Colby Global Markets Report - Robert W. Colby Asset Management

Colby Global Markets Report

Prices and rankings as of the close on Friday, December 14, 2018 Update on M ajor Asset Classes, with chart s

Contents

Update on Major Asset Classes, with charts ................................................................................1

9 major U.S. stock sectors ranked in order of Relative Strength ................................................ 16

Top 10 ETFs Ranked by Major Trend Relative Strength ............................................................ 22

Ranked: 143 Select Exchange Traded Funds (ETFs) ................................................................ 23

More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked .......................... 27

Colby Economic Expectations Index ........................................................................................... 49

Summary

• The Dow Theory is near a critical juncture. The Dow Jones Industrial Average must hold above its 2018 closing price low at 23,533.20 in order to avoid a major sell signal.

• The Dow Jones Transportation Average already broke below its 2018 low.

• Historically, seasonal tendencies have been bullish from now to year end.

• Sentiment is extremely oversold after last week's price drop.

• Short-term stock price trends show unmistakable weakness, but short-term trends can change suddenly and frequently. The markets remain subject to substantial headline risk.

• The medium-term trend stock market indicators have deteriorated further but still may be consistent with a significant medium-term downside correction.

• Only 32.4% of the S&P 500 stocks are above their 200-day simple moving averages. That is the lowest since February, 2016, and it is a sign of significant price weakness.

• Long-term trends may be in the process of changing. The more stocks and indexes that break down below their lows the year, 2018, the greater the increase in bearish probabilities.

• Medium-term U.S. stock sector rotation still favors defensive sectors: Utilities, Consumer Staples, and Health Care are outperforming. That reflects bearish sentiment.

• Cyclical sectors are underperforming: Energy, Financial, Industrial, Materials, Technology, and Consumer Discretionary are relatively weak. That reflects a lack of bullish confidence.

• MidCap and SmallCap stock price indexes fell to new lows and remain systematically bearish. That also reflects a lack of bullish confidence.

• United States Oil ETF (USO) has stabilized somewhat after an extremely steep price collapse lasting 8 weeks. USO remains oversold--and still subject to headline risk.

• Fixed-income US Treasury Notes and Bonds prices are outperforming High-Yield Junk Bonds, reflecting bearish market sentiment.

• The U.S. Dollar remains in an uptrend.

• Foreign stocks mostly remain systematically bearish.

Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

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The latest AAII survey indicates extremely oversold sentiment, now with 20.90% Bullish, 30.23% Neutral, and 48.87% Bearish. The CNN Money Fear & Greed Index fell to a extremely oversold level of 8, down from 22 two weeks ago. It has ranged from an overbought 75 on 9/21/2018 to an extremely oversold reading of 5 on 10/11/2018. For details, see http://money.cnn.com/data/fear-and-greed/

$VIX Volatility Index remains at above-average, oversold levels. Last year's lows below 10 were among the lowest levels in decades, indicating extreme overbought greed. Extremely low Implied Volatility has preceded every past financial market dislocation. Precise pinpoint market timing is not included with this indicator, however.

The Equity Put/Call Ratio is at high, oversold levels. Options speculators typically react to the price action: when stock prices go up they trade more calls and when stock prices go down they trade more puts. The Art of Contrary Thinking would suggest becoming more bullish as this P/C ratio rises toward extremely high levels and more bearish as it falls to extremely low levels.


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$INDU, Dow Jones Industrial Average Short-term trend: down Medium-term trend: down Long-term trend: systematically neutral, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA above the 200-day SMA Dow Theory May Be Approaching A Major Signal: The Dow Jones Industrial Average appears to be approaching a critical price level at its closing price low for the year on March 23, 2018, at 23,533.20. The Transportation Average already closed below its closing price low of 2018. Both Averages must close at new lows, however, for a Dow Theory Bear Market signal to be confirmed. At this time, our interpretation of a Dow Theory Secondary Reaction (that is, a medium-term downside correction) still stands. The Dow Theory is subject to subtle interpretations at times. Although the Dow Theory has been a useful tool over many decades, it is not infallible, it sometimes gives false signals, and it is but one of the many methods we analyze each day.


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$TRAN, Dow Jones Transportation Average Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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$UTIL, Dow Jones Utility Average Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA


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$NYAD, Cumulative Daily Advance-Decline Line for all stocks listed on the NYSE Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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$NYUD, Cumulative Daily Advancing-Declining Volume Line Short-term trend: down Medium-term trend: down Long-term trend: systematically neutral, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA slightly above the 200-day SMA


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$NYHL, Number of Daily Net New Highs on the NYSE Short-term trend: down Medium-term trend: down, hit its lowest level in nearly 3 years on 12/6/2018 Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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SPY, SPDR S&P 500 ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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QQQ, PowerShares QQQ Trust, Series 1, Nasdaq-100 Index ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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OEF, iShares S&P 100 LargeCap ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically neutral, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA slightly above the 200-day SMA


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MDY, SPDR S&P MidCap 400 ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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IWM, iShares Russell 2000, SmallCap Index ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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BKF, iShares MSCI BRIC Short-term trend: down Medium-term trend: down Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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EEM, iShares MSCI Emerging Markets Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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EFA, iShares MSCI EAFE Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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TLT, iShares 20+ Year U.S. Treasury Bond Short-term trend: up Medium-term trend: uncertain, possibly turning up Long-term trend: systematically neutral, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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IEF, iShares 7-10 Year U.S. Treasury Bond Short-term trend: up Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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JNK, SPDR Barclays High Yield Bond ETF Short-term trend: down Medium-term trend: down, relatively weak Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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TIP, iShares TIPS Bond Short-term trend: down, relatively weak compared to TLT Medium-term trend: uncertain Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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UUP, PowerShares DB US Dollar Bullish ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA


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DBA, PowerShares DB Agriculture ETF Short-term trend: uncertain Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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USO, United States Oil ETF Short-term trend: down Medium-term trend: down, but oversold Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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GLD, SPDR Gold Shares Short-term trend: uncertain Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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GDX, Market Vectors Gold Miners ETF Short-term trend: uncertain Medium-term trend: uncertain Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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SLV, iShares Silver Trust Short-term trend: uncertain Medium-term trend: uncertain Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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JJCTF, iPath Bloomberg Copper Subindex Total Return ETN Short-term trend: uncertain Medium-term trend: uncertain Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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9 major U.S. stock sectors ranked in order of Relative Strength:

Rank Stock Sectors Ranked by Relative Strength CLOSE C/50 SMA C/200 SMA 50/200

90 Utilities SPDR, XLU 56.82 4.03% 8.74% 4.53%

80 Consumer Staples SPDR, XLP 54.50 -0.78% 2.82% 3.63%

70 Health Care SPDR, XLV 88.96 -2.63% 1.52% 4.26%

60 Consumer Discretionary SPDR, XLY 102.33 -4.20% -5.70% -1.57%

50 Technology SPDR, XLK 64.57 -5.62% -7.88% -2.39%

40 Materials SPDR, XLB 51.32 -4.51% -10.80% -6.58%

30 Industrial SPDR, XLI 67.05 -6.56% -9.91% -3.60%

20 Financial SPDR, XLF 24.24 -8.09% -11.85% -4.09%

10 Energy SPDR, XLE 62.09 -8.93% -14.17% -5.75%

The table above shows our quantitative Relative Strength Rankings ("Rank", to the left) together with ratios of pure price performance in 3 different time frames: medium, longer, and longest term ("50/200" to the right). Sectors Ranked above 50 (as shown in the 1st column to the left) are demonstrating above-average Relative Strength, according to our completely objective quantitative algorithm. Those are the sectors most likely to outperform going forward. Sectors Ranked below 50 are demonstrating below-average Relative Strength and are most likely to underperform going forward. These rankings are computed using our proprietary quantitative algorithm and are not based on simple moving averages. The 3 columns on the right offer a different perspective on sector strength. They quantify each sectors' absolute price strength relative to the most widely-accepted simple moving averages (SMAs), expressed as a percentage of a shorter time period price divided by a longer time period's average price. C/50 is the latest closing price (C) divided by the 50-day SMA, and it indicates a medium-term view of performance. C/200 is the latest closing price (C) divided by the 200-day SMA and indicates a longer-term view. The longest-term view is shown by the 50/200, which is the 50-day SMA divided by the 200-day SMA. These ratios offer different views of the strength of each sector in 3 different time frames. Investors seeking to maximize returns should concentrate in the higher-ranked, strongest sectors while avoiding the lower-ranked, underperforming sectors. Relative Strength has worked very well for many decades, outperforming nearly every other method of stock selection.


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Utilities stock sector remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

Consumer Staples stock sector remains systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA


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Health Care stock sector remains systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

Consumer Discretionary stock sector remains systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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Technology stock sector remains systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

Materials stock sector remains systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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Industrial stock sector remains systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

Financial stock sector turned systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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Energy stock sector remains systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA


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Top 10 ETFs Ranked by Major Trend Relative Strength This list, updated each week, outperformed the S&P 500 since August, 2004, in simulation. To arrive at our Top 10 ETFs selections, we first measure trend momentum of each ETF over a long time frame spanning many months, according to our objective proprietary formula. Next, we rank 143 of the most important ETFs, from highest to lowest. Finally, we select the ten highest-ranked, best-performing ETFs, the ones with the strongest major trend price momentum. Research studies suggest that ETFs ranked in the top decile may have a greater probability of outperforming the market in the months ahead, while low ranked ETFs may have a greater probability of underperforming. For details on Relative Strength Ranking, please see Robert W. Colby's book, The Encyclopedia of Technical Market Indicators, Second Edition (2003), pages 604-609, or see our White Paper, "Introduction to the Screening Method for Analysis of Relative Strength", by Robert W. Colby, CMT, outlining some of the research behind our Relative Strength Ranking Method. Please note that this is a high-volatility strategy: the stocks that go up the most when the stock market is in a Bullish trend often go down the most during market corrections to the downside. In addition, please note that this Top 10 list is a research study and is not investment advice. Your use of this report means that you have read, understood, and accepted our Disclaimer on the last 2 pages of this report.

Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/200

99 Indonesia MV, IDX IDX 22.27 7.65% 2.47% -4.80%

98 Utilities SPDR, XLU XLU 56.82 4.03% 8.74% 4.53%

97 Utilities VIPERs, VPU VPU 125.57 3.17% 7.79% 4.48%

97 Bear, Short S&P 500, SH SH 30.45 4.66% 5.24% 0.55%

96 Realty Cohen & Steers, ICF ICF 102.53 2.03% 4.39% 2.31%

95 Brazil Index, EWZ EWZ 38.33 -2.12% 1.55% 3.76%

94 Bond, 20+ Years Treasury, TLT TLT.O 118.48 3.23% 0.01% -3.12%

94 Gold Shares S.T., GLD GLD 117.06 1.16% -1.60% -2.73%

93 Bond, 10 Year Treasury, IEF IEF.O 102.56 1.63% 0.85% -0.77%

92 Real Estate US DJ iS, IYR IYR 80.33 1.39% 1.91% 0.51%


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Ranked: 143 Select Exchange Traded Funds (ETFs) This list is filtered to exclude leveraged and inactive ETFs trading less than 90,000 shares a day on average. Ranks are based on our updated version of the Screening Method for Analysis of Relative Strength, using a proprietary formula, which measures trend momentum over a long time frame spanning many months. For details on Relative Strength Ranking, please see Robert W. Colby's book, The Encyclopedia of Technical Market Indicators, Second Edition (2003), pages 604-609, or see our White Paper, "Introduction to the Screening Method for Analysis of Relative Strength", by Robert W. Colby, CMT, outlining some of the research behind our Relative Strength Ranking Method. Research studies suggest that ETFs ranked in the top decile (highest tenth) of the list may have a greater probability of outperforming the market in the months ahead, while low ranked ETFs have a greater probability of underperforming. Rank, Interpretation 100 to 90, Buy 89 to 70, Hold 69 to 50, Neutral, Market Perform 49 to 30, Avoid 29 to 0, Sell












92 REIT Wilshire, RWR RWR 93.21 1.03% 2.07% 1.03%

91 Consumer Staples SPDR, XLP XLP 54.50 -0.78% 2.82% 3.63%

90 Hong Kong Index, EWH EWH 23.29 3.61% -4.19% -7.54%

90 Bond, Muni S&P ATM-Free iS, MUB MUB 108.37 0.92% 0.09% -0.82%

89 REIT VIPERs, VNQ VNQ 79.65 0.18% 0.43% 0.25%

88 Bond, Intermediate US Aggregate iS, AGG AGG 105.56 0.85% -0.18% -1.02%

88 Bond, 1-3 Year Treasury, SHY SHY.O 83.31 0.30% 0.12% -0.19%

87 Health Care SPDR, XLV XLV 88.96 -2.63% 1.52% 4.26%

86 Bond Treasury Short-Term iS, SHV SHV.O 110.38 0.02% 0.04% 0.02%

86 Bond Ex-US Treas, BWX BWX 27.13 0.26% -2.74% -2.99%

85 Silver Trust iS, SLV SLV 13.70 0.76% -6.05% -6.76%

84 China 25 iS, FXI FXI 41.13 1.55% -6.20% -7.63%


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83 Agriculture DB PS, DBA DBA 17.33 -0.51% -3.62% -3.12%

83 Bond, TIPS U.S. Treasury iS, TIP TIP 109.05 -0.04% -1.98% -1.95%

82 Turkey MSCI iS, TUR TUR.O 24.20 -1.36% -18.05% -16.93%

81 Bond, Long-Term Corp iBoxx iS, LQD LQD 112.73 0.37% -1.62% -1.98%

81 India PS, PIN PIN 23.51 3.08% -4.52% -7.38%

80 Bond, Emerging Mkt JPM iS, EMB EMB.O 104.65 0.04% -2.85% -2.88%

79 Dividend SPDR, SDY SDY 93.47 -1.78% -1.05% 0.74%

79 Frontier Markets Guggenheim , FRN FRN 12.89 -1.25% -9.46% -8.31%

78 Russia MV, RSX RSX 20.23 -2.61% -4.07% -1.50%

77 Bond, High Yield Corp iBoxx iS, HYG HYG 83.16 -1.11% -2.57% -1.48%

77 Singapore Index, EWS EWS 22.52 -0.72% -8.81% -8.15%

76 Bond, High-Yield Junk, JNK JNK 34.55 -1.30% -3.02% -1.74%

75 India Earnings WTree, EPI EPI 23.65 2.30% -6.49% -8.60%

74 WilderHill Clean Energy PS, PBW PBW 23.00 -1.86% -7.66% -5.90%

74 Emerging VIPERs, VWO VWO 38.71 -0.14% -9.45% -9.33%

73 Telecom DJ US, IYZ IYZ 27.49 -2.94% -2.47% 0.48%

72 Thailand MSCI iS, THD THD 84.94 -2.45% -6.95% -4.61%

72 Dividend Appreciation Vipers, VIG VIG 101.79 -3.44% -2.83% 0.63%

71 Dividend U.S. DJ iS, DVY DVY.O 94.63 -2.31% -3.40% -1.11%

70 Emerging Markets MSCI iS, EEM EEM 39.83 -0.80% -9.38% -8.64%

70 Financial Preferred, PGF PGF 17.41 -1.66% -4.50% -2.89%

69 Chile MSCI iS, ECH ECH 42.76 -0.61% -9.98% -9.44%

68 Pacific ex-Japan, EPP EPP 42.22 -0.86% -7.44% -6.64%

68 South Africa Index, EZA EZA 50.59 -1.05% -14.01% -13.10%

67 Dividend International, PID.O PID.O 14.75 -2.09% -5.65% -3.64%

66 Latin Am 40, ILF ILF 30.96 -4.89% -6.05% -1.22%

66 Switzerland Index, EWL EWL 31.95 -2.80% -5.50% -2.78%

65 Networking, IGN IGN 49.47 -2.45% -5.81% -3.45%

64 DIAMONDS (DJIA), DIA DIA 241.42 -4.32% -3.77% 0.58%

63 Value VIPERs, VTV VTV 102.09 -4.06% -4.35% -0.30%

63 Water Resources, PHO.O PHO.O 28.91 -2.83% -5.73% -2.99%

62 Dividend High Yield Equity PS, PEY.O PEY.O 16.74 -3.71% -4.44% -0.76%

61 Emerging 50 BLDRS, ADRE ADRE 37.20 -1.94% -10.16% -8.39%

61 Spain Index, EWP EWP 27.96 -1.24% -8.93% -7.79%

60 LargeCap Value Russell 1000 iS, IWD IWD 116.15 -4.30% -5.55% -1.30%

59 LargeCap Growth S&P 500 iS, IVW IVW 156.74 -4.17% -5.07% -0.94%

59 Global 100, IOO IOO 44.06 -4.33% -5.96% -1.70%

58 Preferred Stock iS, PFF PFF.O 34.56 -3.11% -6.48% -3.48%

57 LargeCap Blend S&P 100, OEF OEF 116.08 -4.68% -5.10% -0.44%

57 S&P 500 SPDRs LargeCap Blend, SPY SPY 260.47 -4.50% -5.52% -1.07%

56 LargeCap Blend S&P 500 iS, IVV IVV 262.40 -4.51% -5.52% -1.06%


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55 LargeCap VIPERs, VV VV 119.63 -4.46% -5.63% -1.23%

54 Semiconductor SPDR, XSD XSD 66.77 -2.44% -8.16% -5.86%

54 LargeCap Blend Russell 1000 iS, IWB IWB 144.49 -4.55% -5.90% -1.41%

53 Global LargeCap Blend MSCI iS, ACWI ACWI 66.59 -3.94% -7.46% -3.67%

52 LargeCap Value S&P 500 iS, IVE IVE 105.42 -4.90% -6.06% -1.23%

52 LargeCap Blend S&P=Weight R, RSP RSP 95.74 -4.54% -6.61% -2.16%

51 Consumer Discretionary SPDR, XLY XLY 102.33 -4.20% -5.70% -1.57%

50 Malaysia Index, EWM EWM 29.58 -2.73% -9.47% -6.93%

50 Value LargeCap Dynamic PS, PWV PWV 34.03 -4.82% -7.04% -2.33%

49 Australia Index, EWA EWA 20.04 -3.36% -9.18% -6.03%

48 Global ex U.S. LargeCap Blend, ACWX ACWX 42.95 -3.18% -9.82% -6.86%

48 Blend Total Market VIPERs, VTI VTI 133.12 -4.70% -6.31% -1.69%

47 Pacific VIPERs, VPL VPL 62.96 -3.44% -9.89% -6.68%

46 LargeCap Blend Russell 3000 iS, IWV IWV 153.19 -4.74% -6.37% -1.71%

46 Dividend ex-U.S. DJ iS, IDV IDV 29.78 -3.84% -8.57% -4.92%

45 LargeCap Growth Russell 1000 iS, IWF IWF 135.70 -4.79% -6.34% -1.63%

44 QQQ Nasdaq 100 Trust, QQQ QQQ.O 161.08 -4.71% -6.56% -1.93%

43 South Korea Index, EWY EWY 58.72 -2.89% -13.39% -10.81%

43 Japan Index, EWJ EWJ 52.96 -4.23% -9.21% -5.21%

42 Growth MidCap Russell, IWP IWP 117.53 -4.37% -7.78% -3.56%

41 Taiwan Index, EWT EWT 32.44 -2.67% -10.32% -7.86%

41 Growth VIPERs, VUG VUG 139.78 -4.87% -7.00% -2.24%

40 Growth EAFE MSCI, EFG EFG 70.70 -3.51% -10.06% -6.78%

39 MidCap Russell, IWR IWR 48.66 -4.72% -8.09% -3.54%

39 Italy Index, EWI EWI 24.91 -2.13% -14.54% -12.68%

38 Foreign LargeCap EAFE MSCI iS, EFA EFA 60.46 -3.91% -10.35% -6.70%

37 Value MidCap Russell, IWS IWS 80.54 -5.06% -8.43% -3.55%

37 Value EAFE MSCI, EFV EFV 46.52 -4.30% -10.72% -6.70%

36 Netherlands Index, EWN EWN 27.23 -3.64% -11.26% -7.90%

35 Financial DJ US, IYF IYF 109.65 -5.59% -8.30% -2.87%

34 Info Tech VIPERs, VGT VGT 172.87 -5.70% -6.76% -1.13%

34 Sweden Index, EWD EWD 28.43 -3.51% -10.47% -7.21%

33 Technology DJ US, IYW IYW 166.28 -4.99% -7.81% -2.97%

32 Semiconductor iS IGW, SOXX SOXX 160.15 -3.25% -10.84% -7.85%

32 Technology SPDR, XLK XLK 64.57 -5.62% -7.88% -2.39%

31 Europe 350 S&P Index, IEV IEV 39.92 -4.37% -11.40% -7.35%

30 Materials SPDR, XLB XLB 51.32 -4.51% -10.80% -6.58%

30 Canada Index, EWC EWC 25.37 -5.07% -9.58% -4.75%

29 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O 33.77 -0.83% -19.80% -19.13%

28 European VIPERs, VGK VGK 49.45 -4.70% -12.23% -7.90%

28 MidCap Growth S&P 400 iS, IJK IJK 199.66 -5.86% -10.60% -5.03%


26

27 Growth SmallCap VIPERs, VBK VBK 157.14 -5.98% -9.71% -3.97%

26 United Kingdom Index, EWU EWU 30.13 -5.29% -11.91% -6.99%

26 MidCap S&P 400 SPDRs, MDY MDY 316.27 -6.31% -10.25% -4.20%

25 MidCap Blend S&P 400 iS, IJH IJH 173.35 -6.31% -10.37% -4.34%

24 MidCap Value S&P 400 iS, IJJ IJJ 144.82 -6.73% -9.94% -3.44%

23 Industrial SPDR, XLI XLI 67.05 -6.56% -9.91% -3.60%

23 Small Cap VIPERs, VB VB 138.49 -6.20% -10.17% -4.23%

22 Homebuilders SPDR, XHB XHB 33.14 -4.22% -14.39% -10.61%

21 France Index, EWQ EWQ 26.97 -5.18% -12.43% -7.65%

21 EMU Europe Index, EZU EZU 35.80 -4.81% -13.51% -9.14%

20 Value SmallCap VIPERS, VBR VBR 120.18 -6.42% -10.60% -4.46%

19 Belgium Index, EWK EWK 16.86 -5.11% -14.67% -10.08%

19 Transportation Av DJ, IYT IYT 171.83 -8.40% -11.01% -2.85%

18 SmallCap Blend EAFE MSCI iS, SCZ SCZ.O 53.41 -5.60% -14.18% -9.09%

17 Commodity Tracking, DBC DBC 15.45 -7.10% -9.95% -3.06%

17 SmallCap Growth S&P 600 iS, IJT IJT.O 168.46 -6.79% -10.33% -3.79%

16 SmallCap Value Russell 2000 iS, IWN IWN 113.51 -7.23% -11.76% -4.89%

15 Financial SPDR, XLF XLF 24.24 -8.09% -11.85% -4.09%

14 Basic Materials DJ US, IYM IYM 84.46 -6.44% -13.55% -7.59%

14 Capital Markets KWB ST, KCE KCE 48.77 -7.06% -15.11% -8.66%

13 SmallCap Blend Russell 2000 iS, IWM IWM 140.61 -7.23% -12.26% -5.42%

12 Financial Services DJ, IYG IYG 115.55 -8.12% -12.67% -4.95%

12 Financials VIPERs, VFH VFH 60.31 -8.51% -12.96% -4.86%

11 Germany Index, EWG EWG 25.58 -6.12% -15.68% -10.19%

10 SmallCap Growth Russell 2000 iS, IWO IWO 175.57 -7.26% -12.72% -5.88%

10 Energy Global, IXC IXC 31.56 -7.98% -12.34% -4.74%

9 Biotech SPDR, XBI XBI 76.79 -6.17% -15.68% -10.14%

8 SmallCap Blend S&P 600 iS, IJR IJR 72.37 -7.88% -12.19% -4.68%

8 Microcap Russell, IWC IWC 86.69 -8.29% -14.59% -6.87%

7 Energy SPDR, XLE XLE 62.09 -8.93% -14.17% -5.75%

6 SmallCap Value S&P 600 iS, IJS IJS 137.72 -8.88% -13.91% -5.53%

6 Austria Index, EWO EWO 19.34 -8.17% -16.72% -9.31%

5 Energy DJ, IYE IYE 33.79 -9.95% -15.17% -5.80%

4 Energy & Nat Res iS GS, IGE IGE 29.13 -9.20% -16.24% -7.76%

3 Energy VIPERs, VDE VDE 83.08 -11.15% -16.60% -6.14%

3 Mexico Index, EWW EWW 40.27 -7.68% -16.32% -9.35%

2 Metals & Mining SPDR, XME XME 27.07 -11.83% -21.34% -10.78%

1 Oil Fund PowerShares, DBO DBO 9.62 -15.66% -18.70% -3.60%

1 Oil, Crude, U.S. Oil Fund, USO USO 10.82 -16.39% -20.91% -5.40%


27

More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked This list includes short, leveraged, and inactive funds trading less than 90,000 shares a day on average. Use caution when trading these funds. Rank, Interpretation 100 to 90, Buy 89 to 70, Hold 69 to 50, Neutral, Market Perform 49 to 30, Avoid 29 to 0, Sell


99 ProShares UltraShort DJ-AIG Crude Oil ETF SCO 25.16 29.08% 40.21% 8.62%

99 PowerShares DB Crude Oil Double Short ETN DTO 83.35 25.92% 30.34% 3.51%

99 D -3X Energy Bear, ERY ERY 54.74 26.17% 39.88% 10.87%

99 D -3X Small Cap Bear, TZA TZA 13.68 21.25% 36.89% 12.90%

99 ULTRASHORT OIL & GAS PROSHARES ETF DUG 44.19 19.85% 29.73% 8.25%

99 United States Natural Gas Fund UNG 30.75 -0.23% 22.38% 22.67%

99 PROSHARES TR ULTRASHRT SMLCP600 ETF SDD 16.57 16.88% 20.00% 2.67%

99 PROSHARES TR ULTRASHRT RUSEL2000 ETF TWM 19.10 14.35% 24.67% 9.03%

98 D -3X Financial Bear, FAZ FAZ 12.89 16.43% 22.56% 5.26%

98 BCL IPTSP500 ST VXX 40.55 13.16% 13.98% 0.73%

98 D -3X Devp Mkts Bear, DPK DPK 17.28 11.15% 31.30% 18.13%

98 ULTRASHORT BASIC MATERIALS ETF SMN 34.69 11.98% 26.83% 13.27%

98 ULTRASHORT MIDCAP400 PROSHARES ETF MZZ 21.39 13.24% 20.57% 6.47%

98 ULTRASHORT FINANCIALS PROSHARES ETF SKF 23.28 11.28% 16.16% 4.38%

98 ULTRASHORT MSCI JAPAN ETF EWV 32.14 8.28% 18.88% 9.79%

98 ULTRA UTILITIES PROSHARES ETF UPW 54.27 7.02% 17.29% 9.60%

98 BCL IPTSP500 MT VXZ 21.45 7.24% 11.69% 4.15%

97 PRSH US SEMI COND SSG 19.75 4.14% 17.82% 13.14%

97 PROSHARES TR SHORT SMALLCAP600 ETF SBB 35.84 8.70% 9.22% 0.48%

97 PROSHARES TR SHRT RUSSELL2000 ETF RWM 44.92 7.38% 12.64% 4.90%

97 ULTRASHORT S&P500 PROSHARES ETF SDS 40.60 8.71% 9.20% 0.45%

97 ULTRASHORT QQQ PROSHARES ETF QID 44.87 7.75% 8.16% 0.39%

97 SHORT MIDCAP400 PROSHARES ETF MYY 48.53 6.62% 10.52% 3.66%


97 POWERSHARES DYNAMIC UTILTS PRTFL ETF PUI.O 31.05 4.77% 11.13% 6.06%

96 D +3X 30-yr USTBond Bull, TMF TMF 18.00 10.22% 0.06% -9.22%

96 PROSHRS FINANCIAL SEF 24.79 5.76% 8.38% 2.48%

96 RYDEX S&P EQUAL WEIGHT UTILITIES ETF RYU 95.16 4.44% 10.28% 5.60%

96 PROSHARES SHORT MSCI EAFE ETF EFZ 29.08 4.07% 10.77% 6.43%

96 ULTRASHORT DOW30 PROSHARES ETF DXD 33.70 7.86% 4.67% -2.96%


28

96 MORGAN STANLEY ASIA PACIFIC CF APF 16.78 8.13% -0.98% -8.43%


96 EQUUS TOTAL RETURN ETF EQS 2.17 7.69% -2.32% -9.30%

96 iSHARES DJ US UTIL ETF IDU 143.74 3.83% 8.46% 4.46%

95 WESTERN ASSET INCOME CF PAI 14.06 5.00% 3.04% -1.87%

95 ISHS FTSE NAREIT RESIDENTL IDX ETF REZ 66.24 3.62% 7.43% 3.68%


95 SHORT QQQ PROSHARES ETF PSQ 33.34 4.32% 5.29% 0.93%


95 ULTRASHORT CONSUMER GOODS ETF SZK 16.22 5.50% 7.31% 1.71%

95 Brazil Market Vectors Small-Cap ETF BRF 20.07 0.26% 0.12% -0.14%

95 ISHARES S&P GBL UTILITS SCTR IDX ETF JXI 52.11 3.69% 5.60% 1.84%

95 CLMR ALPSH CH RL TAO 27.32 7.77% -2.75% -9.77%

94 GABELLI UTILITY CF GUT 6.24 2.31% 3.78% 1.44%

94 PS ULTRASHRT EURO EUO 24.88 2.53% 9.68% 6.97%

94 MARKET VECTORS GOLD MINERS ETF GDX 20.12 3.54% -3.12% -6.43%

94 WESTERN ASST MNGD MUNCPLS CF MMU 12.59 4.59% 0.26% -4.13%

94 FIRST TRUST UTILITIES ALPHADEX ETF FXU 28.69 1.84% 7.41% 5.47%

94 SHORT DOW30 PROSHARES ETF DOG 59.75 4.20% 3.03% -1.13%

94 PS GBL GOLD AND PRECS PSAU 16.59 3.47% -3.68% -6.92%

94 PIMCO CALIFORNIA MUNICIPAL INCOME CF PCQ 16.31 5.40% 2.33% -2.91%



93 PUTNAM MUNI PMO 11.56 3.43% 0.46% -2.87%

93 MARKET VECTORS NUCLEAR ENERGY ETF NLR 53.71 2.53% 6.07% 3.46%

93 PIMCO MUNICIPAL INCOME II CF PML 13.11 2.05% 1.40% -0.65%

93 VANGUARD EXTENDED DURATION ETF EDV 109.64 4.12% -0.76% -4.69%

93 NUVEEN NY SEL NXN 13.00 2.98% 1.81% -1.14%

93 PowerShares DB Gold Double Long ETN DGP 21.66 1.78% -4.88% -6.54%

93 WESTERN ASST MUNCPL PARNRS CF MNP 14.06 4.02% 0.64% -3.24%

93 ProShares Ultra Gold ETF UGL 34.90 1.83% -5.15% -6.86%

92 PS ULTRASHRT YEN YCS 78.72 1.22% 6.92% 5.63%

92 ULTRASHORT MSCI EMERGING MARKETS ETF EEV 51.39 -0.18% 14.05% 14.25%

92 D -3X Emerging Mkts. Bear, EDZ EDZ 59.30 -0.90% 19.41% 20.49%

92 REAVES UTILITY INCOME CF UTG 31.27 1.59% 5.60% 3.95%

92 NUVEEN NEW YORK MUNICIPAL VALUE CF NNY 9.40 2.71% 2.02% -0.67%

92 ULTRA REAL ESTATE ETF URE 64.72 2.25% 3.46% 1.19%

92 BLACKROCK MUNIHOLDINGS CF MHD 14.80 0.93% -2.41% -3.31%

92 ISH SP GBLCL ENG ICLN 8.76 2.60% -3.07% -5.53%

92 PUTNAM MANAGED MUNICIPAL INCOME ETF PMM 7.00 3.05% 0.03% -2.93%

91 NUVEEN TEXAS QUALITY INCM MUNI CF NTX 12.74 3.26% -0.11% -3.26%


29

91 VANGUARD Long-Term Government Bond VGLT 72.95 3.19% 0.10% -3.00%


91 POWERSHRS DB US DLR INDX BULLISH ETF UUP 26.04 1.29% 4.69% 3.36%

91 BLACKROCK MUNIASSETS CF MUA 12.83 0.35% -2.45% -2.79%

91 PS AC US REAL EST PSR 82.06 1.60% 3.07% 1.45%

91 NUVEEN SELECT TAX-FREE INCOME CF NXP 14.06 0.89% 0.17% -0.72%

91 EATON VANCE INSURE NEWJERSEY MUNI CF EMJ 11.90 2.43% 1.05% -1.34%

90 SHORT MSCI EMERGING MARKETS ETF EUM 20.42 0.34% 8.14% 7.77%

90 ISHARES LEHMAN 10-20 YR TREASURY ETF TLH 130.53 2.27% 0.73% -1.50%

90 PIMCO NEW YORK MUNICIPAL INCOME CF PNF 11.92 3.98% 0.57% -3.28%

90 FIRST TRUST S&P REIT INDEX ETF FRI 23.48 1.48% 3.19% 1.69%

90 iShares COMEX Gold Trust ETF IAU 11.87 1.25% -1.48% -2.70%

90 NUVEEN SELECT MATURITY MUNICIPAL CF NIM 9.69 1.69% 0.55% -1.11%

90 POWERSHARES 1 30 LADDERED TRSURY ETF PLW.O 31.47 2.24% 0.60% -1.60%


90 MORGAN STANLEY EMERGING MARKETS ETF MSF 16.36 0.01% -2.22% -2.23%

89 ALPS COHN STERS GRI 43.75 1.75% 0.89% -0.85%

89 EATON VANCE MICHIGAN MUNI INCOME CF EMI 12.35 1.99% -1.21% -3.13%

89 BLACKROCK MUNIYIELD CALIFORNIA CF MYC 12.97 2.49% -1.36% -3.76%

89 DWS STRATEGIC MUNICIPAL INCOME CF KSM 10.51 1.91% -1.86% -3.69%

89 EATON VANCE INSURED NY MUNI BD II CF NYH 10.55 2.76% -0.59% -3.26%

89 PowerShares DB Gold Fund DGL 38.78 1.03% -2.03% -3.03%



89 PIMCO MUNICIPAL INCOME III CF PMX 11.05 -0.45% -2.68% -2.24%

88 BLACKROCK MUNIHLDG NEWJERSEY INSD CF MUJ 12.72 1.80% -1.80% -3.53%

88 MKT VECT LHN BRS AMT FREE INTMDT ETF ITM 47.11 1.51% 0.61% -0.88%

88 MARKET VECTORS GLBL ALTNTV ENRGY ETF GEX 57.83 2.77% -2.65% -5.27%

88 DTF TAX FREE INCOME CF DTF 12.75 1.86% -2.04% -3.83%

88 REIT Wilshire, RWR RWR 93.21 1.03% 2.07% 1.03%

88 CENTRAL EUROPE AND RUSSIA ETF CEE 23.38 0.38% -1.89% -2.25%

88 EATON VANCE INSURED NEW YORK MUNI CF ENX 11.12 1.26% -0.31% -1.55%

88 BLACKROCK MUNIYLD MICHIGAN INSRD CF MIY 12.56 1.16% -2.35% -3.47%

88 NUVEEN NEW JERSEY DIV ADVAN MUNI CF NXJ 12.75 0.85% -1.38% -2.22%

87 PIMCO STRAT GLOBAL GOVERNMNT ETF RCS 9.37 0.49% -1.75% -2.23%

87 NUV SL TX FREE 2 NXQ 13.35 0.96% -0.71% -1.65%

87 CENTRAL FUND CDA ETF CEF 11.96 1.35% -3.97% -5.25%

87 DWS MUNICIPAL INCOME CF KTF 10.47 1.92% -3.16% -4.99%

87 PowerShares DB Precious Metals Fund DBP 35.37 0.85% -3.04% -3.86%

87 BLACKROCK INCOME CF BKT 5.75 1.78% -0.01% -1.76%

87 EATON VANCE INSURE CLIFORNIA MUNI CF EVM 10.03 1.24% -1.62% -2.82%


30

87 PIMCO CALIFOR MUNI INCM III CF PZC 9.90 2.76% -1.60% -4.24%

87 SPDR LHMN INTERMDTE TERM TREASRY ETF ITE 58.76 1.09% 0.65% -0.44%

86 VANGUARD Intermediate-Term Government Bond VGIT 62.75 1.11% 0.65% -0.45%

86 Consumer Staples SPDR, XLP XLP 54.50 -0.78% 2.82% 3.63%

86 BLACKROCK MUNIVEST II CF MVT 13.21 0.58% -4.66% -5.21%

86 EATON VANCE NEW JERSEY MUNI INCM CF EVJ 11.25 1.71% -0.24% -1.92%

86 BLACKROCK NEW YORK MUNICIPAL BOND CF BQH 12.86 1.82% -1.02% -2.80%

86 VANGUARD Total International Bond BNDX 55.04 0.87% 0.86% -0.02%

86 BLACKROCK MUNIHLDGS FLORIDA INSD CF MFL 12.44 2.50% -1.78% -4.17%

86 NUVEEN MD PREM NMY 11.78 1.11% -1.56% -2.64%

86 MFS MUNICIPAL INCOME CF MFM 6.38 1.31% -2.46% -3.72%

85 SPDR LEHMAN MUNICIPAL BOND ETF TFI 47.72 1.12% 0.07% -1.04%

85 Hong Kong Index, EWH EWH 23.29 3.61% -4.19% -7.54%

85 NUVEEN MICHIGAN QUALITY INCM 2 CF NUM 12.42 1.31% -0.88% -2.16%

85 PS INS CAL MUNIC PWZ 25.61 1.08% -0.13% -1.20%

85 SPDR BCLY CP MRT MBG 25.23 0.94% -0.07% -1.00%

85 Bond, Muni S&P ATM-Free iS, MUB MUB 108.37 0.92% 0.09% -0.82%

85 MARKT VCTRS LB AMT FREE LG MNCPL IDX MLN 19.37 1.01% -0.96% -1.94%

85 EATON VANCE MUNICIPAL INCOME CF EVN 11.27 1.90% -2.84% -4.65%

85 VANGUARD Mortgage-Backed Securities VMBS 51.11 0.93% 0.02% -0.90%

84 REIT VIPERs, VNQ VNQ 79.65 0.18% 0.43% 0.25%

84 BLACKROCK CALIFORNIA MUNICPL 2018 CF BJZ 14.46 0.25% 1.13% 0.88%

84 ISHARES S&P NEW YORK MUNICIPAL ETF NYF 54.42 0.92% -0.02% -0.93%

84 FIRT FTSE EPRA GLB REAL EST INDX ETF FFR 44.52 0.99% -0.10% -1.08%

84 PS INS NY MUNIC PZT 23.71 1.03% -0.40% -1.42%

84 SPDR Nuveen B B ST Muni Bond SHM 48.01 0.77% 0.44% -0.33%

84 BLACKROCK NEW YORK MUNICIPAL 2018 CF BLH 14.55 0.20% 1.14% 0.94%

84 ISHR BRCLY AG BD AGZ 111.31 0.69% 0.31% -0.38%

83 MARKET VETRS LEHMAN BROS MUNIPAL ETF SMB 17.28 0.72% 0.42% -0.30%

83 MFS HIGH INCOME MUNICIPAL CF CXE 4.87 2.16% -0.51% -2.62%

83 NUVEEN VA PREM NPV 11.72 0.68% -3.09% -3.74%

83 BLACKROCK MUNIHLDG NEW YORK INSRD CF MHN 11.94 0.85% -2.66% -3.47%

83 WESTERN ASST MUNCPL HGH INCM CF MHF 7.05 0.66% -1.51% -2.15%

83 POWERSHARES INSR NATL MNCPL BOND ETF PZA 24.86 1.04% -0.42% -1.44%

83 NUVEEN GEORGIA DIV ADVAN MUNI 2 CF NKG 10.97 0.96% -2.19% -3.12%

83 POWERSHARES DB G10 CURR HARVEST ETF DBV 24.43 0.25% 1.58% 1.32%

83 NUVEEN MUNICIPAL VALUE CF NUV 9.34 1.20% -0.83% -2.00%

82 ISHARES S&P CALIFORNIA MUNICIPAL ETF CMF 57.92 0.85% -0.27% -1.11%

82 BLACKROCK NY MUNICIPAL INCOME II CF BFY 12.52 1.03% -2.02% -3.02%

82 BLACKROCK MUNIYIELD NEWJERSEY CF MYJ 13.02 0.79% -3.74% -4.50%

82 VANGUARD INTERMEDIATE TERM BOND ETF BIV 80.61 0.88% -0.03% -0.90%


31

82 Bond, Intermediate US Aggregate iS, AGG AGG 105.56 0.85% -0.18% -1.02%

82 WT DRYFS EMG CUR CEW 18.31 0.39% -2.30% -2.68%

82 WT DRYFS CHN YN CYB 25.49 0.82% -2.39% -3.19%

82 ISHR ST NAT MUN SUB 105.14 0.49% 0.33% -0.17%

82 BLACKROCK MUNIYLD NEWYORK INSD CF MYN 11.49 1.32% -2.50% -3.77%

81 EATON VANCE MASSACHUSETTS MNCPL CF MMV 12.25 1.36% -1.34% -2.66%

81 DELAWARE INVSTMNTS DIV AND INCM ETF DDF 12.15 1.29% 3.25% 1.94%

81 NUVEEN NY DIV ADVNTAGE MUNCPL ETF NAN 12.22 0.26% -1.94% -2.19%

81 BLACKROCK MUNICIPAL 2018 TERM CF BPK 14.61 0.16% 0.71% 0.55%

81 NUV SL TX FREE 3 NXR 14.17 -0.01% -1.28% -1.27%

81 BLACKROCK LONG TERM MUNICIPL ADV CF BTA 10.96 0.17% -2.34% -2.51%

81 EATON VANCE NEW YORK MUNCIPL INCM CF EVY 11.55 1.54% -3.03% -4.51%

81 ISHR BARC GOV CR GBF 109.74 0.84% -0.27% -1.10%

81 ISHARES INTERMEDIATE GOVT/CREDIT ETF GVI 107.55 0.56% 0.11% -0.45%

80 DREYFUS MUNI DMF 7.74 1.36% -2.62% -3.93%

80 VANGUARD LONG TERM BOND ETF BLV 86.35 1.79% -1.52% -3.26%

80 EATON VANCE INSURED OHIO MUNI BND CF EIO 11.20 1.05% -2.22% -3.23%

80 BLACKROCK MUNIHOLDINGS INSURED CF MUS 11.45 1.06% -4.70% -5.70%

80 BLACKROCK INVESTMENT QLTY MUNICPL CF BKN 13.22 1.00% -3.04% -4.00%

80 VANGUARD SHORT TERM BOND ETF BSV 78.24 0.42% 0.20% -0.23%

80 EATON VANCE OHIO MUNICIPAL INCOME CF EVO 12.26 2.12% -1.16% -3.21%

80 VANGUARD Short-Term Government Bond VGSH 59.89 0.31% 0.13% -0.17%

80 EATON VANCE INSURD MASSACHUS MUNI CF MAB 12.28 1.59% -2.38% -3.91%

79 Bond, 1-3 Year Treasury, SHY SHY.O 83.31 0.30% 0.12% -0.19%

79 Health Care SPDR, XLV XLV 88.96 -2.63% 1.52% 4.26%

79 BLACKROCK MUNIYLD QUALITY FUND II CF MQT 11.49 0.98% -2.99% -3.93%

79 BLACKROCK INSURED MUNICIPAL INCM CF BYM 12.53 0.74% -3.02% -3.73%

79 BLACKROCK NY MUNICIPAL INCM TRUST CF BNY 12.05 0.46% -4.03% -4.47%

79 BLACKROCK MUNIYIELD CF MYD 12.92 -0.62% -2.96% -2.36%

79 SPDR DOW GBL RES RWO 46.89 0.65% -0.81% -1.46%

79 NUVEEN NC PREMIUM INCOME MUNI CF NNC 11.88 0.66% -2.16% -2.80%

79 PUTNAM HIGH INCOME SECURITIES ETF PCF 9.40 0.04% 0.88% 0.84%

78 GABELLI GLOBAL DEAL ETF GDL 8.95 -0.10% -2.66% -2.56%

78 BLACKROCK MUNIYLD PENNSYLVANIA CF MPA 12.61 0.13% -4.54% -4.66%

78 POWERSHARES VRDO TAX FREE WEEKLY ETF PVI 24.95 0.06% 0.10% 0.04%

78 MASSMUTUAL PARTICIPATION INVESTR ETF MPV 14.77 -0.81% -0.11% 0.70%

78 BLACKROCK FLA INSURED MUNICI INCM CF BAF 12.87 1.10% -4.11% -5.15%

78 MFS INVESTMENT GRADE MUNICIPAL CF CXH 8.81 0.75% -3.54% -4.26%

78 NUVEEN INSURED CALIF TAX FREE ADV CF NKX 12.75 0.75% -3.90% -4.61%

78 WESTERN ASSET INTERMEDIATE MUNI CF SBI 8.33 0.16% -2.75% -2.91%

77 Bond Treasury Short-Term iS, SHV SHV.O 110.38 0.02% 0.04% 0.02%


32

77 SPDR LEHMAN 1-3 MONTH T BILL ETF BIL 91.53 0.01% 0.02% 0.01%

77 BLACKROCK MUNI NEWYORK INTERM DUR CF MNE 12.35 0.80% -1.80% -2.58%

77 VANGUARD CONSUMER STAPLES ETF VDC 139.34 -1.83% 1.28% 3.17%

77 MFS CALIFORNIA INSURED MUNICIPAL CF CCA 10.02 0.92% -2.20% -3.09%

77 MFS GOVERNMENT MARKETS INCOME CF MGF 4.41 1.32% -1.37% -2.66%

77 DNP SELECT INCOME ETF DNP 11.04 0.23% 1.56% 1.33%

77 BLACKROCK MUNICIPAL INCOME II CF BLE 12.80 0.07% -4.81% -4.88%

77 BLACKROCK MUNIYIELD INSD CF MYI 11.87 1.10% -3.49% -4.54%

76 EATON VANCE PENSYLVANIA MUNI INCM CF EVP 11.12 1.01% -2.64% -3.62%

76 BLACKROCK ENHANCED GOVERNMENT CF EGF 12.60 -2.18% -2.60% -0.44%

76 BLACKROCK MUNICIPAL INCOME CF BFK 12.35 0.06% -3.21% -3.27%

76 BLACKROCK MUNI INTERM DUR CF MUI 12.60 0.14% -2.97% -3.11%

76 BLACKROCK MUNIHLDG CALIFORNI INS ETF MUC 12.46 0.36% -3.72% -4.06%

76 NUVEEN INSURED NY TAX FREE ADV CF NRK 11.70 0.58% -2.43% -3.00%

76 BLACKROCK MUNIHOLDINGS II CF MUH 13.07 1.09% -3.94% -4.98%

76 EATON VANCE CALIF MUNICIPAL INCM CF CEV 11.06 0.90% -2.17% -3.05%

76 BLACKROCK MUNICIPAL BOND TRUST CF BBK 13.52 0.83% -3.62% -4.42%

75 NUVEEN MA PREM NMT 11.71 -1.17% -5.33% -4.21%

75 EATON VANCE INSURED PENNSYLVANIA CF EIP 11.54 1.61% -2.44% -3.98%

75 BLACKROCK STRATEGIC MUNICIPAL CF BSD 11.96 0.28% -3.72% -4.00%

75 PIMCO NEW YORK MUN INCOME III CF PYN 8.79 0.45% -2.47% -2.91%

75 Bond Ex-US Treas, BWX BWX 27.13 0.26% -2.74% -2.99%

75 ISH TI SP C IT IGOV 47.80 0.31% -2.64% -2.94%

75 BLACKROCK CALIFORNIA MUNICPL INCM CF BFZ 12.15 -0.28% -4.33% -4.07%

75 Silver Trust iS, SLV SLV 13.70 0.76% -6.05% -6.76%

75 NUVEEN CONNECTICUT PREM INCM MUNI CF NTC 11.25 0.60% -2.41% -2.99%

74 RYDEX CURR SHS AUSTR DOLLAR TRST ETF FXA 71.81 -0.09% -3.06% -2.97%

74 VANGUARD Short-Term Corporate Bond VCSH 77.75 0.00% -0.39% -0.39%

74 BLACKROCK MUNIENHANCED CF MEN 9.86 0.20% -4.26% -4.45%

74 China 25 iS, FXI FXI 41.13 1.55% -6.20% -7.63%

74 BLACKROCK MUNIVEST CF MVF 8.42 -0.08% -3.06% -2.98%

74 EATON VANCE INSURED MUNI BOND II CF EIV 11.35 0.69% -2.63% -3.30%

74 NUVEEN OHIO QUALITY INCM MUNI CF NUO 13.32 0.16% -2.33% -2.49%

74 PS ULTRASHRT SILVER ZSL 41.82 -1.44% 11.20% 12.83%

74 MUNIYIELD CALIFORNIA INSURED CF MCA 12.62 0.13% -3.85% -3.97%

73 EATON VANCE INSURED CALIFORNIA II CF EIA 10.18 0.47% -3.60% -4.05%

73 BLACKROCK NY INSURED MUNICPL INCM CF BSE 12.20 1.18% -1.36% -2.50%

73 NUVEEN CALIFORNIA DIVIDEND ADV CF NAC 12.63 0.83% -3.99% -4.78%

73 WTR MID EAST DIV GULF 18.75 -0.09% -1.48% -1.39%

73 EATON VANCE INSURED MUNICIPAL BND CF EIM 11.19 0.84% -3.52% -4.33%

73 FRANKLIN UNIV FT 6.60 0.67% -1.24% -1.90%


33

73 RYDEX CUR SHS SWISS FRANC ETF FXF 93.49 -0.14% -1.84% -1.70%

73 ASA ETF ASA 9.00 0.53% -7.28% -7.77%

73 NUVEEN INSURED TX FREE ADVAN MUNI CF NEA 12.27 0.26% -3.78% -4.03%

72 DREYFUS STRAT DSM 7.09 1.00% -4.35% -5.30%

72 VAN KAMPEN MUNICIPAL OPPORTUNITY ETF VMO 11.09 -0.13% -4.17% -4.05%

72 iSHARES DJ US HTH CRE ETF IYH 187.83 -2.96% 0.79% 3.86%

72 BLACKROCK MUNIYLD QUALITY FUND CF MQY 12.98 0.23% -4.64% -4.86%

72 PIMCO CALIFORNIA MUNICI INCOME II CF PCK 8.11 0.30% -1.58% -1.87%

72 Agriculture DB PS, DBA DBA 17.33 -0.51% -3.62% -3.12%

72 NUVEEN PENNSYL INVMNT QUALITY CF NQP 12.25 -0.23% -2.07% -1.84%

72 BLACKROCK MUNICIPAL 2020 TERM CF BKK 14.80 0.00% -1.36% -1.37%

71 NEUBERGER BERMAN CALIF INTERM MNC CF NBW 12.17 0.57% -2.86% -3.41%

71 EATON VANCE INSRD MICH MNCPL BOND CF MIW 12.55 0.86% -2.62% -3.45%

71 NUVEEN NY MUN 2 NYV 13.15 -1.55% -2.57% -1.04%

71 VANGUARD Emerging Markets Government Bond VWOB 74.56 0.28% -1.60% -1.87%

71 NEUBERGER BERMAN NY INTERM MNCPL CF NBO 11.24 0.54% -2.14% -2.66%

71 BLACKROCK MUNIYIELD FLORIDA INSRD CF MFT 12.14 0.54% -4.87% -5.39%

71 MASSMUTUAL CORPORATE INVESTOR ETF MCI 15.16 0.42% -0.25% -0.66%

71 BLACKROCK FLORIDA MUNICIPAL 2020 CF BFO 14.08 -0.03% -0.99% -0.95%

71 MKT VC HYLD MUN HYD 60.98 0.28% -1.68% -1.96%

70 DELAWARE INVESTMENTS MINNESOTA II ET VMM 11.89 1.04% -3.41% -4.40%

70 MFS MULTIMARKET INCOME CF MMT 5.31 -0.23% -4.67% -4.45%

70 ELEMENTS MLCX Grains Index ETN GRU 3.36 1.75% -3.91% -5.57%

70 SPDR BARCLAYS CAPITAL TIPS ETF IPE 53.69 -0.02% -1.94% -1.92%

70 Bond, TIPS U.S. Treasury iS, TIP TIP 109.05 -0.04% -1.98% -1.95%

70 iSHARES S&P GLOB HEALTH ETF IXJ 58.81 -2.61% 0.02% 2.70%

70 ISHS FTSE NAREIT MRTGE REITS IDX ETF REM 43.00 0.26% -1.18% -1.44%

70 NUVEEN ARIZONA NAZ 11.79 0.89% -5.71% -6.54%

70 VAN KAMPEN MUNICIPAL ETF VKQ 11.09 -0.04% -4.26% -4.22%

69 Turkey MSCI iS, TUR TUR.O 24.20 -1.36% -18.05% -16.93%

69 ELEMENTS Rogers International Commodity Agric RJA 5.76 -0.39% -4.00% -3.62%

69 Bond, Long-Term Corp iBoxx iS, LQD LQD 112.73 0.37% -1.62% -1.98%

69 PowerShares DB Agriculture Double Long ETN DAG 2.29 2.15% -9.44% -11.35%

69 POWERSHARES EMRG MKTS SOVRGN DBT ETF PCY 26.33 0.40% -2.39% -2.78%

69 NUVEEN INSURED DIV ADVAN MUNI CF NVG 13.77 0.63% -4.72% -5.31%

69 MORGAN STANLEY EMERGING MKT DEBT ETF MSD 8.53 1.01% -3.85% -4.81%

69 SPDR FTSE MACQUARIE GLBL INF 100 ETF GII 47.54 0.65% -2.59% -3.21%

69 FIRST TRUST MORNINGSTAR DIV LDRS ETF FDL 28.95 -1.38% -0.31% 1.09%

68 PIONEER MUNICIPAL HIGH INCOME CF MHI 10.89 0.11% -3.37% -3.48%

68 CURRENCYSHARES JAPANESE YEN TR ETF FXY 84.26 -0.36% -2.64% -2.28%

68 NUVEEN MUNICIPAL INCOME CF NMI 10.19 0.36% -6.27% -6.61%


34

68 DREYFUS STRATEGIC MUNICIPALS CF LEO 7.21 -0.04% -4.35% -4.31%

68 NUVEEN DIVIDEND ADVANTAGE MNCPL CF NAD 12.49 -0.01% -3.72% -3.71%

68 TEMPLETON GLOBAL INCOME CF GIM 6.03 -1.45% -2.92% -1.49%

68 VANGUARD Global ex-U.S. Real Estate VNQI 54.80 1.37% -5.43% -6.71%

68 BLACKROCK HEALTH SCIENCES CF BME 38.67 -3.05% 0.36% 3.51%

68 VANGUARD Short-Term Inflation-Protected Secur VTIP 47.77 -0.82% -1.85% -1.04%

67 TCW STRATEGIC INCOME ETF TSI 5.39 -0.78% -1.75% -0.98%

67 Vietnam Market Vectors, VNM VNM 15.55 0.41% -7.58% -7.96%

67 PIMCO NEW YORK MUNICI INCOME II CF PNI 10.80 -0.26% -0.38% -0.12%

67 PWRSHRS SFTWRE ETF PSJ 76.60 -0.32% -1.19% -0.88%

67 NUVEEN NJ MUN VL NJV 12.44 -0.57% -3.89% -3.34%

67 MFS INTERMEDIATE INCOME CF MIN 3.70 0.47% -2.82% -3.27%

67 FEDERATED PREMIER MUNICIPL INCOME CF FMN 12.43 0.56% -5.02% -5.55%

67 VAN KAMPEN TR INVSTMNT GRADE MUNI ET VGM 11.42 0.05% -5.06% -5.10%

67 MASS HEALTH EDU MHE 11.60 -0.30% -8.96% -8.69%

66 WISDMTREE INTNL REAL ESTATE SCTR ETF DRW 28.54 1.60% -6.11% -7.59%

66 MORGAN STANLEY MUNICIPAL INCOME CF IIM 13.35 -0.23% -4.68% -4.47%

66 VAN KAMPEN NEW YORK MUNICIPALS ETF VTN 12.00 -0.88% -4.66% -3.81%

66 SPDR BCLY CAP ST BWZ 30.57 -0.64% -3.18% -2.56%

66 PowerShares DB Gold Short ETN DGZ 14.77 -0.82% 3.03% 3.89%

66 ISHARES S&P GLOBAL INFRSTCTR IDX ETF IGF.O 41.30 0.35% -3.00% -3.34%

66 ISHS FTSE EPRA NREIT GLBL US IDX ETF IFGL 27.86 0.54% -4.17% -4.68%

66 VANGUARD HEALTH CARE ETF VHT 165.25 -3.49% -0.35% 3.25%

66 PIMCO MUNI INCM PMF 12.31 -1.32% -4.33% -3.05%

65 FT GBL WND ENERGY FAN 11.95 1.66% -6.53% -8.06%

65 NUVEEN CALIFORNIA MUNICIPAL VALUE CF NCA 9.03 -1.13% -3.71% -2.61%

65 BLACKROCK MUNIHLDGS INSD II CF MUE 11.58 -0.45% -3.93% -3.49%

65 WT DRYFS BRAZ RL BZF 16.14 -3.35% -4.08% -0.76%

65 India PS, PIN PIN 23.51 3.08% -4.52% -7.38%

65 FIRST TRUST VALUE DIVIDEND INDEX ETF FVD 30.54 -1.59% -0.74% 0.87%

65 PIMCO HIGH INCOME CF PHK 8.07 -1.32% -2.24% -0.93%

65 PIONEER MUNICIPAL HIGH INCOME ADV CF MAV 10.46 -0.03% -2.93% -2.90%

64 ISHARES MSCI BRIC INDEX ETF BKF 38.97 0.58% -7.84% -8.37%

64 ISH TI SP C 1-3 ISHG 79.96 -0.79% -3.45% -2.68%

64 EATON VANCE SHORT DURATION INCOME CF EVG 12.62 -0.97% -3.43% -2.48%

64 VANGUARD Long-Term Corporate Bond VCLT 85.24 0.61% -2.80% -3.39%

64 Bond, Emerging Mkt JPM iS, EMB EMB.O 104.65 0.04% -2.85% -2.88%

64 MORGAN STANLEY QUALITY MUNICIPAL CF IQI 11.17 -0.31% -4.72% -4.43%

64 DELAWARE INV NAT MUNICIPL INCOME ETF VFL 11.91 -0.51% -3.73% -3.23%

64 SPDR DB INT GOVT WIP 52.05 -0.60% -4.55% -3.97%

64 FIRST TRUST/FIDAC MORTGAGE INCOME CF FMY 13.01 -1.19% -3.08% -1.91%


35

63 ISHARES S&P GBL CONSU STPLS SCTR ETF KXI 48.66 -1.95% -2.03% -0.07%

63 PowerShares DB Base Metals Fund DBB 16.11 -1.35% -7.00% -5.72%

63 CLAYMORE BBD HIGH INCOME INDEX ETF LVL 10.59 -0.87% -3.10% -2.25%

63 COHEN STEERS RFI 11.75 -0.56% -4.07% -3.53%

63 GreenHaven Continuous Commodity Index Fund GCC 17.98 -1.75% -3.81% -2.09%

63 ISHARES DOW JNS US MEDI DVCE IDX ETF IHI 204.21 -2.47% 0.03% 2.57%

63 RYDEX S&P EQUAL WGT CONSMR STPLS ETF RHS 125.61 -2.14% -0.80% 1.37%

63 COHEN STEERS QUAL INCOME REALTY CF RQI 11.50 -0.61% -2.86% -2.26%

63 PWRSHS HGH YIELD CORPORATE BOND ETF PHB 18.05 -0.66% -1.96% -1.30%

62 RYDEX CURR SHS SWEDISH KRONA ETF FXS 103.32 -0.80% -5.14% -4.37%

62 VAN KAMPEN CALIF VALUE MUNICIPAL ETF VCV 11.23 -0.61% -3.84% -3.25%

62 ISHR SP CON ALC AOK 32.97 -0.79% -2.73% -1.96%

62 ISHS S&P WRLD EX US PROPERTY IDX ETF WPS 35.81 0.55% -5.27% -5.78%

62 PWRSHRS DYNMIC CNSUMR STAPLS SEC ETF PSL.O 69.56 -2.08% -1.02% 1.08%

62 NUVEEN DIVIDEND ADVANTAGE MUNI 3 CF NZF 13.49 -0.48% -4.78% -4.33%

62 VAN KAMPEN ADVANTAGE MUNICIPAL ETF VKI 9.95 -0.79% -5.09% -4.33%

62 VAN KAMPEN PENNSYLVANIA VALUE ETF VPV 11.50 -1.30% -2.65% -1.37%

62 Dividend SPDR, SDY SDY 93.47 -1.78% -1.05% 0.74%

61 CURRENCYSHARES EURO ETF FXE 108.02 -1.02% -4.04% -3.05%

61 CLAYMORE MAC GLOBAL SOLAR ENERGY ETF TAN 20.05 1.02% -11.44% -12.34%

61 Frontier Markets Guggenheim , FRN FRN 12.89 -1.25% -9.46% -8.31%

61 IQ HED ML ST TRK QAI 29.65 -0.96% -2.54% -1.59%

61 NUVEEN CALIF SELECT TAX-FREE INCM CF NXC 13.32 -0.77% -3.41% -2.66%

61 POWERSHRS DB US DLR INDX BEARISH ETF UDN 20.95 -1.15% -3.89% -2.77%

61 DUFF & PHELPS DUC 8.15 -0.51% -3.37% -2.88%

61 NUVEEN CAL MUN 2 NCB 15.24 -2.22% -2.26% -0.04%

61 Silver Miners Global X, SIL SIL 24.60 2.81% -9.94% -12.40%

60 NEUBERGER BERMAN INTERMED MNCPL CF NBH 12.83 -0.24% -4.53% -4.30%

60 WESTERN ASSET PREMIER BOND CF WEA 12.39 0.53% -1.74% -2.25%

60 BLACKROCK MARYLAND MUNICIPAL BOND CF BZM 13.38 -0.32% -0.81% -0.50%

60 SPDR DJ WILSHIRE INTL REAL ESTAT ETF RWX 36.96 -0.11% -5.10% -4.99%

60 INDIA CF IFN 21.67 2.90% -8.86% -11.43%

60 ISHR SP MOD ALC AOM 36.17 -1.04% -3.32% -2.30%

60 Russia MV, RSX RSX 20.23 -2.61% -4.07% -1.50%

60 PUTNAM MSTR INTR PIM 4.34 -1.88% -5.80% -3.99%

60 ProShares Ultra Silver ETF AGQ 23.55 0.69% -14.41% -15.00%

59 BLACKROCK CORE BOND CF BHK 12.19 -0.81% -4.14% -3.36%

59 EVERGREEN UTILITIES AND HIGH INCM CF ERH 11.95 -0.04% -2.70% -2.66%

59 MFS SPECIAL VAL MFV 5.40 -1.40% -5.96% -4.63%

59 POWERSHARES DIVIDEND ACHIEVERS ETF PFM.O 25.87 -2.64% -1.52% 1.14%

59 Bond, High Yield Corp iBoxx iS, HYG HYG 83.16 -1.11% -2.57% -1.48%


36

59 PowerShares DB Silver Fund DBS 22.04 0.90% -8.60% -9.42%

59 CLAYMORE/BNY BRIC ETF EEB 33.87 -0.98% -6.73% -5.80%

59 FIRST TRUSTABERDEN GLOBL OPP INCM CF FAM 9.30 1.01% -7.76% -8.68%

58 ULTRA HEALTH CARE PROSHARES ETF RXL 97.71 -6.73% -0.48% 6.70%

58 RYDEX CURR SHS CANADIAN DOLLAR ETF FXC 73.76 -1.59% -2.65% -1.07%

58 WISDOMTREE HIGH YIELDING EQUITY ETF DHS 68.66 -2.41% -2.35% 0.06%

58 VAN KAMPEN BOND ETF VBF 17.02 -1.16% -3.52% -2.38%

58 Singapore Index, EWS EWS 22.52 -0.72% -8.81% -8.15%

58 ISHARES DOW JONES US HLTH CRE IDX ET IHF 183.00 -5.23% 0.77% 6.34%

58 WESTERN ASST VARIABL RTE STRT CF GFY 15.70 -1.01% -4.86% -3.89%

58 ABERDEEN ASIA PACIFIC PRIME INCM CF FAX 4.00 0.02% -7.41% -7.43%

58 CLAYMORE SABRIENT DEFENDER ETF DEF 46.43 -2.76% -2.43% 0.34%

57 MFS HIGH YIELD MUNICIPAL CF CMU 4.24 -1.80% -4.68% -2.93%

57 SPDR S&P EMERGING ASIA PACIFIC ETF GMF 90.68 0.76% -8.74% -9.43%

57 Bond, High-Yield Junk, JNK JNK 34.55 -1.30% -3.02% -1.74%

57 FT NASDAQ CLEAN EDGE US LQD INDX ETF QCLN 18.60 -1.11% -5.67% -4.61%

57 iSHARES MSCI SNG ETF FEO 12.52 0.60% -10.50% -11.03%

57 WESTERN ASST GLBAL HIGH INCOME CF EHI 8.67 -1.27% -5.42% -4.20%

57 PowerShares DB Gold Double Short ETN DZZ 6.24 -1.41% 4.91% 6.41%

57 WESTERN CLYMR INFLTN SEC & INCM ETF WIA 10.73 -0.86% -4.69% -3.86%

57 India Earnings WTree, EPI EPI 23.65 2.30% -6.49% -8.60%

56 PWRSHRS FODBEV ETF PBJ 31.63 -2.40% -3.35% -0.97%

56 BLACKROCK MUNIYIELD ARIZONA CF MZA 12.25 -0.54% -13.37% -12.90%

56 WESTRN CLYMR INFLTN OPPRT & INCM ETF WIW 10.28 -1.03% -6.09% -5.11%

56 RYDEX S&P EQUAL WEIGHT HLTH CARE ETF RYH 184.85 -3.80% -2.30% 1.57%

56 iPath Dow Jones-AIG Cocoa Total Return Sub-In NIB 25.57 1.41% -9.09% -10.35%

56 PWRSHRS EMERGING MARKETS ETF PXH 19.99 -1.45% -6.99% -5.63%

56 ISHR MSCI ASA JP AAXJ 65.12 0.29% -9.26% -9.52%

56 MS EMERGING MARKTS DOMESTIC DEBT ETF EDD 6.35 -0.53% -8.69% -8.21%

56 SPDR BAR CAP BND CWB 50.07 -1.40% -4.69% -3.33%

55 WilderHill Clean Energy PS, PBW PBW 23.00 -1.86% -7.66% -5.90%

55 WSDM TREE EMRG MKT HGH YLD EQTY ETF DEM 40.68 -0.83% -7.58% -6.80%

55 SPDR S&P CHINA ETF GXC 89.72 0.62% -11.81% -12.36%

55 Emerging VIPERs, VWO VWO 38.71 -0.14% -9.45% -9.33%

55 COHEN STEERS REIT PREFER INCOME CF RNP 18.11 -1.50% -4.39% -2.94%

55 Telecom DJ US, IYZ IYZ 27.49 -2.94% -2.47% 0.48%

55 Thailand MSCI iS, THD THD 84.94 -2.45% -6.95% -4.61%

55 Dow Jones-AIG Commodity Index Total Return ET DJP 22.55 -3.77% -5.93% -2.24%

55 Dividend Appreciation Vipers, VIG VIG 101.79 -3.44% -2.83% 0.63%

54 PS DYN MEDIA PF PBS 30.26 -1.79% -3.19% -1.43%

54 MFS CHARTER INCM MCR 7.35 -1.24% -6.04% -4.85%


37

54 NUVEEN MUN HIGH NMZ 11.77 -0.61% -5.60% -5.03%

54 JOHN HANCOCK INC JHS 12.83 -1.24% -4.59% -3.39%

54 iSHARES DJ US CON GDS ETF IYK 113.24 -2.29% -3.99% -1.74%

54 CHINA ETF CHN 17.93 0.66% -11.44% -12.02%

54 SPDR SP INTERNATIONAL ETF DWX 35.77 -1.13% -6.92% -5.85%

54 Dividend U.S. DJ iS, DVY DVY.O 94.63 -2.31% -3.40% -1.11%

54 Emerging Markets MSCI iS, EEM EEM 39.83 -0.80% -9.38% -8.64%

53 ELEMENTS Rogers International Commodity Metal RJZ 7.68 -0.48% -8.27% -7.83%

53 RYDEX CUR SHS BRIT POUND STER ETF FXB 122.04 -2.47% -5.29% -2.88%

53 Financial Preferred, PGF PGF 17.41 -1.66% -4.50% -2.89%

53 Chile MSCI iS, ECH ECH 42.76 -0.61% -9.98% -9.44%

53 EATON VANCE LIMITED DURATION INCM CF EVV 11.88 -3.14% -6.15% -3.11%

53 Pacific ex-Japan, EPP EPP 42.22 -0.86% -7.44% -6.64%

53 WSDMTREE EMRG MKTS SMALLCAP DVD ETF DGS 42.60 0.44% -11.40% -11.79%

53 ISHR SP GRW ALC AOR 42.12 -2.02% -4.91% -2.95%

52 South Africa Index, EZA EZA 50.59 -1.05% -14.01% -13.10%

52 VAN KAMPEN HIGH INCOME II ETF VLT 12.95 -2.64% -4.64% -2.05%

52 PS UL SRT 7 10 YR PST 22.59 -3.30% -2.23% 1.11%

52 ULTRASHORT FTSE XINHUA CHINA 25 ETF FXP 71.21 -4.78% 4.74% 10.00%

52 CLAYMORE TR 2 CHINA SML CP INDX ETF HAO 24.87 0.97% -12.38% -13.22%

52 SPDR SP EMG SC EWX 42.25 0.01% -10.77% -10.78%

52 BLACKROCK FLORIDA MUNICIPAL INCM CF BBF 12.16 -1.29% -6.55% -5.33%

52 VANGUARD HIGH DIVIDEND YIELD ETF VYM 81.46 -3.40% -4.04% -0.66%

52 iSHARES S&P GLOB TEL ETF IXP 52.78 -2.30% -5.70% -3.48%

51 Short Gold -2x ProShares UltraShort GLL 77.90 -2.20% 3.25% 5.57%

51 BLACKROCK PREFERRED & EQUITY ADV ETF BTZ 11.54 -1.85% -5.54% -3.77%

51 Dividend International, PID.O PID.O 14.75 -2.09% -5.65% -3.64%

51 MS CHINA A SHARES ETF CAF 19.64 1.39% -13.07% -14.26%

51 CLAYMORE S&P GLOBAL WATER INDEX ETF CGW 32.39 -2.02% -4.93% -2.97%

51 NUVEEN R EST INM JRS 9.01 -3.23% -7.56% -4.47%

51 Latin Am 40, ILF ILF 30.96 -4.89% -6.05% -1.22%

51 POWERSHARES GLOBAL CLEAN ENERGY ETF PBD 11.05 -0.99% -8.86% -7.95%

51 VANGUARD Mega Cap Value MGV 74.25 -3.83% -3.48% 0.37%

50 Switzerland Index, EWL EWL 31.95 -2.80% -5.50% -2.78%

50 WESTRN ASST HIGH INCM OPPORTUNITY CF HIO 4.47 -2.46% -6.10% -3.73%

50 NUVEEN MISSOURI PREMIUM INCM MUNI CF NOM 11.75 -1.46% -8.74% -7.39%

50 WISDOMTREE EUROPE HGH YLDNG EQTY ETF DEW 43.76 -2.44% -5.44% -3.08%

50 EVERGREEN INCOME ADVANTAGE CF EAD 7.42 -2.87% -6.42% -3.66%

50 BOULDER GROWTH & INCOME ETF BIF 10.28 -4.19% -5.14% -0.99%

50 TEMPLETON EMERGING MARKETS CF EMF 12.99 -5.45% -12.71% -7.67%

50 PS ULTRA YEN YCL 54.03 -1.10% -8.01% -6.99%


38

50 iSHARES LRG VAL ETF JKF 100.42 -3.58% -3.66% -0.08%

49 Networking, IGN IGN 49.47 -2.45% -5.81% -3.45%

49 FIRST TR CONSUMR STAPLS ALPHADEX ETF FXG 45.24 -3.20% -3.66% -0.48%

49 ISHARES S&P GSTI SOFTWARE INDEX ETF IGV 177.38 -2.73% -4.40% -1.71%

49 ISHARES S&P ASIA 50 INDEX ETF AIA.O 56.32 -0.97% -10.51% -9.63%

49 JOHN HANCOCK PREFERRED INCOME II CF HPF 19.70 -3.21% -4.62% -1.46%

49 ING ASIA PAC HIGH DIVID EQY INCM ETF IAE 8.66 -1.14% -10.02% -8.99%

49 JOHN HANCOCK TAX ADVANTAGED INCM CF HTD 21.47 -3.89% -5.04% -1.20%

49 WISDOMTREE LARGECAP DIVIDEND ETF DLN 88.04 -3.88% -3.93% -0.05%

49 PS ULTRA EURO ULE 14.74 -2.26% -9.19% -7.09%

48 EVERGREEN GLBL DIVID OPPORTUNITY ETF EOD 4.94 -3.55% -10.31% -7.01%

48 MORGAN STANLEY MUNI INCOME OPPOR CF OIA 7.12 -1.92% -5.11% -3.25%

48 DIAMONDS (DJIA), DIA DIA 241.42 -4.32% -3.77% 0.58%

48 Value VIPERs, VTV VTV 102.09 -4.06% -4.35% -0.30%

48 NUVEEN MULTI STRATEGY INC & GRT 2 CF JQC 7.42 -3.68% -6.28% -2.70%

48 POWERSHARES PREFERRED PORTFOLIO ETF PGX 13.53 -2.39% -5.69% -3.37%

48 COHEN STEERS SELECT UTILITY CF UTF 21.34 -2.31% -4.31% -2.04%

48 JH PATR PREM II PDT 14.96 -4.03% -4.57% -0.57%

48 WISDOMTREE TOTAL DIVIDEND ETF DTD 88.38 -3.85% -4.33% -0.50%

47 ISHARES DOW JONES US PHARMA IDX ETF IHE 148.18 -5.04% -4.87% 0.19%

47 CLYMR ZACKS MID CAP CORE ETF CZA 62.59 -3.25% -5.17% -1.98%

47 NUVEEN PN MUN VL NPN 12.43 -0.87% -9.96% -9.17%

47 ISHARES KLD 400 SOCIAL INDEX ETF DSI 96.53 -3.33% -5.25% -1.99%

47 EATON VANCE SENIOR INCOME CF EVF 6.03 -3.26% -6.73% -3.58%

47 Water Resources, PHO.O PHO.O 28.91 -2.83% -5.73% -2.99%

47 ML PHARMACEUTICAL HOLDRS PPH.O 58.25 -5.27% -3.37% 2.00%

47 FIRST TRUST ISE CHINDIA INDEX ETF FNI 31.99 0.93% -12.71% -13.51%

46 FT NASDAQ100 EX TCHNO SCTR INDX ETF QQXT 47.54 -3.74% -5.34% -1.66%

46 POWERSHARES GLOBAL WATER ETF PIO.O 23.42 -3.03% -7.38% -4.48%

46 Dividend High Yield Equity PS, PEY.O PEY.O 16.74 -3.71% -4.44% -0.76%

46 HIGH YIELD INCOME CF HYI 13.55 -3.41% -6.13% -2.82%

46 PWRSHRS PHARM ETF PJP 65.09 -4.84% -3.98% 0.90%

46 Emerging 50 BLDRS, ADRE ADRE 37.20 -1.94% -10.16% -8.39%

46 FIRST TRUST TECHNOLOGY ALPHADEX ETF FXL 54.39 -2.58% -5.89% -3.40%

46 NEW AMERICA HIGH INCOME CF HYB 7.88 -3.58% -7.33% -3.89%

46 iSHARES DJ US COM SER ETF IYC 188.15 -4.42% -3.77% 0.68%

45 PSHR US RL EST SRS 27.48 -3.22% -6.95% -3.85%

45 BLACKROCK MUNIYIELD FLORIDA CF MYF 13.10 -4.44% -5.31% -0.91%

45 PUTNAM PREM INCM PPT 4.87 -2.01% -6.50% -4.58%

45 MORGAN STANLEY INDIA INVESTMENT CF IIF 22.73 2.84% -15.13% -17.47%

45 ISHR SP AGR ALC AOA 49.89 -3.05% -6.51% -3.56%


39

45 ISHR MGSTR LGTH JKE 164.49 -3.61% -5.26% -1.70%

45 Spain Index, EWP EWP 27.96 -1.24% -8.93% -7.79%

45 PWRSHRS LARCAP GR ETF PWB 43.04 -4.14% -5.14% -1.05%

45 FIRST TR NAS 100 EQL WEGHTD INDX ETF QQEW 56.78 -3.36% -6.51% -3.26%

44 ING PRIME RATE ETF PPR 4.61 -3.91% -7.75% -4.00%

44 WESTERN ASST HIGH INCM II CF HIX 5.93 -3.02% -7.24% -4.36%

44 TEMPLETON EMER TEI 9.40 -2.95% -10.03% -7.29%

44 LargeCap Value Russell 1000 iS, IWD IWD 116.15 -4.30% -5.55% -1.30%

44 ISHARES MSCI ISRAEL CAPED INVBLE ETF EIS 51.32 -4.70% -3.23% 1.54%

44 EVERGREEN MULTI SECTOR INCOME CF ERC 11.22 -3.75% -9.85% -6.35%

44 VAN KAMPEN SENIOR INCOME ETF VVR 3.98 -4.58% -7.76% -3.33%

44 EATON VANCE SENIOR FLOATING RATE CF EFR 12.99 -3.87% -8.63% -4.95%

44 VANGUARD Mega Cap MGC 90.36 -4.38% -5.07% -0.73%

43 PS EMERGING INFRA PXR 32.04 -1.91% -9.53% -7.77%

43 LargeCap Growth S&P 500 iS, IVW IVW 156.74 -4.17% -5.07% -0.94%

43 PWRSHRS LEIS ETF PEJ 42.05 -1.88% -7.26% -5.48%

43 FIRST TR NAS 100 TECH SECTR INDX ETF QTEC 70.61 -2.65% -8.55% -6.06%

43 Global 100, IOO IOO 44.06 -4.33% -5.96% -1.70%

43 WISDOMTREE INTL DIVIDEND TOP 100 ETF DOO 38.80 -2.78% -8.09% -5.47%

43 FIRST TRUST ISE WATER INDEX ETF FIW 45.57 -3.27% -6.20% -3.03%

43 SPDR DJ GLOBAL TITANS ETF DGT 78.07 -3.68% -7.15% -3.61%

43 PIONEER FL RT TR PHD 10.17 -3.70% -8.46% -4.95%

42 DREYFUS HIGH YIELD STRATEGIES CF DHF 2.85 -4.13% -8.54% -4.60%

42 Preferred Stock iS, PFF PFF.O 34.56 -3.11% -6.48% -3.48%

42 BLKRK LT DR INC BLW 13.68 -4.19% -7.56% -3.51%

42 LargeCap Blend S&P 100, OEF OEF 116.08 -4.68% -5.10% -0.44%

42 S&P 500 SPDRs LargeCap Blend, SPY SPY 260.47 -4.50% -5.52% -1.07%

42 BIOTECH HOLDRS BBH.O 116.95 -4.31% -5.36% -1.10%

42 LargeCap Blend S&P 500 iS, IVV IVV 262.40 -4.51% -5.52% -1.06%

42 VANGUARD S&P 500 VOO 239.38 -4.49% -5.53% -1.09%

42 LargeCap VIPERs, VV VV 119.63 -4.46% -5.63% -1.23%

41 Semiconductor SPDR, XSD XSD 66.77 -2.44% -8.16% -5.86%

41 RYDEX RUSSELL TOP50 ETF XLG 186.87 -4.82% -5.21% -0.40%

41 PRS ULT SRT20PLUS YR TBT 37.21 -6.43% -1.69% 5.07%

41 LMP CORPORATE LOAN CF TLI 9.20 -3.77% -8.55% -4.96%

41 E-TRACS BBERG UCI 14.20 -4.42% -6.92% -2.62%

41 MARKET VECTORS AGRIBUSINESS ETF MOO 59.48 -4.70% -5.49% -0.83%

41 MKT VCTRS AFRICA AFK 20.03 -2.27% -13.15% -11.13%

41 LargeCap Blend Russell 1000 iS, IWB IWB 144.49 -4.55% -5.90% -1.41%

41 SPDR MSCI ACWI EX US ETF CWI 33.72 -2.98% -9.43% -6.65%

40 Global LargeCap Blend MSCI iS, ACWI ACWI 66.59 -3.94% -7.46% -3.67%


40

40 LargeCap Value S&P 500 iS, IVE IVE 105.42 -4.90% -6.06% -1.23%

40 ELEMENTS Rogers International Commodity Index RJI 5.14 -4.81% -7.10% -2.40%

40 iSHARES DJ US TOT ETF IYY 129.85 -4.62% -6.02% -1.47%

40 DELAWARE INVSMNT COL MUNPL INCM ETF VCF 13.33 -3.10% -6.49% -3.49%

40 GABELLI GLOBAL MULTIMEDIA CF GGT 8.06 -3.27% -10.89% -7.88%

40 RETAIL HOLDRS RTH 97.94 -5.47% -3.74% 1.83%

40 LargeCap Blend S&P=Weight R, RSP RSP 95.74 -4.54% -6.61% -2.16%

39 Consumer Discretionary SPDR, XLY XLY 102.33 -4.20% -5.70% -1.57%

39 Malaysia Index, EWM EWM 29.58 -2.73% -9.47% -6.93%

39 D -3X 10-yr USTBond Bear, TYO TYO 14.50 -5.42% -4.70% 0.76%

39 Value LargeCap Dynamic PS, PWV PWV 34.03 -4.82% -7.04% -2.33%

39 WISDOMTREE INTL LARGECP DIVIDEND ETF DOL 43.78 -3.32% -9.27% -6.16%

39 Australia Index, EWA EWA 20.04 -3.36% -9.18% -6.03%

39 FIRST DJ STOXX SLECT DIV 30 INDX ETF FDD 12.13 -3.36% -9.20% -6.04%

39 Global ex U.S. LargeCap Blend, ACWX ACWX 42.95 -3.18% -9.82% -6.86%

39 Blend Total Market VIPERs, VTI VTI 133.12 -4.70% -6.31% -1.69%

38 Pacific VIPERs, VPL VPL 62.96 -3.44% -9.89% -6.68%

38 ISHARES MSCI KOKUSAI INDEX ETF TOK 60.64 -4.72% -7.34% -2.76%

38 LargeCap Blend Russell 3000 iS, IWV IWV 153.19 -4.74% -6.37% -1.71%

38 WISDOMTREE EARNINGS 500 ETF EPS 29.34 -5.07% -6.29% -1.28%

38 MACQUARIE GLBL INFRASTRUCTURE CF MGU 19.53 -3.75% -10.75% -7.27%

38 ISHRS MID VALUE ETF JKI.O 147.22 -4.63% -7.40% -2.91%

38 FIRST TRUST HEALTH CARE ALPHADEX ETF FXH 72.09 -6.23% -5.05% 1.25%

38 WISDOMTREE MIDCAP DIVIDEND ETF DON 33.19 -4.41% -6.48% -2.17%

38 JOHN HANCOCK PREFERRED INCOME CF HPI 19.91 -4.04% -6.10% -2.15%

37 TRI CONTINENTAL TY 24.68 -5.59% -8.23% -2.80%

37 ING CLARION GLOBAL REAL ESTATE ETF IGR 6.56 -3.30% -9.82% -6.74%

37 BLACKROCK CORPORATE HIGH YIELD VI CF HYT 9.60 -3.22% -7.79% -4.72%

37 VANGUARD MID-CAP GROWTH ETF VOT 124.48 -4.03% -7.38% -3.49%

37 VANGUARD Total World Stock Index ETF VT 67.73 -4.08% -8.28% -4.38%

37 REVENUESHARES LC RWL 48.56 -5.54% -6.24% -0.74%

37 POWERSHARES BUYBACK ACHIEVERS ETF PKW.O 54.76 -5.51% -6.28% -0.81%

37 VANGUARD FTSE ALL WORLD EX US ETF VEU 46.73 -3.23% -10.28% -7.28%

37 FIRST TRUSTFOUR CORNERS SENIOR II CF FCT 11.52 -4.48% -9.22% -4.96%

36 Dividend ex-U.S. DJ iS, IDV IDV 29.78 -3.84% -8.57% -4.92%

36 LargeCap Growth Russell 1000 iS, IWF IWF 135.70 -4.79% -6.34% -1.63%

36 CLAYMORE/SABRIENT INSIDER ETF NFO 59.56 -4.96% -7.17% -2.32%

36 TAIWAN FUND ETF TWN 16.94 -0.02% -13.03% -13.01%

36 WISDOMTREE DIVIDEND TOP 100 ETF DTN 81.70 -4.55% -6.41% -1.95%

36 QQQ Nasdaq 100 Trust, QQQ QQQ.O 161.08 -4.71% -6.56% -1.93%

36 iSHARES MID CORE ETF JKG 169.58 -4.55% -7.88% -3.49%


41

36 WISDOMTREE DEFA HGHYIELDNG EQTY ETF DTH 37.88 -3.85% -9.79% -6.19%

36 South Korea Index, EWY EWY 58.72 -2.89% -13.39% -10.81%

35 KOREA CF KF 32.31 -3.15% -14.03% -11.23%

35 NUVEEN FLOATG RATE INCM OPPORTNTY CF JRO 9.32 -6.65% -10.32% -3.93%

35 VANGUARD Total International Stock VXUS 48.39 -3.31% -10.61% -7.55%

35 WISDOMTREE TOTAL EARNINGS ETF EXT 29.96 -5.24% -6.72% -1.56%

35 FIRST TRUST INTERNET INDEX CF ETF FDN 121.76 -2.87% -8.20% -5.49%

35 Japan Index, EWJ EWJ 52.96 -4.23% -9.21% -5.21%

35 POWERSHARES FTSE RAFI ETF PRF 106.35 -5.34% -6.81% -1.56%

35 RYDEX S&P EQUAL WEIGHT TECHNOLGY ETF RYT 146.21 -4.38% -8.02% -3.81%

35 ISHARES S&P GB CONS DSCRTRY SCTR ETF RXI 104.43 -4.07% -8.52% -4.64%

34 MRKT VCT RVE AST HAP 33.77 -4.80% -7.84% -3.19%

34 NUVEEN FLOATING RATE INCOME CF JFR 9.36 -5.74% -10.28% -4.82%

34 BLACKROCK DEBT STRATEGIES CF DSU 10.15 -4.88% -9.26% -4.60%

34 Growth MidCap Russell, IWP IWP 117.53 -4.37% -7.78% -3.56%

34 ISHRS FTSE EPRA NAREIT EURP IDX ETF IFEU 35.75 -2.97% -9.37% -6.60%

34 PWSHS FTSE RAFI ASIA PCFC EX JPN ETF PAF 49.49 -2.89% -11.52% -8.88%

34 VANGUARD TELECOMMUNICATION SERVC ETF VOX 77.16 -4.39% -8.65% -4.45%

34 FST TST DOW JNS GLBL SEL DVD IDX ETF FGD 22.78 -4.22% -9.29% -5.29%

33 Taiwan Index, EWT EWT 32.44 -2.67% -10.32% -7.86%

33 Growth VIPERs, VUG VUG 139.78 -4.87% -7.00% -2.24%

33 EUROTOP 100 FEU 30.31 -4.03% -10.05% -6.27%

33 Growth EAFE MSCI, EFG EFG 70.70 -3.51% -10.06% -6.78%

33 FLAHERTY&CRUMRINE CLAYMORE TOTEL CF FLC 17.14 -2.78% -9.90% -7.33%

33 NUVEEN SENIOR INCOME CF NSL 5.58 -6.11% -10.58% -4.76%

33 MidCap Russell, IWR IWR 48.66 -4.72% -8.09% -3.54%

33 EATON VANCE TAX MANAGED BUY WRITE CF ETV 14.26 -4.48% -7.41% -3.07%

33 WISDOMTREE DEFA ETF DWM 47.65 -3.90% -10.31% -6.67%

32 VANGUARD MID-CAP ETF VO 144.82 -4.72% -8.23% -3.69%

32 ULTRA CONSUMER GOODS ETF UGE 38.69 -5.67% -9.31% -3.86%

32 BLACKROCK GLOBAL OPPORTUNITIES EQ CF BOE 9.79 -4.03% -11.07% -7.33%

32 VANGUARD CONSUMER DISCRETIONARY ETF VCR 155.64 -5.07% -7.57% -2.63%

32 BLDRS DEVMKT100 ETF ADRD 20.19 -3.88% -9.83% -6.19%

32 RYDEX S&P 500 PURE GROWTH ETF RPG 103.73 -4.32% -8.89% -4.77%

32 CLAYMORE/ZACKS YIELD HOG ETF CVY 20.02 -4.98% -8.51% -3.71%

32 VANGUARD Mega Cap Growth MGK 111.04 -5.10% -7.01% -2.01%

32 iSHRES LRG CORE ETF JKD 148.58 -6.07% -6.63% -0.61%

31 BLACKROCK GLBL FLOATING RATE INCM CF BGT 11.99 -5.24% -9.35% -4.34%

31 RYDEX S&P EQUAL WEIGHT MATRLS ETF RTM 97.19 -4.36% -9.38% -5.25%

31 Italy Index, EWI EWI 24.91 -2.13% -14.54% -12.68%

31 FIRST TR CONS DSCRTNRY ALPHADEX ETF FXD 38.40 -5.20% -8.23% -3.20%


42

31 Foreign LargeCap EAFE MSCI iS, EFA EFA 60.46 -3.91% -10.35% -6.70%

31 Value MidCap Russell, IWS IWS 80.54 -5.06% -8.43% -3.55%

31 ISHARES S&P GSTI TECHNOLOGY INDX ETF IGM 178.71 -4.59% -7.56% -3.12%

31 SOURCE CAPITAL CF SOR 33.02 -3.83% -8.85% -5.22%

31 JOHN HANCOCK INVESTORS CF JHI 14.62 -5.15% -9.23% -4.30%

30 PS NASDAQ INTRNT PNQI 116.14 -2.48% -11.64% -9.38%

30 JOHN HANCOCK PREFERRED INCOME III CF HPS 16.61 -5.58% -7.95% -2.51%

30 NEUBERGER BERMN REAL EST SEC INCM CF NRO 4.42 -4.83% -9.55% -4.96%

30 KBW INSURANCE ETF KIE 28.64 -5.70% -7.50% -1.91%

30 ISHR NASDAQ BIO IBB.O 101.93 -5.14% -8.21% -3.23%

30 BLDRS EUR100ADR ETF ADRU 19.77 -4.16% -10.32% -6.42%

30 PIMCO FLOATING RATE STRATEGY CF PFN 9.44 -5.14% -8.92% -3.99%

30 FIDELITY NASDAQ COMPOSITE INDX ETF ONEQ 271.49 -5.19% -7.90% -2.87%

30 NUVEEN QUALITY PREFERRED INCOME 2 CF JPS 7.90 -5.33% -11.82% -6.86%

29 PCM FUND CF PCM 10.06 -4.75% -10.73% -6.28%

29 Value EAFE MSCI, EFV EFV 46.52 -4.30% -10.72% -6.70%

29 Netherlands Index, EWN EWN 27.23 -3.64% -11.26% -7.90%

29 POWERSHARES CLEANTECH ETF PZD 37.82 -4.34% -10.80% -6.75%

29 Financial DJ US, IYF IYF 109.65 -5.59% -8.30% -2.87%

29 Info Tech VIPERs, VGT VGT 172.87 -5.70% -6.76% -1.13%

29 Ultra Telecommunications LTL 36.89 -8.54% -9.45% -1.00%

29 RYDEX S&P EQL WGT CNSMR DISCRTRY ETF RCD 93.43 -5.52% -8.31% -2.96%

29 Sweden Index, EWD EWD 28.43 -3.51% -10.47% -7.21%

28 WISDOMTREE JAPAN TOTAL DIVIDEND ETF DXJ 50.07 -5.15% -9.00% -4.06%

28 VANGUARD MID-CAP VALUE ETF VOE 100.68 -5.46% -9.02% -3.77%

28 NUVEEN MULTI STRATEGY INC & GRWTH CF JPC 8.38 -6.36% -11.28% -5.25%

28 PWRSHS FTSE RAFI DVPD MKT EX US ETF PXF 38.47 -4.34% -10.93% -6.89%

28 Technology DJ US, IYW IYW 166.28 -4.99% -7.81% -2.97%

28 iSHARES MID GRWTH ETF JKH 200.47 -5.05% -8.29% -3.41%

28 CLYMR DEL GL SPG SEA 8.98 -4.99% -12.32% -7.72%

28 VANGUARD EUROPE PACIFIC ETF VEA 38.19 -4.24% -10.99% -7.05%

27 PWRSHRS DYNMIC TECHNOLOGY SEC ETF PTF.O 54.56 -2.92% -9.55% -6.83%

27 EATON VANCE SENIOR FLOATING RATE CF EFT 13.08 -5.10% -10.07% -5.24%

27 ZWEIG FUND INC ZF 9.19 -2.34% -12.45% -10.35%

27 Semiconductor iS IGW, SOXX SOXX 160.15 -3.25% -10.84% -7.85%

27 Technology SPDR, XLK XLK 64.57 -5.62% -7.88% -2.39%

27 BLACKROCK FLOAT RATE INC CF FRA 12.29 -5.63% -11.25% -5.95%

27 PIMCO GLOBAL STOCKSPLUS INCOME CF PGP 12.84 -3.04% -9.15% -6.30%

27 PIMCO FLOATING RATE INCOME CF PFL 10.52 -4.97% -10.40% -5.71%

27 WISDOMTREE JAPAN SMALCP DIVIDEND ETF DFJ 67.51 -4.89% -11.92% -7.39%

26 TEMPLETON DRAG TDF 17.02 -3.30% -17.06% -14.23%


43

26 WISDOMTREE JAPAN HGHYIELDNG EQTY ETF DNL 50.28 -4.18% -11.61% -7.75%

26 PIONEER HIGH INCOME CF PHT 8.22 -5.05% -10.49% -5.73%

26 Europe 350 S&P Index, IEV IEV 39.92 -4.37% -11.40% -7.35%

26 Materials SPDR, XLB XLB 51.32 -4.51% -10.80% -6.58%

26 FIRST TRUST IPOX 100 INDEX ETF FPX 64.32 -5.01% -9.41% -4.63%

26 Canada Index, EWC EWC 25.37 -5.07% -9.58% -4.75%

26 FLAHERTY CRUMRINE PREF INCOME CF PFD 11.78 -4.84% -11.57% -7.07%

26 ELLSWORTH ETF ECF 8.65 -4.75% -8.49% -3.93%

25 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O 33.77 -0.83% -19.80% -19.13%

25 FRANKLINTEMPLETON LIMITED INCOME CF FTF 9.25 -2.05% -13.33% -11.52%

25 FLAHERTY CRUMRIN PREF INCOM OPPO CF PFO 10.34 -8.60% -7.58% 1.12%

25 PS DYN SM CONDCTR PSI 45.67 -3.67% -12.76% -9.43%

25 FIRST TRUST BIOTECH INDEX CF ETF FBT 130.29 -5.97% -8.55% -2.75%

25 JAPAN EQUITY CF JEQ 7.25 -4.42% -14.25% -10.28%

25 DJ EURO STOXX 50 ETF FEZ 33.84 -4.26% -12.41% -8.52%

25 FLAHERTY & CRUMRINE CLAYMORE CF FFC 16.50 -3.25% -10.28% -7.26%

25 WISDOMTREE INTL MIDCAP DIVIDEND ETF DIM 57.92 -4.54% -11.91% -7.71%

24 iSHARES S&P GLOB TEC ETF IXN 149.33 -5.84% -9.61% -4.00%

24 CENTRAL SECURITY CET 25.23 -6.35% -9.25% -3.10%

24 POWERSHARES AEROSPACE & DEFENSE ETF PPA 52.66 -5.83% -8.03% -2.34%

24 ZWEIG TOTAL RETURN CF ZTR 9.67 -4.27% -12.13% -8.21%

24 ISHARES DOW JONES US BRKR-DEALRS ETF IAI 56.92 -6.18% -12.02% -6.23%

24 MARKET VCTRS GMG BJK 35.70 -1.83% -17.40% -15.86%

24 ISHARES S&P GBL INDTRLS SCTR IND ETF EXI 80.35 -5.68% -10.67% -5.29%

24 European VIPERs, VGK VGK 49.45 -4.70% -12.23% -7.90%

24 SEMICONDUCTOR HOLDRS SMH 90.66 -4.17% -11.99% -8.16%

23 FIRST TRUST FINANCIALS ALPHADEX ETF FXO 28.11 -6.15% -10.47% -4.60%

23 CORNERSTONE STRATEGIC VALUE CF CLM 11.76 -5.96% -17.06% -11.81%

23 NFJ DIV INTEREST & PREM STRATEGY CF NFJ 11.32 -6.53% -10.89% -4.66%

23 MidCap Growth S&P 400 iS, IJK IJK 199.66 -5.86% -10.60% -5.03%

23 RYDEX S&P EQUAL WGHT INDTRL ETF RGI 107.65 -6.28% -9.65% -3.60%

23 Growth SmallCap VIPERs, VBK VBK 157.14 -5.98% -9.71% -3.97%

23 WISDOMTREE SMALLCAP DIVIDEND ETF DES 25.92 -6.13% -10.08% -4.21%

23 D -3X 30-yr USTBond Bear, TMV TMV 19.91 -9.79% -3.37% 7.12%

23 iSHARES DJ IND SEC ETF IYJ 133.36 -6.20% -9.52% -3.54%

22 JAPAN SMALLER CAPITALIZATION CF JOF 8.49 -18.12% -25.35% -8.84%

22 United Kingdom Index, EWU EWU 30.13 -5.29% -11.91% -6.99%

22 PWRSHRS MKT POR ETF PWC 90.86 -6.42% -9.47% -3.26%

22 MidCap S&P 400 SPDRs, MDY MDY 316.27 -6.31% -10.25% -4.20%

22 MidCap Blend S&P 400 iS, IJH IJH 173.35 -6.31% -10.37% -4.34%

22 PWRSHRS BIOTEC ETF PBE 48.80 -6.29% -9.11% -3.00%


44

22 POWERSHARES DWA TECHNICL LEADERS ETF PDP.O 49.83 -6.09% -9.91% -4.06%

22 MidCap Value S&P 400 iS, IJJ IJJ 144.82 -6.73% -9.94% -3.44%

21 WISDOMTREE MIDCAP EARNINGS ETF EZM 35.69 -6.38% -10.42% -4.32%

21 ISHARES DOW JONES US INSUR IDX ETF IAK 57.97 -6.59% -9.55% -3.17%

21 PWRSHRS DEV MKTS EX US SMALL MID ETF PDN 28.26 -5.04% -13.51% -8.92%

21 Industrial SPDR, XLI XLI 67.05 -6.56% -9.91% -3.60%

21 H&Q HEALTHCARE INVESTORS CF HQH 19.36 -7.20% -10.98% -4.08%

21 Small Cap VIPERs, VB VB 138.49 -6.20% -10.17% -4.23%

21 MARKET VECTORS COAL ETF KOL 14.08 -4.53% -10.32% -6.06%

21 Homebuilders SPDR, XHB XHB 33.14 -4.22% -14.39% -10.61%

21 VANGUARD EXTENDED MARKET ETF VXF 104.38 -6.08% -10.49% -4.69%

20 EATON VANCE TAX ADVANTAGE DIVIDND CF EVT 20.82 -8.24% -9.81% -1.71%

20 NICHOLAS APPLE EQTY & CONV INC ETF NIE 19.42 -5.44% -10.91% -5.78%

20 VANGUARD Foreign Small Cap FTSE VSS 97.40 -4.69% -14.11% -9.89%

20 LMP CAPITAL & INCM CF SCD 11.69 -6.88% -10.80% -4.20%

20 iSHARES S&P GLOB FIN ETF IXG 58.34 -6.39% -12.04% -6.03%

20 France Index, EWQ EWQ 26.97 -5.18% -12.43% -7.65%

20 EMU Europe Index, EZU EZU 35.80 -4.81% -13.51% -9.14%

20 FIRST TRUST ENHANCED EQUITY INCM ETF FFA 13.73 -6.97% -11.42% -4.78%

20 Value SmallCap VIPERS, VBR VBR 120.18 -6.42% -10.60% -4.46%

19 WISDOMTREE INTL SMALLCP DIVIDEND ETF DLS 62.08 -5.06% -13.73% -9.13%

19 ISHARES DOW JONES US AERO&DF IDX ETF ITA 183.04 -6.34% -8.60% -2.40%

19 First Trust Total US Market AlphaDEX ETF TUSA 30.51 -7.48% -10.30% -3.05%

19 EATON VANCE TAXMNGD DVFD EQ INCM ETF ETY 10.81 -7.32% -11.23% -4.22%

19 iSHARES SML CORE ETF JKJ 155.21 -6.52% -11.48% -5.31%

19 ULTRA DOW30 PROSHARES ETF DDM 40.67 -9.03% -8.72% 0.34%

19 ING GLOBAL ADVANTAGE PREMIUM OPP CF IGA 9.76 -5.10% -12.07% -7.35%

19 Belgium Index, EWK EWK 16.86 -5.11% -14.67% -10.08%

19 ABERDEEN GLOBAL INCOME CF FCO 7.36 -9.18% -10.48% -1.43%

18 MACQUARIE FIRST GLBL INFR UTL DIV CF MFD 9.82 -6.34% -12.11% -6.16%

18 PWRSHRS DYNMIC CNSUMR DISC SCTR ETF PEZ.O 48.58 -7.29% -9.97% -2.89%

18 GABELLI GLOBAL UTILITY & INCOME CF GLU 17.01 -8.48% -9.44% -1.06%

18 ISHARES S&P GBL MATERLS SCR IDX ETF MXI 58.03 -5.53% -12.82% -7.72%

18 CLOUGH GLOBAL ALLOCATION CF GLV 10.59 -6.87% -14.03% -7.69%

18 MEXICO EQUITY AND INCOME CF MXE 9.95 -6.71% -8.13% -1.51%

18 FIRST TR INDL PROD DRBL ALPHADEX ETF FXR 35.37 -7.04% -11.51% -4.81%

18 Transportation Av DJ, IYT IYT 171.83 -8.40% -11.01% -2.85%

18 COHEN & STEERS CLSD END OPPTY FD ETF FOF 11.18 -4.65% -11.08% -6.74%

17 SPDR S&P INTERNATIONAL SMALL CAP ETF GWX 29.24 -5.79% -13.82% -8.52%

17 EATON VCE TAX MGD GLBL DIVFD EQY ETF EXG 8.09 -6.44% -12.06% -6.01%

17 BLACKROCK ENHCD CAPITL AND INCOME CF CII 14.40 -8.20% -11.45% -3.54%


45

17 SmallCap Blend EAFE MSCI iS, SCZ SCZ.O 53.41 -5.60% -14.18% -9.09%

17 Commodity Tracking, DBC DBC 15.45 -7.10% -9.95% -3.06%

17 SmallCap Growth S&P 600 iS, IJT IJT.O 168.46 -6.79% -10.33% -3.79%

17 VANGUARD INDUSTRIALS ETF VIS 124.34 -7.44% -11.21% -4.08%

17 JPM ALERIAN MLP AMJ 24.30 -5.46% -8.36% -3.07%

17 RYDEX S&P 500 PURE VALUE ETF RPV 59.55 -8.07% -10.51% -2.65%

16 EATON VANCE TAX MANAGED BUY WRITE CF ETB 14.20 -7.39% -11.37% -4.30%

16 LAZARD WORLD DIVIDEND & INCOME CF LOR 8.68 -5.92% -16.96% -11.73%

16 iSHARES SML GRWTH ETF JKK 174.42 -6.76% -10.95% -4.49%

16 CORNERSTONE TOTAL RETURN CF CRF 11.47 -6.20% -18.37% -12.97%

16 GBL XI FTSE C020 GXG 8.44 -5.92% -16.12% -10.84%

16 EATON VANCE ENHANCED EQTY INCOME CF EOI 13.23 -6.29% -12.28% -6.39%

16 ISHARES DOW JONES US HM CONS IDX ETF ITB 30.38 -3.88% -17.44% -14.11%

16 FIRST TRUST VALUE LINE 100 ETF FVL 19.60 -5.18% -14.35% -9.68%

16 RYDEX S&P MIDCAP 400 PURE GROWTH ETF RFG 138.16 -6.90% -13.23% -6.79%

15 SPDR S&P PHARMACEUTICALS ETF XPH 39.88 -8.54% -9.84% -1.42%

15 EATON VANCE ENHANCED EQTY INCM II CF EOS 14.74 -7.45% -12.21% -5.14%

15 SmallCap Value Russell 2000 iS, IWN IWN 113.51 -7.23% -11.76% -4.89%

15 BLACKROCK ENHANCED DIV ACHIEVERS CF BDJ 7.91 -8.29% -12.42% -4.50%

15 Financial SPDR, XLF XLF 24.24 -8.09% -11.85% -4.09%

15 GABELLI EQUITY CF GAB 5.49 -8.14% -12.07% -4.28%

15 PWRSHRS DYNMIC FINANCIAL SECTOR ETF PFI.O 29.53 -7.13% -14.56% -8.00%

15 REVENUESHARES MC RWK 53.40 -7.77% -12.04% -4.63%

14 VANGUARD MATERIALS ETF VAW 112.04 -6.43% -13.75% -7.82%

14 Basic Materials DJ US, IYM IYM 84.46 -6.44% -13.55% -7.59%

14 EUROPEAN EQUITY CF EEA 8.03 -5.65% -13.74% -8.57%

14 RYDEX S&P SMALLCP 600 PURE GRWTH ETF RZG 109.71 -7.36% -11.77% -4.76%

14 iSHARES SML VALUE ETF JKL 130.43 -7.59% -12.43% -5.23%

14 Capital Markets KWB ST, KCE KCE 48.77 -7.06% -15.11% -8.66%

14 SmallCap Blend Russell 2000 iS, IWM IWM 140.61 -7.23% -12.26% -5.42%

14 MFS INTERMEDIATE HIGH INCOME CF CIF 2.23 -6.43% -13.57% -7.63%

14 Financial Services DJ, IYG IYG 115.55 -8.12% -12.67% -4.95%

13 PWRSHRS DYNMIC HEATHCARE SEC ETF PTH.O 76.14 -7.20% -11.40% -4.52%

13 PWSHS TR FTSE RAFI US 1500 SMMD ETF PRFZ 119.42 -7.48% -12.07% -4.95%

13 Financials VIPERs, VFH VFH 60.31 -8.51% -12.96% -4.86%

13 MADISON/CLMR COV CALL & EQU STRT ETF MCN 6.51 -10.35% -13.00% -2.96%

13 ING GLOBAL EQUITY DIVDEND OPP CF IGD 6.19 -6.49% -13.59% -7.59%

13 Germany Index, EWG EWG 25.58 -6.12% -15.68% -10.19%

13 NUVEEN DIVERSIFIED DIVIDEND INCM CF JDD 9.26 -8.24% -17.99% -10.62%

13 REVENUE SHR FNCL RWW 58.50 -8.72% -12.39% -4.02%

13 NUVEEN CORE EQUITY ALPHA ETF JCE 12.47 -9.05% -15.54% -7.13%


46

12 ABERDEEN AUSTRALIA EQUITY CF IAF 4.95 -5.91% -15.89% -10.61%

12 SmallCap Growth Russell 2000 iS, IWO IWO 175.57 -7.26% -12.72% -5.88%

12 LIBERTY ALL-STAR EQUITY CF USA 5.55 -8.03% -12.85% -5.24%

12 POWERSHARES WILDERHILL PROGRSS ETF PUW 22.32 -8.84% -12.80% -4.34%

12 Energy Global, IXC IXC 31.56 -7.98% -12.34% -4.74%

12 WISDOMTREE SMALLCAP EARNINGS ETF EES 33.37 -7.89% -11.95% -4.41%

12 Biotech SPDR, XBI XBI 76.79 -6.17% -15.68% -10.14%

12 PWRSHRS DYNMIC INDUSTRIALS SEC ETF PRN.O 52.41 -7.10% -13.25% -6.62%

12 RYDEX S&P EQUAL WEIGHT FINANCIAL ETF RYF 37.13 -8.62% -14.01% -5.90%

11 SmallCap Blend S&P 600 iS, IJR IJR 72.37 -7.88% -12.19% -4.68%

11 POWERSHARES LISTED PRIVATE EQTY ETF PSP 10.29 -6.92% -14.40% -8.04%

11 PowerShares DB Base Metals Double Long ETN BDD 7.05 -0.67% -21.38% -20.86%

11 POWERSHARES DYNAMIC RETAIL PRTFL ETF PMR 34.21 -8.86% -10.75% -2.07%

11 NICHOLAS APPLEGATE CONVER & INCM CF NCV 5.80 -8.27% -14.55% -6.85%

11 EATON VANCE TAX MANAGED GLOBAL CF ETW 10.01 -8.14% -13.82% -6.19%

11 NICHOLAS APPLEGATE CONV & INCM II CF NCZ 5.02 -9.08% -15.25% -6.79%

11 ULTRA S&P500 PROSHARES ETF SSO 100.51 -9.69% -12.27% -2.85%

11 iShares GSCI Commodity-Indexed Trust ETF GSG 15.09 -8.91% -11.62% -2.98%

10 FIRST TRUST MATERIALS ALPHADEX ETF FXZ 34.53 -6.98% -16.34% -10.06%

10 PIMCO CORPORATE OPPORTUNITY CF PTY 15.03 -7.64% -12.97% -5.76%

10 BANCROFT CF BCV 19.14 -6.98% -11.56% -4.92%

10 WISDOMTREE EUROPE SMLCP DIVIDEND ETF DFE 53.71 -6.94% -17.81% -11.68%

10 Microcap Russell, IWC IWC 86.69 -8.29% -14.59% -6.87%

10 PWRSHRS ZACKS MIC ETF PZI 16.83 -9.24% -13.55% -4.76%

10 Energy SPDR, XLE XLE 62.09 -8.93% -14.17% -5.75%

10 SPDR SP RETAIL XRT 42.02 -9.81% -12.03% -2.46%

10 H&Q LIFE SCIENCES INVESTOR CF HQL 16.22 -9.86% -14.92% -5.62%

9 SmallCap Value S&P 600 iS, IJS IJS 137.72 -8.88% -13.91% -5.53%

9 ULTRASHORT UTILITIES PROSHARES ETF SDP 20.29 -7.47% -18.15% -11.53%

9 GABELLI DIVIDEND & INCOME CF GDV 19.10 -9.36% -15.29% -6.54%

9 CLAYMORE RAYMONDS JAMES ETF RYJ 39.25 -9.79% -14.43% -5.14%

9 Austria Index, EWO EWO 19.34 -8.17% -16.72% -9.31%

9 FIRST TRUST DJ SEL MICROCAP INDX ETF FDM 42.04 -9.11% -14.82% -6.29%

9 ISHARES DJONES US REGNL BNKS IDX ETF IAT 41.44 -10.44% -17.15% -7.50%

9 RYDEX S&P MIDCAP 400 PURE VALUE ETF RFV 59.33 -10.30% -14.00% -4.13%

8 KAYNE AND MLP IN ETF KYN 15.13 -7.68% -14.80% -7.71%

8 FT ISE GBL EN CO FLM 46.67 -8.54% -15.88% -8.02%

8 Energy DJ, IYE IYE 33.79 -9.95% -15.17% -5.80%

8 GENERAL AMERICAN INVESTORS CF GAM 29.90 -10.38% -13.72% -3.72%

8 BLACKROCK VIRGINIA MUNICIPAL BOND CF BHV 14.14 -17.37% -14.51% 3.46%

8 Energy & Nat Res iS GS, IGE IGE 29.13 -9.20% -16.24% -7.76%


47

8 POWERSHARES DYNAMIC BLDG CONSTRN ETF PKB 24.38 -7.77% -18.18% -11.29%

8 EATON VANCE TAX ADVANTAGED OPP CF ETO 20.20 -8.91% -17.66% -9.60%

8 CLAYMORE CLEAR SPIN OFF ETF CSD 44.62 -9.21% -16.10% -7.59%

7 FIDUCIARY/CLAYMORE MLP OPPORTUNTY CF FMO 9.87 -6.96% -14.66% -8.28%

7 NEW GERMANY FUND GF 14.79 -8.24% -19.02% -11.74%

7 MEXICO ETF MXF 12.88 -7.03% -15.47% -9.08%

7 KBW BANK ETF KBE 38.70 -10.50% -18.48% -8.91%

7 Goldman Sachs Commodity Index (GSCI) Total Re GSP 14.21 -10.48% -13.51% -3.38%

7 SWISS HELVETIA CF SWZ 7.18 -5.52% -17.91% -13.11%

7 CLAYMORE/CLEAR GLOBAL TIMBER IDX ETF CUT 25.75 -7.49% -18.63% -12.03%

7 MARKET VECTORS STEEL INDEX ETF SLX 37.85 -10.11% -17.03% -7.69%

7 EATON VANCE TAX ADVANTAGED GLOBAL CF ETG 14.14 -10.39% -16.45% -6.76%

6 HANCOCK BK THR BTO 29.87 -13.84% -20.58% -7.82%

6 Energy VIPERs, VDE VDE 83.08 -11.15% -16.60% -6.14%

6 Mexico Index, EWW EWW 40.27 -7.68% -16.32% -9.35%

6 REVENUESHARES SC RWJ 60.24 -10.85% -16.27% -6.07%

6 PIMCO CORP INCOME CF PCN 14.94 -9.64% -13.59% -4.36%

6 ULTRA QQQ PROSHARES ETF QLD 73.37 -10.76% -15.71% -5.54%

6 KBW REGIONAL BANKING ETF KRE 48.50 -11.09% -19.83% -9.83%

6 D +3X Emerging Mkts Bull, EDC EDC 64.11 -4.84% -32.26% -28.82%

6 ULTRA FINANCIALS ETF UYG 34.70 -11.61% -17.23% -6.35%

5 PWRSHRS DYNMIC BSC MATRLS SEC ETF PYZ.O 54.45 -10.34% -18.80% -9.44%

5 ROYCE MICRO CAPITAL CF RMT 7.83 -10.58% -19.54% -10.01%

5 NUVEEN TAX-ADVANTAGED TOTAL RETN CF JTA 10.34 -13.38% -20.53% -8.26%

5 ROYCE VALUE CF RVT 12.43 -12.10% -20.42% -9.47%

5 ISHSP GBL TMBFOR WOOD 59.41 -9.28% -21.08% -13.00%

5 GABELLI CONVERTBLE & INCM SECURTY CF GCV 4.59 -8.35% -21.64% -14.50%

5 RYDEX S&P SMALLCP 600 PURE VALUE ETF RZV 60.80 -11.70% -18.17% -7.33%

5 BLACKROCK GLOBAL ENRGY & RESOURCS CF BGR 11.25 -12.66% -20.32% -8.76%

5 PETROLEUM & RESOURCES CF PEO 15.55 -11.74% -18.57% -7.73%

4 LAZARD GLOBAL TOTAL RETURN INCOME CF LGI 13.59 -14.13% -22.89% -10.19%

4 ULTRA TECHNOLOGY PROSHARES ETF ROM 86.07 -11.13% -17.80% -7.50%

4 Metals & Mining SPDR, XME XME 27.07 -11.83% -21.34% -10.78%

4 PowerShares Deutsche Bank Energy Fund DBE 13.77 -12.66% -14.97% -2.64%

4 ULTRA INDUSTRIALS ETF UXI 56.74 -13.45% -20.07% -7.64%

4 ULTRA MIDCAP400 PROSHARES ETF MVV 33.12 -13.16% -21.02% -9.05%

4 CLYMR SWM CANADIAN ENGY INCM IDX ETF ENY 6.23 -12.22% -19.36% -8.13%

4 RYDEX S&P EQUAL WEIGHT ENERGY ETF RYE 46.70 -13.45% -20.31% -7.92%

4 TORTOISE ENERGY INFRASTRUCTURE ETF TYG 21.20 -12.52% -20.94% -9.63%

3 ISHARES DOW JONES US OIL&GAS EXP ETF IEO 55.77 -14.01% -20.11% -7.10%

3 NEW IRELAND CF IRL 8.08 -10.37% -26.38% -17.87%


48

3 ULTRA SEMICONDUCTORS ETF USD 31.49 -9.53% -27.00% -19.31%

3 United States 12 Month Oil Fund USL 19.85 -14.71% -17.13% -2.83%

3 LIBERTY ALL STAR GROWTH FUND CF ASG 4.68 -10.52% -23.18% -14.15%

3 FIRST TRUST ENERGY ALPHADEX ETF FXN 12.57 -16.62% -21.22% -5.52%

3 FIRST TR ISE REVERE NTRL GAS IDX ETF FCG 16.39 -16.35% -24.00% -9.15%

3 ULTRA BASIC MATERIALS ETF UYM 48.44 -13.24% -26.74% -15.56%

2 Oil Fund PowerShares, DBO DBO 9.62 -15.66% -18.70% -3.60%

2 PROSHARES TR ULTRA RUSSELL2000 ETF UWM 57.67 -14.91% -24.72% -11.52%

2 POWERSHARES DYNAMIC EXPLRTN PRDN ETF PXE 18.98 -17.04% -22.84% -6.99%

2 United States Gasoline Fund UGA 25.14 -13.80% -22.43% -10.01%

2 PWRSHRS DYNMIC ENRGY SEC ETF PXI.O 30.53 -16.64% -24.75% -9.73%

2 D +3X Devp Mkts Bull, DZK DZK 49.03 -12.95% -31.05% -20.79%

2 PowerShares DB Crude Oil Long ETN OLO 4.92 -17.52% -17.29% 0.28%

2 Oil, Crude, U.S. Oil Fund, USO USO 10.82 -16.39% -20.91% -5.40%

2 D +3X Financial Bull, FAS FAS 49.16 -17.56% -25.95% -10.19%

1 SPDR S&P OIL & GAS EXPL & PROD ETF XOP 29.09 -19.42% -25.93% -8.07%

1 ULTRA OIL & GAS PROSHARES ETF DIG 27.56 -20.09% -29.76% -12.10%

1 POWERSHARES DYNM OIL SRVCS PRTFL ETF PXJ 6.37 -24.12% -31.26% -9.41%

1 ISHARES DJONES US OIL EQP & SER ETF IEZ 22.40 -23.42% -34.32% -14.24%

1 ML OIL SERVICE HOLDRS OIH 15.66 -23.69% -35.87% -15.96%

1 D +3X Small Cap Bull, TNA TNA 49.27 -22.52% -36.56% -18.11%

1 SPDR S&P OIL & GAS EQUIP & SERVS ETF XES 9.89 -26.78% -37.17% -14.18%

1 D +3X Energy Bull, ERX ERX 19.33 -27.69% -41.42% -18.99%

1 ProShares Ultra DJ-AIG Crude Oil ETF UCO 17.05 -32.56% -41.02% -12.55%


49

Colby Economic Expectations Index

Our Colby Economic Expectations Index turned down after 9/13/18, meaning that recent actual economic reports have been disappointing relative to economists' expectations. Nevertheless, the Federal Open Market Committee (FOMC) is forecasting continued solid growth of the U.S. economy, and the FOMC rates the overall risks to financial stability as moderate.

Financial Stress (revised) has begun to rise from extremely low levels. A high level with a rising trend is negative for the economy and for stock prices. A low level with a declining trend is positive for the economy and for stock prices. The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems.

895900905910915920925930935940945950955960965970975980985990995

1000

Dat

e7

/8/1

19

/20

/11

12

/2/1

12

/17

/12

5/4

/12

7/2

6/1

21

0/1

1/1

21

2/2

1/1

23

/6/1

35

/15

/13

7/2

5/1

31

0/4

/13

12

/4/1

32

/13

/14

4/2

4/1

47

/3/1

49

/17

/14

11

/26

/14

2/1

0/1

54

/22

/15

7/1

/15

9/1

5/1

51

1/2

5/1

52

/5/1

64

/20

/16

6/3

0/1

69

/9/1

61

1/2

3/1

62

/1/1

74

/12

/17

6/2

0/1

78

/31

/17

11

/7/1

71

/17

/18

3/2

9/1

86

/7/1

88

/15

/18

10

/24

/18

-0.90

-0.85

-0.80

-0.75

-0.70

-0.65

-0.60

-0.55

-0.50

-0.45

2014-01-03 2015-01-03 2016-01-03 2017-01-03 2018-01-03

Financial Stress Index


50

The Conference Board's Leading Economic Index turned down, possibly suggesting a slower pace of economic expansion ahead.

The Conference Board's Consumer Confidence Expectations Index (a leading economic indicator) remains at historically high levels, suggesting continuing economic growth.


51

The University of Michigan's Consumer Expectations Index remains at historically high levels, suggesting continuing economic growth.

The ISM Manufacturing New Orders remain well above the 50 level, which is the dividing line between expansion and contraction.


52

Personal income and personal spending growth rose in October and continue to indicate growth trends.

Real GDP increased at a seasonally adjusted annual rate of 3.5% in the third quarter. Price inflation rose at a relatively subdued 1.7% annual rate.


53

Industrial production growth slowed slightly but remains in a strong and persistent uptrend.

The Philadelphia Fed Index turned down since its peak in June, 2018. Although the Index now indicates slower growth, it will remain positive as long as it holds above the zero dividing line between growth and contraction.


54

Housing starts and building permits both slowed somewhat since March, 2018--reflecting headwinds builders are facing due to higher costs of materials, labor, land, and loans (rising interest rates).

Retail sales growth slowed somewhat recently but still shows positive growth.


55

Orders for nondefense capital goods excluding aircraft has lost a little of its upside momentum since November, 2017, but the trend still points to growth of orders.

New home sales fell steeply to the lowest level since March, 2016, due to rising house prices and rising mortgage rates. The 8-year rising trend appears to be broken. Note that the sharp decline in 2006-2007 offered an early warning of economic trouble ahead, so new home sales warrant our continuting attention.


56

Initial claims for unemployment benefits moved higher in recent weeks, but it may be too soon to call for a cycle bottom, although that may be a possibility.

Employment growth continues at a "strong" pace, according to the consensus of economists.


57

The unemployment rate is at an extremely low level and is still trending downward.

Hourly earnings grew 3.1% year-over-year. Some economists worry that faster wage growth could lead to rising inflation, tighter Fed monetary policy, and further increases in interest rates.


58

There's no way to avert the next financial crisis, and there's no telling when the next calamity will strike, according to Timothy Geithner, the former New York Fed chairman and Obama administration Treasury secretary. "There's no way to anticipate the full range of things that can cause a system to break down. It's good to worry about all the potential sources of shock, but you must be humble and skeptical about the ability of people to identify, and therefore, preemptively defuse those things." Congress has stripped away necessary tools to halt another panic, tools used in 2008-2009 by the Fed, Treasury and the Federal Deposit Insurance Corp. Those changes included barring the FDIC from providing emergency support as it had during the 2008 crisis, placing limits on the Fed's emergency lending powers, and ending Treasury's ability to backstop money market funds. Those changes raise the risk that the economy will have to be teetering on the brink of collapse before Congress is willing to provide tools regulators need to abate the panic. We are choosing to run a system that creates this risk at some point in the future, Mr. Geithner warned on 9/12/2018. Governing authorities cannot protect you from the next financial crisis. According to Federal Reserve Bank of New York President William Dudley, U.S. policy makers are “a long way” from being able to identify developing risks to financial stability and act in time to prevent future crises. “We may not be able to anticipate the next area of excess.” Adam Posen, president of the Peterson Institute for International Economics in Washington, contends that the U.S. institutional framework for preventing crises is “likely to fail.” Posen said discretion within individual financial institutions was “huge,” forming a “recipe for creating uncertainty.” Posen is skeptical of the council of financial regulators created by the Dodd-Frank Act of 2010, known as the Financial Stability Oversight Council, which he calls “a mess”, due to Washington’s difficulties in coordinating between multiple agencies. The shaky global economic recovery and the threat of extreme market volatility leave the world's central banks with little or no margin for error, Bank of England Governor Mark Carney said at a joint meeting of the International Monetary Fund and the World Bank. "This is a pretty unforgiving environment" and "not a type of economy in which one can make mistakes," he said. The world is faced with "massive" challenges, according to IMF Managing Director Christine Lagarde. Low productivity, ageing populations, and the effects of the global financial crisis dampen prospects for future economic growth. Rising interest rates in the United States and an economic slowdown in China are contributing to uncertainty and a higher risk of economic vulnerability worldwide. The financial sectors in many countries are weak. Rising interest rates contribute to higher financing costs for some borrowers, including those in emerging and developing markets, thereby lessening their ability to absorb shocks. Emerging market companies with debt in U.S. dollars and revenue in sinking local currencies could struggle as the U.S. Federal Reserve Board raises interest rate increases. Rising U.S. interest rates and a stronger dollar could lead to companies defaulting on their payments, and that could "infect" banks and states. When the authorities, who almost always express optimism in order to bolster public confidence, admit to this much concern, it should be taken for what it obviously is, a clear warning.


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"We are in danger of sleepwalking into a future crisis," according to Gordon Brown, former U.K. Prime Minister, 2007-2010. "There is going to have to be a severe awakening to the escalation of risks, but we are in a leaderless world. We are at the latter end of the economic cycle where people take greater risks. In the next crisis a breakdown of trust in the financial sector would be mirrored by breakdown in trust between governments. There wouldn’t be the same willingness to cooperate but rather a tendency to blame each other for what’s gone wrong. Problems that are global as well as national and local are not being addressed. Countries are at war with each other on trade, climate change and nuclear proliferation." The global economy is now moving into a "decade of vulnerability." The ability for global central banks to drop interest rates is not as readily possible today as it was a decade ago [in 2008], while finance ministries would also have difficulty injecting fiscal stimulus. "The imbalances that plagued the world economy before 2008, are even larger now. Debt in the world economy is considerably higher and the extended use unorthodox policies of the central banks have created a platform for speculation of an unprecedented scale," according to Helsinki economist Tuomas Malinen, PhD, of GnS Economics. See: http://gnseconomics.com/en_US/2018/09/14/10-years-from-lehman-and-nothing-has-been-fixed/ The global debt load surges higher and higher, adding to risks to the global financial system. In the next recession, overextended borrowers (whose numbers are large and growing) may be unable to pay on their loans, and debt defaults could mushroom, leading to general systemic financial distress. The total of all forms of U.S. debt, including government debt, business debt, mortgage debt, and consumer debt, is now more than $59 trillion. The great majority of this debt has accumulated in recent decades--and at an accelerating pace--with the exception of the financial crisis of 2008, when lenders were afraid to lend. This unsustainable growth in debt has blown the greatest debt bubble of all time and has put the economy and financial system at risk. And it is not just the U.S.: global debt held by households, governments, and financial and nonfinancial corporations soared by more than $79 trillion over the past decade to a record $237 trillion, which is 382% of global gross domestic product, according to data released by the Institute of International Finance in its report dated 10/24/2017. In addition, the number of "stressed" firms that can't cover their interest expense has been rising. When people, corporations, and governments spend more than they earn, debt grows faster than the economy, and the mountain of debt keeps rising higher and higher. When the next recession arrives (and sooner or later there is always another recession), incomes decline and rising numbers of borrowers no longer will be able to make payments on their debts. Loan defaults will cause rising numbers of lenders to be shown to be insolvent, interconnected financial intuitions may fail in a chain reaction, and the global financial system may freeze up again, like it did in 2008. It could be like deja vu all over again, or worse, because the debt load is much larger now.


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Stay safe. Thanks to decades of fiscal and monetary malpractice leading to excessive spending, speculation, and misallocation of economic resources, the global financial system has been loaded up with excessive debt, leverage, bad "assets", and hidden insolvency. U.S. cities (Detroit, Stockton) and sovereign nations (Greece, Cyprus, Argentina) have had to admit they are bankrupt and can't pay their debts--and there appear to be other major entities that are trying to cover up their financial weakness. Although central banks print trillions of units of fiat currency (which they pass off as "money"), out of thin air and backed by nothing at all, in an effort to keep the global financial system from collapsing, their inflation of the currencies not only has not fixed the underlying problems, but actually exacerbated the imbalances in the real global economy and, thereby, escalated risks. Debasing the currency is only the first step, which then can be followed by suspending pension payments, imposing capital controls, raising taxes, and bailing in banks by seizing part or all of customers' bank deposits. Now is the time to take action. The great majority of investors remain optimistic, but that is only an extrapolation of past performance, and it is no guarantee of rising stock prices going forward. On the contrary, excessive optimism is often a sign that the top is near. Place your assets under our careful management--before the next episode in the ongoing world financial crises hits most portfolios. Make no mistake, the ongoing global economic and financial crisis has not been fixed by any sound or lasting solution. And history shows that governing authorities cannot protect you or give you any advance warning--but we will. Given the known serious and stubborn economic and financial troubles that defy solutions and create major risks for the outlook ahead, we offer a risk-averse strategy for clients' accounts we manage. Our Safety-First program, which emphasizes absolute return on capital with low risk of major capital loss, could prove most beneficial to your net worth in the year ahead. To learn more about our proprietary Safety-First Portfolio, click here. If you want to participate in the stock market during the good times, and then automatically shift away from stocks when stock prices are trending down, we have a program for that too: our proprietary Dynamic Allocation Shifting Strategy, click here. If you agree that making money while staying safe is better than taking uncontrolled risks in the stock market and exposing your nest egg to potentially ruinous losses, we would be very happy to implement our time-tested strategies for all of your assets. It makes good sense to choose protection--especially at this time when the financial world is stretched out of proportion. We are always happy to discuss your goals and concerns and answer all your questions. Call us now for a free consultation. Please contact Bill Anderson by phone: 646-652-6879, or by email: [email protected]

http://www.colbyassetmanagement.com/PDF/Colby%20Safety%20First%20Product%20Sheet.pdf

http://www.colbyassetmanagement.com/dynamicallocationshift.html

mailto:[email protected]


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Defining Multiple Time Frames For Classifying Trends It is important to understand that markets often display very different and conflicting trends, depending on the specific time period analyzed. Nearly a century ago, the Dow Theory established a useful way to organize time/trend information. In harmony with the Dow Theory, we organize our analysis into 4 different time frames, as follows: Intraday and 2-day trends: these movements are too small and random to comment on here. Daily price "jiggles" cannot be usefully analyzed in a weekly analytical report because they change too frequently. Only the very few professional traders constantly glued to their computers are able to capitalize on the fastest moves. Ignore these price movements. Short-term trend: lasts a few days up to 2-3 weeks, and occasionally a little more. Short-term price trends also change frequently, often in reaction to the latest news and rumors, and so they are fickle and unreliable. The Dow Theory views short-term minor "Ripples" as "insignificant noise." Although skillful traders may be able to profit from short-term price movements, most investors cannot. Investors can take advantage of minor moves by trading in the opposite direction to the short-term trend, buying on price weakness and selling on price strength. Medium-term trend: lasts 3 weeks to 3 months, and occasionally up to 8 months in a prolonged trading pattern. It is also known as the intermediate or secondary trend, and it is often a consolidation or correction phase within and opposite to the direction of the long-term trend. The medium-term trend can move price from several percentage points up to nearly 20%. It is very significant to swing traders, and it can be important to investors. Long-term trend: lasts from a few months to a few years, and occasionally even longer. The long-term trend is also known as the primary, dominant, main, and major trend. Prices can move 20%, 30%, 50%, or more. The long-term trend is highly significant for all traders and investors. We always trade in the direction of the long-term trend, buying long in bull markets and selling long or selling short in bear markets, because that puts the probability of making money in our favor. Trading opposite to the long-term trend, that is, buying long in a bear market or selling short in a bull market, would put the odds against us and can lead to disastrous losses. All traders and investors can profit by trading in the same direction as the most important long-term trend. Relative Strength: Both academic studies and long experience show that probabilities favor buying the strongest trading instruments/investments and avoiding the weak and lagging ones. Although nothing in the markets works every time, buying and holding the strongest instruments has produced above-average returns most years and is one of the very best methods for selecting specific regions, countries, sectors, industries, stocks, bonds, tangible assets, etc. in which to invest. Investor Sentiment is used for counter-trend trading. When there is a great majority of bulls, rallies suddenly can fizzle and reverse. Conversely, when there is a majority of bears, short-squeeze rallies suddenly can appear, seemingly out of nowhere. Moderate sentiment tends to coincide with uncertain, indecisive markets. Note that sentiment extremes are often early, and momentum can sustain a trend in motion beyond sentiment extremes.


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The information in this report is intended for sophisticated traders and investors who understand the risks of trading in the financial markets. The information and data herein are based on sources available to the public. The contents are not investment advice. Written reports cannot substitute for full-time professional investment management. No representation is made that this information is reliable, accurate, complete or current. No representation is made that any regulatory authority has passed on the merits, adequacy or accuracy of this information. Nothing herein should be interpreted as any kind of offer, solicitation, commitment, promise, warranty, or guarantee whatsoever relating to any of the contents of these pages. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. The author of this report, as well as affiliated persons and companies, are not responsible for any investment decision and accept no liability for any loss arising from the use of information contained in this report. The reader assumes the entire risk of any use whatsoever of this information. Robert W. Colby Asset Management, Inc. (Colby) hereby certifies that the views expressed in this research report accurately reflect the personal views of the Company’s Chief Investment Officer, Robert W. Colby, CMT, and/or other trained members of Colby, about any and all of the subject markets or securities, and further certifies that no part of the compensation of Colby was, is, or will be directly or indirectly related to the recommendations or views in this report. Colby is engaged in investment management as well as the conduct and publication of professional-quality, independent technical analysis research and, as a matter of policy, always makes best efforts to be as objective and unbiased as possible. Any and all statements referring to Robert W. Colby Asset Management, Inc., performance are intended to be accurate and complete and to disclose all material facts necessary to avoid any unwarranted inference. Any and all investment performance data shown reflect all accounts in our recommended investment program. (Some clients, at their own choosing, may hold securities that are not included in our recommended investment program, or they may choose to deviate from our program in some other way; therefore, their performance results may deviate from our recommended investment program, for better or worse, and are not included in our performance data.) Our performance data reflects the deduction of advisory fees, brokerage or other commissions and fees, and any other expenses that accounts have actually paid. Our performance data reflects the reinvestment of dividends, interest, and other earnings. Our investment strategies and all fees are explained on our website and in our disclosure documents and also are available on request. The industry standard benchmark for performance comparison is generally the S&P 500 Index, although that and all other price indexes have certain limitations in that they differ from our recommended investment program in volatility, asset mix, diversification/concentration, dividends, interest, trading costs, fees, and other factors. Unlike the S&P 500 Index, which passively reflects the price performance of 500 large-capitalization stocks, our recommended investment program is concentrated in relatively few securities and actively aims first for capital preservation and second for capital appreciation. We work continuously to achieve these goals. We try to anticipate and adapt to change. Regulators point out that there can never be any guarantees in investing; there is always risk and the possibility of loss; changing market conditions are beyond anyone's control; and past performance is not a guide to future performance.


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Colby’s technical analysis is prepared using widely-available public data that is generally accepted as reasonably reliable, although Colby cannot guarantee accuracy or completeness of data and analysis and no representation is made to that effect. Colby’s technical analysis is based primarily on analysis of the current price and volume performance of a security relative to other securities and in the context of its historical patterns of performance, in accordance with the Body of Knowledge and Code of Ethics endorsed by the Market Technicians Association, the globally-recognized, professional regulatory organization for technical analysts established in 1973. (See: mta.org.) Investments discussed in this report are not suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular investor. Every investor should consider whether any suggestion or recommendation is appropriate given his particular circumstances. Technical analysis alone should not be relied upon as the sole basis for making investment decisions. All publicly available information regarding the security in question should be reviewed, including the fundamentals of the security and other information provided in any filings with the Securities and Exchange Commission (SEC). Although persons and companies associated with Colby may from time to time hold positions in securities mentioned in these research reports, Colby's policy proscribes any employee activity that would conflict with client interests. The information provided herein is protected by copyright and intellectual property laws. You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone in any form whatsoever, without the express written consent of the publisher. Copyright © 2018 by Robert W. Colby Asset Management, Inc. All rights reserved.

Robert W. Colby Asset Management, Inc. 40 Wall Street, 28th Floor, New York, NY 10005

phone: 646-652-6879

email: [email protected]

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Colby Global Markets Report - Robert W. Colby Asset Management