The VRTrader.com VR Silver Newsletter - Tuesday 7/6/2010"Tools for the High Performance Trader"
Copyright ©2010, All rights reserved.
Redistribution in any form is strictly prohibited. LEIBOVIT FILES | by Mark Leibovit Leibovit Files
Tuesday, July 06, 2010
Looking For A Possible Rally Into August, But From Much Lower Levels!
Commentary below from TIMER DIGEST's #1 Intermediate Market Timer for the 10 year period ending in 2007 - Mark Leibovit
Update is being written and sent from Eilat, Israel on the Red Sea.
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
JULY 5 - 9, 2010:
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MONDAY, JULY 5, 2010:
US Holiday: Independence Day Observed
All Markets Closed
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TUESDAY, JULY 6, 2010:
Turnaround Tuesday
ISM Non-Mfg Index
10:00 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
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WEDNESDAY, JULY 7, 2010:
PRE-MARKET EARNINGS:
Family Dollar
MBA Purchase Applications
7:00 AM ET
ICSC-Goldman Store Sales
7:45 AM ET
Redbook
8:55 AM ET
4-Week Bill Auction
11:30 AM ET
Treasury STRIPS
3:00 PM ET
Minneapolis Federal Reserve Bank President Narayan Kocherlakota speech on taxing risk at the Society for Economic Dynamic meeting in Montreal.
3:30 PM ET
Richmond Federal Reserve Bank President Jeffrey Lacker speech to Hampton Roads business leaders in Norfolk, Virginia. Media Q&A to follow.
7:15 PM ET
POST-MARKET EARNINGS:
WD-40 Company
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THURSDAY, JULY 8, 2010:
PRE-MARKET EARNINGS:
3Com, Intl Speedway
Chain Store Sales
Jobless Claims
8:30 AM ET
3-Yr Note Announcement
9:00 AM ET
10-Yr Note Announcement
9:00 AM ET
30-Yr Bond Announcement
9:00 AM ET
EIA Natural Gas Report
10:30 AM ET
EIA Petroleum Status Report
11:00 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
10-Yr TIPS Auction
1:00 PM ET
Consumer Credit
3:00 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
POST-MARKET EARNINGS:
Lawson Software, Nu Horizons Elec
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FRIDAY, JULY 9, 2010:
PRE-MARKET EARNINGS:
PriceSmart
Wholesale Trade
10:00 AM ET
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STOCKS - ACTION ALERT -
The stock market spent most of the day trading to the downside after a larger than expected decline in factory orders and an employment report that said hundreds of thousands stopped looking for work and the economy actually shed jobs for the first time this year. But a rally in the last hour pushed the market back into positive territory before a decline in the last 15 minutes pulled it back into the red as traders exited positions before the long weekend. For the session, the Dow declined 46.05 or 0.47 to 9686.48, the S&P fell 4.79 or 0.47% to 1022.58, and the NASDAQ lost 9.57 or 0.46% to close at 2091.79. Breadth was negative and volume was weak as traders left their posts early to get a head start on the long holiday weekend.
With unfulfilled downside targets in the major indices and overall volume negative, I remain on my pre 'flash-crash' TIMER DIGEST 'Sell' signal. According to Yale Hirsch's Stock Trader's Alamanc, U.S. markets tend to bounce one-day prior and three-days after the Fourth of July holiday. As mentioned, we witnessed an anemic attempt to rally on Friday and with the market closed until Tuesday ('Turnaround Tuesday'), we will have now wait and see. We are unquestionably oversold, but that is not a reason to buy stocks in my work without upside volume confirmation. As I've mentioned, with downside targets below the market in the Dow Industrials near 8900 (with more and lower signals thereafter possible), why should I be looking to buy? The only reason I can see at the moment is that on a cyclical basis there is reason to believe we can see a rally into August. But, from what level? Investors should remain in cash or long inverse index ETFs for the time being or be looking to ge t into that position on market rallies.
Leading the decline were the economically sensitive stocks (XLI -1.24% and XLY -1.12%) which were hit by the weak economic news both here in the US and overseas and Financials (XLF -1.17%), which had no real news to account for the decline. Transports (IYT -2.30%), another economically sensitive and market leading index, also underperformed. On the other hand, defensive stocks held up well (XLP -0.39%, XLU +0.11%, and XLV +0.25%). Small Caps (IWM -1.09%) and Mid Caps (MDY -0.74%) fell more than Large Caps (SPY -0.54%). All these are negatives for the market, in addition to how the market failed to hold on to small gains in the last fifteen minutes and the negative breadth.
Materials stocks (XLB -0.57%) fell and gold miners ended with a small loss (GDX -0.08%) even though they spent most the session trading in positive territory following news that Australia revised its proposed mining tax. Maximum tax was reduced from 40% to 30%, threshold levels for the tax were revised upward and scope of the tax has been narrowed to include coal and iron ore producers.
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DOW TRANSPORTS - ACTION ALERT -
As mentioned above, Transportation stocks got hit hard on Friday because it is an economically sensitive group. The Dow Jones Transportation Average declined 89.90 or 2.24% to 3932.40.
The February 5 low of 3742.01 may be acting as a magnet - a very important magnet. A break under that level confirms in my mind a much longer term and severe bear market.
As you know, I consider the Transports to be a leading indicator for the rest of the market. Much of the economy relies on transporting goods and travel for both work and pleasure. If the Transportation companies are hurting, it reflects poorly on the rest of the economy which relies on shippers to move their products.
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GOLD and METALS - ACTION ALERT -
Gold recovered about a quarter of Thursday's big losses and copper recovered more than half, but silver barely moved higher and platinum and palladium finished unchanged after big declines Thursday. Thus, despite the headline increases in gold and copper, metals remain weak. Gold jumped 11.90 to 1211.30, silver was up 0.11 to 17.87, copper rose 0.0390 to 2.9160, but platinum and palladium were unchanged at 1500 and 431, respectively.
Gold topped out on June 21 at 1266.35 on one followed by three Negative Volume Reversals™. We touched 1195.40 on Thursday and should bounce back to 1225-1230. Historically, there is a cyclical low in July for Gold and this is what the bulls are counting on. Technically, damage has been done and until we see positive upside volume unfold and/or a breakout above the 1266.35 high, I would be cautious here!
I am not recommending unloading your physical Gold, but putting all the pieces together I now have to switch to a TIMER DIGEST 'Sell' signal for Gold. My most recent 'Buy' signal was February 12. In hindsight, I should have flipped to a 'Sell' signal last week when Spot Gold was unable to clear the 1266.35 high, trading instead at 1263.90 on on Monday.
Subscribers to my VR GOLD LETTER understand the cyclic forecast risk in Gold moving forward. Go to www.vrgoldletter.com!
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BONDS - ACTION ALERT -
Treasuries fell despite the week economic data as bonds had already staged a huge rally to 14-month highs in anticipation of a weak jobs report, which was not clearly as bad as many traders expected. Additionally, after the huge run many traders took profits ahead of the long weekend. The long bond future declined 27/32 to 127 5/32.
Much to the chagrin of Wall Street and the likes of CNBC, the big 'inflation' scenario did not and will not unfold in my view. We remain in a deflationary environment which is good for holding cash and invested in bonds. This is one of the reasons I do not read the financial periodicals nor watch the circus on financial television. A lot of BAD information, folks!
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CRUDE OIL - ACTION ALERT -
Oil fell after the weak economic news, worrying traders about demand for natural resources. Crude oil declined 0.81 to 72.14. Natural gas fell even more sharply, after a big rally on Thursday, dropping 0.167 to 4.687.
Natural Gas fell to 4.687 down 0.167.Natural gas hit a correction low of 3.810 on April 1 and has recovered to a 3 1/2-month high of 5.196 on June 16. We had hit a new recovery high of 6.108 on January 7, up from the bear market low at 2.4090 on September 4. It currently appears we are going to test that September low!
Volume is currently negative in Crude Oil and we could easily test the 67.15 low from May 25. Under that look for 62.00 and possibly the 50s.
Russia's oil production hit a record high in June and remained above 10 million barrels a day for the 10th month in a row. This performance means Russia remains the world's top oil producer, ahead of Saudi Arabia.
I've been writing about this for a while, but now it is entering the mainstream: Added costs, regulatory scrutiny and delayed production in the wake of the Deepwater Horizon spill could ultimately push oil prices higher, energy analysts say. Any tightening of regulations could boost deepwater exploration and development costs by about 10%, to $25 a barrel, according to a recent Deutsche Bank analysis. Accordingly, the investment bank raised its long-term equilibrium price of oil by $5 to $10 a barrel, citing tighter global regulation pushing up oil exploration and development costs.
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US DOLLAR - ACTION ALERT -
The US Dollar Index fell to the lowest in nearly two months on Friday after the Labor Department said the private sector of the U.S. economy added fewer jobs in June than many economists had predicted, dampening hopes that the U.S. would be able to outpace growth in Europe. The US Dollar Index declined 0.351 to 84.365.
Technical measurements support a move to 81.90, though we should find support at 83.70 on the way down. It's amazing how things change so quickly. I know the Dollar is ultimately 'terminal' and will suffer the same fate as other currencies like the euro, but it was being (and may continue to be) supported by fear of what lies elsewhere and the fact it tends to do better under recent U.S. Democratic administrations.
Usually, a weak Dollar is bullish for both equities and Gold, but we've seen this work inconsistently and cannot be relied upon. I caution for many years that each market should be evaluated based on its own fundamental and technical merits and not to tie markets together inversely or otherwise.
Australian Dollar fell 0.17% against the US Dollar and 0.44% against the Euro following news that Australia revised its proposed mining tax (see above).
The Reserve Bank of India announced on Friday sooner-than-expected rate hikes of 25 basis points, or 0.25%, to its main lending and borrowing rates in an intra-meeting move. The increase sets the nation's repurchase rate at 5.5% and reverse-repo rate at 4%. In a statement on its Web site, the central bank cited "strong underlying growth momentum," with "robust growth and expanding exports" for its move to tighten monetary policy. The Rupee fell 0.29%.
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ECONOMIC NEWS:
Total job growth dropped in June for the first time this year due as a quarter million temporary census workers were laid off, the Labor Department said Friday. Private sector payrolls expanded by a modest 83,000 in June lower than the 115,000 gain expected by economists. The unemployment rate dropped to 9.5% in June from 9.7% in the previous month. This is the lowest level since July 2009. There was a sharp 652,000 decline in the labor force in June. Economists had expected the unemployment rate to remain steady. Average hourly earnings were flat in June. Economists had been expecting a 0.2% gain. Earnings are up 1.7% in the past year. The average workweek was 34.1 hours.
U.S. factory orders declined in May, posting the largest drop in 14 months as transportation related orders tumbled. New orders for U.S. manufactured goods dropped more than expected by 1.4% in May to $413.25 billion, the Commerce Department said Friday. Economists had expected orders would decrease by 0.8%.
The number of unemployed workers across the 16-nation euro zone ticked higher in May, but the unemployment rate remained at a 12-year peak of 10% for a third consecutive month, the European Union statistics agency Eurostat reported on Friday. The April unemployment rate was revised down to 10% from 10.1%. Economists had forecast a May rate of 10.1%. Eurostat estimated that 15.789 million workers were unemployed in May, a rise of 35,000 from April. The unemployment rate in Germany dipped to 7% in May from 7.1%, while France's jobless rate was unchanged at 9.9% and Italy held steady at 8.7%. Spain's unemployment rate -- the highest in the euro zone -- rose to 19.9% from 19.7% in April, Eurostat said. Irish unemployment rose to 13.3% in May from 12.9% in April. The Portuguese jobless rate rose to 10.9% from 10.8%.
COMPANY NEWS:
Apple Inc. said Friday that it was "stunned" to find that its iPhones have for years been using a "totally wrong" formula to determine how many bars of signal strength they are getting. Apple said that's the reason behind widespread complaints from users that the latest model, iPhone 4, can show a sudden plunge in signal strength when they hold it in a way that covers a small black strip on one edge of the phone. That drop seems exaggerated because the phone can wrongly display four or five bars of signal strength when it shouldn't, Apple said. AAPL declined 0.62%.
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URANIUM - ACTION ALERT
Ux U3O8 Prices* (Uranium)
June 28, 2010 Posting
Spot: $41.75 +1.00. Bull market high in the cash market was $138.00.
The July Uranium Futures closed at $41.75. Uranium futures recent his a new bear market low of 40.00. June 13, 2007 hosted the bull market high of 154.95. Major support lies well under the market at $36.00.
The spot price of uranium quadrupled from 2004 to 2007. When it hit $138/lb, uranium became a certified bubble, which has now burst.
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Canadian TSX, TSX Venture and Canadian Dollar Commentary for our Canadian clients updated for Monday, July 4.
The Canadian market fell as mining stocks fell sharply after Thursday's huge decline in gold when the Canadian market was closed. The TSX declined 98.36 or 0.87% to 11196.06. The TSX hit a low of 11146.79, dropping below support of the 11179.97 low from May 21 before pushing back above that support level. The break under the May 21 low occurred on declining volume, but I think it forebodes further weakness over the intermediate time horizon to next the 10,600 level.
Energy 139.36 -0.04
Financials 166.95 -0.32
Health Care 40.43 +0.04
Industrials 93.78 +0.10
Information Technology 26.94 -0.27
Metals & Mining 795.88 +1.85
Telecommunications 83.20 +0.12
Utilities 187.83 -0.27
Resistance 12,077, 12,210, 12,322, 12,375, 12,875, 12,968, 13,771, 13,875, 13,983, 14,157. Support is 11,146. 10,990, 10,800, 10,600, 10,400, 10,384, 9500, 9300, 9140.
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CANADIAN TSX Venture:
The Venture and its many small cap gold names took a big hit on Friday after the big decline in gold on Thursday. The TSX Venture fell 30.94 or 2.19% to 1384.95. The Venture hit a low of 1380.19, falling through support of 1393.31 from the May 21 low and hitting its lowest mark since November 2009. That low was also accompanied (like the TSX) on declining volume, but except for a technical bounce forebodes lower prices potentially into the 1200s.
Resistance is 1497, 1514, 1536, 1636, 1688, 1691, 1730, 1780, 1830. Support is 1380, 1349, 1306, 1231.
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THE CANADIAN DOLLAR (using the FXC Exchange Traded Fund):
The Canadian Dollar fell slightly, despite the weak US dollar, as the Canadian currency adjusted to Thursday big decline in gold when the Canadian market were closed for a holiday. FXC fell 0.21 to 93.62.
Resistance is 96.32, 98.11, 99.29, 100.00, 102.00, 110.00. Support is 91.82, 91.00, 89.75, 87.50 and 85.18.
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the full list only available to Platinum subscribers by clicking on 'Current VR List' on the Home Page of VRtrader.com.
Canadian shares are listed at the bottom of each section with the title: 'XXX CANADIAN STOCKS XXX'.
Silver subscribers who find this useful should upgrade to Platinum where you can pull down VR charts for many securities and watch the patterns unfold for yourself. There is no technical service on the planet that posts Positive and Negative VR! Why? Because they are proprietary to VRtrader.com!
How do you use this list?
Volume Reversals ™ are buy and sell triggers and are traders find them particularly useful, especially coming off market extremes as an indication of a change of direction. Use the VRs in conjunction with your other technical indicators and you've added a unique technical tool to your arsenal.
To see a visual representation of Volume Reversals ™, please go our Current Portfolio section and click on any recommended stock. Or, if you would like to get a VR Chart for a specific symbol, please click here. Please note that the list of symbols available is limited at this time.
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VOLUME REVERSALS FOR THURSDAY, JULY 2:
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POSITIVE VRs:
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XXX CANADIAN STOCKS XXX Canadian Stocks
HGD.UN HORIZONS BETAPRO GLB TU-A
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U.S. STOCKS:
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
EDAC Edac Technologies
AUTOMOTIVE Auto Parts
ATC Cycle Country Accessories Corp
DORM Dorman Products Inc
BANKING Money Center Banks
BNS Bank Of Nova Scotia (the)
RY Royal Bank Of Canada
BANKING Regional - Mid-Atlantic Banks
FBNC First Bancorp Nc
MNRK Monarch Bank
BANKING Regional - Midwest Banks
BUSE First Busey Corp Cl A
DEAR Dearborn Bancorp Inc
BANKING Regional - Northeast Banks
ATLO Ames National Corporation
RCKB Rockville Financial Inc
BANKING Regional - Southeast Banks
CFNL Cardinal Financial Corp
GRNB Green Bankshares Inc
CHEMICALS Agricultural Chemicals
CENT Central Garden & Pet Co
TNH Terra Nitrogen Co L.P.
CHEMICALS Specialty Chemicals
MEOH Methanex Corporation
CHEMICALS Synthetics
NLC Nalco Holding Company
COMPUTER HARDWARE Computer Based Systems
CCUR Concurrent Computer Corp
COMPUTER HARDWARE Computer Peripherals
AUO Au Optronics Corp
LOGI Logitech Intl Adr
COMPUTER SOFTWARE & SERVICES Application Software
PRO Pros Holdings Inc
VSNT Versant Corporation
COMPUTER SOFTWARE & SERVICES Business Software & Services
DSGX Descartes Systems Group
EPIQ Epiq Systems Inc
CONSUMER DURABLES Recreational Goods
FOSL Fossil Inc
CONSUMER DURABLES Toys & Games
CTIB Cti Industries Corp
CONSUMER NON-DURABLES Packaging & Containers
ATRO Astronics Corp
CGW Cristalerias De Chile
DIVERSIFIED SERVICES Education & Training Services
GML Magic Lantern Group Inc
GPX Gp Strategies Corp
DIVERSIFIED SERVICES Rental & Leasing Services
RRR RSC Holdings Inc
DIVERSIFIED SERVICES Research Services
AMRI Albany Molecular Rsrch
EXEL Exelixis Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
DHX Dice Holdings Inc
DRUGS Biotechnology
BIIB Biogen Idec Inc
CGEN Compugen Ltd
ELECTRONICS Semiconductor - Memory Chips
NLST Netlist Inc
ELECTRONICS Semiconductor - Specialized
FSLR First Solar Inc
SPWRB Sunpower Corp Class B
ENERGY Independent Oil & Gas
CRED Credo Petroleum Corp
CRZO Carrizo Oil & Gas Inc
FINANCIAL SERVICES Asset Management
AMP Ameriprise Financial Inc
FBCM Fbr Capital Markets Corp
FINANCIAL SERVICES Closed End Fund - Debt
APX Apex Municipal Fund
BKT Blackrock Income Trust
FINANCIAL SERVICES Closed End Fund - Equity
ACWX iShares MSCI ACWI ex US Index
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
DBN WisdomTree International Basic
DIM WisdomTree International MidCa
FINANCIAL SERVICES Credit Services
ACF Americredit Corp
FINANCIAL SERVICES Diversified Investments
AAV Advantage Energy Income Fund
IDG ING Groep NV
FOOD & BEVERAGE Processed & Packaged Goods
DMND Diamond Foods Inc
HEALTH SERVICES Home Health Care
AHCI Allied Healthcare Intl Inc
HEALTH SERVICES Medical Appliances & Equipment
AMMD American Medical Systems
DYNT Dynatronics Corp
HEALTH SERVICES Medical Laboratories & Researc
ACCL Accelrys Inc
HEALTH SERVICES Medical Practitioners
TRCR Transcend Services Inc
INTERNET Internet Software & Services
CRH Coram Healthcare
DSCM Drugstore.Com Inc
LEISURE Lodging
RLH Red Lions Hotel Corp
LEISURE Resorts & Casinos
STN Station Casinos Inc
LEISURE Restaurants
FRS Frisch's Restaurants Inc
JAX J Alexander's Corp
MANUFACTURING Industrial Electrical Equipmen
NJ Nidec Corp Adr
TIII Tii Network Technologies Inc
MANUFACTURING Industrial Equipment & Compone
MWA Mueller Water Products Inc
MANUFACTURING Machine Tools & Accessories
FLOW Flow International Corp
KDN Kaydon Corp
MANUFACTURING Textile Manufacturing
CRWS Crown Crafts Inc
MATERIALS & CONSTRUCTION General Building Materials
CUO Continental Materials Cp
MATERIALS & CONSTRUCTION Heavy Construction
AGX Argan` Inc.
MATERIALS & CONSTRUCTION Lumber
KOP Koppers Holdings
MATERIALS & CONSTRUCTION Waste Management
WCAA Wca Waste Corp
MEDIA CATV Systems
CABL China Cablecom Holdings Ltd
LBTYB Liberty Global Inc Class B
MEDIA Publishing - Periodicals/News
PLA--A Playboy Enterprises A
RUK Reed Elsevier Plc
METALS & MINING Gold
RIC Richmont Mines Inc
METALS & MINING Industrial Metals & Minerals
BOOM Dynamic Materials Corp
IVN Ivanhoe Mines Ltd
REAL ESTATE REIT - Healthcare Facilities
HR Healthcare Realty Trust
REAL ESTATE REIT - Office
MSW Mission West Properties Inc
REAL ESTATE REIT - Residential
UBA Urstadt Biddle Properties
UMH United Mobile Homes Maryland
REAL ESTATE REIT - Retail
FRT Federal Realty Investmnt
NNN Commercial Net Lease Rty
RETAIL Drug Stores
PSMT Pricesmart Inc
RETAIL Electronics Stores
RSH Radioshack Corp
SPECIALTY RETAIL Apparel Stores
LTD Limited Brands Inc
MW Men's Wearhouse Inc
TELECOMMUNICATIONS Diversified Communication Serv
PAET Paetec Corp
TELECOMMUNICATIONS Telecom Services - Domestic
FTR Frontier Communications Corp
TELECOMMUNICATIONS Telecom Services - Foreign
NTL Nortel Invesora Sa Ads
OTE Hellenic Telecomm Org
TELECOMMUNICATIONS Wireless Communications
TU Telus Corporation
TOBACCO Cigarettes
LO The Lorillard Group
VGR Vector Group Ltd
TRANSPORTATION Air Delivery & Freight Service
FDX Fedex Corp
UTIW Uti Worldwide Inc
TRANSPORTATION Railroads
CP Canadian Pacific Ltd
TRANSPORTATION Regional Airlines
CPA Copa Holdings S.A.
TRANSPORTATION Shipping
DHT Double Hull Tankers Inc
TRANSPORTATION Trucking
PAM Pacific Cma Inc
UTILITIES Diversified Utilities
NI Nisource Inc
UTILITIES Electric Utilities
ACPW Active Power Inc
ELP Companhia Paranaense De
UTILITIES Gas Utilities
RGCO Rgc Resources Inc
UTILITIES Water Utilities
MSEX Middlesex Water Co
WHOLESALE Electronics Wholesale
ISIG Insignia Systems Inc
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NEGATIVE VRs
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XXX CANADIAN STOCKS XXX Canadian Stocks
FSY FORSYS METALS CORP
GIB.A CGI GROUP INC CL A SU CL A
HBU HORIZONS BETAPRO COME
HGU.UN HORIZONS BETAPRO S&P/
SBT.UN Silver Bullion Trust
XCB ISHARES CDN DEX ALL C
XGD ISHARES CDN S&P/TSX G
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U.S. STOCKS:
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BANKING Regional - Northeast Banks
HWBK Hawthorn Bancshares Inc
LSBX Lsb Corporation
CHEMICALS Specialty Chemicals
FSI Flexible Solutions Inc
KRO Kronos Worldwide Inc
CHEMICALS Synthetics
BZ Bairnco Corp
COMPUTER SOFTWARE & SERVICES Application Software
SLRY Salary.com` Inc.
COMPUTER SOFTWARE & SERVICES Business Software & Services
ISYS Integral Systems Inc
TTPA Trintech Group Plc Ads
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
GLUU Glu Mobile Inc
WZEN Webzen Inc
CONSUMER NON-DURABLES Packaging & Containers
MPAC Mod-pac Corp
CONSUMER NON-DURABLES Textile - Apparel Clothing
EVK Ever-Glory Intl Group
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
TBAC Tandy Brands Accessories
DIVERSIFIED SERVICES Business/Management Services
DIET Ediets.com Inc
DIVERSIFIED SERVICES Consumer Services
LOV Spark Networks plc
DIVERSIFIED SERVICES Technical Services
CO Corrpro Companies
DRUGS Biotechnology
OXGN Oxigene Inc
DRUGS Drug Manufacturers - Other
SNY Sanofi-Aventis
ELECTRONICS Semiconductor - Integrated Cir
EXAR Exar Corp
ELECTRONICS Semiconductor - Memory Chips
MIPS Mips Technologies Inc
ENERGY Oil & Gas Drilling & Explorati
UDRL Union Drilling Inc
FINANCIAL SERVICES Closed End Fund - Debt
BKK Blackrock Muni 2020
BPS Blackrock Pa Strtgc Tr
FINANCIAL SERVICES Closed End Fund - Equity
BOM PowerShares DB Base Metals Dou
BOS Poershares Base Metals Short
FOOD & BEVERAGE Meat Products
SEB Seaboard Corp
FOOD & BEVERAGE Processed & Packaged Goods
MLP Maui Land & Pineapple Co
HEALTH SERVICES Medical Instruments & Supplies
CSCX Cardiac Science Corp
HEALTH SERVICES Specialized Health Services
NHWK NightHawk Radiology Holdings I
INSURANCE Property & Casualty Insurance
HCII Homeowners Choice` Inc.
LEISURE Restaurants
BNHNA Benihana Inc Cl A
MANUFACTURING Small Tools & Accessories
MKTAY Makita Corp Spons Adr
MATERIALS & CONSTRUCTION Lumber
POPE Pope Resources Udr L.P.
MATERIALS & CONSTRUCTION Manufactured Housing
PHHM Palm Harbor Homes Inc
MEDIA Broadcasting - Radio
RC Grupo Radio Centro
METALS & MINING Industrial Metals & Minerals
NANX Nanophase Technologies C
REAL ESTATE REIT - Diversified/Industrial
FAC First Acceptance Corp
REAL ESTATE REIT - Healthcare Facilities
WRS Windrose Medical Prop Tr
REAL ESTATE REIT - Office
PCC Pmc Commercial Trust
SPECIALTY RETAIL Specialty Retail
CLCT Collectors Universe Inc
PERF Perfumania Hlds Inc
TELECOMMUNICATIONS Communication Equipment
CLFD Clearfield Inc
SCON Superconductor Tech
TELECOMMUNICATIONS Diversified Communication Serv
TSTR TerreStar Corporation
TELECOMMUNICATIONS Telecom Services - Foreign
MTE Mahanagar Telephone Nigam
TOBACCO Tobacco Products
UST Ust Inc
TRANSPORTATION Major Airlines
CAL Continental Airlines B
DAL Delta Air Lines Inc
WHOLESALE Electronics Wholesale
NUHC Nu Horizons Electronics
UUU Universal Security Instruments
WHOLESALE Industrial Equipment Wholesale
CFK Ce Franklin Ltd
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