TheVRTrader.com VR Silver Newsletter - Monday 3/2/2009
"Tools for the High Performance Trader"
Copyright ©2009, All rights reserved.
Redistribution in any form is strictly prohibited.
"Tools for the High Performance Trader"
Copyright ©2009, All rights reserved.
Redistribution in any form is strictly prohibited.
LEIBOVIT FILES | by MarkLeibovit
Leibovit Files
Monday, March 02, 2009
Market Again Into New Lows - No Sign of a Bottom Yet!
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
March 2-6, 2009:
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MONDAY, March 2:
Personal Income and Outlays 8:30 AM ET
ISM Mfg Index 10:00 AM ET
Construction Spending 10:00 AM ET
4-Week Bill Announcement 11:00 AM ET
Richmond Federal Reserve Bank President Jeffrey Lacker to speak at theNational Association for Business Economics Washington Economic Policyconference, in Washington. Audience, media Q&A expected. 12:45 PM ET
Boston Federal Reserve Bank President Eric Rosengren to speak at theNational Association for Business Economics Washington Economic Policyconference, in Washington.
12:45 PM ET
3-Month Bill Auction 1:00 PM ET
6-Month Bill Auction 1:00 PM ET
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TUESDAY, March 3:
'Turnaround Tuesday'
Motor Vehicle Sales
ICSC-Goldman Store Sales
7:45 AM ET
Council of Economic Advisers Chair Christina Romer to speak at the NABEeconomic policy conference, in Washington. 7:45 AM ET
Atlanta Federal Reserve Bank President Dennis Lockhart to speak aboutthe U.S. economy, on panel, in Tampa, Florida. Audience Q&Aexpected 8:00 AM ET
Redbook 8:55 AM ET
Pending Home Sales Index 10:00 AM ET
4-Week Bill Auction 1:00 PM ET
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WEDNESDAY, March 4:
MBA Purchase Applications 7:00 AM ET
Challenger Job-Cut Report 7:30 AM ET
ADP Employment Report 8:15 AM ET
Dallas Federal Reserve Bank President Richard Fisher speaks on theeconomic outlook at the 8th annual Global Supply Chain Conferencesponsored by the Supply & Value Chain Center at the Neeley Schoolof Business at Texas Christian University, in Fort Worth. 8:30 AM ET
ISM Non-Mfg Index 10:00 AM ET
EIA Petroleum Status Report 10:30 AM ET
Atlanta Federal Reserve Bank President Dennis Lockhart to speak aboutthe U.S. economic outlook, in Miami, Florida. Audience Q&Aexpected. 12:00 PM ET
Beige Book 2:00 PM ET
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THURSDAY, March 5:
Chain Store Sales
Monster Employment Index
Jobless Claims 8:30 AM ET
Productivity and Costs 8:30 AM ET
RBC CASH Index 9:00 AM ET
30-Yr Bond Announcement 9:00 AM ET
Factory Orders 10:00 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
52-Week Bill Announcement
11:00 AM ET
3-Yr Note Announcement 11:00 AM ET
10-Yr Note Announcement 11:00 AM ET
Atlanta Federal Reserve Bank President Dennis Lockhart to speak aboutthe U.S. economic outlook, in Atlanta, Georgia. Audience Q&Aexpected. Repeats March 4 speech.
12:45 PM ET
Money Supply 4:30 PM ET
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FRIDAY, March 6:
Employment Situation 8:30 AM ET
Philadelphia Federal Reserve Bank President Charles Plosserparticipates in a panel discussion on the future role of government inthe financial system at a conference on Restoring Financial Stability:How to Repair A Failed System at New York University Stern School ofBusiness. Audience Q&A expected. 12:00 PM ET
Consumer Credit 3:00 PM ET
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STOCKS - ACTION alert -
Stock prices are sharply lower (into new bear market lows) inovernight trading which should really come as no surprise. Where is thecatalyst for the market to rally? The answer. There is none. The SPXcould very sell see the mid to high 600s over the next few days and, asalways, VR analysis could generate even lowr projections.
What you have to out for today is tomorrow! In other words, iftomorrow turns out to be another 'Turnaround Tuesday' we could get apop before we again head lower.
From last week:
It's a bit early, but I want to be the first to remind you that March20 is the Vernal Equinox - a time period (usually within two weekseither side) that markets tend to change direction. The classicreversal occurred in mid-March, 2003 coincident with the invasion ofIraq by US forces and the beginning of a five-year bull market. Shouldmarkets find the strength (or cause) to rally into mid-March, watch outbelow! However, a continuation of the bear market into that time mightform a tradable bottom for an explosive rally. This is my bias.
Summarizing Friday's action, the stock market opened sharply lowerFriday morning after an even worse than expected GDP report and newsthat Citigroup is getting more help from the US government. The marketthen spent most of the day trying to recover and even managed to peekits head into positive territory for a brief moment. But once gain, themarket fell into the close on news that GE cut its dividend andCitigroup's rating outlook was lower by S&P to negative. For thesession, the Dow was off 119.15 at 7062.83, the S&P 500 was off17.74 at 735.09, and the Nasdaq Composite was off 13.63 at 1377.84.Volume was very heavy and breadth was weak.
Financials again led the decline as XLF lost 6.5% on Friday. It wasobvious that recent strength in financials was a mirage, because thebroader market had no interest in following the sharp advances of thefinancials in recent days.
Citigroup announced it is offering common shares for up to $27.5billion in existing preferred equity. The government will exchange amaximum of $25 billion face value of its preferred stock, which givesthe government a 36% stake in the company. Nationalization of Citialong with an announcement that it is suspending dividends on commonshares and its preferred shares only caused investors to pull backfurther. And just an hour before the close Friday, S&P revises itsrating outlook for Citigroup to negative. As a result, C fell 39.0%,another record low for what used to be a banking giant.
The second biggest decliner Friday was the Health Care sector with XLVfalling 4.0% following a 5.0% decline on Thursday. On Thursday, we gotnews "Obama Wants $634 Billion for Health, Says More Needed." With thegovernment intervening in health care and taking over the financials,it is not surprising that these two sectors are leading the way down.
For the month, the Dow was off 11.72%, the S&P 500 was off 10.99%,and the Nasdaq Composite was off 6.68%. It is almost as if this marketsenses something else is on the way that needs to be dealt with. Theindices demonstrating a marked inability to mount any serious ralliesor even to hold intra day gains. The fact that the indices closed themonth at their lows is a very bearish signal.
On Friday, the S&P broke its November low of 741.02, hit a new bearmarket low, and fell to its lowest level since April 1997. Most othermarket indexes also hit bear market lows Friday including the DowIndustrials and Dow Transports. The NASDAQ and Russell though remainabove their worst bear market levels. Among sectors marking new bearmarket lows, we have Consumer Staples (XLP) and Industrials (XLI),though a number of other sectors are sitting right at support.
Recapping, we have to assume the market is heading lower until we seesome signs of strength. One could have expected a rally with thePositive VRs we posted on Wednesday combined with month end windowdressing. The fact that the market did not get the expected rally andis finishing the week and month at the lows is a very bearish signal.
A sharp and brutal decline is now apparently underway. The 7,000 levelon the Dow is in jeopardy as is the November low on the Nasdaq. TheNasdaq has held up the best during this decline, but is now beginningto buckle under the torrent of selling.
I am aware that my own commentary is a tad gloomy and I am also awarethat this type of outlook is most common at market bottoms. That has usat VRtrader.com on our toes for a sharp short covering rally, but weare content to wait for the market to prove itself first in the form ofwidespread Positive Volume Reversals ™. Until then, the technicalpicture continues to deteriorate, so buyers beware.
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GOLD - ACTION alert -
Precious metals benefited from the flight to safety, but traders arestill nervous with gold's inability to break through 1000. They arethinking that maybe these metals have gone high enough for now. Goldwas down 5.90 to 939.60 and silver lost 0.01 to 13.11 but platinumgained 20 to 1072.
Paul Craig Roberts, the Assistant Secretary of the Treasury underRonald Reagan, writes:
"How long can the US government protect the dollar's value by leasingits gold to bullion dealers who sell it, thereby holding down the goldprice? Given the incompetence in Washington and on Wall Street, ourbest hope is that the rest of the world is even less competent and evenin deeper trouble. In this event, the US dollar might survive as theleast valueless of the world's fiat currencies."
Leasing its gold to bullion dealers who sell it! Can you believe this!And, when I write about the nefarious activities of the PlungeProtection Team some think of me in less than favorable terms. Folks,this has got to stop. Do we really need to bear to stage a 'Boston TeaParty' event to get change? I'm afraid its coming and it won't be ledby Gold bugs - the Gold bugs (myself included) will be bringing up therear.
Gold hit 1007.20 on February 20th and retraced to a low of 925.90Friday. A .618 upward retracement of that decline is 976.00. A breakoutabove there would be a good sign we're headed back to 1007.20 andpossibly the record high of 1037. Frankly, I think surprises are to theupside and seeing Gold even at 1060 in the next week or two is not outof the realm of possibilty. In the end, precious metals are moving withthe flight to safety trade. I still think 1200 is doable by earlySpring, but if I'm wrong we will certainly see that level and highlevels later in the year. Once we cross 1200 I will eyeing 1700 as thenext target zone. And, ultimately, when our central bank and foreigncentral banks are on their knees and are forced to embrace the Goldstandard, there is no telling how high Gold can go. As you know, I'vespeculated that even 10,000 is not unreasonable in such an environment.Of course, the US Dollar will be in sharp decline and you certainly donot want to be in Dollars at all at that time. Hopefully, this will bethe time when we finally 'get religion' and abolish the Federal Reserveonce and for all and shut down the printing presses at the US Treasury.It will likely be their successors, but Bernanke and Geithner should begoing to night school and train for another profession when thishappens.
Short-term if 930 doesn't hold, next support is 890-900, 875, 850, 800,780, and 680.
Silver (spot) touched 14.66 on February 22 while the SLV (ETF) touched14.45. A pullback to 12.00 is not out of the question, while there isstill unfulfilled potential into the 15.00-17.00 range.
This comment bears continual repeating: "I continue to recommendaccumulating the physical metal whenever you can get your hands on it.Reason? There is not a single central bank or financial institution inthe world that can create more gold. Its supply is extremely limited.All the gold ever mined in the history of the world would fit into twoOlympic-size swimming pools. In addition, every central bank on theplanet is printing fiat money like crazy. Plus, if you think thefinancial crisis is bad thus far, tighten your seatbelts because it'sabout to get a heck of a lot worse."
The weekly VR Gold Letter is tentatiavely scheduled to be launched nextweekend and will be available on an associated website to be announced.Pricing is subject to review at this time.
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BONDS - ACTION alert -
Treasuries fell Friday despite the weak economic news and falling stockmarket. Instead, traders focused on the huge supply of new debt comingonto the market to finance our growing budget deficit. Traders are alsobeing scared away by the Treasury Department's risk taking after uppingits stake in Citigroup. The long bond future lost 1 11/64 to 124 39/64.Normally, I would have anticipated bonds rallying in a 'flight tosafety' move.
The worst possible combination of events is now unfolding, i.e., aslumping economy and huge job losses with the potential for higherinterest rates.
Just to put things in perspective: "President Barack Obama's budgetdirector said on Thursday that without a shift in policies the U.S.deficit would reach $9 trillion over the next decade. White Housebudget chief Peter Orszag said the Obama administration's budgetoutline reflects costs for the war in Iraq and other items that werepreviously not included in the budget. "All told we are showing $2.7trillion in costs in this budget that were excluded from previousbudgets and I think that is a mark of the honesty and responsibilitycontained in this document," he said."
In addition to refunding our current huge debt, the Treasury will haveto borrow an additional $9 trillion over the next decade. And that'susing what many think are optimistic assumption about the economy,incoming revenue, and cost savings. Who has $9 trillion to spare?
President Barack Obama is sending Congress a budget that projects thegovernment's deficit for this year will soar to $1.75 trillion,reflecting efforts to pull the nation out of a deep recession and asevere financial crisis. Obama's $3 trillion-plus spending blueprintalso asks Congress to raise taxes on the wealthy in 2011 and cutMedicare costs to provide health care for the uninsured. All thespending will push the deficit for this year to $1.75 trillion, a level- as a percentage of the economy - not seen since World War II. Thedeficit is expected to remain around $1 trillion for the next two yearsbefore starting to decline to $533 billion in 2013, according to budgetprojections.
If we can hold the recent low of 101.06 in TLT (the ETF for the long USTreasuries), potential exists for a bounce up to the 110 level whichroughly equates to the 30-year Treasury at 133.00. At that point,another short-sale opportunity would exist for us.
In the end, the Treasury is primarily trading on the flight to safety.When equity markets fall, traders are rushing into the safety ofTreasuries. And when traders get the urge to risk their money instocks, Treasuries fall again. In the long run, Treasuries will bepressured by the huge amount of supply coming on the market as theTreasury funds the US government's huge budget deficit. In fact, we arealready seeing this as stocks hit new lows but Treasuries are well oftheir December high.
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CRUDE OIL - ACTION alert -
Oil fell just 0.46 to 44.76 on Friday. Oil fell Friday morning asthe weak economic news and financial market worried traders that thesmall increase in energy demand we have seen the past couple of weeksmay only be temporary. But oil trimmed its losses as the stock marketattempted to stabilize.
Oil rallied last week after the Abu Dhabi National Oil Company said itwould cut as much as 17 percent of its output on various grades, on topof earlier reductions of 10-15 percent announced late January. Analystssay OPEC could announce a further production cut of at least 1 millionbarrels a day at its next meeting on March 15. Leaders of the 13-membercartel have said they would like oil to trade near $70 a barrel.Venezuela's finance minister, Ali Rodriguez, said Wednesday that hiscountry was prepared to support further cuts in OPEC quotas if pricesstayed low.
Over the past couple of weeks, Crude Oil neared its big support at the32.70 low set as the February contract expired in late January. Upsidepotential still exists back to 50.00, 55..00, 65.00 on a technicalrally, but from what level? It is becoming more apparent that 32 willnot hold and such a rally could come from much lower levels. How low?We will know in the fullness of time.
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US DOLLAR - ACTION alert -
The US Dollar Index was little changed Friday barely hitting a newrecovery high Friday morning of 88.490, surpassing the old high of88.463. The US Dollar Index gained 0.313 to 88.166, again struggling tobreak through resistance at 88 and the old high. In overnight tradingthe Dollar has hit a new recovery high of 88.822.
The US Dollar Index hit 88.129 on February 20 before pulling back to85.631, but is now back to 88.166 after hitting a new high of 88.490(excluding overnight trading). The US Dollar Index has spent the lasttwo weeks trying to break through 88. Right now, we are just above thatlevel, but the jury is still out. Are we forming a double-top? Back inNovember, the US dollar index spent six weeks trying to break throughthe 88 price level, hitting a high of 88.463, but never being able tostay above that mark. I'm still inclined to give the upside the benefitof the doubt with potential well into the 90s.
Remember, the US Dollar Index has been acting as a pure flight tosafety trade. If markets around the world continue to fall, expect tosee the dollar rally. If stocks rally or even if they simply stay put,the dollar will likely drop as traders unwind their flight to safetytrades.
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URANIUM - ACTION alert
Ux U3O8 Prices* (Uranium)
February 23, 2009 Posting
Spot: $45.00 DOWN 2.00. Bull market high in the cash market was $136.00.
The March Uranium Futures closed at $45.00. The current bear market lowis $45.00. June 13, 2007 hosted the bull market high of 154.95. Majorsupport lies well under the market at $36.00. Confirmation of a bottomshould be evident when the uranium shares begin as uranium sharesregain their footing. We're getting some early signs here, so staytuned.
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In the news:
The economy contracted at a staggering 6.2 percent pace at the end of2008, the worst showing in a quarter-century. The Commerce Departmentreport showed the economy sinking much faster than the 3.8 percentannualized drop for the October-December quarter first estimated lastmonth. It also was considerably weaker than the 5.4 percent annualizeddecline economists expected.
Amid persistent economic turmoil, the consumer sentiment index fell inlate February to 56.3 from 61.2 in January, according to the Universityof Michigan and Reuters. Analysts were looking for a final Februaryreading of 56.2. A reading earlier in the month estimated sentiment at56.2.
Federal regulators are raising the fees paid by U.S. banks and thrifts,and levying an emergency premium to rebuild a deposit insurance funddepleted by a cascade of bank failures. The Federal Insurance DepositCorp. says it now expects bank failures will cost the insurance fundaround $65 billion through 2013, up from an earlier estimate of $40billion. The FDIC says the economic crisis, which has caused dozens ofrecent bank failures and the insurance fund to drop to its lowest levelin a quarter-century, warranted extending the plan to rebuild theinsurance fund from five years to seven.
Private equity firm Blackstone Group LP said it continued to lose moneyduring the fourth-quarter as the ongoing credit crisis hurt the valueof its investments. The buyout shop, which makes its money buyingdistressed companies and then selling them for a profit, said it lost$415.2 million, or $1.52 per common unit, during the quarter.Blackstone lost $170 million, or 65 cents per common unit, during thesame quarter a year earlier. The company's "economic net loss," whichexcludes compensation charges tied to its initial public offering,totaled $827.1 million during the fourth quarter, compared with incomeof $128.2 million during the same quarter in 2007. Despite the mountinglosses, the company says its liquidity is strong enough to handle thedownturn. Blackstone said it has $767.6 million in available cash as ofJan. 31 after paying off the entire $250 million balance on itsrevolving credit facility. Amid the weakening market, Blackstone Groupsaid it would not issue a dividend to common unit holders. Blackstone'schairman and chief executive, Stephen Schwarzman, and co-founder, PeterPeterson, also did not receive any bonuses for the year. BX gained25.8%.
Dell said its profit dove 48 percent during the fiscal fourth quarteras the recession forced consumers and businesses to spend less ontechnology. The company also said it expects to make further cuts toits work force. Earnings for the quarter that ended Jan. 30 sank to$351 million, or 18 cents per share, from $679 million, or 31 cents pershare, a year earlier. Excluding one-time charges, Dell would haveearned 29 cents per share, just above the 26 cents per share expectedby analysts. But sales widely missed Wall Street's $14.2 billionforecast, dropping 16 percent to $13.4 billion from $16 billion in theprior-year period. DELL rose 3.9%.
General Electric slashed its quarterly dividend by nearly 68% Friday,reversing a 31-year trend of annual increases to its payout. Theconglomerate said reducing the dividend to 10 cents a share from 31cents will save the company $9 billion annually. The company has beenpaying a regular dividend for more than 100 years. GE dropped 6.5%.Under $7 per share, I'm afraid GE may be headed the way of the dodobird, i.e., following in the footsteps of GM, F and AIG.
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Canadian TSE and TSE Venture Commentary for our Canadian Clientsupdated for Monday, March 2:
TSE:
The Canadian market fell Friday, but outperformed the US market as oilprices recovered most of their losses late in the day. The TSE fell63.80 or 0.78% to 8123.02, compared to a much larger 2.4% in the US'sS&P 500 index. The TSE traded inside Thursday's range forming atechnical 'inside day' and therefore neutral in my work.
Negative Volume Reversals ™ were formed on February 10 and 17. Inthe process new bear market lows were posted at 7566.32 on February 24.Subsequently, we've seen a bounce back to 8195.93 peter out on February26.
We need to cross back above at least 8792 and ultimately 9151 toreinstate any semblance of an uptrend. It appears we're headed southback to a test or breach of the November 21 bear market low at 7647.11.
Resistance is 8195, 8351, 8792, 9151, 9267, 9505, 9928, 10,199, 10,251,10,702, 10,800, 10,900, 11,350, 12,126, 12,968, 13,771, 13,889, 13,983,14,157. Support is 7566, 7500, 7200.
TSE Venture:
The TSE Venture barely fell on Friday thanks to relatively stableprecious metals prices, helping the Venture's many small mining firms.The TSE Venture lost just 1.15 or 0.13% to 861.66.
A Positive Volume Reversal ™ was formed Thursday, placing support at846.55 - Wednesday's low! We need to breakout above 937.90 (theFebruary 17 high) to reinstate the uptrend and Thursday's Positive VRmay be the signal needed for that to occur.
Resistance is 922, 937, 1013, 1093, 1110, 1296, 1307, 1373, 1446, 1578,1621, 1767, 1820, 1871-81, 1980, 2010, 2083, 2124, 2155, and 2239.Support is 846, 834, 797, 773, 742, 725, 678, 595.
THE CANADIAN DOLLAR (using the FXC Exchange Traded Fund):
The Canadian Dollar fell against all major currencies on data thatshowed the country's first current account deficit in nearly a decade.The Bank of Canada is scheduled to make its next interest rateannouncement on March 3, feeding speculation that Canada will cutinterest rates to boos their economy. FXC fell 1.17 to 78.66, hittingits lowest price since January 20 and closing at its lowest level sinceDecember 5.
A Negative VR was formed on Wednesday and again on Friday.Philosophically, I love the Canadian dollar, but I will have moreconfidence on the long side once we get confirmation of a top in the USDollar.
For the bullish case to reinstate we need both positive upside volumeand we need to clear 80.82, 82.90 and then 85.05. New lows (under76.92) are still feasible with potential next to 69.00. Above 85.05potential lies to 87.00, 89.00 and possibly 94.00, but for now we haveto wait and watch.
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TIMER DIGEST signals for Stocks, Gold and Bonds are available toPlatinum subscribers on the Home Page.
TIMER DIGEST has named Mark Leibovit of VRTrader.com 'TIMER OF THEYEAR' for 2006 and was named the #2 Timer for 2007.
More kudos - Mark Leibovit was named the #1 Intermediate Market Timerfor the 10 year period ending in 2007; the #1 Intermediate Market Timerfor the 3 year period ending in 2007; the #1 Intermediate Market Timerfor the 8 year period ending in 2007; and the #8 Intermediate MarketTimer for the 5 year period ending in 2007. NO OTHER ANALYST SURVEYEDAPPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMING ASPUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
Mark Leibovit was also named the #1 Gold Timer for the one-year periodending March 25, 2008.
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The Annual Forecast Model for 2009 is now posted on the VRtrader.comwebsite. It can viewed (after subscribing) by clicking on the VRForecaster link on the left side of the Home Page and then click on'Click to View 2009 Report'. You will then be prompted to enter yourusername and password.
OUR claim it that it represents a 'blueprint to the future'. If you hadbeen a subscriber, you would have known ahead of time that the marketin 2007 would likely nosedive in February/March, rally to June, thenosedive into mid-August, then rally into early October and thesell-off into the third week of October - followed by a choppyNovember. You have also known that the market could be weak into April14, 2008 and top out on or about April 30, 2008 with a secondary rallytry into May 16 and a forecasted decline into mid-September.
What's next? Subscribe today and see for yourself! Remember, folks,there is no price too high for good information! http://www..vrtrader.com/vr_forecaster/index.asp
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the full listonly available to Platinum subscribers by clicking on 'Current VR List'on the Home Page of VRtrader.com.
Silver subscribers who find this useful should upgrade to Platinumwhere you can pull down VR charts for many securities and watch thepatterns unfold for yourself. There is no technical service on theplanet that posts Positive and Negative VR! Why? Because they areproprietary to VRtrader.com!
How do you use this list? VRs are buy and sell triggers and areparticularly useful in defining lows or highs in stocks and stockindexes. Traders find them particularly useful, especially coming offmarket extremes as an indication of a change of direction. Use the VRsin conjunction with your other technical indicators and you've added aunique technical tool to your arsenal.
What is a Volume Reversal? There are several proprietary subtleties tothe Volume Reversal ™ algorithm, but essentially a Volume Reversal™ is a change from a Rally day to a Reaction day accompanied by aincrease of volume or a change from a Reaction day to Rally dayaccompanied by an increase in volume. Volume Reversals ™ coming offintermediate lows or highs have greater significance in helping todefine those lows or highs and important pivot points in themarketplace. The Volume Reversals ™ presented here provide you witha unique research tool that may have trading (short-term) significance,but it also may have 'trend changing'(intermediate) significance aswell. The sector Volume Reversals ™ show where big money is possiblyaffecting an entire group of stocks. The stocks listed under the grouphave posted Volume Reversals ™ along with the group as a whole. Theindividual stocks listed have posted Volume Reversals ™ on their ownand are valid plays as well.
To see a visual representation of Volume Reversals ™, please go ourCurrent Portfolio section and click on any recommended stock. Or, ifyou would like to get a VR Chart for a specific symbol, please clickhere. Please note that not all symbols may be currently available.
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List of Volume Reversals 2/27/09 - Sectors
POSITIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
KRSL Kreisler Manufacturing
AUTOMOTIVE Auto Parts
SUP Superior Indust Internat
AUTOMOTIVE Recreational Vehicles
ACAT Arctic Cat Inc
BANKING Regional - Mid-Atlantic Banks
ANNB Annapolis National Bncp
BKSC Bank Of South Carolina
BANKING Regional - Northeast Banks
CBNJ Cape Bancorp
CEBK Central Bancorp Inc
BANKING Regional - Southeast Banks
HBCP Home Bancorp Inc.
USBI United Security Bancshrs
BANKING Regional - Southwest Banks
LBCP Liberty Bancorp Inc
BANKING Savings & Loans
HFBC Hopfed Bancorp Inc
INCB Indiana Community
CHEMICALS Specialty Chemicals
FSI Flexible Solutions Inc
COMPUTER HARDWARE Computer Peripherals
MSII Media Sciences Intl Inc
RIMG Rimage Corporation
COMPUTER SOFTWARE & SERVICES Business Software & Services
JKHY Jack Henry & Associates
QDHC Quadramed Inc
COMPUTER SOFTWARE & SERVICES Information Technology Service
CBR Ciber Inc
PER Perot Systems Corp
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
OPTV Opentv Corporation Cl A
COMPUTER SOFTWARE & SERVICES Security Software & Services
FIRE Sourcefire` Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
MENT Mentor Graphics Corp
CONGLOMERATES Conglomerates
LGL Lynch Corp
CONSUMER DURABLES Electronic Equipment
DTSI DTS Inc
LTEC LOUD Technologies Inc
CONSUMER DURABLES Sporting Goods
ALDA Aldila Inc
ELY Callaway Golf Co
CONSUMER NON-DURABLES Rubber & Plastics
CTB Cooper Tire & Rubber Co
DSWL Deswell Industries Inc
DIVERSIFIED SERVICES Business/Management Services
AAC Ableauctions.Com Inc
AUSA Access Plans Usa Inc
DIVERSIFIED SERVICES Education & Training Services
MMS Maximus Inc
DIVERSIFIED SERVICES Personal Services
NLCI Nobel Learning Community
STNR Steiner Leisure Limited
DIVERSIFIED SERVICES Research Services
LUNA Luna Innovations Inc
DIVERSIFIED SERVICES Security & Protection Services
CRN Cornell Corrections Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
ASF Administaff Inc
WSTF Westaff Inc
DRUGS Biotechnology
ALSE Alseres Pharmaceuticals Inc
CRTX Critical Therapeutics Inc
DRUGS Diagnostic Substances
AVRX Avalon Pharmaceuticals Inc
NYMX Nymox Pharmaceutical Cp
DRUGS Drug Manufacturers - Other
MAPP MAP Pharmaceuticals
OPK Opko Health Inc.
DRUGS Drug Related Products
MTEX Mannatech Inc
DRUGS Drugs - Generic
CPD Caraco Pharm Labs
SRLS Seracare Life Sciences
ELECTRONICS Diversified Electronics
KOPN Kopin Corp
ELECTRONICS Scientific & Technical Instrum
CALP Caliper Life Sciences Inc
RSTI Rofin-Sinar Tech Inc
ELECTRONICS Semiconductor - Integrated Cir
LAVA Magma Design Automation Inc
PXLW Pixelworks Incorporated
ENERGY Oil & Gas Drilling & Explorati
AREX Approach Resources Inc.
FINANCIAL SERVICES Closed End Fund - Debt
BFO Blackrock Fl Muni 2020
EFR Eaton Vance Senior Floating Tr
FINANCIAL SERVICES Closed End Fund - Equity
BOM PowerShares DB Base Metals Dou
DUG ProShares UltraShort Oil & Gas
FINANCIAL SERVICES Closed End Fund - Foreign
ASA Asa Ltd
JYF WT Dreyfus Japanese Yen fund
FINANCIAL SERVICES Diversified Investments
AMPL Ampal-Amer Israel Cl A
DRH Diamondrock Hospitality Co
FOOD & BEVERAGE Beverages - Soft Drinks
HANS Hansen Natural Corp
FOOD & BEVERAGE Meat Products
HOGS Zhongpin Inc
IBA Industrias Bachoco Sa De
FOOD & BEVERAGE Processed & Packaged Goods
FZN Cuisine Solutions Inc
RAH Ralcorp Holdings Inc
HEALTH SERVICES Hospitals
MGLN Magellan Health Services Inc
UHS Universal Health Svcs B
HEALTH SERVICES Medical Appliances & Equipment
CDIC Cardiodynamics Intl Corp
EDAP Edap Tms Sa Adr
HEALTH SERVICES Medical Instruments & Supplies
ATRC AtriCure Inc
EVVV EV3 Inc
HEALTH SERVICES Specialized Health Services
NBS Neostem Inc
INSURANCE Insurance Brokers
BRO Brown & Brown
INSURANCE Life Insurance
AEL American Equity Invst Life Hld
INSURANCE Property & Casualty Insurance
EMCI Emc Insurance Group Inc
RNR Renaissancere Holdings
INTERNET Internet Service Providers
NENG Network Engines Inc
INTERNET Internet Software & Services
ALOY Alloy Online Inc
AMEN Amen Properties Inc
LEISURE General Entertainment
ORCD Orchard Enterprise Inc
LEISURE Restaurants
BKC Burger King Holdings Inc
NATH Nathan's Famous Inc
MANUFACTURING Diversified Machinery
CYD China Yuchai Int Ltd
MANUFACTURING Farm & Construction Machinery
ALG Alamo Group Inc
MANUFACTURING Industrial Electrical Equipmen
AIMC Altra Industrial Motion Inc.
HPJ Hong Kong Highpower Technology
MANUFACTURING Industrial Equipment & Compone
TRS TriMas Corp
MATERIALS & CONSTRUCTION General Building Materials
TECUB Tecumseh Products Cl B
MATERIALS & CONSTRUCTION General Contractors
FIX Comfort Systems Usa Inc
MEDIA Broadcasting - Radio
CMLS Cumulus Media Inc
ROIAK Radio One Cl D
MEDIA Broadcasting - TV
EVC Entravision Cmmnctns
MEDIA Marketing Services
HHS Harte-Hanks Inc
LAMR Lamar Advertising Co A
MEDIA Movie Production
DISK Image Entertainment Inc
MEDIA Publishing - Periodicals/News
PRM-A Primedia Inc
METALS & MINING Gold
GG Goldcorp Inc
GOLD Randgold Resources Ltd Ads 1:2
METALS & MINING Industrial Metals & Minerals
PAL North American Palladium
METALS & MINING None
HUI--X Gold Bugs Index
XAU Phila Gold & Silver
METALS & MINING Silver
CDE Coeur D'alene Mines Corp
HL Hecla Mining Co
REAL ESTATE Property Management/Developmen
MMPI Meruelo Maddux Prope
REAL ESTATE REIT - Healthcare Facilities
CSA Cogdell Spencer Inc
REAL ESTATE REIT - Hotel/Motel
HT Hersha Hospitality Trust
REAL ESTATE REIT - Residential
HIH Highland Hospitality Corp
RETAIL Home Furnishing Stores
HVT Haverty Furniture Cos
SPECIALTY RETAIL Apparel Stores
ANN Ann Taylor Stores Corp
CACH Cache Inc
SPECIALTY RETAIL Specialty Retail
KONA Kona Grill Inc
SGU Star Gas Partners Lp Sbi
TELECOMMUNICATIONS Communication Equipment
ANTP Phazar Corp
EGHT 8x8 Inc
TELECOMMUNICATIONS Diversified Communication Serv
WPCS WPCS International Inc
TELECOMMUNICATIONS Telecom Services - Domestic
TWTC Time Warner Telecom Inc
TELECOMMUNICATIONS Telecom Services - Foreign
NTT Nippon Tel & Tel Ads
OTE Hellenic Telecomm Org
TELECOMMUNICATIONS Wireless Communications
AIRV Airvana Inc
TOMO Tom Online
TRANSPORTATION Shipping
SB Safe Bulkers Inc
TRANSPORTATION Trucking
USAK Usa Truck Inc
WHOLESALE Computers Wholesale
PRLS Peerless Systems Corp
WHOLESALE Industrial Equipment Wholesale
AIT Applied Industrial Tech
DXPE Dxp Enterprises Inc
---------------------------------------------
NEGATIVE VRs
---------------------------------------------
AEROSPACE/DEFENSE Aerospace/Defense Products & S
AVAV Aerovironment Inc
ERJ Embr Emprs Brsl De Aero
AUTOMOTIVE Auto Manufacturers - Major
HMC Honda Motor Co Ltd Adr
AUTOMOTIVE Auto Parts
CVGI Commercial Vehicle Group Inc
TRW Trw Automotive Hldgs Corp
AUTOMOTIVE Recreational Vehicles
HOG Harley-Davidson Inc
AUTOMOTIVE Trucks & Other Vehicles
FSS Federal Signal Corp
PCAR Paccar Inc
BANKING Foreign Regional Banks
BAP Credicorp Ltd
BBV Banco Privanza Intl Gbrltr Ltd
BANKING Money Center Banks
BAC Bank Of America Corp
BMO Bank Of Montreal
BANKING Regional - Mid-Atlantic Banks
CFFC Community Financial Corp
CMFB Commercefirst Bancorp Inc
BANKING Regional - Midwest Banks
AMFI Amcore Financial Inc
ASBC Associated Banc-corp
BANKING Regional - Northeast Banks
HNBC Harleysville National Cp
MFLR Mayflower Co-Oper Bank
BANKING Regional - Pacific Banks
BOH Bank of Hawaii Corp
CPF Central Pacific Finl Corp
BANKING Regional - Southeast Banks
CTBI Community Trust Bncp Inc
FNB Fnb Corporation (pa)
BANKING Regional - Southwest Banks
BANF Bancfirst Corp Oklahoma
CBSH Commerce Bancshares Mo
BANKING Savings & Loans
ABCW Anchor Bancorp Wis Inc
BHLB Berkshire Hills Bncorp
CHEMICALS Chemicals - Major Diversified
PX Praxair Inc
CHEMICALS Specialty Chemicals
MEOH Methanex Corporation
PPO Polypore International Inc.
CHEMICALS Synthetics
AWC Alumina Limited
COMPUTER HARDWARE Computer Peripherals
APKT Acme Packet Inc
HAUP Hauppauge Digital Inc
COMPUTER HARDWARE Data Storage Devices
PAR 3Par Inc
STX Seagate Tech Hldgs
COMPUTER HARDWARE Diversified Computer Systems
HPQ Hewlett-packard Co
JAVA Sun Microsystems Inc
COMPUTER HARDWARE Networking & Communication Dev
CSCO Cisco Systems Inc
EZCH Lanoptics Ltd
COMPUTER SOFTWARE & SERVICES Application Software
CALL Callwave Inc
MGIC Magic Software Enterprs
COMPUTER SOFTWARE & SERVICES Business Software & Services
CALD Callidus Software Inc
CSPI Csp Inc
COMPUTER SOFTWARE & SERVICES Healthcare Information Service
MEDW Mediware Info Systems
QSII Quality Systems Inc
COMPUTER SOFTWARE & SERVICES Information Technology Service
SFE Safeguard Scientific Inc
SYNA Synaptics Inc
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
GLUU Glu Mobile Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
INFY Infosys Technologies Ads
SPNS Sapiens Intl Corp Nv
CONGLOMERATES Conglomerates
GE General Electric Co
MMM 3m Company
CONSUMER DURABLES Appliances
IRBT iRobot Corp
NPK National Presto Indust
CONSUMER DURABLES Business Equipment
KBALB Kimball Internat B
PAY VeriFone Holdings Inc
CONSUMER DURABLES Electronic Equipment
AVID Avid Technology Inc
DISH Echostar Communications Corp
CONSUMER DURABLES Home Furnishings & Fixtures
FLXS Flexsteel Industries Inc
CONSUMER DURABLES Housewares & Accessories
LANC Lancaster Colony Corp
CONSUMER DURABLES Photographic Equipment & Suppl
BTN Ballantyne Of Omaha Inc
IKNX Ikonics Corp
CONSUMER DURABLES Recreational Goods
TYM Asia Time Corp
CONSUMER DURABLES Sporting Goods
CYB Cybex Internat
CONSUMER NON-DURABLES Packaging & Containers
CCK Crown Holdings Inc
SEE Sealed Air Corp
CONSUMER NON-DURABLES Paper & Paper Products
AVY Avery Dennison Corp
CSAR Caraustar Industries Inc
CONSUMER NON-DURABLES Personal Products
BTH Blyth Inc
CAW Cca Industries Inc
CONSUMER NON-DURABLES Rubber & Plastics
ROG Rogers Corp
CONSUMER NON-DURABLES Textile - Apparel Clothing
DLA Delta Apparel Inc
HOTT Hot Topic Inc
DIVERSIFIED SERVICES Business/Management Services
ACN Accenture Ltd
ARBX Arbinet-thexchange
DIVERSIFIED SERVICES Consumer Services
CWZ Cable&Wireless Communic Ads
DIVERSIFIED SERVICES Education & Training Services
SWIM Investools Inc
DIVERSIFIED SERVICES Personal Services
CPY Cpi Corp
SCI Service Corp Internat
DIVERSIFIED SERVICES Rental & Leasing Services
FLY Babcock & Brown Air
GMT Gatx Corp
DIVERSIFIED SERVICES Research Services
CRGN Curagen Corp
NTSC National Technical Systs
DIVERSIFIED SERVICES Technical Services
TTEK Tetra Tech Inc
URS Urs Corp
DRUGS Biotechnology
ANIK Anika Therapeutics Inc
CYPB Cypress Bioscience Inc
DRUGS Diagnostic Substances
AVGN Avigen Inc
DRUGS Drug Delivery
ACUR Acura Pharmaceuticals Inc
QGLY Quigley Corp The
DRUGS Drug Manufacturers - Major
KERX Keryx Biopharmaceuticals
DRUGS Drug Manufacturers - Other
AGN Allergan Inc
ALXN Alexion Pharmaceuticals
DRUGS Drug Related Products
DDSS Labopharm Inc
DRUGS Drugs - Generic
MYL Mylan Laboratories Inc
ELECTRONICS Diversified Electronics
APH Amphenol Corp
ENA Enova Systems Inc
ELECTRONICS Printed Circuit Boards
SANM Sanmina-sci Corp
ELECTRONICS Scientific & Technical Instrum
ALOG Analogic Corp
HURC Hurco Companies Inc
ELECTRONICS Semiconductor - Broad Line
AMD Advanced Micro Devices
INTC Intel Corp
ELECTRONICS Semiconductor - Integrated Cir
AMKR Amkor Technology Inc
ATHR Atheros Communications Inc
ELECTRONICS Semiconductor - Memory Chips
ATML Atmel Corp
ISSI Integrated Silicon Sol
ELECTRONICS Semiconductor - Specialized
AATI Advanced Analogic Technologies
LSI Lsi Logic Corp
ELECTRONICS Semiconductor Equipment & Mate
ASX Advanced Semicondctr Ads
COHU Cohu Inc
ENERGY Independent Oil & Gas
APA Apache Corp
APC Anadarko Petroleum Corp
ENERGY Oil & Gas Drilling & Explorati
ATLS Atlas America Inc
CXG CNX Gas Corp
ENERGY Oil & Gas Equipment & Services
FTI Fmc Technologies
HAL Halliburton Co
ENERGY Oil & Gas Pipelines
APL Atlas Pipeline Prtnrs Lp
BWP Boardwalk Pipeline Partners LP
ENERGY Oil & Gas Refining & Marketing
CLMT Calumet Specialty Products Par
IMO Imperial Oil Ltd
FINANCIAL SERVICES Asset Management
BAM Brookfield Asset Management In
BKF Bkf Capital Group
FINANCIAL SERVICES Closed End Fund - Debt
ARCC Ares Capital
ARK Senior High Inc Port
FINANCIAL SERVICES Closed End Fund - Equity
ADRD BLDRS Developed Markets 100 AD
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
CEE The Central Europe & Russia Fd
DFE WisdomTree Europe SmallCap Div
FINANCIAL SERVICES Credit Services
ADVNB Advanta Corp Cl B
ALD Allied Capital Corp
FINANCIAL SERVICES Diversified Investments
ACAS American Capital Strat
BTE Baytex Energy Inc
FINANCIAL SERVICES Investment Brokerage - Nationa
AMTD Ameritrade Holding Corporation
ETFC E Trade Financial Corp
FINANCIAL SERVICES Investment Brokerage - Regiona
BLK Blackrock Incorporated
DHIL Diamond Hill Investment Group
FOOD & BEVERAGE Beverages - Brewers
ABV Ambev (comp De Bebidas Adr)
ABVC Ambev Companhia de Bebidas das
FOOD & BEVERAGE Beverages - Soft Drinks
COT Cott Corporation
PAS Pepsiamericas Inc
FOOD & BEVERAGE Beverages - Wineries & Distill
BF.B Brown-forman Corp Cl B
FOOD & BEVERAGE Farm Products
CRESY Cresud S.A.C.I.P.Y.A Adr
GRO Agria Corp
FOOD & BEVERAGE Food - Major Diversified
SDA Sadia S.A.
FOOD & BEVERAGE Processed & Packaged Goods
BGS B&G Foods Inc.
FLO Flowers Foods Inc
HEALTH SERVICES Home Health Care
AHCI Allied Healthcare Intl Inc
HEALTH SERVICES Hospitals
CYH Community Health Systems
HEALTH SERVICES Long-Term Care Facilities
ALC Assisted Living Concepts Inc.
HEALTH SERVICES Medical Appliances & Equipment
ARAY Accuray Incorporated
AVR Avitar Inc
HEALTH SERVICES Medical Instruments & Supplies
ACL Alcon Inc
CASM CAS Medical Systems Inc
HEALTH SERVICES Medical Laboratories & Researc
ENZ Enzo Biochem Inc
ERES Eresearch Tech
HEALTH SERVICES Specialized Health Services
ANCI American CareSource Holdings I
ESRX Express Scripts Inc
INSURANCE Accident & Health Insurance
AIZ Assurant Inc
CNO Conseco Inc
INSURANCE Insurance Brokers
CRD.A Crawford & Co A
WSH Willis Group Holdings Limited
INSURANCE Life Insurance
AGO Assured Guaranty Ltd
AXA Axa Ads
INSURANCE Property & Casualty Insurance
ALL Allstate Corporation
BRKB Berkshire Hathaway Cl B
INSURANCE Surety & Title Insurance
FNF Fidelity National Finl
ITIC Investors Title Co
INTERNET Internet Service Providers
HSTM Healthstream Inc
TWER TowerStream Corporation
INTERNET Internet Software & Services
AMZN Amazon.Com Inc
GIB Cgi Group Inc
LEISURE Gaming Activities
CHDN Churchills Downs Inc
IGT International Game Technology
LEISURE General Entertainment
CCL Carnival Corp
FUN Cedar Fair (L.P.)
LEISURE Lodging
IHG Intercontinental Hotels Grp Ad
MAR Marriott Internat Inc A
LEISURE Resorts & Casinos
CTRP Ctrip.com International
ISLE Isle Of Capris Casinos
LEISURE Restaurants
BOBE Bob Evans Farms Inc
GRIL Grill Concepts Inc
MANUFACTURING Diversified Machinery
AIXG Aixtron Aktiengesellschaft Ads
GRB Gerber Scientific Inc
MANUFACTURING Farm & Construction Machinery
JOYG Joy Global Inc
VMI Valmont Industries Inc
MANUFACTURING Industrial Electrical Equipmen
BDC Belden Inc
FSIN Fushi Copperweld` Inc.
MANUFACTURING Machine Tools & Accessories
KMT Kennametal Inc
TKR Timken Co
MANUFACTURING Metal Fabrication
MINI Mobile Mini Inc
MANUFACTURING Pollution & Treatment Controls
ERII Energy Recovery Inc.
MFRI Mfri Inc
MANUFACTURING Small Tools & Accessories
SNA Snap-On Inc
SSD Simpson Manufacturing
MANUFACTURING Textile Manufacturing
TPX Tempur-pedic Intl
MATERIALS & CONSTRUCTION Cement
CX Cemex Sa De Cv Ads
MATERIALS & CONSTRUCTION General Building Materials
AAON Aaon Inc
AWI Armstrong World Industries Inc
MATERIALS & CONSTRUCTION Heavy Construction
AGX Argan` Inc.
MATERIALS & CONSTRUCTION Residential Construction
BZH Beazer Homes Usa
DHI D.R. Horton Inc
MATERIALS & CONSTRUCTION Waste Management
CWST Casella Waste Systms Inc
TRR Trc Companies Inc
MEDIA Advertising Services
FMCN Focus Media Holding Ltd ADR
OMC Omnicom Group Inc
MEDIA Broadcasting - Radio
CCU Clear Channel Comm Inc
CDL Citadel Broadcasting
MEDIA Broadcasting - TV
CBS.A CBS Corp Class A
HTV Hearst-Argyle Tv Inc
MEDIA CATV Systems
L Liberty Media Corp
NETC Globo Cabo Sa Adr
MEDIA Marketing Services
IUSA infoUSA Inc
NCMI National Cinemedia Inc
MEDIA Publishing - Books
MHP Mcgraw-Hill Companies
METALS & MINING Aluminum
KALU Kaiser Aluminum Corp
MXM Maxxam Inc
METALS & MINING Copper
MAD Madeco S.A.
METALS & MINING Gold
NAK Northern Dynasty Minerals Ltd
PCU Southern Peru Copper
METALS & MINING Industrial Metals & Minerals
ACI Arch Coal Inc
ANO Anooraq Resources Corp
METALS & MINING Steel & Iron
CMC Commercial Metals Co
GGB Gerdau Sa Ads
REAL ESTATE Property Management/Developmen
ARL American Realty Invest
DFT DuPont Fabros Technology
REAL ESTATE REIT - Diversified/Industrial
AHT Ashford Hospitality Tr Inc
AMB Amb Property Corp
REAL ESTATE REIT - Healthcare Facilities
HR Healthcare Realty Trust
MPW Medical Properties Trust
REAL ESTATE REIT - Hotel/Motel
HOT Starwood Hotel&Resort Ww
REAL ESTATE REIT - Office
CRO CRT Properties Inc
REAL ESTATE REIT - Residential
AGNC American Capital Agency Corp.
AVB Avalonbay Communities
REAL ESTATE REIT - Retail
ADC Agree Realty Corp
GRT Glimcher Realty Trust
RETAIL Catalog & Mail Order Houses
HSNI HSN` Inc.
NSIT Insight Enterprises Inc
RETAIL Department Stores
BONT Bon-Ton Stores Inc
JCP J.C. Penney Company Inc
RETAIL Discount
FDO Family Dollar Stores Inc
FRED Fred's Inc
RETAIL Grocery Stores
SE 7-Eleven Inc
SUSS Susser Hldgs
SPECIALTY RETAIL Apparel Stores
DBRN Dress Barn Inc
DSW DSW Inc
SPECIALTY RETAIL Auto Dealerships
KMX Carmax Inc
SPECIALTY RETAIL Specialty Retail
EZPW Ezcorp Inc Cl A
JAS Jo-ann Stores Inc
SPECIALTY RETAIL Sporting Goods Stores
DKS Dick's Sporting Goods
TELECOMMUNICATIONS Communication Equipment
ALVR Alvarion Ltd
ARRS Arris Group Inc
TELECOMMUNICATIONS Diversified Communication Serv
BTM Brasil Telecom S.a.
CCI Crown Castle Intl Corp
TELECOMMUNICATIONS Processing Systems & Products
CIEN Ciena Corporation
GCOM Globecomm Systems Inc
TELECOMMUNICATIONS Telecom Services - Domestic
IDT.C Idt Corp
IWA Iowa Telecom Services
TELECOMMUNICATIONS Telecom Services - Foreign
SI Siemens Aktien
TEF Telefonica Sa
TELECOMMUNICATIONS Wireless Communications
AMX America Movil
ICOG Ico Global Comm Hldg Lt De 'A'
TOBACCO Tobacco Products
UVV Universal Corp
TRANSPORTATION Air Delivery & Freight Service
SINO Sino-Global Shipping America`
TRANSPORTATION Air Services
PAC Grupo Aeroportuario Pac S.A.B
TRANSPORTATION Major Airlines
AMR Amr Corporation
TAM TAM S.A. ADR
TRANSPORTATION Railroads
CP Canadian Pacific Ltd
TRANSPORTATION Regional Airlines
GOL Gollinhas Aereas Inteligentes
RJET Republic Airways
TRANSPORTATION Shipping
CKH Seacor Holdings Inc
KSP K-sea Transportation Ptnr
UTILITIES Diversified Utilities
DPL Dpl Inc
EXC Exelon Corporation
UTILITIES Electric Utilities
AEP American Electric Power
AES Aes Corporation
UTILITIES Foreign Utilities
CIG Companhia Energetica Mines
ENI Enersis Sa Ads
UTILITIES Gas Utilities
EQT Equitable Resources Inc
NFG National Fuel Gas Co
UTILITIES Water Utilities
WTR Aqua America Inc
WHOLESALE Electronics Wholesale
AEY Addvantage Tech Group
AVT Avnet Inc
WHOLESALE Industrial Equipment Wholesale
NOV National Oilwell Varco Inc
WHOLESALE Wholesale
ANW Aegean Marine Petroleum Networ
ATN Action Performance Cos
---------------------------------------------
VR TRADER.COM WATCHLISTS:
Please note:
The VR Watchlist is currently available via the VRTrader.com websiteaccessed via your assigned username and password. Please emailmark@vrsurvey.com if you misplaced that information.
Leibovit Files
Monday, March 02, 2009
Market Again Into New Lows - No Sign of a Bottom Yet!
---------------------------------------------
UPCOMING ECONOMIC RELEASES/MARKET EVENTS
March 2-6, 2009:
---------------------------------------------
MONDAY, March 2:
Personal Income and Outlays 8:30 AM ET
ISM Mfg Index 10:00 AM ET
Construction Spending 10:00 AM ET
4-Week Bill Announcement 11:00 AM ET
Richmond Federal Reserve Bank President Jeffrey Lacker to speak at theNational Association for Business Economics Washington Economic Policyconference, in Washington. Audience, media Q&A expected. 12:45 PM ET
Boston Federal Reserve Bank President Eric Rosengren to speak at theNational Association for Business Economics Washington Economic Policyconference, in Washington.
12:45 PM ET
3-Month Bill Auction 1:00 PM ET
6-Month Bill Auction 1:00 PM ET
---------------------------------------------
TUESDAY, March 3:
'Turnaround Tuesday'
Motor Vehicle Sales
ICSC-Goldman Store Sales
7:45 AM ET
Council of Economic Advisers Chair Christina Romer to speak at the NABEeconomic policy conference, in Washington. 7:45 AM ET
Atlanta Federal Reserve Bank President Dennis Lockhart to speak aboutthe U.S. economy, on panel, in Tampa, Florida. Audience Q&Aexpected 8:00 AM ET
Redbook 8:55 AM ET
Pending Home Sales Index 10:00 AM ET
4-Week Bill Auction 1:00 PM ET
---------------------------------------------
WEDNESDAY, March 4:
MBA Purchase Applications 7:00 AM ET
Challenger Job-Cut Report 7:30 AM ET
ADP Employment Report 8:15 AM ET
Dallas Federal Reserve Bank President Richard Fisher speaks on theeconomic outlook at the 8th annual Global Supply Chain Conferencesponsored by the Supply & Value Chain Center at the Neeley Schoolof Business at Texas Christian University, in Fort Worth. 8:30 AM ET
ISM Non-Mfg Index 10:00 AM ET
EIA Petroleum Status Report 10:30 AM ET
Atlanta Federal Reserve Bank President Dennis Lockhart to speak aboutthe U.S. economic outlook, in Miami, Florida. Audience Q&Aexpected. 12:00 PM ET
Beige Book 2:00 PM ET
---------------------------------------------
THURSDAY, March 5:
Chain Store Sales
Monster Employment Index
Jobless Claims 8:30 AM ET
Productivity and Costs 8:30 AM ET
RBC CASH Index 9:00 AM ET
30-Yr Bond Announcement 9:00 AM ET
Factory Orders 10:00 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
52-Week Bill Announcement
11:00 AM ET
3-Yr Note Announcement 11:00 AM ET
10-Yr Note Announcement 11:00 AM ET
Atlanta Federal Reserve Bank President Dennis Lockhart to speak aboutthe U.S. economic outlook, in Atlanta, Georgia. Audience Q&Aexpected. Repeats March 4 speech.
12:45 PM ET
Money Supply 4:30 PM ET
---------------------------------------------
FRIDAY, March 6:
Employment Situation 8:30 AM ET
Philadelphia Federal Reserve Bank President Charles Plosserparticipates in a panel discussion on the future role of government inthe financial system at a conference on Restoring Financial Stability:How to Repair A Failed System at New York University Stern School ofBusiness. Audience Q&A expected. 12:00 PM ET
Consumer Credit 3:00 PM ET
---------------------------------------------
STOCKS - ACTION alert -
Stock prices are sharply lower (into new bear market lows) inovernight trading which should really come as no surprise. Where is thecatalyst for the market to rally? The answer. There is none. The SPXcould very sell see the mid to high 600s over the next few days and, asalways, VR analysis could generate even lowr projections.
What you have to out for today is tomorrow! In other words, iftomorrow turns out to be another 'Turnaround Tuesday' we could get apop before we again head lower.
From last week:
It's a bit early, but I want to be the first to remind you that March20 is the Vernal Equinox - a time period (usually within two weekseither side) that markets tend to change direction. The classicreversal occurred in mid-March, 2003 coincident with the invasion ofIraq by US forces and the beginning of a five-year bull market. Shouldmarkets find the strength (or cause) to rally into mid-March, watch outbelow! However, a continuation of the bear market into that time mightform a tradable bottom for an explosive rally. This is my bias.
Summarizing Friday's action, the stock market opened sharply lowerFriday morning after an even worse than expected GDP report and newsthat Citigroup is getting more help from the US government. The marketthen spent most of the day trying to recover and even managed to peekits head into positive territory for a brief moment. But once gain, themarket fell into the close on news that GE cut its dividend andCitigroup's rating outlook was lower by S&P to negative. For thesession, the Dow was off 119.15 at 7062.83, the S&P 500 was off17.74 at 735.09, and the Nasdaq Composite was off 13.63 at 1377.84.Volume was very heavy and breadth was weak.
Financials again led the decline as XLF lost 6.5% on Friday. It wasobvious that recent strength in financials was a mirage, because thebroader market had no interest in following the sharp advances of thefinancials in recent days.
Citigroup announced it is offering common shares for up to $27.5billion in existing preferred equity. The government will exchange amaximum of $25 billion face value of its preferred stock, which givesthe government a 36% stake in the company. Nationalization of Citialong with an announcement that it is suspending dividends on commonshares and its preferred shares only caused investors to pull backfurther. And just an hour before the close Friday, S&P revises itsrating outlook for Citigroup to negative. As a result, C fell 39.0%,another record low for what used to be a banking giant.
The second biggest decliner Friday was the Health Care sector with XLVfalling 4.0% following a 5.0% decline on Thursday. On Thursday, we gotnews "Obama Wants $634 Billion for Health, Says More Needed." With thegovernment intervening in health care and taking over the financials,it is not surprising that these two sectors are leading the way down.
For the month, the Dow was off 11.72%, the S&P 500 was off 10.99%,and the Nasdaq Composite was off 6.68%. It is almost as if this marketsenses something else is on the way that needs to be dealt with. Theindices demonstrating a marked inability to mount any serious ralliesor even to hold intra day gains. The fact that the indices closed themonth at their lows is a very bearish signal.
On Friday, the S&P broke its November low of 741.02, hit a new bearmarket low, and fell to its lowest level since April 1997. Most othermarket indexes also hit bear market lows Friday including the DowIndustrials and Dow Transports. The NASDAQ and Russell though remainabove their worst bear market levels. Among sectors marking new bearmarket lows, we have Consumer Staples (XLP) and Industrials (XLI),though a number of other sectors are sitting right at support.
Recapping, we have to assume the market is heading lower until we seesome signs of strength. One could have expected a rally with thePositive VRs we posted on Wednesday combined with month end windowdressing. The fact that the market did not get the expected rally andis finishing the week and month at the lows is a very bearish signal.
A sharp and brutal decline is now apparently underway. The 7,000 levelon the Dow is in jeopardy as is the November low on the Nasdaq. TheNasdaq has held up the best during this decline, but is now beginningto buckle under the torrent of selling.
I am aware that my own commentary is a tad gloomy and I am also awarethat this type of outlook is most common at market bottoms. That has usat VRtrader.com on our toes for a sharp short covering rally, but weare content to wait for the market to prove itself first in the form ofwidespread Positive Volume Reversals ™. Until then, the technicalpicture continues to deteriorate, so buyers beware.
---------------------------------------------
GOLD - ACTION alert -
Precious metals benefited from the flight to safety, but traders arestill nervous with gold's inability to break through 1000. They arethinking that maybe these metals have gone high enough for now. Goldwas down 5.90 to 939.60 and silver lost 0.01 to 13.11 but platinumgained 20 to 1072.
Paul Craig Roberts, the Assistant Secretary of the Treasury underRonald Reagan, writes:
"How long can the US government protect the dollar's value by leasingits gold to bullion dealers who sell it, thereby holding down the goldprice? Given the incompetence in Washington and on Wall Street, ourbest hope is that the rest of the world is even less competent and evenin deeper trouble. In this event, the US dollar might survive as theleast valueless of the world's fiat currencies."
Leasing its gold to bullion dealers who sell it! Can you believe this!And, when I write about the nefarious activities of the PlungeProtection Team some think of me in less than favorable terms. Folks,this has got to stop. Do we really need to bear to stage a 'Boston TeaParty' event to get change? I'm afraid its coming and it won't be ledby Gold bugs - the Gold bugs (myself included) will be bringing up therear.
Gold hit 1007.20 on February 20th and retraced to a low of 925.90Friday. A .618 upward retracement of that decline is 976.00. A breakoutabove there would be a good sign we're headed back to 1007.20 andpossibly the record high of 1037. Frankly, I think surprises are to theupside and seeing Gold even at 1060 in the next week or two is not outof the realm of possibilty. In the end, precious metals are moving withthe flight to safety trade. I still think 1200 is doable by earlySpring, but if I'm wrong we will certainly see that level and highlevels later in the year. Once we cross 1200 I will eyeing 1700 as thenext target zone. And, ultimately, when our central bank and foreigncentral banks are on their knees and are forced to embrace the Goldstandard, there is no telling how high Gold can go. As you know, I'vespeculated that even 10,000 is not unreasonable in such an environment.Of course, the US Dollar will be in sharp decline and you certainly donot want to be in Dollars at all at that time. Hopefully, this will bethe time when we finally 'get religion' and abolish the Federal Reserveonce and for all and shut down the printing presses at the US Treasury.It will likely be their successors, but Bernanke and Geithner should begoing to night school and train for another profession when thishappens.
Short-term if 930 doesn't hold, next support is 890-900, 875, 850, 800,780, and 680.
Silver (spot) touched 14.66 on February 22 while the SLV (ETF) touched14.45. A pullback to 12.00 is not out of the question, while there isstill unfulfilled potential into the 15.00-17.00 range.
This comment bears continual repeating: "I continue to recommendaccumulating the physical metal whenever you can get your hands on it.Reason? There is not a single central bank or financial institution inthe world that can create more gold. Its supply is extremely limited.All the gold ever mined in the history of the world would fit into twoOlympic-size swimming pools. In addition, every central bank on theplanet is printing fiat money like crazy. Plus, if you think thefinancial crisis is bad thus far, tighten your seatbelts because it'sabout to get a heck of a lot worse."
The weekly VR Gold Letter is tentatiavely scheduled to be launched nextweekend and will be available on an associated website to be announced.Pricing is subject to review at this time.
---------------------------------------------
BONDS - ACTION alert -
Treasuries fell Friday despite the weak economic news and falling stockmarket. Instead, traders focused on the huge supply of new debt comingonto the market to finance our growing budget deficit. Traders are alsobeing scared away by the Treasury Department's risk taking after uppingits stake in Citigroup. The long bond future lost 1 11/64 to 124 39/64.Normally, I would have anticipated bonds rallying in a 'flight tosafety' move.
The worst possible combination of events is now unfolding, i.e., aslumping economy and huge job losses with the potential for higherinterest rates.
Just to put things in perspective: "President Barack Obama's budgetdirector said on Thursday that without a shift in policies the U.S.deficit would reach $9 trillion over the next decade. White Housebudget chief Peter Orszag said the Obama administration's budgetoutline reflects costs for the war in Iraq and other items that werepreviously not included in the budget. "All told we are showing $2.7trillion in costs in this budget that were excluded from previousbudgets and I think that is a mark of the honesty and responsibilitycontained in this document," he said."
In addition to refunding our current huge debt, the Treasury will haveto borrow an additional $9 trillion over the next decade. And that'susing what many think are optimistic assumption about the economy,incoming revenue, and cost savings. Who has $9 trillion to spare?
President Barack Obama is sending Congress a budget that projects thegovernment's deficit for this year will soar to $1.75 trillion,reflecting efforts to pull the nation out of a deep recession and asevere financial crisis. Obama's $3 trillion-plus spending blueprintalso asks Congress to raise taxes on the wealthy in 2011 and cutMedicare costs to provide health care for the uninsured. All thespending will push the deficit for this year to $1.75 trillion, a level- as a percentage of the economy - not seen since World War II. Thedeficit is expected to remain around $1 trillion for the next two yearsbefore starting to decline to $533 billion in 2013, according to budgetprojections.
If we can hold the recent low of 101.06 in TLT (the ETF for the long USTreasuries), potential exists for a bounce up to the 110 level whichroughly equates to the 30-year Treasury at 133.00. At that point,another short-sale opportunity would exist for us.
In the end, the Treasury is primarily trading on the flight to safety.When equity markets fall, traders are rushing into the safety ofTreasuries. And when traders get the urge to risk their money instocks, Treasuries fall again. In the long run, Treasuries will bepressured by the huge amount of supply coming on the market as theTreasury funds the US government's huge budget deficit. In fact, we arealready seeing this as stocks hit new lows but Treasuries are well oftheir December high.
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CRUDE OIL - ACTION alert -
Oil fell just 0.46 to 44.76 on Friday. Oil fell Friday morning asthe weak economic news and financial market worried traders that thesmall increase in energy demand we have seen the past couple of weeksmay only be temporary. But oil trimmed its losses as the stock marketattempted to stabilize.
Oil rallied last week after the Abu Dhabi National Oil Company said itwould cut as much as 17 percent of its output on various grades, on topof earlier reductions of 10-15 percent announced late January. Analystssay OPEC could announce a further production cut of at least 1 millionbarrels a day at its next meeting on March 15. Leaders of the 13-membercartel have said they would like oil to trade near $70 a barrel.Venezuela's finance minister, Ali Rodriguez, said Wednesday that hiscountry was prepared to support further cuts in OPEC quotas if pricesstayed low.
Over the past couple of weeks, Crude Oil neared its big support at the32.70 low set as the February contract expired in late January. Upsidepotential still exists back to 50.00, 55..00, 65.00 on a technicalrally, but from what level? It is becoming more apparent that 32 willnot hold and such a rally could come from much lower levels. How low?We will know in the fullness of time.
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US DOLLAR - ACTION alert -
The US Dollar Index was little changed Friday barely hitting a newrecovery high Friday morning of 88.490, surpassing the old high of88.463. The US Dollar Index gained 0.313 to 88.166, again struggling tobreak through resistance at 88 and the old high. In overnight tradingthe Dollar has hit a new recovery high of 88.822.
The US Dollar Index hit 88.129 on February 20 before pulling back to85.631, but is now back to 88.166 after hitting a new high of 88.490(excluding overnight trading). The US Dollar Index has spent the lasttwo weeks trying to break through 88. Right now, we are just above thatlevel, but the jury is still out. Are we forming a double-top? Back inNovember, the US dollar index spent six weeks trying to break throughthe 88 price level, hitting a high of 88.463, but never being able tostay above that mark. I'm still inclined to give the upside the benefitof the doubt with potential well into the 90s.
Remember, the US Dollar Index has been acting as a pure flight tosafety trade. If markets around the world continue to fall, expect tosee the dollar rally. If stocks rally or even if they simply stay put,the dollar will likely drop as traders unwind their flight to safetytrades.
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URANIUM - ACTION alert
Ux U3O8 Prices* (Uranium)
February 23, 2009 Posting
Spot: $45.00 DOWN 2.00. Bull market high in the cash market was $136.00.
The March Uranium Futures closed at $45.00. The current bear market lowis $45.00. June 13, 2007 hosted the bull market high of 154.95. Majorsupport lies well under the market at $36.00. Confirmation of a bottomshould be evident when the uranium shares begin as uranium sharesregain their footing. We're getting some early signs here, so staytuned.
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In the news:
The economy contracted at a staggering 6.2 percent pace at the end of2008, the worst showing in a quarter-century. The Commerce Departmentreport showed the economy sinking much faster than the 3.8 percentannualized drop for the October-December quarter first estimated lastmonth. It also was considerably weaker than the 5.4 percent annualizeddecline economists expected.
Amid persistent economic turmoil, the consumer sentiment index fell inlate February to 56.3 from 61.2 in January, according to the Universityof Michigan and Reuters. Analysts were looking for a final Februaryreading of 56.2. A reading earlier in the month estimated sentiment at56.2.
Federal regulators are raising the fees paid by U.S. banks and thrifts,and levying an emergency premium to rebuild a deposit insurance funddepleted by a cascade of bank failures. The Federal Insurance DepositCorp. says it now expects bank failures will cost the insurance fundaround $65 billion through 2013, up from an earlier estimate of $40billion. The FDIC says the economic crisis, which has caused dozens ofrecent bank failures and the insurance fund to drop to its lowest levelin a quarter-century, warranted extending the plan to rebuild theinsurance fund from five years to seven.
Private equity firm Blackstone Group LP said it continued to lose moneyduring the fourth-quarter as the ongoing credit crisis hurt the valueof its investments. The buyout shop, which makes its money buyingdistressed companies and then selling them for a profit, said it lost$415.2 million, or $1.52 per common unit, during the quarter.Blackstone lost $170 million, or 65 cents per common unit, during thesame quarter a year earlier. The company's "economic net loss," whichexcludes compensation charges tied to its initial public offering,totaled $827.1 million during the fourth quarter, compared with incomeof $128.2 million during the same quarter in 2007. Despite the mountinglosses, the company says its liquidity is strong enough to handle thedownturn. Blackstone said it has $767.6 million in available cash as ofJan. 31 after paying off the entire $250 million balance on itsrevolving credit facility. Amid the weakening market, Blackstone Groupsaid it would not issue a dividend to common unit holders. Blackstone'schairman and chief executive, Stephen Schwarzman, and co-founder, PeterPeterson, also did not receive any bonuses for the year. BX gained25.8%.
Dell said its profit dove 48 percent during the fiscal fourth quarteras the recession forced consumers and businesses to spend less ontechnology. The company also said it expects to make further cuts toits work force. Earnings for the quarter that ended Jan. 30 sank to$351 million, or 18 cents per share, from $679 million, or 31 cents pershare, a year earlier. Excluding one-time charges, Dell would haveearned 29 cents per share, just above the 26 cents per share expectedby analysts. But sales widely missed Wall Street's $14.2 billionforecast, dropping 16 percent to $13.4 billion from $16 billion in theprior-year period. DELL rose 3.9%.
General Electric slashed its quarterly dividend by nearly 68% Friday,reversing a 31-year trend of annual increases to its payout. Theconglomerate said reducing the dividend to 10 cents a share from 31cents will save the company $9 billion annually. The company has beenpaying a regular dividend for more than 100 years. GE dropped 6.5%.Under $7 per share, I'm afraid GE may be headed the way of the dodobird, i.e., following in the footsteps of GM, F and AIG.
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Canadian TSE and TSE Venture Commentary for our Canadian Clientsupdated for Monday, March 2:
TSE:
The Canadian market fell Friday, but outperformed the US market as oilprices recovered most of their losses late in the day. The TSE fell63.80 or 0.78% to 8123.02, compared to a much larger 2.4% in the US'sS&P 500 index. The TSE traded inside Thursday's range forming atechnical 'inside day' and therefore neutral in my work.
Negative Volume Reversals ™ were formed on February 10 and 17. Inthe process new bear market lows were posted at 7566.32 on February 24.Subsequently, we've seen a bounce back to 8195.93 peter out on February26.
We need to cross back above at least 8792 and ultimately 9151 toreinstate any semblance of an uptrend. It appears we're headed southback to a test or breach of the November 21 bear market low at 7647.11.
Resistance is 8195, 8351, 8792, 9151, 9267, 9505, 9928, 10,199, 10,251,10,702, 10,800, 10,900, 11,350, 12,126, 12,968, 13,771, 13,889, 13,983,14,157. Support is 7566, 7500, 7200.
TSE Venture:
The TSE Venture barely fell on Friday thanks to relatively stableprecious metals prices, helping the Venture's many small mining firms.The TSE Venture lost just 1.15 or 0.13% to 861.66.
A Positive Volume Reversal ™ was formed Thursday, placing support at846.55 - Wednesday's low! We need to breakout above 937.90 (theFebruary 17 high) to reinstate the uptrend and Thursday's Positive VRmay be the signal needed for that to occur.
Resistance is 922, 937, 1013, 1093, 1110, 1296, 1307, 1373, 1446, 1578,1621, 1767, 1820, 1871-81, 1980, 2010, 2083, 2124, 2155, and 2239.Support is 846, 834, 797, 773, 742, 725, 678, 595.
THE CANADIAN DOLLAR (using the FXC Exchange Traded Fund):
The Canadian Dollar fell against all major currencies on data thatshowed the country's first current account deficit in nearly a decade.The Bank of Canada is scheduled to make its next interest rateannouncement on March 3, feeding speculation that Canada will cutinterest rates to boos their economy. FXC fell 1.17 to 78.66, hittingits lowest price since January 20 and closing at its lowest level sinceDecember 5.
A Negative VR was formed on Wednesday and again on Friday.Philosophically, I love the Canadian dollar, but I will have moreconfidence on the long side once we get confirmation of a top in the USDollar.
For the bullish case to reinstate we need both positive upside volumeand we need to clear 80.82, 82.90 and then 85.05. New lows (under76.92) are still feasible with potential next to 69.00. Above 85.05potential lies to 87.00, 89.00 and possibly 94.00, but for now we haveto wait and watch.
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TIMER DIGEST signals for Stocks, Gold and Bonds are available toPlatinum subscribers on the Home Page.
TIMER DIGEST has named Mark Leibovit of VRTrader.com 'TIMER OF THEYEAR' for 2006 and was named the #2 Timer for 2007.
More kudos - Mark Leibovit was named the #1 Intermediate Market Timerfor the 10 year period ending in 2007; the #1 Intermediate Market Timerfor the 3 year period ending in 2007; the #1 Intermediate Market Timerfor the 8 year period ending in 2007; and the #8 Intermediate MarketTimer for the 5 year period ending in 2007. NO OTHER ANALYST SURVEYEDAPPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMING ASPUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
Mark Leibovit was also named the #1 Gold Timer for the one-year periodending March 25, 2008.
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The Annual Forecast Model for 2009 is now posted on the VRtrader.comwebsite. It can viewed (after subscribing) by clicking on the VRForecaster link on the left side of the Home Page and then click on'Click to View 2009 Report'. You will then be prompted to enter yourusername and password.
OUR claim it that it represents a 'blueprint to the future'. If you hadbeen a subscriber, you would have known ahead of time that the marketin 2007 would likely nosedive in February/March, rally to June, thenosedive into mid-August, then rally into early October and thesell-off into the third week of October - followed by a choppyNovember. You have also known that the market could be weak into April14, 2008 and top out on or about April 30, 2008 with a secondary rallytry into May 16 and a forecasted decline into mid-September.
What's next? Subscribe today and see for yourself! Remember, folks,there is no price too high for good information! http://www..vrtrader.com/vr_forecaster/index.asp
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the full listonly available to Platinum subscribers by clicking on 'Current VR List'on the Home Page of VRtrader.com.
Silver subscribers who find this useful should upgrade to Platinumwhere you can pull down VR charts for many securities and watch thepatterns unfold for yourself. There is no technical service on theplanet that posts Positive and Negative VR! Why? Because they areproprietary to VRtrader.com!
How do you use this list? VRs are buy and sell triggers and areparticularly useful in defining lows or highs in stocks and stockindexes. Traders find them particularly useful, especially coming offmarket extremes as an indication of a change of direction. Use the VRsin conjunction with your other technical indicators and you've added aunique technical tool to your arsenal.
What is a Volume Reversal? There are several proprietary subtleties tothe Volume Reversal ™ algorithm, but essentially a Volume Reversal™ is a change from a Rally day to a Reaction day accompanied by aincrease of volume or a change from a Reaction day to Rally dayaccompanied by an increase in volume. Volume Reversals ™ coming offintermediate lows or highs have greater significance in helping todefine those lows or highs and important pivot points in themarketplace. The Volume Reversals ™ presented here provide you witha unique research tool that may have trading (short-term) significance,but it also may have 'trend changing'(intermediate) significance aswell. The sector Volume Reversals ™ show where big money is possiblyaffecting an entire group of stocks. The stocks listed under the grouphave posted Volume Reversals ™ along with the group as a whole. Theindividual stocks listed have posted Volume Reversals ™ on their ownand are valid plays as well.
To see a visual representation of Volume Reversals ™, please go ourCurrent Portfolio section and click on any recommended stock. Or, ifyou would like to get a VR Chart for a specific symbol, please clickhere. Please note that not all symbols may be currently available.
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List of Volume Reversals 2/27/09 - Sectors
POSITIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
KRSL Kreisler Manufacturing
AUTOMOTIVE Auto Parts
SUP Superior Indust Internat
AUTOMOTIVE Recreational Vehicles
ACAT Arctic Cat Inc
BANKING Regional - Mid-Atlantic Banks
ANNB Annapolis National Bncp
BKSC Bank Of South Carolina
BANKING Regional - Northeast Banks
CBNJ Cape Bancorp
CEBK Central Bancorp Inc
BANKING Regional - Southeast Banks
HBCP Home Bancorp Inc.
USBI United Security Bancshrs
BANKING Regional - Southwest Banks
LBCP Liberty Bancorp Inc
BANKING Savings & Loans
HFBC Hopfed Bancorp Inc
INCB Indiana Community
CHEMICALS Specialty Chemicals
FSI Flexible Solutions Inc
COMPUTER HARDWARE Computer Peripherals
MSII Media Sciences Intl Inc
RIMG Rimage Corporation
COMPUTER SOFTWARE & SERVICES Business Software & Services
JKHY Jack Henry & Associates
QDHC Quadramed Inc
COMPUTER SOFTWARE & SERVICES Information Technology Service
CBR Ciber Inc
PER Perot Systems Corp
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
OPTV Opentv Corporation Cl A
COMPUTER SOFTWARE & SERVICES Security Software & Services
FIRE Sourcefire` Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
MENT Mentor Graphics Corp
CONGLOMERATES Conglomerates
LGL Lynch Corp
CONSUMER DURABLES Electronic Equipment
DTSI DTS Inc
LTEC LOUD Technologies Inc
CONSUMER DURABLES Sporting Goods
ALDA Aldila Inc
ELY Callaway Golf Co
CONSUMER NON-DURABLES Rubber & Plastics
CTB Cooper Tire & Rubber Co
DSWL Deswell Industries Inc
DIVERSIFIED SERVICES Business/Management Services
AAC Ableauctions.Com Inc
AUSA Access Plans Usa Inc
DIVERSIFIED SERVICES Education & Training Services
MMS Maximus Inc
DIVERSIFIED SERVICES Personal Services
NLCI Nobel Learning Community
STNR Steiner Leisure Limited
DIVERSIFIED SERVICES Research Services
LUNA Luna Innovations Inc
DIVERSIFIED SERVICES Security & Protection Services
CRN Cornell Corrections Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
ASF Administaff Inc
WSTF Westaff Inc
DRUGS Biotechnology
ALSE Alseres Pharmaceuticals Inc
CRTX Critical Therapeutics Inc
DRUGS Diagnostic Substances
AVRX Avalon Pharmaceuticals Inc
NYMX Nymox Pharmaceutical Cp
DRUGS Drug Manufacturers - Other
MAPP MAP Pharmaceuticals
OPK Opko Health Inc.
DRUGS Drug Related Products
MTEX Mannatech Inc
DRUGS Drugs - Generic
CPD Caraco Pharm Labs
SRLS Seracare Life Sciences
ELECTRONICS Diversified Electronics
KOPN Kopin Corp
ELECTRONICS Scientific & Technical Instrum
CALP Caliper Life Sciences Inc
RSTI Rofin-Sinar Tech Inc
ELECTRONICS Semiconductor - Integrated Cir
LAVA Magma Design Automation Inc
PXLW Pixelworks Incorporated
ENERGY Oil & Gas Drilling & Explorati
AREX Approach Resources Inc.
FINANCIAL SERVICES Closed End Fund - Debt
BFO Blackrock Fl Muni 2020
EFR Eaton Vance Senior Floating Tr
FINANCIAL SERVICES Closed End Fund - Equity
BOM PowerShares DB Base Metals Dou
DUG ProShares UltraShort Oil & Gas
FINANCIAL SERVICES Closed End Fund - Foreign
ASA Asa Ltd
JYF WT Dreyfus Japanese Yen fund
FINANCIAL SERVICES Diversified Investments
AMPL Ampal-Amer Israel Cl A
DRH Diamondrock Hospitality Co
FOOD & BEVERAGE Beverages - Soft Drinks
HANS Hansen Natural Corp
FOOD & BEVERAGE Meat Products
HOGS Zhongpin Inc
IBA Industrias Bachoco Sa De
FOOD & BEVERAGE Processed & Packaged Goods
FZN Cuisine Solutions Inc
RAH Ralcorp Holdings Inc
HEALTH SERVICES Hospitals
MGLN Magellan Health Services Inc
UHS Universal Health Svcs B
HEALTH SERVICES Medical Appliances & Equipment
CDIC Cardiodynamics Intl Corp
EDAP Edap Tms Sa Adr
HEALTH SERVICES Medical Instruments & Supplies
ATRC AtriCure Inc
EVVV EV3 Inc
HEALTH SERVICES Specialized Health Services
NBS Neostem Inc
INSURANCE Insurance Brokers
BRO Brown & Brown
INSURANCE Life Insurance
AEL American Equity Invst Life Hld
INSURANCE Property & Casualty Insurance
EMCI Emc Insurance Group Inc
RNR Renaissancere Holdings
INTERNET Internet Service Providers
NENG Network Engines Inc
INTERNET Internet Software & Services
ALOY Alloy Online Inc
AMEN Amen Properties Inc
LEISURE General Entertainment
ORCD Orchard Enterprise Inc
LEISURE Restaurants
BKC Burger King Holdings Inc
NATH Nathan's Famous Inc
MANUFACTURING Diversified Machinery
CYD China Yuchai Int Ltd
MANUFACTURING Farm & Construction Machinery
ALG Alamo Group Inc
MANUFACTURING Industrial Electrical Equipmen
AIMC Altra Industrial Motion Inc.
HPJ Hong Kong Highpower Technology
MANUFACTURING Industrial Equipment & Compone
TRS TriMas Corp
MATERIALS & CONSTRUCTION General Building Materials
TECUB Tecumseh Products Cl B
MATERIALS & CONSTRUCTION General Contractors
FIX Comfort Systems Usa Inc
MEDIA Broadcasting - Radio
CMLS Cumulus Media Inc
ROIAK Radio One Cl D
MEDIA Broadcasting - TV
EVC Entravision Cmmnctns
MEDIA Marketing Services
HHS Harte-Hanks Inc
LAMR Lamar Advertising Co A
MEDIA Movie Production
DISK Image Entertainment Inc
MEDIA Publishing - Periodicals/News
PRM-A Primedia Inc
METALS & MINING Gold
GG Goldcorp Inc
GOLD Randgold Resources Ltd Ads 1:2
METALS & MINING Industrial Metals & Minerals
PAL North American Palladium
METALS & MINING None
HUI--X Gold Bugs Index
XAU Phila Gold & Silver
METALS & MINING Silver
CDE Coeur D'alene Mines Corp
HL Hecla Mining Co
REAL ESTATE Property Management/Developmen
MMPI Meruelo Maddux Prope
REAL ESTATE REIT - Healthcare Facilities
CSA Cogdell Spencer Inc
REAL ESTATE REIT - Hotel/Motel
HT Hersha Hospitality Trust
REAL ESTATE REIT - Residential
HIH Highland Hospitality Corp
RETAIL Home Furnishing Stores
HVT Haverty Furniture Cos
SPECIALTY RETAIL Apparel Stores
ANN Ann Taylor Stores Corp
CACH Cache Inc
SPECIALTY RETAIL Specialty Retail
KONA Kona Grill Inc
SGU Star Gas Partners Lp Sbi
TELECOMMUNICATIONS Communication Equipment
ANTP Phazar Corp
EGHT 8x8 Inc
TELECOMMUNICATIONS Diversified Communication Serv
WPCS WPCS International Inc
TELECOMMUNICATIONS Telecom Services - Domestic
TWTC Time Warner Telecom Inc
TELECOMMUNICATIONS Telecom Services - Foreign
NTT Nippon Tel & Tel Ads
OTE Hellenic Telecomm Org
TELECOMMUNICATIONS Wireless Communications
AIRV Airvana Inc
TOMO Tom Online
TRANSPORTATION Shipping
SB Safe Bulkers Inc
TRANSPORTATION Trucking
USAK Usa Truck Inc
WHOLESALE Computers Wholesale
PRLS Peerless Systems Corp
WHOLESALE Industrial Equipment Wholesale
AIT Applied Industrial Tech
DXPE Dxp Enterprises Inc
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NEGATIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
AVAV Aerovironment Inc
ERJ Embr Emprs Brsl De Aero
AUTOMOTIVE Auto Manufacturers - Major
HMC Honda Motor Co Ltd Adr
AUTOMOTIVE Auto Parts
CVGI Commercial Vehicle Group Inc
TRW Trw Automotive Hldgs Corp
AUTOMOTIVE Recreational Vehicles
HOG Harley-Davidson Inc
AUTOMOTIVE Trucks & Other Vehicles
FSS Federal Signal Corp
PCAR Paccar Inc
BANKING Foreign Regional Banks
BAP Credicorp Ltd
BBV Banco Privanza Intl Gbrltr Ltd
BANKING Money Center Banks
BAC Bank Of America Corp
BMO Bank Of Montreal
BANKING Regional - Mid-Atlantic Banks
CFFC Community Financial Corp
CMFB Commercefirst Bancorp Inc
BANKING Regional - Midwest Banks
AMFI Amcore Financial Inc
ASBC Associated Banc-corp
BANKING Regional - Northeast Banks
HNBC Harleysville National Cp
MFLR Mayflower Co-Oper Bank
BANKING Regional - Pacific Banks
BOH Bank of Hawaii Corp
CPF Central Pacific Finl Corp
BANKING Regional - Southeast Banks
CTBI Community Trust Bncp Inc
FNB Fnb Corporation (pa)
BANKING Regional - Southwest Banks
BANF Bancfirst Corp Oklahoma
CBSH Commerce Bancshares Mo
BANKING Savings & Loans
ABCW Anchor Bancorp Wis Inc
BHLB Berkshire Hills Bncorp
CHEMICALS Chemicals - Major Diversified
PX Praxair Inc
CHEMICALS Specialty Chemicals
MEOH Methanex Corporation
PPO Polypore International Inc.
CHEMICALS Synthetics
AWC Alumina Limited
COMPUTER HARDWARE Computer Peripherals
APKT Acme Packet Inc
HAUP Hauppauge Digital Inc
COMPUTER HARDWARE Data Storage Devices
PAR 3Par Inc
STX Seagate Tech Hldgs
COMPUTER HARDWARE Diversified Computer Systems
HPQ Hewlett-packard Co
JAVA Sun Microsystems Inc
COMPUTER HARDWARE Networking & Communication Dev
CSCO Cisco Systems Inc
EZCH Lanoptics Ltd
COMPUTER SOFTWARE & SERVICES Application Software
CALL Callwave Inc
MGIC Magic Software Enterprs
COMPUTER SOFTWARE & SERVICES Business Software & Services
CALD Callidus Software Inc
CSPI Csp Inc
COMPUTER SOFTWARE & SERVICES Healthcare Information Service
MEDW Mediware Info Systems
QSII Quality Systems Inc
COMPUTER SOFTWARE & SERVICES Information Technology Service
SFE Safeguard Scientific Inc
SYNA Synaptics Inc
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
GLUU Glu Mobile Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
INFY Infosys Technologies Ads
SPNS Sapiens Intl Corp Nv
CONGLOMERATES Conglomerates
GE General Electric Co
MMM 3m Company
CONSUMER DURABLES Appliances
IRBT iRobot Corp
NPK National Presto Indust
CONSUMER DURABLES Business Equipment
KBALB Kimball Internat B
PAY VeriFone Holdings Inc
CONSUMER DURABLES Electronic Equipment
AVID Avid Technology Inc
DISH Echostar Communications Corp
CONSUMER DURABLES Home Furnishings & Fixtures
FLXS Flexsteel Industries Inc
CONSUMER DURABLES Housewares & Accessories
LANC Lancaster Colony Corp
CONSUMER DURABLES Photographic Equipment & Suppl
BTN Ballantyne Of Omaha Inc
IKNX Ikonics Corp
CONSUMER DURABLES Recreational Goods
TYM Asia Time Corp
CONSUMER DURABLES Sporting Goods
CYB Cybex Internat
CONSUMER NON-DURABLES Packaging & Containers
CCK Crown Holdings Inc
SEE Sealed Air Corp
CONSUMER NON-DURABLES Paper & Paper Products
AVY Avery Dennison Corp
CSAR Caraustar Industries Inc
CONSUMER NON-DURABLES Personal Products
BTH Blyth Inc
CAW Cca Industries Inc
CONSUMER NON-DURABLES Rubber & Plastics
ROG Rogers Corp
CONSUMER NON-DURABLES Textile - Apparel Clothing
DLA Delta Apparel Inc
HOTT Hot Topic Inc
DIVERSIFIED SERVICES Business/Management Services
ACN Accenture Ltd
ARBX Arbinet-thexchange
DIVERSIFIED SERVICES Consumer Services
CWZ Cable&Wireless Communic Ads
DIVERSIFIED SERVICES Education & Training Services
SWIM Investools Inc
DIVERSIFIED SERVICES Personal Services
CPY Cpi Corp
SCI Service Corp Internat
DIVERSIFIED SERVICES Rental & Leasing Services
FLY Babcock & Brown Air
GMT Gatx Corp
DIVERSIFIED SERVICES Research Services
CRGN Curagen Corp
NTSC National Technical Systs
DIVERSIFIED SERVICES Technical Services
TTEK Tetra Tech Inc
URS Urs Corp
DRUGS Biotechnology
ANIK Anika Therapeutics Inc
CYPB Cypress Bioscience Inc
DRUGS Diagnostic Substances
AVGN Avigen Inc
DRUGS Drug Delivery
ACUR Acura Pharmaceuticals Inc
QGLY Quigley Corp The
DRUGS Drug Manufacturers - Major
KERX Keryx Biopharmaceuticals
DRUGS Drug Manufacturers - Other
AGN Allergan Inc
ALXN Alexion Pharmaceuticals
DRUGS Drug Related Products
DDSS Labopharm Inc
DRUGS Drugs - Generic
MYL Mylan Laboratories Inc
ELECTRONICS Diversified Electronics
APH Amphenol Corp
ENA Enova Systems Inc
ELECTRONICS Printed Circuit Boards
SANM Sanmina-sci Corp
ELECTRONICS Scientific & Technical Instrum
ALOG Analogic Corp
HURC Hurco Companies Inc
ELECTRONICS Semiconductor - Broad Line
AMD Advanced Micro Devices
INTC Intel Corp
ELECTRONICS Semiconductor - Integrated Cir
AMKR Amkor Technology Inc
ATHR Atheros Communications Inc
ELECTRONICS Semiconductor - Memory Chips
ATML Atmel Corp
ISSI Integrated Silicon Sol
ELECTRONICS Semiconductor - Specialized
AATI Advanced Analogic Technologies
LSI Lsi Logic Corp
ELECTRONICS Semiconductor Equipment & Mate
ASX Advanced Semicondctr Ads
COHU Cohu Inc
ENERGY Independent Oil & Gas
APA Apache Corp
APC Anadarko Petroleum Corp
ENERGY Oil & Gas Drilling & Explorati
ATLS Atlas America Inc
CXG CNX Gas Corp
ENERGY Oil & Gas Equipment & Services
FTI Fmc Technologies
HAL Halliburton Co
ENERGY Oil & Gas Pipelines
APL Atlas Pipeline Prtnrs Lp
BWP Boardwalk Pipeline Partners LP
ENERGY Oil & Gas Refining & Marketing
CLMT Calumet Specialty Products Par
IMO Imperial Oil Ltd
FINANCIAL SERVICES Asset Management
BAM Brookfield Asset Management In
BKF Bkf Capital Group
FINANCIAL SERVICES Closed End Fund - Debt
ARCC Ares Capital
ARK Senior High Inc Port
FINANCIAL SERVICES Closed End Fund - Equity
ADRD BLDRS Developed Markets 100 AD
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
CEE The Central Europe & Russia Fd
DFE WisdomTree Europe SmallCap Div
FINANCIAL SERVICES Credit Services
ADVNB Advanta Corp Cl B
ALD Allied Capital Corp
FINANCIAL SERVICES Diversified Investments
ACAS American Capital Strat
BTE Baytex Energy Inc
FINANCIAL SERVICES Investment Brokerage - Nationa
AMTD Ameritrade Holding Corporation
ETFC E Trade Financial Corp
FINANCIAL SERVICES Investment Brokerage - Regiona
BLK Blackrock Incorporated
DHIL Diamond Hill Investment Group
FOOD & BEVERAGE Beverages - Brewers
ABV Ambev (comp De Bebidas Adr)
ABVC Ambev Companhia de Bebidas das
FOOD & BEVERAGE Beverages - Soft Drinks
COT Cott Corporation
PAS Pepsiamericas Inc
FOOD & BEVERAGE Beverages - Wineries & Distill
BF.B Brown-forman Corp Cl B
FOOD & BEVERAGE Farm Products
CRESY Cresud S.A.C.I.P.Y.A Adr
GRO Agria Corp
FOOD & BEVERAGE Food - Major Diversified
SDA Sadia S.A.
FOOD & BEVERAGE Processed & Packaged Goods
BGS B&G Foods Inc.
FLO Flowers Foods Inc
HEALTH SERVICES Home Health Care
AHCI Allied Healthcare Intl Inc
HEALTH SERVICES Hospitals
CYH Community Health Systems
HEALTH SERVICES Long-Term Care Facilities
ALC Assisted Living Concepts Inc.
HEALTH SERVICES Medical Appliances & Equipment
ARAY Accuray Incorporated
AVR Avitar Inc
HEALTH SERVICES Medical Instruments & Supplies
ACL Alcon Inc
CASM CAS Medical Systems Inc
HEALTH SERVICES Medical Laboratories & Researc
ENZ Enzo Biochem Inc
ERES Eresearch Tech
HEALTH SERVICES Specialized Health Services
ANCI American CareSource Holdings I
ESRX Express Scripts Inc
INSURANCE Accident & Health Insurance
AIZ Assurant Inc
CNO Conseco Inc
INSURANCE Insurance Brokers
CRD.A Crawford & Co A
WSH Willis Group Holdings Limited
INSURANCE Life Insurance
AGO Assured Guaranty Ltd
AXA Axa Ads
INSURANCE Property & Casualty Insurance
ALL Allstate Corporation
BRKB Berkshire Hathaway Cl B
INSURANCE Surety & Title Insurance
FNF Fidelity National Finl
ITIC Investors Title Co
INTERNET Internet Service Providers
HSTM Healthstream Inc
TWER TowerStream Corporation
INTERNET Internet Software & Services
AMZN Amazon.Com Inc
GIB Cgi Group Inc
LEISURE Gaming Activities
CHDN Churchills Downs Inc
IGT International Game Technology
LEISURE General Entertainment
CCL Carnival Corp
FUN Cedar Fair (L.P.)
LEISURE Lodging
IHG Intercontinental Hotels Grp Ad
MAR Marriott Internat Inc A
LEISURE Resorts & Casinos
CTRP Ctrip.com International
ISLE Isle Of Capris Casinos
LEISURE Restaurants
BOBE Bob Evans Farms Inc
GRIL Grill Concepts Inc
MANUFACTURING Diversified Machinery
AIXG Aixtron Aktiengesellschaft Ads
GRB Gerber Scientific Inc
MANUFACTURING Farm & Construction Machinery
JOYG Joy Global Inc
VMI Valmont Industries Inc
MANUFACTURING Industrial Electrical Equipmen
BDC Belden Inc
FSIN Fushi Copperweld` Inc.
MANUFACTURING Machine Tools & Accessories
KMT Kennametal Inc
TKR Timken Co
MANUFACTURING Metal Fabrication
MINI Mobile Mini Inc
MANUFACTURING Pollution & Treatment Controls
ERII Energy Recovery Inc.
MFRI Mfri Inc
MANUFACTURING Small Tools & Accessories
SNA Snap-On Inc
SSD Simpson Manufacturing
MANUFACTURING Textile Manufacturing
TPX Tempur-pedic Intl
MATERIALS & CONSTRUCTION Cement
CX Cemex Sa De Cv Ads
MATERIALS & CONSTRUCTION General Building Materials
AAON Aaon Inc
AWI Armstrong World Industries Inc
MATERIALS & CONSTRUCTION Heavy Construction
AGX Argan` Inc.
MATERIALS & CONSTRUCTION Residential Construction
BZH Beazer Homes Usa
DHI D.R. Horton Inc
MATERIALS & CONSTRUCTION Waste Management
CWST Casella Waste Systms Inc
TRR Trc Companies Inc
MEDIA Advertising Services
FMCN Focus Media Holding Ltd ADR
OMC Omnicom Group Inc
MEDIA Broadcasting - Radio
CCU Clear Channel Comm Inc
CDL Citadel Broadcasting
MEDIA Broadcasting - TV
CBS.A CBS Corp Class A
HTV Hearst-Argyle Tv Inc
MEDIA CATV Systems
L Liberty Media Corp
NETC Globo Cabo Sa Adr
MEDIA Marketing Services
IUSA infoUSA Inc
NCMI National Cinemedia Inc
MEDIA Publishing - Books
MHP Mcgraw-Hill Companies
METALS & MINING Aluminum
KALU Kaiser Aluminum Corp
MXM Maxxam Inc
METALS & MINING Copper
MAD Madeco S.A.
METALS & MINING Gold
NAK Northern Dynasty Minerals Ltd
PCU Southern Peru Copper
METALS & MINING Industrial Metals & Minerals
ACI Arch Coal Inc
ANO Anooraq Resources Corp
METALS & MINING Steel & Iron
CMC Commercial Metals Co
GGB Gerdau Sa Ads
REAL ESTATE Property Management/Developmen
ARL American Realty Invest
DFT DuPont Fabros Technology
REAL ESTATE REIT - Diversified/Industrial
AHT Ashford Hospitality Tr Inc
AMB Amb Property Corp
REAL ESTATE REIT - Healthcare Facilities
HR Healthcare Realty Trust
MPW Medical Properties Trust
REAL ESTATE REIT - Hotel/Motel
HOT Starwood Hotel&Resort Ww
REAL ESTATE REIT - Office
CRO CRT Properties Inc
REAL ESTATE REIT - Residential
AGNC American Capital Agency Corp.
AVB Avalonbay Communities
REAL ESTATE REIT - Retail
ADC Agree Realty Corp
GRT Glimcher Realty Trust
RETAIL Catalog & Mail Order Houses
HSNI HSN` Inc.
NSIT Insight Enterprises Inc
RETAIL Department Stores
BONT Bon-Ton Stores Inc
JCP J.C. Penney Company Inc
RETAIL Discount
FDO Family Dollar Stores Inc
FRED Fred's Inc
RETAIL Grocery Stores
SE 7-Eleven Inc
SUSS Susser Hldgs
SPECIALTY RETAIL Apparel Stores
DBRN Dress Barn Inc
DSW DSW Inc
SPECIALTY RETAIL Auto Dealerships
KMX Carmax Inc
SPECIALTY RETAIL Specialty Retail
EZPW Ezcorp Inc Cl A
JAS Jo-ann Stores Inc
SPECIALTY RETAIL Sporting Goods Stores
DKS Dick's Sporting Goods
TELECOMMUNICATIONS Communication Equipment
ALVR Alvarion Ltd
ARRS Arris Group Inc
TELECOMMUNICATIONS Diversified Communication Serv
BTM Brasil Telecom S.a.
CCI Crown Castle Intl Corp
TELECOMMUNICATIONS Processing Systems & Products
CIEN Ciena Corporation
GCOM Globecomm Systems Inc
TELECOMMUNICATIONS Telecom Services - Domestic
IDT.C Idt Corp
IWA Iowa Telecom Services
TELECOMMUNICATIONS Telecom Services - Foreign
SI Siemens Aktien
TEF Telefonica Sa
TELECOMMUNICATIONS Wireless Communications
AMX America Movil
ICOG Ico Global Comm Hldg Lt De 'A'
TOBACCO Tobacco Products
UVV Universal Corp
TRANSPORTATION Air Delivery & Freight Service
SINO Sino-Global Shipping America`
TRANSPORTATION Air Services
PAC Grupo Aeroportuario Pac S.A.B
TRANSPORTATION Major Airlines
AMR Amr Corporation
TAM TAM S.A. ADR
TRANSPORTATION Railroads
CP Canadian Pacific Ltd
TRANSPORTATION Regional Airlines
GOL Gollinhas Aereas Inteligentes
RJET Republic Airways
TRANSPORTATION Shipping
CKH Seacor Holdings Inc
KSP K-sea Transportation Ptnr
UTILITIES Diversified Utilities
DPL Dpl Inc
EXC Exelon Corporation
UTILITIES Electric Utilities
AEP American Electric Power
AES Aes Corporation
UTILITIES Foreign Utilities
CIG Companhia Energetica Mines
ENI Enersis Sa Ads
UTILITIES Gas Utilities
EQT Equitable Resources Inc
NFG National Fuel Gas Co
UTILITIES Water Utilities
WTR Aqua America Inc
WHOLESALE Electronics Wholesale
AEY Addvantage Tech Group
AVT Avnet Inc
WHOLESALE Industrial Equipment Wholesale
NOV National Oilwell Varco Inc
WHOLESALE Wholesale
ANW Aegean Marine Petroleum Networ
ATN Action Performance Cos
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