Colby Global Markets Reportfiles.constantcontact.com/a8e632ff001/5252cd76... · days and subtracts volume on down days. Traders and investors watch for divergences between OBV and

Colby Global Markets Report

Prices and rankings as of the close on Friday, March 3, 2017 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 ................................................ 18

Top 10 ETFs Ranked by Major Trend Relative Strength ............................................................ 24

Ranked: 143 Select Exchange Traded Funds (ETFs) ................................................................ 25

More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked .......................... 29

Colby Economic Expectations Index ........................................................................................... 53

The U.S. stock market: short-term price momentum slowed moderately, but the main trend remains bullish.

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

2

On Balance Volume (OBV) is near recent highs. Trading volume is important because it takes rising volume to push prices up, while prices can fall of their own weight on light volume. OBV measures buying and selling pressure as a cumulative indicator that adds volume on up days and subtracts volume on down days. Traders and investors watch for divergences between OBV and price to predict possible price movements. We also use OBV to confirm price trends. Short-term price momentum slowed somewhat, as quantified by RSI(14). Slowing short-term price momentum from time to time is normal in an ongoing bull market. Longer term, the majority of the U.S. stock market price indexes remain systematically bullish: above their 50-day SMAs (simple moving averages), above their 200-day SMAs, and with the 50-day SMAs above the 200-day SMAs. Contrary Thinking: despite obvious stock market strength, investors appear to be only moderately greedy. The stock market tends to swing from one extreme to the opposite extreme as human emotions swing from greed to fear and back again. The current data shows that the $VIX Volatility Index still indicates bullish complacency, but the Equity Put/Call ratio appears more neutral. The latest AAII survey indicates moderate sentiment, with 37.91% Bullish, 26.47% Neutral, and 35.62% Bearish. The CNN Money Fear & Greed Index indicates greed at 74 on Friday, up from a neutral 50 on 1/31/17, but down from an extremely greedy 88 on 12/13/16. For details, see http://money.cnn.com/data/fear-and-greed/ Widely-diverging investor opinions about the probable direction of the stock market going forward may be bullish. When nearly everyone is extremely bullish, we have to worry about a significant market top. Currently, we are not there yet, and there still may be under-invested skeptics available to be converted into fully-invested bulls. Many investors don't like or trust President Trump. Others are worried about already high stock price valuations, which do show that the market is richly priced, but valuation measures lack usefulness as market timing indicators, as overvalued stocks can become more overvalued when the trend is pointing upward. The trend skeptics may be allowing their biases to overwhelm objective and obvious evidence of the stock market's major uptrend. The trend is our friend. Although markets never offer any guarantees, the trends in multiple time frames put the probabilities in our favor. Economic growth prospects appear to be picking up, and investors are looking forward to President Trump's promised "phenomenal" comprehensive tax plan, including tax cuts for individuals as well as businesses. Time will tell whether reality can live up to hope--but, for the moment, the Path of Least Resistance is up.


3

$VIX Volatility Index fell to an extremely low level since the election. Such low implied volatility indicates extreme bullish complacency. History suggests that we should expect volatility to pick up from such low levels, eventually, and a pickup in volatility may create good trading opportunities ahead.

The Equity Put/Call Ratio swings widely from day to day but shows average sentiment over the past 2 months. Options speculators appear to be simply reacting to the price action: when price goes up they trade more calls and when price goes down they trade more puts. The Art of Contrary Thinking would have little to say about the P/C ratio at this time.


4

The percentages of the S&P 500 stocks trading above their own 50- and 200-day Simple Moving Averages remain bullish. The 200 rose to its highest level in 6 months on 3/1/2017. The obvious conclusion is that the majority of the 500 stocks remain above their own 50- and 200-day moving averages, which is bullish.


5

$INDU, Dow Jones Industrial 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 The Dow Theory reconfirmed a Primary Tide Bull Market Trend on 3/1/2017, after previously confirming a Bullish trend on 11/10/2016. New highs for both the Dow Jones Industrial Average and the Dow Jones Transportation Average indicate a rising trend. Most of the other important stock market indicators also rose to higher highs on 3/1/2017. These other indicators, although very useful for market analysis, play no part in the interpretation of the traditional Dow Theory.


6

$TRAN, Dow Jones Transportation 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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$UTIL, Dow Jones Utility Average Short-term trend: up Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, above the 200-day SMA, but with the 50-day SMA below the 200-day SMA


7

$NYAD, Cumulative Daily Advance-Decline Line 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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$NYUD, Cumulative Daily Advancing-Declining Volume Line Short-term trend: uncertain 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


8

$NYHL, Number of Daily Net New Highs on the NYSE Short-term trend: uncertain Medium-term trend: uncertain Long-term trend: systematically neutral, below the 50-day SMA, below the 200-day SMA, but with the 50-day SMA above the 200-day SMA

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SPY, SPDR S&P 500 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


9

QQQ, PowerShares QQQ Trust, Series 1, Nasdaq-100 Index 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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OEF, iShares S&P 100 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


10

MDY, SPDR S&P MidCap 400 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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IWM, iShares Russell 2000, SmallCap Index 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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BKF, iShares MSCI BRIC Short-term trend: uncertain 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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EEM, iShares MSCI Emerging Markets Short-term trend: uncertain 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


12

EFA, iShares MSCI EAFE 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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TLT, iShares 20+ Year U.S. Treasury Bond Short-term trend: down 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


13

IEF, iShares 7-10 Year U.S. Treasury Bond Short-term trend: down 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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JNK, SPDR Barclays High Yield Bond 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


14

TIP, iShares TIPS Bond Short-term trend: down 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: uncertain Medium-term trend: uncertain Long-term trend: systematically neutral, at the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day


15

DBA, PowerShares DB Agriculture 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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USO, United States Oil ETF Short-term trend: down Medium-term trend: uncertain Long-term trend: systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA


16

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

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JJC, iPath Bloomberg Copper Subindex Total Return ETN Short-term trend: uncertain 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


18

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 Financial SPDR, XLF 24.97 5.07% 19.78% 14.00%

80 Technology SPDR, XLK 52.86 4.66% 11.75% 6.78%

70 Health Care SPDR, XLV 75.80 6.14% 6.02% -0.12%

60 Industrial SPDR, XLI 66.32 3.53% 11.08% 7.29%

50 Utilities SPDR, XLU 51.52 4.78% 4.35% -0.41%

40 Consumer Staples SPDR, XLP 55.14 4.05% 3.67% -0.37%

30 Consumer Discretionary SPDR, XLY 87.00 2.79% 7.13% 4.22%

20 Materials SPDR, XLB 52.66 2.14% 7.76% 5.51%

10 Energy SPDR, XLE 71.99 -2.54% 2.04% 4.70%

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 (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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Financial 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.

Technology 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


20

Health Care stock sector turned systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

Industrial 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.


21

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 turned systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.


22

Consumer Discretionary stock remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

Materials 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.


23

Energy 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.


24

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 Biotech SPDR, XBI XBI 71.35 9.95% 15.80% 5.32%

98 Financial Services DJ, IYG IYG 114.44 4.79% 21.12% 15.58%

97 Financial SPDR, XLF XLF 24.97 5.07% 19.78% 14.00%

97 Financials VIPERs, VFH VFH 63.24 4.45% 19.05% 13.98%

96 Brazil Index, EWZ EWZ 38.58 5.48% 15.20% 9.22%

95 Semiconductor iS IGW, SOXX SOXX 132.07 3.10% 18.36% 14.80%

95 Technology DJ US, IYW IYW 133.20 4.99% 13.38% 7.99%

94 Latin Am 40, ILF ILF 31.79 5.96% 12.65% 6.31%

93 India Earnings WTree, EPI EPI 22.80 6.59% 8.57% 1.86%

92 Info Tech VIPERs, VGT VGT 134.10 4.89% 12.85% 7.59%


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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


99 Biotech SPDR, XBI XBI 71.35 9.95% 15.80% 5.32%

98 Financial Services DJ, IYG IYG 114.44 4.79% 21.12% 15.58%


97 Financials VIPERs, VFH VFH 63.24 4.45% 19.05% 13.98%

96 Brazil Index, EWZ EWZ 38.58 5.48% 15.20% 9.22%

95 Semiconductor iS IGW, SOXX SOXX 132.07 3.10% 18.36% 14.80%

95 Technology DJ US, IYW IYW 133.20 4.99% 13.38% 7.99%

94 Latin Am 40, ILF ILF 31.79 5.96% 12.65% 6.31%

93 India Earnings WTree, EPI EPI 22.80 6.59% 8.57% 1.86%

92 Info Tech VIPERs, VGT VGT 134.10 4.89% 12.85% 7.59%

92 India PS, PIN PIN 21.80 6.62% 8.12% 1.41%

91 Financial DJ US, IYF IYF 107.97 4.20% 14.84% 10.20%

90 QQQ Nasdaq 100 Trust, QQQ QQQ.O 131.02 4.79% 11.71% 6.60%

90 Value LargeCap Dynamic PS, PWV PWV 36.13 4.68% 11.94% 6.94%

89 Technology SPDR, XLK XLK 52.86 4.66% 11.75% 6.78%

88 Capital Markets KWB ST, KCE KCE 48.03 3.28% 14.37% 10.74%

88 DIAMONDS (DJIA), DIA DIA 209.91 4.17% 11.63% 7.16%

87 Health Care SPDR, XLV XLV 75.80 6.14% 6.02% -0.12%

86 Semiconductor SPDR, XSD XSD 59.67 1.79% 14.67% 12.66%

86 Growth VIPERs, VUG VUG 121.50 4.52% 8.65% 3.96%

85 LargeCap Growth Russell 1000 iS, IWF IWF 113.79 4.31% 8.90% 4.40%

84 LargeCap Blend S&P 100, OEF OEF 106.16 4.14% 9.35% 5.00%


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84 Industrial SPDR, XLI XLI 66.32 3.53% 11.08% 7.29%

83 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O 32.77 5.57% 6.31% 0.69%

82 Homebuilders SPDR, XHB XHB 36.75 5.31% 6.82% 1.43%

82 LargeCap Growth S&P 500 iS, IVW IVW 131.54 4.19% 8.25% 3.90%

81 LargeCap VIPERs, VV VV 109.35 3.82% 9.15% 5.14%

80 LargeCap Blend S&P 500 iS, IVV IVV 239.97 3.82% 9.09% 5.07%

79 S&P 500 SPDRs LargeCap Blend, SPY SPY 238.42 3.80% 9.04% 5.05%

79 Utilities SPDR, XLU XLU 51.52 4.78% 4.35% -0.41%

78 Dividend Appreciation Vipers, VIG VIG 90.97 4.08% 7.38% 3.18%

77 LargeCap Blend Russell 1000 iS, IWB IWB 132.80 3.71% 9.11% 5.20%

77 LargeCap Value S&P 500 iS, IVE IVE 106.71 3.39% 9.82% 6.21%

76 Utilities VIPERs, VPU VPU 113.14 4.58% 4.70% 0.11%

75 Blend Total Market VIPERs, VTI VTI 122.75 3.59% 9.22% 5.43%

75 LargeCap Blend Russell 3000 iS, IWV IWV 141.47 3.53% 9.21% 5.49%

74 MidCap Growth S&P 400 iS, IJK IJK 192.85 3.05% 8.92% 5.70%

73 Transportation Av DJ, IYT IYT 171.19 2.51% 13.72% 10.94%

73 Value VIPERs, VTV VTV 97.55 3.19% 9.61% 6.22%

72 Basic Materials DJ US, IYM IYM 89.05 2.70% 9.80% 6.91%

71 LargeCap Value Russell 1000 iS, IWD IWD 117.52 3.10% 9.26% 5.97%

71 Networking, IGN IGN 45.36 1.24% 11.94% 10.57%

70 MidCap S&P 400 SPDRs, MDY MDY 316.53 2.44% 9.86% 7.24%

69 MidCap Blend S&P 400 iS, IJH IJH 173.55 2.45% 9.82% 7.18%

68 Turkey MSCI iS, TUR TUR 35.61 6.33% -2.39% -8.21%

68 LargeCap Blend S&P=Weight R, RSP RSP 91.66 3.01% 8.64% 5.46%

67 Consumer Staples SPDR, XLP XLP 55.14 4.05% 3.67% -0.37%

66 WilderHill Clean Energy PS, PBW PBW 3.94 3.03% 3.50% 0.46%

66 Chile MSCI iS, ECH ECH 40.75 4.04% 7.45% 3.28%

65 Emerging 50 BLDRS, ADRE ADRE 35.80 3.12% 6.80% 3.57%

64 Growth SmallCap VIPERs, VBK VBK 141.37 2.86% 8.05% 5.04%

64 SmallCap Growth Russell 2000 iS, IWO IWO 161.65 2.53% 9.22% 6.53%

63 Frontier Markets Guggenheim , FRN FRN 12.71 3.13% 8.17% 4.88%

62 Netherlands Index, EWN EWN 26.02 4.87% 6.94% 1.97%

62 Global 100, IOO IOO 81.28 3.44% 8.04% 4.44%

61 Australia Index, EWA EWA 21.98 2.82% 6.88% 3.96%

60 Growth MidCap Russell, IWP IWP 103.94 2.94% 7.05% 3.99%

60 Emerging VIPERs, VWO VWO 38.94 3.43% 6.05% 2.53%

59 MidCap Russell, IWR IWR 188.95 2.63% 7.86% 5.10%

58 Value MidCap Russell, IWS IWS 84.32 2.42% 8.61% 6.04%

58 Small Cap VIPERs, VB VB 134.72 2.08% 9.20% 6.97%

57 Water Resources, PHO.O PHO.O 26.08 3.03% 7.00% 3.85%

56 MidCap Value S&P 400 iS, IJJ IJJ 150.84 1.74% 10.29% 8.40%


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55 Austria Index, EWO EWO 17.84 3.19% 11.20% 7.77%

55 SmallCap Growth S&P 600 iS, IJT IJT 153.59 1.38% 10.37% 8.87%

54 Dividend U.S. DJ iS, DVY DVY 92.73 3.07% 7.12% 3.94%

53 Silver Trust iS, SLV SLV 16.98 4.18% -0.42% -4.42%

53 Consumer Discretionary SPDR, XLY XLY 87.00 2.79% 7.13% 4.22%

52 Pacific ex-Japan, EPP EPP 43.45 3.25% 5.74% 2.41%

51 Emerging Markets MSCI iS, EEM EEM 38.19 3.24% 5.81% 2.49%

51 Global LargeCap Blend MSCI iS, ACWI ACWI 62.94 3.09% 7.08% 3.87%

50 Value SmallCap VIPERS, VBR VBR 124.81 1.46% 10.15% 8.57%

49 SmallCap Blend Russell 2000 iS, IWM IWM 138.65 1.43% 10.41% 8.85%

49 Sweden Index, EWD EWD 30.72 2.87% 7.13% 4.14%

48 Singapore Index, EWS EWS 22.28 4.01% 4.35% 0.33%

47 South Korea Index, EWY EWY 57.73 1.80% 4.97% 3.11%

47 Taiwan Index, EWT EWT 32.01 2.60% 6.06% 3.38%

46 Germany Index, EWG EWG 27.99 2.86% 7.77% 4.77%

45 Materials SPDR, XLB XLB 52.66 2.14% 7.76% 5.51%

45 Hong Kong Index, EWH EWH 21.69 4.35% 4.33% -0.02%

44 SmallCap Blend S&P 600 iS, IJR IJR 69.77 0.84% 10.21% 9.29%

43 SmallCap Value Russell 2000 iS, IWN IWN 119.96 0.37% 11.46% 11.04%

42 Switzerland Index, EWL EWL 31.47 3.45% 5.01% 1.51%

42 China 25 iS, FXI FXI 37.87 3.00% 4.38% 1.33%

41 Dividend SPDR, SDY SDY 89.05 2.61% 5.13% 2.45%

40 Mexico Index, EWW EWW 47.96 7.31% -0.03% -6.84%

40 South Africa Index, EZA EZA 56.37 3.10% 4.28% 1.15%

39 SmallCap Value S&P 600 iS, IJS IJS 140.67 0.27% 9.99% 9.70%

38 SmallCap Blend EAFE MSCI iS, SCZ SCZ.O 53.01 2.73% 4.32% 1.55%

38 Pacific VIPERs, VPL VPL 62.18 2.15% 5.21% 3.00%

37 European VIPERs, VGK VGK 50.38 2.67% 4.82% 2.10%

36 Real Estate US DJ iS, IYR IYR 79.64 2.30% 0.73% -1.54%

36 Dividend High Yield Equity PS, PEY.O PEY.O 17.24 1.12% 7.42% 6.24%

35 Global ex U.S. LargeCap Blend, ACWX ACWX 42.70 2.46% 4.91% 2.39%

34 Europe 350 S&P Index, IEV IEV 40.76 2.71% 4.89% 2.12%

34 Growth EAFE MSCI, EFG EFG 67.66 2.88% 2.42% -0.44%

33 EMU Europe Index, EZU EZU 36.24 2.86% 6.25% 3.30%

32 Foreign LargeCap EAFE MSCI iS, EFA EFA 60.93 2.38% 4.77% 2.34%

32 Microcap Russell, IWC IWC 85.61 0.04% 9.48% 9.43%

31 Value EAFE MSCI, EFV EFV 49.47 1.91% 7.09% 5.08%

30 United Kingdom Index, EWU EWU 32.03 1.98% 2.86% 0.86%

29 Dividend ex-U.S. DJ iS, IDV IDV 30.97 1.62% 4.68% 3.01%

29 Metals & Mining SPDR, XME XME 31.93 -2.79% 13.45% 16.71%

28 Spain Index, EWP EWP 28.12 3.48% 5.87% 2.31%


28

27 France Index, EWQ EWQ 25.62 2.65% 6.32% 3.57%

27 Thailand MSCI iS, THD THD 75.66 1.55% 4.75% 3.15%

26 Gold Shares S.T., GLD GLD 117.51 2.49% -2.37% -4.74%

25 Realty Cohen & Steers, ICF ICF 101.56 1.33% -1.02% -2.33%

25 REIT VIPERs, VNQ VNQ 84.21 1.23% -0.74% -1.94%

24 Japan Index, EWJ EWJ 51.37 1.33% 4.39% 3.02%

23 REIT Wilshire, RWR RWR 94.45 1.10% -0.91% -1.99%

23 Italy Index, EWI EWI 24.53 1.69% 7.42% 5.64%

22 Dividend International, PID.O PID.O 14.88 0.84% 2.97% 2.11%

21 Bond, High Yield Corp iBoxx iS, HYG HYG 87.99 0.70% 2.33% 1.62%

21 Bond, High-Yield Junk, JNK JNK 37.09 0.69% 2.35% 1.65%

20 Belgium Index, EWK EWK 18.17 2.23% 1.46% -0.76%

19 Canada Index, EWC EWC 26.84 -0.59% 4.21% 4.83%

18 Financial Preferred, PGF PGF 18.59 1.31% -0.91% -2.19%

18 Preferred Stock iS, PFF PFF 38.37 0.85% -1.32% -2.15%

17 Oil, Crude, U.S. Oil Fund, USO USO 11.29 -1.22% 2.10% 3.37%

16 Bond, Emerging Mkt JPM iS, EMB EMB 113.15 0.97% -0.41% -1.36%

16 Commodity Tracking, DBC DBC 15.62 -0.94% 3.20% 4.19%

15 Bond, TIPS U.S. Treasury iS, TIP TIP 113.86 0.10% -0.89% -0.99%

14 Bond Treasury Short-Term iS, SHV SHV 110.29 -0.05% -0.07% -0.02%

14 Oil Fund PowerShares, DBO DBO 9.20 -2.04% 2.67% 4.81%

13 Bond, 1-3 Year Treasury, SHY SHY 84.33 -0.16% -0.57% -0.41%

12 Bond, Long-Term Corp iBoxx iS, LQD LQD 117.50 0.05% -2.25% -2.29%

12 Indonesia MV, IDX IDX 21.83 0.99% -1.03% -2.00%

11 Malaysia Index, EWM EWM 29.76 2.31% -4.93% -7.07%

10 Agriculture DB PS, DBA DBA 20.32 -0.57% -1.82% -1.26%

10 Bond, Intermediate US Aggregate iS, AGG AGG 107.92 -0.25% -2.32% -2.08%

9 Bond, Muni S&P ATM-Free iS, MUB MUB 108.06 -0.28% -2.67% -2.40%

8 Russia MV, RSX RSX 20.56 -3.41% 7.59% 11.40%

8 Bond, 10 Year Treasury, IEF IEF 104.57 -0.38% -4.04% -3.67%

7 Bond Ex-US Treas, BWX BWX 26.13 0.13% -5.06% -5.18%

6 Telecom DJ US, IYZ IYZ 33.07 -4.76% 0.62% 5.65%

5 Energy SPDR, XLE XLE 71.99 -2.54% 2.04% 4.70%

5 Energy Global, IXC IXC 33.41 -2.51% 1.42% 4.03%

4 Energy & Nat Res iS GS, IGE IGE 34.76 -3.03% 1.34% 4.51%

3 Bond, 20+ Years Treasury, TLT TLT.O 119.35 -0.61% -8.07% -7.51%

3 Energy DJ, IYE IYE 39.49 -2.94% 1.02% 4.08%

2 Energy VIPERs, VDE VDE 99.09 -3.20% 1.33% 4.69%

1 Bear, Short S&P 500, SH SH 34.26 -3.72% -9.36% -5.86%


29

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 D +3X Financial Bull, FAS FAS 49.32 12.87% 47.59% 30.76%

99 ULTRA TECHNOLOGY PROSHARES ETF ROM 118.44 9.66% 27.47% 16.24%

99 ULTRA FINANCIALS ETF UYG 104.28 8.34% 31.15% 21.05%

99 Brazil Market Vectors Small-Cap ETF BRF 20.05 10.39% 20.33% 9.00%

99 ULTRA QQQ PROSHARES ETF QLD 104.85 9.48% 23.94% 13.20%

99 ULTRA HEALTH CARE PROSHARES ETF RXL 72.89 12.91% 13.72% 0.71%

99 ULTRA DOW30 PROSHARES ETF DDM 94.60 8.72% 25.05% 15.02%

99 D +3X Emerging Mkts Bull, EDC EDC 67.86 9.09% 16.04% 6.37%

99 D +3X Small Cap Bull, TNA TNA 108.22 3.49% 30.30% 25.91%

98 ULTRA S&P500 PROSHARES ETF SSO 86.28 7.49% 19.08% 10.79%

98 ULTRA CONSUMER GOODS ETF UGE 43.00 9.25% 11.69% 2.24%

98 ULTRA UTILITIES PROSHARES ETF UPW 43.50 8.89% 8.74% -0.14%

98 ULTRA INDUSTRIALS ETF UXI 54.50 6.65% 22.22% 14.60%

98 PowerShares DB Base Metals Double Long ETN BDD 7.42 3.34% 24.69% 20.66%

98 SPDR S&P BIOTECH ETF XBI 71.35 9.95% 15.80% 5.32%

98 EQUUS TOTAL RETURN ETF EQS 2.26 9.44% 22.44% 11.88%

98 PS EMERGING INFRA PXR 36.50 9.64% 17.07% 6.77%

98 ULTRA BASIC MATERIALS ETF UYM 56.03 5.08% 19.89% 14.10%

98 ULTRA MIDCAP400 PROSHARES ETF MVV 103.20 4.59% 19.94% 14.68%

97 ULTRA SEMICONDUCTORS ETF USD 74.21 4.01% 26.85% 21.96%

97 ISHARES DJONES US REGNL BNKS IDX ETF IAT 48.02 3.93% 24.21% 19.51%

97 PS DYN SM CONDCTR PSI 39.66 4.22% 21.89% 16.95%

97 D +3X Devp Mkts Bull, DZK DZK 52.70 6.96% 15.16% 7.67%

97 MARKET VECTORS STEEL INDEX ETF SLX 42.94 3.43% 26.10% 21.91%

97 KBW REGIONAL BANKING ETF KRE 58.20 3.56% 25.05% 20.75%

97 FIRST TRUST BIOTECH INDEX CF ETF FBT 106.18 9.48% 10.97% 1.36%

97 iSHARES DJ US FIN ETF IYG 114.44 4.79% 21.12% 15.58%

97 KBW BANK ETF KBE 45.70 3.56% 24.19% 19.91%

96 FIRST TR NAS 100 TECH SECTR INDX ETF QTEC 59.03 5.34% 17.95% 11.97%

96 ISHARES DOW JONES US HM CONS IDX ETF ITB 31.20 8.00% 11.26% 3.01%


30


96 PROSHARES TR ULTRA SMALLCAP600 ETF SAA 83.47 2.25% 23.57% 20.85%

96 PWRSHRS DYNMIC HEATHCARE SEC ETF PTH.O 54.72 7.95% 12.59% 4.29%

96 REVENUE SHR FNCL RWW 61.75 4.89% 19.88% 14.29%

96 PROSHARES TR ULTRA RUSSELL2000 ETF UWM 117.08 2.54% 20.71% 17.72%

96 VANGUARD FINANCIALS ETF VFH 63.24 4.45% 19.05% 13.98%

96 ISHARES DOW JNS US MEDI DVCE IDX ETF IHI 151.20 7.00% 8.75% 1.64%

96 RYDEX S&P EQUAL WEIGHT FINANCIAL ETF RYF 39.26 4.18% 18.08% 13.35%

95 iSHARES BRAZIL ETF EWZ 38.58 5.48% 15.20% 9.22%

95 ISHARES S&P GSTI SOFTWARE INDEX ETF IGV 123.92 5.96% 10.83% 4.60%

95 BIOTECH HOLDRS BBH.O 122.85 7.39% 10.35% 2.76%

95 RYDEX S&P EQUAL WEIGHT TECHNOLGY ETF RYT 119.52 4.89% 14.30% 8.98%

95 ISHARES DJ US TECHNOLGY SCTR IDX ETF IYW 133.20 4.99% 13.38% 7.99%

95 iSHARES S&P LAT ETF ILF 31.79 5.96% 12.65% 6.31%

95 ISHARES DOW JONES US BRKR-DEALRS ETF IAI 53.11 3.05% 20.83% 17.25%

95 MORGAN STANLEY TECHNOLOGY ETF MTK 67.13 4.40% 13.37% 8.60%

95 ISHARES DOW JONES US AERO&DF IDX ETF ITA 151.85 4.66% 13.21% 8.17%

94 WISDOMTREE INDIA EARNINGS ETF EPI 22.80 6.59% 8.57% 1.86%

94 GABELLI EQUITY CF GAB 6.09 5.74% 8.38% 2.50%

94 VANGUARD INFORMATION TECHNOLOGY ETF VGT 134.10 4.89% 12.85% 7.59%

94 FIRST TRUST TECHNOLOGY ALPHADEX ETF FXL 41.41 4.39% 13.62% 8.84%

94 POWERSHARES INDIA PORTFOLIO ETF PIN 21.80 6.62% 8.12% 1.41%

94 ISHR NASDAQ BIO IBB.O 302.49 7.65% 8.76% 1.03%

94 iSHARES DJ US FNL ETF IYF 107.97 4.20% 14.84% 10.20%

94 ProShares Ultra Silver ETF AGQ 40.18 7.68% -5.16% -11.92%

94 REAVES UTILITY INCOME CF UTG 33.55 3.38% 10.59% 6.97%

94 SPDR S&P EMERGING LATIN AMERICA ETF GML 49.91 5.18% 10.24% 4.81%

93 TORTOISE ENERGY INFRASTRUCTURE ETF TYG 33.80 2.47% 8.80% 6.18%

93 CENTRAL SECURITY CET 23.58 4.70% 11.84% 6.82%

93 KAYNE AND MLP IN ETF KYN 21.61 5.07% 9.53% 4.25%

93 FIRST TR NAS 100 EQL WEGHTD INDX ETF QQEW 51.21 4.80% 12.34% 7.19%

93 ULTRA REAL ESTATE ETF URE 121.95 4.47% 2.76% -1.63%

93 QQQ Nasdaq 100 Trust, QQQ.O QQQ.O 131.02 4.79% 11.71% 6.60%

93 ISHARES S&P GSTI TECHNOLOGY INDX ETF IGM 136.46 4.58% 12.17% 7.26%

93 iSHARES S&P GLOB TEC ETF IXN 121.29 4.80% 12.17% 7.04%

93 VANGUARD HEALTH CARE ETF VHT 140.30 6.44% 6.93% 0.46%

93 PWRSHRS LARCAP ETF PWV 36.13 4.68% 11.94% 6.94%

92 FIRST TRUST FINANCIALS ALPHADEX ETF FXO 28.62 3.52% 13.65% 9.78%

92 KBW INSURANCE ETF KIE 87.83 3.73% 14.10% 9.99%

92 TECHNOLOGY SELEC SPDR ETF XLK 52.86 4.66% 11.75% 6.78%

92 SINGAPORE FUND ETF SGF 10.07 7.47% 9.65% 2.03%


31

92 KBW CAPITAL MARKETS ETF KCE 48.03 3.28% 14.37% 10.74%

92 HANCOCK BK THR BTO 36.98 1.79% 22.23% 20.08%

92 ISHARES DOW JONES US PHARMA IDX ETF IHE 154.91 6.16% 5.61% -0.51%

92 iSHARES DJ US HTH CRE ETF IYH 158.84 6.26% 6.68% 0.39%

92 PACHOLDER HIGH YIELD ETF PHF 7.90 4.13% 9.92% 5.56%

91 WISDOMTREE TOTAL EARNINGS ETF EXT 85.08 4.27% 12.02% 7.43%

91 RYDEX S&P EQUAL WEIGHT HLTH CARE ETF RYH 161.69 5.96% 6.15% 0.18%

91 TEMPLETON EMERGING MARKETS CF EMF 13.34 4.10% 8.94% 4.66%

91 ABERDEEN AUSTRALIA EQUITY CF IAF 6.02 3.14% 4.94% 1.75%

91 DIAMOND ETF DIA 209.91 4.17% 11.63% 7.16%

91 BARCLAYS IPATH MSCI INDIA RTRN INDX INP 70.34 6.19% 5.61% -0.55%

91 ROYCE VALUE CF RVT 14.33 3.22% 11.68% 8.20%

91 FT NASDAQ CLEAN EDGE US LQD INDX ETF QCLN 16.54 2.83% 9.23% 6.22%

91 FIDELITY NASDAQ COMPOSITE INDX ETF ONEQ 231.51 4.30% 11.59% 6.98%

91 HEALTH CARE SELC SPDR ETF XLV 75.80 6.14% 6.02% -0.12%

90 VANGUARD Mega Cap Growth MGK 95.43 4.88% 9.33% 4.24%

90 WSDMTREE EMRG MKTS SMALLCAP DVD ETF DGS 43.66 5.22% 7.84% 2.50%

90 KAYNE ANDERSON ENERGY TOTAL RETRN CF KYE 12.88 2.95% 13.84% 10.58%

90 WISDOMTREE EARNINGS 500 ETF EPS 82.74 4.23% 11.48% 6.96%

90 ISHARES DOW JONES US HLTH CRE IDX ET IHF 137.21 5.04% 8.75% 3.53%

90 PWRSHRS BIOTEC ETF PBE 43.90 6.44% 8.24% 1.70%

90 Dow Jones-AIG Industrial Metals Total Return JJM 25.65 3.70% 15.59% 11.46%

90 iSHRES LRG CORE ETF JKD 142.84 4.55% 10.46% 5.65%

90 iSHARES S&P GLOB FIN ETF IXG 61.83 3.76% 15.19% 11.02%

89 MACQUARIE GLBL INFRASTRUCTURE CF MGU 22.15 5.20% 5.23% 0.02%

89 SPDR S&P SEMICONDUCTOR ETF XSD 59.67 1.79% 14.67% 12.66%

89 FIRST TR INDL PROD DRBL ALPHADEX ETF FXR 35.07 3.29% 14.64% 11.00%

89 ISHSP GBL TMBFOR WOOD 57.49 4.11% 13.38% 8.90%

89 POWERSHARES AEROSPACE & DEFENSE ETF PPA 44.32 3.82% 11.25% 7.16%

89 FT NASDAQ100 EX TCHNO SCTR INDX ETF QQXT 44.49 4.39% 9.17% 4.58%

89 SPDR SP INT TEC IPK 36.98 3.98% 11.14% 6.89%

89 BOULDER GROWTH & INCOME ETF BIF 9.45 3.63% 10.48% 6.61%

89 FIRST TRUST HEALTH CARE ALPHADEX ETF FXH 63.16 5.28% 6.28% 0.94%

89 RYDEX RUSSELL TOP50 ETF XLG 168.81 4.42% 9.53% 4.89%

88 SEMICONDUCTOR HOLDRS SMH 76.87 3.07% 14.87% 11.45%

88 VANGUARD GROWTH ETF VUG 121.50 4.52% 8.65% 3.96%

88 LIBERTY ALL STAR GROWTH FUND CF ASG 4.55 4.19% 7.45% 3.13%

88 RYDEX S&P EQUAL WGHT INDTRL ETF RGI 106.13 3.40% 11.67% 7.99%

88 PWRSHRS DYNMIC TECHNOLOGY SEC ETF PTF.O 43.79 4.25% 9.08% 4.64%

88 PWSHS FTSE RAFI ASIA PCFC EX JPN ETF PAF 52.56 3.96% 11.21% 6.97%

88 ISHARES DOW JONES US INSUR IDX ETF IAK 62.24 3.39% 13.26% 9.54%


32

88 iSHARES RU 1000 GR ETF IWF 113.79 4.31% 8.90% 4.40%

88 PWRSHRS EMERGING MARKETS ETF PXH 20.00 3.47% 11.93% 8.18%

88 H&Q HEALTHCARE INVESTORS CF HQH 24.27 5.85% 1.98% -3.65%

87 iSHARES S&P100 ETF OEF 106.16 4.14% 9.35% 5.00%

87 INDUSTRIAL SELEC SPDR ETF XLI 66.32 3.53% 11.08% 7.29%

87 RYDEX S&P 500 PURE VALUE ETF RPV 60.73 2.83% 11.25% 8.19%

87 GABELLI GLOBAL MULTIMEDIA CF GGT 8.02 4.76% 7.20% 2.33%

87 PIMCO CORP INCOME CF PCN 16.02 3.84% 7.76% 3.78%

87 PowerShares DB Base Metals Fund DBB 16.32 2.65% 13.70% 10.77%

87 LMP CAPITAL & INCM CF SCD 14.33 4.06% 7.22% 3.04%

87 MORGAN STANLEY INDIA INVESTMENT CF IIF 29.04 5.01% 5.34% 0.32%

87 VANGUARD Mega Cap MGC 81.60 3.98% 9.31% 5.12%

86 ISHARES MSCI ISRAEL CAPED INVBLE ETF EIS 50.53 4.70% 5.54% 0.80%

86 iSHARES S&P GLOB HEALTH ETF IXJ 103.73 5.80% 4.45% -1.27%

86 EATON VANCE TAX ADVANTAGED OPP CF ETO 22.82 4.41% 5.95% 1.47%

86 PS NASDAQ INTRNT PNQI 92.56 3.87% 9.78% 5.69%

86 PWRSHRS GLD DRAG ETF PGJ.O 32.77 5.57% 6.31% 0.69%

86 ISHARES MSCI BRIC INDEX ETF BKF 35.60 4.37% 8.47% 3.93%

86 SPDR S&P HOMEBUILDERS ETF XHB 36.75 5.31% 6.82% 1.43%

86 CLYMR ZACKS MID CAP CORE ETF CZA 58.35 3.63% 9.22% 5.40%

86 POWERSHARES DWA TECHNICL LEADERS ETF PDP.O 45.24 4.25% 6.65% 2.30%

86 JF CHINA REGION CF JFC 17.61 4.77% 7.56% 2.67%

85 ISHARES S&P 500 GROWTH INDEX ETF IVW 131.54 4.19% 8.25% 3.90%

85 iSHARES SEL SOC ETF KLD 98.45 3.98% 8.48% 4.33%

85 CORNERSTONE TOTAL RETURN CF CRF 16.15 5.91% 4.12% -1.69%

85 LAZARD GLOBAL TOTAL RETURN INCOME CF LGI 14.79 3.35% 7.66% 4.17%

85 VANGUARD VALUE LARGE-CAP RUSSELL 1000 VV 109.35 3.82% 9.15% 5.14%

85 First Trust Total US Market AlphaDEX ETF TUSA 29.22 2.50% 12.10% 9.36%

85 Dow Jones-AIG Copper Total Return ETN JJC 31.08 2.26% 16.39% 13.81%

85 TEMPLETON DRAG TDF 18.17 4.94% 4.36% -0.55%

85 iSHARES S&P 500 ETF IVV 239.97 3.82% 9.09% 5.07%

84 ISHR MGSTR LGTH JKE 131.33 4.12% 7.81% 3.54%

84 SPDR LARGCAP ETF SPY 238.42 3.80% 9.04% 5.05%

84 VANGUARD S&P 500 VOO 218.98 3.81% 9.09% 5.09%

84 FIDUCIARY/CLAYMORE MLP OPPORTUNTY CF FMO 16.65 3.62% 11.45% 7.55%

84 TRI CONTINENTAL TY 23.49 3.61% 9.26% 5.46%

84 UTILITIES SELECT SPDR ETF XLU 51.52 4.78% 4.35% -0.41%

84 PIMCO CORPORATE OPPORTUNITY CF PTY 15.67 4.11% 8.25% 3.98%

84 VANGUARD DIVIDEND APPRECIATION ETF VIG 90.97 4.08% 7.38% 3.18%

84 NUVEEN DIVERSIFIED DIVIDEND INCM CF JDD 12.28 4.25% 5.80% 1.48%

84 iSHARES RU 1000 ETF IWB 132.80 3.71% 9.11% 5.20%


33

83 CLOUGH GLOBAL ALLOCATION CF GLV 12.94 3.93% 8.08% 4.00%

83 iSHARES DJ US TOT ETF IYY 119.55 3.61% 9.14% 5.33%

83 iSHARES MID CORE ETF JKG 168.23 3.57% 8.30% 4.56%

83 ISHARES S&P 500 VALUE INDX FUND ETF IVE 106.71 3.39% 9.82% 6.21%

83 EATON VANCE TAX ADVANTAGED GLOBAL CF ETG 15.50 4.09% 5.43% 1.28%

83 VANGUARD UTILITIES ETF VPU 113.14 4.58% 4.70% 0.11%

83 VANGUARD TOTAL STOCK MARKET ETF VTI 122.75 3.59% 9.22% 5.43%

83 iSHARES RUSS 3000 INDEX ETF IWV 141.47 3.53% 9.21% 5.49%

83 H&Q LIFE SCIENCES INVESTOR CF HQL 19.20 6.60% 5.42% -1.10%

83 VANGUARD INDUSTRIALS ETF VIS 126.03 3.11% 10.91% 7.57%

82 WISDOMTREE LOW P/E ETF EZY 71.37 3.45% 9.62% 5.96%

82 POWERSHARES DYNAMIC UTILTS PRTFL ETF PUI.O 27.20 4.44% 4.59% 0.15%

82 PWRSHRS LARCAP GR ETF PWB 34.29 3.82% 7.38% 3.42%

82 SPDR SP EMG SC EWX 44.17 4.68% 6.67% 1.90%

82 iSHARES DJ US UTIL ETF IDU 129.00 4.61% 4.37% -0.23%

82 iSHARES LRG VAL ETF JKF 98.83 3.44% 9.57% 5.93%

82 ISHARES S&P MIDCAP 400 GR FUND ETF IJK 192.85 3.05% 8.92% 5.70%

82 iSHARES DJ IND SEC ETF IYJ 127.89 3.26% 10.02% 6.55%

82 CLAYMORE/SABRIENT INSIDER ETF NFO 52.92 4.07% 6.77% 2.60%

81 FIRST TRUST MORNINGSTAR DIV LDRS ETF FDL 29.31 3.77% 7.35% 3.45%

81 PCM FUND CF PCM 10.59 4.39% 10.50% 5.85%

81 ISHARES DJ TRANSPTN AVG INDX ETF IYT 171.19 2.51% 13.72% 10.94%

81 iSHARES DJ US CON GDS ETF IYK 119.45 4.50% 5.02% 0.50%

81 FIRST TRUST ISE CHINDIA INDEX ETF FNI 30.97 4.86% 6.75% 1.80%

81 VANGUARD VALUE ETF VTV 97.55 3.19% 9.61% 6.22%

81 SWISS HELVETIA CF SWZ 11.12 4.48% 6.64% 2.07%

81 FIRST TR STR FD FHY 12.92 2.94% 6.21% 3.18%

81 PUTNAM PREM INCM PPT 5.36 4.33% 9.61% 5.06%

81 VANGUARD MID-CAP VALUE ETF VOE 103.09 3.13% 9.34% 6.02%

80 WT DRYFS BRAZ RL BZF 18.33 2.72% 9.28% 6.38%

80 SPDR S&P CHINA ETF GXC 80.17 4.26% 6.69% 2.33%

80 NICHOLAS APPLEGATE CONV & INCM II CF NCZ 6.18 3.25% 8.49% 5.08%

80 REVENUESHARES LC RWL 46.06 3.27% 8.71% 5.26%

80 VANGUARD Mega Cap Value MGV 70.24 3.26% 9.39% 5.94%

80 PWRSHRS NETWRK ETF PXQ 42.84 2.62% 11.81% 8.95%

80 GABELLI CONVERTBLE & INCM SECURTY CF GCV 5.03 3.94% 5.81% 1.80%

80 NICHOLAS APPLEGATE CONVER & INCM CF NCV 6.94 4.04% 6.98% 2.83%

80 WISDOMTREE JAPAN SMALCP DIVIDEND ETF DFJ 66.58 3.01% 9.42% 6.23%

79 FIRST TRUST ENHANCED EQUITY INCM ETF FFA 14.48 4.15% 7.40% 3.12%

79 iSHARES DJ BASIC ETF IYM 89.05 2.70% 9.80% 6.91%

79 SPDR S&P EMERGING MARKETS ETF GMM 62.85 3.85% 7.03% 3.06%


34

79 iSHARES RU 1000 VA ETF IWD 117.52 3.10% 9.26% 5.97%

79 PWRSHRS DYNMIC BSC MATRLS SEC ETF PYZ.O 63.17 2.81% 8.71% 5.73%

79 ISHARES S&P GSTI NETWORKING INDX ETF IGN 45.36 1.24% 11.94% 10.57%

79 SPDR DJ GLOBAL TITANS ETF DGT 74.32 3.33% 9.49% 5.96%

79 SPDR MIDCAP 400 ETF MDY 316.53 2.44% 9.86% 7.24%

79 TEMPLETON EMER TEI 11.61 2.89% 6.59% 3.60%

79 iSHARES S&P MD 400 ETF IJH 173.55 2.45% 9.82% 7.18%

78 RYDEX S&P SMALLCP 600 PURE GRWTH ETF RZG 99.61 1.69% 11.12% 9.28%

78 ISHARES MSCI TURKEY INVBLE MRKT ETF TUR 35.61 6.33% -2.39% -8.21%

78 iSHARES MID GRWTH ETF JKH 173.67 3.17% 7.26% 3.96%

78 Equal Weight SPX 500 ETF (RSP) RSP 91.66 3.01% 8.64% 5.46%

78 NUVEEN SENIOR INCOME CF NSL 7.14 3.19% 10.62% 7.20%

78 WISDOMTREE LARGECAP DIVIDEND ETF DLN 83.88 3.30% 7.92% 4.47%

78 CONSUMER STAPLES SPDR ETF XLP 55.14 4.05% 3.67% -0.37%

78 DTF TAX FREE INCOME CF DTF 15.77 5.60% 0.37% -4.95%

78 PUTNAM HIGH INCOME SECURITIES ETF PCF 8.62 2.24% 7.61% 5.25%

78 VANGUARD MID-CAP ETF VO 140.16 3.01% 8.14% 4.98%

77 CLMR ALPSH CH RL TAO 21.91 4.92% 4.49% -0.41%

77 LMP CORPORATE LOAN CF TLI 11.83 1.68% 8.92% 7.12%

77 VANGUARD EXTENDED MARKET ETF VXF 100.76 2.27% 9.77% 7.33%

77 WISDOMTREE JAPAN TOTAL DIVIDEND ETF DXJ 51.62 1.74% 14.25% 12.30%

77 BLDRS ASIA50ADR ETF ADRA 29.68 3.32% 9.69% 6.17%

77 PWRSHRS WILDHLL ETF PBW 3.94 3.03% 3.50% 0.46%

77 ISHARES KLD 400 SOCIAL INDEX ETF DSI 87.30 3.05% 7.89% 4.70%

77 CLAYMORE SABRIENT DEFENDER ETF DEF 41.45 3.86% 6.08% 2.14%

77 ISHARES MSCI CHILE INDEX ETF ECH 40.75 4.04% 7.45% 3.28%

76 BLDRS EMERMKT50 ETF ADRE 35.80 3.12% 6.80% 3.57%

76 SPDR S&P EMERGING ASIA PACIFIC ETF GMF 82.96 4.20% 5.43% 1.19%

76 TAIWAN FUND ETF TWN 17.54 4.13% 7.38% 3.13%

76 PWRSHRS PHARM ETF PJP 60.33 4.45% -1.29% -5.50%

76 POWERSHARES CLEANTECH ETF PZD 34.86 3.04% 8.10% 4.90%

76 EATON VANCE SENIOR FLOATING RATE CF EFR 15.49 3.66% 10.30% 6.40%

76 GENERAL AMERICAN INVESTORS CF GAM 33.57 3.58% 5.14% 1.51%

76 POWERSHARES FTSE RAFI ETF PRF 104.21 2.70% 9.26% 6.39%

76 PWRSHRS SFTWRE ETF PSJ 50.83 3.22% 7.45% 4.09%

76 VANGUARD SMALL-CAP GROWTH ETF VBK 141.37 2.86% 8.05% 5.04%

75 EATON VANCE TAX ADVANTAGE DIVIDND CF EVT 21.85 2.12% 6.36% 4.15%

75 WISDOMTREE TOTAL DIVIDEND ETF DTD 85.01 2.99% 7.79% 4.67%

75 POWERSHARES BUYBACK ACHIEVERS ETF PKW.O 52.93 2.81% 9.39% 6.40%

75 GABELLI DIVIDEND & INCOME CF GDV 21.07 2.85% 7.28% 4.31%

75 ASIA TIGERS CF GRR 10.11 4.02% 5.07% 1.01%


35

75 RYDEX S&P MIDCAP 400 PURE GROWTH ETF RFG 136.05 2.93% 7.60% 4.54%

75 FIRST TRUST VALUE DIVIDEND INDEX ETF FVD 29.30 2.98% 7.13% 4.03%

75 ASIA PACIFIC CF APB 10.72 3.93% 5.56% 1.57%

75 VANGUARD MATERIALS ETF VAW 119.89 2.38% 9.53% 6.99%

75 CLYMR DEL GL SPG SEA 12.48 2.69% 8.23% 5.40%

74 ISHARES RUSSELL 2000 GROWTH INDX ETF IWO 161.65 2.53% 9.22% 6.53%

74 WESTERN ASSET PREMIER BOND CF WEA 13.74 2.63% 3.01% 0.37%

74 CMR BNY MLN FNTR FRN 12.71 3.13% 8.17% 4.88%

74 COHEN STEERS QUAL INCOME REALTY CF RQI 12.96 2.62% 1.31% -1.28%

74 ING ASIA PAC HIGH DIVID EQY INCM ETF IAE 9.63 3.83% 4.85% 0.98%

74 iSHARES NETHLND ETF EWN 26.02 4.87% 6.94% 1.97%

74 FIRST TRUST IPOX 100 INDEX ETF FPX 57.60 3.24% 7.54% 4.16%

74 EATON VANCE SENIOR INCOME CF EVF 6.97 3.11% 9.24% 5.95%

74 VANGUARD HIGH DIVIDEND YIELD ETF VYM 79.01 3.09% 7.69% 4.46%

73 iSHARES S&P GL100 ETF IOO 81.28 3.44% 8.04% 4.44%

73 BLACKROCK ENHCD CAPITL AND INCOME CF CII 14.47 3.73% 5.98% 2.16%

73 FIRST TRUST INTERNET INDEX CF ETF FDN 86.80 2.39% 9.21% 6.66%

73 DELAWARE INVSTMNTS DIV AND INCM ETF DDF 10.44 3.02% 5.88% 2.77%

73 PWRSHRS DYNMIC INDUSTRIALS SEC ETF PRN.O 52.52 2.66% 7.17% 4.39%

73 iSHARES AUSTRAL ETF EWA 21.98 2.82% 6.88% 3.96%

73 VANGUARD CONSUMER STAPLES ETF VDC 141.81 3.61% 3.57% -0.04%

73 FIRST TRUST ISE WATER INDEX ETF FIW 41.68 2.31% 9.87% 7.39%

73 iSHARES RUS MIDGRW ETF IWP 103.94 2.94% 7.05% 3.99%

73 VANGUARD MID-CAP GROWTH ETF VOT 112.99 2.83% 6.75% 3.81%

72 ML PHARMACEUTICAL HOLDRS PPH.O 56.23 5.24% -0.11% -5.08%

72 VANGUARD Total World Stock Index ETF VT 65.07 3.21% 7.29% 3.96%

72 RYDEX S&P EQUAL WEIGHT UTILITIES ETF RYU 85.06 3.64% 3.50% -0.13%

72 ISHS FTSE NAREIT MRTGE REITS IDX ETF REM 44.97 3.55% 6.39% 2.74%

72 VANGUARD EMERGING MARKETS ETF VWO 38.94 3.43% 6.05% 2.53%

72 PWRSHRS DYNMIC FINANCIAL SECTOR ETF PFI.O 32.27 3.74% 5.16% 1.37%

72 iSHARES RUS MID ETF IWR 188.95 2.63% 7.86% 5.10%

72 iSHARES RUS MIDVAL ETF IWS 84.32 2.42% 8.61% 6.04%

72 PWRSHRS DYNMIC CNSUMR STAPLS SEC ETF PSL.O 57.69 4.57% 2.88% -1.62%

71 VANGUARD SMALL-CAP ETF VB 134.72 2.08% 9.20% 6.97%

71 POWERSHARES WATER RESC PORTFOLIO ETF PHO.O 26.08 3.03% 7.00% 3.85%

71 ISHARES S&P MIDCAP 400 VAL INDEX ETF IJJ 150.84 1.74% 10.29% 8.40%

71 iSHARES AUSTRIA ETF EWO 17.84 3.19% 11.20% 7.77%

71 SPDR S&P PHARMACEUTICALS ETF XPH 42.25 5.11% -0.41% -5.25%

71 ISHARES S&P S CAP600 GR FUND ETF IJT 153.59 1.38% 10.37% 8.87%

71 GREATER CHINA FD GCH 9.45 3.88% 6.53% 2.55%

71 iSHARES DJ SEL DIV ETF DVY 92.73 3.07% 7.12% 3.94%


36

71 WSDM TREE EMRG MKT HGH YLD EQTY ETF DEM 40.10 2.71% 7.17% 4.34%

71 LATIN AMERICAN DISCOVERY CF LDF 10.27 3.04% 5.24% 2.13%

70 ISHARES S&P GBL INDTRLS SCTR IND ETF EXI 80.08 2.97% 8.34% 5.21%

70 RYDEX S&P 500 PURE GROWTH ETF RPG 89.12 3.25% 6.32% 2.98%

70 iShares Silver Trust ETF SLV 16.98 4.18% -0.42% -4.42%

70 CLAYMORE TR 2 CHINA SML CP INDX ETF HAO 24.62 4.67% 4.73% 0.05%

70 ISHR MSCI ASA JP AAXJ 60.35 3.40% 4.93% 1.47%

70 iPath Dow Jones-AIG Cotton Total Return Sub-I BAL 50.59 3.92% 9.07% 4.96%

70 CONSUMER DISCRE SPDR ETF XLY 87.00 2.79% 7.13% 4.22%

70 CLAYMORE CLEAR SPIN OFF ETF CSD 45.94 2.76% 8.15% 5.25%

70 WISDOMTREE MIDCAP EARNINGS ETF EZM 35.61 2.00% 9.49% 7.34%

70 ISHRS MID VALUE ETF JKI.O 150.47 1.86% 10.31% 8.30%

69 iSHARES MSCI PAC ETF EPP 43.45 3.25% 5.74% 2.41%

69 Dow Jones-AIG Nickel Total Return ETN JJN 13.32 6.04% 7.04% 0.93%

69 MORGAN STANLEY ASIA PACIFIC CF APF 14.64 3.13% 2.87% -0.26%

69 REVENUE SHRS ADR RTR 34.41 1.93% 9.81% 7.74%

69 NUVEEN CORE EQUITY ALPHA ETF JCE 14.12 3.61% 2.79% -0.80%

69 iSHARES MSCI EMR ETF EEM 38.19 3.24% 5.81% 2.49%

69 ISHARES MSCI ACWI INDEX ETF ACWI 62.94 3.09% 7.08% 3.87%

69 VANGUARD SMALL-CAP VALUE ETF VBR 124.81 1.46% 10.15% 8.57%

69 FIRST TRUST MATERIALS ALPHADEX ETF FXZ 38.21 2.08% 9.79% 7.56%

68 WISDOMTREE INTL SMALLCP DIVIDEND ETF DLS 64.39 3.05% 6.77% 3.61%

68 PWRSHRS MKT POR ETF PWC 83.42 1.66% 9.11% 7.33%

68 iSHARES RUSS 2000 ETF IWM 138.65 1.43% 10.41% 8.85%

68 EATON VANCE TAXMNGD DVFD EQ INCM ETF ETY 11.09 3.92% 5.01% 1.05%

68 CLAYMORE/BNY BRIC ETF EEB 31.46 2.46% 9.22% 6.60%

68 iSHARES SML GRWTH ETF JKK 153.18 2.41% 7.55% 5.02%

68 MFS SPECIAL VAL MFV 5.91 3.39% 5.59% 2.13%

68 PIMCO FLOATING RATE INCOME CF PFL 11.08 2.80% 5.89% 3.01%

68 iSHARES SWEDEN ETF EWD 30.72 2.87% 7.13% 4.14%

68 MARKET VECTORS GLBL ALTNTV ENRGY ETF GEX 54.13 2.62% 4.80% 2.12%

67 KAYNE ANDERSON ENERGY ORD KED 20.19 2.67% 6.54% 3.77%

67 REVENUESHARES SC RWJ 67.90 0.65% 11.44% 10.72%

67 VANGUARD CONSUMER DISCRETIONARY ETF VCR 136.76 2.57% 7.24% 4.56%

67 SPDR SP INT HEL IRY 46.70 4.68% 0.98% -3.53%

67 ISHARES MSCI KOKUSAI INDEX ETF TOK 57.81 2.98% 6.91% 3.81%

67 PIMCO FLOATING RATE STRATEGY CF PFN 10.01 3.24% 6.75% 3.40%

67 EATON VANCE ENHANCED EQTY INCOME CF EOI 13.15 3.07% 3.31% 0.23%

67 iSHARES DJ US COM SER ETF IYC 159.65 2.31% 6.93% 4.51%

67 iSHARES MSCI SNG ETF EWS 22.28 4.01% 4.35% 0.33%

66 ISHARES S&P GBL MATERLS SCR IDX ETF MXI 59.13 1.89% 10.17% 8.13%


37

66 ISHARES S&P ASIA 50 INDEX ETF AIA.O 50.52 2.95% 6.05% 3.01%

66 ROYCE MICRO CAPITAL CF RMT 8.46 1.53% 7.87% 6.25%

66 SPDR SP INT FIN IPF 20.39 2.70% 10.22% 7.33%

66 RYDEX S&P EQUAL WGT CONSMR STPLS ETF RHS 126.27 3.41% 2.73% -0.66%

66 ISHARES MSCI SOUTH KOREA ETF EWY 57.73 1.80% 4.97% 3.11%

66 iSHARES SML VALUE ETF JKL 147.23 1.10% 10.71% 9.50%

66 FRANKLIN UNIV FT 7.05 2.91% 4.30% 1.34%

66 POWERSHARES DIVIDEND ACHIEVERS ETF PFM.O 23.95 2.93% 5.33% 2.33%

66 iSHARES SML CORE ETF JKJ 160.87 1.47% 9.41% 7.82%

65 LIBERTY ALL-STAR EQUITY CF USA 5.51 2.67% 6.89% 4.11%

65 iPath Global Carbon ETN (GRN) GRN 6.45 2.35% 4.31% 1.92%

65 BANCROFT CF BCV 21.64 2.36% 6.81% 4.35%

65 CLAYMORE RAYMONDS JAMES ETF RYJ 39.95 1.55% 9.61% 7.94%

65 ELEMENTS Rogers International Commodity Metal RJZ 8.15 2.45% 6.21% 3.67%

65 PWRSHRS DEV MKTS EX US SMALL MID ETF PDN 28.73 2.67% 5.50% 2.76%

65 iSHARES MSCI GER ETF EWG 27.99 2.86% 7.77% 4.77%

65 MATERIALS SELEC SPDR ETF XLB 52.66 2.14% 7.76% 5.51%

65 NICHOLAS APPLE EQTY & CONV INC ETF NIE 19.73 3.15% 5.29% 2.07%

65 BLACKROCK ENHANCED DIV ACHIEVERS CF BDJ 8.49 2.62% 6.48% 3.76%

64 ISHARES S&P GBL CONSU STPLS SCTR ETF KXI 98.09 3.76% 1.56% -2.12%

64 NUVEEN R EST INM JRS 11.50 3.87% 2.12% -1.69%

64 iSHARES HONG KNG ETF EWH 21.69 4.35% 4.33% -0.02%

64 LAZARD WORLD DIVIDEND & INCOME CF LOR 10.39 2.28% 6.84% 4.46%

64 iSHARES S&P SM 600 ETF IJR 69.77 0.84% 10.21% 9.29%

64 PowerShares DB Silver Fund DBS 27.62 2.99% -2.17% -5.02%

64 iSHARES MSCI SNG ETF FEO 14.97 3.44% 1.77% -1.62%

64 iSHARES RUSS2000V ETF IWN 119.96 0.37% 11.46% 11.04%

64 WEBS SWITZERLAND ETF EWL 31.47 3.45% 5.01% 1.51%

63 BLDRS EUR100ADR ETF ADRU 20.21 3.27% 3.66% 0.38%

63 WISDOMTREE MIDCAP DIVIDEND ETF DON 98.36 2.04% 7.02% 4.89%

63 WESTERN ASST VARIABL RTE STRT CF GFY 16.76 3.02% 5.47% 2.37%

63 PowerShares DB Commodity Double Long ETN DYY 3.80 0.69% 21.03% 20.21%

63 iSHARES FTSE CHNA ETF FXI 37.87 3.00% 4.38% 1.33%

63 ING GLOBAL ADVANTAGE PREMIUM OPP CF IGA 10.39 3.00% 5.40% 2.33%

63 CORNERSTONE STRATEGIC VALUE CF CLM 16.05 5.06% 2.17% -2.75%

63 CLAYMORE/CLEAR GLOBAL TIMBER IDX ETF CUT 26.47 2.51% 7.66% 5.02%

63 JOHN HANCOCK TAX ADVANTAGED INCM CF HTD 24.65 2.59% 3.27% 0.66%

63 FIRST TRUST UTILITIES ALPHADEX ETF FXU 27.69 2.12% 4.86% 2.68%

62 TURKISH INVESTMENT ETF TKF 7.38 6.17% -4.68% -10.22%

62 SPDR S&P DIVIDEND ETF SDY 89.05 2.61% 5.13% 2.45%

62 MADISON/CLMR COV CALL & EQU STRT ETF MCN 8.21 4.26% 5.47% 1.16%


38

62 VAN KAMPEN SENIOR INCOME ETF VVR 4.75 2.45% 8.15% 5.56%

62 ELLSWORTH ETF ECF 8.67 1.77% 5.87% 4.03%

62 SPDR SP INT IND IPN 31.57 3.18% 6.43% 3.14%

62 KOREA EQUITY CF KEF 8.15 2.56% 2.93% 0.36%

62 POWERSHARES DYNAMIC BLDG CONSTRN ETF PKB 29.18 2.13% 8.54% 6.27%

62 JOHN HANCOCK INVESTORS CF JHI 17.57 3.27% 5.17% 1.84%

61 COHEN STEERS SELECT UTILITY CF UTF 21.23 4.33% 2.85% -1.42%

61 EATON VCE TAX MGD GLBL DIVFD EQY ETF EXG 8.68 3.27% 1.50% -1.71%

61 COHEN & STEERS CLSD END OPPTY FD ETF FOF 12.49 3.10% 5.06% 1.91%

61 MARKET VECTORS COAL ETF KOL 13.28 2.23% 15.10% 12.59%

61 ISHS FTSE NAREIT RESIDENTL IDX ETF REZ 63.84 2.98% 0.21% -2.69%

61 REVENUESHARES MC RWK 56.13 1.33% 9.36% 7.93%

61 RYDEX S&P MIDCAP 400 PURE VALUE ETF RFV 63.44 0.69% 11.20% 10.43%

61 POWERSHARES GLOBAL CLEAN ENERGY ETF PBD 11.02 2.67% 2.48% -0.18%

61 POWERSHARES LISTED PRIVATE EQTY ETF PSP 11.71 1.80% 7.75% 5.84%

61 NUVEEN TAX-ADVANTAGED TOTAL RETN CF JTA 12.15 3.10% 4.12% 0.99%

60 WISDOMTREE INTL MIDCAP DIVIDEND ETF DIM 58.83 2.65% 5.79% 3.06%

60 BLACKROCK DEBT STRATEGIES CF DSU 11.71 1.95% 6.44% 4.41%

60 ISHARES S&P GBL UTILITS SCTR IDX ETF JXI 47.29 4.27% 1.32% -2.83%

60 ISH SP GBLCL ENG ICLN 8.67 4.10% -0.17% -4.10%

60 iSHARES MEXICO ETF EWW 47.96 7.31% -0.03% -6.84%

60 iSHARES SOUT AFR ETF EZA 56.37 3.10% 4.28% 1.15%

60 WISDOMTREE EUROPE HGH YLDNG EQTY ETF DEW 45.22 2.45% 5.87% 3.33%

60 NEW GERMANY FUND GF 14.13 3.60% 3.43% -0.16%

60 BLKRK LT DR INC BLW 15.97 2.17% 4.97% 2.74%

60 WISDOMTREE DIVIDEND TOP 100 ETF DTN 83.52 2.34% 5.95% 3.52%

59 DJ EURO STOXX 50 ETF FEZ 35.14 3.34% 7.20% 3.74%

59 ISHR SP AGR ALC AOA 49.62 2.52% 5.38% 2.79%

59 BLACKROCK GLOBAL OPPORTUNITIES EQ CF BOE 12.38 2.71% 3.74% 1.01%

59 POWERSHARES GLOBAL WATER ETF PIO.O 22.11 3.49% 2.68% -0.79%

59 ProShares Ultra Gold ETF UGL 37.81 4.61% -6.63% -10.74%

59 PWSHS TR FTSE RAFI US 1500 SMMD ETF PRFZ 117.40 0.49% 9.72% 9.18%

59 ISHARES S&P S CAP600 VAL FND ETF IJS 140.67 0.27% 9.99% 9.70%

59 RYDEX S&P EQUAL WEIGHT MATRLS ETF RTM 96.07 1.31% 8.14% 6.75%

59 DIVIDEND CAPITAL RLTY INCM ALLC ETF DCA 4.68 3.32% 3.81% 0.48%

58 VANGUARD Total International Stock VXUS 48.77 2.52% 5.14% 2.56%

58 E-TRACS CMCI Long Platinum ETN PTM 10.57 2.39% -1.90% -4.19%

58 WISDOMTREE HIGH YIELDING EQUITY ETF DHS 69.25 2.26% 4.36% 2.05%

58 ISHARES MSCI EAFE SMALL CAP IDX ETF SCZ.O 53.01 2.73% 4.32% 1.55%

58 VANGUARD FTSE ALL WORLD EX US ETF VEU 46.96 2.50% 5.19% 2.62%

58 WISDOMTREE SMALLCAP EARNINGS ETF EES 32.44 -0.11% 11.18% 11.30%


39

58 GABELLI GLOBAL UTILITY & INCOME CF GLU 17.82 2.48% 1.09% -1.35%

58 JAPAN SMALLER CAPITALIZATION CF JOF 10.56 3.55% 3.54% 0.00%

58 WISDOMTREE EUROPE SMLCP DIVIDEND ETF DFE 57.58 2.24% 5.33% 3.02%

58 EUROTOP 100 FEU 31.45 3.02% 4.65% 1.58%

57 PS DYN MEDIA PF PBS 27.50 0.92% 6.83% 5.86%

57 VANGUARD PACIFIC ETF VPL 62.18 2.15% 5.21% 3.00%

57 BLACKROCK HEALTH SCIENCES CF BME 34.48 4.27% 1.36% -2.78%

57 NUVEEN MULTI STRATEGY INC & GRT 2 CF JQC 9.01 2.12% 6.43% 4.22%

57 PowerShares DB Gold Double Long ETN DGP 22.92 4.49% -8.41% -12.34%

57 PowerShares DB Agriculture Double Long ETN DAG 3.87 1.57% -0.78% -2.31%

57 NUVEEN QUALITY PREFERRED INCOME 2 CF JPS 9.65 2.12% 3.38% 1.24%

57 FIRST TRUST DJ SEL MICROCAP INDX ETF FDM 43.11 -0.81% 13.29% 14.21%

57 ISHARES S&P GB CONS DSCRTRY SCTR ETF RXI 94.76 1.82% 5.66% 3.77%

56 NUVEEN FLOATG RATE INCM OPPORTNTY CF JRO 12.39 0.68% 10.14% 9.39%

56 TEMPLETON GLOBAL INCOME CF GIM 6.66 1.59% 4.06% 2.43%

56 SPDR MSCI ACWI EX US ETF CWI 33.43 2.51% 5.05% 2.47%

56 BLDRS DEVMKT100 ETF ADRD 20.98 2.54% 4.86% 2.26%

56 VANGUARD EUROPEAN ETF VGK 50.38 2.67% 4.82% 2.10%

56 PIONEER FL RT TR PHD 12.41 2.65% 6.47% 3.73%

56 FT ISE GBL EN CO FLM 51.48 1.82% 7.88% 5.95%

56 iSHARES DJ US REAL ETF IYR 79.64 2.30% 0.73% -1.54%

56 PWRSHRS HGH YLD ETF PEY.O 17.24 1.12% 7.42% 6.24%

56 ISHARES MSCI ACWI EX US INDEX ETF ACWX 42.70 2.46% 4.91% 2.39%

55 EVERGREEN MULTI SECTOR INCOME CF ERC 13.33 2.10% 4.21% 2.07%

55 PIMCO GLOBAL STOCKSPLUS INCOME CF PGP 17.40 4.83% -4.38% -8.79%

55 CLAYMORE/ZACKS YIELD HOG ETF CVY 20.86 1.49% 5.88% 4.32%

55 PUTNAM MSTR INTR PIM 4.75 2.27% 6.16% 3.80%

55 iSHARES S&P EUR350 ETF IEV 40.76 2.71% 4.89% 2.12%

55 JPM ALERIAN MLP AMJ 33.00 0.75% 5.03% 4.25%

55 MKVCTR SOLAR ENERGY KWT 37.61 4.59% -7.28% -11.34%

55 ABERDEEN GLOBAL INCOME CF FCO 8.55 3.19% 0.92% -2.20%

55 VANGUARD Foreign Small Cap FTSE VSS 100.35 2.36% 3.72% 1.33%

55 NUVEEN FLOATING RATE INCOME CF JFR 12.04 1.16% 8.45% 7.21%

54 MORGAN STANLEY EMERGING MARKETS ETF MSF 14.19 2.76% 2.61% -0.15%

54 EUROPEAN EQUITY CF EEA 8.11 2.98% 4.12% 1.11%

54 MV DBL SHRT EURO DRR 63.80 1.21% 9.01% 7.70%

54 WISDOMTREE JAPAN HGHYIELDNG EQTY ETF DNL 48.69 2.18% 1.99% -0.18%

54 BLACKROCK FLOAT RATE INC CF FRA 14.77 1.27% 7.17% 5.83%

54 PWRSHS FTSE RAFI DVPD MKT EX US ETF PXF 39.46 1.80% 7.13% 5.23%

54 WESTERN ASST HIGH INCM II CF HIX 7.34 1.90% 3.85% 1.91%

54 iSHARES MSCI EAFE GRWTH ETF EFG 67.66 2.88% 2.42% -0.44%


40

54 CHINA ETF CHN 16.09 2.73% 3.84% 1.07%

53 VANGUARD EUROPE PACIFIC ETF VEA 38.60 2.22% 4.86% 2.59%

53 WISDMTREE INTNL REAL ESTATE SCTR ETF DRW 27.34 3.82% 0.16% -3.53%

53 iSHARES MSCI EMU ETF EZU 36.24 2.86% 6.25% 3.30%

53 WISDOMTREE DEFA ETF DWM 48.93 2.47% 5.14% 2.61%

53 iSHARES EAFE ETF EFA 60.93 2.38% 4.77% 2.34%

53 EATON VANCE LIMITED DURATION INCM CF EVV 14.25 2.15% 4.79% 2.59%

53 WTR MID EAST DIV GULF 17.82 1.11% 5.48% 4.32%

53 MARKET VECTORS AGRIBUSINESS ETF MOO 53.85 1.34% 6.56% 5.15%

53 SPDR SP CON STP IPS 41.86 3.31% -0.51% -3.70%

53 CLAYMORE S&P GLOBAL WATER INDEX ETF CGW 30.35 3.36% 2.33% -1.00%

52 PWRSHRS LEIS ETF PEJ 40.97 0.48% 10.07% 9.54%

52 SOURCE CAPITAL CF SOR 37.62 2.27% 2.95% 0.67%

52 EATON VANCE TAX MANAGED GLOBAL CF ETW 10.87 2.95% 2.28% -0.65%

52 JH PATR PREM II PDT 16.01 1.62% 0.53% -1.07%

52 INDONESIA CF IF 6.61 2.89% 3.77% 0.86%

52 SPDR S&P WORLD EX US ETF GWL 27.14 2.26% 4.47% 2.16%

52 iSHARES RUS MICRO CAP ETF IWC 85.61 0.04% 9.48% 9.43%

52 MFS INTERMEDIATE HIGH INCOME CF CIF 2.66 2.26% 4.78% 2.47%

52 MS CHINA A SHARES ETF CAF 18.36 2.77% 1.64% -1.11%

52 CLAYMRE ZACKS INTL YLD HOG INDEX ETF HGI 15.77 1.06% 4.80% 3.71%

51 PWRSHRS ZACKS MIC ETF PZI 18.82 -0.73% 9.69% 10.50%

51 iSHARES MSCI EAFE VALUE ETF EFV 49.47 1.91% 7.09% 5.08%

51 BLACKROCK GLBL FLOATING RATE INCM CF BGT 14.50 0.92% 7.02% 6.05%

51 MSCI PAN EURO INDEX MSP 12.28 2.12% 4.31% 2.14%

51 iSHARES UK ETF EWU 32.03 1.98% 2.86% 0.86%

51 EATON VANCE SENIOR FLOATING RATE CF EFT 15.35 1.45% 7.13% 5.60%

51 ING GLOBAL EQUITY DIVDEND OPP CF IGD 7.19 2.18% 2.35% 0.17%

51 MEXICO ETF MXF 15.33 6.68% -1.77% -7.92%

51 CLAYMORE MAC GLOBAL SOLAR ENERGY ETF TAN 18.25 2.82% -6.96% -9.51%

50 ISHR SP GRW ALC AOR 42.15 2.04% 3.72% 1.65%

50 SPDR S&P METALS & MINING ETF XME 31.93 -2.79% 13.45% 16.71%

50 FST TST DOW JNS GLBL SEL DVD IDX ETF FGD 24.43 1.82% 5.16% 3.28%

50 EATON VANCE ENHANCED EQTY INCM II CF EOS 13.66 2.62% 2.97% 0.33%

50 SPDR S&P EMERGING EUROPE ETF GUR 28.55 0.57% 7.80% 7.18%

50 DREYFUS HIGH YIELD STRATEGIES CF DHF 3.46 1.87% 3.10% 1.20%

50 SPDR BAR CAP BND CWB 47.59 1.24% 4.26% 2.99%

50 BLACKROCK CORPORATE HIGH YIELD VI CF HYT 11.10 0.96% 4.37% 3.38%

50 CHILE CF CH 6.45 2.63% 3.05% 0.40%

50 SPDR FTSE MACQUARIE GLBL INF 100 ETF GII 47.15 2.69% 1.90% -0.77%

49 iSHARES SPAIN ETF EWP 28.12 3.48% 5.87% 2.31%


41

49 WISDOMTREE DEFA HGHYIELDNG EQTY ETF DTH 39.86 2.23% 5.18% 2.88%

49 NEW AMERICA HIGH INCOME CF HYB 9.45 0.41% 5.48% 5.05%

49 ISHARES S&P GLOBAL INFRSTCTR IDX ETF IGF.O 40.94 2.66% 1.92% -0.72%

49 WESTERN ASST GLBAL HIGH INCOME CF EHI 10.14 1.44% 2.70% 1.24%

49 NFJ DIV INTEREST & PREM STRATEGY CF NFJ 13.22 1.55% 4.39% 2.80%

49 RETAIL HOLDRS RTH 79.05 1.89% 1.57% -0.31%

49 PS ULTRASHRT EURO EUO 26.67 -0.09% 6.28% 6.37%

49 PowerShares DB Precious Metals Fund DBP 37.72 2.82% -2.54% -5.21%

48 PWRSHRS DYNMIC CNSUMR DISC SCTR ETF PEZ.O 43.63 2.02% 3.10% 1.05%

48 JOHN HANCOCK PREFERRED INCOME II CF HPF 21.32 2.68% -1.07% -3.66%

48 EVERGREEN INCOME ADVANTAGE CF EAD 8.55 0.76% 3.97% 3.19%

48 SPDR S&P INTERNATIONAL SMALL CAP ETF GWX 30.83 2.10% 2.07% -0.03%

48 iSHARES FRANCE ETF EWQ 25.62 2.65% 6.32% 3.57%

48 ISHR THAI IN MKT THD 75.66 1.55% 4.75% 3.15%

48 KOREA CF KF 34.21 1.06% 2.11% 1.03%

48 COHEN STEERS REIT PREFER INCOME CF RNP 19.78 1.14% 0.15% -0.98%

48 DWS DREMAN VALUE INCOME EDGE FD ETF DHG 14.78 1.27% 4.61% 3.30%

48 MS EMERGING MARKTS DOMESTIC DEBT ETF EDD 7.64 2.35% -0.72% -3.00%

47 Dow Jones-AIG Livestock Total Return ETN COW 21.93 -1.44% 2.41% 3.90%

47 EVERGREEN GLBL DIVID OPPORTUNITY ETF EOD 5.72 2.43% -0.05% -2.42%

47 JOHN HANCOCK PREFERRED INCOME III CF HPS 18.50 1.79% -1.41% -3.14%

47 POWERSHARES WILDERHILL PROGRSS ETF PUW 26.14 -0.40% 8.40% 8.85%

47 NEW IRELAND CF IRL 12.59 2.08% 2.50% 0.41%

47 PS AC US REAL EST PSR 77.05 1.81% 0.21% -1.57%

47 WISDOMTREE INTL LARGECP DIVIDEND ETF DOL 44.69 1.87% 4.39% 2.47%

47 FIRST TRUST S&P REIT INDEX ETF FRI 23.50 1.27% -0.53% -1.77%

47 WESTRN ASST HIGH INCM OPPORTUNITY CF HIO 5.14 0.97% 3.09% 2.10%

47 iShares COMEX Gold Trust ETF IAU 11.88 2.53% -2.30% -4.71%

46 VAN KAMPEN HIGH INCOME II ETF VLT 14.70 1.56% 3.35% 1.76%

46 MASS HEALTH EDU MHE 14.27 2.80% -1.31% -4.00%

46 FIRST TRUSTABERDEN GLOBL OPP INCM CF FAM 11.42 1.34% 0.69% -0.65%

46 WISDOMTREE INTL DIVIDEND TOP 100 ETF DOO 39.14 2.07% 2.69% 0.61%

46 FIRST TRUST VALUE LINE 100 ETF FVL 21.94 -0.43% 5.17% 5.63%

46 streetTRACKS Gold Shares ETF GLD 117.51 2.49% -2.37% -4.74%

46 RYDEX S&P EQL WGT CNSMR DISCRTRY ETF RCD 91.66 1.31% 4.05% 2.71%

46 FIRST TR CONS DSCRTNRY ALPHADEX ETF FXD 36.65 1.69% 3.79% 2.06%

46 ISHARES TRUST COHEN FD ETF ICF 101.56 1.33% -1.02% -2.33%

45 DNP SELECT INCOME ETF DNP 10.64 0.80% 2.29% 1.48%

45 E-TRACS BBERG UCI 14.52 0.23% 5.48% 5.23%

45 VANGUARD REIT ETF VNQ 84.21 1.23% -0.74% -1.94%

45 CLAYMORE BBD HIGH INCOME INDEX ETF LVL 10.41 0.61% 4.60% 3.96%


42

45 MEXICO EQUITY AND INCOME CF MXE 9.82 5.74% -3.46% -8.70%

45 TCW STRATEGIC INCOME ETF TSI 5.47 1.29% 2.27% 0.97%

45 JOHN HANCOCK INC JHS 14.51 1.61% 0.96% -0.64%

45 ELEMENTS MLCX Grains Index ETN GRU 3.95 1.41% -2.13% -3.49%

45 iSHARES MSCI JPN ETF EWJ 51.37 1.33% 4.39% 3.02%

45 WISDOMTREE SMALLCAP DIVIDEND ETF DES 81.64 -0.68% 6.95% 7.69%

44 DWS STRATEGIC INCOME CF KST 12.27 1.45% 3.30% 1.83%

44 ALPS COHN STERS GRI 43.09 1.55% -1.13% -2.64%

44 SPDR SP CON DIS IPD 37.04 1.06% 3.38% 2.29%

44 INDIA CF IFN 23.44 4.36% -1.84% -5.95%

44 MARKET VECTORS NUCLEAR ENERGY ETF NLR 48.54 1.79% 0.67% -1.10%

44 ABERDEEN ASIA PACIFIC PRIME INCM CF FAX 4.91 2.25% -1.18% -3.35%

44 DJ WILSHIRE REIT ETF RWR 94.45 1.10% -0.91% -1.99%

44 ING PRIME RATE ETF PPR 5.61 1.03% 5.61% 4.54%

44 FIRST DJ STOXX SLECT DIV 30 INDX ETF FDD 12.23 2.13% 3.19% 1.04%

43 DWS GLOBAL HIGH INCOME CF LBF 8.51 0.89% 2.28% 1.39%

43 PowerShares DB Gold Fund DGL 39.59 2.36% -3.07% -5.30%

43 JOHN HANCOCK PREFERRED INCOME CF HPI 21.23 1.94% -1.79% -3.66%

43 EVERGREEN UTILITIES AND HIGH INCM CF ERH 12.51 2.17% -0.30% -2.41%

43 PIMCO STRAT GLOBAL GOVERNMNT ETF RCS 9.42 2.76% -1.49% -4.13%

43 EATON VANCE SHORT DURATION INCOME CF EVG 14.04 1.29% 3.21% 1.90%

43 CENTRAL EUROPE AND RUSSIA ETF CEE 20.71 -1.15% 7.11% 8.36%

43 FLAHERTY CRUMRIN PREF INCOM OPPO CF PFO 11.65 0.69% -0.37% -1.05%

43 MFS MULTIMARKET INCOME CF MMT 6.19 1.38% 2.40% 1.01%

43 SPDR SP INTERNATIONAL ETF DWX 37.33 1.06% 2.89% 1.82%

42 D -3X 30-yr USTBond Bear, TMV TMV 23.29 0.09% 17.41% 17.31%

42 FIRST TR CONSUMR STAPLS ALPHADEX ETF FXG 46.66 1.26% 0.04% -1.21%

42 HIGH YIELD INCOME CF HYI 15.40 0.98% 2.48% 1.49%

42 PS GBL AGRICULTURE PAGG 25.15 -0.30% 4.64% 4.95%

42 FIRT FTSE EPRA GLB REAL EST INDX ETF FFR 43.59 1.24% -2.00% -3.20%

42 MORGAN STANLEY EMERGING MKT DEBT ETF MSD 9.47 1.53% 0.83% -0.69%

42 PRS ULT SRT20PLUS YR TBT 40.18 0.35% 12.76% 12.37%

42 GABELLI UTILITY CF GUT 6.60 1.49% 0.61% -0.87%

42 Dow Jones-AIG Grains Total Return ETN JJG 29.82 1.90% 0.07% -1.79%

42 CENTRAL FUND CDA ETF CEF 12.49 2.85% -4.42% -7.07%

41 MRKT VCT RVE AST HAP 33.41 0.16% 4.96% 4.79%

41 MACQUARIE FIRST GLBL INFR UTL DIV CF MFD 11.97 0.58% -1.07% -1.65%

41 WEBS ITALY ETF EWI 24.53 1.69% 7.42% 5.64%

41 POWERSHARES INTL DVDND ACHVRS ETF PID.O 14.88 0.84% 2.97% 2.11%

41 ULTRASHORT OIL & GAS PROSHARES ETF DUG 41.00 5.32% -8.02% -12.66%

41 ISHR SP MOD ALC AOM 36.12 1.19% 1.63% 0.44%


43

41 WT DRYFS EMG CUR CEW 18.10 1.64% 1.51% -0.13%

41 SPDR DOW GBL RES RWO 47.69 1.04% -1.60% -2.61%

41 BLACKROCK PREFERRED & EQUITY ADV ETF BTZ 13.10 0.85% 0.88% 0.03%

40 POWERSHARES DB G10 CURR HARVEST ETF DBV 25.53 0.32% 2.87% 2.55%

40 SPDR SP INT UTL IPU 15.51 2.64% -1.49% -4.02%

40 WESTERN CLYMR INFLTN SEC & INCM ETF WIA 11.59 1.52% 1.56% 0.04%

40 COHEN STEERS RFI 12.61 1.29% -2.27% -3.51%

40 DWS MULTI MARKET INCOME CF KMM 8.70 0.70% 2.62% 1.90%

40 ELEMENTS Rogers International Commodity Agric RJA 6.61 1.40% 2.78% 1.36%

40 MFS CHARTER INCM MCR 8.67 0.91% 1.87% 0.94%

40 WESTERN ASSET INCOME CF PAI 14.54 1.73% 0.06% -1.64%

40 RYDEX CURR SHS AUSTR DOLLAR TRST ETF FXA 75.93 1.03% 0.96% -0.06%

40 VANGUARD Global ex-U.S. Real Estate VNQI 52.25 2.07% -2.16% -4.14%

39 DREYFUS STRATEGIC MUNICIPALS CF LEO 8.72 1.69% -2.42% -4.04%

39 ISHS IBXX $ HGH YIELD CRPRTE BND ETF HYG 87.99 0.70% 2.33% 1.62%

39 NUVEEN MULTI STRATEGY INC & GRWTH CF JPC 9.95 0.68% 0.06% -0.61%

39 SPDR BARC HY BND JNK 37.09 0.69% 2.35% 1.65%

39 ELEMENTS Rogers International Commodity Index RJI 5.24 0.14% 3.65% 3.51%

39 iSHARES BELGIUM ETF EWK 18.17 2.23% 1.46% -0.76%

39 PS ULTRASHRT YEN YCS 75.87 -1.19% 10.51% 11.85%

39 NEUBERGER BERMN REAL EST SEC INCM CF NRO 5.43 1.65% -0.83% -2.44%

39 DREYFUS STRAT DSM 8.36 1.39% -2.47% -3.81%

38 FLAHERTY CRUMRINE PREF INCOME CF PFD 14.51 1.36% -1.72% -3.04%

38 DELAWARE INVESTMENTS MINNESOTA II ET VMM 13.86 -0.12% -4.11% -3.99%

38 iSHARES CANADA ETF EWC 26.84 -0.59% 4.21% 4.83%

38 MARKET VCTRS GMG BJK 35.58 2.30% 2.80% 0.49%

38 MFS HIGH YIELD MUNICIPAL CF CMU 4.65 1.95% -2.12% -3.99%

38 ISHRS FTSE EPRA NAREIT EURP IDX ETF IFEU 33.68 1.28% -3.82% -5.04%

38 SPDR DB INT GOVT WIP 54.03 1.63% -0.75% -2.34%

38 WESTRN CLYMR INFLTN OPPRT & INCM ETF WIW 11.23 0.75% 1.06% 0.32%

38 POWERSHARES FINANCIAL PREFERRED ETF PGF 18.59 1.31% -0.91% -2.19%

38 RYDEX S&P SMALLCP 600 PURE VALUE ETF RZV 70.66 -2.40% 9.05% 11.72%

37 ISHS S&P WRLD EX US PROPERTY IDX ETF WPS 35.14 1.79% -2.79% -4.50%

37 ISHR SP CON ALC AOK 33.07 0.76% 0.59% -0.17%

37 BLACKROCK MUNIYIELD FLORIDA CF MYF 15.42 1.54% -3.55% -5.01%

37 POWERSHARES PREFERRED PORTFOLIO ETF PGX 14.74 1.27% -1.04% -2.28%

37 ING CLARION GLOBAL REAL ESTATE ETF IGR 7.57 1.41% -3.67% -5.01%

37 DWS STRATEGIC MUNICIPAL INCOME CF KSM 12.61 1.82% -5.68% -7.37%

37 GABELLI GLOBAL DEAL ETF GDL 9.96 0.38% 0.63% 0.25%

37 EATON VANCE TAX MANAGED BUY WRITE CF ETV 15.19 0.08% 1.98% 1.90%

37 D -3X 10-yr USTBond Bear, TYO TYO 15.24 -0.26% 7.64% 7.92%


44

37 PS UL SRT 7 10 YR PST 22.53 0.35% 6.41% 6.05%

36 POWERSHRS DB US DLR INDX BULLISH ETF UUP 26.17 0.00% 3.29% 3.29%

36 MKT VCTRS AFRICA AFK 20.74 -0.75% 1.65% 2.42%

36 ISHS S&P U S PREFD STOCK INDX ETF PFF 38.37 0.85% -1.32% -2.15%

36 MORGAN STANLEY MUNI INCOME OPPOR CF OIA 7.59 1.61% -2.52% -4.07%

36 BLACKROCK CORE BOND CF BHK 13.42 2.01% -1.17% -3.11%

36 VAN KAMPEN BOND ETF VBF 18.77 0.76% -0.60% -1.35%

36 FRANKLINTEMPLETON LIMITED INCOME CF FTF 12.20 0.55% 2.29% 1.73%

36 MFS HIGH INCOME MUNICIPAL CF CXE 5.08 2.60% -2.24% -4.72%

36 United States Oil Fund USO 11.29 -1.22% 2.10% 3.37%

35 IQ HED ML ST TRK QAI 29.07 0.79% 0.31% -0.48%

35 PIMCO CALIFORNIA MUNICIPAL INCOME CF PCQ 16.18 0.97% -1.19% -2.14%

35 iShares JPMorgan USD Emerg Markets Bond EMB 113.15 0.97% -0.41% -1.36%

35 PIMCO CALIFOR MUNI INCM III CF PZC 11.94 2.47% -1.02% -3.40%

35 PIMCO NEW YORK MUNICIPAL INCOME CF PNF 12.48 0.75% -3.83% -4.54%

35 PWRSHRS FODBEV ETF PBJ 33.24 -0.15% 0.23% 0.38%

35 FIRST TRUSTFOUR CORNERS SENIOR II CF FCT 13.88 0.27% 2.74% 2.46%

35 VANGUARD Emerging Markets Government Bond VWOB 79.25 0.86% -0.17% -1.02%

35 PWRSHS HGH YIELD CORPORATE BOND ETF PHB 18.96 0.53% 1.55% 1.02%

35 WT DRYFS CHN YN CYB 24.05 0.75% -0.62% -1.35%

34 PowerShares DB Commodity Index Tracking Fund DBC 15.62 -0.94% 3.20% 4.19%

34 DREYFUS MUNI DMF 8.98 1.28% -3.87% -5.08%

34 Goldman Sachs Commodity Index (GSCI) Total Re GSP 14.24 -1.69% 1.99% 3.74%

34 BLACKROCK MUNIVEST II CF MVT 15.70 -0.58% -5.77% -5.21%

34 Goldman Sachs Crude Oil Total Return ETN OIL 6.05 -1.62% 1.72% 3.40%

34 NUVEEN MA PREM NMT 13.89 2.04% -4.78% -6.68%

34 FT GBL WND ENERGY FAN 12.33 2.02% -1.84% -3.78%

34 JAPAN EQUITY CF JEQ 7.78 1.32% -1.00% -2.29%

34 POWERSHARES EMRG MKTS SOVRGN DBT ETF PCY 29.01 1.07% -1.06% -2.11%

33 ZWEIG TOTAL RETURN CF ZTR 11.56 0.92% -2.07% -2.97%

33 ProShares Ultra DJ-AIG Crude Oil ETF UCO 21.47 -2.84% 0.01% 2.94%

33 EATON VANCE MUNICIPAL INCOME CF EVN 12.79 1.13% -6.08% -7.13%

33 iShares GSCI Commodity-Indexed Trust ETF GSG 15.29 -1.28% 1.76% 3.08%

33 D -3X Energy Bear, ERY ERY 10.75 6.76% -16.25% -21.56%

33 EATON VANCE MICHIGAN MUNI INCOME CF EMI 13.30 1.98% -3.07% -4.96%

33 SPDR SP INT TEL IST 23.42 0.52% -2.79% -3.29%

33 NUVEEN TEXAS QUALITY INCM MUNI CF NTX 14.10 1.06% -4.74% -5.74%

33 Dow Jones-AIG Agriculture Total Return ETN JJA 36.48 0.75% -0.97% -1.71%

33 WESTERN ASST MUNCPL PARNRS CF MNP 15.23 1.01% -6.43% -7.37%

32 BLACKROCK MUNIASSETS CF MUA 13.86 -0.10% -5.14% -5.05%

32 Dow Jones-AIG Commodity Index Total Return ET DJP 24.11 -0.68% 1.41% 2.11%


45

32 ISHS FTSE EPRA NREIT GLBL US IDX ETF IFGL 27.33 1.57% -4.44% -5.92%

32 MFS MUNICIPAL INCOME CF MFM 6.88 0.58% -3.48% -4.04%

32 PIONEER HIGH INCOME CF PHT 10.06 0.77% -0.50% -1.26%

32 THAI ETF TTF 7.86 1.42% -0.81% -2.20%

32 NUVEEN NEW YORK MUNICIPAL VALUE CF NNY 9.70 1.30% -3.12% -4.37%

32 MKT VC HYLD MUN HYD 30.18 0.74% -3.15% -3.86%

32 PIMCO CALIFORNIA MUNICI INCOME II CF PCK 9.72 1.61% -4.55% -6.06%

32 FLAHERTY & CRUMRINE CLAYMORE CF FFC 19.82 1.13% -3.23% -4.30%

31 BLACKROCK NEW YORK MUNICIPAL 2018 CF BLH 15.00 0.86% 0.07% -0.78%

31 PROSHARES OIL GAS DDG 24.06 2.67% -4.84% -7.31%

31 United States 12 Month Oil Fund USL 19.46 -1.98% 2.96% 5.04%

31 FLAHERTY&CRUMRINE CLAYMORE TOTEL CF FLC 20.49 0.51% -2.31% -2.81%

31 BLACKROCK MUNIHLDG NEWJERSEY INSD CF MUJ 14.32 1.36% -5.16% -6.43%

31 VAN KAMPEN MUNICIPAL OPPORTUNITY ETF VMO 13.05 0.72% -4.90% -5.58%

31 MARKET VETRS LEHMAN BROS MUNIPAL ETF SMB 17.42 0.28% -0.68% -0.96%

31 SPDR LEHMAN ST SHM 48.35 0.36% -0.57% -0.92%

31 ISHR ST NAT MUN SUB 105.54 0.24% -0.25% -0.49%

30 MORGAN STANLEY INCOME SECURITIES CF ICB 17.89 0.27% -1.70% -1.96%

30 VANGUARD TELECOMMUNICATION SERVC ETF VOX 97.31 -2.58% 1.26% 3.94%

30 ISHARES TRUST ETF TIP 113.86 0.10% -0.89% -0.99%

30 BLACKROCK MUNIHOLDINGS II CF MUH 15.08 0.61% -5.21% -5.78%

30 VANGUARD Short-Term Inflation-Protected Secur VTIP 49.37 0.21% 0.01% -0.20%

30 NUVEEN MUNICIPAL VALUE CF NUV 9.70 0.08% -4.70% -4.78%

30 BLACKROCK MUNICIPAL 2020 TERM CF BKK 15.60 0.59% -2.64% -3.21%

30 PUTNAM MANAGED MUNICIPAL INCOME ETF PMM 7.30 0.19% -4.30% -4.48%

30 NUVEEN GEORGIA DIV ADVAN MUNI 2 CF NKG 13.01 1.34% -5.16% -6.41%

30 SPDR BARCLAYS CAPITAL TIPS ETF IPE 56.60 0.07% -1.14% -1.21%

29 VANGUARD Short-Term Corporate Bond VCSH 79.53 0.05% -0.70% -0.75%

29 BLACKROCK CALIFORNIA MUNICPL 2018 CF BJZ 15.13 0.26% 0.02% -0.24%

29 ISHARES LEHMAN 1-3 YEAR CREDIT ETF CSJ 105.01 0.00% -0.40% -0.40%

29 SPDR LEHMAN 1-3 MONTH T BILL ETF BIL 45.71 -0.01% -0.01% 0.00%

29 ISHARES LEHMAN SHORT TREASURY ETF SHV 110.29 -0.05% -0.07% -0.02%

29 VANGUARD Long-Term Corporate Bond VCLT 89.51 -0.11% -2.95% -2.85%

29 BLACKROCK NY MUNICIPAL INCM TRUST CF BNY 14.42 1.31% -5.91% -7.12%

29 SPDR BAR CITC BD ITR 34.00 0.01% -1.29% -1.30%

29 NUVEEN CALIF SELECT TAX-FREE INCM CF NXC 15.17 1.54% -5.49% -6.92%

29 PowerShares DB Oil Fund DBO 9.20 -2.04% 2.67% 4.81%

28 BLACKROCK MUNICIPAL 2018 TERM CF BPK 15.07 0.11% -0.58% -0.69%

28 NUVEEN CAL MUN 2 NCB 16.66 0.81% -4.53% -5.30%

28 POWERSHARES VRDO TAX FREE WEEKLY ETF PVI 24.90 -0.10% -0.04% 0.06%

28 ISHARES INTERMEDIATE CREDIT ETF CIU 108.58 0.07% -1.26% -1.33%


46

28 MFS GOVERNMENT MARKETS INCOME CF MGF 5.07 1.15% -2.94% -4.05%

28 FIRST TRUST/FIDAC MORTGAGE INCOME CF FMY 14.07 -0.13% -1.39% -1.26%

28 SPDR BCLY CAP LT LWC 39.99 0.06% -3.04% -3.10%

28 iSHARES S&P GLOB TEL ETF IXP 59.19 -0.25% -2.39% -2.14%

28 GreenHaven Continuous Commodity Index Fund GCC 19.68 -0.37% -0.52% -0.14%

27 ISHARES LEHMN 1-3 YR TRSRY BND ETF SHY 84.33 -0.16% -0.57% -0.41%

27 ISHARES IBOXX INVESTMENT GRADE ETF LQD 117.50 0.05% -2.25% -2.29%

27 BLACKROCK FLORIDA MUNICIPAL 2020 CF BFO 15.03 -0.03% -0.56% -0.53%

27 VANGUARD Short-Term Government Bond VGSH 60.66 -0.17% -0.59% -0.43%

27 MKT VCTR INDONESIA IDX 21.83 0.99% -1.03% -2.00%

27 iSHARES MSCI MAL ETF EWM 29.76 2.31% -4.93% -7.07%

27 PIMCO MUNICIPAL INCOME II CF PML 12.53 0.31% -4.24% -4.54%

27 NUVEEN MUNICIPAL INCOME CF NMI 11.53 0.84% -5.23% -6.02%

27 VANGUARD SHORT TERM BOND ETF BSV 79.48 -0.12% -1.00% -0.89%

27 ISHARES S&P NEW YORK MUNICIPAL ETF NYF 109.54 -0.01% -2.41% -2.40%

26 ISHARES DJONES US OIL EQP & SER ETF IEZ 43.86 -4.23% 7.29% 12.02%

26 VAN KAMPEN MUNICIPAL ETF VKQ 12.53 0.21% -4.93% -5.13%

26 BLACKROCK MUNIYIELD ARIZONA CF MZA 14.95 1.00% -7.82% -8.74%

26 ISHARES INTERMEDIATE GOVT/CREDIT ETF GVI 109.80 -0.12% -1.59% -1.46%

26 PowerShares DB Agriculture Fund DBA 20.32 -0.57% -1.82% -1.26%

26 VANGUARD Total International Bond BNDX 54.03 0.09% -1.77% -1.86%

26 ISHR BRCLY AG BD AGZ 112.54 -0.15% -1.58% -1.43%

26 VAN KAMPEN TR INVSTMNT GRADE MUNI ET VGM 12.95 0.02% -5.25% -5.27%

26 DUFF & PHELPS DUC 9.31 -0.54% -2.16% -1.63%

25 ISHR BARC GOV CR GBF 112.23 -0.16% -2.45% -2.29%

25 SPDR LHMN INTERMDTE TERM TREASRY ETF ITE 59.54 -0.29% -1.82% -1.54%

25 SPDR BCLY CAP ST BWZ 29.93 0.63% -2.83% -3.44%

25 VANGUARD TOTAL BOND MARKET ETF BND 80.69 -0.23% -2.37% -2.15%

25 ISHARES LEHMAN AGGREGATE BOND ETF AGG 107.92 -0.25% -2.32% -2.08%

25 ISHARES S&P NATIONAL MNCPAL BND ETF MUB 108.06 -0.28% -2.67% -2.40%

25 POWERSHARES INSR NATL MNCPL BOND ETF PZA 24.92 -0.33% -2.93% -2.61%

25 BLACKROCK NEW YORK MUNICIPAL BOND CF BQH 14.39 1.83% -4.42% -6.14%

25 MARKET VECTORS RUSSIA ETF RSX 20.56 -3.41% 7.59% 11.40%

25 ISHARES LEHMAN 3-7 YEAR TREASURY ETF IEI 122.27 -0.32% -2.11% -1.80%

24 ISHARES S&P CALIFORNIA MUNICIPAL ETF CMF 115.16 -0.27% -2.95% -2.69%

24 MKT VECT LHN BRS AMT FREE INTMDT ETF ITM 23.28 -0.19% -3.33% -3.15%

24 VANGUARD Mortgage-Backed Securities VMBS 52.17 -0.35% -2.03% -1.69%

24 DELAWARE INVSMNT COL MUNPL INCM ETF VCF 14.81 0.25% -2.42% -2.66%

24 EATON VANCE TAX MANAGED BUY WRITE CF ETB 16.61 -0.95% 1.08% 2.05%

24 BLACKROCK MUNIYIELD CF MYD 14.35 -0.28% -5.33% -5.07%

24 BLACKROCK MUNICIPAL INCOME II CF BLE 14.71 -0.42% -5.28% -4.88%


47

24 BLACKROCK FLORIDA MUNICIPAL INCM CF BBF 14.24 -1.04% -4.76% -3.75%

24 RYDEX CURR SHS CANADIAN DOLLAR ETF FXC 73.83 -1.23% -1.87% -0.64%

24 NUVEEN SELECT MATURITY MUNICIPAL CF NIM 9.82 -0.66% -5.36% -4.73%

23 SPDR S&P OIL & GAS EQUIP & SERVS ETF XES 21.25 -5.94% 7.77% 14.58%

23 VANGUARD INTERMEDIATE TERM BOND ETF BIV 83.07 -0.17% -3.13% -2.96%

23 NUVEEN MUN HIGH NMZ 13.09 0.80% -5.79% -6.54%

23 MARKT VCTRS LB AMT FREE LG MNCPL IDX MLN 19.35 -0.18% -4.24% -4.07%

23 FEDERATED PREMIER INTERMIDAT MUNI CF FPT 12.82 0.06% -5.94% -6.00%

23 VANGUARD Intermediate-Term Government Bond VGIT 63.83 -0.39% -2.71% -2.33%

23 BLACKROCK MUNIVEST CF MVF 9.80 -0.46% -5.36% -4.93%

23 PUTNAM MUNI PMO 12.08 -0.80% -5.49% -4.73%

23 SPDR DJ WILSHIRE INTL REAL ESTAT ETF RWX 37.11 0.87% -6.54% -7.35%

22 SPDR BCLY CP MRT MBG 26.08 -0.80% -2.70% -1.91%

22 BLACKROCK NEW JERSEY MUNICPL INCM CF BNJ 14.64 0.61% -5.92% -6.49%

22 SPDR LEHMAN MUNICIPAL BOND ETF TFI 47.44 -0.40% -3.44% -3.06%

22 BLACKROCK MUNIYLD NEWYORK INSD CF MYN 12.86 -0.10% -5.71% -5.61%

22 ISHARES LEHMAN MBS FIXED RT BND ETF MBB 105.86 -0.45% -2.48% -2.03%

22 NUVEEN NY SEL NXN 13.39 0.11% -4.41% -4.52%

22 BLACKROCK ENHANCED GOVERNMENT CF EGF 13.19 -0.31% -2.74% -2.45%

22 BLACKROCK INCOME CF BKT 6.22 -0.50% -3.12% -2.62%

22 NUV SL TX FREE 2 NXQ 13.34 -0.65% -5.61% -4.99%

22 BLACKROCK MUNIHLDGS FLORIDA INSD CF MFL 14.34 -0.57% -5.50% -4.96%

21 PS INS CAL MUNIC PWZ 25.20 -0.51% -3.46% -2.97%

21 NUVEEN DIVIDEND ADVANTAGE MUNI 3 CF NZF 14.18 -0.54% -5.81% -5.30%

21 PS INS NY MUNIC PZT 23.76 -0.53% -3.61% -3.10%

21 RYDEX CUR SHS SWISS FRANC ETF FXF 94.39 -0.22% -2.41% -2.19%

21 VANGUARD LONG TERM BOND ETF BLV 89.47 -0.22% -5.08% -4.87%

21 BLACKROCK MUNIHOLDINGS CF MHD 16.53 -0.29% -5.71% -5.44%

21 PowerShares Deutsche Bank Energy Fund DBE 12.85 -3.12% 2.75% 6.06%

21 ML OIL SERVICE HOLDRS OIH 32.03 -4.40% 5.68% 10.54%

21 ELEMENTS Rogers International Commodity Energ RJN 2.53 -3.28% 0.85% 4.27%

20 PowerShares DB Crude Oil Long ETN OLO 4.56 -2.43% 0.20% 2.70%

20 NUV SL TX FREE 3 NXR 14.15 -0.55% -5.18% -4.66%

20 BLACKROCK LONG TERM MUNICIPL ADV CF BTA 11.38 -0.52% -5.88% -5.39%

20 NUVEEN MISSOURI PREMIUM INCM MUNI CF NOM 16.25 4.68% -0.98% -5.41%

20 NUVEEN CALIFORNIA DIVIDEND ADV CF NAC 14.44 0.24% -7.24% -7.46%

20 Vietnam Market Vectors, VNM VNM 13.42 -0.49% -5.88% -5.42%

20 BLACKROCK MUNIHLDG NEW YORK INSRD CF MHN 13.55 -0.38% -5.83% -5.47%

20 EATON VANCE INSURED CALIFORNIA II CF EIA 11.87 0.90% -6.75% -7.58%

20 ISHARES LEHMN 7-10 YR TRSRY BND ETF IEF 104.57 -0.38% -4.04% -3.67%

20 NUVEEN INSURED DIV ADVAN MUNI CF NVG 14.41 -0.66% -5.90% -5.27%


48

19 BLACKROCK MUNIYIELD INSD CF MYI 13.80 0.15% -5.83% -5.97%

19 BLACKROCK NY MUNICIPAL INCOME II CF BFY 14.83 0.50% -7.66% -8.12%

19 NUVEEN OHIO QUALITY INCM MUNI CF NUO 14.77 -0.40% -6.46% -6.08%

19 SPDR LEHMAN INTRNATIONL TREASURY ETF BWX 26.13 0.13% -5.06% -5.18%

19 MFS INTERMEDIATE INCOME CF MIN 4.34 -0.62% -3.29% -2.69%

19 ISH TI SP C 1-3 ISHG 77.26 -0.41% -3.93% -3.53%

19 NUVEEN VA PREM NPV 13.06 0.05% -6.82% -6.87%

19 BLACKROCK FLA INSURED MUNICI INCM CF BAF 14.38 -0.79% -5.59% -4.83%

19 ISHARES LEHMAN 10-20 YR TREASURY ETF TLH 133.02 -0.36% -5.02% -4.67%

19 SPDR SP INT ENG IPW 18.14 -2.27% 2.32% 4.69%

18 NUVEEN SELECT TAX-FREE INCOME CF NXP 13.91 -0.79% -5.92% -5.17%

18 POWERSHARES 1 30 LADDERED TRSURY ETF PLW.O 31.92 -0.28% -4.99% -4.72%

18 WESTERN ASST MUNCPL HGH INCM CF MHF 7.21 -0.58% -6.46% -5.91%

18 NUVEEN INSURED NY TAX FREE ADV CF NRK 12.81 -0.48% -5.77% -5.32%

18 NUVEEN INSURED CALIF TAX FREE ADV CF NKX 14.59 0.24% -7.36% -7.58%

18 BLACKROCK INSURED MUNICIPAL INCM CF BYM 14.03 0.37% -5.81% -6.16%

18 BLACKROCK MUNICIPAL INCOME CF BFK 14.05 -0.70% -6.06% -5.39%

18 NUVEEN INSURED TX FREE ADVAN MUNI CF NEA 13.20 -0.95% -6.31% -5.42%

18 BLACKROCK MUNIYIELD FLORIDA INSRD CF MFT 13.98 -1.58% -5.47% -3.95%

17 CURRENCYSHARES JAPANESE YEN TR ETF FXY 84.61 0.42% -5.87% -6.26%

17 MUNIYIELD CALIFORNIA INSURED CF MCA 14.57 -0.48% -6.51% -6.07%

17 EATON VANCE CALIF MUNICIPAL INCM CF CEV 12.48 0.47% -6.24% -6.68%

17 NUVEEN NY DIV ADVNTAGE MUNCPL ETF NAN 13.55 -0.58% -7.05% -6.51%

17 VAN KAMPEN CALIF VALUE MUNICIPAL ETF VCV 12.31 -0.11% -7.35% -7.25%

17 POWERSHARES DYNAMIC RETAIL PRTFL ETF PMR 35.05 -2.02% -1.52% 0.51%

17 MFS INVESTMENT GRADE MUNICIPAL CF CXH 9.46 -0.67% -5.76% -5.12%

17 BLACKROCK MUNIENHANCED CF MEN 11.35 -0.87% -6.34% -5.52%

17 DWS MUNICIPAL INCOME CF KTF 13.19 -1.63% -4.58% -2.99%

17 RYDEX CUR SHS BRIT POUND STER ETF FXB 119.93 -0.83% -5.09% -4.29%

16 POWERSHRS DB US DLR INDX BEARISH ETF UDN 20.64 -0.11% -3.90% -3.80%

16 iSHARES DJ US TEL ETF IYZ 33.07 -4.76% 0.62% 5.65%

16 RYDEX CURR SHS SWEDISH KRONA ETF FXS 107.42 0.06% -4.49% -4.55%

16 POWERSHARES DYNM OIL SRVCS PRTFL ETF PXJ 12.21 -6.05% 1.94% 8.50%

16 NUVEEN MD PREM NMY 12.51 -0.68% -6.65% -6.01%

16 BLACKROCK MUNI INTERM DUR CF MUI 13.80 -0.86% -5.75% -4.94%

16 CURRENCYSHARES EURO ETF FXE 102.99 0.04% -3.28% -3.32%

16 ZWEIG FUND INC ZF 11.22 0.49% -7.03% -7.48%

16 NUVEEN NEW JERSEY DIV ADVAN MUNI CF NXJ 13.23 -0.33% -7.45% -7.14%

15 PS GBL GOLD AND PRECS PSAU 18.93 -3.06% -11.11% -8.30%

15 BLACKROCK NY INSURED MUNICPL INCM CF BSE 13.12 0.05% -6.85% -6.90%

15 BLACKROCK MUNIYLD PENNSYLVANIA CF MPA 14.17 -0.96% -6.81% -5.91%


49

15 WESTERN ASST MNGD MUNCPLS CF MMU 13.67 -0.95% -5.82% -4.92%

15 PETROLEUM & RESOURCES CF PEO 19.79 -1.93% -0.25% 1.71%

15 BLACKROCK MUNIYLD MICHIGAN INSRD CF MIY 13.57 -0.41% -6.53% -6.15%

15 BLACKROCK MUNIYLD QUALITY FUND II CF MQT 12.84 -0.49% -6.18% -5.72%

15 ISH TI SP C IT IGOV 90.31 0.13% -5.70% -5.82%

15 NUVEEN MICHIGAN QUALITY INCM 2 CF NUM 13.25 -0.98% -7.47% -6.55%

15 NUVEEN DIVIDEND ADVANTAGE MNCPL CF NAD 13.60 -2.06% -7.15% -5.20%

14 ENERGY SELECT SECTOR SPDR ETF XLE 71.99 -2.54% 2.04% 4.70%

14 ASA ETF ASA 11.86 -2.76% -11.42% -8.91%

14 BLACKROCK GLOBAL ENRGY & RESOURCS CF BGR 14.08 -2.59% -0.63% 2.01%

14 VAN KAMPEN ADVANTAGE MUNICIPAL ETF VKI 11.07 -1.42% -8.50% -7.18%

14 BLACKROCK MUNIHLDG CALIFORNI INS ETF MUC 14.16 -0.56% -7.07% -6.54%

14 BLACKROCK MUNIYLD QUALITY FUND CF MQY 14.71 -1.07% -7.01% -6.01%

14 EATON VANCE INSURD MASSACHUS MUNI CF MAB 13.59 -1.00% -7.32% -6.39%

14 WESTERN ASSET INTERMEDIATE MUNI CF SBI 9.49 -0.99% -6.37% -5.43%

14 iSHARES S&P GLOB ENG ETF IXC 33.41 -2.51% 1.42% 4.03%

14 GBL XI FTSE C020 GXG 8.99 -4.26% -2.18% 2.17%

13 MARKET VECTORS GOLD MINERS ETF GDX 22.20 -3.69% -11.24% -7.83%

13 BLACKROCK MUNIYIELD NEWJERSEY CF MYJ 15.39 -0.42% -6.38% -5.99%

13 ISHARES S&P GSSI NATURAL RES IDX ETF IGE 34.76 -3.03% 1.34% 4.51%

13 BLACKROCK MUNIHLDGS INSD II CF MUE 13.13 -1.56% -6.34% -4.86%

13 VANGUARD Long-Term Government Bond VGLT 73.65 -0.67% -7.84% -7.21%

13 NUVEEN PENNSYL INVMNT QUALITY CF NQP 13.07 -0.99% -8.46% -7.55%

13 SPDR® Barclays Long Term Treasury ETF TLO 68.94 -0.70% -7.87% -7.22%

13 United States Heating Oil Fund UHN 15.21 -4.98% -0.62% 4.59%

13 MORGAN STANLEY QUALITY MUNICIPAL CF IQI 12.28 -1.25% -6.72% -5.54%

12 VAN KAMPEN PENNSYLVANIA VALUE ETF VPV 12.13 -1.05% -7.89% -6.91%

12 EATON VANCE PENSYLVANIA MUNI INCM CF EVP 12.06 -1.58% -5.78% -4.26%

12 EATON VANCE INSURED MUNICIPAL BND CF EIM 12.32 -1.72% -6.82% -5.18%

12 EATON VANCE MASSACHUSETTS MNCPL CF MMV 13.22 -0.81% -7.87% -7.11%

12 ISHARES TRUST LEHMN 20 ETF TLT.O 119.35 -0.61% -8.07% -7.51%

12 MBIA CAPITAL/CLAYMORE DURATION CF MZF 13.06 -1.95% -6.37% -4.52%

12 BLACKROCK MUNI NEWYORK INTERM DUR CF MNE 13.52 -0.54% -8.37% -7.87%

12 NUVEEN ARIZONA NAZ 14.03 -0.58% -9.47% -8.94%

12 NUVEEN NJ MUN VL NJV 15.48 -3.12% -2.76% 0.37%

12 PIMCO MUNICIPAL INCOME III CF PMX 11.45 -0.45% -5.78% -5.36%

11 EATON VANCE INSURED PENNSYLVANIA CF EIP 12.64 -1.69% -8.31% -6.74%

11 NUVEEN CONNECTICUT PREM INCM MUNI CF NTC 12.28 -0.74% -7.53% -6.85%

11 EATON VANCE OHIO MUNICIPAL INCOME CF EVO 13.75 -1.46% -7.04% -5.66%

11 BLACKROCK MUNIYIELD CALIFORNIA CF MYC 15.23 -2.19% -7.39% -5.32%

11 SPDR SP RETAIL XRT 42.72 -2.46% -2.45% 0.01%


50

11 VAN KAMPEN NEW YORK MUNICIPALS ETF VTN 13.33 -0.74% -9.73% -9.06%

11 EATON VANCE INSURED NEW YORK MUNI CF ENX 12.30 -1.09% -8.27% -7.26%

11 iSHARES DJ ENR ETF IYE 39.49 -2.94% 1.02% 4.08%

11 DELAWARE INV NAT MUNICIPL INCOME ETF VFL 12.85 -1.86% -6.95% -5.19%

10 BLACKROCK MUNIHOLDINGS INSURED CF MUS 13.24 -2.92% -6.73% -3.93%

10 NUVEEN NY MUN 2 NYV 14.74 -1.24% -5.33% -4.14%

10 EATON VANCE INSURE CLIFORNIA MUNI CF EVM 11.43 -0.70% -9.29% -8.65%

10 MASSMUTUAL PARTICIPATION INVESTR ETF MPV 14.07 -0.67% -4.04% -3.39%

10 EATON VANCE NEW JERSEY MUNI INCM CF EVJ 11.93 -0.87% -9.20% -8.39%

10 BLACKROCK STRATEGIC MUNICIPAL CF BSD 13.45 -1.36% -7.14% -5.85%

10 VANGUARD ENERGY ETF VDE 99.09 -3.20% 1.33% 4.69%

10 NUVEEN PN MUN VL NPN 16.05 -1.21% -2.61% -1.41%

10 BLACKROCK CALIFORNIA MUNICPL INCM CF BFZ 14.42 -2.11% -8.51% -6.54%

10 EATON VANCE INSURED NY MUNI BD II CF NYH 11.75 -0.97% -9.26% -8.37%

9 NUVEEN CALIFORNIA MUNICIPAL VALUE CF NCA 10.13 -2.11% -5.97% -3.94%

9 NEUBERGER BERMAN NY INTERM MNCPL CF NBO 12.55 -0.21% -7.93% -7.74%

9 MORGAN STANLEY MUNICIPAL INCOME CF IIM 14.48 -2.00% -9.30% -7.45%

9 NUVEEN NC PREMIUM INCOME MUNI CF NNC 12.82 -1.12% -7.71% -6.66%

9 EATON VANCE INSRD MICH MNCPL BOND CF MIW 13.34 -0.91% -8.49% -7.65%

9 CLYMR SWM CANADIAN ENGY INCM IDX ETF ENY 8.61 -4.10% -1.06% 3.18%

9 EATON VANCE INSURED MUNI BOND II CF EIV 12.04 -2.23% -7.81% -5.70%

9 FIRST TRUST ENERGY ALPHADEX ETF FXN 15.58 -4.72% 0.95% 5.95%

9 BLACKROCK MUNICIPAL BOND TRUST CF BBK 15.20 -2.02% -9.50% -7.63%

9 EATON VANCE INSURE NEWJERSEY MUNI CF EMJ 12.65 -0.98% -9.20% -8.31%

8 PowerShares DB Gold Short ETN DGZ 14.24 -2.70% 1.29% 4.10%

8 BLACKROCK NEW JERSEY MUNICIPAL BD CF BLJ 14.50 -0.88% -9.78% -8.98%

8 MFS CALIFORNIA INSURED MUNICIPAL CF CCA 11.47 -0.66% -10.17% -9.58%

8 FEDERATED PREMIER MUNICIPL INCOME CF FMN 13.92 -1.56% -9.15% -7.70%

8 RYDEX S&P EQUAL WEIGHT ENERGY ETF RYE 59.97 -4.44% 1.40% 6.11%

8 ISHARES DOW JONES US OIL&GAS EXP ETF IEO 61.53 -4.60% 1.57% 6.47%

8 BLACKROCK INVESTMENT QLTY MUNICPL CF BKN 14.47 -1.80% -10.63% -8.99%

8 PIONEER MUNICIPAL HIGH INCOME CF MHI 11.60 -1.51% -10.49% -9.12%

8 EATON VANCE NEW YORK MUNCIPL INCM CF EVY 12.82 -1.55% -9.74% -8.32%

7 VANGUARD EXTENDED DURATION ETF EDV 110.16 -0.60% -12.47% -11.94%

7 PS ULTRA EURO ULE 14.15 -0.43% -7.61% -7.21%

7 Ultra Telecommunications LTL 53.22 -11.40% 4.08% 17.47%

7 PS ULTRA YEN YCL 57.50 0.03% -12.55% -12.57%

7 PowerShares DB Crude Oil Double Short ETN DTO 111.30 1.27% -10.09% -11.22%

7 PROSHARES SHORT MSCI EAFE ETF EFZ 30.19 -2.48% -6.20% -3.82%

7 NEUBERGER BERMAN INTERMED MNCPL CF NBH 14.99 -3.95% -7.31% -3.50%

7 MASSMUTUAL CORPORATE INVESTOR ETF MCI 15.10 -0.19% -10.87% -10.70%


51

7 BLACKROCK MARYLAND MUNICIPAL BOND CF BZM 14.16 -0.42% -8.23% -7.85%

7 Silver Miners Global X, SIL SIL 35.19 -4.31% -13.65% -9.77%

6 POWERSHARES DYNAMIC EXPLRTN PRDN ETF PXE 21.42 -5.00% -0.54% 4.70%

6 iPath Dow Jones-AIG Sugar Total Return Sub-In SGG 43.41 -2.89% -5.12% -2.30%

6 EATON VANCE INSURED OHIO MUNI BND CF EIO 12.84 -2.54% -10.34% -8.00%

6 NEUBERGER BERMAN CALIF INTERM MNC CF NBW 14.21 -2.90% -9.61% -6.91%

6 SPDR S&P OIL & GAS EXPL & PROD ETF XOP 37.86 -6.41% 0.32% 7.19%

6 United States Gasoline Fund UGA 26.70 -8.40% -1.09% 7.99%

6 ULTRA OIL & GAS PROSHARES ETF DIG 39.14 -6.01% 1.40% 7.88%

6 PIMCO HIGH INCOME CF PHK 8.84 -4.38% -6.96% -2.69%

6 iPath Dow Jones-AIG Coffee Total Return Sub-I JO 20.10 -3.07% -6.59% -3.63%

6 PROSHARES TR SHRT RUSSELL2000 ETF RWM 47.45 -1.62% -11.38% -9.92%

5 PIMCO NEW YORK MUN INCOME III CF PYN 9.76 -5.74% -9.18% -3.66%

5 SHORT MSCI EMERGING MARKETS ETF EUM 22.81 -3.50% -8.03% -4.69%

5 PWRSHRS DYNMIC ENRGY SEC ETF PXI.O 40.16 -7.16% -1.33% 6.28%

5 SHORT MIDCAP400 PROSHARES ETF MYY 12.46 -2.44% -10.25% -8.01%

5 BLACKROCK VIRGINIA MUNICIPAL BOND CF BHV 15.69 -2.46% -13.28% -11.09%

5 FIRST TR ISE REVERE NTRL GAS IDX ETF FCG 24.43 -6.18% -4.07% 2.25%

5 PowerShares DB Gold Double Short ETN DZZ 5.91 -5.50% 1.98% 7.92%

5 ULTRASHORT MSCI JAPAN ETF EWV 37.37 -2.86% -11.99% -9.40%

5 SHORT S&P500 PROSHARES ETF SH 34.26 -3.72% -9.36% -5.86%

4 PROSHARES TR SHORT SMALLCAP600 ETF SBB 38.57 -1.36% -14.75% -13.58%

4 PIMCO NEW YORK MUNICI INCOME II CF PNI 11.63 -5.20% -11.86% -7.02%

4 PIONEER MUNICIPAL HIGH INCOME ADV CF MAV 10.95 -2.82% -13.65% -11.14%

4 Short Gold -2x ProShares UltraShort GLL 77.90 -5.63% 1.54% 7.60%

4 D +3X 30-yr USTBond Bull, TMF TMF 18.17 -1.56% -23.02% -21.80%

4 D +3X Energy Bull, ERX ERX 34.23 -8.66% 2.75% 12.49%

4 D +3X 10-yr USTBond Bull, TYD TYD 41.35 -2.45% -16.36% -14.27%

4 SHORT DOW30 PROSHARES ETF DOG 17.84 -4.30% -11.80% -7.84%

4 SHORT QQQ PROSHARES ETF PSQ 42.75 -4.70% -11.53% -7.17%

4 ProShares UltraShort DJ-AIG Crude Oil ETF SCO 33.15 1.05% -17.74% -18.59%

3 PROSHRS FINANCIAL SEF 13.09 -4.20% -14.67% -10.92%

3 PSHR US RL EST SRS 33.08 -4.86% -7.37% -2.64%

3 PIMCO MUNI INCM PMF 13.20 -8.63% -16.27% -8.36%

3 ULTRASHORT FTSE XINHUA CHINA 25 ETF FXP 28.32 -6.93% -15.40% -9.11%

3 PROSHARES TR ULTRASHRT RUSEL2000 ETF TWM 22.21 -3.53% -22.68% -19.85%

3 ULTRASHORT MSCI EMERGING MARKETS ETF EEV 13.67 -7.16% -16.53% -10.09%

3 D -3X Devp Mkts Bear, DPK DPK 20.73 -7.19% -18.42% -12.10%

3 ULTRASHORT S&P500 PROSHARES ETF SDS 13.26 -7.40% -18.16% -11.62%

3 ULTRASHORT BASIC MATERIALS ETF SMN 18.44 -5.88% -20.72% -15.77%

2 PS ULTRASHRT SILVER ZSL 30.02 -9.66% -8.32% 1.49%


52

2 ULTRASHORT UTILITIES PROSHARES ETF SDP 28.92 -8.69% -12.78% -4.48%

2 ULTRASHORT CONSUMER GOODS ETF SZK 16.27 -9.60% -13.46% -4.26%

2 BCL IPTSP500 MT VXZ 28.96 -7.30% -22.11% -15.98%

2 ULTRASHORT MIDCAP400 PROSHARES ETF MZZ 23.31 -5.24% -21.16% -16.80%

2 PRSH US SEMI COND SSG 19.26 -4.93% -29.84% -26.19%

2 ULTRASHORT INDUSTRIALS PROSHARES ETF SIJ 23.38 -8.19% -25.26% -18.60%

2 ULTRASHORT DOW30 PROSHARES ETF DXD 12.45 -8.52% -22.58% -15.37%

2 ULTRASHORT QQQ PROSHARES ETF QID 19.55 -9.25% -22.17% -14.23%

2 PROSHARES TR ULTRASHRT SMLCP600 ETF SDD 20.37 -2.48% -29.14% -27.34%

1 Dow Jones-AIG Natural Gas Total Return ETN GAZ 0.47 -12.30% -11.65% 0.74%

1 ULTRASHORT FINANCIALS PROSHARES ETF SKF 26.84 -8.38% -27.97% -21.38%

1 ULTRASHORT CONSUMER SERVICES ETF SCC 31.46 -13.02% -24.57% -13.29%

1 iPath Dow Jones-AIG Cocoa Total Return Sub-In NIB 24.07 -8.62% -28.00% -21.21%

1 D -3X Emerging Mkts. Bear, EDZ EDZ 19.16 -10.96% -25.41% -16.23%

1 D -3X Small Cap Bear, TZA TZA 17.91 -5.47% -33.80% -29.97%

1 United States Natural Gas Fund UNG 6.84 -13.80% -15.53% -2.01%

1 ULTRASHORT TECHNOLOGY PROSHARES ETF REW 26.24 -12.60% -29.40% -19.22%

1 D -3X Financial Bear, FAZ FAZ 17.59 -13.11% -39.72% -30.62%

1 BCL IPTSP500 ST VXX 17.54 -13.60% -50.39% -42.58%


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Colby Economic Expectations Index

Our Colby Economic Expectations Index finished at 11 last week, unchanged from 11 the previous week. The index appears to have lost downward momentum over the past 12 months since February, 2016. From a peak at 90 on 10/23/14 to a low of zero on 1/27/17, the decline of the index reflected relatively sluggish growth of the economic indicators, with actual growth rates less than the growth rates forecasted by economists. Investor expectations are more important to market prices than current actual economic conditions. The pro-business, pro-growth economic proposals of President Trump have encouraged expectations of tax reform, repatriation of corporate funds held offshore, infrastructure spending, and rollback of government regulations. Since the election, investors appear willing to overlook the drags on global economy’s potential for growth due to aging populations, weak productivity, excess savings, and possible trade and foreign policies that could depress global trade and economic growth prospects.

0

5

10

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Dat

e6

/17

/11

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11

0/1

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11

2/1

4/1

12

/14

/12

4/1

2/1

26

/12

/12

8/1

0/1

21

0/1

1/1

21

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22

/1/1

33

/28

/13

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37

/16

/13

9/1

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31

0/3

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31

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32

/13

/14

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/14

6/4

/14

7/3

1/1

49

/26

/14

11

/20

/14

1/1

6/1

53

/12

/15

5/8

/15

7/2

/15

8/2

8/1

51

0/2

7/1

51

2/1

7/1

52

/17

/16

4/1

3/1

66

/7/1

68

/3/1

69

/29

/16

11

/23

/16

1/1

8/1

7


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Financial Stress has eased since 2/12/16. 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.

The ISM Manufacturing Index for February increased to 57.7%, for the sixth straight month of positive growth. Orders were strong.

-0.95

-0.90

-0.85

-0.80

-0.75

-0.70

-0.65

-0.60

-0.55

Financial Stress Index


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Personal income and personal spending appear to be trending upward at a modest pace.

The Conference Board's Consumer Confidence Index increased to 114.8 in February. It was the highest level since July, 2001. Consumers are feeling better about current business and labor market conditions, and they expect the economy to continue to expand in the months ahead.


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The Chicago Business Barometer increased to 57.4 in February. It was the highest reading since January, 2015, and the largest monthly increase since January, 2016.

GDP for Q4 rose 1.9%, which was below expectations of 2.1%. Sluggish business spending continued to act as a drag on GDP growth.


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Total durable goods orders increased 1.8% month-over-month in January, matching expectations. Excluding transportation, durable goods orders declined 0.2%. Business spending declined, which was disappointing.

The University of Michigan's Index of Consumer Sentiment Expectations were above economists' estimates in February. Although lower than January's absolute level, confidence remains relatively high.


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Sales of existing homes were below economists' estimates, even though they rose 3.7% above the December rate and 5.5% above the year-ago period. Economists fear that higher prices and higher mortgage rates may squeeze the home-buying capability of lower-income consumers.

The Conference Board's Leading Economic Index (LEI) increased 0.6% in January, the biggest increase in more than 2 years.


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The Philadelphia Fed Index for February jumped up to 43.3, its highest level in 32 years.

Housing starts declined 2.6% in January while building permits jumped 4.6%. The trend has been neutral/sideways, but economists are still hoping for an uptrend.


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Industrial production and the capacity utilization rate both fell in January, but economists are still hoping for stronger trends.

Retail sales for January increased 0.4%, which was better than expected.


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New orders for nondefense capital goods (excluding aircraft) increased 0.7%. A sustained uptrend in this proxy for business investment would be good for economic growth.

Initial claims for unemployment benefits have been lower and better than economists expected for years already. This is the one fairly consistent exception to the general trend of disappointing data releases. Note that some economists question the way this data is compiled.


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The January employment report showed stronger growth, better than economists' estimates. The average workweek at 34.4 hours also exceeded expectations.


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The 4.8% January unemployment rate was only 0.1% higher than expected. This rate continues its favorable longer-term trend.

January average hourly earnings increased 0.1%, which was less than expected. Over the past 12 months, average hourly earnings have risen a healthy 2.5%.


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The labor force participation rate has been falling for 16 years. It fell to 62.4% in 2016, down from 67.2% in year 2000. Nearly 95 million people are not in the labor force, up from 68 million in year 2000.


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Productivity increased at an annual rate of 1.3% in the fourth quarter. The average annual rate of productivity growth from 2007 to 2016 has fallen to 1.1%, compared to the long-term rate of 2.1% from 1947 to 2016. Low productivity is a drag on economic growth.

Total outstanding consumer credit continues to expand, providing fuel for a potential increase in economic activity.


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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. Growth in global trade has slowed considerably. Declining prices are posing problems for economies based on raw materials. The financial sectors in many countries are weak. Financial risks are rising in emerging markets. 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 dollars and revenue in sinking local currencies could struggle as the Fed begins what is expected to be a series of 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.

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.: the total amount of debt in the world has risen to a record high of $223 trillion. When people 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),


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incomes may decline and some borrowers may not be able to pay on their debts. Some lenders then may 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.

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 who 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]


68

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 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 © 2016 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]

Documents

Colby Global Markets Reportfiles.constantcontact.com/a8e632ff001/5252cd76... · days and subtracts volume on down days. Traders and investors watch for divergences between OBV and