VR Trader Morning Commentary
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Posted 24 March 2009 - 07:42 AM
TheVRTrader.com VR Silver Newsletter - Tuesday 3/24/2009
"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
Tuesday, March 24, 2009
We're Experiencing The Slope Of Hope - But Don't Fight the Tape
UPCOMING ECONOMIC RELEASES/MARKET EVENTS
March 23-27, 2009:
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TUESDAY, March 24:
Turnaround Tuesday?
Chicago Federal Reserve Bank President Charles Evans participates inpanel discussion on "Central Banking in Times of Crisis Active Playeror Passive Observer?" at the Czech National Bank's European Banking andFinancial Forum in Prague.
6:00 AM ET
ICSC-Goldman Store Sales
7:45 AM ET
Redbook
8:55 AM ET
State Street Investor Confidence Index
10:00 AM ET
4-Week Bill Auction
1:00 PM ET
2-Yr Note Auction
1:00 PM ET
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WEDNESDAY, March 25:
MBA Purchase Applications
7:00 AM ET
Durable Goods Orders
8:30 AM ET
New Home Sales
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
Cleveland Federal Reserve Bank Sandra Pianalto delivers speech onforces for economic recovery Regional Growth Partnership luncheon inMaumee, Ohio. Audience Q&A expected.
12:20 PM ET
San Francisco Federal Reserve Bank Janet Yellen gives speech to theForecasters Club of New York on the U.S. economic situation and policyresponses in New York. Audience and media Q&A to follow.
12:30 PM ET
5-Yr Note Auction
1:00 PM ET
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THURSDAY, March 26:
Atlanta Federal Reserve Bank Dennis P. Lockhart makes remarks on panelon Food, Water, Inflation and Monetary Policy at the GlobalInterdependence Center's Conference on Food and Water: Basic Challengesto International Stability at the Bank of France in Paris.
5:00 AM ET
GDP
8:30 AM ET
Jobless Claims
8:30 AM ET
Corporate Profits
8:30 AM ET
Treasury Secretary Timothy Geithner testifies on financial regulationreform before House Financial Services Committee in Washington.
10:00 AM ET
EIA Natural Gas Report
10:30 AM ET
Dallas Federal Reserve Bank President Richard Fisher speaks to studentsas part of the ninth annual Redefining Investment Strategy Education(R.I.S.E.) Forum at the University of Dayton. He will discuss theFederal Reserve Board's perspective on current economic issues withstudents from more than 400 colleges and universities from all 50states and 83 countries.
12:00 PM ET
Richmond Federal Reserve Bank President Jeffrey M. Lacker will bekeynote speaker for the 2009 Economic Outlook Conference and luncheonof the Charleston Metro Chamber of Commerce, in Charleston, SC. MediaQ&A expected.
12:40 PM ET
Minneapolis Federal Reserve Bank President Gary Stern speaks at aluncheon of the Economic Club of Minnesota in Minneapolis on "BetterLate Than Never: Addressing Too-Big-To-Fail." Audience Q&A expected.
1:00 PM ET
Money Supply
4:30 PM ET
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FRIDAY, March 20:
Personal Income and Outlays
8:30 AM ET
Consumer Sentiment
9:55 AM ET
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STOCKS - ACTION alert -
Yesterday's decisive intervention by the Plunge Protection Team changedthe landscape a bit and increased the chances of seeing even higherprices.The S&P broke through resistance yesterday at thepsychologically important 800 level, the 803.24 high from last week,the 804.30 low from January, and the 50 day moving average at 795.54.As a result, we saw the market rally continue into the close and thoseold resistance levels now become support levels.
I am back on a 'Buy' signal and will not fight the tape! I admit Ibecame too cautious over the weekend, but I have had some minorsuccesses including names like Freeport McMorran and our play in CrudeOil. As you know, I've been writing for weeks that the impact of theVernal Equinox usually translates to a 'change of direction' for themarketplace and, sure enough, that change occurred back on March 6 whenthe equity markets posted their bear market lows. I had predicted adownside target of 650 for the S&P 500 back on November 21, 2008and all the pieces fell together. I am back on a 'Buy' signal here,respecting the strength of yesterday's action and the previously citedpositives. Yes, the S&P 500 could pullback to any from 803 to 730,but I think we should see 865-870, 910-930 and even possibly 990-1000 -so stay tuned!
Stepping back, I still think this is a huge bear market rally whichis tradeable. Often, these bear market rallies are fast and viciousleaving thoughtful and cautious investors in the dust. I have oftenwritten that bear market rallies look and act better than bull marketrallies.
The leading Dow Transportation Average participated yesterday but isstill relative anemic and is not providing the full confirmation Iwould like to see. This suggests perhaps that we will the marketretrace a bit here. Afterall, today is 'Turnaround Tuesday'.
Yesterday, I wrote: 'the S&P 500 breakout through resistanceyesterday could set the stage for a move to next resistance in the860-870 area'. Either way I don't see the 'generational lows' beingtouted in the media - only trading lows. We're still overall in a bearmarket and all rallies have to be traded accordingly, though as welearned the current one was quite strong. We have to go back to 1937 tofind a rally of this magnitude. More below....
Tim Geithner went from villain to hero yesterday after announcing plansto buy up "toxic assets" from the banks. Better than expected homesales and news that Japan will add more stimulus measures certainlyhelped as well. The Dow was up 497.48 at 7775.86, the S&P 500 wasup 54.38 at 822.92, and the Nasdaq Composite was up 98.50 at 1555.77.Volume decreased from Friday and breadth was very strong.
All nine market sectors rallied at least 3.7% yesterday. Financialsobviously led the way as the Treasury will buy much of their "toxicassets" from them. The XLF gained a big 16.4%, closing at its highestlevel in over a month. Other notable areas: The Dow Transports gained7.9% and foreign stocks (VEU) were up 8.2%.
Yesterday's rally did have us scratching our heads in a couple ofareas, though. Gold held firm all session long in spite of the furiousequity rally. One would think that with the massive gains in equities,money would be leaving the 'fear' trade in much higher quantities andpiling back into equities if this were truly an 'all clear' for themarket. Gold did break lower late in the day, and ultimately settleddown 1.51% at 938.20.
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GOLD and METALS - ACTION alert -
You should be buying all sell-offs. Don't even hesitate! Pray that golddeclines so you can add to your position. Such a decline could take itto 850. The world economic system needs gold and you need to own it!
Precious metals fell at the end of the day yesterday as the stockmarket continued to rallied, getting hit as traders exit their flightto safety trade and move back into the stock market. Gold fell 14.40 to938.20, silver slipped 0.07 to 13.66, but platinum was up 12 to 1125.
Earlier in the day, silver hit a new one month high of 13.96 andplatinum hit a recovery high of 1145. For the day, copper was up 0.0450to 1.841 and also hit a recovery high of 1.8750. With most of themetals hitting intra-day recovery highs along with new recovery highsin crude oil, as discussed below, the market is obviously concernedabout the inflationary impact of the actions taken by Fed and Treasuryalong with the fiscal stimulus coming from Congress and the President.
We are currently long GLD and SLV in our platinum portfolio. Butremember, these are trading positions. You should continue to ownphysical gold as a long term investment.
We saw huge advances in the precious metals in the 24 hours followingthe FOMC announcement. From Wednesday's low to Thursday's high, we sawgold gain 80.90 (9.2%) while silver rallied 1.83 (15.4%). Many timesI've written that one morning you'll wake up and all of sudden goldwill be up $100 per ounce. While it mostly occurred Wednesday afternoonand it fell a bit shy of the $100 dollar figure, the rally we just sawis what I've been writing about. Gold is in a long-term uptrend and theFed's printing press is running at full speed. As a result, I wouldn'tbe surprised to see a few more of these sudden spikes higher.
Holdings in SPDR Gold Shares, the biggest gold ETF, hit a new high of1,114.60 tons Friday, up 11.31 tons from a day ago, according to thelatest data from the fund. We continue to see solid demand for the GLD,regardless of whether the spot price is rising or falling. Underlyingdemand is obviously very strong. My concern, however, is just howaccurate those reports are, whether there is truly gold backing thatfund at all. I want to see it! Also, remember, owning GLD exposes youto 'counter-party' risk. If you could physically claim you share of thegold at any moment and load it up in the trunk of your car, I would beless cynical. But, that's not the case. Instead of GLD, IAU or SLV,please consider CEF - the Central Fund of Canada which does have thesame 'counter-party' risk.
Gold hit 1007.20 on February 20th and retraced to a low of 882.80 onMarch 18 (spot). If key upside resistance at 963.75 (spot) ispenetrated, we have a shot back to 1007.20 or higher. A break under882.80 will likely send gold down to next support at 850. Furthersupport lies at 780 and 680.
Silver (spot) touched 14.66 on February 22 while the SLV (ETF) touched14.45. Silver found support on March 19 at 11.89. Next support is1154-1189, 1061-1085 and 961-980. There are still unfulfilled potentialinto the 15.00-17.00 range. My bias is for a continuation of the rally.
Copper touched 1.8750 on March 23, a new recovery high. The bear marketlow at 1.26 was posted back on December 16. With volume positive I'mwilling to give the upside the benefit of the doubt with potential to2.25 at this time.
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BONDS - ACTION alert -
You should be a seller on rallies. Unfortunately, the worst possiblecombination of events are unfolding. Higher taxes, higher interestrates, a nose-diving economy and rising commodity prices. And with thestock market enjoying a nice rally, Treasuries are suffering.
Treasuries fell yesterday as the stock market saw a huge rally andfollowing some positive economic news and as Fed and Treasury continueto print money and create inflation. The long bond future lost 41/64 to128 39/64.
According to news reports: "The public-private plan would have privateinvestors and the Treasury put in equal amounts of money that wouldthen be backed by a loan guarantee from the Federal Deposit InsuranceCorp. to buy loans and mortgage-backed securities from the banks."
So why buy Treasury bonds when you can FDIC guaranteed toxic assetswith higher yields? As a result, Treasuries fell. If not for the Fed'splan to buy Treasuries, Treasury bond prices would probably be fallingmuch more steeply.
China will continue buying U.S. government debt while paying closeattention to possible fluctuations in the value of those assets, a vicegovernor of Beijing's central bank said. Investing in U.S. Treasurybills is "an important component part of China's foreign currencyreserve investments," People's Bank of China Vice Governor Hu Xiaoliansaid at a news conference on Monday.
The Treasury Department said that it will offer a total of $98 billionin government debt this week after auctioning $63 billion a couple ofweeks ago. The Treasury will auction $40 billion in 2-year notes onTuesday; $34 billion in 5-year notes on Wednesday and $24 billion in7-year notes on Thursday.
Treasuries continue to see increased competition from corporate bonds.Borrowers have sold about $371.4 billion in investment-grade debt sofar this year, the most ever raised in a single quarter - and there areeight more trading days in the period. Last week, $36.8 billion haspriced, the tenth busiest week on record.
With the Fed commitment to buy hundreds of billions of Treasuries,Treasury prices skyrocketed, but it is looking like it the rally wasonly temporary. The Fed said it will buy $300 billion worth of Treasurybonds, but that number is dwarfed by the $2.7 trillion and $4.2trillion in bonds the Treasury expects to issue over the next twoyears. However, with the Fed and its hundreds of billions trading inthis market, we could see some sharp counter-trend moves. I repeat, youshould be a seller on these rallies.
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CRUDE OIL - ACTION alert -
You should be a buyer on weakness. Crude oil looks like its breakingout of its recent trading range. It should eventually (six to twelvemonths) push higher with potential even to 70! I've been telling youthis for a while!
Oil hit new multi-month highs, as the inflationary effects of thestimulus and possibly even a recovering economy help boost energydemand and prices. May crude oil settled up 1.73 to 53.80 and hit54.05, its highest price since January. Even more bullish, the WTIC"continuous contract" closed at its highest level since November.
Algeria's Energy Minister Chakib Khelil predicted Sunday that crude oilprices could hit $60 per barrel by the end of the year. Bank of AmericaSecurities-Merrill Lynch has also raised its forecast for crude pricesto $52 a barrel this year, from $50 a barrel, on the back of atighter-than-expected oil market balance.
Oil bottomed out back in December and has rallied strongly over thepast few weeks to the surprise of many. The WTIC (West Texas CrudeContinuous Contract) has rebounded from a recent low of 37.12 just twoweeks ago to a high of 53.85 yesterday (March 23). Is economic activitythe only driving force for a rally in Crude Oil? Of course not. Traderscontinue to manipulate commodity prices without or without realfundamentals and the current rally may be nothing more than a neededtechnical rebound spun with tales of economic improvement. As I said,watching the Dow Transportation Average as a true sign of growingeconomic activity may be the most useful gauge. So far, it'sperformance has been anemic.
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US DOLLAR - ACTION alert -
The US Dollar Index fell yesterday as traders worry about theinflationary impact of all the government stimulus and intervention.Additionally, with the stock market rallying so strongly yesterday andforeign stock markets outperforming the US market, many are sellingtheir dollar and buying more speculative currencies and foreign stocks.The US Dollar Index lost 0.415 to 83.426.
Hungary's central bank decided to keep its benchmark interest rateunchanged at 9.50% on Monday, meeting market expectations. Hungary,which has received aid from the International Monetary Fund and theEuropean Union to help it weather the global crisis, was plunged intopolitical uncertainty over the weekend when Prime Minister FerencGyurcsany unexpectedly offered to resign. The Hungarian currency, theforint, has declined more than 1.5% on the news.
There are still technical unfulfilled projections into the 90s, but,again we need volume to flip back to the positive and ultimately weneed to clear that double-top. That is obviously not happening at thistime. A breakout above 89.624 would do the trick! A little bit ofrecent history! We've seen this kind of volatility before yet themarket recovered. On November 21, 2008 the US Dollar Index topped outat 88.463 and quickly declined to 77.688 on November 19 - nearly an1100 basis point correction. The current correction has transversedonly 700 basis points. In other words, it may only be a shakeout andnot a sign of an ultimately collapse as the bears talk about. A pointof information! We touched the rising 200 day moving average onThursday, so if we break through it all upside bets are off.
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URANIUM - ACTION alert
Ux U3O8 Prices* (Uranium)
March 16, 2009 Posting
Spot: $42.50 DOWN 1.00. Bull market high in the cash market was $136.00.
The March Uranium Futures closed at $43.00. The current bear market lowis $43.00. 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.
---------------------------------------------
In the news:
The Obama administration took a fresh shot at ending a nationalparalysis in lending Monday, teaming up with investors to buy bad bankassets and ease credit for hard-pressed consumers and businesses.Geithner pleaded for patience, saying work to rehabilitate the bankingand financial industry has to go forward despite "deep anger andoutrage" over bad lending and investment practices. The newestinitiative, he told reporters, will seek to harness government andprivate resources to purchase an initial half-trillion dollars of badassets off the balance sheets of banks. And he held out the expectationthat the program eventually could grow to $1 trillion.
The Treasury plans to create a series of public-private investmentsfunds to buy $500 billion to $1000 billion in legacy loans andsecurities. To encourage participation from the private sector, thegovernment is taking on much of the risk and offering subsidies. Notsurprisingly, Bill Gross announced that he would participate in theplan in a show of support. Recall that last fall, it was Bill Grossshamelessly stumping for a chance to get in on the original TARPprogram.
Japanese Finance Minister Kaoru Yosano said Sunday that the economy islikely to continue its sharp contraction and will require about 20trillion yen ($210 billion) in new stimulus spending. Yosano said thecurrent quarter may see economic contraction match the 12.1% annualizeddrop recorded in the three months ended December. As a result, thegovernment will revise its estimate of zero growth for 2009, made inDecember, with the International Monetary Fund's estimate of a 5.8%contraction for the year possibly a more accurate forecast.
The National Association of Realtors said Monday that sales of existinghomes grew 5.1 percent to an annual rate of 4.72 million last month,from 4.49 million units in January. It was the largest sales jump sinceJuly 2003. Sales had been expected to fall to an annual pace of 4.45million units. The median sales price plunged to $165,400, down 15.5percent from $195,800 a year earlier. That was the second-lowest dropon record. Prices are down about 28 percent from their peak in July2006.
Jewelry retailer Tiffany & Co. said that its profit tumbled morethan 75 percent in the fourth quarter following a steep drop in salesover the key holiday season. Its adjusted results beat analysts'forecasts, but Tiffany is predicting 2009 earnings from continuingoperations below Wall Street's current expectations. The luxuryretailer said its earnings dropped to $31.1 million, or 25 cents pershare, for the three months ended Jan. 31, down from $127.4 million, or96 cents per share, a year ago. Excluding costs related to job cuts andother one-time items, the retailer said quarterly earnings totaled 85cents. Tiffany's sales dropped 20 percent to $841.2 million from $1.05billion in the fourth quarter of fiscal 2007. Analysts expectedearnings of 80 cents per share on revenue of $838 million. For fiscal2009, Tiffany predicted earnings from continuing operations between$1.50 and $1.60 per share, falling short of analysts' forecast of $1.66per share. TIF rallied 15.5%.
Drugstore operator Walgreen says its profit fell 7 percent in thefiscal second quarter because of restructuring costs and shopperscutting discretionary purchases, even as retail prescriptions grew.Walgreen says it earned $640 million, or 65 cents per share. Thatcompares compared with $686 million, or 69 cents per share, a year ago.That includes restructuring expenses of $93 million, or 6 cents pershare, which saved the company 2 cents per share. Sales grew 7 percent,to $16.48 billion from $15.39 billion. Analysts expected earnings of 66cents per share and sales of $16.42 billion. WAG gained 9.4%.
Private-equity giant Hellman & Friedman has formed a consortium togobble up Barclays' iShares business for about $5 billion. Hellman& Friedman, which already owns several U.K.-based asset managers,is being joined by Carlyle and two other private-equity houses in thedeal, while Bain Capital is thought to be readying its own bid for theunit. BCS surged 29.9% and has more than doubled in the last two weeks.
Suncor Energy will acquire Petro-Canada for $15.5 billion, uniting twoof Canada's biggest oil companies. If the deal announced Monday isapproved, it would create the largest oil company in Canada with amarket capitalization of about $38 billion. Petro-Canada commonshareholders would receive 1.28 common shares of the expanded companyfor each share of Petro-Canada, while Suncor shareholders will receivenew shares on a one-for-one basis. SU slipped 1.8% and PCZ rose 22.0%.
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The Annual Forecast Model (VR Forecaster Report) is now posted at thewebsite - so sign up today! Remember, there is no price too high forgood information! Don't make the mistake of not subscribing. Lastyear's AFM warned in January we were entering a multi-month bearmarket! Gold-bug? Check on the AFM for Gold!
https://www.vrtrader.com/subscribe/index.asp
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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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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. Canadian shares are listed at thebottom of each section with the title: 'XXX CANADIAN STOCKS XXX'.
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.
Volume Reversals - 3/23/09
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POSITIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Major Dive
NPO Enpro Industries Inc
AEROSPACE/DEFENSE Aerospace/Defense Products & S
BEAV Be Aerospace Inc
CGT Cae Inc
AUTOMOTIVE Auto Manufacturers - Major
DAI Daimler Ag
HMC Honda Motor Co Ltd Adr
AUTOMOTIVE Auto Parts
ALV Autoliv Inc
BWA Borg Warner Inc
AUTOMOTIVE Recreational Vehicles
HOG Harley-Davidson Inc
THO Thor Industries Inc
AUTOMOTIVE Trucks & Other Vehicles
FRPT Force Protection Inc
OSK Oshkosh Truck Corp
BANKING Foreign Regional Banks
BBD Banco Bradesco Sa
BBV Banco Privanza Intl Gbrltr Ltd
BANKING Money Center Banks
BCS Barclays Plc Adr
BK Bank Of New York Co Inc
BANKING Regional - Mid-Atlantic Banks
CAPE Cape Fear Bank Corp
FCNCA First Citizens Bancshr A
BANKING Regional - Midwest Banks
AMFI Amcore Financial Inc
ASBC Associated Banc-corp
BANKING Regional - Northeast Banks
BCBP BCB Bancorp Inc. (NJ)
BDGE Bridge Bancorp Inc
BANKING Regional - Pacific Banks
AWBC American West Bancorporation
CATY Cathay General Bancorp
BANKING Regional - Southeast Banks
BXS Bancorpsouth Inc
CTBI Community Trust Bncp Inc
BANKING Regional - Southwest Banks
BOKF Bok Financial Corp
COBZ Cobiz Ixstorm.com Inc New
BANKING Savings & Loans
ABCW Anchor Bancorp Wis Inc
BBX Bankatlantic Bancorp A
CHEMICALS Agricultural Chemicals
AGU Agrium Inc
MOS Mosaic Company
CHEMICALS Chemicals - Major Diversified
CDTI Clean Diesel Technologies Inc
DD Dupont E I Nemours & Co
CHEMICALS Specialty Chemicals
FUL H.b. Fuller Co
GRA W.R. Grace & Co
CHEMICALS Synthetics
IPHS Innophos Hldngs Inc
NLC Nalco Holding Company
COMPUTER HARDWARE Computer Based Systems
ADPT Adaptec Inc
MXWL Maxwell Technologies Inc
COMPUTER HARDWARE Computer Peripherals
AUO Au Optronics Corp
IN Intermec Inc
COMPUTER HARDWARE Data Storage Devices
IMN Imation Corp
PAR 3Par Inc
COMPUTER HARDWARE Diversified Computer Systems
RACK Rackable Systems Inc
SGMS Scientific Games Corp
COMPUTER HARDWARE Networking & Communication Dev
EZCH Lanoptics Ltd
JNPR Juniper Networks
COMPUTER SOFTWARE & SERVICES Application Software
ACTU Actuate Corporation
ADBE Adobe Systems Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
BPHX Bluephoenix Solutions Ltd
CNIC Copernic Inc Common Stock
COMPUTER SOFTWARE & SERVICES Healthcare Information Service
QSII Quality Systems Inc
COMPUTER SOFTWARE & SERVICES Information & Delivery Service
DST Dst Systems Inc
FDS Factset Research Systems
COMPUTER SOFTWARE & SERVICES Information Technology Service
ACXM Acxiom Corp
CBR Ciber Inc
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
RLRN Renaissance Learning Inc
COMPUTER SOFTWARE & SERVICES Security Software & Services
DMRC Digimarc Corporation
ENTU Entrust Inc
CONGLOMERATES Conglomerates
FO Fortune Brands Inc
LGL Lynch Corp
CONSUMER DURABLES Appliances
LII Lennox International Inc
CONSUMER DURABLES Business Equipment
HNI Hni Corp
KNL Knoll Inc
CONSUMER DURABLES Electronic Equipment
AOS A O Smith Corporation
DISH Echostar Communications Corp
CONSUMER DURABLES Home Furnishings & Fixtures
LEG Leggett & Platt Inc
CONSUMER DURABLES Housewares & Accessories
LANC Lancaster Colony Corp
CONSUMER DURABLES Photographic Equipment & Suppl
FUJI Fujifilm Hldgs Corp Adr
CONSUMER DURABLES Recreational Goods
FUQI Fuqi International Inc
LKI Lazare Kaplan Internat
CONSUMER DURABLES Toys & Games
JAKK Jakks Pacific Inc
CONSUMER NON-DURABLES Cleaning Products
SCL Stepan Co
CONSUMER NON-DURABLES Office Supplies
CRRC Courier Corp
CONSUMER NON-DURABLES Packaging & Containers
BMS Bemis Co Inc
CGW Cristalerias De Chile
CONSUMER NON-DURABLES Paper & Paper Products
ARA Aracruz Celulose Sa New
IP Internat Paper Co
CONSUMER NON-DURABLES Personal Products
AVP Avon Products Inc
BTH Blyth Inc
CONSUMER NON-DURABLES Rubber & Plastics
CSL Carlisle Companies Inc
FORD Forward Industries Inc
CONSUMER NON-DURABLES Textile - Apparel Clothing
GES Guess? Incorporated
GYMB Gymboree Corp
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
ICON Iconix Brand Group
VLCM Volcom Inc
DIVERSIFIED SERVICES Business/Management Services
AM American Greetings Cp A
CDZI Cadiz Inc
DIVERSIFIED SERVICES Consumer Services
EMS Emergency Medical Services L.P
DIVERSIFIED SERVICES Education & Training Services
ATAI Ata Inc.
CAST ChinaCast Education Corporatio
DIVERSIFIED SERVICES Personal Services
CPY Cpi Corp
CSTR Coinstar Inc
DIVERSIFIED SERVICES Rental & Leasing Services
AER AerCap Holdings
GLS Genesis Lease Limited
DIVERSIFIED SERVICES Research Services
ARWR Arrowhead Research Corp
CVD Covance Inc
DIVERSIFIED SERVICES Security & Protection Services
ID L-1 Identity Solutions Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
CDI Cdi Corp
WSTM Workstream Inc
DIVERSIFIED SERVICES Technical Services
URS Urs Corp
DRUGS Biotechnology
ACAD Acadia Pharmaceuticals
ACOR Acorda Therapeutics Inc
DRUGS Diagnostic Substances
ABAX Abaxis Inc
AKRX Akorn Inc
DRUGS Drug Delivery
ELN Elan Corp Plc
FLML Flamel Technologies Sa
DRUGS Drug Manufacturers - Major
WX Wuxi Pharmatech Cayman Inc
DRUGS Drug Manufacturers - Other
DRRX Durect Corporation
GERN Geron Corporation
DRUGS Drug Related Products
CSKI China Sky One Medical Inc
INB Integrated BioPharma Inc
DRUGS Drugs - Generic
MYL Mylan Laboratories Inc
ELECTRONICS Diversified Electronics
CNLGD Conolog Corporation
DLB Dolby Laboratories Inc
ELECTRONICS Printed Circuit Boards
CLS Celestica Inc
JBL Jabil Circuit Inc
ELECTRONICS Scientific & Technical Instrum
ABMC American Bio Medica Corp
ATE Advantest Corp
ELECTRONICS Semiconductor - Broad Line
ADI Analog Devices Inc
MLNX Mallanoc Technologies Ltd Ord
ELECTRONICS Semiconductor - Integrated Cir
AMCC Applied Micro Circuits
CAMD California Micro Devices
ELECTRONICS Semiconductor - Memory Chips
ISSI Integrated Silicon Sol
ELECTRONICS Semiconductor - Specialized
ARMH ARM Holdings PLC ADS
CRUS Cirrus Logic Inc
ELECTRONICS Semiconductor Equipment & Mate
ASMI Asm Internat N.V.
ASYS Amtech Systems Inc
ENERGY Independent Oil & Gas
APA Apache Corp
APC Anadarko Petroleum Corp
ENERGY Major Integrated Oil & Gas
BP Bp Plc
PTR Petrochina Co Ltd Ads
ENERGY Oil & Gas Drilling & Explorati
KEG Key Energy Services Inc
ME Mariner Energy Inc When Issued
ENERGY Oil & Gas Equipment & Services
BOLT Bolt Technology Corporation
DRQ Dril-Quip Inc
ENERGY Oil & Gas Pipelines
BPL Buckeye Partners (L.P.)
CLNE Clean Energy Fuels Corp
ENERGY Oil & Gas Refining & Marketing
HES Hess Corp
MRO Marathon Oil Group
FINANCIAL SERVICES Asset Management
AB Alliance Bernstein Holding LP
AMG Affiliated Managers Grp
FINANCIAL SERVICES Closed End Fund - Debt
ADRA BLDRS Asia 50 ADR Index Fund E
ADX Adams Express Co
FINANCIAL SERVICES Closed End Fund - Equity
ADRD BLDRS Developed Markets 100 AD
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
APB Asia Pacific Fund Inc
APF Morgan Stan Asia-Pac Fd Inc
FINANCIAL SERVICES Credit Services
AACC Asset Acceptance Capital Corp
ACF Americredit Corp
FINANCIAL SERVICES Diversified Investments
CODI Compass Diversified Trust
DRH Diamondrock Hospitality Co
FINANCIAL SERVICES Investment Brokerage - Nationa
CLMS Calamos Asset Management
COWN Cowen Group Inc
FINANCIAL SERVICES Investment Brokerage - Regiona
ITG Investment Technology
JEF Jefferies Group Inc
FOOD & BEVERAGE Beverages - Brewers
SAM Boston Beer Co
FOOD & BEVERAGE Beverages - Soft Drinks
AKOB Embotereva Cip (france)
CCE Coca-Cola Enterprises
FOOD & BEVERAGE Confectioners
CBY Cadbury Plc
MFW M&F Worldwide Corp
FOOD & BEVERAGE Farm Products
CALM Cal-Maine Foods Inc
FOOD & BEVERAGE Food - Major Diversified
ADM Archer Daniels Midland
KFT Kraft Foods Inc
FOOD & BEVERAGE Meat Products
HOGS Zhongpin Inc
SFD Smithfield Foods Inc
FOOD & BEVERAGE Processed & Packaged Goods
BGS B&G Foods Inc.
DLM Del Monte Foods Co
HEALTH SERVICES Health Care Plans
WCG Wellcare Health Plans Inc
HEALTH SERVICES Home Health Care
AFAM Almost Family Inc
AHCI Allied Healthcare Intl Inc
HEALTH SERVICES Hospitals
TRI Triad Hospitals Inc
UHS Universal Health Svcs B
HEALTH SERVICES Long-Term Care Facilities
BKD Brookdale Senior Living Inc
KND Kindred Healthcare Inc
HEALTH SERVICES Medical Appliances & Equipment
ATSI Ats Medical Inc
EDAP Edap Tms Sa Adr
HEALTH SERVICES Medical Instruments & Supplies
ACL Alcon Inc
ARTL Aristotle Corp
HEALTH SERVICES Medical Laboratories & Researc
BITI Bio-imaging Technologies
DATA Datatrak Internat'l Inc
HEALTH SERVICES Specialized Health Services
CRY Cryolife Inc
Index None
RMZ-X MSCI REIT Index
RUT-X Russell 2000 Index
Index Property Management/Developmen
CBG Cb Richard Ellis Svcs
JLL Jones Lang Lasalle Inc
INSURANCE Accident & Health Insurance
AFL Aflac Inc
AIZ Assurant Inc
INSURANCE Insurance Brokers
CISG Cninsure Inc
INSURANCE Life Insurance
AEG Aegon Nv
ANAT American National Insur
INSURANCE Property & Casualty Insurance
ACGL Arch Capital Group Ltd
AFG American Fncl Grp Hld Co
INSURANCE Surety & Title Insurance
ABK Ambac Financial Group
MTG Mgic Investments Corp
INTERNET Internet Information Providers
CHINA CDC Corp Class A
IGLD Internet Gold-Golden
INTERNET Internet Service Providers
CCOI Cogent Communications Group In
INTERNET Internet Software & Services
ADAT Authentidate Holding Corp
AKAM Akamai Technologies Inc
LEISURE Gaming Activities
DVD Dover Motorsports Inc
GMTC Gametech Internat Inc
LEISURE General Entertainment
CCL Carnival Corp
CUK Carnival Plc
LEISURE Lodging
OEH Orient-Express Hotels
LEISURE Resorts & Casinos
CNTY Century Casinos Inc
ISLE Isle Of Capris Casinos
LEISURE Restaurants
BKC Burger King Holdings Inc
DIN Dineequity Inc
LEISURE Specialty Eateries
THI Tim Hortons Inc
LEISURE Sporting Activities
LTM Life Time Fitness
MANUFACTURING Diversified Machinery
AIXG Aixtron Aktiengesellschaft Ads
ALY Allis-Chalmers Energy Inc
MANUFACTURING Farm & Construction Machinery
AG Agco Corp
CNH Cnh Global Nv
MANUFACTURING Industrial Electrical Equipmen
ABB Abb Ltd
BEZ Baldor Electric Co
MANUFACTURING Industrial Equipment & Compone
[bleeep] [bleeep] Inc
MWA Mueller Water Products Inc
MANUFACTURING Machine Tools & Accessories
KDN Kaydon Corp
KMT Kennametal Inc
MANUFACTURING Metal Fabrication
GHM Graham Corp
X U.s. Steel Corp
MANUFACTURING Pollution & Treatment Controls
MFRI Mfri Inc
PURE Pure Bioscience
MANUFACTURING Small Tools & Accessories
AERO Aero Grow Intl Inc
MKTAY Makita Corp Spons Adr
MATERIALS & CONSTRUCTION General Building Materials
ACO Amcol International Corp
AMN Ameron Internat Corp
MATERIALS & CONSTRUCTION General Contractors
PWR Quanta Services Inc
MATERIALS & CONSTRUCTION Heavy Construction
ICA Empresas Ica Sociedad
LAYN Layne Christensen Co
MATERIALS & CONSTRUCTION None
MG631 Residential Construction
MATERIALS & CONSTRUCTION Residential Construction
HOV Hovnanian Enterprises A
ITB iShrares DJ US Home Construct
MATERIALS & CONSTRUCTION Waste Management
HCCI Heritage-Crystal Clean` Inc
MEDIA Advertising Services
IPG Interpublic Gr Of Cos
MWW Monster Worldwide Inc
MEDIA Broadcasting - Radio
BBGI Beasley Broadcast Grp A
CCU Clear Channel Comm Inc
MEDIA Broadcasting - TV
CBS.A CBS Corp Class A
CETV Central European Media
MEDIA CATV Systems
ASCMA Ascent Media Corp
BSY British Sky Broadcstg Gp
MEDIA Entertainment - Diversified
GET Gaylord Entertainment Co
NWS News Corp Inc
MEDIA Marketing Services
NCMI National Cinemedia Inc
MEDIA Movie Production
CNK Cinemark Holdings Inc
MVL Marvel Enterprises Inc
MEDIA Publishing - Books
JWA John Wiley & Sons Cl A
JWB John Wiley & Sons Cl B
MEDIA Publishing - Periodicals/News
DM Dolan Media Company
LEE Lee Enterprises Inc
METALS & MINING Aluminum
MXM Maxxam Inc
METALS & MINING Gold
GLG Glamis Gold Ltd
NAK Northern Dynasty Minerals Ltd
METALS & MINING Industrial Metals & Minerals
ALTI Altair Nanotechnologies Inc
BHP BHP Billiton Ltd
METALS & MINING Nonmetallic Mineral Mining
ARLP Alliance Rsrce Partners
POT Potash Cp Saskatchewan
METALS & MINING Steel & Iron
ATI Allegheny Technologies
FRD Friedman Industries Inc
REAL ESTATE Closed End Fund - Equity
IYR IShares Dj Us Real Estate Sec
RWR Sttracks Wilshire Reit
REAL ESTATE Mortgage Investment
HCM Hanover Capital Mtg Hldg
NLY Annaly Mortgage Mngt Inc
REAL ESTATE None
MG440 Real Estate Sector
MG441 REIT - Diversified/Industrial
REAL ESTATE Property Management/Developmen
BPO Brookfield Properties
BXG Bluegreen Corp
REAL ESTATE REIT - Diversified/Industrial
AMB Amb Property Corp
BRE Bre Properties Inc Cl A
REAL ESTATE REIT - Healthcare Facilities
HCN Health Care Reit Inc
HCP Health Care Prop Inv Inc
REAL ESTATE REIT - Hotel/Motel
HPT Hospitality Prop Trust
HST Host Hotels & Resorts
REAL ESTATE REIT - Office
BXP Boston Properties Inc
CLI Mack Cali Realty Corp
REAL ESTATE REIT - Residential
ACC American Campus Communities
AEC Associated Estates Realty
REAL ESTATE REIT - Retail
ADC Agree Realty Corp
EQY Equity One Inc
RETAIL Auto Parts Stores
PRTS U.S. Auto Parts Network
RETAIL Catalog & Mail Order Houses
LINTA Liberty Media Interactive Clas
PCCC Pc Connection Inc
RETAIL Department Stores
M Macy's Inc
SKS Saks Holdings Inc
RETAIL Discount
CM Coles Myer Ltd
TJX Tjx Companies Inc
RETAIL Drug Stores
CVS Cvs Corp
OCR Omnicare Inc
RETAIL Electronics Stores
CONN Conn's Inc
RETAIL Grocery Stores
CBD Companhia Brasiliera De
SWY Safeway Inc
RETAIL Home Furnishing Stores
DWRI Design Within Reach Inc
SPECIALTY RETAIL Apparel Stores
AEO American Eagle Outfitter
CTRN Citi Trends Inc
SPECIALTY RETAIL Auto Dealerships
ABG Asbury Automotive
LAD Lithia Motors Inc Cl A
SPECIALTY RETAIL Jewelry Stores
NILE Blue Nile
TIF Tiffany & Co
SPECIALTY RETAIL Specialty Retail
MED Medifast Inc
NRGP Inergy Holdings LP
SPECIALTY RETAIL Sporting Goods Stores
DOVR Dover Saddlery Inc
HIBB Hibbett Sporting Goods
SPECIALTY RETAIL Toy & Hobby Stores
BBW Build-a-bear Workshop
TELECOMMUNICATIONS Communication Equipment
ACTG Acacia Research Acacia Tech
CHIP Verichip Corporation
TELECOMMUNICATIONS Diversified Communication Serv
CCI Crown Castle Intl Corp
MDLK Medialink Worldwide Inc
TELECOMMUNICATIONS Long Distance Carriers
GTE GlobeTel Communications Corp
TELECOMMUNICATIONS Processing Systems & Products
RVSN Radvision Ltd.
VII Vicon Industries Inc
TELECOMMUNICATIONS Telecom Services - Domestic
EQIX Equinix Inc
IWA Iowa Telecom Services
TELECOMMUNICATIONS Telecom Services - Foreign
BRP Brasil Telecom Partic Sa
BT British Telecommun Plc
TELECOMMUNICATIONS Wireless Communications
AMX America Movil
DCM Ntt De Co Mo Adr
TRANSPORTATION Air Delivery & Freight Service
CHRW C.H. Robinson Worldwide
HUBG Hub Group Inc
TRANSPORTATION Air Services
BRS Bristow Group Inc
OMAB Grupo Aeroportuario Del Centro
TRANSPORTATION Major Airlines
CEA China Eastern Airlines
TRANSPORTATION Railroads
ARII American Railroad Industries I
CP Canadian Pacific Ltd
TRANSPORTATION Regional Airlines
CPA Copa Holdings S.A.
TRANSPORTATION Shipping
BHO B&H Ocean Carriers Ltd
CKH Seacor Holdings Inc
TRANSPORTATION Trucking
JBHT JB Hunt Transport Services
LSTR Landstar System Inc
UTILITIES Diversified Utilities
WPS Wps Resources Corp
UTILITIES Electric Utilities
NRG Nrg Energy Inc
OPTT Ocean Power Tech Inc
UTILITIES Foreign Utilities
CPL Cpfl Energia Sa
ENI Enersis Sa Ads
UTILITIES Water Utilities
SJW Sjw Corp
WHOLESALE Computers Wholesale
MTMC Mtm Technologies Inc
TECD Tech Data Corp
WHOLESALE Drugs Wholesale
NUS Nu Skin Enterprises
WHOLESALE Electronics Wholesale
VOXX Audiovox Corp
WCC Wesco International Inc
WHOLESALE Food Wholesale
DPZ Dominos Pizza Inc
SVU Supervalu Inc
WHOLESALE Industrial Equipment Wholesale
AIT Applied Industrial Tech
CHNR ChinaNatural Resources
WHOLESALE Medical Equipment Wholesale
CHDX Chindex International Inc
HSIC Henry Schein Inc
WHOLESALE Wholesale
ANDE Andersons Inc (The)
ATN Action Performance Cos
XXX CANADIAN STOCKS XXX Canadian Stocks
BMO.UN BANK OF MONTREAL
BNP.UN BONAVISTA ENERGY TRUST
---------------------------------------------
NEGATIVE VRs
---------------------------------------------
AEROSPACE/DEFENSE Aerospace/Defense Products & S
HSR Hi-Shear Technology Corp
KRSL Kreisler Manufacturing
AUTOMOTIVE Auto Parts
STRT Strattec Security Cp
BANKING Regional - Mid-Atlantic Banks
SMMF Summit Financial Group
SUFB Suffolkfirst Bank
BANKING Regional - Midwest Banks
MCBF Monarch Community Bancorp Inc
BANKING Regional - Northeast Banks
ASRV Ameriserv Finl Inc Cap Tr I
CMSB Commonwealth Bancorp
BANKING Regional - Pacific Banks
CVCY Central Valley Comm Bancorp
BANKING Regional - Southeast Banks
EVBS Easternnklin Bank N.a.
BANKING Savings & Loans
CHEV Cheviot Financial Corp
FBSI First Bancshares Inc Mo
CHEMICALS Specialty Chemicals
BIOF Biofuel Energy Corp
WDFC Wd-40 Co
COMPUTER HARDWARE Computer Based Systems
CCUR Concurrent Computer Corp
COMPUTER HARDWARE Computer Peripherals
RSYS Radisys Corporation
COMPUTER HARDWARE Data Storage Devices
DRAM Dataram Corp
COMPUTER SOFTWARE & SERVICES Application Software
RTLX Retalix Ltd
COMPUTER SOFTWARE & SERVICES Business Software & Services
NVTL Novatel Wireless Inc
SDS Sungard Data Systems Inc
COMPUTER SOFTWARE & SERVICES Information & Delivery Service
ANSW Answers Corp
ENT Equant Nv
COMPUTER SOFTWARE & SERVICES Technical & System Software
CIMT Cimatron Ltd
SNX Synnex Corp
CONSUMER DURABLES Business Equipment
FEP Franklin Electronic Publ
CONSUMER DURABLES Electronic Equipment
ICOP ICOP Digital Inc
CONSUMER DURABLES Home Furnishings & Fixtures
CRC Chromcraft Revington Inc
CONSUMER DURABLES Recreational Goods
MOV Movado Group Inc
CONSUMER DURABLES Sporting Goods
HED Head Nv
CONSUMER DURABLES Toys & Games
HAS Hasbro Inc
CONSUMER NON-DURABLES Office Supplies
SR Standard Register The
CONSUMER NON-DURABLES Rubber & Plastics
ENTG Entegris Inc
SHLM A.Schulman Inc
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
TLF Leather Factory Inc
DIVERSIFIED SERVICES Business/Management Services
AGL Angelica Corp
NTRI NutriSystem Inc
DIVERSIFIED SERVICES Consumer Services
CWZ Cable&Wireless Communic Ads
STAN Standard Parking
DIVERSIFIED SERVICES Education & Training Services
LTRE Learning Tree Internat
REVU Princeton Review
DIVERSIFIED SERVICES Personal Services
ULTA Ulta Salon` Cosmetics & Fragra
DIVERSIFIED SERVICES Research Services
LSR Life Sciences Research Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
SRT Startek Inc
DIVERSIFIED SERVICES Technical Services
WLDN Willdan Group
DRUGS Biotechnology
ALSE Alseres Pharmaceuticals Inc
HSKA Heska Corp
DRUGS Diagnostic Substances
NYMX Nymox Pharmaceutical Cp
RGDX Response Genetics I
DRUGS Drug Manufacturers - Other
TPI Tianyin Pharmaceutical Co
ELECTRONICS Diversified Electronics
CTS Cts Corp
IVAC Intevac Inc
ELECTRONICS Printed Circuit Boards
SMTX Smtc Corporation
ELECTRONICS Scientific & Technical Instrum
BRKR Bruker Biosciences Corp
ELECTRONICS Semiconductor - Broad Line
OPXT Opnext Inc
ELECTRONICS Semiconductor - Integrated Cir
ANAD Anadigics Inc
POWI Power Integrations Inc
ELECTRONICS Semiconductor - Specialized
CEVA Ceva Inc
OTIV On Track Innovations Ltd
ENERGY Independent Oil & Gas
DBLE Double Eagle Petroleum
EPM Evolution Petroleum Corp
ENERGY Oil & Gas Drilling & Explorati
GLRP Glen Rose Petroleum Corp
FINANCIAL SERVICES Closed End Fund - Debt
ASP Amer Strion Stocks Inc
BCL Blackrock California Municipal
FINANCIAL SERVICES Closed End Fund - Equity
AOD Alpine Total Dtnamic Div Fd
DOG ProShares Short Dow30 ETF
FINANCIAL SERVICES Credit Services
ECPG Encore Capital Group
GCA Global Cash Access Holdings In
FINANCIAL SERVICES Diversified Investments
AXG Atlas Acquistion Hldg Corp
BTE Baytex Energy Inc
FINANCIAL SERVICES Investment Brokerage - Regiona
KENT Kent Financial Services
FOOD & BEVERAGE Dairy Products
LWAY Lifeway Foods Inc
FOOD & BEVERAGE Farm Products
CRESY Cresud S.A.C.I.P.Y.A Adr
CVGW Calavo Growers Inc
HEALTH SERVICES Medical Appliances & Equipment
BSMD Biosphere Medical Inc
CHIO China Insonline Corp
HEALTH SERVICES Medical Instruments & Supplies
SENO Senorx` Inc
UPI Uroplasty Inc
HEALTH SERVICES Medical Practitioners
HGRD Health Grades Inc
HEALTH SERVICES Specialized Health Services
QGP Quantum Group Inc
INSURANCE Insurance Brokers
CRD.A Crawford & Co A
INSURANCE Property & Casualty Insurance
FSR Flagstone Reinsurance Hldgs
NYM Nymagic Inc
INSURANCE Surety & Title Insurance
ITIC Investors Title Co
INTERNET Internet Software & Services
KEYN Keynote Systems Inc
LEISURE Gaming Activities
NCTY The9 Limited
LEISURE Lodging
HMIN Home Inns and Hotels Managemen
MCS Marcus Corporation
LEISURE Restaurants
STAR Lone Star Steakhouse Sal
MANUFACTURING Diversified Machinery
FLDR Flanders Corporation
MANUFACTURING Industrial Electrical Equipmen
ARTX Arotech Corp
FTEK Fuel Tech N.V.
MATERIALS & CONSTRUCTION General Building Materials
IPII Imperial Industries Inc
MATERIALS & CONSTRUCTION Lumber
AMWD American Woodmark Corp
MATERIALS & CONSTRUCTION Residential Construction
AXR Amrep Corp
MATERIALS & CONSTRUCTION Waste Management
SRCL Stericycle Inc
WSII Waste Services Inc
MEDIA Advertising Services
OMC Omnicom Group Inc
MEDIA Broadcasting - TV
TZA Tv Azteca Sa De Cv Ads
METALS & MINING Gold
AGT Apollo Gold Corp
METALS & MINING Industrial Metals & Minerals
TC Thompson Creek Metals Company
None None
CMM Criimi Mae(new)
REAL ESTATE Mortgage Investment
VRTA Vestin Realty Mortgage I Inc
REAL ESTATE Property Management/Developmen
NEN New England Realty Assoc
SCC Security Capital Corp A
RETAIL Auto Parts Stores
MDS Midas Inc
RETAIL Discount
FRED Fred's Inc
SPECIALTY RETAIL Specialty Retail
CLCT Collectors Universe Inc
PETM Petsmart Inc
TELECOMMUNICATIONS Communication Equipment
ATGN Altigen Communications
CAMP Calamp Corp
TELECOMMUNICATIONS Diversified Communication Serv
PCTI Pc-Tel Incorporated
TELECOMMUNICATIONS Processing Systems & Products
SNR Sunair Electronics Inc
TELECOMMUNICATIONS Telecom Services - Domestic
HTCO Hickory Tech Corp
TELECOMMUNICATIONS Telecom Services - Foreign
TFONY Telefonos De Mexico Sa A
TELECOMMUNICATIONS Wireless Communications
AIRV Airvana Inc
TRANSPORTATION Air Delivery & Freight Service
AIRT Air T Inc
UTIW Uti Worldwide Inc
TRANSPORTATION Trucking
FWRD Forward Air Corporation
UTILITIES Diversified Utilities
AVA Avista Corp
UTILITIES Electric Utilities
IDA Idacorp Inc Holding Co
UTILITIES Gas Utilities
ATO Atmos Energy Corp
DGAS Delta Natural Gas Co Inc
UTILITIES Water Utilities
PNNW Pennichuck Corporation
WHOLESALE Auto Parts Wholesale
CRV Coast Distribution Systs
WHOLESALE Medical Equipment Wholesale
PDEX Pro-Dex Inc Co
WHOLESALE Wholesale
AE Adams Resources & Energy
NRGY Inergy L.P.
XXX CANADIAN STOCKS XXX Canadian Stocks
HXD HORIZONS BETAPRO S&P
JIN JINSHAN GOLD MINES IN
---------------------------------------------
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.vrtrader@gmail.com if you misplaced that information.
Please note: SH has now replaced SPY on the Watch List, IAU is addedand FXI and POT are deleted effective 3/20/09.
---------------------------------------------
Leibovit Files
Tuesday, March 24, 2009
We're Experiencing The Slope Of Hope - But Don't Fight the Tape
UPCOMING ECONOMIC RELEASES/MARKET EVENTS
March 23-27, 2009:
---------------------------------------------
TUESDAY, March 24:
Turnaround Tuesday?
Chicago Federal Reserve Bank President Charles Evans participates inpanel discussion on "Central Banking in Times of Crisis Active Playeror Passive Observer?" at the Czech National Bank's European Banking andFinancial Forum in Prague.
6:00 AM ET
ICSC-Goldman Store Sales
7:45 AM ET
Redbook
8:55 AM ET
State Street Investor Confidence Index
10:00 AM ET
4-Week Bill Auction
1:00 PM ET
2-Yr Note Auction
1:00 PM ET
---------------------------------------------
WEDNESDAY, March 25:
MBA Purchase Applications
7:00 AM ET
Durable Goods Orders
8:30 AM ET
New Home Sales
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
Cleveland Federal Reserve Bank Sandra Pianalto delivers speech onforces for economic recovery Regional Growth Partnership luncheon inMaumee, Ohio. Audience Q&A expected.
12:20 PM ET
San Francisco Federal Reserve Bank Janet Yellen gives speech to theForecasters Club of New York on the U.S. economic situation and policyresponses in New York. Audience and media Q&A to follow.
12:30 PM ET
5-Yr Note Auction
1:00 PM ET
---------------------------------------------
THURSDAY, March 26:
Atlanta Federal Reserve Bank Dennis P. Lockhart makes remarks on panelon Food, Water, Inflation and Monetary Policy at the GlobalInterdependence Center's Conference on Food and Water: Basic Challengesto International Stability at the Bank of France in Paris.
5:00 AM ET
GDP
8:30 AM ET
Jobless Claims
8:30 AM ET
Corporate Profits
8:30 AM ET
Treasury Secretary Timothy Geithner testifies on financial regulationreform before House Financial Services Committee in Washington.
10:00 AM ET
EIA Natural Gas Report
10:30 AM ET
Dallas Federal Reserve Bank President Richard Fisher speaks to studentsas part of the ninth annual Redefining Investment Strategy Education(R.I.S.E.) Forum at the University of Dayton. He will discuss theFederal Reserve Board's perspective on current economic issues withstudents from more than 400 colleges and universities from all 50states and 83 countries.
12:00 PM ET
Richmond Federal Reserve Bank President Jeffrey M. Lacker will bekeynote speaker for the 2009 Economic Outlook Conference and luncheonof the Charleston Metro Chamber of Commerce, in Charleston, SC. MediaQ&A expected.
12:40 PM ET
Minneapolis Federal Reserve Bank President Gary Stern speaks at aluncheon of the Economic Club of Minnesota in Minneapolis on "BetterLate Than Never: Addressing Too-Big-To-Fail." Audience Q&A expected.
1:00 PM ET
Money Supply
4:30 PM ET
---------------------------------------------
FRIDAY, March 20:
Personal Income and Outlays
8:30 AM ET
Consumer Sentiment
9:55 AM ET
---------------------------------------------
STOCKS - ACTION alert -
Yesterday's decisive intervention by the Plunge Protection Team changedthe landscape a bit and increased the chances of seeing even higherprices.The S&P broke through resistance yesterday at thepsychologically important 800 level, the 803.24 high from last week,the 804.30 low from January, and the 50 day moving average at 795.54.As a result, we saw the market rally continue into the close and thoseold resistance levels now become support levels.
I am back on a 'Buy' signal and will not fight the tape! I admit Ibecame too cautious over the weekend, but I have had some minorsuccesses including names like Freeport McMorran and our play in CrudeOil. As you know, I've been writing for weeks that the impact of theVernal Equinox usually translates to a 'change of direction' for themarketplace and, sure enough, that change occurred back on March 6 whenthe equity markets posted their bear market lows. I had predicted adownside target of 650 for the S&P 500 back on November 21, 2008and all the pieces fell together. I am back on a 'Buy' signal here,respecting the strength of yesterday's action and the previously citedpositives. Yes, the S&P 500 could pullback to any from 803 to 730,but I think we should see 865-870, 910-930 and even possibly 990-1000 -so stay tuned!
Stepping back, I still think this is a huge bear market rally whichis tradeable. Often, these bear market rallies are fast and viciousleaving thoughtful and cautious investors in the dust. I have oftenwritten that bear market rallies look and act better than bull marketrallies.
The leading Dow Transportation Average participated yesterday but isstill relative anemic and is not providing the full confirmation Iwould like to see. This suggests perhaps that we will the marketretrace a bit here. Afterall, today is 'Turnaround Tuesday'.
Yesterday, I wrote: 'the S&P 500 breakout through resistanceyesterday could set the stage for a move to next resistance in the860-870 area'. Either way I don't see the 'generational lows' beingtouted in the media - only trading lows. We're still overall in a bearmarket and all rallies have to be traded accordingly, though as welearned the current one was quite strong. We have to go back to 1937 tofind a rally of this magnitude. More below....
Tim Geithner went from villain to hero yesterday after announcing plansto buy up "toxic assets" from the banks. Better than expected homesales and news that Japan will add more stimulus measures certainlyhelped as well. The Dow was up 497.48 at 7775.86, the S&P 500 wasup 54.38 at 822.92, and the Nasdaq Composite was up 98.50 at 1555.77.Volume decreased from Friday and breadth was very strong.
All nine market sectors rallied at least 3.7% yesterday. Financialsobviously led the way as the Treasury will buy much of their "toxicassets" from them. The XLF gained a big 16.4%, closing at its highestlevel in over a month. Other notable areas: The Dow Transports gained7.9% and foreign stocks (VEU) were up 8.2%.
Yesterday's rally did have us scratching our heads in a couple ofareas, though. Gold held firm all session long in spite of the furiousequity rally. One would think that with the massive gains in equities,money would be leaving the 'fear' trade in much higher quantities andpiling back into equities if this were truly an 'all clear' for themarket. Gold did break lower late in the day, and ultimately settleddown 1.51% at 938.20.
---------------------------------------------
GOLD and METALS - ACTION alert -
You should be buying all sell-offs. Don't even hesitate! Pray that golddeclines so you can add to your position. Such a decline could take itto 850. The world economic system needs gold and you need to own it!
Precious metals fell at the end of the day yesterday as the stockmarket continued to rallied, getting hit as traders exit their flightto safety trade and move back into the stock market. Gold fell 14.40 to938.20, silver slipped 0.07 to 13.66, but platinum was up 12 to 1125.
Earlier in the day, silver hit a new one month high of 13.96 andplatinum hit a recovery high of 1145. For the day, copper was up 0.0450to 1.841 and also hit a recovery high of 1.8750. With most of themetals hitting intra-day recovery highs along with new recovery highsin crude oil, as discussed below, the market is obviously concernedabout the inflationary impact of the actions taken by Fed and Treasuryalong with the fiscal stimulus coming from Congress and the President.
We are currently long GLD and SLV in our platinum portfolio. Butremember, these are trading positions. You should continue to ownphysical gold as a long term investment.
We saw huge advances in the precious metals in the 24 hours followingthe FOMC announcement. From Wednesday's low to Thursday's high, we sawgold gain 80.90 (9.2%) while silver rallied 1.83 (15.4%). Many timesI've written that one morning you'll wake up and all of sudden goldwill be up $100 per ounce. While it mostly occurred Wednesday afternoonand it fell a bit shy of the $100 dollar figure, the rally we just sawis what I've been writing about. Gold is in a long-term uptrend and theFed's printing press is running at full speed. As a result, I wouldn'tbe surprised to see a few more of these sudden spikes higher.
Holdings in SPDR Gold Shares, the biggest gold ETF, hit a new high of1,114.60 tons Friday, up 11.31 tons from a day ago, according to thelatest data from the fund. We continue to see solid demand for the GLD,regardless of whether the spot price is rising or falling. Underlyingdemand is obviously very strong. My concern, however, is just howaccurate those reports are, whether there is truly gold backing thatfund at all. I want to see it! Also, remember, owning GLD exposes youto 'counter-party' risk. If you could physically claim you share of thegold at any moment and load it up in the trunk of your car, I would beless cynical. But, that's not the case. Instead of GLD, IAU or SLV,please consider CEF - the Central Fund of Canada which does have thesame 'counter-party' risk.
Gold hit 1007.20 on February 20th and retraced to a low of 882.80 onMarch 18 (spot). If key upside resistance at 963.75 (spot) ispenetrated, we have a shot back to 1007.20 or higher. A break under882.80 will likely send gold down to next support at 850. Furthersupport lies at 780 and 680.
Silver (spot) touched 14.66 on February 22 while the SLV (ETF) touched14.45. Silver found support on March 19 at 11.89. Next support is1154-1189, 1061-1085 and 961-980. There are still unfulfilled potentialinto the 15.00-17.00 range. My bias is for a continuation of the rally.
Copper touched 1.8750 on March 23, a new recovery high. The bear marketlow at 1.26 was posted back on December 16. With volume positive I'mwilling to give the upside the benefit of the doubt with potential to2.25 at this time.
---------------------------------------------
BONDS - ACTION alert -
You should be a seller on rallies. Unfortunately, the worst possiblecombination of events are unfolding. Higher taxes, higher interestrates, a nose-diving economy and rising commodity prices. And with thestock market enjoying a nice rally, Treasuries are suffering.
Treasuries fell yesterday as the stock market saw a huge rally andfollowing some positive economic news and as Fed and Treasury continueto print money and create inflation. The long bond future lost 41/64 to128 39/64.
According to news reports: "The public-private plan would have privateinvestors and the Treasury put in equal amounts of money that wouldthen be backed by a loan guarantee from the Federal Deposit InsuranceCorp. to buy loans and mortgage-backed securities from the banks."
So why buy Treasury bonds when you can FDIC guaranteed toxic assetswith higher yields? As a result, Treasuries fell. If not for the Fed'splan to buy Treasuries, Treasury bond prices would probably be fallingmuch more steeply.
China will continue buying U.S. government debt while paying closeattention to possible fluctuations in the value of those assets, a vicegovernor of Beijing's central bank said. Investing in U.S. Treasurybills is "an important component part of China's foreign currencyreserve investments," People's Bank of China Vice Governor Hu Xiaoliansaid at a news conference on Monday.
The Treasury Department said that it will offer a total of $98 billionin government debt this week after auctioning $63 billion a couple ofweeks ago. The Treasury will auction $40 billion in 2-year notes onTuesday; $34 billion in 5-year notes on Wednesday and $24 billion in7-year notes on Thursday.
Treasuries continue to see increased competition from corporate bonds.Borrowers have sold about $371.4 billion in investment-grade debt sofar this year, the most ever raised in a single quarter - and there areeight more trading days in the period. Last week, $36.8 billion haspriced, the tenth busiest week on record.
With the Fed commitment to buy hundreds of billions of Treasuries,Treasury prices skyrocketed, but it is looking like it the rally wasonly temporary. The Fed said it will buy $300 billion worth of Treasurybonds, but that number is dwarfed by the $2.7 trillion and $4.2trillion in bonds the Treasury expects to issue over the next twoyears. However, with the Fed and its hundreds of billions trading inthis market, we could see some sharp counter-trend moves. I repeat, youshould be a seller on these rallies.
---------------------------------------------
CRUDE OIL - ACTION alert -
You should be a buyer on weakness. Crude oil looks like its breakingout of its recent trading range. It should eventually (six to twelvemonths) push higher with potential even to 70! I've been telling youthis for a while!
Oil hit new multi-month highs, as the inflationary effects of thestimulus and possibly even a recovering economy help boost energydemand and prices. May crude oil settled up 1.73 to 53.80 and hit54.05, its highest price since January. Even more bullish, the WTIC"continuous contract" closed at its highest level since November.
Algeria's Energy Minister Chakib Khelil predicted Sunday that crude oilprices could hit $60 per barrel by the end of the year. Bank of AmericaSecurities-Merrill Lynch has also raised its forecast for crude pricesto $52 a barrel this year, from $50 a barrel, on the back of atighter-than-expected oil market balance.
Oil bottomed out back in December and has rallied strongly over thepast few weeks to the surprise of many. The WTIC (West Texas CrudeContinuous Contract) has rebounded from a recent low of 37.12 just twoweeks ago to a high of 53.85 yesterday (March 23). Is economic activitythe only driving force for a rally in Crude Oil? Of course not. Traderscontinue to manipulate commodity prices without or without realfundamentals and the current rally may be nothing more than a neededtechnical rebound spun with tales of economic improvement. As I said,watching the Dow Transportation Average as a true sign of growingeconomic activity may be the most useful gauge. So far, it'sperformance has been anemic.
---------------------------------------------
US DOLLAR - ACTION alert -
The US Dollar Index fell yesterday as traders worry about theinflationary impact of all the government stimulus and intervention.Additionally, with the stock market rallying so strongly yesterday andforeign stock markets outperforming the US market, many are sellingtheir dollar and buying more speculative currencies and foreign stocks.The US Dollar Index lost 0.415 to 83.426.
Hungary's central bank decided to keep its benchmark interest rateunchanged at 9.50% on Monday, meeting market expectations. Hungary,which has received aid from the International Monetary Fund and theEuropean Union to help it weather the global crisis, was plunged intopolitical uncertainty over the weekend when Prime Minister FerencGyurcsany unexpectedly offered to resign. The Hungarian currency, theforint, has declined more than 1.5% on the news.
There are still technical unfulfilled projections into the 90s, but,again we need volume to flip back to the positive and ultimately weneed to clear that double-top. That is obviously not happening at thistime. A breakout above 89.624 would do the trick! A little bit ofrecent history! We've seen this kind of volatility before yet themarket recovered. On November 21, 2008 the US Dollar Index topped outat 88.463 and quickly declined to 77.688 on November 19 - nearly an1100 basis point correction. The current correction has transversedonly 700 basis points. In other words, it may only be a shakeout andnot a sign of an ultimately collapse as the bears talk about. A pointof information! We touched the rising 200 day moving average onThursday, so if we break through it all upside bets are off.
---------------------------------------------
URANIUM - ACTION alert
Ux U3O8 Prices* (Uranium)
March 16, 2009 Posting
Spot: $42.50 DOWN 1.00. Bull market high in the cash market was $136.00.
The March Uranium Futures closed at $43.00. The current bear market lowis $43.00. 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.
---------------------------------------------
In the news:
The Obama administration took a fresh shot at ending a nationalparalysis in lending Monday, teaming up with investors to buy bad bankassets and ease credit for hard-pressed consumers and businesses.Geithner pleaded for patience, saying work to rehabilitate the bankingand financial industry has to go forward despite "deep anger andoutrage" over bad lending and investment practices. The newestinitiative, he told reporters, will seek to harness government andprivate resources to purchase an initial half-trillion dollars of badassets off the balance sheets of banks. And he held out the expectationthat the program eventually could grow to $1 trillion.
The Treasury plans to create a series of public-private investmentsfunds to buy $500 billion to $1000 billion in legacy loans andsecurities. To encourage participation from the private sector, thegovernment is taking on much of the risk and offering subsidies. Notsurprisingly, Bill Gross announced that he would participate in theplan in a show of support. Recall that last fall, it was Bill Grossshamelessly stumping for a chance to get in on the original TARPprogram.
Japanese Finance Minister Kaoru Yosano said Sunday that the economy islikely to continue its sharp contraction and will require about 20trillion yen ($210 billion) in new stimulus spending. Yosano said thecurrent quarter may see economic contraction match the 12.1% annualizeddrop recorded in the three months ended December. As a result, thegovernment will revise its estimate of zero growth for 2009, made inDecember, with the International Monetary Fund's estimate of a 5.8%contraction for the year possibly a more accurate forecast.
The National Association of Realtors said Monday that sales of existinghomes grew 5.1 percent to an annual rate of 4.72 million last month,from 4.49 million units in January. It was the largest sales jump sinceJuly 2003. Sales had been expected to fall to an annual pace of 4.45million units. The median sales price plunged to $165,400, down 15.5percent from $195,800 a year earlier. That was the second-lowest dropon record. Prices are down about 28 percent from their peak in July2006.
Jewelry retailer Tiffany & Co. said that its profit tumbled morethan 75 percent in the fourth quarter following a steep drop in salesover the key holiday season. Its adjusted results beat analysts'forecasts, but Tiffany is predicting 2009 earnings from continuingoperations below Wall Street's current expectations. The luxuryretailer said its earnings dropped to $31.1 million, or 25 cents pershare, for the three months ended Jan. 31, down from $127.4 million, or96 cents per share, a year ago. Excluding costs related to job cuts andother one-time items, the retailer said quarterly earnings totaled 85cents. Tiffany's sales dropped 20 percent to $841.2 million from $1.05billion in the fourth quarter of fiscal 2007. Analysts expectedearnings of 80 cents per share on revenue of $838 million. For fiscal2009, Tiffany predicted earnings from continuing operations between$1.50 and $1.60 per share, falling short of analysts' forecast of $1.66per share. TIF rallied 15.5%.
Drugstore operator Walgreen says its profit fell 7 percent in thefiscal second quarter because of restructuring costs and shopperscutting discretionary purchases, even as retail prescriptions grew.Walgreen says it earned $640 million, or 65 cents per share. Thatcompares compared with $686 million, or 69 cents per share, a year ago.That includes restructuring expenses of $93 million, or 6 cents pershare, which saved the company 2 cents per share. Sales grew 7 percent,to $16.48 billion from $15.39 billion. Analysts expected earnings of 66cents per share and sales of $16.42 billion. WAG gained 9.4%.
Private-equity giant Hellman & Friedman has formed a consortium togobble up Barclays' iShares business for about $5 billion. Hellman& Friedman, which already owns several U.K.-based asset managers,is being joined by Carlyle and two other private-equity houses in thedeal, while Bain Capital is thought to be readying its own bid for theunit. BCS surged 29.9% and has more than doubled in the last two weeks.
Suncor Energy will acquire Petro-Canada for $15.5 billion, uniting twoof Canada's biggest oil companies. If the deal announced Monday isapproved, it would create the largest oil company in Canada with amarket capitalization of about $38 billion. Petro-Canada commonshareholders would receive 1.28 common shares of the expanded companyfor each share of Petro-Canada, while Suncor shareholders will receivenew shares on a one-for-one basis. SU slipped 1.8% and PCZ rose 22.0%.
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The Annual Forecast Model (VR Forecaster Report) is now posted at thewebsite - so sign up today! Remember, there is no price too high forgood information! Don't make the mistake of not subscribing. Lastyear's AFM warned in January we were entering a multi-month bearmarket! Gold-bug? Check on the AFM for Gold!
https://www.vrtrader.com/subscribe/index.asp
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TIMER DIGEST signals for Stocks, Gold and Bonds are available toPlatinum subscribers on the Home Page.
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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. Canadian shares are listed at thebottom of each section with the title: 'XXX CANADIAN STOCKS XXX'.
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.
Volume Reversals - 3/23/09
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POSITIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Major Dive
NPO Enpro Industries Inc
AEROSPACE/DEFENSE Aerospace/Defense Products & S
BEAV Be Aerospace Inc
CGT Cae Inc
AUTOMOTIVE Auto Manufacturers - Major
DAI Daimler Ag
HMC Honda Motor Co Ltd Adr
AUTOMOTIVE Auto Parts
ALV Autoliv Inc
BWA Borg Warner Inc
AUTOMOTIVE Recreational Vehicles
HOG Harley-Davidson Inc
THO Thor Industries Inc
AUTOMOTIVE Trucks & Other Vehicles
FRPT Force Protection Inc
OSK Oshkosh Truck Corp
BANKING Foreign Regional Banks
BBD Banco Bradesco Sa
BBV Banco Privanza Intl Gbrltr Ltd
BANKING Money Center Banks
BCS Barclays Plc Adr
BK Bank Of New York Co Inc
BANKING Regional - Mid-Atlantic Banks
CAPE Cape Fear Bank Corp
FCNCA First Citizens Bancshr A
BANKING Regional - Midwest Banks
AMFI Amcore Financial Inc
ASBC Associated Banc-corp
BANKING Regional - Northeast Banks
BCBP BCB Bancorp Inc. (NJ)
BDGE Bridge Bancorp Inc
BANKING Regional - Pacific Banks
AWBC American West Bancorporation
CATY Cathay General Bancorp
BANKING Regional - Southeast Banks
BXS Bancorpsouth Inc
CTBI Community Trust Bncp Inc
BANKING Regional - Southwest Banks
BOKF Bok Financial Corp
COBZ Cobiz Ixstorm.com Inc New
BANKING Savings & Loans
ABCW Anchor Bancorp Wis Inc
BBX Bankatlantic Bancorp A
CHEMICALS Agricultural Chemicals
AGU Agrium Inc
MOS Mosaic Company
CHEMICALS Chemicals - Major Diversified
CDTI Clean Diesel Technologies Inc
DD Dupont E I Nemours & Co
CHEMICALS Specialty Chemicals
FUL H.b. Fuller Co
GRA W.R. Grace & Co
CHEMICALS Synthetics
IPHS Innophos Hldngs Inc
NLC Nalco Holding Company
COMPUTER HARDWARE Computer Based Systems
ADPT Adaptec Inc
MXWL Maxwell Technologies Inc
COMPUTER HARDWARE Computer Peripherals
AUO Au Optronics Corp
IN Intermec Inc
COMPUTER HARDWARE Data Storage Devices
IMN Imation Corp
PAR 3Par Inc
COMPUTER HARDWARE Diversified Computer Systems
RACK Rackable Systems Inc
SGMS Scientific Games Corp
COMPUTER HARDWARE Networking & Communication Dev
EZCH Lanoptics Ltd
JNPR Juniper Networks
COMPUTER SOFTWARE & SERVICES Application Software
ACTU Actuate Corporation
ADBE Adobe Systems Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
BPHX Bluephoenix Solutions Ltd
CNIC Copernic Inc Common Stock
COMPUTER SOFTWARE & SERVICES Healthcare Information Service
QSII Quality Systems Inc
COMPUTER SOFTWARE & SERVICES Information & Delivery Service
DST Dst Systems Inc
FDS Factset Research Systems
COMPUTER SOFTWARE & SERVICES Information Technology Service
ACXM Acxiom Corp
CBR Ciber Inc
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
RLRN Renaissance Learning Inc
COMPUTER SOFTWARE & SERVICES Security Software & Services
DMRC Digimarc Corporation
ENTU Entrust Inc
CONGLOMERATES Conglomerates
FO Fortune Brands Inc
LGL Lynch Corp
CONSUMER DURABLES Appliances
LII Lennox International Inc
CONSUMER DURABLES Business Equipment
HNI Hni Corp
KNL Knoll Inc
CONSUMER DURABLES Electronic Equipment
AOS A O Smith Corporation
DISH Echostar Communications Corp
CONSUMER DURABLES Home Furnishings & Fixtures
LEG Leggett & Platt Inc
CONSUMER DURABLES Housewares & Accessories
LANC Lancaster Colony Corp
CONSUMER DURABLES Photographic Equipment & Suppl
FUJI Fujifilm Hldgs Corp Adr
CONSUMER DURABLES Recreational Goods
FUQI Fuqi International Inc
LKI Lazare Kaplan Internat
CONSUMER DURABLES Toys & Games
JAKK Jakks Pacific Inc
CONSUMER NON-DURABLES Cleaning Products
SCL Stepan Co
CONSUMER NON-DURABLES Office Supplies
CRRC Courier Corp
CONSUMER NON-DURABLES Packaging & Containers
BMS Bemis Co Inc
CGW Cristalerias De Chile
CONSUMER NON-DURABLES Paper & Paper Products
ARA Aracruz Celulose Sa New
IP Internat Paper Co
CONSUMER NON-DURABLES Personal Products
AVP Avon Products Inc
BTH Blyth Inc
CONSUMER NON-DURABLES Rubber & Plastics
CSL Carlisle Companies Inc
FORD Forward Industries Inc
CONSUMER NON-DURABLES Textile - Apparel Clothing
GES Guess? Incorporated
GYMB Gymboree Corp
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
ICON Iconix Brand Group
VLCM Volcom Inc
DIVERSIFIED SERVICES Business/Management Services
AM American Greetings Cp A
CDZI Cadiz Inc
DIVERSIFIED SERVICES Consumer Services
EMS Emergency Medical Services L.P
DIVERSIFIED SERVICES Education & Training Services
ATAI Ata Inc.
CAST ChinaCast Education Corporatio
DIVERSIFIED SERVICES Personal Services
CPY Cpi Corp
CSTR Coinstar Inc
DIVERSIFIED SERVICES Rental & Leasing Services
AER AerCap Holdings
GLS Genesis Lease Limited
DIVERSIFIED SERVICES Research Services
ARWR Arrowhead Research Corp
CVD Covance Inc
DIVERSIFIED SERVICES Security & Protection Services
ID L-1 Identity Solutions Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
CDI Cdi Corp
WSTM Workstream Inc
DIVERSIFIED SERVICES Technical Services
URS Urs Corp
DRUGS Biotechnology
ACAD Acadia Pharmaceuticals
ACOR Acorda Therapeutics Inc
DRUGS Diagnostic Substances
ABAX Abaxis Inc
AKRX Akorn Inc
DRUGS Drug Delivery
ELN Elan Corp Plc
FLML Flamel Technologies Sa
DRUGS Drug Manufacturers - Major
WX Wuxi Pharmatech Cayman Inc
DRUGS Drug Manufacturers - Other
DRRX Durect Corporation
GERN Geron Corporation
DRUGS Drug Related Products
CSKI China Sky One Medical Inc
INB Integrated BioPharma Inc
DRUGS Drugs - Generic
MYL Mylan Laboratories Inc
ELECTRONICS Diversified Electronics
CNLGD Conolog Corporation
DLB Dolby Laboratories Inc
ELECTRONICS Printed Circuit Boards
CLS Celestica Inc
JBL Jabil Circuit Inc
ELECTRONICS Scientific & Technical Instrum
ABMC American Bio Medica Corp
ATE Advantest Corp
ELECTRONICS Semiconductor - Broad Line
ADI Analog Devices Inc
MLNX Mallanoc Technologies Ltd Ord
ELECTRONICS Semiconductor - Integrated Cir
AMCC Applied Micro Circuits
CAMD California Micro Devices
ELECTRONICS Semiconductor - Memory Chips
ISSI Integrated Silicon Sol
ELECTRONICS Semiconductor - Specialized
ARMH ARM Holdings PLC ADS
CRUS Cirrus Logic Inc
ELECTRONICS Semiconductor Equipment & Mate
ASMI Asm Internat N.V.
ASYS Amtech Systems Inc
ENERGY Independent Oil & Gas
APA Apache Corp
APC Anadarko Petroleum Corp
ENERGY Major Integrated Oil & Gas
BP Bp Plc
PTR Petrochina Co Ltd Ads
ENERGY Oil & Gas Drilling & Explorati
KEG Key Energy Services Inc
ME Mariner Energy Inc When Issued
ENERGY Oil & Gas Equipment & Services
BOLT Bolt Technology Corporation
DRQ Dril-Quip Inc
ENERGY Oil & Gas Pipelines
BPL Buckeye Partners (L.P.)
CLNE Clean Energy Fuels Corp
ENERGY Oil & Gas Refining & Marketing
HES Hess Corp
MRO Marathon Oil Group
FINANCIAL SERVICES Asset Management
AB Alliance Bernstein Holding LP
AMG Affiliated Managers Grp
FINANCIAL SERVICES Closed End Fund - Debt
ADRA BLDRS Asia 50 ADR Index Fund E
ADX Adams Express Co
FINANCIAL SERVICES Closed End Fund - Equity
ADRD BLDRS Developed Markets 100 AD
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
APB Asia Pacific Fund Inc
APF Morgan Stan Asia-Pac Fd Inc
FINANCIAL SERVICES Credit Services
AACC Asset Acceptance Capital Corp
ACF Americredit Corp
FINANCIAL SERVICES Diversified Investments
CODI Compass Diversified Trust
DRH Diamondrock Hospitality Co
FINANCIAL SERVICES Investment Brokerage - Nationa
CLMS Calamos Asset Management
COWN Cowen Group Inc
FINANCIAL SERVICES Investment Brokerage - Regiona
ITG Investment Technology
JEF Jefferies Group Inc
FOOD & BEVERAGE Beverages - Brewers
SAM Boston Beer Co
FOOD & BEVERAGE Beverages - Soft Drinks
AKOB Embotereva Cip (france)
CCE Coca-Cola Enterprises
FOOD & BEVERAGE Confectioners
CBY Cadbury Plc
MFW M&F Worldwide Corp
FOOD & BEVERAGE Farm Products
CALM Cal-Maine Foods Inc
FOOD & BEVERAGE Food - Major Diversified
ADM Archer Daniels Midland
KFT Kraft Foods Inc
FOOD & BEVERAGE Meat Products
HOGS Zhongpin Inc
SFD Smithfield Foods Inc
FOOD & BEVERAGE Processed & Packaged Goods
BGS B&G Foods Inc.
DLM Del Monte Foods Co
HEALTH SERVICES Health Care Plans
WCG Wellcare Health Plans Inc
HEALTH SERVICES Home Health Care
AFAM Almost Family Inc
AHCI Allied Healthcare Intl Inc
HEALTH SERVICES Hospitals
TRI Triad Hospitals Inc
UHS Universal Health Svcs B
HEALTH SERVICES Long-Term Care Facilities
BKD Brookdale Senior Living Inc
KND Kindred Healthcare Inc
HEALTH SERVICES Medical Appliances & Equipment
ATSI Ats Medical Inc
EDAP Edap Tms Sa Adr
HEALTH SERVICES Medical Instruments & Supplies
ACL Alcon Inc
ARTL Aristotle Corp
HEALTH SERVICES Medical Laboratories & Researc
BITI Bio-imaging Technologies
DATA Datatrak Internat'l Inc
HEALTH SERVICES Specialized Health Services
CRY Cryolife Inc
Index None
RMZ-X MSCI REIT Index
RUT-X Russell 2000 Index
Index Property Management/Developmen
CBG Cb Richard Ellis Svcs
JLL Jones Lang Lasalle Inc
INSURANCE Accident & Health Insurance
AFL Aflac Inc
AIZ Assurant Inc
INSURANCE Insurance Brokers
CISG Cninsure Inc
INSURANCE Life Insurance
AEG Aegon Nv
ANAT American National Insur
INSURANCE Property & Casualty Insurance
ACGL Arch Capital Group Ltd
AFG American Fncl Grp Hld Co
INSURANCE Surety & Title Insurance
ABK Ambac Financial Group
MTG Mgic Investments Corp
INTERNET Internet Information Providers
CHINA CDC Corp Class A
IGLD Internet Gold-Golden
INTERNET Internet Service Providers
CCOI Cogent Communications Group In
INTERNET Internet Software & Services
ADAT Authentidate Holding Corp
AKAM Akamai Technologies Inc
LEISURE Gaming Activities
DVD Dover Motorsports Inc
GMTC Gametech Internat Inc
LEISURE General Entertainment
CCL Carnival Corp
CUK Carnival Plc
LEISURE Lodging
OEH Orient-Express Hotels
LEISURE Resorts & Casinos
CNTY Century Casinos Inc
ISLE Isle Of Capris Casinos
LEISURE Restaurants
BKC Burger King Holdings Inc
DIN Dineequity Inc
LEISURE Specialty Eateries
THI Tim Hortons Inc
LEISURE Sporting Activities
LTM Life Time Fitness
MANUFACTURING Diversified Machinery
AIXG Aixtron Aktiengesellschaft Ads
ALY Allis-Chalmers Energy Inc
MANUFACTURING Farm & Construction Machinery
AG Agco Corp
CNH Cnh Global Nv
MANUFACTURING Industrial Electrical Equipmen
ABB Abb Ltd
BEZ Baldor Electric Co
MANUFACTURING Industrial Equipment & Compone
[bleeep] [bleeep] Inc
MWA Mueller Water Products Inc
MANUFACTURING Machine Tools & Accessories
KDN Kaydon Corp
KMT Kennametal Inc
MANUFACTURING Metal Fabrication
GHM Graham Corp
X U.s. Steel Corp
MANUFACTURING Pollution & Treatment Controls
MFRI Mfri Inc
PURE Pure Bioscience
MANUFACTURING Small Tools & Accessories
AERO Aero Grow Intl Inc
MKTAY Makita Corp Spons Adr
MATERIALS & CONSTRUCTION General Building Materials
ACO Amcol International Corp
AMN Ameron Internat Corp
MATERIALS & CONSTRUCTION General Contractors
PWR Quanta Services Inc
MATERIALS & CONSTRUCTION Heavy Construction
ICA Empresas Ica Sociedad
LAYN Layne Christensen Co
MATERIALS & CONSTRUCTION None
MG631 Residential Construction
MATERIALS & CONSTRUCTION Residential Construction
HOV Hovnanian Enterprises A
ITB iShrares DJ US Home Construct
MATERIALS & CONSTRUCTION Waste Management
HCCI Heritage-Crystal Clean` Inc
MEDIA Advertising Services
IPG Interpublic Gr Of Cos
MWW Monster Worldwide Inc
MEDIA Broadcasting - Radio
BBGI Beasley Broadcast Grp A
CCU Clear Channel Comm Inc
MEDIA Broadcasting - TV
CBS.A CBS Corp Class A
CETV Central European Media
MEDIA CATV Systems
ASCMA Ascent Media Corp
BSY British Sky Broadcstg Gp
MEDIA Entertainment - Diversified
GET Gaylord Entertainment Co
NWS News Corp Inc
MEDIA Marketing Services
NCMI National Cinemedia Inc
MEDIA Movie Production
CNK Cinemark Holdings Inc
MVL Marvel Enterprises Inc
MEDIA Publishing - Books
JWA John Wiley & Sons Cl A
JWB John Wiley & Sons Cl B
MEDIA Publishing - Periodicals/News
DM Dolan Media Company
LEE Lee Enterprises Inc
METALS & MINING Aluminum
MXM Maxxam Inc
METALS & MINING Gold
GLG Glamis Gold Ltd
NAK Northern Dynasty Minerals Ltd
METALS & MINING Industrial Metals & Minerals
ALTI Altair Nanotechnologies Inc
BHP BHP Billiton Ltd
METALS & MINING Nonmetallic Mineral Mining
ARLP Alliance Rsrce Partners
POT Potash Cp Saskatchewan
METALS & MINING Steel & Iron
ATI Allegheny Technologies
FRD Friedman Industries Inc
REAL ESTATE Closed End Fund - Equity
IYR IShares Dj Us Real Estate Sec
RWR Sttracks Wilshire Reit
REAL ESTATE Mortgage Investment
HCM Hanover Capital Mtg Hldg
NLY Annaly Mortgage Mngt Inc
REAL ESTATE None
MG440 Real Estate Sector
MG441 REIT - Diversified/Industrial
REAL ESTATE Property Management/Developmen
BPO Brookfield Properties
BXG Bluegreen Corp
REAL ESTATE REIT - Diversified/Industrial
AMB Amb Property Corp
BRE Bre Properties Inc Cl A
REAL ESTATE REIT - Healthcare Facilities
HCN Health Care Reit Inc
HCP Health Care Prop Inv Inc
REAL ESTATE REIT - Hotel/Motel
HPT Hospitality Prop Trust
HST Host Hotels & Resorts
REAL ESTATE REIT - Office
BXP Boston Properties Inc
CLI Mack Cali Realty Corp
REAL ESTATE REIT - Residential
ACC American Campus Communities
AEC Associated Estates Realty
REAL ESTATE REIT - Retail
ADC Agree Realty Corp
EQY Equity One Inc
RETAIL Auto Parts Stores
PRTS U.S. Auto Parts Network
RETAIL Catalog & Mail Order Houses
LINTA Liberty Media Interactive Clas
PCCC Pc Connection Inc
RETAIL Department Stores
M Macy's Inc
SKS Saks Holdings Inc
RETAIL Discount
CM Coles Myer Ltd
TJX Tjx Companies Inc
RETAIL Drug Stores
CVS Cvs Corp
OCR Omnicare Inc
RETAIL Electronics Stores
CONN Conn's Inc
RETAIL Grocery Stores
CBD Companhia Brasiliera De
SWY Safeway Inc
RETAIL Home Furnishing Stores
DWRI Design Within Reach Inc
SPECIALTY RETAIL Apparel Stores
AEO American Eagle Outfitter
CTRN Citi Trends Inc
SPECIALTY RETAIL Auto Dealerships
ABG Asbury Automotive
LAD Lithia Motors Inc Cl A
SPECIALTY RETAIL Jewelry Stores
NILE Blue Nile
TIF Tiffany & Co
SPECIALTY RETAIL Specialty Retail
MED Medifast Inc
NRGP Inergy Holdings LP
SPECIALTY RETAIL Sporting Goods Stores
DOVR Dover Saddlery Inc
HIBB Hibbett Sporting Goods
SPECIALTY RETAIL Toy & Hobby Stores
BBW Build-a-bear Workshop
TELECOMMUNICATIONS Communication Equipment
ACTG Acacia Research Acacia Tech
CHIP Verichip Corporation
TELECOMMUNICATIONS Diversified Communication Serv
CCI Crown Castle Intl Corp
MDLK Medialink Worldwide Inc
TELECOMMUNICATIONS Long Distance Carriers
GTE GlobeTel Communications Corp
TELECOMMUNICATIONS Processing Systems & Products
RVSN Radvision Ltd.
VII Vicon Industries Inc
TELECOMMUNICATIONS Telecom Services - Domestic
EQIX Equinix Inc
IWA Iowa Telecom Services
TELECOMMUNICATIONS Telecom Services - Foreign
BRP Brasil Telecom Partic Sa
BT British Telecommun Plc
TELECOMMUNICATIONS Wireless Communications
AMX America Movil
DCM Ntt De Co Mo Adr
TRANSPORTATION Air Delivery & Freight Service
CHRW C.H. Robinson Worldwide
HUBG Hub Group Inc
TRANSPORTATION Air Services
BRS Bristow Group Inc
OMAB Grupo Aeroportuario Del Centro
TRANSPORTATION Major Airlines
CEA China Eastern Airlines
TRANSPORTATION Railroads
ARII American Railroad Industries I
CP Canadian Pacific Ltd
TRANSPORTATION Regional Airlines
CPA Copa Holdings S.A.
TRANSPORTATION Shipping
BHO B&H Ocean Carriers Ltd
CKH Seacor Holdings Inc
TRANSPORTATION Trucking
JBHT JB Hunt Transport Services
LSTR Landstar System Inc
UTILITIES Diversified Utilities
WPS Wps Resources Corp
UTILITIES Electric Utilities
NRG Nrg Energy Inc
OPTT Ocean Power Tech Inc
UTILITIES Foreign Utilities
CPL Cpfl Energia Sa
ENI Enersis Sa Ads
UTILITIES Water Utilities
SJW Sjw Corp
WHOLESALE Computers Wholesale
MTMC Mtm Technologies Inc
TECD Tech Data Corp
WHOLESALE Drugs Wholesale
NUS Nu Skin Enterprises
WHOLESALE Electronics Wholesale
VOXX Audiovox Corp
WCC Wesco International Inc
WHOLESALE Food Wholesale
DPZ Dominos Pizza Inc
SVU Supervalu Inc
WHOLESALE Industrial Equipment Wholesale
AIT Applied Industrial Tech
CHNR ChinaNatural Resources
WHOLESALE Medical Equipment Wholesale
CHDX Chindex International Inc
HSIC Henry Schein Inc
WHOLESALE Wholesale
ANDE Andersons Inc (The)
ATN Action Performance Cos
XXX CANADIAN STOCKS XXX Canadian Stocks
BMO.UN BANK OF MONTREAL
BNP.UN BONAVISTA ENERGY TRUST
---------------------------------------------
NEGATIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
HSR Hi-Shear Technology Corp
KRSL Kreisler Manufacturing
AUTOMOTIVE Auto Parts
STRT Strattec Security Cp
BANKING Regional - Mid-Atlantic Banks
SMMF Summit Financial Group
SUFB Suffolkfirst Bank
BANKING Regional - Midwest Banks
MCBF Monarch Community Bancorp Inc
BANKING Regional - Northeast Banks
ASRV Ameriserv Finl Inc Cap Tr I
CMSB Commonwealth Bancorp
BANKING Regional - Pacific Banks
CVCY Central Valley Comm Bancorp
BANKING Regional - Southeast Banks
EVBS Easternnklin Bank N.a.
BANKING Savings & Loans
CHEV Cheviot Financial Corp
FBSI First Bancshares Inc Mo
CHEMICALS Specialty Chemicals
BIOF Biofuel Energy Corp
WDFC Wd-40 Co
COMPUTER HARDWARE Computer Based Systems
CCUR Concurrent Computer Corp
COMPUTER HARDWARE Computer Peripherals
RSYS Radisys Corporation
COMPUTER HARDWARE Data Storage Devices
DRAM Dataram Corp
COMPUTER SOFTWARE & SERVICES Application Software
RTLX Retalix Ltd
COMPUTER SOFTWARE & SERVICES Business Software & Services
NVTL Novatel Wireless Inc
SDS Sungard Data Systems Inc
COMPUTER SOFTWARE & SERVICES Information & Delivery Service
ANSW Answers Corp
ENT Equant Nv
COMPUTER SOFTWARE & SERVICES Technical & System Software
CIMT Cimatron Ltd
SNX Synnex Corp
CONSUMER DURABLES Business Equipment
FEP Franklin Electronic Publ
CONSUMER DURABLES Electronic Equipment
ICOP ICOP Digital Inc
CONSUMER DURABLES Home Furnishings & Fixtures
CRC Chromcraft Revington Inc
CONSUMER DURABLES Recreational Goods
MOV Movado Group Inc
CONSUMER DURABLES Sporting Goods
HED Head Nv
CONSUMER DURABLES Toys & Games
HAS Hasbro Inc
CONSUMER NON-DURABLES Office Supplies
SR Standard Register The
CONSUMER NON-DURABLES Rubber & Plastics
ENTG Entegris Inc
SHLM A.Schulman Inc
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
TLF Leather Factory Inc
DIVERSIFIED SERVICES Business/Management Services
AGL Angelica Corp
NTRI NutriSystem Inc
DIVERSIFIED SERVICES Consumer Services
CWZ Cable&Wireless Communic Ads
STAN Standard Parking
DIVERSIFIED SERVICES Education & Training Services
LTRE Learning Tree Internat
REVU Princeton Review
DIVERSIFIED SERVICES Personal Services
ULTA Ulta Salon` Cosmetics & Fragra
DIVERSIFIED SERVICES Research Services
LSR Life Sciences Research Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
SRT Startek Inc
DIVERSIFIED SERVICES Technical Services
WLDN Willdan Group
DRUGS Biotechnology
ALSE Alseres Pharmaceuticals Inc
HSKA Heska Corp
DRUGS Diagnostic Substances
NYMX Nymox Pharmaceutical Cp
RGDX Response Genetics I
DRUGS Drug Manufacturers - Other
TPI Tianyin Pharmaceutical Co
ELECTRONICS Diversified Electronics
CTS Cts Corp
IVAC Intevac Inc
ELECTRONICS Printed Circuit Boards
SMTX Smtc Corporation
ELECTRONICS Scientific & Technical Instrum
BRKR Bruker Biosciences Corp
ELECTRONICS Semiconductor - Broad Line
OPXT Opnext Inc
ELECTRONICS Semiconductor - Integrated Cir
ANAD Anadigics Inc
POWI Power Integrations Inc
ELECTRONICS Semiconductor - Specialized
CEVA Ceva Inc
OTIV On Track Innovations Ltd
ENERGY Independent Oil & Gas
DBLE Double Eagle Petroleum
EPM Evolution Petroleum Corp
ENERGY Oil & Gas Drilling & Explorati
GLRP Glen Rose Petroleum Corp
FINANCIAL SERVICES Closed End Fund - Debt
ASP Amer Strion Stocks Inc
BCL Blackrock California Municipal
FINANCIAL SERVICES Closed End Fund - Equity
AOD Alpine Total Dtnamic Div Fd
DOG ProShares Short Dow30 ETF
FINANCIAL SERVICES Credit Services
ECPG Encore Capital Group
GCA Global Cash Access Holdings In
FINANCIAL SERVICES Diversified Investments
AXG Atlas Acquistion Hldg Corp
BTE Baytex Energy Inc
FINANCIAL SERVICES Investment Brokerage - Regiona
KENT Kent Financial Services
FOOD & BEVERAGE Dairy Products
LWAY Lifeway Foods Inc
FOOD & BEVERAGE Farm Products
CRESY Cresud S.A.C.I.P.Y.A Adr
CVGW Calavo Growers Inc
HEALTH SERVICES Medical Appliances & Equipment
BSMD Biosphere Medical Inc
CHIO China Insonline Corp
HEALTH SERVICES Medical Instruments & Supplies
SENO Senorx` Inc
UPI Uroplasty Inc
HEALTH SERVICES Medical Practitioners
HGRD Health Grades Inc
HEALTH SERVICES Specialized Health Services
QGP Quantum Group Inc
INSURANCE Insurance Brokers
CRD.A Crawford & Co A
INSURANCE Property & Casualty Insurance
FSR Flagstone Reinsurance Hldgs
NYM Nymagic Inc
INSURANCE Surety & Title Insurance
ITIC Investors Title Co
INTERNET Internet Software & Services
KEYN Keynote Systems Inc
LEISURE Gaming Activities
NCTY The9 Limited
LEISURE Lodging
HMIN Home Inns and Hotels Managemen
MCS Marcus Corporation
LEISURE Restaurants
STAR Lone Star Steakhouse Sal
MANUFACTURING Diversified Machinery
FLDR Flanders Corporation
MANUFACTURING Industrial Electrical Equipmen
ARTX Arotech Corp
FTEK Fuel Tech N.V.
MATERIALS & CONSTRUCTION General Building Materials
IPII Imperial Industries Inc
MATERIALS & CONSTRUCTION Lumber
AMWD American Woodmark Corp
MATERIALS & CONSTRUCTION Residential Construction
AXR Amrep Corp
MATERIALS & CONSTRUCTION Waste Management
SRCL Stericycle Inc
WSII Waste Services Inc
MEDIA Advertising Services
OMC Omnicom Group Inc
MEDIA Broadcasting - TV
TZA Tv Azteca Sa De Cv Ads
METALS & MINING Gold
AGT Apollo Gold Corp
METALS & MINING Industrial Metals & Minerals
TC Thompson Creek Metals Company
None None
CMM Criimi Mae(new)
REAL ESTATE Mortgage Investment
VRTA Vestin Realty Mortgage I Inc
REAL ESTATE Property Management/Developmen
NEN New England Realty Assoc
SCC Security Capital Corp A
RETAIL Auto Parts Stores
MDS Midas Inc
RETAIL Discount
FRED Fred's Inc
SPECIALTY RETAIL Specialty Retail
CLCT Collectors Universe Inc
PETM Petsmart Inc
TELECOMMUNICATIONS Communication Equipment
ATGN Altigen Communications
CAMP Calamp Corp
TELECOMMUNICATIONS Diversified Communication Serv
PCTI Pc-Tel Incorporated
TELECOMMUNICATIONS Processing Systems & Products
SNR Sunair Electronics Inc
TELECOMMUNICATIONS Telecom Services - Domestic
HTCO Hickory Tech Corp
TELECOMMUNICATIONS Telecom Services - Foreign
TFONY Telefonos De Mexico Sa A
TELECOMMUNICATIONS Wireless Communications
AIRV Airvana Inc
TRANSPORTATION Air Delivery & Freight Service
AIRT Air T Inc
UTIW Uti Worldwide Inc
TRANSPORTATION Trucking
FWRD Forward Air Corporation
UTILITIES Diversified Utilities
AVA Avista Corp
UTILITIES Electric Utilities
IDA Idacorp Inc Holding Co
UTILITIES Gas Utilities
ATO Atmos Energy Corp
DGAS Delta Natural Gas Co Inc
UTILITIES Water Utilities
PNNW Pennichuck Corporation
WHOLESALE Auto Parts Wholesale
CRV Coast Distribution Systs
WHOLESALE Medical Equipment Wholesale
PDEX Pro-Dex Inc Co
WHOLESALE Wholesale
AE Adams Resources & Energy
NRGY Inergy L.P.
XXX CANADIAN STOCKS XXX Canadian Stocks
HXD HORIZONS BETAPRO S&P
JIN JINSHAN GOLD MINES IN
---------------------------------------------
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