colby global markets report - constant...

Colby Global Markets Report

Prices and rankings as of the close on Friday, March 24, 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 ................................................ 19

Top 10 ETFs Ranked by Major Trend Relative Strength ............................................................ 25

Ranked: 143 Select Exchange Traded Funds (ETFs) ................................................................ 26

More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked .......................... 30

Colby Economic Expectations Index ........................................................................................... 54

The U.S. stock market: the short-term price trend continued down, with bearish divergences evident. The medium-term price trend appears to be at a critical juncture.

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

2

The Wilshire 5000 stock price index tested and held its critical 50-day Simple Moving Average, preserving its medium-term uptrend. It must continue to hold in order to avoid a more severe and prolonged correction. The 50-day SMA is widely followed by market timers. If it continues to contain price dips, traders may regain confidence in the market. On the other hand, if many more stocks and indexes fall below their 50-day SMAs, more traders probably will sell to cut losses. On Balance Volume (OBV) continued its short-term downside correction. OBV is weaker than price, and so OBV is exhibiting bearish divergence compared to price. OBV is at its February low while the price index is well above its February low, and that is a bearish divergence. 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 also is exhibiting bearish divergence, now at its lowest level since 11/4/2016, as quantified by RSI(14). Although, slowing short-term price momentum from time to time is normal in an ongoing bull market, bearish divergences call for more careful protection of capital. The Dow Theory suggests a downside correction phase. The bearish divergence signaled by the breakdown by the Dow Jones Transportation Average below 4-month lows could indicate a more prolonged correction beyond the typical 2-4 weeks short-term pullback. Fewer 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. The 50-day SMAs must hold in order to prevent a collapse of investor confidence. Contrary Thinking: investors appear to be increasingly cautious. 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 rose from bullish complacency to average levels. The Equity Put/Call ratio rose to moderately above-average. The latest AAII survey indicates fairly neutral sentiment, with 35.28% Bullish, 34.22% Neutral, and 30.50% Bearish. The CNN Money Fear & Greed Index indicates FEAR at 30 on Friday, signaling its lowest level of investor confidence since November before the election. For details, see http://money.cnn.com/data/fear-and-greed/


3

$VIX Volatility Index rose to average levels. The very low implied volatility we saw from January to March, 2017, indicated extreme bullish complacency typical of market highs. History suggests that we should expect volatility to pick up from such low levels, as investor sentiment typically swings from greed to fear. A pickup in volatility may create good trading opportunities ahead.

The Equity Put/Call Ratio rose to moderately above-average levels. Options speculators typically react 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 suggest becoming more bullish as this P/C ratio rises toward extremely high levels and more bearish as it falls to extremely low levels.


4

The Rydex Cash Flow Ratio is a contrary indicator that measures the money moving into short (bearish) funds and money market funds against the money moving into long (bullish) funds. Extreme high levels are bullish, while extreme low levels are bearish. This month, the ratio rose briefly a 13-month high, which may suggest the beginning of a change away from persistent bullish complacency that has been evident for more than a year. The ratio finished the week near average levels.


5

The percentage of the S&P 500 stocks trading above their own 50-day Simple Moving Average broke down below 4-month lows, suggesting a medium-term downside correction. The majority of the 500 stocks remain above their 200-day moving averages, however, which is bullish longer term.


6

$INDU, Dow Jones Industrial Average Short-term trend: down Medium-term trend: up, but nearing a critical juncture 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 suggests a downside correction phase. The bearish divergence signaled by the breakdown by the Dow Jones Transportation Average below 4-month lows could indicate a more prolonged correction beyond the typical 2-4 weeks short-term pullback.


7

$TRAN, Dow Jones Transportation Average Short-term trend: down Medium-term trend: down 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

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


8

$NYAD, Cumulative Daily Advance-Decline Line Short-term trend: uncertain Medium-term trend: uncertain, at a critical juncture 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: down Medium-term trend: down 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


9

$NYHL, Number of Daily Net New Highs on the NYSE Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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SPY, SPDR S&P 500 ETF Short-term trend: down Medium-term trend: up, nearing a critical juncture 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

QQQ, PowerShares QQQ Trust, Series 1, Nasdaq-100 Index ETF 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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OEF, iShares S&P 100 Short-term trend: down Medium-term trend: up, nearing a critical juncture 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


11

MDY, SPDR S&P MidCap 400 ETF Short-term trend: down Medium-term trend: uncertain, critical 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

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IWM, iShares Russell 2000, SmallCap Index ETF Short-term trend: down Medium-term trend: uncertain, critical 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


12

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


13

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


14

IEF, iShares 7-10 Year U.S. Treasury Bond Short-term trend: up 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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JNK, SPDR Barclays High Yield Bond ETF Short-term trend: uncertain Medium-term trend: uncertain, critical 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


15

TIP, iShares TIPS Bond Short-term trend: up Medium-term trend: uncertain 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

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UUP, PowerShares DB US Dollar Bullish 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


16

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: down 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


17

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

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


18

SLV, iShares Silver Trust Short-term trend: up 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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JJC, iPath Bloomberg Copper Subindex Total Return ETN Short-term trend: uncertain 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


19

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 Technology SPDR, XLK 52.84 2.20% 10.06% 7.69%

80 Utilities SPDR, XLU 51.89 3.78% 4.73% 0.92%

70 Health Care SPDR, XLV 74.29 1.74% 3.45% 1.68%

60 Consumer Staples SPDR, XLP 54.70 1.45% 2.54% 1.08%

50 Consumer Discretionary SPDR, XLY 86.56 0.84% 5.79% 4.91%

40 Industrial SPDR, XLI 64.53 -0.46% 6.80% 7.29%

30 Financial SPDR, XLF 23.54 -2.06% 10.82% 13.15%

20 Materials SPDR, XLB 51.66 -0.80% 4.92% 5.77%

10 Energy SPDR, XLE 68.56 -4.95% -3.12% 1.93%

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.


20

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

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.


21

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

Consumer Staples stock sector remains systematically 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.

Industrial stock sector turned systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.


23

Financial stock sector turned systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

Materials stock sector turned systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.


24

Energy stock sector remains systematically neutral, below the 50-day SMA, below the 200-day SMA, but with the 50-day SMA above the 200-day SMA.


25

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 Spain Index, EWP EWP 30.31 8.54% 13.66% 4.72%

98 Mexico Index, EWW EWW 51.56 11.12% 7.66% -3.12%

97 India Earnings WTree, EPI EPI 23.78 6.48% 11.70% 4.90%

97 South Africa Index, EZA EZA 60.37 7.17% 10.62% 3.22%

96 South Korea Index, EWY EWY 62.47 6.63% 12.07% 5.11%

95 India PS, PIN PIN 22.49 5.56% 10.22% 4.42%

95 Chile MSCI iS, ECH ECH 43.38 7.03% 13.03% 5.61%

94 Netherlands Index, EWN EWN 26.86 5.28% 9.81% 4.30%

93 Semiconductor iS IGW, SOXX SOXX 135.88 3.51% 18.48% 14.46%

92 Italy Index, EWI EWI 25.61 5.39% 11.88% 6.16%


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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 Spain Index, EWP EWP 30.31 8.54% 13.66% 4.72%

98 Mexico Index, EWW EWW 51.56 11.12% 7.66% -3.12%

97 India Earnings WTree, EPI EPI 23.78 6.48% 11.70% 4.90%

97 South Africa Index, EZA EZA 60.37 7.17% 10.62% 3.22%

96 South Korea Index, EWY EWY 62.47 6.63% 12.07% 5.11%

95 India PS, PIN PIN 22.49 5.56% 10.22% 4.42%

95 Chile MSCI iS, ECH ECH 43.38 7.03% 13.03% 5.61%

94 Netherlands Index, EWN EWN 26.86 5.28% 9.81% 4.30%

93 Semiconductor iS IGW, SOXX SOXX 135.88 3.51% 18.48% 14.46%

92 Italy Index, EWI EWI 25.61 5.39% 11.88% 6.16%

92 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O 33.86 4.93% 8.66% 3.56%

91 Taiwan Index, EWT EWT 33.67 4.85% 9.84% 4.75%

90 Emerging Markets MSCI iS, EEM EEM 39.81 4.51% 8.99% 4.28%

90 EMU Europe Index, EZU EZU 37.44 4.40% 9.28% 4.67%

89 Technology DJ US, IYW IYW 133.56 2.46% 11.73% 9.05%

88 Emerging VIPERs, VWO VWO 40.21 3.89% 8.24% 4.19%

88 Austria Index, EWO EWO 18.27 3.21% 12.47% 8.97%

87 Sweden Index, EWD EWD 31.58 3.28% 9.66% 6.18%

86 Hong Kong Index, EWH EWH 22.38 4.50% 6.71% 2.12%

86 Turkey MSCI iS, TUR TUR 36.73 5.66% 1.49% -3.95%

85 Info Tech VIPERs, VGT VGT 134.19 2.27% 11.09% 8.63%

84 Biotech SPDR, XBI XBI 68.72 1.83% 9.72% 7.75%


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84 France Index, EWQ EWQ 26.29 3.86% 8.67% 4.63%

83 Homebuilders SPDR, XHB XHB 36.77 3.11% 6.19% 2.99%

82 China 25 iS, FXI FXI 39.25 3.84% 6.93% 2.98%

82 Belgium Index, EWK EWK 18.79 3.91% 4.81% 0.86%

81 Technology SPDR, XLK XLK 52.84 2.20% 10.06% 7.69%

80 Switzerland Index, EWL EWL 32.07 3.29% 6.72% 3.31%

79 Europe 350 S&P Index, IEV IEV 41.72 3.42% 7.12% 3.58%

79 Germany Index, EWG EWG 28.55 3.12% 9.21% 5.91%

78 Utilities VIPERs, VPU VPU 113.75 3.44% 4.82% 1.34%

77 QQQ Nasdaq 100 Trust, QQQ QQQ.O 130.63 1.94% 9.82% 7.73%

77 European VIPERs, VGK VGK 51.37 2.94% 6.67% 3.63%

76 Frontier Markets Guggenheim , FRN FRN 12.96 2.62% 9.37% 6.58%

75 Utilities SPDR, XLU XLU 51.89 3.78% 4.73% 0.92%

75 Emerging 50 BLDRS, ADRE ADRE 36.61 2.54% 7.81% 5.14%

74 Growth EAFE MSCI, EFG EFG 69.42 3.58% 4.92% 1.29%

73 Singapore Index, EWS EWS 22.62 2.74% 5.38% 2.57%

73 SmallCap Blend EAFE MSCI iS, SCZ SCZ.O 54.19 3.00% 6.29% 3.19%

72 Global ex U.S. LargeCap Blend, ACWX ACWX 43.62 2.86% 6.58% 3.61%

71 Pacific ex-Japan, EPP EPP 44.13 2.33% 6.47% 4.05%

71 Foreign LargeCap EAFE MSCI iS, EFA EFA 62.14 2.76% 6.42% 3.56%

70 Latin Am 40, ILF ILF 31.49 1.60% 9.61% 7.89%

69 Growth VIPERs, VUG VUG 120.51 1.52% 6.79% 5.18%

68 LargeCap Growth Russell 1000 iS, IWF IWF 112.74 1.35% 6.87% 5.44%

68 Global 100, IOO IOO 81.19 1.83% 7.01% 5.09%

67 LargeCap Growth S&P 500 iS, IVW IVW 130.50 1.42% 6.43% 4.94%

66 Value EAFE MSCI, EFV EFV 50.16 2.09% 7.87% 5.66%

66 Australia Index, EWA EWA 22.17 1.51% 6.79% 5.20%

65 Health Care SPDR, XLV XLV 74.29 1.74% 3.45% 1.68%

64 Indonesia MV, IDX IDX 22.85 4.17% 2.74% -1.37%

64 Global LargeCap Blend MSCI iS, ACWI ACWI 63.08 1.72% 6.48% 4.68%

63 Pacific VIPERs, VPL VPL 63.35 2.23% 6.28% 3.96%

62 DIAMONDS (DJIA), DIA DIA 205.75 0.68% 8.09% 7.35%

62 Semiconductor SPDR, XSD XSD 59.86 0.69% 12.56% 11.79%

61 Thailand MSCI iS, THD THD 77.47 2.71% 6.40% 3.59%

60 United Kingdom Index, EWU EWU 32.47 2.07% 4.35% 2.23%

60 Dividend Appreciation Vipers, VIG VIG 90.02 1.30% 5.42% 4.07%

59 LargeCap Blend S&P 100, OEF OEF 104.02 0.50% 6.10% 5.57%

58 Consumer Staples SPDR, XLP XLP 54.70 1.45% 2.54% 1.08%

58 Dividend ex-U.S. DJ iS, IDV IDV 31.11 0.83% 4.67% 3.81%

57 Malaysia Index, EWM EWM 30.71 3.48% -1.45% -4.76%

56 LargeCap Blend S&P 500 iS, IVV IVV 235.39 0.40% 5.98% 5.56%


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55 LargeCap VIPERs, VV VV 107.21 0.33% 5.98% 5.63%

55 LargeCap Blend Russell 1000 iS, IWB IWB 130.15 0.26% 5.90% 5.63%

54 Basic Materials DJ US, IYM IYM 87.57 -0.38% 6.86% 7.27%

53 S&P 500 SPDRs LargeCap Blend, SPY SPY 233.86 0.41% 5.95% 5.51%

53 Consumer Discretionary SPDR, XLY XLY 86.56 0.84% 5.79% 4.91%

52 LargeCap Blend Russell 3000 iS, IWV IWV 138.57 0.13% 5.91% 5.78%

51 Blend Total Market VIPERs, VTI VTI 120.16 0.10% 5.86% 5.76%

51 Growth MidCap Russell, IWP IWP 102.85 0.47% 5.08% 4.59%

50 Networking, IGN IGN 45.52 0.76% 10.41% 9.57%

49 Value LargeCap Dynamic PS, PWV PWV 34.94 -0.08% 6.97% 7.06%

49 Industrial SPDR, XLI XLI 64.53 -0.46% 6.80% 7.29%

48 MidCap Growth S&P 400 iS, IJK IJK 188.58 -0.29% 5.50% 5.81%

47 Dividend U.S. DJ iS, DVY DVY 90.52 -0.24% 3.76% 4.01%

47 Japan Index, EWJ EWJ 51.87 1.37% 4.68% 3.27%

46 Value VIPERs, VTV VTV 94.68 -0.70% 5.30% 6.05%

45 Water Resources, PHO.O PHO.O 25.62 0.04% 4.26% 4.22%

45 LargeCap Blend S&P=Weight R, RSP RSP 89.81 -0.11% 5.46% 5.58%

44 Financial Services DJ, IYG IYG 107.85 -2.40% 11.89% 14.64%

43 Financial SPDR, XLF XLF 23.54 -2.06% 10.82% 13.15%

42 Brazil Index, EWZ EWZ 37.12 -1.44% 8.27% 9.85%

42 Gold Shares S.T., GLD GLD 118.86 1.98% -1.16% -3.08%

41 SmallCap Growth Russell 2000 iS, IWO IWO 158.62 -0.17% 5.92% 6.10%

40 Dividend SPDR, SDY SDY 87.81 0.33% 3.04% 2.70%

40 LargeCap Value S&P 500 iS, IVE IVE 103.28 -0.80% 5.23% 6.08%

39 Financial DJ US, IYF IYF 103.12 -1.47% 8.16% 9.77%

38 Materials SPDR, XLB XLB 51.66 -0.80% 4.92% 5.77%

38 Financials VIPERs, VFH VFH 59.75 -2.28% 10.39% 12.97%

37 MidCap Russell, IWR IWR 185.07 -0.41% 4.74% 5.17%

36 LargeCap Value Russell 1000 iS, IWD IWD 113.97 -0.81% 4.93% 5.79%

36 Growth SmallCap VIPERs, VBK VBK 138.12 -0.49% 4.57% 5.08%

35 WilderHill Clean Energy PS, PBW PBW 3.87 0.05% 1.60% 1.54%

34 MidCap Blend S&P 400 iS, IJH IJH 168.66 -1.11% 5.59% 6.77%

34 MidCap S&P 400 SPDRs, MDY MDY 307.78 -1.04% 5.69% 6.79%

33 SmallCap Growth S&P 600 iS, IJT IJT 150.23 -0.95% 6.55% 7.58%

32 Dividend International, PID.O PID.O 14.89 0.45% 2.82% 2.36%

32 Value MidCap Russell, IWS IWS 81.82 -1.17% 4.41% 5.65%

31 Bond, Emerging Mkt JPM iS, EMB EMB 113.74 0.99% 0.02% -0.96%

30 Capital Markets KWB ST, KCE KCE 45.81 -2.44% 7.79% 10.49%

29 Bond Ex-US Treas, BWX BWX 26.70 1.77% -2.59% -4.28%

29 Russia MV, RSX RSX 20.95 -0.26% 8.28% 8.55%

28 Small Cap VIPERs, VB VB 130.63 -1.45% 4.77% 6.31%


29

27 Financial Preferred, PGF PGF 18.59 0.73% -0.70% -1.42%

27 Dividend High Yield Equity PS, PEY.O PEY.O 16.91 -0.80% 4.38% 5.22%

26 Preferred Stock iS, PFF PFF 38.46 0.57% -0.85% -1.41%

25 Silver Trust iS, SLV SLV 16.81 1.21% -1.80% -2.97%

25 MidCap Value S&P 400 iS, IJJ IJJ 145.75 -1.92% 5.35% 7.41%

24 SmallCap Blend Russell 2000 iS, IWM IWM 134.49 -1.64% 5.70% 7.47%

23 Bond, TIPS U.S. Treasury iS, TIP TIP 114.45 0.47% -0.32% -0.79%

23 Real Estate US DJ iS, IYR IYR 77.74 -0.47% -1.66% -1.20%

22 Value SmallCap VIPERS, VBR VBR 120.33 -2.19% 4.98% 7.34%

21 SmallCap Blend S&P 600 iS, IJR IJR 67.66 -1.91% 5.50% 7.55%

21 Bond Treasury Short-Term iS, SHV SHV 110.28 -0.04% -0.08% -0.03%

20 Bond, 1-3 Year Treasury, SHY SHY 84.49 0.04% -0.33% -0.38%

19 Bond, Muni S&P ATM-Free iS, MUB MUB 108.78 0.40% -1.74% -2.13%

18 Bond, Intermediate US Aggregate iS, AGG AGG 108.36 0.21% -1.73% -1.93%

18 Bond, Long-Term Corp iBoxx iS, LQD LQD 117.72 0.33% -1.90% -2.22%

17 Bond, 10 Year Treasury, IEF IEF 105.48 0.50% -2.85% -3.33%

16 Bond, High Yield Corp iBoxx iS, HYG HYG 86.83 -0.60% 0.70% 1.31%

16 Bond, High-Yield Junk, JNK JNK 36.54 -0.72% 0.56% 1.29%

15 Microcap Russell, IWC IWC 83.15 -1.97% 4.99% 7.10%

14 Realty Cohen & Steers, ICF ICF 99.21 -0.89% -3.14% -2.26%

14 Canada Index, EWC EWC 26.53 -1.90% 2.43% 4.42%

13 SmallCap Value Russell 2000 iS, IWN IWN 115.13 -3.01% 5.44% 8.71%

12 SmallCap Value S&P 600 iS, IJS IJS 135.23 -2.85% 4.40% 7.46%

12 Bond, 20+ Years Treasury, TLT TLT.O 120.88 0.93% -6.23% -7.09%

11 Transportation Av DJ, IYT IYT 160.74 -3.90% 5.41% 9.69%

10 Agriculture DB PS, DBA DBA 20.00 -2.08% -2.85% -0.79%

10 REIT VIPERs, VNQ VNQ 81.88 -1.35% -3.35% -2.03%

9 REIT Wilshire, RWR RWR 91.75 -1.39% -3.59% -2.23%

8 Energy Global, IXC IXC 32.56 -3.16% -1.44% 1.77%

8 Bear, Short S&P 500, SH SH 34.75 -0.91% -7.02% -6.17%

7 Telecom DJ US, IYZ IYZ 32.09 -5.39% -2.68% 2.86%

6 Commodity Tracking, DBC DBC 14.91 -4.24% -1.57% 2.79%

5 Energy & Nat Res iS GS, IGE IGE 33.40 -4.93% -2.95% 2.08%

5 Energy SPDR, XLE XLE 68.56 -4.95% -3.12% 1.93%

4 Energy DJ, IYE IYE 37.59 -5.26% -3.99% 1.34%

3 Energy VIPERs, VDE VDE 94.15 -5.57% -3.93% 1.73%

3 Metals & Mining SPDR, XME XME 29.63 -8.78% 2.96% 12.88%

2 Oil Fund PowerShares, DBO DBO 8.43 -7.55% -5.55% 2.16%

1 Oil, Crude, U.S. Oil Fund, USO USO 10.09 -9.02% -7.80% 1.34%


30

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 Emerging Mkts Bull, EDC EDC 76.37 13.13% 26.52% 11.83%

99 TURKISH INVESTMENT ETF TKF 8.50 15.47% 10.21% -4.55%

99 ProShares UltraShort DJ-AIG Crude Oil ETF SCO 40.81 17.93% 1.63% -13.82%

99 EQUUS TOTAL RETURN ETF EQS 2.27 5.59% 20.29% 13.93%

99 PowerShares DB Crude Oil Double Short ETN DTO 131.50 13.87% 6.02% -6.90%

99 ASIA PACIFIC CF APB 12.16 13.64% 18.28% 4.08%

99 D +3X Devp Mkts Bull, DZK DZK 55.67 8.05% 19.98% 11.04%

99 ULTRA TECHNOLOGY PROSHARES ETF ROM 120.00 5.33% 24.70% 18.39%

99 ULTRA UTILITIES PROSHARES ETF UPW 44.96 8.82% 11.36% 2.34%

98 SINGAPORE FUND ETF SGF 10.46 6.39% 12.45% 5.70%

98 iSHARES SPAIN ETF EWP 30.31 8.54% 13.66% 4.72%

98 CLMR ALPSH CH RL TAO 23.70 8.69% 11.20% 2.31%

98 ULTRA SEMICONDUCTORS ETF USD 77.11 5.07% 26.23% 20.14%

98 ULTRA QQQ PROSHARES ETF QLD 104.41 3.92% 20.01% 15.49%

98 iSHARES MEXICO ETF EWW 51.56 11.12% 7.66% -3.12%

98 D -3X Energy Bear, ERY ERY 12.09 12.79% -2.93% -13.94%

98 ULTRA CONSUMER GOODS ETF UGE 42.73 4.61% 9.89% 5.05%

98 PowerShares DB Base Metals Double Long ETN BDD 7.99 7.67% 30.11% 20.85%

98 WISDOMTREE INDIA EARNINGS ETF EPI 23.78 6.48% 11.70% 4.90%

97 PS DYN SM CONDCTR PSI 41.27 5.09% 22.78% 16.83%

97 ISHARES DOW JONES US HM CONS IDX ETF ITB 31.69 5.48% 11.69% 5.88%

97 iSHARES SOUT AFR ETF EZA 60.37 7.17% 10.62% 3.22%

97 BARCLAYS IPATH MSCI INDIA RTRN INDX INP 73.49 6.18% 9.25% 2.90%

97 ISHARES MSCI SOUTH KOREA ETF EWY 62.47 6.63% 12.07% 5.11%

97 MEXICO EQUITY AND INCOME CF MXE 10.71 11.68% 5.95% -5.13%

97 MEXICO ETF MXF 16.38 10.05% 5.40% -4.23%

97 SPDR SP INT TEC IPK 38.85 5.87% 14.75% 8.38%

97 ASIA TIGERS CF GRR 10.79 6.88% 10.83% 3.70%

96 MORGAN STANLEY INDIA INVESTMENT CF IIF 30.52 5.45% 9.59% 3.93%

96 GREATER CHINA FD GCH 10.06 6.91% 12.06% 4.82%


31

96 TEMPLETON EMERGING MARKETS CF EMF 13.93 4.94% 11.83% 6.57%

96 POWERSHARES INDIA PORTFOLIO ETF PIN 22.49 5.56% 10.22% 4.42%

96 ISHARES MSCI CHILE INDEX ETF ECH 43.38 7.03% 13.03% 5.61%

96 WSDMTREE EMRG MKTS SMALLCAP DVD ETF DGS 45.57 5.92% 11.01% 4.81%

96 ULTRA HEALTH CARE PROSHARES ETF RXL 70.28 4.08% 8.51% 4.26%

96 ULTRASHORT OIL & GAS PROSHARES ETF DUG 44.47 9.09% 1.17% -7.26%

96 KOREA EQUITY CF KEF 8.70 5.66% 8.97% 3.14%

96 Brazil Market Vectors Small-Cap ETF BRF 19.61 1.86% 14.11% 12.03%

95 iSHARES NETHLND ETF EWN 26.86 5.28% 9.81% 4.30%

95 FIRST TR NAS 100 TECH SECTR INDX ETF QTEC 59.82 3.44% 16.67% 12.79%

95 JF CHINA REGION CF JFC 18.38 5.54% 10.62% 4.81%

95 ULTRA DOW30 PROSHARES ETF DDM 90.89 1.45% 17.11% 15.44%

95 WEBS ITALY ETF EWI 25.61 5.39% 11.88% 6.16%

95 ISHARES S&P ASIA 50 INDEX ETF AIA.O 53.02 4.83% 9.67% 4.62%

95 ISHR MSCI ASA JP AAXJ 63.31 5.04% 8.80% 3.58%

95 SPDR S&P EMERGING ASIA PACIFIC ETF GMF 86.44 5.00% 8.58% 3.40%

95 PS EMERGING INFRA PXR 35.79 3.45% 13.35% 9.57%

94 INDONESIA CF IF 6.96 5.64% 7.94% 2.19%

94 SWISS HELVETIA CF SWZ 11.43 4.44% 8.94% 4.31%

94 INDIA CF IFN 24.67 6.20% 3.20% -2.82%

94 PWRSHRS GLD DRAG ETF PGJ.O 33.86 4.93% 8.66% 3.56%

94 SPDR S&P CHINA ETF GXC 83.25 4.58% 9.28% 4.50%

94 SEMICONDUCTOR HOLDRS SMH 79.13 3.73% 15.37% 11.23%

94 iSHARES MSCI EMR ETF EEM 39.81 4.51% 8.99% 4.28%

94 iSHARES S&P GLOB TEC ETF IXN 123.13 3.46% 12.00% 8.25%

94 SPDR SP EMG SC EWX 45.57 4.47% 8.73% 4.08%

94 ISHARES S&P GSTI SOFTWARE INDEX ETF IGV 125.14 3.32% 10.45% 6.90%

93 DJ EURO STOXX 50 ETF FEZ 36.15 4.40% 9.80% 5.17%

93 ING ASIA PAC HIGH DIVID EQY INCM ETF IAE 10.00 4.66% 7.79% 3.00%

93 EATON VANCE TAX ADVANTAGED OPP CF ETO 23.16 2.85% 6.84% 3.88%

93 ISHARES MSCI ISRAEL CAPED INVBLE ETF EIS 51.69 4.17% 7.34% 3.04%

93 PWSHS FTSE RAFI ASIA PCFC EX JPN ETF PAF 53.77 3.12% 11.47% 8.09%

93 FIRST TRUST BIOTECH INDEX CF ETF FBT 103.73 3.38% 7.47% 3.96%

93 SPDR S&P EMERGING MARKETS ETF GMM 64.89 4.14% 9.12% 4.78%

93 CLAYMORE TR 2 CHINA SML CP INDX ETF HAO 25.31 3.96% 6.51% 2.46%

93 iSHARES MSCI EMU ETF EZU 37.44 4.40% 9.28% 4.67%

93 CHILE CF CH 6.82 5.62% 8.26% 2.50%

92 WSDM TREE EMRG MKT HGH YLD EQTY ETF DEM 41.55 4.04% 9.59% 5.34%

92 ISHARES DOW JNS US MEDI DVCE IDX ETF IHI 151.20 3.45% 7.61% 4.03%

92 ISHARES DJ US TECHNOLGY SCTR IDX ETF IYW 133.56 2.46% 11.73% 9.05%

92 VANGUARD EMERGING MARKETS ETF VWO 40.21 3.89% 8.24% 4.19%


32

92 MORGAN STANLEY TECHNOLOGY ETF MTK 67.83 2.63% 12.54% 9.65%

92 ISHARES MSCI BRIC INDEX ETF BKF 36.40 3.33% 9.27% 5.75%

92 ULTRA S&P500 PROSHARES ETF SSO 83.54 1.26% 13.02% 11.61%

92 iSHARES AUSTRIA ETF EWO 18.27 3.21% 12.47% 8.97%

92 MARKET VECTORS COAL ETF KOL 13.81 4.02% 15.68% 11.21%

91 CHINA ETF CHN 16.82 4.55% 7.31% 2.64%

91 RYDEX S&P EQUAL WEIGHT TECHNOLGY ETF RYT 119.87 2.61% 12.56% 9.70%

91 TAIWAN FUND ETF TWN 18.04 4.67% 8.85% 3.99%

91 FIRST TRUST TECHNOLOGY ALPHADEX ETF FXL 41.70 2.69% 12.40% 9.46%

91 iSHARES SWEDEN ETF EWD 31.58 3.28% 9.66% 6.18%

91 iSHARES HONG KNG ETF EWH 22.38 4.50% 6.71% 2.12%

91 ISHARES MSCI TURKEY INVBLE MRKT ETF TUR 36.73 5.66% 1.49% -3.95%

91 WISDMTREE INTNL REAL ESTATE SCTR ETF DRW 28.41 5.14% 3.80% -1.28%

91 VANGUARD INFORMATION TECHNOLOGY ETF VGT 134.19 2.27% 11.09% 8.63%

91 MORGAN STANLEY ASIA PACIFIC CF APF 15.27 4.59% 6.46% 1.78%

90 SPDR S&P BIOTECH ETF XBI 68.72 1.83% 9.72% 7.75%

90 iSHARES FRANCE ETF EWQ 26.29 3.86% 8.67% 4.63%

90 SPDR S&P HOMEBUILDERS ETF XHB 36.77 3.11% 6.19% 2.99%

90 PWRSHRS DYNMIC CNSUMR STAPLS SEC ETF PSL.O 58.58 3.79% 4.25% 0.44%

90 KOREA CF KF 36.17 4.31% 7.10% 2.68%

90 ISHARES S&P GSTI TECHNOLOGY INDX ETF IGM 136.69 2.15% 10.60% 8.27%

90 FIRST TRUST ISE CHINDIA INDEX ETF FNI 31.53 3.28% 7.50% 4.09%

90 iSHARES FTSE CHNA ETF FXI 39.25 3.84% 6.93% 2.98%

90 WISDOMTREE EUROPE SMLCP DIVIDEND ETF DFE 59.33 3.40% 8.50% 4.93%

89 TEMPLETON DRAG TDF 18.51 3.86% 5.69% 1.76%

89 iSHARES BELGIUM ETF EWK 18.79 3.91% 4.81% 0.86%

89 CENTRAL SECURITY CET 23.57 2.35% 10.37% 7.84%

89 ULTRA BASIC MATERIALS ETF UYM 54.39 -0.59% 14.01% 14.68%

89 TECHNOLOGY SELEC SPDR ETF XLK 52.84 2.20% 10.06% 7.69%

89 WEBS SWITZERLAND ETF EWL 32.07 3.29% 6.72% 3.31%

89 SPDR S&P EMERGING LATIN AMERICA ETF GML 50.26 2.05% 9.53% 7.33%

89 SPDR SP INT IND IPN 32.29 3.63% 8.15% 4.36%

89 Dow Jones-AIG Livestock Total Return ETN COW 22.93 2.62% 7.60% 4.86%

89 ULTRA INDUSTRIALS ETF UXI 51.93 -0.61% 13.65% 14.35%

88 H&Q LIFE SCIENCES INVESTOR CF HQL 19.01 2.55% 4.18% 1.59%

88 FIRST TR NAS 100 EQL WEGHTD INDX ETF QQEW 51.14 2.11% 10.58% 8.30%

88 iSHARES S&P EUR350 ETF IEV 41.72 3.42% 7.12% 3.58%

88 ISHSP GBL TMBFOR WOOD 57.43 2.23% 11.76% 9.32%

88 iSHARES MSCI GER ETF EWG 28.55 3.12% 9.21% 5.91%

88 WISDOMTREE INTL SMALLCP DIVIDEND ETF DLS 65.72 2.99% 8.35% 5.20%

88 EUROPEAN EQUITY CF EEA 8.26 3.23% 5.91% 2.60%


33

88 VANGUARD UTILITIES ETF VPU 113.75 3.44% 4.82% 1.34%

88 MARKET VCTRS GMG BJK 37.02 4.57% 6.15% 1.51%

88 QQQ Nasdaq 100 Trust, QQQ.O QQQ.O 130.63 1.94% 9.82% 7.73%

87 iSHARES DJ US UTIL ETF IDU 129.78 3.54% 4.61% 1.04%

87 MORGAN STANLEY EMERGING MARKETS ETF MSF 14.64 3.42% 5.14% 1.66%

87 WISDOMTREE JAPAN HGHYIELDNG EQTY ETF DNL 50.55 3.94% 5.46% 1.46%

87 VANGUARD EUROPEAN ETF VGK 51.37 2.94% 6.67% 3.63%

87 PWRSHRS DYNMIC TECHNOLOGY SEC ETF PTF.O 44.22 2.90% 8.80% 5.73%

87 CMR BNY MLN FNTR FRN 12.96 2.62% 9.37% 6.58%

87 NEW GERMANY FUND GF 14.50 4.19% 5.88% 1.62%

87 EUROTOP 100 FEU 31.98 3.09% 6.26% 3.07%

87 D +3X Financial Bull, FAS FAS 43.45 -3.55% 24.77% 29.36%

86 VANGUARD Mega Cap Growth MGK 95.04 2.10% 7.81% 5.60%

86 SPDR SP CON STP IPS 43.10 4.17% 2.59% -1.51%

86 PWRSHRS NETWRK ETF PXQ 43.79 3.40% 12.18% 8.49%

86 WISDOMTREE INTL MIDCAP DIVIDEND ETF DIM 60.02 2.80% 7.47% 4.54%

86 UTILITIES SELECT SPDR ETF XLU 51.89 3.78% 4.73% 0.92%

86 BLDRS EMERMKT50 ETF ADRE 36.61 2.54% 7.81% 5.14%

86 LAZARD GLOBAL TOTAL RETURN INCOME CF LGI 14.90 2.05% 7.32% 5.16%

86 PS NASDAQ INTRNT PNQI 93.18 1.70% 8.98% 7.16%

86 ISHARES S&P GBL UTILITS SCTR IDX ETF JXI 48.21 4.61% 3.37% -1.19%

86 iSHARES MSCI EAFE GRWTH ETF EFG 69.42 3.58% 4.92% 1.29%

85 SPDR SP INT FIN IPF 20.47 1.50% 9.46% 7.84%

85 POWERSHARES DYNAMIC UTILTS PRTFL ETF PUI.O 27.38 3.48% 4.88% 1.36%

85 WISDOMTREE JAPAN SMALCP DIVIDEND ETF DFJ 67.60 2.67% 9.74% 6.89%

85 WISDOMTREE DEFA ETF DWM 49.87 2.80% 6.67% 3.77%

85 iSHARES MSCI SNG ETF EWS 22.62 2.74% 5.38% 2.57%

85 PWRSHRS DYNMIC HEATHCARE SEC ETF PTH.O 53.24 1.94% 8.09% 6.04%

85 VANGUARD Total International Stock VXUS 49.73 2.63% 6.58% 3.85%

85 iSHARES MSCI SNG ETF FEO 15.24 2.77% 3.05% 0.27%

85 ISHARES S&P GBL CONSU STPLS SCTR ETF KXI 99.59 3.25% 3.03% -0.21%

84 MACQUARIE GLBL INFRASTRUCTURE CF MGU 22.24 2.84% 5.41% 2.50%

84 ISHARES MSCI EAFE SMALL CAP IDX ETF SCZ.O 54.19 3.00% 6.29% 3.19%

84 PWRSHRS DEV MKTS EX US SMALL MID ETF PDN 29.34 2.96% 7.13% 4.04%

84 SPDR MSCI ACWI EX US ETF CWI 34.13 2.80% 6.60% 3.70%

84 ISHARES MSCI ACWI EX US INDEX ETF ACWX 43.62 2.86% 6.58% 3.61%

84 WT DRYFS BRAZ RL BZF 18.50 1.91% 8.71% 6.68%

84 MS CHINA A SHARES ETF CAF 19.11 4.74% 5.16% 0.41%

84 VANGUARD FTSE ALL WORLD EX US ETF VEU 47.86 2.59% 6.54% 3.85%

84 iSHARES MSCI PAC ETF EPP 44.13 2.33% 6.47% 4.05%

84 PWRSHRS EMERGING MARKETS ETF PXH 20.09 1.51% 10.29% 8.65%


34

83 iSHRES LRG CORE ETF JKD 141.11 1.41% 7.82% 6.32%

83 BLDRS EUR100ADR ETF ADRU 20.42 2.56% 4.61% 2.00%

83 CLOUGH GLOBAL ALLOCATION CF GLV 13.00 2.26% 7.78% 5.40%

83 iSHARES EAFE ETF EFA 62.14 2.76% 6.42% 3.56%

83 ISHARES S&P GLOBAL INFRSTCTR IDX ETF IGF.O 42.03 3.92% 4.38% 0.44%

83 SPDR FTSE MACQUARIE GLBL INF 100 ETF GII 48.35 3.77% 4.24% 0.45%

83 CORNERSTONE TOTAL RETURN CF CRF 16.01 2.93% 3.30% 0.36%

83 iSHARES S&P LAT ETF ILF 31.49 1.60% 9.61% 7.89%

83 PowerShares DB Base Metals Fund DBB 16.43 1.27% 12.31% 10.91%

83 VANGUARD GROWTH ETF VUG 120.51 1.52% 6.79% 5.18%

82 SPDR DJ GLOBAL TITANS ETF DGT 74.21 1.69% 8.41% 6.61%

82 iSHARES S&P GLOB HEALTH ETF IXJ 102.68 2.46% 3.20% 0.72%

82 VANGUARD HEALTH CARE ETF VHT 137.38 1.80% 4.13% 2.29%

82 POWERSHARES GLOBAL WATER ETF PIO.O 22.44 3.01% 4.05% 1.00%

82 iSHARES DJ US CON GDS ETF IYK 118.73 1.71% 3.90% 2.15%

82 iSHARES RU 1000 GR ETF IWF 112.74 1.35% 6.87% 5.44%

82 iSHARES S&P GL100 ETF IOO 81.19 1.83% 7.01% 5.09%

82 BLDRS ASIA50ADR ETF ADRA 29.71 2.27% 8.47% 6.06%

82 WISDOMTREE DEFA HGHYIELDNG EQTY ETF DTH 40.48 2.52% 6.39% 3.77%

81 ISHARES S&P 500 GROWTH INDEX ETF IVW 130.50 1.42% 6.43% 4.94%

81 iSHARES DJ US HTH CRE ETF IYH 155.42 1.63% 3.84% 2.17%

81 FIDELITY NASDAQ COMPOSITE INDX ETF ONEQ 228.99 1.09% 8.87% 7.69%

81 FT NASDAQ100 EX TCHNO SCTR INDX ETF QQXT 44.23 1.60% 7.56% 5.87%

81 VANGUARD EUROPE PACIFIC ETF VEA 39.20 2.20% 6.00% 3.72%

81 EATON VANCE TAX ADVANTAGED GLOBAL CF ETG 15.48 1.65% 4.86% 3.16%

81 PWRSHRS LARCAP GR ETF PWB 34.22 1.81% 6.36% 4.47%

81 ISHR MGSTR LGTH JKE 130.46 1.43% 6.27% 4.78%

81 WISDOMTREE INTL LARGECP DIVIDEND ETF DOL 45.52 2.47% 5.92% 3.37%

81 iSHARES MSCI EAFE VALUE ETF EFV 50.16 2.09% 7.87% 5.66%

80 SPDR S&P WORLD EX US ETF GWL 27.65 2.53% 5.96% 3.35%

80 SPDR SP CON DIS IPD 38.24 3.10% 6.36% 3.16%

80 LAZARD WORLD DIVIDEND & INCOME CF LOR 10.49 1.98% 6.80% 4.73%

80 iSHARES AUSTRAL ETF EWA 22.17 1.51% 6.79% 5.20%

80 HEALTH CARE SELC SPDR ETF XLV 74.29 1.74% 3.45% 1.68%

80 VANGUARD Foreign Small Cap FTSE VSS 102.39 2.48% 5.42% 2.87%

80 MKT VCTR INDONESIA IDX 22.85 4.17% 2.74% -1.37%

80 CLAYMORE S&P GLOBAL WATER INDEX ETF CGW 30.81 3.12% 3.64% 0.50%

80 POWERSHARES CLEANTECH ETF PZD 35.04 1.93% 7.63% 5.59%

79 NEW IRELAND CF IRL 12.66 0.86% 3.53% 2.65%

79 SPDR SP INT HEL IRY 46.77 2.88% 1.44% -1.39%

79 ISHARES MSCI ACWI INDEX ETF ACWI 63.08 1.72% 6.48% 4.68%


35

79 CLAYMORE/SABRIENT INSIDER ETF NFO 52.73 1.92% 5.59% 3.60%

79 WISDOMTREE EARNINGS 500 ETF EPS 81.32 0.91% 8.23% 7.25%

79 VANGUARD Total World Stock Index ETF VT 65.13 1.65% 6.52% 4.79%

79 PWRSHS FTSE RAFI DVPD MKT EX US ETF PXF 39.97 1.80% 7.76% 5.86%

79 RYDEX S&P EQUAL WEIGHT HLTH CARE ETF RYH 158.90 1.75% 3.83% 2.04%

79 CORNERSTONE STRATEGIC VALUE CF CLM 15.98 2.76% 1.79% -0.95%

79 FT ISE GBL EN CO FLM 51.93 1.51% 7.22% 5.62%

78 WISDOMTREE TOTAL EARNINGS ETF EXT 83.32 0.80% 8.30% 7.44%

78 VANGUARD PACIFIC ETF VPL 63.35 2.23% 6.28% 3.96%

78 SPDR SP INT UTL IPU 15.91 3.91% 1.47% -2.35%

78 iPath Dow Jones-AIG Cotton Total Return Sub-I BAL 50.31 1.19% 7.00% 5.74%

78 iSHARES SEL SOC ETF KLD 97.30 1.13% 6.20% 5.01%

78 CLAYMORE SABRIENT DEFENDER ETF DEF 41.27 1.87% 4.82% 2.89%

78 DIAMOND ETF DIA 205.75 0.68% 8.09% 7.35%

78 SPDR S&P SEMICONDUCTOR ETF XSD 59.86 0.69% 12.56% 11.79%

78 ISHR THAI IN MKT THD 77.47 2.71% 6.40% 3.59%

78 iSHARES UK ETF EWU 32.47 2.07% 4.35% 2.23%

77 ISHS FTSE NAREIT MRTGE REITS IDX ETF REM 44.21 0.38% 3.91% 3.52%

77 RYDEX RUSSELL TOP50 ETF XLG 165.89 0.96% 6.57% 5.56%

77 VANGUARD DIVIDEND APPRECIATION ETF VIG 90.02 1.30% 5.42% 4.07%

77 EATON VANCE TAXMNGD DVFD EQ INCM ETF ETY 11.01 1.37% 3.85% 2.44%

77 PIMCO FLOATING RATE STRATEGY CF PFN 10.00 1.69% 5.88% 4.12%

77 FIRST TRUST INTERNET INDEX CF ETF FDN 86.98 0.66% 7.89% 7.18%

77 GABELLI GLOBAL UTILITY & INCOME CF GLU 18.06 2.46% 2.46% 0.01%

77 POWERSHARES DWA TECHNICL LEADERS ETF PDP.O 44.81 1.35% 4.97% 3.56%

77 EATON VANCE SENIOR FLOATING RATE CF EFR 15.29 1.07% 7.63% 6.49%

76 ISHARES S&P GBL INDTRLS SCTR IND ETF EXI 80.01 1.45% 7.25% 5.73%

76 iSHARES S&P GLOB FIN ETF IXG 60.49 0.10% 11.08% 10.98%

76 PROSHARES OIL GAS DDG 25.19 5.36% 0.21% -4.89%

76 PUTNAM PREM INCM PPT 5.26 0.38% 6.64% 6.24%

76 ISHARES DOW JONES US AERO&DF IDX ETF ITA 147.22 -0.18% 8.19% 8.38%

76 CLYMR ZACKS MID CAP CORE ETF CZA 57.84 1.16% 7.22% 5.99%

76 iSHARES S&P100 ETF OEF 104.02 0.50% 6.10% 5.57%

76 PWRSHRS SFTWRE ETF PSJ 50.84 1.42% 6.31% 4.82%

76 WISDOMTREE INTL DIVIDEND TOP 100 ETF DOO 39.68 2.24% 3.97% 1.70%

76 VANGUARD Mega Cap MGC 80.33 0.83% 6.55% 5.68%

75 VANGUARD CONSUMER STAPLES ETF VDC 140.82 1.27% 2.49% 1.21%

75 MARKET VECTORS NUCLEAR ENERGY ETF NLR 49.73 3.81% 3.00% -0.78%

75 RYDEX S&P EQUAL WEIGHT UTILITIES ETF RYU 85.07 2.42% 3.32% 0.87%

75 ISHARES MSCI KOKUSAI INDEX ETF TOK 57.71 1.39% 5.96% 4.51%

75 ULTRA FINANCIALS ETF UYG 95.54 -2.61% 16.82% 19.94%


36

75 REVENUE SHRS ADR RTR 33.73 -0.43% 7.31% 7.78%

75 CONSUMER STAPLES SPDR ETF XLP 54.70 1.45% 2.54% 1.08%

75 WESTERN ASST VARIABL RTE STRT CF GFY 16.62 0.79% 4.05% 3.24%

75 PUTNAM HIGH INCOME SECURITIES ETF PCF 8.59 0.46% 6.26% 5.78%

75 FIRST DJ STOXX SLECT DIV 30 INDX ETF FDD 12.30 1.91% 3.94% 1.99%

74 POWERSHARES AEROSPACE & DEFENSE ETF PPA 43.37 0.29% 7.46% 7.15%

74 SPDR S&P INTERNATIONAL SMALL CAP ETF GWX 31.50 2.48% 3.94% 1.42%

74 PIMCO CORPORATE OPPORTUNITY CF PTY 15.49 0.83% 6.25% 5.37%

74 CENTRAL FUND CDA ETF CEF 12.89 3.69% -1.33% -4.84%

74 RYDEX S&P 500 PURE GROWTH ETF RPG 88.68 1.17% 5.04% 3.83%

74 FIRST TR STR FD FHY 12.92 1.64% 5.53% 3.82%

74 SPDR SP INT TEL IST 24.15 2.43% 0.79% -1.61%

74 iSHARES MSCI MAL ETF EWM 30.71 3.48% -1.45% -4.76%

74 iSHARES S&P 500 ETF IVV 235.39 0.40% 5.98% 5.56%

73 BLDRS DEVMKT100 ETF ADRD 21.01 1.49% 4.67% 3.13%

73 VANGUARD VALUE LARGE-CAP RUSSELL 1000 VV 107.21 0.33% 5.98% 5.63%

73 COHEN STEERS SELECT UTILITY CF UTF 21.20 2.20% 2.41% 0.21%

73 ISHR SP AGR ALC AOA 49.76 1.58% 5.03% 3.40%

73 FIRST TRUST MORNINGSTAR DIV LDRS ETF FDL 28.78 0.60% 4.49% 3.86%

73 ING GLOBAL ADVANTAGE PREMIUM OPP CF IGA 10.38 1.66% 4.85% 3.13%

73 PIMCO FLOATING RATE INCOME CF PFL 11.09 1.60% 5.27% 3.62%

73 BOULDER GROWTH & INCOME ETF BIF 9.27 0.35% 7.09% 6.72%

73 BIOTECH HOLDRS BBH.O 117.80 0.44% 4.99% 4.54%

73 PowerShares DB Commodity Double Long ETN DYY 3.81 0.05% 17.54% 17.48%

72 POWERSHARES LISTED PRIVATE EQTY ETF PSP 11.72 0.41% 6.90% 6.46%

72 iSHARES MID GRWTH ETF JKH 172.59 0.92% 5.71% 4.75%

72 JAPAN SMALLER CAPITALIZATION CF JOF 10.70 2.79% 4.32% 1.49%

72 Dow Jones-AIG Industrial Metals Total Return JJM 25.23 0.37% 11.87% 11.46%

72 LIBERTY ALL STAR GROWTH FUND CF ASG 4.44 -0.08% 4.13% 4.22%

72 CLAYMRE ZACKS INTL YLD HOG INDEX ETF HGI 16.02 1.49% 5.72% 4.16%

72 SPDR S&P EMERGING EUROPE ETF GUR 28.89 1.23% 8.17% 6.85%

72 DELAWARE INVESTMENTS MINNESOTA II ET VMM 14.38 2.24% -0.12% -2.31%

72 ISHR NASDAQ BIO IBB.O 290.06 0.81% 3.70% 2.86%

71 WISDOMTREE LARGECAP DIVIDEND ETF DLN 82.82 0.91% 5.61% 4.66%

71 FT NASDAQ CLEAN EDGE US LQD INDX ETF QCLN 16.38 0.43% 7.12% 6.66%

71 PACHOLDER HIGH YIELD ETF PHF 7.78 0.45% 7.13% 6.66%

71 iSHARES RU 1000 ETF IWB 130.15 0.26% 5.90% 5.63%

71 iSHARES DJ BASIC ETF IYM 87.57 -0.38% 6.86% 7.27%

71 VANGUARD Global ex-U.S. Real Estate VNQI 53.63 3.04% 0.60% -2.36%

71 FIRST TRUST HEALTH CARE ALPHADEX ETF FXH 61.85 1.08% 3.55% 2.45%

71 ISHARES S&P GBL MATERLS SCR IDX ETF MXI 58.87 -0.21% 8.29% 8.51%


37

71 VANGUARD S&P 500 VOO 214.73 0.39% 5.96% 5.54%

71 GABELLI GLOBAL MULTIMEDIA CF GGT 7.92 1.10% 5.16% 4.03%

70 VANGUARD CONSUMER DISCRETIONARY ETF VCR 136.01 0.66% 5.80% 5.10%

70 iSHARES DJ US TOT ETF IYY 117.14 0.16% 5.89% 5.73%

70 ISHARES S&P GB CONS DSCRTRY SCTR ETF RXI 95.13 1.09% 5.40% 4.26%

70 WT DRYFS EMG CUR CEW 18.43 2.35% 3.01% 0.65%

70 PowerShares DB Gold Double Long ETN DGP 23.47 3.83% -5.51% -8.99%

70 SPDR LARGCAP ETF SPY 233.86 0.41% 5.95% 5.51%

70 MS EMERGING MARKTS DOMESTIC DEBT ETF EDD 7.80 2.59% 1.25% -1.31%

70 CONSUMER DISCRE SPDR ETF XLY 86.56 0.84% 5.79% 4.91%

70 POWERSHARES GLOBAL CLEAN ENERGY ETF PBD 11.05 1.46% 2.62% 1.14%

70 GENERAL AMERICAN INVESTORS CF GAM 33.20 0.70% 3.44% 2.72%

69 FIRST TRUST VALUE DIVIDEND INDEX ETF FVD 28.95 0.76% 5.00% 4.21%

69 iSHARES RUSS 3000 INDEX ETF IWV 138.57 0.13% 5.91% 5.78%

69 ProShares Ultra Gold ETF UGL 38.54 3.55% -4.42% -7.69%

69 VANGUARD TOTAL STOCK MARKET ETF VTI 120.16 0.10% 5.86% 5.76%

69 PIMCO CORP INCOME CF PCN 15.80 0.82% 5.56% 4.71%

69 CLAYMORE/CLEAR GLOBAL TIMBER IDX ETF CUT 26.26 0.45% 5.89% 5.42%

69 ISHARES KLD 400 SOCIAL INDEX ETF DSI 85.98 0.25% 5.32% 5.06%

69 WISDOMTREE EUROPE HGH YLDNG EQTY ETF DEW 45.02 1.14% 4.69% 3.52%

69 CLAYMORE/BNY BRIC ETF EEB 31.42 0.48% 7.44% 6.93%

68 iSHARES RUS MIDGRW ETF IWP 102.85 0.47% 5.08% 4.59%

68 FLAHERTY CRUMRINE PREF INCOME CF PFD 14.59 1.40% -0.85% -2.22%

68 SPDR SP INTERNATIONAL ETF DWX 37.93 1.54% 4.12% 2.55%

68 iSHARES MID CORE ETF JKG 165.04 0.21% 5.33% 5.10%

68 WISDOMTREE TOTAL DIVIDEND ETF DTD 83.89 0.71% 5.44% 4.69%

68 VANGUARD MID-CAP GROWTH ETF VOT 111.98 0.44% 5.00% 4.55%

68 ISHARES S&P GSTI NETWORKING INDX ETF IGN 45.52 0.76% 10.41% 9.57%

68 iSHARES DJ IND SEC ETF IYJ 124.83 -0.39% 6.18% 6.59%

68 POWERSHARES DIVIDEND ACHIEVERS ETF PFM.O 23.71 0.84% 3.63% 2.76%

68 FIRST TRUST IPOX 100 INDEX ETF FPX 56.78 0.42% 5.14% 4.70%

67 PWRSHRS LARCAP ETF PWV 34.94 -0.08% 6.97% 7.06%

67 ISHARES DOW JONES US PHARMA IDX ETF IHE 149.93 0.97% 1.87% 0.89%

67 BLACKROCK ENHANCED DIV ACHIEVERS CF BDJ 8.44 1.14% 5.17% 3.98%

67 RYDEX S&P EQUAL WGT CONSMR STPLS ETF RHS 125.12 1.05% 1.58% 0.53%

67 LATIN AMERICAN DISCOVERY CF LDF 10.31 0.83% 4.35% 3.49%

67 WISDOMTREE LOW P/E ETF EZY 69.71 -0.01% 6.08% 6.09%

67 REVENUE SHR FNCL RWW 58.62 -1.56% 11.58% 13.35%

67 KBW INSURANCE ETF KIE 85.07 -0.66% 9.01% 9.73%

67 EVERGREEN MULTI SECTOR INCOME CF ERC 13.37 1.54% 4.01% 2.43%

66 MARKET VECTORS GLBL ALTNTV ENRGY ETF GEX 54.20 1.09% 4.44% 3.31%


38

66 FLAHERTY & CRUMRINE CLAYMORE CF FFC 20.20 1.87% -1.02% -2.83%

66 ML PHARMACEUTICAL HOLDRS PPH.O 55.17 1.82% -1.58% -3.33%

66 MACQUARIE FIRST GLBL INFR UTL DIV CF MFD 12.31 2.01% 1.93% -0.08%

66 PIMCO GLOBAL STOCKSPLUS INCOME CF PGP 17.39 0.74% -3.59% -4.30%

66 BLACKROCK GLOBAL OPPORTUNITIES EQ CF BOE 12.38 1.16% 3.52% 2.34%

66 BLACKROCK ENHCD CAPITL AND INCOME CF CII 14.19 0.41% 3.46% 3.04%

66 CLAYMORE BBD HIGH INCOME INDEX ETF LVL 10.55 1.26% 5.26% 3.95%

66 ULTRA MIDCAP400 PROSHARES ETF MVV 97.94 -1.92% 11.46% 13.64%

66 First Trust Total US Market AlphaDEX ETF TUSA 28.47 -0.79% 7.49% 8.34%

65 EATON VANCE SENIOR INCOME CF EVF 6.88 0.90% 6.70% 5.74%

65 ISHR SP GRW ALC AOR 42.25 1.34% 3.52% 2.15%

65 GABELLI UTILITY CF GUT 6.70 1.67% 2.03% 0.35%

65 VANGUARD MID-CAP ETF VO 138.15 0.27% 5.63% 5.34%

65 GABELLI EQUITY CF GAB 5.88 0.18% 4.16% 3.98%

65 ELEMENTS Rogers International Commodity Metal RJZ 8.16 0.90% 5.48% 4.54%

65 PIONEER FL RT TR PHD 12.33 1.01% 5.03% 3.98%

65 ING GLOBAL EQUITY DIVDEND OPP CF IGD 7.25 1.76% 2.94% 1.15%

65 FIRST TRUST ENHANCED EQUITY INCM ETF FFA 14.02 -0.76% 3.23% 4.02%

65 DNP SELECT INCOME ETF DNP 10.78 1.32% 3.30% 1.95%

64 EATON VANCE SHORT DURATION INCOME CF EVG 14.14 1.38% 3.63% 2.22%

64 MKT VCTRS AFRICA AFK 21.20 0.15% 3.70% 3.54%

64 JOHN HANCOCK TAX ADVANTAGED INCM CF HTD 24.34 0.18% 1.89% 1.71%

64 iSHARES DJ US COM SER ETF IYC 158.11 0.25% 5.12% 4.85%

64 BLACKROCK HEALTH SCIENCES CF BME 33.76 0.38% -0.24% -0.62%

64 INDUSTRIAL SELEC SPDR ETF XLI 64.53 -0.46% 6.80% 7.29%

64 REVENUESHARES LC RWL 45.03 -0.03% 5.32% 5.35%

64 VANGUARD Mega Cap Value MGV 68.53 -0.11% 5.68% 5.79%

64 H&Q HEALTHCARE INVESTORS CF HQH 23.53 -0.08% -0.65% -0.57%

63 VANGUARD HIGH DIVIDEND YIELD ETF VYM 77.28 -0.02% 4.46% 4.48%

63 FLAHERTY CRUMRIN PREF INCOM OPPO CF PFO 11.73 0.24% 0.61% 0.36%

63 EVERGREEN UTILITIES AND HIGH INCM CF ERH 12.61 2.23% 0.79% -1.41%

63 CLYMR DEL GL SPG SEA 12.19 -1.26% 5.39% 6.74%

63 WISDOMTREE JAPAN TOTAL DIVIDEND ETF DXJ 50.75 -0.46% 10.77% 11.28%

63 LIBERTY ALL-STAR EQUITY CF USA 5.42 -0.13% 4.49% 4.62%

63 GABELLI DIVIDEND & INCOME CF GDV 20.71 0.21% 4.70% 4.48%

63 ISHARES S&P MIDCAP 400 GR FUND ETF IJK 188.58 -0.29% 5.50% 5.81%

63 EATON VANCE ENHANCED EQTY INCOME CF EOI 12.97 0.39% 1.89% 1.50%

63 REAVES UTILITY INCOME CF UTG 32.68 -0.41% 6.92% 7.36%

62 VANGUARD MATERIALS ETF VAW 116.92 -1.23% 5.74% 7.05%

62 iSHARES DJ SEL DIV ETF DVY 90.52 -0.24% 3.76% 4.01%

62 POWERSHARES DYNAMIC BLDG CONSTRN ETF PKB 28.58 -0.74% 5.40% 6.19%


39

62 iSHARES MSCI JPN ETF EWJ 51.87 1.37% 4.68% 3.27%

62 RYDEX S&P EQUAL WGHT INDTRL ETF RGI 102.92 -0.98% 6.97% 8.03%

62 VANGUARD VALUE ETF VTV 94.68 -0.70% 5.30% 6.05%

62 POWERSHARES WATER RESC PORTFOLIO ETF PHO.O 25.62 0.04% 4.26% 4.22%

62 SPDR DB INT GOVT WIP 54.81 2.08% 0.62% -1.43%

62 Equal Weight SPX 500 ETF (RSP) RSP 89.81 -0.11% 5.46% 5.58%

61 CENTRAL EUROPE AND RUSSIA ETF CEE 21.13 1.05% 8.33% 7.21%

61 RYDEX S&P SMALLCP 600 PURE GRWTH ETF RZG 98.26 -0.07% 8.06% 8.14%

61 TRI CONTINENTAL TY 22.87 -0.32% 5.39% 5.73%

61 VANGUARD MID-CAP VALUE ETF VOE 100.56 -0.45% 5.56% 6.04%

61 PCM FUND CF PCM 10.15 -0.77% 5.00% 5.82%

61 SOURCE CAPITAL CF SOR 37.34 0.52% 2.04% 1.51%

61 FRANKLIN UNIV FT 6.94 0.38% 2.28% 1.90%

61 iSHARES DJ US FIN ETF IYG 107.85 -2.40% 11.89% 14.64%

61 Financial SPDR, XLF XLF 23.54 -2.06% 10.82% 13.15%

61 PWRSHRS MKT POR ETF PWC 82.33 -0.18% 6.54% 6.72%

60 VANGUARD INDUSTRIALS ETF VIS 122.25 -0.93% 6.30% 7.30%

60 JAPAN EQUITY CF JEQ 8.03 3.49% 2.03% -1.41%

60 ISHARES DOW JONES US BRKR-DEALRS ETF IAI 50.58 -2.99% 12.48% 15.94%

60 VAN KAMPEN SENIOR INCOME ETF VVR 4.68 0.34% 5.55% 5.19%

60 JH PATR PREM II PDT 15.97 1.21% 0.43% -0.76%

60 EVERGREEN GLBL DIVID OPPORTUNITY ETF EOD 5.73 1.69% 0.65% -1.02%

60 ISHARES DOW JONES US HLTH CRE IDX ET IHF 132.16 -0.46% 4.20% 4.69%

60 iSHARES BRAZIL ETF EWZ 37.12 -1.44% 8.27% 9.85%

60 FIRST TRUST UTILITIES ALPHADEX ETF FXU 27.41 0.58% 3.22% 2.62%

60 BLACKROCK GLBL FLOATING RATE INCM CF BGT 14.43 -0.13% 5.73% 5.87%

59 iShares COMEX Gold Trust ETF IAU 12.01 1.96% -1.15% -3.05%

59 FIRST TRUSTABERDEN GLOBL OPP INCM CF FAM 11.57 1.67% 1.78% 0.11%

59 streetTRACKS Gold Shares ETF GLD 118.86 1.98% -1.16% -3.08%

59 ISHARES RUSSELL 2000 GROWTH INDX ETF IWO 158.62 -0.17% 5.92% 6.10%

59 RYDEX S&P MIDCAP 400 PURE GROWTH ETF RFG 133.74 0.20% 5.10% 4.88%

59 SPDR S&P DIVIDEND ETF SDY 87.81 0.33% 3.04% 2.70%

59 ISHARES S&P 500 VALUE INDX FUND ETF IVE 103.28 -0.80% 5.23% 6.08%

59 iSHARES DJ US FNL ETF IYF 103.12 -1.47% 8.16% 9.77%

59 FST TST DOW JNS GLBL SEL DVD IDX ETF FGD 24.19 -0.16% 3.65% 3.81%

58 BLACKROCK FLOAT RATE INC CF FRA 14.73 0.43% 6.07% 5.61%

58 MATERIALS SELEC SPDR ETF XLB 51.66 -0.80% 4.92% 5.77%

58 VANGUARD FINANCIALS ETF VFH 59.75 -2.28% 10.39% 12.97%

58 WISDOMTREE HIGH YIELDING EQUITY ETF DHS 68.42 0.53% 2.55% 2.01%

58 WISDOMTREE DIVIDEND TOP 100 ETF DTN 82.30 0.21% 3.60% 3.38%

58 ISHS S&P WRLD EX US PROPERTY IDX ETF WPS 35.53 1.82% -1.33% -3.09%


40

58 EATON VANCE TAX MANAGED GLOBAL CF ETW 10.79 0.58% 1.34% 0.76%

58 DELAWARE INVSTMNTS DIV AND INCM ETF DDF 10.25 0.43% 3.38% 2.94%

58 THAI ETF TTF 8.07 3.15% 1.55% -1.56%

58 iSHARES RUS MID ETF IWR 185.07 -0.41% 4.74% 5.17%

57 iSHARES RU 1000 VA ETF IWD 113.97 -0.81% 4.93% 5.79%

57 ABERDEEN ASIA PACIFIC PRIME INCM CF FAX 4.98 2.44% 0.28% -2.11%

57 ISHRS FTSE EPRA NAREIT EURP IDX ETF IFEU 33.96 1.47% -2.04% -3.46%

57 ISHARES DOW JONES US INSUR IDX ETF IAK 59.74 -1.52% 7.37% 9.03%

57 LMP CORPORATE LOAN CF TLI 11.58 -1.50% 5.62% 7.23%

57 FIRST TRUST ISE WATER INDEX ETF FIW 40.77 -0.78% 6.17% 7.01%

57 NUVEEN TAX-ADVANTAGED TOTAL RETN CF JTA 11.99 0.38% 2.46% 2.07%

57 PowerShares DB Gold Fund DGL 40.04 1.91% -1.77% -3.62%

57 iSHARES LRG VAL ETF JKF 95.23 -1.10% 4.57% 5.74%

56 MARKET VECTORS AGRIBUSINESS ETF MOO 53.40 -0.59% 4.96% 5.58%

56 NUVEEN SENIOR INCOME CF NSL 6.95 -0.31% 6.49% 6.83%

56 MFS SPECIAL VAL MFV 5.81 0.65% 3.28% 2.62%

56 Dow Jones-AIG Copper Total Return ETN JJC 30.24 -1.66% 11.24% 13.12%

56 CLAYMORE CLEAR SPIN OFF ETF CSD 45.07 -0.12% 5.03% 5.16%

56 ISHS FTSE NAREIT RESIDENTL IDX ETF REZ 63.07 1.25% -0.79% -2.02%

56 RYDEX S&P EQUAL WEIGHT FINANCIAL ETF RYF 37.20 -2.24% 9.90% 12.42%

56 FT GBL WND ENERGY FAN 12.45 1.37% -0.98% -2.33%

56 VANGUARD SMALL-CAP GROWTH ETF VBK 138.12 -0.49% 4.57% 5.08%

56 ISHR SP MOD ALC AOM 36.29 1.03% 1.86% 0.82%

55 FIRST TR INDL PROD DRBL ALPHADEX ETF FXR 33.71 -1.58% 8.58% 10.33%

55 POWERSHARES FTSE RAFI ETF PRF 101.48 -0.66% 5.36% 6.06%

55 RYDEX CURR SHS AUSTR DOLLAR TRST ETF FXA 76.28 0.07% 1.08% 1.00%

55 PWRSHRS WILDHLL ETF PBW 3.87 0.05% 1.60% 1.54%

55 FIRST TRUST MATERIALS ALPHADEX ETF FXZ 37.18 -1.58% 5.59% 7.29%

55 WTR MID EAST DIV GULF 17.58 -1.33% 3.84% 5.24%

55 PowerShares DB Precious Metals Fund DBP 37.94 1.75% -1.87% -3.57%

55 iSHARES S&P MD 400 ETF IJH 168.66 -1.11% 5.59% 6.77%

55 EATON VANCE SENIOR FLOATING RATE CF EFT 15.25 0.31% 5.50% 5.18%

55 WISDOMTREE MIDCAP DIVIDEND ETF DON 96.58 -0.36% 4.28% 4.65%

54 SPDR BAR CAP BND CWB 47.53 0.29% 3.47% 3.17%

54 WISDOMTREE MIDCAP EARNINGS ETF EZM 34.83 -0.72% 6.00% 6.77%

54 PS DYN MEDIA PF PBS 27.24 -0.92% 5.05% 6.02%

54 iSHARES S&P GLOB TEL ETF IXP 59.95 0.94% -0.83% -1.75%

54 CLAYMORE/ZACKS YIELD HOG ETF CVY 20.63 -0.05% 4.06% 4.11%

54 SPDR BCLY CAP ST BWZ 30.44 1.54% -0.94% -2.44%

54 TEMPLETON GLOBAL INCOME CF GIM 6.62 0.23% 3.22% 2.98%

54 iSHARES SML GRWTH ETF JKK 149.75 -0.76% 4.06% 4.86%


41

54 SPDR MIDCAP 400 ETF MDY 307.78 -1.04% 5.69% 6.79%

53 LMP CAPITAL & INCM CF SCD 13.81 -1.24% 2.60% 3.89%

53 VANGUARD EXTENDED MARKET ETF VXF 97.99 -1.19% 5.54% 6.82%

53 ISH SP GBLCL ENG ICLN 8.50 -0.08% -1.98% -1.90%

53 RYDEX CURR SHS SWEDISH KRONA ETF FXS 109.45 1.03% -2.32% -3.32%

53 PUTNAM MSTR INTR PIM 4.65 -0.65% 3.42% 4.09%

53 FIRST TRUST FINANCIALS ALPHADEX ETF FXO 27.30 -2.07% 7.04% 9.30%

53 Vietnam Market Vectors, VNM VNM 13.94 2.21% -1.75% -3.87%

53 ISHARES S&P S CAP600 GR FUND ETF IJT 150.23 -0.95% 6.55% 7.58%

53 MORGAN STANLEY EMERGING MKT DEBT ETF MSD 9.47 0.65% 0.62% -0.04%

53 PS ULTRA EURO ULE 14.61 1.99% -3.66% -5.55%

52 EATON VANCE TAX MANAGED BUY WRITE CF ETV 15.21 -0.22% 1.91% 2.14%

52 NUVEEN TEXAS QUALITY INCM MUNI CF NTX 14.29 1.75% -2.94% -4.61%

52 ISHR SP CON ALC AOK 33.23 0.83% 0.95% 0.11%

52 TCW STRATEGIC INCOME ETF TSI 5.44 -0.10% 1.47% 1.57%

52 TEMPLETON EMER TEI 11.35 -0.81% 3.53% 4.38%

52 DWS STRATEGIC INCOME CF KST 12.18 0.22% 2.16% 1.94%

52 POWERSHARES INTL DVDND ACHVRS ETF PID.O 14.89 0.45% 2.82% 2.36%

52 iSHARES RUS MIDVAL ETF IWS 81.82 -1.17% 4.41% 5.65%

52 iShares JPMorgan USD Emerg Markets Bond EMB 113.74 0.99% 0.02% -0.96%

52 RYDEX S&P EQUAL WEIGHT MATRLS ETF RTM 93.72 -1.81% 4.67% 6.59%

51 ULTRA REAL ESTATE ETF URE 118.15 0.61% -0.64% -1.24%

51 WT DRYFS CHN YN CYB 24.24 0.80% 0.36% -0.44%

51 PWRSHRS BIOTEC ETF PBE 41.73 -0.65% 2.34% 3.01%

51 KBW CAPITAL MARKETS ETF KCE 45.81 -2.44% 7.79% 10.49%

51 PS ULTRA YEN YCL 61.00 4.30% -6.53% -10.39%

51 RYDEX S&P EQL WGT CNSMR DISCRTRY ETF RCD 90.96 -0.05% 2.66% 2.71%

51 MARKET VECTORS STEEL INDEX ETF SLX 39.80 -5.57% 12.94% 19.61%

51 ZWEIG TOTAL RETURN CF ZTR 11.60 1.69% -1.46% -3.09%

51 CURRENCYSHARES EURO ETF FXE 104.65 1.12% -1.31% -2.40%

50 FLAHERTY&CRUMRINE CLAYMORE TOTEL CF FLC 20.73 0.94% -0.89% -1.81%

50 RYDEX CUR SHS SWISS FRANC ETF FXF 96.09 1.06% -0.45% -1.50%

50 POWERSHARES BUYBACK ACHIEVERS ETF PKW.O 51.28 -0.98% 5.00% 6.04%

50 NUVEEN CORE EQUITY ALPHA ETF JCE 13.77 -0.53% 0.14% 0.67%

50 PIMCO STRAT GLOBAL GOVERNMNT ETF RCS 9.38 0.96% -1.72% -2.66%

50 SPDR LEHMAN INTRNATIONL TREASURY ETF BWX 26.70 1.77% -2.59% -4.28%

50 PIMCO CALIFORNIA MUNICIPAL INCOME CF PCQ 16.23 0.62% -0.66% -1.28%

50 CURRENCYSHARES JAPANESE YEN TR ETF FXY 86.65 1.90% -3.31% -5.12%

50 SPDR S&P PHARMACEUTICALS ETF XPH 41.04 0.99% -2.99% -3.94%

50 JOHN HANCOCK PREFERRED INCOME CF HPI 21.13 0.85% -1.71% -2.53%

49 ISH TI SP C 1-3 ISHG 79.06 1.33% -1.38% -2.67%


42

49 PS GBL AGRICULTURE PAGG 25.16 -0.60% 3.99% 4.62%

49 CLAYMORE RAYMONDS JAMES ETF RYJ 39.18 -0.81% 6.13% 6.99%

49 FEDERATED PREMIER INTERMIDAT MUNI CF FPT 13.13 2.34% -2.92% -5.14%

49 MARKET VECTORS RUSSIA ETF RSX 20.95 -0.26% 8.28% 8.55%

49 EATON VANCE ENHANCED EQTY INCM II CF EOS 13.41 -0.36% 0.78% 1.15%

49 VANGUARD Emerging Markets Government Bond VWOB 79.45 0.70% -0.03% -0.73%

49 COHEN & STEERS CLSD END OPPTY FD ETF FOF 12.15 -0.82% 1.69% 2.53%

49 ISHS FTSE EPRA NREIT GLBL US IDX ETF IFGL 27.48 1.26% -3.36% -4.56%

48 MKT VC HYLD MUN HYD 30.45 1.01% -1.91% -2.89%

48 VANGUARD SMALL-CAP ETF VB 130.63 -1.45% 4.77% 6.31%

48 BLACKROCK CORE BOND CF BHK 13.33 0.82% -1.64% -2.45%

48 POWERSHARES PREFERRED PORTFOLIO ETF PGX 14.74 0.65% -0.82% -1.45%

48 ELLSWORTH ETF ECF 8.51 -0.66% 3.17% 3.86%

48 POWERSHARES FINANCIAL PREFERRED ETF PGF 18.59 0.73% -0.70% -1.42%

48 PWRSHRS DYNMIC INDUSTRIALS SEC ETF PRN.O 50.53 -1.96% 2.28% 4.33%

48 NUVEEN QUALITY PREFERRED INCOME 2 CF JPS 9.48 -0.37% 1.31% 1.69%

48 PWRSHRS HGH YLD ETF PEY.O 16.91 -0.80% 4.38% 5.22%

48 PRS ULT SRT20PLUS YR TBT 39.09 -2.44% 8.66% 11.38%

47 NUVEEN DIVERSIFIED DIVIDEND INCM CF JDD 11.79 -1.41% 1.04% 2.48%

47 POWERSHRS DB US DLR INDX BEARISH ETF UDN 20.98 1.03% -1.82% -2.81%

47 ABERDEEN GLOBAL INCOME CF FCO 8.38 -0.07% -1.04% -0.98%

47 POWERSHARES EMRG MKTS SOVRGN DBT ETF PCY 29.13 1.06% -0.73% -1.77%

47 FIRST TR CONS DSCRTNRY ALPHADEX ETF FXD 36.05 -0.43% 1.51% 1.95%

47 ISHS S&P U S PREFD STOCK INDX ETF PFF 38.46 0.57% -0.85% -1.41%

47 ALPS COHN STERS GRI 42.99 0.86% -1.17% -2.02%

47 iShares Silver Trust ETF SLV 16.81 1.21% -1.80% -2.97%

47 BLACKROCK MUNICIPAL 2020 TERM CF BKK 15.82 1.27% -1.09% -2.34%

47 FIRST TR CONSUMR STAPLS ALPHADEX ETF FXG 46.19 0.04% -0.84% -0.88%

46 GABELLI CONVERTBLE & INCM SECURTY CF GCV 4.86 -0.73% 1.69% 2.44%

46 WESTERN ASST GLBAL HIGH INCOME CF EHI 10.03 -0.30% 1.14% 1.45%

46 ISHRS MID VALUE ETF JKI.O 145.55 -1.77% 5.43% 7.33%

46 ROYCE VALUE CF RVT 13.76 -1.65% 6.06% 7.84%

46 ISHARES S&P MIDCAP 400 VAL INDEX ETF IJJ 145.75 -1.92% 5.35% 7.41%

46 FIRST TRUST/FIDAC MORTGAGE INCOME CF FMY 14.18 0.64% -0.42% -1.06%

46 IQ HED ML ST TRK QAI 29.00 0.29% 0.06% -0.23%

46 PWRSHRS DYNMIC CNSUMR DISC SCTR ETF PEZ.O 42.90 0.02% 1.09% 1.07%

46 MRKT VCT RVE AST HAP 33.11 -1.14% 3.30% 4.50%

45 iSHARES RUSS 2000 ETF IWM 134.49 -1.64% 5.70% 7.47%

45 DWS GLOBAL HIGH INCOME CF LBF 8.46 -0.10% 1.29% 1.39%

45 PWRSHRS LEIS ETF PEJ 40.37 -0.80% 7.32% 8.18%

45 EATON VANCE TAX ADVANTAGE DIVIDND CF EVT 21.26 -1.59% 3.05% 4.71%


43

45 PROSHARES TR ULTRA SMALLCAP600 ETF SAA 78.30 -2.93% 12.96% 16.37%

45 PROSHARES TR ULTRA RUSSELL2000 ETF UWM 110.64 -2.99% 11.24% 14.67%

45 REVENUESHARES MC RWK 54.53 -1.70% 5.07% 6.89%

45 NUVEEN NEW YORK MUNICIPAL VALUE CF NNY 9.72 1.06% -2.56% -3.59%

45 PowerShares DB Silver Fund DBS 27.60 1.13% -2.49% -3.57%

45 D -3X 30-yr USTBond Bear, TMV TMV 22.35 -3.86% 11.29% 15.76%

44 PWRSHRS PHARM ETF PJP 58.52 0.07% -3.71% -3.77%

44 FIRST TRUSTFOUR CORNERS SENIOR II CF FCT 13.82 -0.18% 1.85% 2.04%

44 NICHOLAS APPLE EQTY & CONV INC ETF NIE 19.11 -0.74% 1.58% 2.33%

44 ISH TI SP C IT IGOV 91.84 1.44% -3.58% -4.96%

44 ABERDEEN AUSTRALIA EQUITY CF IAF 5.85 -1.69% 1.68% 3.42%

44 MADISON/CLMR COV CALL & EQU STRT ETF MCN 7.89 -0.81% 1.00% 1.83%

44 BLACKROCK DEBT STRATEGIES CF DSU 11.43 -0.76% 3.32% 4.12%

44 JOHN HANCOCK PREFERRED INCOME II CF HPF 20.90 -0.11% -2.61% -2.50%

44 ISHARES TRUST ETF TIP 114.45 0.47% -0.32% -0.79%

43 RYDEX S&P 500 PURE VALUE ETF RPV 58.07 -2.17% 5.24% 7.57%

43 iSHARES SML CORE ETF JKJ 156.09 -1.61% 4.93% 6.65%

43 iSHARES DJ US REAL ETF IYR 77.74 -0.47% -1.66% -1.20%

43 ISHR ST NAT MUN SUB 105.56 0.13% -0.19% -0.31%

43 VANGUARD Short-Term Inflation-Protected Secur VTIP 49.38 0.11% 0.00% -0.12%

43 SPDR LEHMAN ST SHM 48.38 0.21% -0.41% -0.63%

43 PS AC US REAL EST PSR 76.82 1.17% -0.19% -1.35%

43 JOHN HANCOCK PREFERRED INCOME III CF HPS 18.27 -0.10% -2.21% -2.11%

43 NUVEEN MULTI STRATEGY INC & GRT 2 CF JQC 8.75 -0.99% 2.69% 3.72%

43 VANGUARD SMALL-CAP VALUE ETF VBR 120.33 -2.19% 4.98% 7.34%

42 EATON VANCE LIMITED DURATION INCM CF EVV 13.89 -1.00% 1.78% 2.80%

42 SPDR BARCLAYS CAPITAL TIPS ETF IPE 56.86 0.41% -0.60% -1.00%

42 PWRSHRS FODBEV ETF PBJ 33.12 -0.07% -0.28% -0.21%

42 iSHARES S&P SM 600 ETF IJR 67.66 -1.91% 5.50% 7.55%

42 POWERSHARES VRDO TAX FREE WEEKLY ETF PVI 24.92 0.02% 0.05% 0.04%

42 WESTERN ASST HIGH INCM II CF HIX 7.17 -1.04% 1.05% 2.11%

42 NUVEEN CAL MUN 2 NCB 16.86 1.21% -2.88% -4.04%

42 RETAIL HOLDRS RTH 77.70 -0.40% -0.38% 0.02%

42 ISHARES LEHMAN 1-3 YEAR CREDIT ETF CSJ 105.16 0.10% -0.23% -0.33%

42 MFS HIGH INCOME MUNICIPAL CF CXE 5.00 0.46% -3.21% -3.65%

41 SPDR LEHMAN 1-3 MONTH T BILL ETF BIL 45.72 0.02% 0.01% -0.01%

41 MARKET VETRS LEHMAN BROS MUNIPAL ETF SMB 17.41 0.05% -0.63% -0.68%

41 BLACKROCK FLORIDA MUNICIPAL 2020 CF BFO 15.09 0.29% -0.14% -0.42%

41 VANGUARD Short-Term Corporate Bond VCSH 79.67 0.15% -0.47% -0.62%

41 FIRT FTSE EPRA GLB REAL EST INDX ETF FFR 43.37 0.34% -2.29% -2.61%

41 ISHARES LEHMAN SHORT TREASURY ETF SHV 110.28 -0.04% -0.08% -0.03%


44

41 ISHARES LEHMN 1-3 YR TRSRY BND ETF SHY 84.49 0.04% -0.33% -0.38%

41 ISHR BRCLY AG BD AGZ 113.05 0.28% -1.00% -1.27%

41 VANGUARD Short-Term Government Bond VGSH 60.75 0.01% -0.39% -0.40%

40 MFS INVESTMENT GRADE MUNICIPAL CF CXH 9.62 0.77% -3.58% -4.32%

40 RYDEX CUR SHS BRIT POUND STER ETF FXB 121.72 0.58% -2.39% -2.95%

40 ISHARES INTERMEDIATE CREDIT ETF CIU 108.75 0.17% -1.01% -1.18%

40 PS UL SRT 7 10 YR PST 22.06 -1.55% 3.71% 5.34%

40 SPDR BAR CITC BD ITR 34.09 0.24% -0.95% -1.18%

40 VANGUARD SHORT TERM BOND ETF BSV 79.63 0.05% -0.73% -0.78%

40 ISHARES S&P NATIONAL MNCPAL BND ETF MUB 108.78 0.40% -1.74% -2.13%

40 BLACKROCK MUNICIPAL 2018 TERM CF BPK 15.04 -0.19% -0.69% -0.51%

40 BLACKROCK CALIFORNIA MUNICPL 2018 CF BJZ 15.15 0.35% 0.17% -0.18%

40 ISHARES S&P NEW YORK MUNICIPAL ETF NYF 110.00 0.28% -1.72% -1.99%

39 PWRSHRS DYNMIC BSC MATRLS SEC ETF PYZ.O 59.90 -2.96% 2.01% 5.12%

39 NUVEEN NY SEL NXN 13.43 0.28% -3.66% -3.92%

39 ISHARES INTERMEDIATE GOVT/CREDIT ETF GVI 110.18 0.22% -1.11% -1.33%

39 GBL XI FTSE C020 GXG 9.36 0.23% 1.49% 1.26%

39 SPDR LHMN INTERMDTE TERM TREASRY ETF ITE 59.77 0.12% -1.28% -1.40%

39 VAN KAMPEN BOND ETF VBF 18.62 -0.02% -1.35% -1.32%

39 ISHARES S&P CALIFORNIA MUNICIPAL ETF CMF 115.81 0.30% -2.09% -2.38%

39 BLACKROCK PREFERRED & EQUITY ADV ETF BTZ 12.99 0.00% -0.06% -0.06%

39 ISHARES LEHMAN 3-7 YEAR TREASURY ETF IEI 122.88 0.19% -1.44% -1.63%

38 EATON VCE TAX MGD GLBL DIVFD EQY ETF EXG 8.40 -1.39% -1.45% -0.06%

38 ING PRIME RATE ETF PPR 5.49 -0.88% 2.77% 3.68%

38 DWS MULTI MARKET INCOME CF KMM 8.59 -0.76% 0.96% 1.73%

38 PIMCO CALIFORNIA MUNICI INCOME II CF PCK 9.68 0.18% -4.17% -4.34%

38 MARKT VCTRS LB AMT FREE LG MNCPL IDX MLN 19.51 0.54% -3.00% -3.52%

38 EATON VANCE MICHIGAN MUNI INCOME CF EMI 13.17 0.39% -3.55% -3.92%

38 ISHR BARC GOV CR GBF 112.72 0.28% -1.84% -2.11%

38 PS INS NY MUNIC PZT 23.97 0.43% -2.40% -2.82%

38 ISHARES LEHMAN AGGREGATE BOND ETF AGG 108.36 0.21% -1.73% -1.93%

38 VANGUARD Intermediate-Term Government Bond VGIT 64.23 0.25% -1.87% -2.12%

37 BLACKROCK NEW JERSEY MUNICPL INCM CF BNJ 14.81 1.52% -4.17% -5.61%

37 VANGUARD TOTAL BOND MARKET ETF BND 80.98 0.20% -1.81% -2.00%

37 PIMCO CALIFOR MUNI INCM III CF PZC 11.68 -0.61% -3.07% -2.47%

37 NUVEEN R EST INM JRS 11.09 -0.48% -1.51% -1.04%

37 ISHARES IBOXX INVESTMENT GRADE ETF LQD 117.72 0.33% -1.90% -2.22%

37 BLACKROCK NEW YORK MUNICIPAL 2018 CF BLH 14.87 -0.03% -0.75% -0.71%

37 SPDR LEHMAN MUNICIPAL BOND ETF TFI 47.81 0.36% -2.35% -2.70%

37 D +3X Small Cap Bull, TNA TNA 99.10 -4.88% 15.21% 21.12%

37 MFS MUNICIPAL INCOME CF MFM 6.86 -0.31% -3.25% -2.95%


45

37 VANGUARD Mortgage-Backed Securities VMBS 52.37 0.10% -1.47% -1.57%

36 ISHARES LEHMN 7-10 YR TRSRY BND ETF IEF 105.48 0.50% -2.85% -3.33%

36 PS GBL GOLD AND PRECS PSAU 19.61 -1.50% -7.53% -6.12%

36 DWS DREMAN VALUE INCOME EDGE FD ETF DHG 14.51 -0.72% 2.17% 2.91%

36 VANGUARD INTERMEDIATE TERM BOND ETF BIV 83.48 0.32% -2.39% -2.70%

36 PIMCO MUNICIPAL INCOME II CF PML 12.50 -0.28% -3.93% -3.66%

36 MKT VECT LHN BRS AMT FREE INTMDT ETF ITM 23.40 0.27% -2.45% -2.72%

36 ISHARES DJONES US REGNL BNKS IDX ETF IAT 44.16 -4.85% 11.68% 17.38%

36 ISHS IBXX $ HGH YIELD CRPRTE BND ETF HYG 86.83 -0.60% 0.70% 1.31%

36 VANGUARD Total International Bond BNDX 54.02 0.26% -1.68% -1.93%

35 HIGH YIELD INCOME CF HYI 15.15 -0.77% 0.55% 1.33%

35 ISHARES LEHMAN MBS FIXED RT BND ETF MBB 106.38 0.15% -1.76% -1.91%

35 NUVEEN MULTI STRATEGY INC & GRWTH CF JPC 9.84 -0.47% -0.93% -0.46%

35 POWERSHARES INSR NATL MNCPL BOND ETF PZA 25.00 0.01% -2.28% -2.29%

35 WESTRN CLYMR INFLTN OPPRT & INCM ETF WIW 11.10 -0.53% -0.19% 0.34%

35 NEW AMERICA HIGH INCOME CF HYB 9.25 -1.81% 2.70% 4.59%

35 MFS INTERMEDIATE HIGH INCOME CF CIF 2.59 -0.59% 1.71% 2.31%

35 MSCI PAN EURO INDEX MSP 11.93 -1.31% 0.94% 2.29%

35 PS INS CAL MUNIC PWZ 25.30 0.05% -2.72% -2.77%

35 NUVEEN MUNICIPAL INCOME CF NMI 11.56 0.71% -4.25% -4.93%

34 SPDR BCLY CAP LT LWC 40.05 0.48% -2.72% -3.18%

34 VANGUARD Long-Term Corporate Bond VCLT 89.78 0.42% -2.51% -2.92%

34 MORGAN STANLEY INCOME SECURITIES CF ICB 17.85 0.05% -1.70% -1.75%

34 SPDR DJ WILSHIRE INTL REAL ESTAT ETF RWX 37.38 0.93% -4.95% -5.82%

34 BLACKROCK ENHANCED GOVERNMENT CF EGF 13.29 0.55% -1.77% -2.30%

34 WESTRN ASST HIGH INCM OPPORTUNITY CF HIO 5.02 -1.56% 0.33% 1.92%

34 ISHARES LEHMAN 10-20 YR TREASURY ETF TLH 134.28 0.64% -3.68% -4.29%

34 PWSHS TR FTSE RAFI US 1500 SMMD ETF PRFZ 113.91 -2.12% 5.15% 7.43%

34 NUVEEN SELECT TAX-FREE INCOME CF NXP 14.00 -0.14% -4.74% -4.61%

33 SPDR BARC HY BND JNK 36.54 -0.72% 0.56% 1.29%

33 ProShares Ultra Silver ETF AGQ 39.25 1.81% -7.52% -9.16%

33 TORTOISE ENERGY INFRASTRUCTURE ETF TYG 32.55 -2.56% 4.06% 6.79%

33 NUVEEN SELECT MATURITY MUNICIPAL CF NIM 9.88 0.12% -4.10% -4.21%

33 SPDR BCLY CP MRT MBG 26.20 -0.17% -1.99% -1.82%

33 iSHARES RUS MICRO CAP ETF IWC 83.15 -1.97% 4.99% 7.10%

33 BLACKROCK MUNIYIELD FLORIDA CF MYF 15.31 0.35% -3.84% -4.18%

33 WISDOMTREE SMALLCAP EARNINGS ETF EES 31.38 -2.50% 6.04% 8.76%

33 ISHARES TRUST COHEN FD ETF ICF 99.21 -0.89% -3.14% -2.26%

33 POWERSHARES 1 30 LADDERED TRSURY ETF PLW.O 32.13 0.50% -3.91% -4.40%

32 D -3X 10-yr USTBond Bear, TYO TYO 14.87 -2.14% 4.53% 6.81%

32 BLACKROCK MUNIASSETS CF MUA 13.91 -0.50% -4.24% -3.76%


46

32 MORGAN STANLEY MUNI INCOME OPPOR CF OIA 7.48 -0.70% -3.58% -2.90%

32 VANGUARD LONG TERM BOND ETF BLV 90.05 0.62% -4.08% -4.67%

32 WESTERN ASSET PREMIER BOND CF WEA 13.29 -1.37% -0.63% 0.75%

32 KBW BANK ETF KBE 42.01 -4.98% 11.64% 17.49%

32 iSHARES CANADA ETF EWC 26.53 -1.90% 2.43% 4.42%

32 VAN KAMPEN MUNICIPAL OPPORTUNITY ETF VMO 12.95 -0.38% -4.98% -4.61%

32 EVERGREEN INCOME ADVANTAGE CF EAD 8.39 -0.92% 1.53% 2.47%

32 DREYFUS STRAT DSM 8.27 -0.28% -3.13% -2.86%

31 POWERSHRS DB US DLR INDX BULLISH ETF UUP 25.74 -1.10% 1.16% 2.29%

31 MFS MULTIMARKET INCOME CF MMT 6.07 -0.62% 0.27% 0.90%

31 GABELLI GLOBAL DEAL ETF GDL 9.77 -1.69% -1.23% 0.47%

31 BLKRK LT DR INC BLW 15.40 -1.97% 0.89% 2.91%

31 PWRSHS HGH YIELD CORPORATE BOND ETF PHB 18.68 -0.78% -0.15% 0.63%

31 BLACKROCK MUNIHLDG NEWJERSEY INSD CF MUJ 14.20 0.20% -5.17% -5.37%

31 RYDEX S&P MIDCAP 400 PURE VALUE ETF RFV 60.80 -3.20% 5.07% 8.55%

31 BANCROFT CF BCV 20.86 -2.16% 1.96% 4.21%

31 iSHARES SML VALUE ETF JKL 140.34 -3.38% 4.29% 7.94%

30 DREYFUS HIGH YIELD STRATEGIES CF DHF 3.36 -1.07% -0.05% 1.03%

30 NUVEEN MUN HIGH NMZ 13.03 0.05% -5.62% -5.67%

30 BLACKROCK LONG TERM MUNICIPL ADV CF BTA 11.44 0.06% -4.69% -4.75%

30 MUNIYIELD CALIFORNIA INSURED CF MCA 14.77 1.03% -4.44% -5.41%

30 iSHARES RUSS2000V ETF IWN 115.13 -3.01% 5.44% 8.71%

30 ISHARES S&P S CAP600 VAL FND ETF IJS 135.23 -2.85% 4.40% 7.46%

30 MFS CHARTER INCM MCR 8.50 -0.90% -0.20% 0.70%

30 RYDEX CURR SHS CANADIAN DOLLAR ETF FXC 73.82 -1.19% -1.63% -0.45%

30 SPDR DOW GBL RES RWO 46.93 -0.52% -2.84% -2.34%

30 BLACKROCK CORPORATE HIGH YIELD VI CF HYT 10.78 -1.90% 0.95% 2.90%

29 NFJ DIV INTEREST & PREM STRATEGY CF NFJ 12.81 -1.75% 0.94% 2.74%

29 NUVEEN MUNICIPAL VALUE CF NUV 9.64 -0.71% -4.72% -4.04%

29 MASSMUTUAL CORPORATE INVESTOR ETF MCI 15.61 3.48% -6.89% -10.02%

29 BLACKROCK MUNIYIELD INSD CF MYI 13.72 -0.45% -5.55% -5.12%

29 DREYFUS STRATEGIC MUNICIPALS CF LEO 8.56 -0.57% -3.71% -3.15%

29 BLACKROCK MUNIHOLDINGS II CF MUH 14.93 -0.58% -5.39% -4.84%

29 WESTERN CLYMR INFLTN SEC & INCM ETF WIA 11.31 -0.83% -0.86% -0.03%

29 NUVEEN DIVIDEND ADVANTAGE MUNI 3 CF NZF 14.24 0.01% -4.73% -4.74%

29 MARKET VECTORS GOLD MINERS ETF GDX 22.92 -2.12% -7.96% -5.97%

29 FRANKLINTEMPLETON LIMITED INCOME CF FTF 11.94 -1.42% -0.10% 1.33%

28 NUVEEN INSURED DIV ADVAN MUNI CF NVG 14.53 0.42% -4.45% -4.85%

28 VANGUARD Long-Term Government Bond VGLT 74.56 0.80% -6.05% -6.79%

28 SPDR® Barclays Long Term Treasury ETF TLO 69.81 0.82% -6.06% -6.82%

28 ELEMENTS Rogers International Commodity Agric RJA 6.39 -2.44% -0.42% 2.06%


47

28 MASS HEALTH EDU MHE 13.75 -2.03% -4.68% -2.71%

28 MFS HIGH YIELD MUNICIPAL CF CMU 4.52 -1.57% -4.47% -2.95%

28 ISHARES TRUST LEHMN 20 ETF TLT.O 120.88 0.93% -6.23% -7.09%

28 MASSMUTUAL PARTICIPATION INVESTR ETF MPV 14.20 0.23% -3.15% -3.38%

28 PROSHARES TR SHRT RUSSELL2000 ETF RWM 48.72 1.18% -7.51% -8.58%

27 VAN KAMPEN TR INVSTMNT GRADE MUNI ET VGM 12.91 -0.32% -4.79% -4.49%

27 JOHN HANCOCK INVESTORS CF JHI 16.78 -1.57% -0.12% 1.48%

27 DELAWARE INVSMNT COL MUNPL INCM ETF VCF 14.62 -0.69% -3.24% -2.56%

27 KAYNE ANDERSON ENERGY TOTAL RETRN CF KYE 12.17 -3.02% 6.05% 9.35%

27 NUVEEN CALIF SELECT TAX-FREE INCM CF NXC 15.08 0.41% -5.51% -5.90%

27 COHEN STEERS RFI 12.40 -0.64% -3.50% -2.88%

27 ROYCE MICRO CAPITAL CF RMT 8.15 -2.01% 3.17% 5.29%

27 WESTERN ASSET INCOME CF PAI 14.20 -0.55% -2.45% -1.91%

27 NUVEEN INSURED NY TAX FREE ADV CF NRK 12.86 0.23% -4.83% -5.05%

27 ISHARES DJ TRANSPTN AVG INDX ETF IYT 160.74 -3.90% 5.41% 9.69%

26 KBW REGIONAL BANKING ETF KRE 53.07 -5.57% 11.39% 17.96%

26 REVENUESHARES SC RWJ 64.81 -3.01% 4.95% 8.21%

26 FIRST TRUST S&P REIT INDEX ETF FRI 22.88 -1.16% -3.07% -1.93%

26 EATON VANCE MASSACHUSETTS MNCPL CF MMV 13.29 -0.20% -6.58% -6.39%

26 NUV SL TX FREE 2 NXQ 13.35 -0.54% -4.88% -4.36%

26 PowerShares DB Agriculture Fund DBA 20.00 -2.08% -2.85% -0.79%

26 BLACKROCK MUNIYLD NEWYORK INSD CF MYN 12.84 -0.22% -5.11% -4.91%

26 NUVEEN MISSOURI PREMIUM INCM MUNI CF NOM 15.34 -1.05% -6.24% -5.24%

26 VAN KAMPEN HIGH INCOME II ETF VLT 14.22 -1.74% -0.23% 1.54%

25 BLACKROCK MUNIHLDG NEW YORK INSRD CF MHN 13.56 -0.19% -4.96% -4.78%

25 ZWEIG FUND INC ZF 11.05 0.18% -7.58% -7.74%

25 NUV SL TX FREE 3 NXR 14.08 -0.93% -5.04% -4.15%

25 NUVEEN NEW JERSEY DIV ADVAN MUNI CF NXJ 13.27 0.18% -6.42% -6.59%

25 DUFF & PHELPS DUC 9.23 -0.87% -2.67% -1.82%

25 BLACKROCK MUNIYIELD CF MYD 14.25 -0.82% -5.28% -4.50%

25 NUVEEN INSURED CALIF TAX FREE ADV CF NKX 14.61 0.38% -6.38% -6.73%

25 VANGUARD REIT ETF VNQ 81.88 -1.35% -3.35% -2.03%

25 MV DBL SHRT EURO DRR 60.75 -2.41% 2.90% 5.44%

25 POWERSHARES WILDERHILL PROGRSS ETF PUW 25.38 -2.77% 3.89% 6.85%

24 NUVEEN MA PREM NMT 13.62 -0.55% -5.93% -5.41%

24 POWERSHARES DB G10 CURR HARVEST ETF DBV 24.96 -2.04% 0.05% 2.13%

24 COHEN STEERS REIT PREFER INCOME CF RNP 19.23 -1.68% -2.65% -0.99%

24 WESTERN ASST MUNCPL PARNRS CF MNP 15.02 -0.69% -6.93% -6.29%

24 FIRST TRUST DJ SEL MICROCAP INDX ETF FDM 41.25 -3.68% 6.55% 10.63%

24 PUTNAM MANAGED MUNICIPAL INCOME ETF PMM 7.22 -1.24% -4.78% -3.58%

24 NUVEEN FLOATG RATE INCM OPPORTNTY CF JRO 11.92 -2.54% 4.86% 7.60%


48

24 PIMCO NEW YORK MUNICIPAL INCOME CF PNF 12.28 -1.62% -4.76% -3.19%

24 JOHN HANCOCK INC JHS 14.04 -1.83% -2.19% -0.36%

24 SPDR SP INT ENG IPW 17.96 -1.95% 0.88% 2.89%

23 NUVEEN MD PREM NMY 12.53 -0.22% -5.84% -5.63%

23 NUVEEN NC PREMIUM INCOME MUNI CF NNC 12.93 0.18% -6.17% -6.34%

23 NUVEEN INSURED TX FREE ADVAN MUNI CF NEA 13.20 -0.56% -5.56% -5.02%

23 WISDOMTREE SMALLCAP DIVIDEND ETF DES 78.99 -2.78% 2.45% 5.38%

23 WESTERN ASST MNGD MUNCPLS CF MMU 13.57 -1.41% -5.86% -4.51%

23 VAN KAMPEN CALIF VALUE MUNICIPAL ETF VCV 12.27 -0.36% -6.70% -6.37%

23 BLACKROCK MUNICIPAL INCOME II CF BLE 14.58 -1.16% -5.35% -4.25%

23 BLACKROCK INCOME CF BKT 6.17 -0.77% -3.51% -2.76%

23 VAN KAMPEN NEW YORK MUNICIPALS ETF VTN 13.38 -0.18% -8.33% -8.16%

22 MKVCTR SOLAR ENERGY KWT 36.08 -0.67% -9.27% -8.66%

22 BLACKROCK MUNIYLD QUALITY FUND CF MQY 14.71 -0.73% -6.24% -5.56%

22 BLACKROCK FLA INSURED MUNICI INCM CF BAF 14.28 -1.40% -5.58% -4.24%

22 VAN KAMPEN MUNICIPAL ETF VKQ 12.38 -0.93% -5.40% -4.52%

22 DREYFUS MUNI DMF 8.75 -1.54% -5.60% -4.12%

22 BLACKROCK MUNI INTERM DUR CF MUI 13.77 -0.70% -5.28% -4.61%

22 DJ WILSHIRE REIT ETF RWR 91.75 -1.39% -3.59% -2.23%

22 MORGAN STANLEY QUALITY MUNICIPAL CF IQI 12.34 -0.25% -5.58% -5.35%

22 BLACKROCK MUNIYLD MICHIGAN INSRD CF MIY 13.57 0.05% -5.62% -5.67%

22 DWS STRATEGIC MUNICIPAL INCOME CF KSM 12.31 -0.91% -7.24% -6.39%

21 SHORT MIDCAP400 PROSHARES ETF MYY 12.77 0.78% -6.82% -7.54%

21 PWRSHRS DYNMIC FINANCIAL SECTOR ETF PFI.O 30.14 -3.66% -2.04% 1.68%

21 EATON VANCE NEW JERSEY MUNI INCM CF EVJ 12.03 0.50% -7.31% -7.76%

21 PS ULTRASHRT EURO EUO 25.77 -2.37% 1.95% 4.42%

21 WESTERN ASSET INTERMEDIATE MUNI CF SBI 9.47 -0.92% -5.86% -4.99%

21 ASA ETF ASA 12.16 -1.80% -8.87% -7.20%

21 BLACKROCK MUNIENHANCED CF MEN 11.33 -0.76% -5.74% -5.02%

21 DWS MUNICIPAL INCOME CF KTF 13.15 -1.50% -4.38% -2.93%

21 BLACKROCK NY MUNICIPAL INCM TRUST CF BNY 14.16 -0.69% -6.71% -6.06%

20 KAYNE ANDERSON ENERGY ORD KED 19.26 -2.04% 1.57% 3.69%

20 DTF TAX FREE INCOME CF DTF 14.81 -2.03% -5.09% -3.13%

20 E-TRACS CMCI Long Platinum ETN PTM 10.21 -2.06% -4.72% -2.71%

20 EATON VANCE TAX MANAGED BUY WRITE CF ETB 16.17 -3.00% -1.67% 1.37%

20 EATON VANCE MUNICIPAL INCOME CF EVN 12.54 -0.95% -6.96% -6.06%

20 NUVEEN CALIFORNIA DIVIDEND ADV CF NAC 14.28 -0.74% -7.32% -6.63%

20 WESTERN ASST MUNCPL HGH INCM CF MHF 7.14 -1.51% -6.44% -5.01%

20 BLACKROCK INSURED MUNICIPAL INCM CF BYM 13.80 -1.12% -6.60% -5.54%

20 EATON VANCE INSURED MUNICIPAL BND CF EIM 12.37 -0.86% -5.65% -4.83%

20 MBIA CAPITAL/CLAYMORE DURATION CF MZF 13.16 -0.94% -5.04% -4.13%


49

19 BLACKROCK NY INSURED MUNICPL INCM CF BSE 12.99 -0.58% -6.99% -6.45%

19 GreenHaven Continuous Commodity Index Fund GCC 19.23 -2.42% -2.61% -0.20%

19 BLACKROCK NEW YORK MUNICIPAL BOND CF BQH 14.04 -0.70% -6.00% -5.33%

19 BLACKROCK NEW JERSEY MUNICIPAL BD CF BLJ 14.58 -0.39% -8.56% -8.20%

19 BLACKROCK MUNI NEWYORK INTERM DUR CF MNE 13.49 -0.32% -7.61% -7.32%

19 PowerShares DB Gold Short ETN DGZ 14.07 -2.10% 0.09% 2.25%

19 BLACKROCK MUNIHLDGS INSD II CF MUE 13.12 -0.88% -5.71% -4.88%

19 PROSHARES TR SHORT SMALLCAP600 ETF SBB 39.29 0.38% -10.86% -11.20%

19 VANGUARD TELECOMMUNICATION SERVC ETF VOX 94.64 -3.64% -1.84% 1.87%

19 NUVEEN OHIO QUALITY INCM MUNI CF NUO 14.65 -1.12% -6.51% -5.45%

18 MFS CALIFORNIA INSURED MUNICIPAL CF CCA 11.50 -0.28% -9.05% -8.79%

18 EATON VANCE CALIF MUNICIPAL INCM CF CEV 12.25 -1.17% -7.07% -5.97%

18 NUVEEN MICHIGAN QUALITY INCM 2 CF NUM 13.25 -0.43% -6.70% -6.29%

18 NUVEEN NY DIV ADVNTAGE MUNCPL ETF NAN 13.50 -0.71% -6.54% -5.88%

18 NICHOLAS APPLEGATE CONVER & INCM CF NCV 6.51 -3.07% -0.40% 2.75%

18 MFS INTERMEDIATE INCOME CF MIN 4.29 -1.11% -3.91% -2.83%

18 PIONEER HIGH INCOME CF PHT 9.76 -1.37% -3.41% -2.07%

18 NICHOLAS APPLEGATE CONV & INCM II CF NCZ 5.80 -3.66% 0.93% 4.76%

18 VAN KAMPEN ADVANTAGE MUNICIPAL ETF VKI 11.07 -0.99% -7.46% -6.54%

17 JPM ALERIAN MLP AMJ 31.61 -3.77% 0.33% 4.26%

17 PS ULTRASHRT YEN YCS 72.27 -3.90% 4.87% 9.12%

17 VANGUARD EXTENDED DURATION ETF EDV 111.55 0.96% -10.36% -11.21%

17 VAN KAMPEN PENNSYLVANIA VALUE ETF VPV 12.10 -0.87% -7.04% -6.23%

17 BLACKROCK FLORIDA MUNICIPAL INCM CF BBF 14.13 -1.51% -5.02% -3.57%

17 COHEN STEERS QUAL INCOME REALTY CF RQI 12.22 -3.37% -4.37% -1.04%

17 ELEMENTS MLCX Grains Index ETN GRU 3.76 -4.10% -6.00% -1.98%

17 BLACKROCK MUNIYIELD NEWJERSEY CF MYJ 15.30 -0.48% -6.33% -5.88%

17 BLACKROCK MUNIHLDGS FLORIDA INSD CF MFL 14.16 -1.56% -6.07% -4.57%

17 BLACKROCK MUNIHLDG CALIFORNI INS ETF MUC 14.03 -0.98% -7.02% -6.10%

16 BLACKROCK MUNIYIELD FLORIDA INSRD CF MFT 13.88 -1.75% -5.58% -3.90%

16 ING CLARION GLOBAL REAL ESTATE ETF IGR 7.37 -1.15% -5.74% -4.65%

16 MFS GOVERNMENT MARKETS INCOME CF MGF 4.94 -1.20% -4.91% -3.75%

16 NEUBERGER BERMN REAL EST SEC INCM CF NRO 5.24 -1.03% -4.24% -3.25%

16 EATON VANCE INSURED MUNI BOND II CF EIV 12.07 -1.35% -6.64% -5.36%

16 BLACKROCK MUNIHOLDINGS CF MHD 16.20 -2.03% -6.74% -4.81%

16 FIRST TRUST VALUE LINE 100 ETF FVL 21.03 -3.69% 0.19% 4.03%

16 E-TRACS BBERG UCI 13.91 -3.61% 0.71% 4.48%

16 NUVEEN GEORGIA DIV ADVAN MUNI 2 CF NKG 12.68 -1.08% -6.78% -5.76%

15 EATON VANCE INSRD MICH MNCPL BOND CF MIW 13.39 -0.14% -7.45% -7.32%

15 PIMCO MUNICIPAL INCOME III CF PMX 11.28 -1.49% -6.44% -5.03%

15 PUTNAM MUNI PMO 11.91 -2.05% -6.14% -4.18%


50

15 DELAWARE INV NAT MUNICIPL INCOME ETF VFL 12.85 -1.14% -6.24% -5.16%

15 KAYNE AND MLP IN ETF KYN 19.90 -4.13% 0.58% 4.92%

15 NUVEEN VA PREM NPV 12.88 -0.88% -7.26% -6.44%

15 PSHR US RL EST SRS 33.95 -1.36% -4.08% -2.76%

15 PROSHRS FINANCIAL SEF 13.62 0.83% -9.78% -10.52%

15 NUVEEN DIVIDEND ADVANTAGE MNCPL CF NAD 13.65 -0.81% -5.89% -5.12%

15 BLACKROCK MUNIYLD QUALITY FUND II CF MQT 12.68 -1.17% -6.47% -5.36%

14 EATON VANCE PENSYLVANIA MUNI INCM CF EVP 12.00 -1.38% -5.55% -4.23%

14 EATON VANCE INSURED NEW YORK MUNI CF ENX 12.17 -1.51% -8.25% -6.85%

14 NEUBERGER BERMAN NY INTERM MNCPL CF NBO 12.43 -0.61% -7.84% -7.27%

14 ELEMENTS Rogers International Commodity Index RJI 5.03 -3.23% -0.56% 2.77%

14 NUVEEN CONNECTICUT PREM INCM MUNI CF NTC 12.17 -1.12% -7.58% -6.54%

14 BLACKROCK MUNIYLD PENNSYLVANIA CF MPA 14.06 -1.33% -6.90% -5.65%

14 MORGAN STANLEY MUNICIPAL INCOME CF IIM 14.48 -1.24% -8.06% -6.91%

14 EATON VANCE INSURE CLIFORNIA MUNI CF EVM 11.30 -1.47% -9.41% -8.05%

14 BLACKROCK MUNIYIELD ARIZONA CF MZA 14.56 -1.70% -8.93% -7.36%

14 NUVEEN PENNSYL INVMNT QUALITY CF NQP 13.01 -0.94% -7.87% -6.99%

13 EATON VANCE INSURED NY MUNI BD II CF NYH 11.66 -1.47% -8.99% -7.63%

13 HANCOCK BK THR BTO 33.34 -7.55% 7.89% 16.71%

13 EATON VANCE INSURED CALIFORNIA II CF EIA 11.50 -2.02% -8.52% -6.64%

13 NUVEEN CALIFORNIA MUNICIPAL VALUE CF NCA 10.08 -1.13% -5.83% -4.75%

13 POWERSHARES DYNAMIC RETAIL PRTFL ETF PMR 34.47 -1.88% -2.95% -1.09%

13 iSHARES S&P GLOB ENG ETF IXC 32.56 -3.16% -1.44% 1.77%

13 PROSHARES TR ULTRASHRT RUSEL2000 ETF TWM 23.39 2.05% -15.71% -17.41%

13 EATON VANCE INSURD MASSACHUS MUNI CF MAB 13.43 -1.99% -7.61% -5.73%

13 iPath Dow Jones-AIG Cocoa Total Return Sub-In NIB 26.47 3.75% -18.52% -21.47%

12 BLACKROCK STRATEGIC MUNICIPAL CF BSD 13.31 -1.64% -7.03% -5.48%

12 Dow Jones-AIG Commodity Index Total Return ET DJP 23.27 -3.38% -1.99% 1.43%

12 BLACKROCK MARYLAND MUNICIPAL BOND CF BZM 14.08 -0.50% -8.00% -7.54%

12 NUVEEN FLOATING RATE INCOME CF JFR 11.44 -3.74% 2.24% 6.22%

12 PIONEER MUNICIPAL HIGH INCOME CF MHI 11.58 -0.87% -9.26% -8.46%

12 DIVIDEND CAPITAL RLTY INCM ALLC ETF DCA 4.32 -5.00% -4.43% 0.61%

12 EATON VANCE INSURED PENNSYLVANIA CF EIP 12.60 -1.63% -7.81% -6.28%

12 BLACKROCK NY MUNICIPAL INCOME II CF BFY 14.48 -1.60% -8.87% -7.40%

12 SHORT S&P500 PROSHARES ETF SH 34.75 -0.91% -7.02% -6.17%

12 EATON VANCE NEW YORK MUNCIPL INCM CF EVY 12.79 -0.89% -9.02% -8.20%

11 BLACKROCK MUNIVEST CF MVF 9.59 -2.20% -6.57% -4.47%

11 NUVEEN NY MUN 2 NYV 14.46 -2.70% -6.48% -3.89%

11 CLAYMORE MAC GLOBAL SOLAR ENERGY ETF TAN 17.29 -3.55% -10.50% -7.20%

11 PWRSHRS ZACKS MIC ETF PZI 17.84 -4.87% 2.70% 7.96%

11 NUVEEN PN MUN VL NPN 15.74 -3.34% -4.53% -1.23%


51

11 EATON VANCE INSURE NEWJERSEY MUNI CF EMJ 12.49 -1.37% -9.27% -8.01%

11 BLACKROCK MUNIHOLDINGS INSURED CF MUS 13.09 -2.76% -7.10% -4.46%

11 CLYMR SWM CANADIAN ENGY INCM IDX ETF ENY 8.50 -3.37% -2.48% 0.93%

11 BLACKROCK MUNICIPAL INCOME CF BFK 13.72 -2.40% -7.36% -5.08%

10 iSHARES DJ US TEL ETF IYZ 32.09 -5.39% -2.68% 2.86%

10 NUVEEN ARIZONA NAZ 13.77 -1.46% -10.13% -8.80%

10 D +3X 30-yr USTBond Bull, TMF TMF 18.82 2.70% -18.72% -20.86%

10 iPath Global Carbon ETN (GRN) GRN 6.05 -1.60% -1.35% 0.26%

10 EATON VANCE OHIO MUNICIPAL INCOME CF EVO 13.48 -2.84% -7.96% -5.27%

10 FEDERATED PREMIER MUNICIPL INCOME CF FMN 13.73 -2.14% -9.32% -7.34%

10 PowerShares DB Commodity Index Tracking Fund DBC 14.91 -4.24% -1.57% 2.79%

10 SHORT DOW30 PROSHARES ETF DOG 18.16 -1.06% -8.96% -7.99%

10 BLACKROCK MUNIVEST II CF MVT 15.23 -3.33% -7.75% -4.57%

10 BLACKROCK INVESTMENT QLTY MUNICPL CF BKN 14.32 -1.82% -10.33% -8.67%

9 PowerShares DB Gold Double Short ETN DZZ 5.80 -3.73% 0.25% 4.14%

9 Silver Miners Global X, SIL SIL 35.85 -3.34% -12.00% -8.96%

9 Dow Jones-AIG Grains Total Return ETN JJG 27.66 -5.68% -5.75% -0.07%

9 BLACKROCK CALIFORNIA MUNICPL INCM CF BFZ 14.27 -2.21% -8.43% -6.37%

9 PS ULTRASHRT SILVER ZSL 30.32 -4.14% -5.11% -1.01%

9 PETROLEUM & RESOURCES CF PEO 18.98 -4.27% -4.30% -0.04%

9 ISHARES S&P GSSI NATURAL RES IDX ETF IGE 33.40 -4.93% -2.95% 2.08%

9 NEUBERGER BERMAN INTERMED MNCPL CF NBH 14.79 -3.22% -7.92% -4.86%

9 PROSHARES SHORT MSCI EAFE ETF EFZ 29.57 -2.87% -7.42% -4.68%

9 Short Gold -2x ProShares UltraShort GLL 75.95 -4.36% -0.80% 3.73%

8 Dow Jones-AIG Agriculture Total Return ETN JJA 34.22 -5.56% -6.81% -1.33%

8 FIDUCIARY/CLAYMORE MLP OPPORTUNTY CF FMO 15.09 -6.76% -0.20% 7.03%

8 ULTRASHORT MIDCAP400 PROSHARES ETF MZZ 24.46 1.14% -14.75% -15.71%

8 ENERGY SELECT SECTOR SPDR ETF XLE 68.56 -4.95% -3.12% 1.93%

8 iSHARES DJ ENR ETF IYE 37.59 -5.26% -3.99% 1.34%

8 ULTRASHORT MSCI JAPAN ETF EWV 36.50 -3.14% -12.23% -9.38%

8 RYDEX S&P SMALLCP 600 PURE VALUE ETF RZV 66.33 -6.00% 1.07% 7.52%

8 D +3X 10-yr USTBond Bull, TYD TYD 42.50 1.19% -13.31% -14.32%

8 PIONEER MUNICIPAL HIGH INCOME ADV CF MAV 10.91 -0.89% -12.39% -11.60%

7 NEUBERGER BERMAN CALIF INTERM MNC CF NBW 14.04 -2.96% -9.82% -7.07%

7 VANGUARD ENERGY ETF VDE 94.15 -5.57% -3.93% 1.73%

7 iShares GSCI Commodity-Indexed Trust ETF GSG 14.43 -5.27% -3.51% 1.86%

7 SPDR S&P METALS & MINING ETF XME 29.63 -8.78% 2.96% 12.88%

7 EATON VANCE INSURED OHIO MUNI BND CF EIO 12.63 -2.38% -10.92% -8.75%

7 SHORT QQQ PROSHARES ETF PSQ 42.80 -2.13% -10.05% -8.09%

7 United States Natural Gas Fund UNG 7.48 -0.19% -7.90% -7.73%

7 NUVEEN NJ MUN VL NJV 14.94 -4.05% -5.99% -2.01%


52

7 BLACKROCK MUNICIPAL BOND TRUST CF BBK 14.83 -3.39% -10.66% -7.53%

7 SPDR SP RETAIL XRT 41.10 -4.33% -6.13% -1.88%

6 BLACKROCK VIRGINIA MUNICIPAL BOND CF BHV 15.55 -1.63% -12.69% -11.24%

6 ULTRASHORT FINANCIALS PROSHARES ETF SKF 29.15 1.77% -19.25% -20.65%

6 BLACKROCK MUNIYIELD CALIFORNIA CF MYC 14.74 -4.27% -9.46% -5.42%

6 D -3X Small Cap Bear, TZA TZA 19.30 2.75% -24.60% -26.62%

6 Dow Jones-AIG Nickel Total Return ETN JJN 11.84 -5.14% -6.10% -1.01%

6 Goldman Sachs Commodity Index (GSCI) Total Re GSP 13.34 -6.10% -3.96% 2.28%

6 iPath Dow Jones-AIG Coffee Total Return Sub-I JO 19.17 -7.22% -11.16% -4.24%

6 PIMCO HIGH INCOME CF PHK 8.61 -4.79% -8.79% -4.20%

6 BLACKROCK GLOBAL ENRGY & RESOURCS CF BGR 13.28 -6.12% -6.08% 0.04%

6 PROSHARES TR ULTRASHRT SMLCP600 ETF SDD 21.20 1.86% -22.81% -24.22%

5 RYDEX S&P EQUAL WEIGHT ENERGY ETF RYE 56.80 -6.56% -4.36% 2.36%

5 ULTRASHORT S&P500 PROSHARES ETF SDS 13.68 -1.66% -13.64% -12.18%

5 PowerShares Deutsche Bank Energy Fund DBE 12.09 -6.16% -3.27% 3.08%

5 ISHARES DOW JONES US OIL&GAS EXP ETF IEO 58.09 -7.12% -4.42% 2.90%

5 SHORT MSCI EMERGING MARKETS ETF EUM 21.85 -4.59% -10.41% -6.10%

5 PIMCO NEW YORK MUNICI INCOME II CF PNI 11.46 -4.68% -11.91% -7.59%

5 PowerShares DB Agriculture Double Long ETN DAG 3.46 -9.66% -10.40% -0.82%

5 ML OIL SERVICE HOLDRS OIH 29.69 -8.46% -2.61% 6.39%

5 ULTRASHORT BASIC MATERIALS ETF SMN 18.86 -0.62% -16.74% -16.22%

4 PIMCO NEW YORK MUN INCOME III CF PYN 9.55 -5.56% -10.17% -4.88%

4 ISHARES DJONES US OIL EQP & SER ETF IEZ 40.43 -8.78% -1.83% 7.62%

4 POWERSHARES DYNAMIC EXPLRTN PRDN ETF PXE 20.22 -7.24% -5.75% 1.60%

4 ELEMENTS Rogers International Commodity Energ RJN 2.34 -8.01% -6.51% 1.63%

4 PowerShares DB Oil Fund DBO 8.43 -7.55% -5.55% 2.16%

4 Ultra Telecommunications LTL 50.90 -10.53% -1.97% 9.57%

4 ULTRASHORT DOW30 PROSHARES ETF DXD 12.91 -2.19% -17.47% -15.63%

4 United States Gasoline Fund UGA 25.90 -6.85% -3.42% 3.68%

4 PowerShares DB Crude Oil Long ETN OLO 4.13 -9.45% -8.59% 0.95%

4 United States Heating Oil Fund UHN 14.24 -7.80% -7.05% 0.81%

3 United States 12 Month Oil Fund USL 17.68 -8.16% -5.99% 2.35%

3 FIRST TRUST ENERGY ALPHADEX ETF FXN 14.38 -8.81% -6.73% 2.28%

3 PIMCO MUNI INCM PMF 13.14 -5.90% -15.25% -9.94%

3 FIRST TR ISE REVERE NTRL GAS IDX ETF FCG 23.14 -8.08% -8.88% -0.88%

3 United States Oil Fund USO 10.09 -9.02% -7.80% 1.34%

3 SPDR S&P OIL & GAS EXPL & PROD ETF XOP 35.21 -9.28% -6.84% 2.69%

3 D -3X Financial Bear, FAZ FAZ 19.83 1.77% -28.76% -30.00%

3 POWERSHARES DYNM OIL SRVCS PRTFL ETF PXJ 11.19 -10.38% -6.23% 4.63%

3 ULTRASHORT INDUSTRIALS PROSHARES ETF SIJ 24.23 -2.50% -19.78% -17.73%

2 ULTRA OIL & GAS PROSHARES ETF DIG 35.58 -9.98% -8.02% 2.18%


53

2 ULTRASHORT QQQ PROSHARES ETF QID 19.57 -4.39% -19.63% -15.93%

2 ULTRASHORT CONSUMER GOODS ETF SZK 16.19 -6.31% -12.66% -6.77%

2 SPDR S&P OIL & GAS EQUIP & SERVS ETF XES 18.96 -12.20% -4.36% 8.92%

2 ULTRASHORT UTILITIES PROSHARES ETF SDP 28.01 -8.40% -14.16% -6.29%

2 PWRSHRS DYNMIC ENRGY SEC ETF PXI.O 36.92 -10.70% -9.22% 1.66%

2 BCL IPTSP500 MT VXZ 27.90 -5.83% -22.65% -17.87%

2 ULTRASHORT CONSUMER SERVICES ETF SCC 32.25 -6.21% -20.99% -15.76%

2 ULTRASHORT FTSE XINHUA CHINA 25 ETF FXP 26.27 -8.07% -18.56% -11.41%

2 iPath Dow Jones-AIG Sugar Total Return Sub-In SGG 39.09 -10.40% -14.48% -4.55%

1 Goldman Sachs Crude Oil Total Return ETN OIL 5.20 -12.03% -11.39% 0.72%

1 PRSH US SEMI COND SSG 18.54 -6.00% -28.67% -24.12%

1 D -3X Devp Mkts Bear, DPK DPK 19.38 -8.58% -21.64% -14.28%

1 ULTRASHORT MSCI EMERGING MARKETS ETF EEV 12.52 -9.31% -20.78% -12.65%

1 D +3X Energy Bull, ERX ERX 29.93 -13.91% -10.63% 3.81%

1 Dow Jones-AIG Natural Gas Total Return ETN GAZ 0.43 -12.29% -19.47% -8.18%

1 ULTRASHORT TECHNOLOGY PROSHARES ETF REW 25.63 -11.04% -29.76% -21.03%

1 ProShares Ultra DJ-AIG Crude Oil ETF UCO 17.13 -17.59% -17.99% -0.48%

1 D -3X Emerging Mkts. Bear, EDZ EDZ 16.75 -14.02% -30.94% -19.68%

1 BCL IPTSP500 ST VXX 16.77 -8.24% -48.28% -43.63%


54

Colby Economic Expectations Index

Our Colby Economic Expectations Index fell to 17 last week, down from 18 the previous week. The actual economic data has been better than economists expected since 1/27/17. Previously, from a peak at 90 on 10/23/14 to a low of zero on 1/27/17, the decline of the index reflected disappointing growth of the economic indicators, with actual growth rates less than the growth rates forecasted by economists.

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.

05

101520253035404550556065707580859095

100105110

Dat

e6

/21

/11

8/1

7/1

11

0/1

8/1

11

2/1

5/1

12

/15

/12

4/1

3/1

26

/13

/12

8/1

5/1

21

0/1

6/1

21

2/1

3/1

22

/5/1

34

/3/1

35

/30

/13

7/2

4/1

39

/18

/13

11

/4/1

31

2/2

0/1

32

/20

/14

4/1

5/1

46

/12

/14

8/7

/14

10

/3/1

41

2/1

/14

1/2

9/1

53

/24

/15

5/1

9/1

57

/15

/15

9/1

0/1

51

1/5

/15

1/5

/16

2/2

6/1

64

/27

/16

6/1

7/1

68

/15

/16

10

/13

/16

12

/6/1

62

/1/1

7

-0.95

-0.90

-0.85

-0.80

-0.75

-0.70

-0.65

-0.60

-0.55

Financial Stress Index


55

The Conference Board's Leading Economic Index increased 0.6% in February, continuing its recent uptrend.

The Conference Board's Consumer Confidence Index increased to 114.8 in February. It was the highest level since July, 2001. Consumers expect the economy to continue to expand in the months ahead.


56

The University of Michigan's Index of Consumer Sentiment Expectations rose in March. Confidence has improved since the November election.

Industrial production and the capacity utilization rate were weak in February, disappointing economists again.


57

The Philadelphia Fed Index for March at 32.8 again beat the consensus estimates of 25.

Housing starts rose 3% in February while building permits fell 6.2%. Growth has been slower than expected, but economists keep hoping for a pickup. Slightly rising inflation and rising interest are not expected to be a problem at this time.


58

Retail sales for February increased 0.1%, as expected.

Productivity rose moderately in the past two quarters but remains too low.


59

Total outstanding consumer credit slowed slightly in January but is still expanding.

Total factory orders rose for six of the past seven months and appear to be in a positive growth trend.


60

The ISM Manufacturing Index for February increased to 57.7%, for the sixth straight month of positive growth. Orders were strong.

Personal income and personal spending appear to be trending upward at a modest pace.


61

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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Capital goods orders have continued to show little or no growth for the past few years. This lack of growth in business investment has been a drag on growth rates of the larger economy.

New home sales in February exceeded consensus estimates, rising 6.1%, led by increased demand for lower-priced homes.


63

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.


64

The February employment report showed continuing strong growth, better than economists' estimates.

The 4.7% February unemployment rate matched expectations. This rate continues its favorable longer-term trend.


65

February average hourly earnings increased 0.2%, as expected. Over the past 12 months, average hourly earnings have risen a healthy 2.5%. 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.


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The world is faced with "massive" challenges, according to IMF Managing Director Christine Lagarde. Low productivity, ageing populations, and the effects of the global financial crisis dampen prospects for future economic growth. Rising interest rates in the United States and an economic slowdown in China are contributing to uncertainty and a higher risk of economic vulnerability worldwide. The financial sectors in many countries are weak. Rising interest rates contribute to higher financing costs for some borrowers, including those in emerging and developing markets, thereby lessening their ability to absorb shocks. Emerging market companies with debt in 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), 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.


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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.


69

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.


70

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]

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