Trading ETF's

Market Lunacy!! ITB, XHB, UYG, UWM

2008-02-01T01:18:00.000-08:00

Double digit intra-day gains in housing and financials:

Home Construction (ITB) +12.96%
Ultra Financials (UYG) +11.22
Homies (XHB) +10.00%

Next up to bat with a big-ass intra-day gain today:

Russell 2000 (UWM) +8.45%

All in all this market rally was totally nuts! Was it window dressing? The Plunge Protection Team? Fed pumping cash?

Tomorrow's job number and the weight of GOOG's miss will have an interesting impact. Will buyers sell and capture gains of the week?

Waiting for Bernanke

2008-01-29T22:13:00.000-08:00

Low volume, low excitment day...but financials UYG (+3.07%) and housing ITB (+4.73%) continued rising before tomorrow's Fed announcement. Both are up over 20% in the past 5 days! Anything less than an expected 50bp cut tomorrow will be unacceptable to the market. I expect there to be profit taking in both of these either way.

YHOO missed after the close and gives a weak 2008 forecast Price down 10% after hours. GOOG reports Thursday after the close. Nasdaq downward pressure continues.

Financials and Housing Meltup Continues

2008-01-28T23:10:00.000-08:00

Despite bad economic news the pre-Fed melt-up of the financial and housing ETF's continued.
The strength started early and built all day. Wednesday should be interesting!

Name	Symbol	% Chg	Intra- day %
SPDR S&P HOMEBUILDERS	XHB	8.12%	7.3%
PROSHARES TRUST ULTRA FINANCIAL	UYG	5.85%	6.2%
SPDR S&P RETAIL ETF	XRT	4.80%	4.0%
KBW BANK ETF	KBE	4.58%	4.2%
PROSHARES TRUST ULTRA RUSSELL2000	UWM	4.21%	5.3%
KBW REGIONAL BANKING	KRE	3.90%	3.7%
ISHARES TRUST DOW JONES U.S. REAL ESTATE	IYR	3.71%	4.2%

ETF Forecast for the Week of 1-28-08

2008-01-27T13:42:00.000-08:00

General Commentary:
Next week the markets will get a heavy dose of economic data, a FOMC rate announcement and earnings from tech, consumer, energy and pharma sectors. Barring any new rogue traders surfacing or hedge fun implosions, the markets could see a rally on the back of strong Fed action. It will be a high-wire act all week and markets could go either way (data dependent). Most likely the expected 50bp cut and positive data will spark a market rally. Bottomline: THIS WILL BE AN OPPORTUNE TIME TO GET SHORT.

Major Major Indexes:
The Fed is expected to cut rates by 50bp on Wednesday. This will act as a catalyst to bank shares. This should be positive for the DOW and S&P 500. Earnings from Google, Amazon and Yahoo! will weigh on the Nasdaq. If Google reports strong numbers and says positive things about the future, I expect the Nazz to rally. Unfortunately Amazon will probably offer a weak 2008 forecast, as well as Yahoo! Last week the Nazz was the only major index to drop, so perhaps its due for a bounce this week with a Google and Fed catalyst. My call: DIA, SPY, IWM, QQQQ will end the week in positive territory, with the S&P 500 gaining the most due to bank's rallying strong off the Fed decision. If the Fed fails to cut by 50 bp, then all indexes will get clobbered hard.

		YTD %	1W %
Dow 30	DIA	-7.8%	1.3%
S&P 500	SPY	-9.0%	0.7%
Russell 2000	IWM	-9.8%	1.9%
Nasdaq 100	QQQQ	-14.1%	-3.0%

Market Sectors:
Banks and housing popped on the 75 basis point rate cut last week. I expect the same to happen this week, but to a lesser extent since everyone is expecting the 50bp cut.
My call: Buy XLF, UYG, KRE, KBE, XHB. All will gain this week on Fed's rate cut. This area of the market remains highly speculative and could easily swing negative with another "shoe dropping". Be prepared to go short with SKF.

Sector		YTD %	1W %
Gold Miners	GDX	9.5%	4.3%
Transportation	IYT	-1.4%	7.1%
Home Builders	XHB	-2.4%	15.2%
REITs	IYR	-2.9%	8.1%
Retail	RTH	-3.4%	2.8%
Regional Banks	KRE	-3.9%	12.0%
Large Banks	KBE	-2.3%	11.3%
Biotech	IBB	-5.1%	-5.1%
Consumer Cyclicals	XLY	-5.6%	4.5%
Financials	XLF	-6.0%	6.6%
HealthCare	XLV	-6.6%	-4.8%
Consumer Staples	XLP	-7.3%	-1.7%
Pharmaceutical	PPH	-7.7%	-5.6%
Basic Materials	XLB	-7.8%	2.9%
Agribusiness	MOO	-8.1%	5.6%
Metals & Mining	XME	-8.6%	7.4%
Industrials	XLI	-8.6%	3.2%
Utilities	XLU	-9.8%	-4.6%
Energy	XLE	-13.4%	-0.3%
Oil Services	OIH	-13.5%	1.2%
Steel	SLX	-13.6%	1.7%
Semiconductor	SMH	-13.7%	0.4%
Technology	XLK	-14.3%	-1.1%

Commodities and Metals
Gold continues to be strong, ending the week over $900/oz. GLD was up 3.3% on the week. Gold will likely continue its ascent to $1,000 albeit on a rocky path. Oil dipped briefly to $86.99 last week before ending up at $90. 52% of traders expect oil to continue to fall into the mid $80's before rallying later in the spring. My call: buy DUG on falling oil prices.

		YTD %	1W %
Silver	SLV	10.9%	1.7%
Agriculture	DBA	10.3%	-0.5%
Gold	GLD	9.5%	3.3%
Natural Gas	UNG	6.7%	0.7%
Oil	USO	-5.1%	0.5%

Global and Emerging Markets
With the "decoupling" theory going out the window, most emerging markets took a dump last week. People are reducing risk and exposure to these highly speculative markets. If the U.S. catches a cold, these will catch the FLU! My call: Short FXI via FXP.

		YTD %	1W %
Mexico	EWW	-7.0%	2.8%
Canada	EWC	-7.7%	3.9%
Taiwan	EWT	-8.5%	-4.4%
Hong Kong	EWH	-8.6%	0.5%
Brazil	EWZ	-8.7%	4.0%
Singapore	EWS	-9.1%	2.6%
Europe, Asia, Far East	EFA	-9.9%	-1.4%
Russia	RSX	-11.2%	-5.0%
Emerging Markets	EEM	-11.3%	-1.5%
China	FXI	-12.7%	-5.2%
India	INP	-15.4%	-5.1%
Australia	EWA	-7.0%	2.7%

UltraShort/Long
Without a doubt the best play of the year so far has been shorting everything and anything! The general consensus now for trading in a bear market is to SELL ALL RALLIES. If you want to get long on these bounces be prepared to exit quickly and do not hold overnight. Real Estate and Financials will get big bounces on Fed moves...but will also surrender to the "other shoe dropping". My sense is that we have not seen a bottom yet, there is still way too much risk in the system with CDS exposure to the banks.

		YTD %	1W %
Nasdaq 100 Ultrashort	QID	34.6%	6.2%
Oil Services Ultrashort	DUG	29.7%	1.3%
Russell 2000 Ultrashort	TWM	22.6%	-4.4%
S&P 500 Midcap	MZZ	22.2%	-4.8%
China FTSE 25 Ultrashort	FXP	20.6%	6.6%
S&P 500 Ultrashort	SDS	20.2%	-1.6%
DOW 30 Ultrashort	DXD	16.9%	-2.6%
Financials Ultrashort	SKF	10.1%	-13.4%
Real Estate Ultrashort	SRS	0.8%	-19.5%

ETF Leaderboard - Week Ending 1-25-08

2008-01-27T11:42:00.000-08:00

What a wild week it was!

Massive intra-day reversals, a surprise massive 75bp Fed rate cut, "$6oo bucks (or more) from the Gov't for you and me, a "rogue trader" loses $7.9 billion, worst decline in home prices since the Great Depression!!

Hold onto your hats, the coming week should be even more exciting. The highlight of the week comes Wednesday when the FOMC announces whether it will cut an expected 50bp or not. There are also major market moving economic datapoints, the biggest coming Friday with the jobs number. Also on tap, earnings report from tech, drugs and consumer staples companies.

Monday - New home sales, VZ, MCD, AXP
Tuesday - Durable Goods Orders, Consumer Confidence, YHOO, EMC
Wednesday - ADP employment, GDP, EIA Petro Report, FOMC Announcement, AMZN
Thursday - Personal Income and Outlays, Jobless Claims, GOOG, PG
Friday - Jobs number, ISM Mfg Index, XOM, CVX

ETF Leaderboard - YTD % Leaders

Name	Symbol	YTD %
ULTRASHORT QQQ	QID	34.6%
ULTRASHORT OIL & GAS	DUG	29.7%
ULTRASHORT MSCI EMERGING MARKETS	EEV	23.2%
ULTRASHORT RUSSELL2000 PROSHARES	TWM	22.6%
ULTRASHORT MIDCAP400 PROSHARES	MZZ	22.2%
ULTRASHORT FTSE/XINHUA CHINA 25 ETF	FXP	20.6%
ULTRASHORT S&P500 PROSHARES	SDS	20.2%
ULTRASHORT DOW30 PROSHARES	DXD	16.9%
ISHARES SILVER TRUST	SLV	10.9%
POWERSHARES DB AGRICULTURE FUND	DBA	10.3%
ULTRASHORT FINANCIALS PROSHARES	SKF	10.1%
MARKET VECTORS GOLD MINERS	GDX	10.0%

Week's Biggest ETF Gainers

Name	Symbol	1W %
ULTRA FINANCIAL PROSHARES	UYG	15.3%
SPDR S&P HOMEBUILDERS	XHB	15.2%
KBW REGIONAL BANKING	KRE	12.0%
KBW BANK	KBE	11.3%
REGIONAL HOLDRS TRUST	RKH	10.3%
COHEN & STEERS REALTY MAJORS INDEX FUND	ICF	9.0%
DOW JONES U.S. REAL ESTATE INDEX FUND	IYR	8.1%
SPDR S&P METALS & MINING ETF	XME	7.4%
DOW JONES U.S. FINANCIAL SECTOR INDEX FUND	IYF	7.3%
DOW JONES TRANSPORTATION AVERAGE INDEX FUND	IYT	7.1%
FINANCIAL SELECT SECTOR SPDR FUND	XLF	6.6%
ULTRASHORT FTSE/XINHUA CHINA 25 ETF	FXP	6.6%
ULTRASHORT QQQ PROSHARES	QID	6.2%
DOW JONES BROKER US DEALERS INDEX FUND	IAI	6.0%
MARKET VECTORS-AGRIBUSINESS ETF	MOO	5.6%

Week's Biggest ETF Losers

Name	Symbol	1W %
ULTRASHORT REAL ESTATE	SRS	-19.5%
ULTRASHORT FINANCIALS	SKF	-13.4%
ISHARES TRUST S&P 500 GROWTH INDEX FUND	IVW	-12.8%
ISHARES MSCI GERMANY INDEX FUND	EWG	-6.9%
PROSHARES TRUST ULTRA QQQ PROSHARES	QLD	-6.1%
MERRILL LYNCH & CO. INC. PHARMACEUTICAL HOLDRS	PPH	-5.6%
ISHARES TRUST FTSE/XINHUA CHINA 25 INDEX FUND	FXI	-5.2%
IPATH MSCI INDIA TOTAL RETURN INDEX ETN	INP	-5.1%

Friday (1-25-08) Biggest Intra-day % Reversals

Name	Symbol	Intra- day%
ULTRASHORT FTSE/XINHUA CHINA 25 ETF	FXP	9.2%
ULTRASHORT QQQ PROSHARES	QID	9.0%
ULTRASHORT OIL & GAS PROSHARES	DUG	7.5%
ULTRASHORT FINANCIALS PROSHARES	SKF	7.0%
ULTRASHORT MSCI EMERGING MARKETS	EEV	7.0%
ULTRASHORT S&P500 PROSHARES	SDS	5.3%
ULTRASHORT RUSSELL2000 PROSHARES	TWM	4.7%
ULTRASHORT REAL ESTATE PROSHARES	SRS	4.6%
ULTRASHORT DOW30 PROSHARES	DXD	4.2%
ULTRASHORT MIDCAP400 PROSHARES	MZZ	3.6%

Market Meltdown? Make Money on Reversals!

2008-01-22T16:48:00.001-08:00

Holy crap this market took a U-turn today! If you played it right, you could have made HUGE money!

Take a look at these reversal gains (open to close % change)!!

Name	Symbol	Volume	% Chg	Intraday % Chg
PROSHARES TRUST ULTRA FINANCIAL	UYG	2,782,062	5.42	19.70%
ISHARES TRUST COHEN & STEERS REALTY MAJORS	ICF	2,463,381	2.65	18.40%
POWERSHARES GOLDEN DRAGON HALTER USX CHINA	PGJ	2,168,811	-6.25	18.36%
ISHARES TRUST DOW JONES ENERGY SECTOR	IYE	827,040	-2.72	17.13%
MERRILL LYNCH & CO INC. REGIONAL HOLDRS	RKH	2,530,100	3.23	13.88%
POWERSHARES TRUST WILDERHILL CLEAN ENERGY	PBW	3,128,071	-1.18	13.57%
ISHARES TRUST S&P MIDCAP 400	IJH	1,382,759	-0.5	13.03%
CLAYMORE BNY BRIC ETF	EEB	1,110,121	-3.07	12.93%
ISHARES TRUST RUSSELL 1000 VALUE	IWD	4,501,512	-0.18	12.91%
ISHARES DOW JONES US HOME CONSTRUCTION	ITB	1,806,114	6.31	12.26%
ISHARES DOW JONES TRANSPORTATION AVERAGE	IYT	1,759,398	-0.04	11.70%
SPDR S&P HOMEBUILDERS	XHB	11,988,714	7.85	11.48%
TECHNOLOGY SELECT SECTOR SPDR	XLK	8,274,144	-1.86	10.59%

ETF Leaderboard - Week Ending 1-18-08

2008-01-18T19:06:00.000-08:00

YTD % gain leaders as of the week ended 1-18-08. List only includes the most liquid ETF's (volume> 500,000 shares/day).

Its truly a short seller's market so far in 2008. There are only a handful of non-short or ultrashort ETF's posting positive gains. Had you listened to The Fly and positioned yourself short in December 2007, you could have banked some coin!

Name	Symbol	YTD % Chg
PROSHARES ULTRASHORT FINANCIALS	SKF	29.8%
PROSHARES ULTRASHORT MIDCAP400	MZZ	28.4%
PROSHARES ULTRASHORT RUSSELL2000	TWM	28.2%
PROSHARES ULTRASHORT OIL & GAS	DUG	28.0%
PROSHARES ULTRASHORT QQQ	QID	26.7%
PROSHARES ULTRASHORT BASIC MATERIALS	SMN	25.5%
PROSHARES ULTRASHORT REAL ESTATE	SRS	25.3%
PROSHARES ULTRASHORT S&P500	SDS	22.2%
PROSHARES ULTRASHORT DOW30	DXD	20.0%
PROSHARES ULTRASHORT MSCI EMERGING MARKETS	EEV	20.0%
PROSHARES ULTRASHORT FTSE/XINHUA CHINA 25	FXP	13.2%
POWERSHARES DB AGRICULTURE FUND	DBA	10.9%
PROSHARES SHORT S&P500 PROSHARES	SH	10.8%
PROSHARES SHORT DOW30 PROSHARES	DOG	9.7%
ISHARES SILVER TRUST	SLV	9.1%
STREETTRACKS GOLD TRUST	GLD	6.0%
UNITED STATES NATURAL GAS FUND	UNG	5.9%
MARKET VECTORS VECTORS GOLD MINERS	GDX	5.5%
ISHARES TRUST LEHMAN 7-10 YEAR TREASURY BOND	IEF	3.0%
ISHARES TRUST LEHMAN 20+ YEAR TREASURY BOND	TLT	2.6%
ISHARES TRUST LEHMAN TIPS BOND	TIP	2.6%
ISHARES MSCI MALAYSIA	EWM	2.3%
ISHARES TRUST LEHMAN AGGREGATE BOND	AGG	2.1%
MERRILL LYNCH & CO. BIOTECH HOLDRS	BBH	1.6%
ISHARES TRUST LEHMAN 1-3 YEAR TREASURY BOND	SHY	1.3%

ETF Trading Ideas for the Week Ahead:
1. Continued weakness in oil prices should see DUG continue to rise at least through March.

2. An oversold rally will ensue at some point (its getting close), which sectors will catch a bid? Try the Nasdaq ultra-long (QLD) or for the daring, try the financials ultra-long (UYG)

3. When the Fed comes in with a big rate cut (some say 75 bp or more), expect a big rally in the banks. KRE, KCE could bounce strongly. Look at housing too XHB.

4. If the govt's fiscal stimulus takes shape ($800 cash or so) expect the beaten down retailers to pop. Take a look at RTH or XRT.

5. Here's an interesting observation: While DBA, the agricultural commodities ETF is up nearly 10% YTD, the agriculture companies ETF (MOO) is down -12.9%. How do you reconcile that? Either DBA has to come down or MOO has to go up. MOO's components got clobbered this week. DE, MOS, MON, BG, POT all losing significant percentages. I have a feeling these stocks will rise later in 2008 as worldwide ag inflation continues. Keep an eye on MOO!

2007 ETF Performance Winners

2008-01-04T15:05:00.000-08:00

The best performance for ETFs in 2007 reflects the sectors that were strong during the year.

What will 2008 bring?

Some sectors will continue to rally and some will fall away. More on this later in another post...

Symbol	Description	YTD % Chg
INP	India	86.4%
SLX	Steel	83.3%
EWZ	Brazin	72.3%
GXC	China	67.8%
EEB	BRIC countries	66.8%
PGJ	China	63.3%
SRS	Ultrashort Real Estate	61.3%
PBW	Clean Energy	59.9%
DIG	Ultra Oil & Gas	54.1%
FXI	China	52.9%
OIL	Oil	47.5%
USO	Oil	46.8%
ILF	Latin America	46.5%
SKF	Ultrashort Financials	45.6%
XME	Metals and Mining	40.8%
EWM	Malaysia	39.9%
MOO	Agribusiness	39.4%
EWH	Hong Kong	37.1%
OIH	Oil Services	35.3%
XLE	Energy Sector	35.3%
VWO	Emerging Markets	34.8%
DBA	Agriculture Commodities	31.9%
EWG	Gernamy	31.7%
EEM	Emerging Markets	31.6%
RSX	Russia	31.1%
EWY	Korea	31.0%
GLD	Gold	30.5%
DBC	Commodity fund	28.4%
PWJ	Dynamic Mid Cap Growth	27.5%
EWC	Canada	26.9%
EWS	Singapore	23.1%
EWA	Australia	22.6%
QLD	Ultra QQQQ	22.4%
UTH	Utilities	20.0%

ETFs Volume >1M and Gainers/Losers

2007-12-20T23:41:00.000-08:00

Sorted by price % chg

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
Ultra QQQ ProShares	QLD	5,126,771	3,589,880	43%	4.14%
PowerShares QQQ	QQQQ	167,342,283	160,646,000	4%	2.04%
Materials Select Sector SPDR	XLB	5,563,031	9,055,540	-39%	1.84%
iShares Russell 2000 Growth Index	IWO	4,281,100	4,780,570	-10%	1.82%
Oil Services HOLDRs	OIH	4,579,700	7,546,420	-39%	1.81%
iShares Russell 2000 Value Index	IWN	3,722,339	2,770,080	34%	1.66%
iShares Russell 2000 Index	IWM	121,971,161	88,400,900	38%	1.60%
MidCap SPDRs	MDY	4,825,932	5,400,110	-11%	1.50%
Technology Select Sector SPDR	XLK	1,928,017	3,964,460	-51%	1.44%
Semiconductor HOLDRs	SMH	6,422,400	9,082,420	-29%	1.42%
iShares S&P SmallCap 600 Index	IJR	1,315,031	1,939,450	-32%	1.42%
iShares FTSE/Xinhua China 25 Index	FXI	5,212,599	6,210,930	-16%	1.30%
Energy Select Sector SPDR	XLE	13,011,200	21,034,600	-38%	1.27%
iShares Nasdaq Biotechnology	IBB	1,220,169	1,288,440	-5%	1.19%
UltraShort Financials ProShares	SKF	2,360,157	1,939,690	22%	1.10%
iShares Russell 1000 Growth Index	IWF	4,604,015	3,258,470	41%	1.08%
iShares MSCI Brazil Index	EWZ	14,387,384	14,733,400	-2%	1.05%
iShares MSCI Mexico Index	EWW	2,962,500	3,693,230	-20%	1.02%
iShares Russell 1000 Index	IWB	1,446,742	645,806	124%	1.00%
Ultra S&P500 ProShares	SSO	2,126,451	1,671,910	27%	0.97%
iShares Dow Jones US Broker-Dealers	IAI	1,019,200	1,270,850	-20%	0.90%
Industrial Select Sector SPDR	XLI	3,717,476	4,936,880	-25%	0.83%
iShares S&P 500 Growth Index	IVW	1,257,287	806,594	56%	0.78%
iShares MSCI EAFE Index	EFA	13,827,569	9,292,350	49%	0.71%
iShares S&P 500 Index	IVV	2,795,150	2,805,200	0%	0.71%
SPDR S&P Retail	XRT	3,508,600	3,023,110	16%	0.67%
iShares MSCI Hong Kong Index	EWH	4,682,875	7,594,820	-38%	0.65%
iShares Russell 1000 Value Index	IWD	4,933,557	1,994,760	147%	0.64%
SPDRs	SPY	214,813,762	199,655,000	8%	0.63%
Health Care Select Sector SPDR	XLV	2,094,560	2,116,370	-1%	0.59%
iShares MSCI Emerging Markets Index	EEM	15,173,502	17,363,000	-13%	0.55%
iShares MSCI Singapore Index	EWS	4,125,233	4,428,140	-7%	0.53%
Consumer Discretionary SPDR	XLY	2,352,319	3,897,480	-40%	0.49%
iShares S&P 100 Index	OEF	1,602,520	1,488,450	8%	0.45%
Utilities Select Sector SPDR	XLU	4,282,956	5,073,330	-16%	0.44%
iShares MSCI Japan Index	EWJ	12,597,857	17,834,600	-29%	0.38%
iShares Dow Jones US Real Estate	IYR	6,199,127	6,249,770	-1%	0.38%
DIAMONDS Trust, Series 1	DIA	12,707,857	14,685,800	-13%	0.33%
iShares MSCI Malaysia Index	EWM	1,905,500	2,832,780	-33%	0.25%
iShares MSCI Australia Index	EWA	3,205,500	2,470,770	30%	0.11%
iShares Lehman 1-3 Year Treasury Bond	SHY	1,304,600	946,198	38%	0.07%
SPDR S&P Homebuilders	XHB	4,927,820	4,693,650	5%	0.00%
iShares Cohen & Steers Realty Majors	ICF	1,192,445	990,875	20%	0.00%
United States Oil	USO	1,539,900	3,208,600	-52%	-0.07%
Retail HOLDRs	RTH	3,659,000	5,353,560	-32%	-0.11%
iShares Lehman 20+ Year Treas Bond	TLT	1,659,361	1,726,230	-4%	-0.21%
Pharmaceutical HOLDRs	PPH	1,065,400	720,111	48%	-0.40%
Market Vectors Gold Miners ETF	GDX	1,279,606	2,177,700	-41%	-0.42%
Consumer Staples Select Sector SPDR	XLP	1,720,704	3,120,770	-45%	-0.45%
KBW Regional Banking ETF	KRE	1,808,101	1,818,600	-1%	-0.48%
Regional Bank HOLDRs	RKH	1,021,100	905,618	13%	-0.48%
KBW Bank ETF	KBE	1,722,750	1,522,840	13%	-0.54%
Financial Select Sector SPDR	XLF	98,255,288	81,129,500	21%	-0.72%
streetTRACKS Gold Shares	GLD	6,345,630	8,049,930	-21%	-0.72%
UltraShort Dow30 ProShares	DXD	1,588,499	3,168,610	-50%	-0.95%
iShares MSCI South Korea Index	EWY	3,206,578	2,616,490	23%	-1.23%
iShares MSCI Taiwan Index	EWT	5,988,951	8,259,080	-27%	-1.29%
UltraShort S&P500 ProShares	SDS	11,582,538	16,820,900	-31%	-1.63%
UltraShort Russell2000 ProShares	TWM	5,344,315	4,771,880	12%	-3.18%
UltraShort MidCap400 ProShares	MZZ	1,012,400	646,620	57%	-3.43%
UltraShort QQQ ProShares	QID	16,930,599	29,919,200	-43%	-4.16%

Market Summary 12-20-07

2007-12-20T23:36:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13245.64	38.37	0.29%
Nasdaq Comp	2640.86	39.85	1.53%
S&P 500	1460.12	7.12	0.49%
DJ Wilshire 5K	14735.57	90.93	0.62%
Russell 2000	767.54	11.41	1.51%
Nasdaq 100	2069.68	38.68	1.90%

Issues	NYSE	Nasdaq	Amex
Advancing	1,846	1,899	681
Declining	1,446	1,119	544
Unchanged	86	192	111
Total	3,378	3,143	1,336
Issues at
New 52 Wk High	45	42	19
New 52 Wk Low	320	238	90
Share Volume
Total	1,356,823,280	1,969,412,354	36,750,038
Advancing	741,783,900	1,452,054,903	18,115,100
Declining	588,871,280	465,913,029	15,425,338
Unchanged	26,168,100	51,444,422	3,209,600

Futures	Last	Chg
Crude Oil	91.4	0.34
Natural Gas, Mar	7.273	0
Gold, Feb	804.6	1.4

From Briefing.com:

Moving the Market		Sector Watch
Oracle, Nike and Accenture top earnings expectations FedEx reports earnings that beat expectations, but issues future Q3 earnings guidance below estimates Bear Stearns significantly misses earnings expectations Bond insurer MBIA says it has $30.6 bln in CDO and Mortgage exposure		Strong: fertilizer & agriculture chemicals; IT consulting services; agriculture products; footwear; semiconductors; systems software; constructions & farm machinery; aluminum; electronic equipment; office electronics Weak: home furnishings; real estate management & development; industrial REITs; consumer finance; general merchandise stores; education services; thrifts & mortgages; property & casualty insurance; residential REITs; dept. stores

It was another roller coaster day of trading on Thursday. The S&P and Dow closed with modest gains after spending much of the day in the red, while the Nasdaq finished the day significantly higher, buoyed by a strong earnings report from Oracle (ORC 22.10, +1.34). The financial sector prevented the market from making further gains,though, as bond insurers once again came under scrutiny.

Shares of bond insurer MBIA (MBI 20.00, -7.02) plummeted 26% after the company said it has $30.6 billion in collateralized debt obligation exposure, much larger than many analysts previously thought. Yesterday, Standard & Poor's affirmed MBIA's AAA credit rating, and today said the company's CDO exposure was factored into that decision.

S&P's announcement, though, did little to help the stock, as some investors felt blindsided that the exposure was not previously disclosed. Adding to the company's woes, Fitch Ratings put MBIA on Rating Watch Negative because of the CDO exposure.

A number of companies reported earnings on Thursday, most of them better than expected.

Oracle played a pivotal role in the Nasdaq's outperformance after reporting stronger than expected earnings. Oracle earnings came in at $0.31 per share, topping estimates by $0.04.

Meanwhile, Nike (NKE 66.01, +2.21), Herman Miller (MLHR 32.05, +3.63), and Accenture (ACN 37.24, +2.28) all came in ahead of estimates.

It was just about a month ago that FedEx (FDX 93.63, -1.00) warned of an earnings shortfall for its second quarter and fiscal year. So, although FedEx beat the second quarter consensus estimate of $1.50 by four cents, the qualifier should be added that it beat the lowered consensus estimate. Also, the company issued futures earnings guidance below expectations, which helped send its shares lower.

Bear Stearns (BSC 91.42, +0.82) reported a huge loss of $6.90 per share due to mortgage-related losses, much higher than the $1.79 per share loss most analysts expected. It was Bear's first quarterly loss ever, according to reports. After some choppy trading, the market shrugged off the negative report, sending shares of the company higher.

Of the nine sectors that traded high, tech (+1.6%) provided leadership, thanks to strength in Oracle and Apple (AAPL 187.21, +4.09). Only the financial sector (-0.7%) finished lower.

There were several economic reports, although none had much of an impact on the stock market.

Third quarter real GDP was unchanged at a 4.9% annual growth rate. Core PCE rose 2.0% (consensus +1.8%) quarter over quarter and the GDP Price Index rose 1.0% (consensus +0.9%). The report was just the final revision, so it did not have much of an impact on the market.

The weekly initial jobless claims for the week ended Dec. 15 rose to 346,000 from 335,000 the week before. The reading is not high enough to signal significant weakness in the labor market, just a modest worsening.

Leading Indicators dropped by 0.4%, slightly more than the expectation of a 0.3% drop. This report typically garners little market interest, as many of the indicators that make up the report have been previously released.

Lastly, the regional Fed survey for December manufacturing was a very disappointing -5.7. A reading below zero suggests a contraction in manufacturing. The New York survey released earlier this week had a more optimistic reading of 10.3. These are just regional surveys, and not too much emphasis should be placed on them, but a poor reading here raises red flags.

ETFs Volume >1M and Gainers/Losers

2007-12-19T19:51:00.000-08:00

Sorted by price % chg

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
iShares MSCI Taiwan Index	EWT	10,259,063	8,314,300	23%	3.21%
iShares Cohen & Steers Realty Majors	ICF	1,674,129	983,645	70%	1.76%
United States Oil	USO	2,304,600	3,244,610	-29%	1.46%
iShares MSCI South Korea Index	EWY	3,413,466	2,619,970	30%	1.40%
iShares Lehman 20+ Year Treas Bond	TLT	2,252,350	1,760,000	28%	1.33%
iShares MSCI Hong Kong Index	EWH	5,211,702	7,649,160	-32%	1.08%
KBW Capital Markets ETF	KCE	1,147,844	882,528	30%	1.05%
Energy Select Sector SPDR	XLE	16,833,160	21,132,500	-20%	0.96%
Ultra QQQ ProShares	QLD	5,152,145	3,547,390	45%	0.92%
Consumer Staples Select Sector SPDR	XLP	1,922,635	3,152,580	-39%	0.84%
iShares Dow Jones US Real Estate	IYR	6,107,080	6,282,140	-3%	0.83%
iShares Russell 2000 Growth Index	IWO	2,689,519	4,795,470	-44%	0.68%
iShares MSCI Emerging Markets Index	EEM	18,830,498	17,452,700	8%	0.65%
Technology Select Sector SPDR	XLK	1,908,296	3,966,680	-52%	0.65%
iShares Russell 2000 Index	IWM	85,850,026	88,289,600	-3%	0.61%
Financial Select Sector SPDR	XLF	110,182,855	80,768,500	36%	0.58%
iShares MSCI Canada Index	EWC	1,285,800	1,523,240	-16%	0.55%
iShares S&P SmallCap 600 Index	IJR	2,262,871	1,990,940	14%	0.46%
UltraShort S&P500 ProShares	SDS	14,721,526	16,896,700	-13%	0.38%
iShares Russell 2000 Value Index	IWN	3,895,989	2,768,000	41%	0.37%
UltraShort Dow30 ProShares	DXD	2,145,744	3,191,060	-33%	0.35%
iShares MSCI Brazil Index	EWZ	12,892,205	14,733,200	-12%	0.33%
MidCap SPDRs	MDY	4,864,730	5,439,380	-11%	0.33%
Oil Services HOLDRs	OIH	4,961,400	7,658,610	-35%	0.25%
Semiconductor HOLDRs	SMH	6,324,700	9,124,020	-31%	0.19%
Ultra S&P500 ProShares	SSO	3,504,575	1,654,740	112%	0.15%
iShares FTSE/Xinhua China 25 Index	FXI	7,348,044	6,208,300	18%	0.07%
SPDRs	SPY	198,917,144	199,332,000	0%	0.00%
streetTRACKS Gold Shares	GLD	5,639,700	8,120,580	-31%	-0.01%
PowerShares QQQ	QQQQ	137,971,798	160,030,000	-14%	-0.02%
iShares Russell 1000 Value Index	IWD	2,929,574	1,938,750	51%	-0.04%
Health Care Select Sector SPDR	XLV	1,663,013	2,109,120	-21%	-0.06%
iShares S&P 500 Index	IVV	2,947,002	2,802,480	5%	-0.12%
Materials Select Sector SPDR	XLB	5,628,304	9,192,850	-39%	-0.15%
iShares Nasdaq Biotechnology	IBB	1,826,020	1,288,840	42%	-0.15%
DIAMONDS Trust, Series 1	DIA	14,342,764	14,697,300	-2%	-0.21%
Utilities Select Sector SPDR	XLU	3,438,402	5,115,280	-33%	-0.25%
iShares S&P 100 Index	OEF	2,159,092	1,505,110	43%	-0.26%
Industrial Select Sector SPDR	XLI	3,489,583	4,929,900	-29%	-0.33%
UltraShort Financials ProShares	SKF	2,993,410	1,923,340	56%	-0.35%
iShares Russell 1000 Growth Index	IWF	3,146,093	3,248,280	-3%	-0.40%
iShares MSCI Mexico Index	EWW	2,701,506	3,718,640	-27%	-0.46%
SPDR S&P Homebuilders	XHB	4,243,841	4,820,640	-12%	-0.47%
iShares MSCI Australia Index	EWA	1,996,770	2,437,850	-18%	-0.48%
KBW Regional Banking ETF	KRE	1,335,898	1,852,960	-28%	-0.53%
Pharmaceutical HOLDRs	PPH	1,354,600	731,798	85%	-0.54%
iShares MSCI Singapore Index	EWS	5,229,472	4,406,520	19%	-0.66%
iShares MSCI Japan Index	EWJ	17,249,601	17,905,500	-4%	-0.68%
iShares MSCI Malaysia Index	EWM	1,439,608	2,844,930	-49%	-0.72%
UltraShort QQQ ProShares	QID	25,224,241	30,038,000	-16%	-0.76%
iShares MSCI EAFE Index	EFA	13,308,641	9,184,940	45%	-0.82%
Market Vectors Gold Miners ETF	GDX	1,084,772	2,200,770	-51%	-0.85%
Consumer Discretionary SPDR	XLY	3,131,665	3,945,540	-21%	-0.90%
KBW Bank ETF	KBE	1,253,013	1,520,360	-18%	-0.96%
Retail HOLDRs	RTH	3,125,100	5,406,140	-42%	-0.98%
UltraShort Russell2000 ProShares	TWM	6,220,707	4,749,580	31%	-1.10%
SPDR S&P Retail	XRT	1,521,200	3,008,450	-49%	-1.10%
UltraShort FTSE/Xinhua China 25	FXP	1,974,712	1,339,670	47%	-1.49%
UltraShort Real Estate ProShares	SRS	1,036,561	792,685	31%	-2.00%
iShares MSCI South Africa Index	EZA	1,386,528	254,555	445%	-2.07%

Market Summary 12-19-07

2007-12-19T19:46:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13207.27	-25.2	-0.19%
Nasdaq Comp	2601.01	4.98	0.19%
S&P 500	1453	-1.98	-0.14%
DJ Wilshire 5K	14644.64	-6.52	-0.04%
Russell 2000	756.13	2.07	0.27%
Nasdaq 100	2031	1.51	0.07%

Issues	NYSE	Nasdaq	Amex
Advancing	1,451	1,490	582
Declining	1,836	1,512	640
Unchanged	86	130	116
Total	3,373	3,132	1,338
Issues at
New 52 Wk High	25	24	16
New 52 Wk Low	273	179	90
Share Volume
Total	1,350,019,600	1,844,097,119	38,134,635
Advancing	580,900,700	1,021,432,991	18,524,400
Declining	752,558,100	790,756,574	15,757,935
Unchanged	16,560,800	31,907,554	3,852,300

Futures	Last	Change
Crude Oil	91.52	0.28
Natural Gas, Mar	7.34	0
Gold, Feb	804.7	-0.7

From Briefing.com

Moving the Market		Sector Watch
Morgan Stanley reports a much larger than expected loss, but mitigates some disappointment after selling a $5 bln stake in itself General Mills tops earnings expectations; 2008 forecast fails to meet analysts' expectations Standard & Poors lowers outlook on bond insurers Fed's $20 billion auction draws a yield of 4.65%; 93 financial institutions put in bids		Strong: real estate management & development; tires & rubber; agriculture products; residential REITs; home entertainment software; industrial REITs; office REITs; coal & consumable fuels; human resources & employment services; fertilizer & agriculture chemi Weak: diversified ; dept. stores; general merchandise stores; restaurants; consumer finance; railroads; environmental services; trucking; paper packaging; home furnishings

It was another whipsaw day of trading for the stock market on Wednesday, with several sizable gains and declines during the session. By the end of the trading day, the major indices were mixed with the Nasdaq closing slightly higher, and the S&P and Dow finishing slightly lower. There were no economic reports, but there was plenty of corporate and Federal Reserve news to keep the market occupied.

Yesterday, Goldman Sachs (GS 204.16, +2.65) topped its earnings expectations, but its stock still finished 3.4% lower. Today, fellow Wall Street firm Morgan Stanley (MS 50.08, +2.01) significantly missed earnings expectations, but its stock finished 4% higher.

Morgan Stanley reported a loss of $3.61 per share for its fiscal fourth quarter, well short of analysts' expectations that called for a loss of $0.39 per share. The larger than expected loss was due to $5.7 billion in additional mortgage-related write-downs, bringing the company's total fourth quarter write-down to approximately $9.4 billion.

Investor disappointment was mitigated, however, after the investment bank said it sold a $5 billion stake to China Investment Corp. to further strengthen its capital position amid ongoing credit market turmoil and weakness in the financial sector.

While market participants were able to find an upside in Morgan Stanley's earnings report, the same cannot be said for earnings reports from General Mills (GIS 57.99, -1.08), homebuilder Hovnanian (HOV -0.96, 11.43%) and, Olive Garden operator Darden Restaurants (DRI 28.60, -7.74).

Standard & Poor's added to today's volatility after lowering its outlook on several bond insurers, which caused a steep decline in the indices around 11:30 ET. S&P affirmed its AAA rating on MBIA (MBI 27.02, -0.68) and Ambac (ABK 27.46, +0.48), but changed their outlook to negative. On Monday, Moody's also affirmed its highest rating on MBIA and Ambac, but stated Ambac's outlook was stable, while MBIA's was negative.

Also, Standard & Poor's cut its rating on ACA Capital to CCC from A. Before the rating change, The New York Times reported that several banks were talking about a possible bailout plan for ACA Capital.

Meanwhile, shares of student loan provider SLM Corp. (SLM 22.89, -5.98), known as Sallie Mae, got pummeled. During the company's shareholder meeting call, management seemed combative, and indicated that it may cut its dividend. A failed buyout of SLM earlier this year has taken a toll on its stock, which is down 60% since July.

Four sectors traded higher, with energy (+0.4%) leading the way for the second straight session. Financials (+0.1%) were providing leadership in morning trade, but managed to finish with only a slight gain following the headlines regarding the Standard and Poor's outlook on bond insurers. Telecom (-1.2%) was the main laggard.

Separately, the Federal Reserve released a press release regarding its Dec. 17 $20 billion 28-day credit auction results. The auction drew 93 financial institution, totaling $61.5 billion in bids. The Fed will lend the money at 4.65%, well above the 4.17% minimum bid set by the Fed and below the 4.75% discount rate. This auction is the first of four, which the Fed enacted in hopes to improve liquidity.

In commodities trading, crude oil (+$1.23 to $91.34) closed higher today after the Dept. of Energy said in its weekly report that inventories fell by a larger amount than most analysts expected.

ETFs >1M Volume and Gainers/Losers

2007-12-18T19:12:00.000-08:00

Sorted by price % chg

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
iShares FTSE/Xinhua China 25 Index	FXI	7,764,170	6,084,760	28%	5.66%
PowerShares WilderHill Clean Energy	PBW	1,281,060	805,658	59%	3.79%
iShares MSCI Taiwan Index	EWT	10,266,090	8,303,240	24%	3.47%
iShares MSCI Brazil Index	EWZ	16,237,765	14,651,200	11%	3.41%
PowerShares Gldn Dragon Halter China	PGJ	1,187,290	1,585,760	-25%	3.28%
iShares MSCI Hong Kong Index	EWH	4,932,553	7,688,460	-36%	2.90%
iShares MSCI South Korea Index	EWY	3,170,473	2,609,810	21%	2.83%
iShares MSCI Emerging Markets Index	EEM	23,278,684	17,271,600	35%	2.75%
Vanguard Emerging Markets Stock ETF	VWO	1,033,375	777,391	33%	2.63%
KBW Regional Banking ETF	KRE	2,537,887	1,823,620	39%	2.56%
iShares MSCI Singapore Index	EWS	3,299,108	4,370,710	-25%	2.54%
Market Vectors Gold Miners ETF	GDX	2,247,881	2,221,980	1%	2.04%
iShares Russell 2000 Value Index	IWN	4,495,201	2,712,880	66%	1.85%
iShares Russell 2000 Growth Index	IWO	4,426,000	4,825,040	-8%	1.83%
iShares Russell 2000 Index	IWM	114,500,436	88,163,000	30%	1.79%
iShares MSCI Japan Index	EWJ	19,774,422	18,040,700	10%	1.77%
iShares MSCI Germany Index	EWG	1,846,200	1,179,160	57%	1.63%
SPDR S&P Retail	XRT	4,305,100	2,973,390	45%	1.54%
streetTRACKS Gold Shares	GLD	6,757,605	8,263,880	-18%	1.43%
iShares MSCI Malaysia Index	EWM	1,265,000	2,894,220	-56%	1.37%
iShares S&P SmallCap 600 Index	IJR	1,714,800	1,983,200	-14%	1.36%
iShares Dow Jones US Real Estate	IYR	8,549,007	6,225,590	37%	1.29%
Ultra S&P500 ProShares	SSO	2,859,854	1,590,000	80%	1.27%
iShares MSCI EAFE Index	EFA	18,381,924	8,938,620	106%	1.25%
Materials Select Sector SPDR	XLB	8,879,136	9,318,260	-5%	1.11%
Retail HOLDRs	RTH	5,318,000	5,465,490	-3%	1.03%
iShares Nasdaq Biotechnology	IBB	2,248,643	1,286,470	75%	0.99%
Energy Select Sector SPDR	XLE	20,871,379	21,046,600	-1%	0.96%
Consumer Discretionary SPDR	XLY	3,889,603	3,920,640	-1%	0.94%
Utilities Select Sector SPDR	XLU	4,001,526	5,122,840	-22%	0.89%
KBW Bank ETF	KBE	1,395,545	1,511,220	-8%	0.79%
Oil Services HOLDRs	OIH	4,348,600	7,742,670	-44%	0.77%
Health Care Select Sector SPDR	XLV	2,168,414	2,128,510	2%	0.76%
iShares Russell 1000 Growth Index	IWF	3,249,098	3,215,700	1%	0.75%
SPDR S&P Metals & Mining	XME	1,514,125	451,386	235%	0.70%
iPath MSCI India Index ETN	INP	1,256,173	838,146	50%	0.69%
iShares Dow Jones Select Dividend Index	DVY	1,002,599	746,032	34%	0.69%
iShares S&P 500 Value Index	IVE	1,297,100	442,411	193%	0.67%
iShares S&P 100 Index	OEF	2,918,928	1,451,160	101%	0.65%
iShares Lehman 20+ Year Treas Bond	TLT	1,417,079	1,771,520	-20%	0.65%
iShares MSCI Mexico Index	EWW	3,508,200	3,747,940	-6%	0.63%
iShares S&P 500 Index	IVV	2,648,849	2,788,870	-5%	0.63%
iShares Russell 1000 Value Index	IWD	3,889,420	1,880,650	107%	0.62%
iShares S&P 500 Growth Index	IVW	1,014,302	793,748	28%	0.61%
SPDRs	SPY	245,547,458	198,239,000	24%	0.56%
iShares Russell 1000 Index	IWB	1,008,336	615,845	64%	0.53%
iShares Cohen & Steers Realty Majors	ICF	1,818,045	954,060	91%	0.50%
iShares MSCI Australia Index	EWA	4,267,800	2,373,310	80%	0.48%
DIAMONDS Trust, Series 1	DIA	13,719,014	14,684,600	-7%	0.47%
Semiconductor HOLDRs	SMH	7,296,300	9,127,210	-20%	0.44%
MidCap SPDRs	MDY	5,960,321	5,479,270	9%	0.37%
PowerShares QQQ	QQQQ	154,212,125	159,169,000	-3%	0.32%
Industrial Select Sector SPDR	XLI	5,743,615	4,904,600	17%	0.28%
Ultra QQQ ProShares	QLD	5,660,169	3,445,050	64%	0.18%
Financial Select Sector SPDR	XLF	84,071,454	80,546,900	4%	0.07%
UltraShort QQQ ProShares	QID	30,137,046	30,016,400	0%	0.07%
UltraShort Financials ProShares	SKF	3,943,702	1,850,710	113%	0.05%
Technology Select Sector SPDR	XLK	3,387,313	3,951,720	-14%	0.00%
iShares MSCI Canada Index	EWC	7,515,325	1,407,560	434%	-0.10%
Regional Bank HOLDRs	RKH	1,111,300	923,351	20%	-0.34%
UltraShort Dow30 ProShares	DXD	2,551,505	3,226,470	-21%	-0.41%
Consumer Staples Select Sector SPDR	XLP	4,009,879	3,098,720	29%	-0.45%
Ultra Financials ProShares	UYG	1,021,854	266,135	284%	-0.49%
KBW Capital Markets ETF	KCE	1,443,300	886,740	63%	-0.81%
iShares Dow Jones US Broker-Dealers	IAI	1,331,878	1,381,080	-4%	-0.85%
United States Oil	USO	2,779,900	3,245,790	-14%	-1.08%
UltraShort S&P500 ProShares	SDS	14,940,486	16,919,500	-12%	-1.14%
SPDR S&P Homebuilders	XHB	3,089,511	4,935,560	-37%	-1.14%
UltraShort MidCap400 ProShares	MZZ	1,106,278	627,660	76%	-1.29%
UltraShort Real Estate ProShares	SRS	1,515,836	777,769	95%	-1.89%
UltraShort Russell2000 ProShares	TWM	7,589,788	4,665,100	63%	-3.86%
UltraShort FTSE/Xinhua China 25	FXP	1,866,662	1,296,590	44%	-9.43%

Market Summary 12-18-07

2007-12-18T19:08:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13232.47	65.27	0.50%
Nasdaq Comp	2596.03	21.57	0.84%
S&P 500	1454.98	9.08	0.63%
DJ Wilshire 5K	14651.16	96.08	0.66%
Russell 2000	754.06	15	2.03%
Nasdaq 100	2029.49	8.69	0.43%

Issues	NYSE	Nasdaq	Amex
Advancing	2,068	1,823	690
Declining	1,234	1,202	570
Unchanged	75	113	105
Total	3,377	3,138	1,365

New 52 Wk High	20	14	14
New 52 Wk Low	372	278	102

Total	1,489,914,900	1,985,172,020	39,574,523
Advancing	970,863,680	1,338,228,080	22,561,175
Declining	496,899,240	614,975,661	14,721,348
Unchanged	22,151,980	31,968,279	2,292,000

Futures	Last	Change
Crude Oil	90.41	0.33
Natural Gas, Mar	7.37	0.05
Gold, Feb	806.2	-1.2

From Briefing.com

Moving the Market		Sector Watch
European Central Bank is injecting $500 bln into the banking system in attempt to improve liquidity Adobe, Best Buy and Goldman Sachs top earnings expectations Housing starts and building permits fall, but are in line with expectations Bargain hunting bid with S&P down 5.8% at its low from the intraday high it hit just a week ago		Strong: specialty consumer services; thrifts & mortgages; office REITs; industrial gases; environmental services; IT consulting & services; residential REITs; health care facilities; gold; multiline insurance Weak: investment banks & brokerages; industrial REITs; apparel & accessories; education services; other div. finl. services

It was a seesaw trade on Tuesday as the market traded down in the morning and then traded up in the afternoon. If anything, that was the opposite of what market watchers might have expected when taking stock of the positive developments before the open and the market's propensity of late to close trading sessions on a weak note.

Despite the negative trend in the first half of the day, it should be noted that the market did start the session on a higher note. The positive move followed a favorable trade in the futures market, which was driven by news of a whopping $500 billion cash injection into the banking system by the European Central Bank, better than expected earnings reports from Goldman Sachs (GS 201.51, -7.12), Best Buy (BBY 51.62, +0.48) and Adobe Systems (ADBE 42.03, +1.13), and a Housing Starts report for November that wasn't as bad as feared.

Those good vibes quickly disappeared, however, when the stocks of both Goldman Sachs and Best Buy rolled over amid concerns about the companies' near-term outlook. The sight of those stocks giving up early gains sparked a disappointment trade that carried the indices well into negative territory.

At their lows for the day, which were reached around 12:00 ET, the Dow, Nasdaq and S&P were down 75, 20 and 10 points, respectively.

For the S&P its low marked a 5.8% decline from the intraday high it reached just a week ago. Sensing that the market had gotten oversold on a short-term basis, buyers returned to the action and drove the indices back into positive territory with broad-based buying interest that favored small-cap stocks.

The financial sector (+0.1%) helped lead the turn, although it trailed the broader market as the weak showing from Goldman Sachs and the investment banks weighed on its performance.

Best Buy managed to get things turned around in the afternoon rally to finish with a modest gain for the day. Its positive showing contributed to a solid 1.4% gain in the S&P Retailing Index which, in turn, underpinned the gain seen in the consumer discretionary sector (+0.9%). News that General Motors (GM 26.93, +0.54) and the UAW reached agreement on the first phase of an employee buyout plan that will reduce GM's compensation expense also contributed to the sector's outperformance.

All 10 economic sectors closed higher today with the income-oriented utilities sector (+1.5%) leading the pack. The energy sector (+1.4%) followed close behind, having garnered a bargain hunting bid with the sector down 4.2% at its low today from the intraday high it reached last Thursday.

Separately, the Housing Starts report showed a 3.7% decline in starts to an annualized rate of 1.187 million units (consensus 1.176 mln) and a 1.5% decline in building permits to an annualized rate of 1.15 million (consensus 1.15 mln). The data reflected a continued weak housing market, but because they were largely in line with expectations, they didn't have much bearing on today's proceedings.

ETFs >1M and Gainers/Losers

2007-12-17T14:59:00.000-08:00

Sorted by price % chg.

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
UltraShort FTSE/Xinhua China 25	FXP	1,599,909	1,284,880	25%	11.54%
UltraShort Real Estate ProShares	SRS	1,474,984	763,137	93%	4.98%
UltraShort QQQ ProShares	QID	24,568,533	29,986,900	-18%	4.42%
UltraShort Russell2000 ProShares	TWM	5,887,411	4,614,980	28%	3.31%
UltraShort MidCap400 ProShares	MZZ	1,105,710	615,737	80%	3.19%
UltraShort S&P500 ProShares	SDS	11,985,459	16,926,400	-29%	2.94%
UltraShort Dow30 ProShares	DXD	2,803,947	3,219,760	-13%	2.42%
UltraShort Financials ProShares	SKF	2,912,531	1,812,250	61%	1.79%
iShares Lehman 20+ Year Treas Bond	TLT	2,046,198	1,760,920	16%	0.89%
SPDR S&P Homebuilders	XHB	3,102,113	4,941,780	-37%	0.31%
Retail HOLDRs	RTH	6,385,700	5,425,820	18%	-0.45%
streetTRACKS Gold Shares	GLD	6,495,430	8,282,920	-22%	-0.50%
United States Oil	USO	1,999,900	3,269,900	-39%	-0.51%
Consumer Staples Select Sector SPDR	XLP	2,978,233	3,088,970	-4%	-0.69%
KBW Regional Banking ETF	KRE	1,430,153	1,830,140	-22%	-0.75%
SPDR S&P Retail	XRT	2,434,007	2,947,830	-17%	-0.77%
KBW Bank ETF	KBE	1,929,913	1,501,960	28%	-0.92%
Utilities Select Sector SPDR	XLU	4,169,910	5,118,530	-19%	-0.93%
Consumer Discretionary SPDR	XLY	2,381,622	3,945,430	-40%	-0.93%
Financial Select Sector SPDR	XLF	69,628,250	79,942,300	-13%	-1.06%
Health Care Select Sector SPDR	XLV	1,637,737	2,120,850	-23%	-1.06%
iShares Russell 2000 Value Index	IWN	4,313,421	2,676,360	61%	-1.13%
DIAMONDS Trust, Series 1	DIA	10,828,329	14,677,000	-26%	-1.14%
iShares S&P 100 Index	OEF	1,212,124	1,453,620	-17%	-1.31%
iShares S&P 500 Index	IVV	1,895,153	2,795,600	-32%	-1.34%
iShares Russell 1000 Value Index	IWD	3,378,649	1,847,160	83%	-1.36%
MidCap SPDRs	MDY	4,236,157	5,472,730	-23%	-1.37%
SPDRs	SPY	177,003,811	197,391,000	-10%	-1.43%
iShares Russell 2000 Index	IWM	71,634,868	88,012,100	-19%	-1.53%
Semiconductor HOLDRs	SMH	7,516,800	9,104,850	-17%	-1.56%
iShares Russell 1000 Index	IWB	1,548,899	607,577	155%	-1.61%
iShares Russell 1000 Growth Index	IWF	4,170,609	3,194,040	31%	-1.62%
KBW Capital Markets ETF	KCE	1,410,700	880,586	60%	-1.62%
iShares MSCI Japan Index	EWJ	15,266,860	18,082,600	-16%	-1.73%
Energy Select Sector SPDR	XLE	27,182,168	20,844,200	30%	-1.79%
Industrial Select Sector SPDR	XLI	5,244,152	4,861,250	8%	-1.80%
iShares Dow Jones US Real Estate	IYR	8,475,796	6,164,050	38%	-1.81%
Technology Select Sector SPDR	XLK	1,958,315	3,966,150	-51%	-1.91%
iShares MSCI EAFE Index	EFA	21,841,753	8,683,200	152%	-2.13%
iShares Russell 2000 Growth Index	IWO	4,961,800	4,799,130	3%	-2.19%
iShares Nasdaq Biotechnology	IBB	1,889,783	1,265,340	49%	-2.20%
iShares MSCI Malaysia Index	EWM	2,202,315	2,869,640	-23%	-2.29%
iShares Cohen & Steers Realty Majors	ICF	1,409,048	944,469	49%	-2.31%
PowerShares QQQ	QQQQ	134,104,605	158,638,000	-15%	-2.43%
Oil Services HOLDRs	OIH	6,029,200	7,713,320	-22%	-2.54%
Ultra S&P500 ProShares	SSO	2,498,012	1,560,510	60%	-3.19%
Materials Select Sector SPDR	XLB	8,553,199	9,255,580	-8%	-3.55%
iShares MSCI Singapore Index	EWS	5,037,800	4,316,150	17%	-3.67%
iShares MSCI Australia Index	EWA	2,999,502	2,342,380	28%	-3.69%
iShares MSCI Mexico Index	EWW	2,977,900	3,744,460	-20%	-3.91%
Market Vectors Gold Miners ETF	GDX	1,613,311	2,233,920	-28%	-3.97%
iShares MSCI Emerging Markets Index	EEM	20,377,510	17,042,100	20%	-4.26%
iShares MSCI South Korea Index	EWY	2,273,013	2,604,970	-13%	-4.41%
Ultra QQQ ProShares	QLD	5,399,872	3,382,870	60%	-4.58%
PowerShares WilderHill Clean Energy	PBW	1,229,366	788,502	56%	-4.64%
iShares MSCI Hong Kong Index	EWH	5,876,438	7,706,500	-24%	-4.74%
PowerShares Gldn Dragon China	PGJ	1,119,384	1,574,210	-29%	-5.49%
iShares MSCI Brazil Index	EWZ	18,485,111	14,513,700	27%	-5.55%
iShares MSCI Taiwan Index	EWT	9,486,409	8,282,110	15%	-5.59%
Claymore/BNY BRIC	EEB	1,306,450	669,723	95%	-5.78%
iShares FTSE/Xinhua China 25 Index	FXI	7,799,362	6,008,270	30%	-5.98%
iPath MSCI India Index ETN	INP	1,489,179	821,177	81%	-13.18%

Market Summry 12-17-07

2007-12-17T14:55:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13167.2	-172.65	-1.29%
Nasdaq Comp	2574.46	-61.28	-2.32%
S&P 500	1445.9	-22.05	-1.50%
DJ Wilshire 5K	14555.08	-237.67	-1.61%
Russell 2000	739.06	-14.87	-1.97%
Nasdaq 100	2020.8	-51.31	-2.48%

Issues	NYSE	Nasdaq	Amex
Advancing	581	609	311
Declining	2,605	2,376	1,005
Unchanged	64	92	73
Total	3,250	3,077	1,389

New 52 Wk High	13	12	13
New 52 Wk Low	365	312	127

Total	1,438,260,840	1,933,749,390	45,894,181
Advancing	261,862,820	204,234,700	7,693,700
Declining	1,157,106,220	1,706,798,144	36,823,801
Unchanged	19,291,800	22,716,546	1,376,680

Futures	Last	Change
Crude Oil	90.9	-0.37
Natural Gas, Mar	7.215	0.05
Gold, Feb	798.5	0.5

From Briefing.com

Moving the Market		Sector Watch
Moody's sounds cautious note on debt ratings for bond insurers, but does not yet lower credit ratings Lack of leadership; all 10 sectors end lower Caterpillar downgraded to underweight at Morgan Stanely Citi cuts recommendations on several bank stocks		Strong: building products; motorcycle manufacturers; agriculture products; tires & rubber; dept. stores; property & casualty insurance; gen. merch. stores Weak: diversified metals & mining; health care facilities; construction & engineering; oil & gas equipment; aluminum; retail REITs; industrial REITs; construction & farming; steel; industrial machinery

The new week began much like the old week ended - on a decidedly lower note.

Today's downdraft was fed by familiar concerns related to the financial sector that were identified by Citigroup in a downgrade of multiple banking stocks that included Bank of America (BAC 41.70, -0.46), JPMorgan Chase (JPM 44.53, -0.67) and US Bancorp (USB 31.81, -0.87) to name a few.

Separately, a Morgan Stanley downgrade of leading industrial company Caterpillar (CAT 71.16, -2.23) from Equal Weight to Underweight also weighed on the market as it played into concerns about a slowing pace of capital investment and global economic growth.

The Caterpillar downgrade overshadowed Ingersoll-Rand's (IR 43.68, -5.58) announcement that it is going to acquire Trane (TT 45.24, +8.04) for approximately $10.2 billion. That wasn't the only notable deal this Monday. National Oilwell Varco (NOV 70.69, -6.68) stepped up with a $7.5 billion offer to acquire Grant Prideco (GRP 53.91, +6.45), a recommended holding in Briefing.com's Active Portfolio that has gained close to 130% since its inclusion.

In keeping with the broader market mood, neither deal sparked much residual buying interest. In fact, the industrials (-1.7%) and energy (-2.1%) sectors were among today's worst-performing areas.

The materials (-3.1%) sector suffered the largest loss as growth concerns drove selling interest in the deep cyclical space. Technology (-2.1%) was another hard-hit area as large-cap components were targets for today's sellers.

Like Friday, there wasn't a single winner from a sector standpoint. The lack of leadership was evident in the major indices which, once again, finished basically at their lows for the day.

On a comparative basis, the financial sector (-0.9%) outperformed as gains in bond insurance companies MBIA (MBI 28.54, +0.94) and Ambac Financial (ABK 26.66, +3.85) provided a measure of support. Both companies benefited from news that Moody's decided to maintain their triple-A ratings.

Overall, though, winners were few and far in between. Decliners outpaced advancers at the NYSE and Nasdaq by a healthy margin. Losses in the equity market fed another flight-to-safety bid in Treasuries that saw the 10-year note jump 23 ticks and its yield fall to 4.14%.

A weaker than expected regional manufacturing report also provided a lift for the Treasury market. Before the open, it was reported that the New York Empire State Index showed a reading of 10.3 for November. While a number above zero reflects growth, the reading was well below the prior month's reading of 27.7 and the consensus estimate of 20.0. The market didn't show much reaction to the Q3 Current Account Deficit and October Net Foreign Purchases reports, both of which were better than expected.

ETF - Top Weekly Gainers & Losers

2007-12-16T19:30:00.000-08:00

All ETFs with volume >1M

Fund Name	Ticker	% Chg
UltraShort FTSE/Xinhua China 25	FXP	19.75%
UltraShort Real Estate ProShares	SRS	14.70%
UltraShort Financials ProShares	SKF	12.42%
UltraShort Russell2000 ProShares	TWM	9.06%
UltraShort QQQ ProShares	QID	5.67%
UltraShort S&P500 ProShares	SDS	5.26%
UltraShort Dow30 ProShares	DXD	4.08%
United States Oil	USO	4.08%
PowerShares WilderHill Clean Energy	PBW	3.34%
Energy Select Sector SPDR	XLE	0.35%
streetTRACKS Gold Shares	GLD	-0.10%
Technology Select Sector SPDR	XLK	-0.52%
Oil Services HOLDRs	OIH	-0.71%
iShares Lehman 20+ Year Treas Bond	TLT	-1.24%
Consumer Staples Select Sector SPDR	XLP	-1.49%
United States Natural Gas	UNG	-1.68%
iShares S&P 500 Growth Index	IVW	-1.74%
iShares Russell 1000 Growth Index	IWF	-2.00%
iShares Dow Jones US Broker-Dealers	IAI	-2.02%
iShares S&P 100 Index	OEF	-2.06%
Industrial Select Sector SPDR	XLI	-2.08%
DIAMONDS Trust, Series 1	DIA	-2.16%
Semiconductor HOLDRs	SMH	-2.24%
Utilities Select Sector SPDR	XLU	-2.26%
iShares MSCI Canada Index	EWC	-2.46%
Materials Select Sector SPDR	XLB	-2.46%
iShares MSCI Malaysia Index	EWM	-2.47%
iShares S&P 500 Index	IVV	-2.47%
SPDRs	SPY	-2.48%
PowerShares QQQ	QQQQ	-2.60%
iShares Russell 1000 Value Index	IWD	-2.78%
iShares MSCI Germany Index	EWG	-2.82%
Health Care Select Sector SPDR	XLV	-2.86%
iShares Nasdaq Biotechnology	IBB	-3.22%
iShares Russell 2000 Growth Index	IWO	-3.52%
MidCap SPDRs	MDY	-3.62%
iShares S&P SmallCap 600 Index	IJR	-4.06%
Ultra Dow30 ProShares	DDM	-4.15%
iShares Russell 2000 Index	IWM	-4.29%
iShares MSCI EAFE Index	EFA	-4.33%
iShares MSCI Mexico Index	EWW	-4.38%
iShares Russell 2000 Value Index	IWN	-4.40%
iShares MSCI Hong Kong Index	EWH	-4.49%
Market Vectors Gold Miners ETF	GDX	-4.50%
iShares MSCI Australia Index	EWA	-4.53%
Consumer Discretionary SPDR	XLY	-4.73%
Ultra S&P500 ProShares	SSO	-5.32%
Ultra QQQ ProShares	QLD	-5.37%
iShares MSCI South Korea Index	EWY	-5.57%
iShares MSCI Singapore Index	EWS	-5.64%
Retail HOLDRs	RTH	-5.67%
PowerShares Gldn Dragon China	PGJ	-5.79%
Financial Select Sector SPDR	XLF	-5.93%
SPDR S&P Retail	XRT	-6.24%
iShares MSCI Emerging Markets Index	EEM	-6.33%
KBW Bank ETF	KBE	-6.51%
iShares MSCI Brazil Index	EWZ	-6.62%
SPDR S&P Homebuilders	XHB	-6.95%
iShares MSCI Japan Index	EWJ	-6.95%
iShares Dow Jones US Real Estate	IYR	-7.61%
KBW Regional Banking ETF	KRE	-8.38%
iShares Cohen & Steers Realty Majors	ICF	-8.55%
iShares MSCI Taiwan Index	EWT	-8.83%
iShares FTSE/Xinhua China 25 Index	FXI	-9.45%

ETFs >1M and Gainers/Losers

2007-12-16T19:03:00.000-08:00

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
UltraShort FTSE/Xinhua China 25	FXP	1,171,825	1,284,880	-9%	5.78%
UltraShort Real Estate ProShares	SRS	1,014,592	763,137	33%	5.73%
UltraShort Financials ProShares	SKF	3,763,312	1,812,250	108%	4.11%
UltraShort Russell2000 ProShares	TWM	4,322,768	4,614,980	-6%	3.97%
UltraShort S&P500 ProShares	SDS	11,542,985	16,926,400	-32%	2.95%
UltraShort Dow30 ProShares	DXD	2,221,289	3,219,760	-31%	2.35%
UltraShort QQQ ProShares	QID	20,090,405	29,986,900	-33%	1.96%
PowerShares WilderHill Clean Energy	PBW	1,373,602	788,502	74%	1.55%
streetTRACKS Gold Shares	GLD	6,827,000	8,282,920	-18%	0.03%
iShares MSCI Mexico Index	EWW	2,242,800	3,744,460	-40%	-0.24%
iShares Lehman 20+ Year Treas Bond	TLT	1,354,900	1,760,920	-23%	-0.46%
Technology Select Sector SPDR	XLK	2,108,398	3,966,150	-47%	-0.63%
PowerShares QQQ	QQQQ	128,407,935	158,638,000	-19%	-1.03%
Industrial Select Sector SPDR	XLI	5,104,935	4,861,250	5%	-1.10%
iShares Russell 1000 Growth Index	IWF	2,846,850	3,194,040	-11%	-1.10%
DIAMONDS Trust, Series 1	DIA	12,516,318	14,677,000	-15%	-1.15%
Consumer Staples Select Sector SPDR	XLP	2,748,971	3,088,970	-11%	-1.23%
United States Oil	USO	2,164,410	3,269,900	-34%	-1.24%
SPDRs	SPY	159,152,848	197,391,000	-19%	-1.27%
Consumer Discretionary SPDR	XLY	1,906,080	3,945,430	-52%	-1.31%
SPDR S&P Retail	XRT	2,624,619	2,947,830	-11%	-1.45%
iShares S&P 500 Index	IVV	1,590,867	2,795,600	-43%	-1.48%
iShares S&P 500 Growth Index	IVW	1,747,429	785,426	122%	-1.50%
Semiconductor HOLDRs	SMH	5,629,300	9,104,850	-38%	-1.51%
Health Care Select Sector SPDR	XLV	1,130,564	2,120,850	-47%	-1.52%
Ultra QQQ ProShares	QLD	3,981,838	3,382,870	18%	-1.53%
iShares Russell 2000 Growth Index	IWO	3,899,953	4,799,130	-19%	-1.57%
iShares S&P 100 Index	OEF	2,435,065	1,453,620	68%	-1.57%
Energy Select Sector SPDR	XLE	15,088,003	20,844,200	-28%	-1.60%
iShares MSCI Taiwan Index	EWT	5,613,143	8,282,110	-32%	-1.61%
Market Vectors Gold Miners ETF	GDX	2,333,313	2,233,920	4%	-1.64%
Retail HOLDRs	RTH	2,844,200	5,425,820	-48%	-1.66%
MidCap SPDRs	MDY	4,884,241	5,472,730	-11%	-1.70%
Materials Select Sector SPDR	XLB	6,515,419	9,255,580	-30%	-1.76%
iShares Russell 1000 Value Index	IWD	2,780,317	1,847,160	51%	-1.78%
Utilities Select Sector SPDR	XLU	4,896,567	5,118,530	-4%	-1.86%
iShares MSCI Malaysia Index	EWM	1,947,428	2,869,640	-32%	-1.86%
iShares Russell 2000 Index	IWM	75,866,950	88,012,100	-14%	-1.95%
SPDR S&P Homebuilders	XHB	3,532,300	4,941,780	-29%	-2.15%
KBW Bank ETF	KBE	1,435,775	1,501,960	-4%	-2.15%
Financial Select Sector SPDR	XLF	70,296,903	79,942,300	-12%	-2.20%
iShares MSCI Hong Kong Index	EWH	5,519,497	7,706,500	-28%	-2.21%
Oil Services HOLDRs	OIH	4,746,600	7,713,320	-38%	-2.36%
iShares MSCI Emerging Markets Index	EEM	17,536,924	17,042,100	3%	-2.38%
iShares Russell 2000 Value Index	IWN	2,541,767	2,676,360	-5%	-2.43%
iShares MSCI Singapore Index	EWS	6,104,822	4,316,150	41%	-2.46%
Ultra Dow30 ProShares	DDM	1,086,610	519,951	109%	-2.46%
United States Natural Gas	UNG	1,199,616	1,459,750	-18%	-2.56%
iShares FTSE/Xinhua China 25 Index	FXI	5,433,025	6,008,270	-10%	-2.58%
KBW Regional Banking ETF	KRE	1,239,575	1,830,140	-32%	-2.58%
iShares MSCI EAFE Index	EFA	18,638,762	8,683,200	115%	-2.70%
iShares MSCI South Korea Index	EWY	1,876,304	2,604,970	-28%	-2.71%
Ultra S&P500 ProShares	SSO	2,296,608	1,560,510	47%	-2.90%
iShares MSCI Brazil Index	EWZ	12,972,167	14,513,700	-11%	-2.91%
iShares Dow Jones US Real Estate	IYR	7,902,915	6,164,050	28%	-3.03%
iShares Cohen & Steers Realty Majors	ICF	1,010,500	944,469	7%	-3.62%
iShares MSCI Japan Index	EWJ	27,505,809	18,082,600	52%	-3.91%
iShares MSCI Australia Index	EWA	2,734,000	2,342,380	17%	-4.26%

Market Summry 12-14-07

2007-12-16T18:54:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13339.85	-178.11	-1.32%
Nasdaq Comp	2635.74	-32.75	-1.23%
S&P 500	1467.95	-20.46	-1.37%
DJ Wilshire 5K	14792.75	-207.72	-1.38%
Russell 2000	753.93	-15.53	-2.02%
Nasdaq 100	2072.11	-22.57	-1.08%

Issues	NYSE	Nasdaq	Amex
Advancing	698	778	346
Declining	2,556	2,207	861
Unchanged	97	127	96
Total	3,351	3,112	1,303

New 52 Wk High	45	24	12
New 52 Wk Low	193	196	56

Total	1,302,964,170	1,911,674,821	31,550,875
Advancing	180,297,570	559,945,256	7,312,500
Declining	1,110,213,100	1,324,886,600	22,722,175
Unchanged	12,453,500	26,842,965	1,516,200

Futures	Last	Change
Crude Oil	91.58	-0.67
Natural Gas, Mar	7.142	-0.195
Gold, Feb	799	-5

WEEKLY CHANGE:

DJ Industrials	-2.10%
Nasdaq Comp	-2.60%
S&P 500	-2.44%
DJ Wilshire 5K	-2.65%
Russell 2000	-4.02%
Nasdaq 100	-2.72%

From Briefing.com

Moving the Market		Sector Watch
November CPI was higher than expected, raising inflation concerns Citigroup is consolidating $49 bln in SIV assets on its balance sheet to prevent fire-sale of assets, rating cut by Moody's Dollar rallies, commodities fall		Strong: agriculture products; oil & gas refineries; home entertainment software; consumer electronics Weak: real estate management & development; health care facilities; household appliances; aluminum; specialty REITs; paper products; homebuilding; construction materials; hotels; food distribution

The stock market ended the week on a negative note as inflation concerns and further losses in the financial sector (-1.8%) weighed on sentiment.

The major indices, in fact, barely saw the light of day. With the exception of a brief uptick into positive territory for the Nasdaq around 11:00 ET, there were minus signs next to the indices throughout the session. In a reflection of the negative bias, the indices closed near their lows for the day.

Data presented in the Consumer Price Index was at the root of the market's weakness today as total CPI and core-CPI, which excludes food and energy, were higher than expected for November. Specifically, total CPI rose 0.8% (consensus 0.6%), the biggest increase since September 2005, while core-CPI rose 0.3% (consensus 0.2%), translating to a year-over-year increase of 2.3%.

The inflation data fueled concerns that the Fed will be reluctant to cut interest rates much from current levels. That notion lent support to the dollar, which surged against a basket of other major currencies. The dollar index (DXY) jumped 1.1% to 77.436.

Separately, Treasury prices fell on the day as the inflation angst deflated fixed income interest. The 10-year note dipped 7 ticks, lifting its yield to 4.23%.

Weakness was seen across-the-board in the stock market with all 10 economic sectors suffering a loss. The materials sector (-1.99%), which got clipped in part by growth concerns and weakness in commodity prices that stemmed from the dollar's strength, suffered the biggest loss.

The most influential laggard, though, remained the financial sector which suffered in the wake of a CNBC report that Merrill Lynch's (MER 56.84, -0.99) fourth quarter write-down could potentially be $4 billion to $6 billion more than expected. The sector was down early, yet that news simply compounded the selling interest.

Citigroup (C 30.70, -0.31) was the story stock of the day in terms of the financial issues. After Thursday's close, the bank announced that it will be shifting $49 billion worth of assets from its SIVs onto its balance sheet. The news was generally regarded as a positive step, yet Citigroup's stock still languished with its peers as Moody's downgraded Citigroup's rating and investors remained skittish about the credit market turmoil.

ETFs Volume >1M and Gainers/Losers

2007-12-13T15:27:00.000-08:00

Sorted by price % chg

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
UltraShort FTSE/Xinhua China 25	FXP	2,153,608	1,253,390	72%	6.41%
Utilities Select Sector SPDR	XLU	4,821,971	5,087,690	-5%	1.48%
UltraShort Real Estate ProShares	SRS	1,227,620	746,580	64%	1.35%
UltraShort QQQ ProShares	QID	27,613,093	29,946,500	-8%	1.27%
UltraShort Russell2000 ProShares	TWM	4,591,996	4,556,400	1%	0.80%
Materials Select Sector SPDR	XLB	7,228,497	9,178,210	-21%	0.78%
Ultra Dow30 ProShares	DDM	1,025,300	495,714	107%	0.54%
Industrial Select Sector SPDR	XLI	3,178,241	4,845,170	-34%	0.50%
Consumer Staples Select Sector SPDR	XLP	3,219,353	3,065,900	5%	0.44%
iShares S&P 500 Growth Index	IVW	1,463,200	748,443	95%	0.35%
UltraShort S&P500 ProShares	SDS	17,870,506	16,825,600	6%	0.32%
iShares S&P 100 Index	OEF	1,788,394	1,446,150	24%	0.31%
Energy Select Sector SPDR	XLE	15,417,752	20,978,900	-27%	0.25%
iShares S&P 500 Index	IVV	3,225,801	2,775,990	16%	0.13%
iShares Dow Jones US Broker-Dealers	IAI	1,033,900	1,415,040	-27%	0.08%
DIAMONDS Trust, Series 1	DIA	14,104,234	14,571,000	-3%	0.00%
streetTRACKS Gold Shares	GLD	9,552,200	8,225,470	16%	0.00%
iShares Russell 1000 Growth Index	IWF	3,557,602	3,170,300	12%	0.00%
Financial Select Sector SPDR	XLF	136,131,024	78,106,100	74%	-0.03%
Ultra S&P500 ProShares	SSO	2,970,310	1,506,030	97%	-0.03%
UltraShort Financials ProShares	SKF	4,729,403	1,697,140	179%	-0.05%
iShares Russell 1000 Value Index	IWD	3,455,100	1,786,220	93%	-0.06%
UltraShort Dow30 ProShares	DXD	2,705,584	3,216,840	-16%	-0.06%
Health Care Select Sector SPDR	XLV	2,107,401	2,103,380	0%	-0.06%
Oil Services HOLDRs	OIH	3,545,500	7,787,810	-54%	-0.08%
KBW Capital Markets ETF	KCE	2,476,607	852,377	191%	-0.09%
SPDRs	SPY	237,550,351	195,957,000	21%	-0.21%
MidCap SPDRs	MDY	6,077,271	5,422,000	12%	-0.30%
UltraShort MidCap400 ProShares	MZZ	1,083,894	597,871	81%	-0.37%
iShares MSCI Malaysia Index	EWM	1,995,331	2,835,150	-30%	-0.46%
iShares Russell 2000 Value Index	IWN	3,051,700	2,656,520	15%	-0.47%
KBW Bank ETF	KBE	1,673,155	1,484,370	13%	-0.48%
iShares Russell 2000 Growth Index	IWO	6,540,100	4,689,080	39%	-0.50%
Technology Select Sector SPDR	XLK	2,518,757	3,966,080	-36%	-0.52%
PowerShares QQQ	QQQQ	153,489,640	156,989,000	-2%	-0.54%
iShares Russell 2000 Index	IWM	89,826,866	87,542,500	3%	-0.55%
Retail HOLDRs	RTH	3,995,900	5,528,390	-28%	-0.58%
Consumer Discretionary SPDR	XLY	3,463,042	3,924,160	-12%	-0.65%
Claymore/Clear Global Exchanges, Brokers	EXB	1,048,100	18,309.20	5624%	-0.67%
KBW Regional Banking ETF	KRE	1,484,920	1,797,330	-17%	-0.70%
iShares MSCI Australia Index	EWA	3,030,377	2,309,860	31%	-0.72%
iShares Nasdaq Biotechnology	IBB	1,613,444	1,272,360	27%	-0.73%
SPDR S&P Homebuilders	XHB	4,340,386	4,907,010	-12%	-0.76%
iShares Dow Jones Select Dividend Index	DVY	1,063,630	732,865	45%	-0.80%
iShares MSCI Canada Index	EWC	2,290,129	1,373,700	67%	-0.82%
United States Oil	USO	4,370,420	3,257,910	34%	-0.99%
Semiconductor HOLDRs	SMH	6,572,700	9,212,440	-29%	-1.01%
iShares Lehman 20+ Year Treas Bond	TLT	1,222,100	1,820,950	-33%	-1.09%
iShares Cohen & Steers Realty Majors	ICF	1,445,800	923,357	57%	-1.35%
iShares MSCI Hong Kong Index	EWH	8,406,900	7,625,340	10%	-1.38%
Ultra QQQ ProShares	QLD	4,965,850	3,299,610	50%	-1.47%
iShares MSCI Mexico Index	EWW	4,228,700	3,726,230	13%	-1.49%
SPDR S&P Retail	XRT	1,717,100	2,924,950	-41%	-1.49%
iShares MSCI South Korea Index	EWY	2,943,400	2,606,220	13%	-1.63%
iShares Dow Jones US Real Estate	IYR	7,341,901	6,075,300	21%	-1.72%
iShares MSCI Singapore Index	EWS	4,474,336	4,215,500	6%	-1.73%
iShares MSCI EAFE Index	EFA	26,822,200	8,171,050	228%	-2.04%
iShares MSCI Japan Index	EWJ	17,298,600	18,123,700	-5%	-2.06%
United States Natural Gas	UNG	1,310,184	1,530,100	-14%	-2.66%
iShares MSCI Emerging Markets Index	EEM	25,250,500	16,652,500	52%	-2.75%
iShares MSCI Brazil Index	EWZ	14,733,510	14,344,600	3%	-3.15%
Market Vectors Gold Miners ETF	GDX	2,328,673	2,204,410	6%	-3.53%
iShares MSCI Taiwan Index	EWT	9,794,500	8,321,360	18%	-3.62%
iShares FTSE/Xinhua China 25 Index	FXI	7,792,580	5,893,960	32%	-4.07%

Market Summary 12-13-07

2007-12-13T15:22:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13517.96	44.06	0.33%
Nasdaq Comp	2668.49	-2.65	-0.10%
S&P 500	1488.41	1.82	0.12%
DJ Wilshire 5K	15000.47	6.5	0.04%
Russell 2000	769.46	-2.25	-0.29%
Nasdaq 100	2094.68	-6.68	-0.32%

Issues	NYSE	Nasdaq	Amex
Advancing	1,110	1,223	390
Declining	2,163	1,754	827
Unchanged	76	140	109
Total	3,349	3,117	1,326

New 52 Wk High	32	26	18
New 52 Wk Low	164	148	55

Total	1,459,377,180	2,103,686,410	34,223,108
Advancing	524,610,630	875,849,679	10,235,400
Declining	918,524,750	1,209,404,541	22,898,930
Unchanged	16,241,800	18,432,190	1,088,778

Futures	Last	Change
Crude Oil	92.4	-1.99
Natural Gas, Mar.	7.32	-0.18
Gold, Feb	802.1	-16.7

From Briefing.com:

Moving the Market		Sector Watch
November core PPI higher than expected, raises some inflation concerns Retail sales stronger than expected, eases recession fears Weekly jobless claims fall, no sign of a business pullback in terms of layoffs		Strong: thrifts & mortgages; diversified chemicals; home entertainment software; fertilizer & agriculture chemicals; industrial gases; specialized finance; systems software; electric utilities; education services; trading companies Weak: biotech; specialty consumer services; industrial REITs; auto retail; diversified metals & mining; wireless services; specialty stores; human resources & employment services; hotels; home improvement retail

On Thursday, the major indices erased early losses in a late day recovery to finish mixed. The Dow and S&P 500 eked out slight gains, while the Nasdaq Composite finished with a slight loss. There were a handful of economic reports that garnered the market's attention. Also, financials were once again in the spotlight.

The financial (-0.5%) sector was the main laggard for the third straight day today, but did stage an impressive recovery off its intraday low (-2.9%) thanks to strength in the flagging thrifts & mortgages group (+3.6%). Lehman Brothers (LEH 61.37, -0.45) reported earnings that topped expectations, but its shares were still sent lower. Lehman's inability to make gains in the face of a better than expected earnings report represents the credibility gap the financial sector is currently facing.

Of the six sectors that traded higher, utilities (+1.2%) and industrials (+0.8%) showed the most strength.

In corporate news, shares of biotech company Biogen Idec (BIIB 57.91, -17.97) got clipped 24% after the company said it has not found a potential buyer after months of exploring a potential sale. Biogen played a large role in the Nasdaq's underperformance today.

Today's economic data counter claims of recession, but also raise some inflation concerns.

November PPI jumped 3.2%, the most since 1973, as energy prices surged 14.1%. The reading was well above the expected 1.5% gain, but the energy surge could prove temporary and even reverse some next month. The core rate was also up more than expected at 0.4%

The data reflects the inflation issues that the Fed noted in their policy statement on Tuesday. The PPI data are not good news, but shouldn't be overstated either. CPI will be out tomorrow.

Better news comes from the November retail sales report. Total sales were up a very strong 1.2%, which was two times more than economists expected. Excluding autos, the increase was 1.8%. Excluding gasoline sales, total retail sales were still up a strong 0.6%. These data are a long way from showing a consumer spending pullback that is the basis of most recession forecasts.

Despite the better than expected retail data, the S&P Retailing Index (-1.1%) was a laggard today. Costco (COST 68.54, -1.65) weighed heavily on the index, even though the company reported earnings that were in-line with estimates. Analysts were unimpressed with the company's profit margin.

Further good news on the economy comes from the drop in new claims for unemployment for the week ended Dec. 8 to 333,000 from 340,000 the week prior.

Investors still expect a 25 basis point rate cut on Jan. 30, despite the increased inflation concerns and stronger than expected retail numbers. Fed funds futures suggest a 98% chance the Fed will cut by 25 basis points, which is, in effect, unchanged from yesterday.

ETFs Volume >1M and Gainers/Losers

2007-12-12T22:42:00.001-08:00

sorted by price % chg

Fund Name	Ticker	Volume	Vol 3M Avg	Vol % Chg	Price % Chg
United States Oil	USO	5,383,300	3,257,910	65%	5.18%
United States Natural Gas	UNG	1,432,022	1,530,100	-6%	4.01%
iShares MSCI South Korea Index	EWY	3,980,251	2,606,220	53%	3.91%
iShares MSCI Brazil Index	EWZ	18,539,327	14,344,600	29%	3.65%
Energy Select Sector SPDR	XLE	24,019,659	20,978,900	14%	3.26%
UltraShort Financials ProShares	SKF	6,072,264	1,697,140	258%	3.13%
iShares MSCI Emerging Markets Index	EEM	24,204,826	16,652,500	45%	3.00%
Oil Services HOLDRs	OIH	5,353,200	7,787,810	-31%	2.80%
iShares FTSE/Xinhua China 25 Index	FXI	6,120,049	5,893,960	4%	2.78%
iShares MSCI Germany Index	EWG	1,357,300	1,168,350	16%	2.39%
streetTRACKS Gold Shares	GLD	9,704,600	8,225,470	18%	2.09%
iShares MSCI Singapore Index	EWS	4,532,965	4,215,500	8%	2.04%
iShares MSCI EAFE Index	EFA	12,330,328	8,171,050	51%	2.01%
Ultra S&P500 ProShares	SSO	3,216,659	1,506,030	114%	1.76%
Technology Select Sector SPDR	XLK	3,812,719	3,966,080	-4%	1.73%
Market Vectors Gold Miners ETF	GDX	2,370,731	2,204,410	8%	1.68%
iShares MSCI Hong Kong Index	EWH	6,037,705	7,625,340	-21%	1.58%
Semiconductor HOLDRs	SMH	9,882,400	9,212,440	7%	1.42%
iShares MSCI Mexico Index	EWW	2,611,000	3,726,230	-30%	1.39%
Materials Select Sector SPDR	XLB	10,875,071	9,178,210	18%	1.34%
Ultra QQQ ProShares	QLD	4,747,972	3,299,610	44%	1.34%
KBW Capital Markets ETF	KCE	2,785,834	852,377	227%	1.31%
Industrial Select Sector SPDR	XLI	4,597,652	4,845,170	-5%	1.28%
iShares MSCI Australia Index	EWA	2,400,000	2,309,860	4%	1.21%
PowerShares Gldn Dragon Halter USX China	PGJ	1,103,513	1,561,940	-29%	1.13%
SPDRs	SPY	322,435,576	195,957,000	65%	0.99%
iShares MSCI Canada Index	EWC	1,308,500	1,373,700	-5%	0.99%
iShares Russell 2000 Growth Index	IWO	3,669,000	4,689,080	-22%	0.97%
PowerShares QQQ	QQQQ	162,975,125	156,989,000	4%	0.90%
iShares Dow Jones US Broker-Dealers	IAI	2,181,600	1,415,040	54%	0.86%
iShares MSCI Japan Index	EWJ	19,792,882	18,123,700	9%	0.79%
iShares Russell 2000 Index	IWM	112,514,784	87,542,500	29%	0.76%
iShares Nasdaq Biotechnology	IBB	1,280,797	1,272,360	1%	0.73%
iShares MSCI Taiwan Index	EWT	9,485,512	8,321,360	14%	0.72%
iShares Russell 1000 Growth Index	IWF	5,113,700	3,170,300	61%	0.68%
iShares Russell 1000 Value Index	IWD	4,179,500	1,786,220	134%	0.67%
iShares S&P 500 Index	IVV	3,098,535	2,775,990	12%	0.63%
iShares S&P SmallCap 600 Index	IJR	1,132,200	2,037,120	-44%	0.58%
MidCap SPDRs	MDY	5,332,469	5,422,000	-2%	0.56%
iShares S&P 100 Index	OEF	1,408,159	1,446,150	-3%	0.55%
iShares Russell 2000 Value Index	IWN	3,760,600	2,656,520	42%	0.52%
iShares MSCI Malaysia Index	EWM	2,225,109	2,835,150	-22%	0.47%
UltraShort Real Estate ProShares	SRS	1,819,162	746,580	144%	0.47%
DIAMONDS Trust, Series 1	DIA	15,787,989	14,571,000	8%	0.45%
iShares Dow Jones Transportation Average	IYT	1,312,700	802,028	64%	0.37%
PowerShares DWA Technical Leaders	PDP	1,031,385	137,391	651%	0.37%
Consumer Discretionary SPDR	XLY	3,582,450	3,924,160	-9%	0.33%
iShares Dow Jones US Real Estate	IYR	9,883,205	6,075,300	63%	0.32%
iShares S&P 500 Value Index	IVE	1,169,400	419,514	179%	0.28%
Consumer Staples Select Sector SPDR	XLP	2,379,734	3,065,900	-22%	0.27%
Health Care Select Sector SPDR	XLV	2,767,821	2,103,380	32%	0.06%
Utilities Select Sector SPDR	XLU	7,704,544	5,087,690	51%	0.02%
Retail HOLDRs	RTH	5,627,400	5,528,390	2%	0.00%
iShares Cohen & Steers Realty Majors	ICF	1,475,100	923,357	60%	-0.02%
iShares Dow Jones Select Dividend Index	DVY	1,709,600	732,865	133%	-0.07%
SPDR S&P Homebuilders	XHB	6,800,900	4,907,010	39%	-0.10%
UltraShort Dow30 ProShares	DXD	4,296,119	3,216,840	34%	-0.65%
iShares Dow Jones US Financial Sector	IYF	999,900	395,552	153%	-0.68%
Financial Select Sector SPDR	XLF	142,883,956	78,106,100	83%	-0.76%
Regional Bank HOLDRs	RKH	1,828,300	900,203	103%	-1.00%
iShares Lehman 20+ Year Treas Bond	TLT	2,225,400	1,820,950	22%	-1.03%
UltraShort Russell2000 ProShares	TWM	6,923,307	4,556,400	52%	-1.17%
KBW Regional Banking ETF	KRE	1,966,278	1,797,330	9%	-1.35%
UltraShort MidCap400 ProShares	MZZ	1,065,675	597,871	78%	-1.40%
SPDR S&P Retail	XRT	5,952,200	2,924,950	103%	-1.44%
KBW Bank ETF	KBE	1,883,600	1,484,370	27%	-1.71%
UltraShort QQQ ProShares	QID	38,184,517	29,946,500	28%	-1.75%
UltraShort S&P500 ProShares	SDS	26,530,348	16,825,600	58%	-1.84%
UltraShort FTSE/Xinhua China 25 Proshare	FXP	1,526,730	1,253,390	22%	-3.76%
UltraShort Oil & Gas ProShares	DUG	1,722,764	838,651	105%	-3.90%

Market Summary 12-12-07 "Fed Says Ooops!"

2007-12-12T22:24:00.000-08:00

Index	Last	Chg	% Chg
DJ Industrials	13473.9	41.13	0.31%
Nasdaq Comp	2671.14	18.79	0.71%
S&P 500	1486.59	8.94	0.61%
DJ Wilshire 5K	14993.96	70.41	0.47%
Russell 2000	771.71	5.44	0.71%
Nasdaq 100	2101.36	17.64	0.85%

Comments: Pretty much everyone at this point is painting the end of the year as being UGLY. Today's wild swings and a Fed that many lost faith in, is making for a unkind end for 2007. Many traders are throwing in the towel with today's action and closing up positions for the year. Many are positioning defensively or short the market. If key support levels get broken (like S&P breaking and holding under 1490), the door is wide open for further drops. With investment banks set to report earnings, starting tomorrow with LEH, there should be a plenty of market news and reaction (most likely negative). Previous stalwarts like Goldman Sachs (GS) could be set up for failure. Todays nice 3%+ gain in the Ultrashort Financial ETF SKF is an indication of fun to come.

Issues	NYSE	Nasdaq	Amex
Advancing	1,858	1,581	663
Declining	1,431	1,454	580
Unchanged	75	128	111
Total	3,364	3,163	1,354

New 52 Wk High	60	35	28
New 52 Wk Low	101	125	40
Share Volume
	1,721,530,460	2,245,147,880	48,138,239
Advancing	993,923,060	1,372,148,768	22,963,210
Declining	709,294,100	838,672,997	16,491,400
Unchanged	18,313,300	34,326,115	8,683,629

Futures	Last	Chg
Crude Oil	94.18	-0.21
Natural Gas	7.47	0.062
Gold, Feb	816.6	-2.2

Comment: Stubbornly high oil is not a good thing at this point in the season. $100 is back on the table and with backwardation back in play, its looking likely to be hit before the year is out.

From Briefing.com:

Moving the Market		Sector Watch
Fed partners with four central banks to address liquidity issue Financials trail broader market on more write-down warnings, brokerage downgrades Crude oil rallies		Strong: coal & consumable fuel; steel; agriculture products; integrated telecom; distillers & vintners; oil & gas exploration; education services; diversified metals & mining; homebuilding; industrial REITs Weak: thrifts & mortgages; photo products; regional banks; other diversified financial services; tires & rubber; consumer finance; specialty stores; residential REITs; airlines; auto retail

Stocks started the day sharply higher fueled by news that the Fed has a plan to address liquidity issues, but eventually lost steam as negative developments out of the financial sector weighed on the broader market.

The swings were huge today. The Dow was up 272 points at its peak and was down 111 points at its trough. In the end, the Dow managed to finish with a modest gain (+41 points), as did the broader indices.

In regard to the Federal Reserve news, the Fed announced before the open that it will be coordinating with the Bank of Canada, Bank of England, European Central Bank, and Swiss National bank to add liquidity through term funds auctions and foreign exchange swap lines. The news provided a boost to the equity markets.

The auctions allow the Federal Reserve to inject term funds through a broader range of counterparties and against a broader range of collateral than open market operations.

The plan is more ambitious than added easing in the funds or discount rates. The operations are open to thousands of banks rather than the 20 or so primary dealers involved with the daily Fed operations. In addition, there should be no stigma against these operations as, like it or not, discount borrowing from the Fed still carries the presumption of troubled borrowing, leaving hesitancy from the market.

With regard to the financial sector (-0.9%), there were several headlines that attributed to their poor showing today despite the seemingly positive Fed news. Today's decline follows the sector's 4.9% plunge yesterday after investors were disappointed with the Fed's decision to only cut rates by 25 basis points.

Bank of America (BAC 43.43, -1.22) said it expects quarterly results to be disappointing. The company expects write-downs will be larger than previously reported, and said final write-downs of collateralized debt obligations are "unknowable." The bank expects to have a fourth quarter profit, but said it may not be able to resume its planned stock buybacks until 2009.

Wachovia (WB 40.53, -1.42) said it now expects fourth quarter 2007 provision expense to be $1 billion higher than charge-offs.

There were reports that Morgan Stanley picked Citigroup (C 31.47, -1.76) as a stock to sell short. The reports indicate Morgan Stanley believes Citi's earnings are deteriorating, that it expects new management to deliver a dividend cut, and that it expects further hybrid issuance, diluting current shareholders.

Student lender SLM Corp. (SLM 28.49, -3.45), better known as Sallie Mae, has guided fourth quarter and FY2008 earnings below the current consensus estimate. SLM also stated that the J.C. Flowers led buyout group has indicated it no longer wants to pursue opportunities to acquire the company.

To top it off, JPMorgan Chase (JPM 46.15, +0.21 ), Bank of America and Wachovia were downgraded at Merrill Lynch based on credit risks.

Eight sectors traded higher. Energy (+2.4) provided leadership as it rose in conjunction with crude oil prices, which rallied 4.3% to $93.86. The government's weekly report showed crude inventories declined in-line with expectations, but managed to make gains after Goldman Sachs raised its average 2008 forecast on oil to $95 from $85 per barrel.

Telecom (+3.1%) was also a standout after AT&T (T 41.71, +2.25) extended its gains from yesterday as investors continue to embrace its dividend hike and buyback plan.