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#1 TTHQ Staff

TTHQ Staff

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Posted 30 March 2009 - 07:51 AM

TheVRTrader.com VR Silver Newsletter - Monday 3/30/2009
"Tools for the High Performance Trader"
Copyright ©2009, All rights reserved.
Redistribution in any form is strictly prohibited.
LEIBOVIT FILES | by MarkLeibovit
Leibovit Files
Monday, March 30, 2009


The WSJ writes: "The Bears Are Wary As Bull Returns" -

The VR Gold special offer to CURRENT subscribers will end in April.The full retail price is $1500 per year, so please take advantage ofthe discounted price now. Platinum subscribers are being charged onlyan additional $20 per month, while for Silver subscribers the price isonly an additional $70.00 per month. The VR Gold Letter is publishedWEEKLY. If you're interested, please call or email us right away. Tel:928-282-1275. Email: mark.vrtrader@gmail.com.
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
March 30 - April 3, 2009:
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MONDAY, March 30:

3-Month Bill Auction 1:00 PM ET

6-Month Bill Auction 1:00 PM ET
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TUESDAY, March 31:

Turnaround Tuesday?

End of the month/quarter window dressing?

ICSC-Goldman Store Sales 7:45 AM ET

Redbook 8:55 AM ET

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

NAPM-Chicago 9:45 AM ET

Consumer Confidence 10:00 AM ET

Philadelphia Federal Reserve Bank President Charles Plosser deliversspeech on regulatory reform to the University of Chicago Booth Schoolof Business. Audience and media Q&A expected.
1:00 PM ET

4-Week Bill Auction 1:00 PM ET
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WEDENSDAY, April 1:

Motor Vehicle Sales

MBA Purchase Applications 7:00 AM ET

Challenger Job-Cut Report 7:30 AM ET

ADP Employment Report 8:15 AM ET

ISM Mfg Index 10:00 AM ET

Construction Spending 10:00 AM ET

Pending Home Sales Index 10:00 AM ET

EIA Petroleum Status Report 10:30 AM ET
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THURSDAY, April 2:

Monster Employment Index

Jobless Claims 8:30 AM ET

Factory Orders 10:00 AM ET

EIA Natural Gas Report 10:30 AM ET

3-Month Bill Announcement 11:00 AM ET
 
6-Month Bill Announcement 11:00 AM ET

52-Week Bill Announcement 11:00 AM ET

10-Yr TIPS Announcement 11:00 AM ET

Money Supply 4:30 PM ET
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FRIDAY, April 3:

Employment Situation 8:30 AM ET

ISM Non-Mfg Index 10:00 AM ET

Federal Reserve Chairman Ben Bernanke delivers closing keynote addressto Richmond Fed Bank's 2009 Credit Markets Symposium in Charlotte, NC.12:00 PM ET
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STOCKS - ACTION alert -

Stocks pulled back Friday as traders locked in profits after the recentrun up. The market got hit by some disappointing economic reports andearnings warnings. For the session, the Dow was off 148.38 at 7776.18,the S&P 500 was off 16.92 at 815.94, and the Nasdaq Composite wasoff 41.80 at 1545.20. Volume decreased from Thursday and breadth wasweak. As you know, the market has just experienced its biggest fastestrally in 70 years, so a pullback is likely.

For the week, the Dow was up 6.84%, the S&P 500 was up 6.17%, andthe Nasdaq Composite was up 6.03%.

Friday's decline was broad with all nine market sectors declining andno real standouts. The best performing sector was Consumer Staples(XLP) down 0.96% while the worst was Financials (XLF) down 3.08%. TheDow Transports also fell 3.08%.

Financials were up 12.3% for the week, even after Friday's decline onpronounced weakness in bank stocks after JPMorgan Chase's Jamie Dimonsaid that March has been tougher than prior months.

The Dow Transports and the IYT Exchange Traded Fund finally stucktheir nose above the 50 day moving average which was a bit resassuring,especially as they also managed to also rally back to their previouslows of 2868 in the TRAN and 51.20 in the IYT, but overall the DowTransports have failed to provide the strong upside leadership we'vebecome accustom to in previous bull markets. In the current cycle, theNasdaq Composite and the Nasdaq 100 have filled those shoes. As youknow, I view the Transports as the leading index, so we need to seefurther upside confirmation as compared to the other major indexes. Itonly makes sense. If shipping and transportation companies business isincreasing, we can see an improving economy emerging from the 'grassroots' level.

The pessimism present in Friday's session was somewhat muted due to thedecrease in volume. We will not fall in love with the upside, becausethis rally will more than likely end badly. However, the technicalsigns so far say that there is probably more upside to come after amuch needed pullback. If selling accelerates, we will revise our nearterm outlook.

We are currently neutral in our trading positions but remain on anoverall (TIMER DIGEST) 'Buy' Signal. I am currently looking for apullback in the S&P 500 to somewhere between 730 and 780. If 730doesn't hold, folks, we're headed to new lows with potential to 500 orlower! If we do hold this range, I am hoping to see a push closer to900 in the S&P 500 before this rally fizzles and we fall intooblivion. But, the real question is whether oblivion is closer than wethink? I certainly hope not, but we have to be diligent. Problems canarise from surprise sources whether they be economic or geo-political(or even geocosmic).

In "Bears Are Wary as Bull Returns," The Wall Street Journal discussedthe pros and cons of the current market rally. The mere fact thatheadline appeared confirms that we're hitting a trading top or evenperhaps a larger top. Regardless, you know that VRtrader was the FIRSTon the 'Street' to flash a 'Buy' signal back on March 4, just two daysbefore the market rally began.
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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. How far a decline will go(should it unfold) is simply a matter of whipping out your calculatorand applying the genius of Fibonacci. The rally from the 680 low inNovember '08 to the 1007 high (all spot prices) transvered 327 points.A .382 retracement, a .618 retracement and a .786 retracement equateto: 882, 805, and 743, respectively. I am not saying with certainty anyor all of these downside corrective targets will be reached. In fact itis equally likely Gold could turn on a dime and suddenly explode to newrecord highs - an important reason to keep a solid core position -primarily in the physical metal.

The United States has the largest gold supply in the world,estimated to about 261 million ounces. I have gone out on the limb inthe absolute belief the United States will return to the Gold standardwhich was abandoned back in 1971 by then President, Richard M. Nixon.Think about it. If the United States allows the Gold price to rise (ordrives it higher) and then pegs the US Dollar to an inflated Goldprice, a great deal is accomplished. The ever-growing United Statesdebt now has collateral. The national debt would now be on its way tobeing balanced. If the national debt is 10 trillion dollars and Gold istrading at $10,000 an ounce, the United States now has 2.6 trilliondollars in Gold or roughly a 25% backing. My belief is that the size ofthe United States Gold reserve is much greater than reported and whatthe United States doesn't have it can easily confiscate either bydemanding redemption of Gold from private holdings, or by creating anew North American c urrency (the rumored 'Amero') which would theninclude very valuable mineral resources of Canada and Mexico. Thoughthe latter event currently appears very unlikely, the former couldeasily occur.

A run on Gold and Gold assets was one of the triggers that helpedgrow our fledgling nation. Recall, the California Gold Rush of the1840s and the resulting migration and expansion of the United Statestoward the Pacific Ocean. We're headed for another Gold rush! This isnot the 1840s, but Gold could (and will, in my opinion) become the nextdriving force, the next 'bubble' so to speak. It will become theinternet shares of the new millenium. Just as US home prices soared tentimes in value, just as internet stocks soared ten and in someinstances 100 times in value, and just as the Dow Industrials soaredrising from the 1982 to 2000 over ten times in value, i.e., from 1000to 10,000, Gold, my friends is next! Recall, the Dow Industrials tradedbetween 800 and 1000 for many years (1966 to 1982) with 1000 being asupposed 'insurmountable' barrier. When we finally cleared 1000, wewere off to the races and 1000 became the floor! Think of Gold in thesame terms. Once it blasts through, there is no stopping it. Buy yourticket for the Gold Express and sit back and enjoy the wild ride ahead!

Precious metals fell on Friday in the face of a stronger dollar, whichmakes precious metals less attractive in dollar terms. Gold fell 11.10to 923.10, silver dropped 0.18 to 13.34, and platinum lost 18 to 1124.Copper fell 0.0190 to 1.8360 but managed to hit a new recovery high of1.8970 Friday morning.

While the precious metals have traded sideways recently, I considerthis to be quite bullish. For months, gold has been the "flight tosafety" trade. When the stock market crashed, gold rallied. But whenstocks rebounded, gold sunk. In the last few weeks, we have seen thestock market (S&P 500) rally yet gold has held steady during thattime. While the reverse of the "flight to safety" should have drivendown gold and the other precious metals, the increasing fear ofinflation is supporting them. As a note of caution, if gold penetratesand closes below $890 /oz, an extended correction to $850 or even $800is likely, but a breakout above $970 opens up potential to see newall-time highs (above $1033).

The recent pullback in the US Dollar Index from a widely acclaimed'double-top' may have also aided recent strength. However, should theUS Dollar Index rally, as we saw on Friday, and/or investors become'twitterpated' with the stock market's upside, selling could come intoprecious metals and a correction could be well underway. Frankly, Iremain positive on the US Dollar and only time will tell whether Goldwill buck the trend or trade inversely lower.

Regardless whether gold is moving up or down, GLD is seeing strongdemand. In exchange-traded funds, holdings in SPDR Gold Shares, thebiggest gold ETF, remained at the record high of 1,124.99 tons onThursday, unchanged for a third session, according to latest data fromthe fund. We continue to see solid demand for the GLD, regardless ofwhether the spot price is rising or falling. Underlying demand isobviously very strong. My concern, however, is just how accurate thosereports are, whether there is truly gold backing that fund at all. Iwant to see it! Also, remember, owning GLD exposes you to'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 physical gold and, if not, then CEF - the Central Fundof Canada which does have the same 'counter-party' risk.

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 1.8970 on March 27, 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. Copper stockpiling by a secretive Chinese stateorganization has helped trigger an impressive 35% for the red-metalthis year.

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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 started with gains on Friday as stocks fell and a decline inconsumer spending and low consumer sentiment levels had traders worriedabout the economy. But Treasuries reversed direction after the he Fedbought $7.5 billion in notes maturing in two and three years. The longbond future ended the day down 2/64 to 128 35/64, but had been up asmuch as 56/64 in the morning and then down as much as 39/64 in theafternoon before settling back near the unchanged level.

As I've mentioned before, Fed buying will result in temporary spikeshigher. For example, we rallied Friday morning on anticipation of Fedbuying, but then fell after the Fed finished their purchases. I repeat:You should be a seller on rallies. While the Fed said it will buy $300billion worth of Treasury bonds, that number is dwarfed by the $2.7trillion and $4.2 trillion in bonds the Treasury expects to issue overthe next two years.

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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 traded with the stock market again on Friday, falling as a resultof the weak economic report and stronger dollar. Crude oil settled down1.96 to 52.38.

On Friday, we closed out our long ETF position in Crude Oil for a niceprofit. As with the stock market, we are seeing a correction here aftera strong rally. We will be looking to buy back at lower levels. I amlooking for retracement back anywhere from $44 to $49.

Ecuador's energy minister said his country will reduce its crude outputby 8% next month to meet reduced quotas set by the OPEC oil cartel. Themove will reduce Ecuador's production to 460,000 barrels a day, downfrom 500,000 currently, according to the report. Also, Venezuela's oilminister said that the Organization of Petroleum Exporting Countriescould further cut crude output when it meets on May 28 in Vienna,according to an AP report.

In the past month, oil has rallied more than $10. We haven't seen anyhuge spectacular days, but it has slowly but surely been working itsway higher. That's very bullish, telling us that the market is beingpushed up by demand that outstrips supply. When oil jumps aroundwildly, that's obviously a speculative market that is being driven byemotions. This move appears to be based more on fundamentals than theusual geo-politically driven emotions.

I write above that oil is following the stock market higher and that istrue. However, oil hit bottom and started rallying in mid-February,whereas the stock market started to rally in early March. Oil may havebecome a leading indicator for the stock market, similar to theTransportation index.

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US DOLLAR - ACTION alert -

The US Dollar Index jumped through resistance at the 84 level, takingus straight to the 85 level. The US Dollar Index gained 0.946 to85.111.

We continue to hold our long position in the US Dollar Index with amodest gain. With the breakout from the recent 83-84 range, the USDollar Index could very well retest the February high near 90. With anexpected pullback in the stock market, we could see a quick flight tosafety rally. Watch the 83 level for support.

A budget warning from Germany's finance minister is pressuring theEuro. German Finance Minister Peer Steinbrueck warned that the eurocould suffer if members of the single-currency area fail to respect theEuropean Union's stability and growth pact. The agreement requiresgovernments to keep budget deficits below 3% of gross domestic productexcept in extreme circumstances.

Meanwhile, the British pound extended losses after the Office forNational Statistics said the national recession deepened even more thanpreviously thought in the fourth quarter of 2008. The ONS revised downGDP figures to show a 1.6% quarterly contraction in gross domesticproduct in the final three months of the year, the steepest fall since1980. GDP was previously estimated to have contracted by 1.5%.

The Yen also fell after Japan's core consumer prices were flat for asecond straight month in February, official data showed Friday.

Confirmation of a move into the 90s would come on a breakout above89.624. We've seen this kind of volatility before yet the marketrecovered. On November 21, 2008 the US Dollar Index topped out at88.463 and quickly declined to 77.688 on November 19 - nearly an 1100basis point correction. The current correction has transversed only 700basis points. In other words, it may only be a shakeout and not a signof an ultimately collapse as the bears talk about. A point ofinformation! We touched the rising 200 day moving average on Thursday,so if we break through it all upside bets are off.

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URANIUM - ACTION alert

Ux U3O8 Prices* (Uranium)
March 23, 2009 Posting
Spot: $42.50 UNCHANGED. 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.

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In the news:

U.S. consumers retreated in February after splurging in January asincome growth stalled, the Commerce Department reported. Real consumerspending, representing outlays adjusted for inflation, fell 0.2% lastmonth, a reversal after rising by a three-year high of 0.7% in January.

Consumer sentiment rose in late March to 57.3 from 56.3 in February,according to a survey released by the University of Michigan andReuters. Despite the index's gain, it remains near record low levels asmounting job losses and depleted investments weigh down consumers.Analysts were looking for a final March reading of 57.2. A readingearlier in the month estimated sentiment at 56.6.

Accenture said that fiscal second-quarter net income came in at $411million, up 1% from a year earlier when the consulting and out-sourcingfirm made $407 million. Net income per share, which includes minorityinterests in some Accenture businesses, came in at 63 cents versus 64cents a year earlier. Net revenues were $5.27 billion, down 6% in U.S.dollars and up 3% in local currency over the second quarter last year,Accenture said. Operating income grew 6% to $677 million, while theoperating margin grew 150 basis points to 12.9%. Accenture cut itsfiscal full-year forecasts for new bookings, net revenue growth,diluted earnings per share and cash flow because of the economicdownturn. ACN fell 13.5%.

Homebuilder KB Home said its fiscal first quarter loss shrank to $58.1million, or 75 cents a share, from a loss of $268.2 million, or $3.47 ashare last year. Revenue fell to $307.3 million from $794.2 million,the firm said. Analysts were expecting a loss, excluding items, of 81cents a share and revenue of $348 million. President and ChiefExecutive Jeffrey Mezger said the builder sees "no meaningfulimprovement in market conditions for the remainder of this year." KBHrose 6.3%.

General Motors isn't likely to reach a government-set March 31restructuring deadline in order to receive more taxpayer help, butPresident Barack Obama's auto-industry task force looks willing toextend the deadline by 30 days. GM is facing a stalemate with itsbondholders over receiving deeper concessions. Under terms of itsgovernment loans, GM is expected to cut its unsecured debt bytwo-thirds by offering a debt-for-equity exchange. The company is alsohaving trouble restructuring employee benefit plans with its workerunion. GM rallied 6.2%.

CityCenter, MGM Mirage's troubled Las Vegas joint-venture developmentwith Dubai World, has hired law firm Dewey & LeBoeuf to get readyfor a possible bankruptcy filing. MGM Mirage and Dubai World are notlikely to make a $220 million debt payment due Friday and a bankruptcyfiling could come within days. MGM lost 7.8%.

British lender Barclays said that its capital position would likelyremain within the parameters of U.K. requirements even accounting forfurther economic weakness. The bank said the U.K. Financial ServicesAuthority has applied a "detailed stress test" to both its balancesheet and its profit-and-loss account to gauge its resilience todeterioration in credit markets and the economy. BCS surged 21.4%. Thestock has more tripled in the last three weeks and is now roughly flatsince the start of the year. However, it is still down nearly 80% froma peak in early 2007.

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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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Canadian TSE and TSE Venture Commentary for our Canadian Clientsupdated for Monday, March 30:

[Reserved for Subscribers]
--------------------------------------------
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 alsonamed the #1 Gold Timer for the one-year period ending 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 - 3/27/09


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POSITIVE VRs

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XXX CANADIAN STOCKS XXX Canadian Stocks

GWO GREAT-WEST LIFECO INC
HOD HORIZONS BETAPRO NYME

AUTOMOTIVE Auto Parts

TKS Tomkins Plc Adr

BANKING Money Center Banks

COOP Cooperative Bankshares

BANKING Regional - Mid-Atlantic Banks

BOFL Bancshares Of Florida Inc
CBAN Colony Bankcorp Inc

BANKING Regional - Midwest Banks

FBIZ First Business Financial Servi

BANKING Regional - Northeast Banks

HBNK Highland Bancorp
HWBK Hawthorn Bancshares Inc

BANKING Regional - Pacific Banks

FCZA First Citizens Banc Corp
PMBC Pacific Mercantile Bncrp

BANKING Regional - Southwest Banks

BOKF Bok Financial Corp

BANKING Savings & Loans

ASBI Ameriana Bancorp
BFED Beacon Federal Bancorp

CHEMICALS Specialty Chemicals

FSI Flexible Solutions Inc

CHEMICALS Synthetics

APPA Ap Pharma Inc

COMPUTER HARDWARE Computer Peripherals

ALOT Astro-Med Inc
ICAD Icad Inc

COMPUTER HARDWARE Data Storage Devices

QTM Quantum Corp-Dlt & Strg

COMPUTER SOFTWARE & SERVICES Application Software

ATEA Astea International Inc
SOFO Sonic Foundry Inc

COMPUTER SOFTWARE & SERVICES Business Software & Services

FALC Falconstor Software Inc

COMPUTER SOFTWARE & SERVICES Information & Delivery Service

ANSW Answers Corp

CONSUMER DURABLES Business Equipment

OPMR Optimal Group Inc Cl 'a'

CONSUMER DURABLES Toys & Games

FNET FortuNet

CONSUMER NON-DURABLES Personal Products

ASB Ascendia Brands Inc

CONSUMER NON-DURABLES Rubber & Plastics

AEPI Aep Industries Inc

CONSUMER NON-DURABLES Textile - Apparel Clothing

SGC Superior Uniform Group

DIVERSIFIED SERVICES Business/Management Services

PFWD Phase Forward Inc.
RENT Rentrak Corp

DIVERSIFIED SERVICES Consumer Services

DCU Dryclean Usa

DIVERSIFIED SERVICES Research Services

BASI Bioanalytical Systms Inc

DIVERSIFIED SERVICES Staffing & Outsourcing Service

JOBS 51job Inc Ads

DRUGS Biotechnology

ATHX Athersys Inc
DSCO Discovery Labs Inc

DRUGS Diagnostic Substances

TPTX Torreypines Therapeutics Inc

DRUGS Drug Manufacturers - Other

ARNA Arena Pharmaceuticals

DRUGS Drug Related Products

USNA Usana Health Science Inc

DRUGS Drugs - Generic

HLCS Helicos Biosciences
SRLS Seracare Life Sciences

ELECTRONICS Diversified Electronics

ENA Enova Systems Inc
IVAC Intevac Inc

ELECTRONICS Scientific & Technical Instrum

AMOT Allied Motion Tech Inc
CLRT Clarient Inc

ELECTRONICS Semiconductor - Broad Line

CHRT Chartered Semiconductor
SPRD Spreadtrum Communications Ads

ENERGY Independent Oil & Gas

SYNM Syntroleum Corporation

ENERGY Oil & Gas Drilling & Explorati

KEG Key Energy Services Inc
QRCP Quest Resource Corp

ENERGY Oil & Gas Equipment & Services

PRB PRB Gas Transportation

FINANCIAL SERVICES Closed End Fund - Debt

EIA Eaton Vance Insured Ca Muni Ii
IF Indonesia Fund

FINANCIAL SERVICES Closed End Fund - Equity

AGG iShares Lehman Aggregate Bond
BOM PowerShares DB Base Metals Dou

FINANCIAL SERVICES Closed End Fund - Foreign

JYF WT Dreyfus Japanese Yen fund

FINANCIAL SERVICES Credit Services

ASFI Asta Funding Inc

FOOD & BEVERAGE Beverages - Wineries & Distill

ROX Castle Brands Inc

HEALTH SERVICES Medical Appliances & Equipment

ARAY Accuray Incorporated
BSMD Biosphere Medical Inc

HEALTH SERVICES Medical Instruments & Supplies

ATRC AtriCure Inc
THOR Thoratec Corporation

HEALTH SERVICES Medical Laboratories & Researc

ASTM Aastrom Biosciences Inc

INSURANCE Surety & Title Insurance

PMI Pmi Group Inc. The

INTERNET Internet Software & Services

IIG Imergent Inc
KEYN Keynote Systems Inc

LEISURE Resorts & Casinos

MCRI Monarch Casino & Resort

LEISURE Restaurants

WEST Western Sizzlin Corp

MANUFACTURING Farm & Construction Machinery

GENC Gencor Industries Inc.

MANUFACTURING Industrial Electrical Equipmen

TIII Tii Network Technologies Inc

MATERIALS & CONSTRUCTION Manufactured Housing

CAV Cavalier Homes Inc

MEDIA CATV Systems

CRWN Crown Media Holdings A
LCAPB Liberty Media Capital Class B

MEDIA Movie Production

DWA Dreamworks Animation Skg

REAL ESTATE Mortgage Investment

NYMT New York Mortgage Trust Inc

SPECIALTY RETAIL Apparel Stores

JOSB Jos A Bank Clothiers

SPECIALTY RETAIL Sporting Goods Stores

DRJ Dreams Inc

TELECOMMUNICATIONS Communication Equipment

HSTX Harris Stratex Network

TELECOMMUNICATIONS Telecom Services - Domestic

HTCO Hickory Tech Corp

TELECOMMUNICATIONS Telecom Services - Foreign

ATNI Atlantic Tele-Network

TELECOMMUNICATIONS Wireless Communications

SBAC Sba Communications Corp
TKC Turkcell Iletisim Hzmt As New

TRANSPORTATION Air Services

PAC Grupo Aeroportuario Pac S.A.B

TRANSPORTATION Shipping

DRYS Dryships
DSX Diana Shipping Inc

UTILITIES Diversified Utilities

NWE Northwestern Corp
WEC Wisconsin Energy Corp

UTILITIES Foreign Utilities

CWCO Consolidtd Water Co Inc

WHOLESALE Building Materials Wholesale

PATK Patrick Industries Inc

WHOLESALE Computers Wholesale

NAVR Navarre Corp





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NEGATIVE VRs

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XXX CANADIAN STOCKS XXX Canadian Stocks

AGI.UN ALAMOS GOLD, INC.
BA.UN BELL ALIANT REGIONAL COMM FD

AEROSPACE/DEFENSE Aerospace/Defense Products & S

ERJ Embr Emprs Brsl De Aero
SWHC Smith & Wesson Hldg Corp

AUTOMOTIVE Auto Parts

MGA Magna Internat Inc

AUTOMOTIVE Trucks & Other Vehicles

KNDI Kandi Tech Corp

BANKING Foreign Regional Banks

EUBK Eurobancshares Inc
KB Kookmin Bank

BANKING Money Center Banks

CS Credit Suisse Group
DB Deutsche Bank Ag

BANKING Regional - Mid-Atlantic Banks

CAPE Cape Fear Bank Corp
CBKN Capital Bank Corp Rlghnc

BANKING Regional - Midwest Banks

FRME First Merchants Corp

BANKING Regional - Northeast Banks

BCBP BCB Bancorp Inc. (NJ)
CIZN Citizens Holding Co

BANKING Regional - Pacific Banks

CASB Cascade Financial Corp
CVBF Cvb Financial Corp

BANKING Savings & Loans

BANR Banner Corporation
BFIN BankFinancial Corp

CHEMICALS Agricultural Chemicals

AGU Agrium Inc
SYT Syngenta Ag

CHEMICALS Chemicals - Major Diversified

FMC Fmc Corp
PX Praxair Inc

CHEMICALS Specialty Chemicals

ACET Aceto Corp
BAK Braksem Sa

CHEMICALS Synthetics

IPHS Innophos Hldngs Inc
ROC Rockwood Holdings Inc

COMPUTER HARDWARE Computer Peripherals

AVCT Avocent Corporation
OIIM O2micro Internat Ltd

COMPUTER HARDWARE Data Storage Devices

BRCD Brocade Communications

COMPUTER HARDWARE Diversified Computer Systems

IBM International Business Machine
NZ Netezza Corporation

COMPUTER HARDWARE Networking & Communication Dev

SMCI Super Micro Computer

COMPUTER SOFTWARE & SERVICES Application Software

FNDT Fundtech Ltd
ORCL Oracle Corporation

COMPUTER SOFTWARE & SERVICES Business Software & Services

AMCS Vital Works Inc
CATT Catapult Communications

COMPUTER SOFTWARE & SERVICES Information Technology Service

CTGX Computer Task Group Inc
SYKE Sykes Enterprises Inc

COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software

GLUU Glu Mobile Inc

COMPUTER SOFTWARE & SERVICES Security Software & Services

DMRC Digimarc Corporation

COMPUTER SOFTWARE & SERVICES Technical & System Software

INFY Infosys Technologies Ads

CONGLOMERATES Conglomerates

PPG Ppg Industries Inc
SXI Standex Internat Corp

CONSUMER DURABLES Appliances

HELE Helen Of Troy Ltd
IRBT iRobot Corp

CONSUMER DURABLES Business Equipment

FEP Franklin Electronic Publ
LYTS Lsi Industries Inc

CONSUMER DURABLES Electronic Equipment

PC Panasonic Corporation
SNE Sony Corp

CONSUMER DURABLES Home Furnishings & Fixtures

HOFT Hooker Furniture
HUB.A Hubbell Inc Class A

CONSUMER DURABLES Photographic Equipment & Suppl

IKNX Ikonics Corp

CONSUMER DURABLES Recreational Goods

RCRC Rc2 Corp

CONSUMER NON-DURABLES Cleaning Products

ZEP Zep Inc

CONSUMER NON-DURABLES Packaging & Containers

BMS Bemis Co Inc

CONSUMER NON-DURABLES Paper & Paper Products

ARA Aracruz Celulose Sa New

CONSUMER NON-DURABLES Personal Products

PARL Parlux Fragrances Inc

CONSUMER NON-DURABLES Rubber & Plastics

SHLM A.Schulman Inc
TG Tredegar Corporation

DIVERSIFIED SERVICES Business/Management Services

ACN Accenture Ltd
CPSI Computer Programs & Systems

DIVERSIFIED SERVICES Consumer Services

CWZ Cable&Wireless Communic Ads

DIVERSIFIED SERVICES Education & Training Services

GML Magic Lantern Group Inc
GPX Gp Strategies Corp

DIVERSIFIED SERVICES Personal Services

STEI Stewart Enterprises Cl A

DIVERSIFIED SERVICES Rental & Leasing Services

AYR Aircastle Ltd
MGRC Mcgrath Rentcorp

DIVERSIFIED SERVICES Research Services

PRXL Parexel Internat Cp

DIVERSIFIED SERVICES Security & Protection Services

CRN Cornell Corrections Inc

DIVERSIFIED SERVICES Staffing & Outsourcing Service

ASGN On Assignment Inc
VOL Volt Info Sciences Inc

DIVERSIFIED SERVICES Technical Services

TTEK Tetra Tech Inc

DRUGS Biotechnology

CADX Cadence Pharmaceuticals Inc
CGRB Cougar Biotechnology Inc

DRUGS Diagnostic Substances

ABAX Abaxis Inc
DDD SCOLR Pahrma Inc

DRUGS Drug Delivery

NOVN Noven Pharmaceuticals

DRUGS Drug Manufacturers - Major

BMY Bristol-Myers Squibb Co
GSK Glaxosmithkline Plc Adr

DRUGS Drug Manufacturers - Other

AMLN Amylin Pharmaceuticals
MBRK Middlebrook Pharma

DRUGS Drugs - Generic

PRX Par Pharmaceutical Co Inc

ELECTRONICS Diversified Electronics

DPW Digital Power Corp
KYO Kyocera Corp

ELECTRONICS Printed Circuit Boards

TTMI Ttm Technologies Inc

ELECTRONICS Scientific & Technical Instrum

AXK Accelr8 Tech Corp
CLDA Clinical Data Inc

ELECTRONICS Semiconductor - Broad Line

IFX Infineon Technologies Ag

ELECTRONICS Semiconductor - Integrated Cir

UMC United Microelectronics

ELECTRONICS Semiconductor - Memory Chips

NLST Netlist Inc

ELECTRONICS Semiconductor - Specialized

CEVA Ceva Inc
UCTT Ultra Clean Holdings

ELECTRONICS Semiconductor Equipment & Mate

ASX Advanced Semicondctr Ads
ATMI Atmi Inc

ENERGY Independent Oil & Gas

CRK Comstock Resources Inc
EAC Encore Acquisition

ENERGY Oil & Gas Drilling & Explorati

AREX Approach Resources Inc.
ENP Encore Energy Partners

ENERGY Oil & Gas Equipment & Services

BAS Basic Energy Services Inc
BJS Bj Services Co

ENERGY Oil & Gas Pipelines

BGH Buckeye Group Holdings LP
NGLS Targa Resources Prtn Units

ENERGY Oil & Gas Refining & Marketing

ALJ Alon USA Energy Inc
CLMT Calumet Specialty Products Par

FINANCIAL SERVICES Asset Management

BAM Brookfield Asset Management In
BKF Bkf Capital Group

FINANCIAL SERVICES Closed End Fund - Debt

BKK Blackrock Muni 2020
CHW Calamos Global Dynamic Incm Fd

FINANCIAL SERVICES Closed End Fund - Equity

ADRE BLDRS Emerging Markets 50 ADR
BDD PowerShares DB Base Metals Dou

FINANCIAL SERVICES Closed End Fund - Foreign

BHK Blackrock Core Bond Trust
BIE Blackrock Fl Municipal Bond Tr

FINANCIAL SERVICES Diversified Investments

EDR Education Realty Trust
HEK Heckmann Corp

FINANCIAL SERVICES Investment Brokerage - Regiona

GFIG Gfi Group
NITE Knight Capital Group Inc Cl A

FOOD & BEVERAGE Beverages - Soft Drinks

COKE Coca Cola Bottling Con
WBD Wimm Bill Dann Foods Ojsc

FOOD & BEVERAGE Beverages - Wineries & Distill

BF.A Brown-forman Corp Cl A

FOOD & BEVERAGE Confectioners

RMCF Rocky Mountain Chocolate Facto

FOOD & BEVERAGE Dairy Products

LWAY Lifeway Foods Inc

FOOD & BEVERAGE Food - Major Diversified

HNZ H.J. Heinz Co
SLE Sara Lee Corp

HEALTH SERVICES Health Care Plans

UAM Universal American Corp

HEALTH SERVICES Long-Term Care Facilities

NHC National Healthcare Corp
SKH Skilled Healthcare Group Inc

HEALTH SERVICES Medical Appliances & Equipment

AHPI Allied Healthcare Prod
DYNT Dynatronics Corp

HEALTH SERVICES Medical Instruments & Supplies

ARTL Aristotle Corp
BMTI BioMimetic Therapeutics Inc

HEALTH SERVICES Medical Laboratories & Researc

ACCL Accelrys Inc
BRLI Bio-Reference Labs Inc

HEALTH SERVICES Medical Practitioners

LCAV Lca-vision New

HEALTH SERVICES Specialized Health Services

ASGR America Service Group
IPCM Ipc The Hospitalist Company` I

Index None

TNX--X CBOE 10 Yr Treasury Yield

INSURANCE Accident & Health Insurance

FPIC Fpic Insurance Group Inc

INSURANCE Insurance Brokers

AJG Arthur J. Gallagher & Co
CRD.A Crawford & Co A

INSURANCE Life Insurance

IHC Independence Holding Co

INSURANCE Property & Casualty Insurance

FMR First Mercury Financial Corp
HTH Hilltop Holdings Inc
STFC State Auto Financial Cp

INTERNET Internet Information Providers

INSP Infospace Incorporated

INTERNET Internet Service Providers

BCSI Blue Coat Systems Inc

INTERNET Internet Software & Services

AMZN Amazon.Com Inc
OTEX Open Text Cp

LEISURE Gaming Activities

BYI Bally Technologies Inc
PNK Pinnacle Entertainment

LEISURE Lodging

CHH Choice Hotels Internat
MAR Marriott Internat Inc A

LEISURE Restaurants

GCFB Granite City Food & Brewery Lt
JAX J Alexander's Corp

LEISURE Sporting Activities

CLUB Town Sports International Hold

MANUFACTURING Diversified Machinery

AIXG Aixtron Aktiengesellschaft Ads
TAYD Taylor Devices Inc

MANUFACTURING Farm & Construction Machinery

CAE Cascade Corp
CMCO Columbus Mckinnon Cp(Ny)

MANUFACTURING Industrial Electrical Equipmen

CCIX Coleman Cable Inc
HPJ Hong Kong Highpower Technology

MANUFACTURING Machine Tools & Accessories

TKR Timken Co

MANUFACTURING Metal Fabrication

GHM Graham Corp
GTLS Chart Industries Inc

MANUFACTURING Pollution & Treatment Controls

WPRT Westport Innovations Inc

MANUFACTURING Small Tools & Accessories

SNA Snap-On Inc
SWK Stanley Worksthe

MATERIALS & CONSTRUCTION General Building Materials

ACO Amcol International Corp
CRR Carbo Ceramics Inc

MATERIALS & CONSTRUCTION Heavy Construction

FWLT Foster Wheeler Ltd
LAYN Layne Christensen Co

MATERIALS & CONSTRUCTION Lumber

AMWD American Woodmark Corp

MATERIALS & CONSTRUCTION Residential Construction

BHS Brookfield Homes

MATERIALS & CONSTRUCTION Waste Management

PESI Perma-Fix Environ Svc
WCAA Wca Waste Corp

MEDIA Advertising Services

OMC Omnicom Group Inc
VISN VisionChina Media

MEDIA CATV Systems

DISCB Discovery Holding Co Class B
TWC Time Warner Cable Inc

MEDIA Entertainment - Diversified

VIA Viacom Inc Cl A

MEDIA Movie Production

LGF Lions Gate Entertainment

MEDIA Publishing - Books

JWB John Wiley & Sons Cl B

MEDIA Publishing - Periodicals/News

MDP Meredith Corp

METALS & MINING Gold

BVN Compania De Minas Buena
DROOY DRD Gold Ltd Adr

METALS & MINING Industrial Metals & Minerals

CCJ Cameco Corp
IVN Ivanhoe Mines Ltd

METALS & MINING Nonmetallic Mineral Mining

ARLP Alliance Rsrce Partners
TGE TGC Industries Inc

METALS & MINING Silver

SSRI Silver Standard Resource
TRE Tan Range Exploration Inc

METALS & MINING Steel & Iron

PKX Posco
RIO Companhia Vale Do Rio Doce

REAL ESTATE Mortgage Investment

JRT JER Investors Trust Inc

REAL ESTATE Property Management/Developmen

GNI Great Northern Iron Ore
IEP Icahn Enterprise Lp

REAL ESTATE REIT - Diversified/Industrial

DDR Developers Diversified
PDLB Presidential Realty Cl B

REAL ESTATE REIT - Healthcare Facilities

CSA Cogdell Spencer Inc
NHI National Health Investor

REAL ESTATE REIT - Hotel/Motel

BEE Strategic Hotels & resorts Inc

REAL ESTATE REIT - Office

CRO CRT Properties Inc
LSE Capital Lease Fundings Inc

REAL ESTATE REIT - Residential

AEC Associated Estates Realty
HIH Highland Hospitality Corp

REAL ESTATE REIT - Retail

ADC Agree Realty Corp

RETAIL Catalog & Mail Order Houses

NSIT Insight Enterprises Inc

RETAIL Discount

DUCK Duckwall-Alco Stores Inc
NDN 99 Cents Only Stores

RETAIL Electronics Stores

RSC Rex Stores Corp

RETAIL Grocery Stores

CBD Companhia Brasiliera De
GAP Great Atlantic & Pac Tea

SPECIALTY RETAIL Apparel Stores

CBK Christopher & Banks Corp

SPECIALTY RETAIL Auto Dealerships

PAG Penske Automotive

SPECIALTY RETAIL Jewelry Stores

SIG Signet Gr Plc Adr

SPECIALTY RETAIL Sporting Goods Stores

BGFV Big 5 Sporting Goods Corp
WINA Winmark Corp

TELECOMMUNICATIONS Communication Equipment

ERIC Lm Ericsson Telephone Co
MOT Motorola Inc

TELECOMMUNICATIONS Processing Systems & Products

GCOM Globecomm Systems Inc
RITT Rit Technologies Ltd

TELECOMMUNICATIONS Telecom Services - Domestic

IDT.C Idt Corp

TELECOMMUNICATIONS Telecom Services - Foreign

NTL Nortel Invesora Sa Ads
NZT Telecom Cp Of New Zealnd

TELECOMMUNICATIONS Wireless Communications

AMX America Movil
MBT Mobile Telesys Ojsc Ads

TOBACCO Cigarettes

RAI Reynolds American Inc

TRANSPORTATION Major Airlines

TAM TAM S.A. ADR

TRANSPORTATION Shipping

DHT Double Hull Tankers Inc
OSG Overseas Shipholding Grp

TRANSPORTATION Trucking

UACL Universal Truckload Srvcs

UTILITIES Diversified Utilities

ED Consolidated Edison Inc

UTILITIES Electric Utilities

EBR Centrais Eltricas Brasileir
EEE Evergreen Energy Inc

UTILITIES Foreign Utilities

CPL Cpfl Energia Sa
TRP Transcanada Pipelines

UTILITIES Gas Utilities

DGAS Delta Natural Gas Co Inc

UTILITIES Water Utilities

ARTNA Artesian Resources Corp Cl A

WHOLESALE Drugs Wholesale

ABC Amerisourcebergen Corp
CAH Cardinal Health Inc

WHOLESALE Electronics Wholesale

ISIG Insignia Systems Inc

WHOLESALE Industrial Equipment Wholesale

SNEN Sinoenergy Corp

WHOLESALE Wholesale

ATN Action Performance Cos
CEDC Central European Dist



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