdr Con S
CWI SPDR MSCI ACWI Ex-US ETF
DENT Dent Tactical ETF
DLN WisdomTree LargeCap Dividend F
DNP Dnp Select Income Fd Inc
DOD ELEMENTS Dogs of the Dow Total
EEB Claymore Bny Bric ETF
EMIF iShares S&P Emerging Markets I
EMM SPDR DJ Wilshire Mid Cap ETF
ETY Eaton Vance Tax-Managed Div Eq
EXG Eaton Vance Tx-Mgd Glo Div Eq
EXI iShares S&P Global Industrials
FAM First Tr/aberdeen Glob Opp Inc
FBM Focus Morningstar Basic Materi
FF First Financial Fund Inc
FHO First Tr Strategic Hi Incm
FLM First Trust ISE Global Enginee
FOC Faithshares Christian Value Fu
FTC First Trust Large Cap Growth O
FUI Focus Morningstar Utilities In
FWDB Madrona Forward Global Bond ET
FWF WFCXI 6.25% ENh Trup
FXH First Trust Health Care AlphaD
FXI iShares FTSE/Xinhua China 25 I
FXU First Trust Utilities AlphaDEX
FYX First Trust Small Cap Core Alp
GAIN Gladstone Investment Corp
GDL Gabelli GLobal Deal Fund
GFW Aag Holding Company Inc
GII SPDRs FTSE Macquarie Global In
GMF SPDR S&P Emerging Asia Pacific
GNR SPDR S&P Global Natural Resour
GUT.A Gabelli Utility Trust-Preferre
GWF Wells Fargo Cap VIII
GXC SPDR S&P China ETF
HAO Claymore/Alphashrs 2 Sm Cap
HQH H&Q Healthcare Fd Sbi
IAH Internet Architecture HOLDRS E
IDE ING Infrastructure Industrials
IFSM iShares FTSE Developed Small C
IJJ iShares S&P MidCap 400/Barra V
IJK iShares S&P MidCap 400/Barra G
IJT iShares S&P SmallCap 600/Barra
IPD SPDR S&P International Consume
ITF iShares S&P/TOPIX 150 Index Fu
IVOG Vanguard S&P Mid-Cap 400 Growt
IVOO Vanguard S&P Mid-Cap 400 ETF
IWC iShares Russell 1000 Microcap
IWD iShares Russell 1000 Value
IWO iShares Russell 2000 Growth
IWS iShares Russell Mid Cap Value
IWV iShares Russell 3000 Index Fun
IWX iShares Russell Top 200 Value
IXC iShares S&P Global Energy Sect
IYM iShares Dow Jones US Basic Mat
JKF IShares Morningstar LG Value
JKI IShares Morningstar Mid Value
JLA Nuveen Equity Income Advantage
JPX ProShares UltraShort MSCI Paci
JSC SPDR Russell Nomura Small Cap
JZV Lehman Absc Corporation
KCAP Kohlberg Capital Corp
MDYG SPDR S&P 400 Mid Cap Growth ET
MDYV SPDR S&P 400 Mid Cap Value ETF
MLPL Ubs Ag 2Xleveraged Lg Exch
MXI iShares S&P Global Materials S
NLR Market Vectors Nuclear Energy
NUCL iShares S&P Global Nuclear Ind
NY Ishares Tr Nyse 100 Index Fd
OTP Claymore Ocean Tomo Patent ETF
PEJ Powershares Dynamic Leisure &
PEZ PowerShares Dynamic Consumer D
PFA PowerShares Dynamic Developed
PGJ Powershares Halter Usx China
PIE PowerShares DWA Emerging Marke
PIN PowerShares India Portfolio ET
PKN PowerShares Global Nuclear Ene
PNNT Pennantpark Invest
PPA PowerShares Aerospace & Defens
PRD Primus Guaranty Ltd
PSCM Powershs S&P Scap Matls Ptf
PSL PowerShares Dynamic Consumer S
PSR Powershares Active US real Est
PSTL PowerShares Global Steel Portf
PTO PowerShares Autonomic Growth N
PXH PowerShares FTSE RAFI Emerging
PXSG PowerShares Dynamic Small Cap
PXSV PowerShares Dynamic Small Cap
PZD PowerShares Cleantech Portfoli
QID ProShares UltraShort QQQ ETF
RCD Rydex S&P Equal Wt Cons Desc
RJZ ELEMENTS Linked to the Rogers
RSX Market Vectors Russia ETF
RWV RevenueShares Navellier Overal
RYU Rydex S&P Equal Wt Utilities
SBND PowerShares DB 3X Short Ust Et
SCHB Schwab US Broad Market ETF
SQQQ ProShares UltraPro Short QQQ
SWH Software Hlders Trust
TBF ProShares Short 20+ Year Treas
TMW streetTRACKS Total Market ETF
TOK iShares MSCI Kokusai Index Fun
UBC E-Tracs UBS Blmbrg CMCI Livest
UBM E-Tracs UBS Blmbrg Intl Metals
UKW ProShares Ultra Russell Midcap
UWC ProShares Ultra Russell 3000 E
VB Vanguard Small Cap Vipers
VONG Vanguard Russell 1000 Growth E
VROM Global X Auto ETF
VTWG Vanguard Russell Growth ETF
VTWO Vanguard Russell 2000 ETF
WSTE Global X Waste Management ETF
XGC Claymore Great Companies Large
XRO Claymore Zacks Sector Rot ETF

FINANCIAL SERVICES Closed End Fund - Foreign

AADR WCM/BNY Mellon Focused Growth
APB Asia Pacific Fund Inc
BICK First Trust BICK Index Fund
BRAQ Global X Brazil Consumer Etf
BRAZ Global X Brazil Mid Cap Etf
CEE The Central Europe & Russia Fd
CHIB Global X China Technology ETF
CHIM Global X China Materials ETF
CHN China Fund Inc
EAPS Pax MSCI EAFE ESG Index ETF
EF Europe Fund Inc
EMF Templeton Emerg Mkts Fund
EPI WisdomTree India Earnings Fund
ETF Emerging Markt Telecm Fd
EWL iShares MSCI Switzerland Index
FCO Aberdeen Global Income Fd Inc
FXB Rydex CurrencyShares British P
GCH Greater China Fund
GXG Global X InterBolsa FTSE Colom
HKK IQ Hong Kong Small Cap ETF
HTY John Hancock Tax-Advantaged Fu
INDL Direxion Daily India Bull 2X S
INDY iShares S&P India Nifty 50 Ind
INP iPath MSCI India Index ETN
INXX Emerging Global Shares India I
JEQ Japan Equity Fund Inc
JFC Jardine Fleming China
KEF Korea Equity Fund
KF Korea Fund Inc
LBJ Direxion Daily Latin Amer Bull
SCHC Schwab International Small-Cap
SCHE Schwab Emerging Markets Equity
SCIN EGA Emerging Global Shares Tru
TDF Templeton Dragon Fund
TEI Templeton Emerg Mkts Incm Del
TFC Taiwan Greater China Fd
UXJ Proshares Ultra Msci Pac Ex-Jp
YAO Guggenheim China All-Cap ETF


NEGATIVE VRs


FINANCIAL SERVICES Closed End Fund - Debt

AGZ iShares Barclays Agency Bond
BFO Blackrock Fl Muni 2020
BLJ Blackrock Nj Muni Bond Trust
BSCD Guggenheim BulletShares 2013 C
CBND SPDR Barclays Capital Issuer S
CMK Colonial Intermarket I T
DHY Dlj High Yield Bond Fund
EDV Vangrd Extended Duration Etf
EIO Eaton Vance Insured Oh Muni Bd
FLTR Market Vectors Invest Grade Fl
JSD Nuveen Short Duration Credit O
LWC SPDR Barclays Capital Long Ter
NNY Nuveen Ny Muni Value Fd
NYH Eaton Vance Insured Ny Muni Bd
TYW TS&W/Claymore Tax-Adv Bal Fd

FINANCIAL SERVICES Closed End Fund - Equity

BLNG iPath Pure Beta Precious Metal
BOM PowerShares DB Base Metals Dou
BOS Poershares Base Metals Short
BSJC Guggenheim BulletShares 2012 H
COWS Direxion Daily Agri Bears 3X
DDP DB Commodity Short ETN
ERO iPath EUR/USD Exchange Rate ET
FAA Guggenheim Airline ETF
FNY First Trust Mid-Cap Growth
FWDD Madrona Forward Domestic ETF
FYC First Trust Sm-Cap Growth
GASX Direxion Daily Natural Gas Bea
HDGE AdvisorShares Active Bear ETF
HYS Pimco 0-5 Yr High Yld Corp Bon
INDZ Direxion Daily India Bear 2X S
LOR Lazard World Dividend & Income
MLPG UBS E-Tracs Alerian MLP Infras
PLK PowerShares Active Low Duratio
PSK SPDR Wells Fargo Preferred Sto
PXMC PowerShares Dynamic Mid Cap Po
PXSC PowerShares Dynamic Small Cap
QLD ProShares Ultra QQQ ETF
QQQ PowerShares QQQTrust Ser 1
RCG Renaissance Capital Growtth &
RSUN IQ Japan Mid Cap ETF
SBM Proshares Short Basic Material
SDK ProShares UltraShort Russell M
SFK ProShares UltraShort Russell 1
TDH TDAX Independence 2020 Exchang
TDN TDAX Independence 2030 Exchang
TFI SPDR Lehm Muni ETF
TQQQ ProShares UltraPro QQQ
TRNM RBS US Mid Cap Trendpilot ETN
XTL SPDR S&P Telecom ETF
YCS ProShares UltraShort Yen

FINANCIAL SERVICES Closed End Fund - Foreign

DGF Delaware Inv Glbl Div & Inc Fd
EWAC Rydex MSCI All Country World E
FJP First Trust Japan AlphaDEX
PCK Pimco Ca Muni Income Fd Ii
---------------------------------------------
CANADIAN STOCKS:


POSITIVE VRs:

.. CANADIAN STOCKS ... Canadian Stocks

AEM.UN AGNICO EAGLE MINES
AND ANDEAN RESOURCES LTD
FFN FINANCIAL 15 SPLIT CO
FM.UN FIRST QUANTUM MINERAL
HBM.UN HUDBAY MINERALS INC
MGO MIGAO CORP
RCI.B ROGERS COMMUNICATNS I CL B
REI.UN RIOCAN REIT
S.UN SHERRITT INTERNATIONAL
SAC SOUTH AMERICAN SILVER
SJR.B SHAW COMMUNICATIONS I CL B
SLW.UN SILVER WHEATON CORP
TCM.UN THOMPSON CREEK METALS CO
THR THUNDERMIN RESOURCES
TWF.UN TIMBERWEST FOREST COR
WJA WESTJET AIRLINES COMP


NEGATIVE VRs:

.. CANADIAN STOCKS ... Canadian Stocks

XCB ISHARES CDN DEX ALL C

---------------------------------------------