Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
1 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Table of Contents Table of Contents ................................................................................................................ 2 Executive Summary ............................................................................................................ 3 Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite Index ................ 5 NYSE Advance Decline Line – Cumulative Index ............................................................ 6 NYSE Advance Decline Line – Momentum Index ............................................................ 7 NYSE High Low ................................................................................................................. 8 Global Dow ......................................................................................................................... 9 General Motors ................................................................................................................. 10 CBOE Volatility Index ..................................................................................................... 11 Philadelphia Gold and Silver Index .................................................................................. 12 U.S. Dollar Fund ............................................................................................................... 13 10-Year Treasury Note ..................................................................................................... 14 Relative Performance of the Dollar, Bonds, and Commodities ........................................ 15 Dow Industrial Dividend Yield ......................................................................................... 16 Unemployment Rate ......................................................................................................... 17 Personal Saving Rate ........................................................................................................ 18 Inflation ............................................................................................................................. 20 Crash Confidence Index .................................................................................................... 21 Baltic Dry Index and CRB Index ...................................................................................... 22 Basic Terms of Stage Analysis ......................................................................................... 23 Internet Resources ............................................................................................................. 24 Library Resources ............................................................................................................. 26
2 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Executive Summary The market posture, bearish since the week ending 2/25/11, remains negative at this juncture. Headline Escalating turmoil in the Middle East took its toll on the market last week as nervous investors took their chips off the table. The DJIA started the week with a 79.85 point (0.7%) decline, closing at 12090.03. However, upbeat comments from Bank of America (BAC) on Tuesday reversed the slide sending the DJIA higher by 124.35 points (1.0%). As has been the case of late, rally attempts have lacked any follow through, which was the case on Wednesday as most of the major averages were flat for the day. Thursday saw the DJIA take a 228.48 point (-1.9%) hit, its biggest one-day drop since last August as it closed below 12000 for the first time since January 2011. When the dust settled, the DJIA ended the week with a loss of 125 points (-1.0%) while closing at 12044. Wells Fargo downgraded the technology sector last week resulting in selling pressure at the NASDAQ for most of the period. On a percentage basis, the tech-heavy index once again under performed the DJIA. For the week, the NASDAQ lost 69 points (-2.5%) to close 2715. Momentum Breadth was mixed at the NYSE as the Advance/Decline line lost ground while the number of new 52-week highs exceeded the new lows on four of the five days. Breadth at the NASDAQ was also mixed as the A/D line lost ground while the number of new highs managed to out do the new lows on three of the sessions. Finally, the percentage of all stocks above their 50-day moving average fell to 44.0% from 67.5%, while those above their 200-day eased to 78.4% from 82.3%. Sentiment The CBOE Index Put/Call Ratio is neutral at 1.26 down from 1.27 the previous week. VIX, a measurement of fear in the market, is also neutral at 20.08 up from 19.06, as is the Percentage of Bullish Investment Advisors (52.2% vs. 50.6%). For the period ending 3/09/11, U.S. equity funds, excluding ETF activity, had inflows of $894 million compared to inflows of $162 million the previous week. This makes eleven weeks in a row of positive inflows indicating that the retail investor is moving back into stocks. Unfortunately, this is viewed as a contrarian indicator. There was a slight decrease in the short interest in both the NYSE and the NASDAQ for the period ending 02/28/11. Overall The technical condition of the market deteriorated last week. Thursday's sharp sell-off erased a lot of the complacency that has permeated the market for most of the year. As 3 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
might be suspected, the sell-off produced several more negatives, which confirms the premise that the market may have now entered the much-anticipated corrective phase. On Thursday, all but two of the major averages closed below their respective 50-day moving averages. Also, the NASDAQ, Russell 2000 and Philadelphia Semiconductor Index (SOX) all gapped down on Thursday, a seldom seen event by a major index. Finally, the DJIA violated a major upward trend line on Thursday, which dates back to the 08/26/10 low. However, there remain several positives that suggest that the market isn't on the verge of entering a prolonged bearish move. Typically, the NYSE Advance/Decline line tops out well before the start of a significant downturn. Going into Friday's trade, the NYSE A/D line was less than 2,500 units from its all time high. Also, while there has been slippage of late, the number of new 52-week highs at both the NYSE and the NASDAQ has held up fairly well. Lastly, all of the major averages are well above their respective 200-day moving averages, which should provide areas of major support in the coming weeks. So where does the market go from here? The increase in volatility that has roared back into the market is something that usually occurs at market tops. The DJIA has seen twelve, triple-digit intra-day swings over the last fourteen sessions. Finally, one method of determining price projections is by using Fibonacci retracement levels. This is done by measuring the number of points from a significant low to a discernable high. Likely retracement projections are at 33% and 50% of the advance. The advance from the 07/02/10 low (DJIA - 9614.32) to the 02/18/11 high (DJIA - 12391.29) totaled 2776.97 points (28.8%). A typical retracement level is 33%, which would put a downside projection around 11490. Industry The following industry groups are the strongest and weakest groups for the period ending Thursday, 03/10/11. Strongest: Internet-Software, Internet-Content, Health Care Products, and Oilfield-Drilling. Weakest: Metals-Non-Ferrous, Casinos, Water Utilities, and Paper Products.
4 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite Index – Weekly Close versus 30-Week Moving Average The level of the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index deteriorated. The moving average of the Dow, S&P, and Nasdaq improved. The levels of the Dow, S&P, and Nasdaq are 6.1%, 7.1%, and 6.3% above their moving averages.
5 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
NYSE Advance Decline Line – Cumulative Index
The NYSE Advance-Decline Line deteriorated, with declining shares outpacing advancing shares on a cumulative basis.
6 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
NYSE Advance Decline Line – Momentum Index (200-Day Moving Average)
The NYSE Advance-Decline Line‟s 200-day moving average improved to 197 from 194, week-over-week.
7 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
NYSE High Low
The NYSE High Low deteriorated to 287 from 436, week-over-week. More shares made new 52-week highs than new 52-week lows. There were 341 new highs, compared to 479 in the previous week. There were 45 new lows, compared to 43 in the previous week.
8 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Global Dow – Weekly Close versus 30-Week Moving Average (www.GlobalDow.com)
The level of the Global Dow deteriorated. The moving average improved. The level is 4.5% above its moving average.
9 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
General Motors – As GM Goes So Goes the Economy… GM files for bankruptcy protection… GM completes IPO… Who owns GM now? 60.8% of common equity will be owned by U.S. Treasury, 17.5% by the Voluntary Employee Benefit Association (VEBA), the UAW health-care trust, 11.7% by the Canadian government, and 10% reserved for GM for unsecured bondholders and other unsecured creditors. On June 8, 2009, GM was delisted from the Dow Jones Industrial average. GM shares now trade, in a limited fashion, on the Pink Sheets, an electronic over-the-counter system for companies that don‟t meet major exchange listing standards.
On July 10, 2010, FINRA halted trading in old GM (which has been using the GMGMQ trading symbol) and has since issued a new ticker symbol for the old GM stock – MTLQQ – to avoid having it confused with the new GM, which currently has no publicly traded securities. FINRA and SEC issued this alert http://www.sec.gov/inves tor/alerts/bankruptcygmal ert.htm
Is GM still the company by which to measure the rest of the U.S. economy? If it‟s not, then what company is? The largest U.S. automaker, General Motors Corp., officially filed for bankruptcy protection at 8 a.m. EDT on Monday, June 1, 2009, the largest bankruptcy protection case in the U.S. industrial history. (“Industrial” label aside, Lehman Brothers, Washington Mutual, and WorldCom were bigger.)
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On August 7, 2009, GM said that it intended to make an I.P.O. of stock by July 10, 2010, the one-year anniversary of its exit from bankruptcy. On November 18, 2010, GM completed an I.P.O. of stock.
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
CBOE Volatility Index – Weekly Close versus 30-Week Moving Average VIX is a popular index that measures and tracks changing implied volatility levels of near-term call and put options on the S&P 500 Index. The VIX reflects the consensus view in the marketplace of expected, nearterm volatility in the broad equity market. The VIX is considered a barometer of changing investor sentiment. With a rising VIX level, investors expect increasing instability in the broad market. With a declining VIX level, investors see the broad market stabilizing.
Key level
Investor fear increased. The Volatility Index increased to 20.08 from 19.06, week-over-week, staying below the key level of 30.00.
11 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Philadelphia Gold and Silver Index – Weekly Close versus 30-Week Moving Average (www.kitco.com/pop_windows/stocks/xau.html)
The Philadelphia Gold and Silver Index (in the first chart) deteriorated. The moving average improved. The second chart shows the performance of the Gold and Silver Index relative to the major market indices. After crashing along with the major market indexes in the fourth quarter of 2008, the Gold and Silver Index has resumed its outperformance.
There‟s a correlation between gold spot price and Phil gold index. Divide gold spot price by Phil gold index. If number is above 4.8-5.0, buy gold stock. If number is below 4.20-4.28, sell gold stock. The number is published in link: http://www.kitco.com/market under XAU and Gold Ratios section. The number increased to 6.86 from 6.66, week-over-week. 12 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
U.S. Dollar Fund – Weekly Close versus 30-Week Moving Average
The PowerShares DB US Dollar Bullish Fund is based on the Deutsche Bank Long US Dollar Index (USDX) Futures Index (DB Long USD Futures Index). The Index, which is managed by DB Commodity Services LLC, is a rules-based index composed solely of long USDX futures contracts. The USDX futures contract is designed to replicate the performance of being long the US Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, and Swiss Franc.
Key support level at 22.00
The U.S Dollar Fund increased to 22.03 from 21.93. The moving average deteriorated.
13 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
10-Year Treasury Note – Weekly Close versus 30-Week Moving Average
The interest rate on the 10-Year Treasury Note decreased to 3.39% from 3.49%. The moving average improved. Our target for the 10-year is 4.5-5.0%. Our target for the 30-year is 7.0%.
14 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Relative Performance of the Dollar, Bonds, and Commodities
The chart shows the relative performance of the dollar (black line), bonds (blue line), and commodities (green line). After oil crashed from mid „08 to early „09, commodities rose slowly. Bonds steadily outperformed both commodities and the dollar. The gap between commodities and bonds narrowed substantially from mid ‟10 to the present. Recently commodities surpassed bonds, on the back of oil (geopolitical tensions), precious metals (gold, silver, flight to safety), and soft commodities (cotton, emerging market demand). The dollar continues to decline, which also pushes commodities higher. 15 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Dow Industrial Dividend Yield
The Dow‟s dividend yield increased to 2.42%, making the Dow less expensive on a price-to-dividend basis. In other words an investor will pay a lower price to collect the Dow‟s dividend. A price/dividend ratio above 26 has historically been a dangerous reading.
16 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Unemployment Rate Month Unemployment Rate
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Month Unemployment Rate
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
9.4%
9.8%
9.6%
9.6%
9.6%
9.5%
9.5%
9.7%
Month Unemployment Rate
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
10.0%
10.0%
10.2%
9.8%
9.7%
9.4%
9.5%
Feb-11
Jan-11
8.9%
9.0%
Mar-10
Feb-10
Jan-10
9.9%
9.7%
9.7%
9.7%
May-09
Apr-09
Mar-09
Feb-09
Jan-09
9.4%
8.9%
8.5%
8.1%
7.6%
The unemployment rate decreased to 8.9% in February from 9.0% in January. Bureau of Labor Statistics Employment Situation… http://online.wsj.com/public/resources/documents/bbemp.pdf Remember, the unemployment rate is a lagging indicator. Historically, the stock market bottoms before the unemployment rate.
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Mar-11
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Unemployment Rate (continued) 2009 Highlights The „real‟ unemployment rate increased to 17.5% in October. It counts the unemployed and underemployed. This broader rate of job-market distress is the highest it‟s been since 1970 and most likely since the Great Depression, estimated at 30%. The U.S. economy has lost the equivalent of every job created in the past nine years. All job growth since the final year of the dot-com bubble, its recovery from the bust, and the ensuing six years of consumer-driven boom is now gone. Since the recession began in December 2007, the jobs market has shrunk by 6.5 million positions… http://www.financialpost.com/story.html?id=1752178 The jobless rate passed 10% in 15 states. The Federal Reserve projected that the national unemployment rate would pass 10 percent by the end of 2009. A smaller share of Americans was working than at any time since the early 1980s. Among the unemployed, the share out of work six months or longer was the highest in 61 years of record keeping. The teenage unemployment rate reached a record high. The percent of teenagers who wanted a job who could not find one was 25.5%, its highest level since the government began keeping track in 1948. Half of college graduates under age 25 are in jobs that don't require college degrees, the highest proportion in at least 18 years. Nearly half a million workers 65 and older want to work but cannot find a job – more than five times the level early this decade and this group‟s highest unemployment level since the Great Depression. The level of indebtedness among older Americans has risen faster than in any other age group, partly because so many obtained second mortgages to take money out of their homes. 2007-2008 “Peak Employment” Highlights Employment peaked in December 2007, 115.6 million workers, according to the U.S. Department of Labor. During the subsequent 2 years, companies shed 8.5 million workers, or 7.3%. In contrast, state and local governments kept hiring as the recession began in December 2007. State and local employment peaked in August 2008, 19.8 million workers. Later, state and local governments reduced headcount by 231,000, or 1.2%. State and local governments cut 46,000 (0.9%) and 185,000 (1.3%) respectively.
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Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Personal Saving Rate Month Personal Saving Rate
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Month Personal Saving Rate
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
5.4%
5.4%
5.5%
5.8%
6.1%
6.1%
6.3%
6.2%
6.0%
5.3%
5.4%
5.7%
Month Personal Saving Rate
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
5.8%
5.6%
5.3%
5.7%
5.1%
6.1%
6.7%
8.2%
6.6%
5.6%
5.0%
5.6%
Month Personal Saving Rate
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
5.7%
5.4%
3.5%
3.8%
3.2%
3.8%
4.8%
7.1%
2.5%
2.8%
2.8%
2.4%
5.8%
The personal saving rate increased to 5.8% in January from 5.4% in December. The personal saving rate in May 2009 was the highest since December 1993, a 15-year high. Some of the increase was attributed to certain components of the U.S. economic stimulus package, including a reduction of federal payroll taxes as well as an increase of social security payments. Note: The Personal Saving Rate data was revised, beginning with Jan-07, to reflect the results of the annual revision of the National Income and Products Accounts (NIPAs) release. Annual revisions, which are usually released in July, incorporate source data that is more complete, detailed, and reliable than those previously published. The previous data underestimated the saving rate by 1.7% on average. The largest monthly difference was 2.3% in May-10. (Source: Federal Reserve Bank of St. Louis)
19 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Inflation
Month CPI Month CPI Month CPI
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Dec-10 1.5% Dec-09 2.7%
Nov-10 1.1% Nov-09 1.8%
Oct-10 1.2% Oct-09 -0.2%
Sep-10 1.1% Sep-09 -1.3%
Aug-10 1.1% Aug-09 -1.5%
Jul-10 1.2% Jul-09 -2.1%
Jun-10 1.1% Jun-09 -1.4%
May-10 2.0% May-09 -1.3%
Apr-10 2.2% Apr-09 -0.7%
Mar-10 2.3%
Feb-10 2.1%
Month PPI Month PPI Month PPI
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Dec-10 4.0% Dec-09 4.4%
Nov-10 3.5% Nov-09 2.4%
Oct-10 4.3% Oct-09 -1.9%
Sep-10 4.0% Sep-09 -4.8%
Aug-10 3.1% Aug-09 -4.3%
Jul-10 4.2% Jul-09 -6.8%
Jun-10 2.8% Jun-09 1.8%
May-10 5.3% May-09 -5.0%
Apr-10 5.5% Apr-09 -3.7%
Mar-10 6.0%
Feb-10 4.4%
Compared to a year ago, consumer prices were 1.6% higher in January, and producer prices were 3.6% higher in January. Bureau of Labor Statistics Consumer Price Index Bureau of Labor Statistics Producer Price Index
http://www.bls.gov/news.release/pdf/cpi.pdf http://www.bls.gov/news.release/pdf/ppi.pdf
Inflation signals: Breakout in gold and gold-related stocks Breakout in long-term interest rates (30-year Treasury (long bond) yield) Falling dollar
20 Investrio, Supplying the Roots for your Green Shoots
Jan-11 1.6% Jan-10 2.6%
Jan-11 3.6% Jan-10 4.6%
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Crash Confidence Index (http://icf.som.yale.edu/stock-market-confidence-indices) The Crash Confidence Index attempts to measure the percent of the population who attach little probability to a catastrophic stock market crash in the U.S., like that of October 28, 1929 or October 19, 1987, in the next six months, including the case that a crash occurred in the other countries and spreads to the U. S. The Crash Confidence Index is the percentage of respondents who think that the probability is less than 10%.
The Crash Confidence Index increased to 33.33% from 32.08% for institutions (fewer think there will be a crash in next 6 months) and decreased to 25.87% from 26.81% for individuals (more think there will be a crash).
21 Investrio, Supplying the Roots for your Green Shoots
Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Baltic Dry Index and CRB Index – Weekly Close versus 30-Week Moving Average
The Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the Index tracks worldwide international shipping prices of various dry bulk cargoes. The index provides an assessment of the price of moving the major raw materials by sea. Taking in 26 shipping routes measured on a time charter and voyage basis, the index covers Handymax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain.
The Thomson Reuters/Jefferies CRB Index (TR/J CRB) is a commodity price index. It currently is made up of 19 commodities as quoted on the NYMEX, CBOT, LME, CME and COMEX exchanges. These are sorted into 4 groups, each with different weightings. These groups are: 1. Petroleum based products (based on their importance to global trade, always make up 33% of the weightings), 2. Liquid assets, 3. Highly liquid assets, and 4. Diverse commodities.
It‟s widely considered a leading indicator of global demand for raw materials.
The Baltic Dry Index increased to 1,562. The moving average deteriorated to 2,062. The CRB Index decreased to 351. The moving average improved to 312. The BDI and CRB are real economy indicators and provide a counterpoint to the equity market. Divergence between these real economy indicators and the equity market may signal a breakdown in stocks.
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Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Basic Terms of Stage Analysis Stage 1: The Basing Area After the market (or stock) has been declining for several months, it eventually will lose its downside momentum and start to trend sideways. The 30-week MA loses its downward slope and starts to flatten out. The market (or stock) may bounce above and below the 30-week MA before proceeding to Stage 2. Stage 2: The Advancing Phase The market (or stock) eventually breaks above the 30-week MA (or top of its resistance zone). In Stage 2, the 30-week MA usually starts turning up shortly after the breakout. The Advancing Phase is a bull market advance. Stage 3: The Top Area After the market (or stock) has been advancing for several months, it eventually will lose its upside momentum and start to trend sideways. The 30-week MA loses its upward slope and starts to flatten out. The market (or stock) may bounce above and below the 30-week MA before proceeding to Stage 4. Stage 4: The Declining Phase The market (or stock) eventually breaks below the 30-week MA (or bottom of its support zone). In Stage 4, the 30-week MA usually starts turning down shortly after the breakout. The Declining Phase is a bear market decline.
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Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Internet Resources 1. Amazon Bestsellers http://www.amazon.com/gp/bestsellers 2. Asensio http://www.asensio.com 3. Blogging the Stimulus http://www.newyorker.com/online/blogs/stevecoll/blogging-the-st 4. CAPS Stock Screener http://caps.fool.com/screener.aspx 5. CBOE Events Calendar http://www.cboe.com/AboutCBOE/EventCalendar.aspx 6. Consumer Search http://www.consumersearch.com 7. Data.Gov http://www.data.gov (beta) 8. Earnings Calendar http://biz.yahoo.com/research/earncal/today.html 9. Economic Research - Federal Reserve Bank of St. Louis http://research.stlouisfed.org 10. Electronic Municipal Market Access (EMMA) http://emma.msrb.org/default.aspx 11. Endurance News & Publications http://www.endurance.bm/news-publications/publications.html 12. FDIC Failed Bank List http://www.fdic.gov/bank/individual/failed/banklist.html 13. Financial Crisis Observatory http://www.er.ethz.ch/fco 14. Financial Visualizations http://www.finviz.com 15. Government Executive - News by Agency http://www.govexec.com/newsbyagency 16. Guru Focus (for insider buying) http://www.gurufocus.com 17. Harry Dent Latest Update http://www.youtube.com/watch?v=e_JzAEzYLt4&feature=channel_page 18. IPO Calendar http://www.renaissancecapital.com/ipohome/calendars/ondeck.aspx 19. Mad Money Recap http://www.thestreet.com/thestreet-picks/mad-money-recap/index.html 20. Options News Network http://www.onn.tv
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Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
21. Point Carbon http://www.pointcarbon.com 22. ProShares Products http://www.proshares.com/funds 23. Raymond James Monthly Economic Calendar http://www.raymondjames.com/econocal.htm 24. Roubini Global Economics http:// www.roubini.com 25. S-Network Global Indexes http://www.snetglobalindexes.com 26. Satyajit Das's Blog http://www.wilmott.com/blogs/satyajitdas 27. SEC Edgar System Company Search (See “DEF 14A” for insider ownership) http://sec.gov/edgar/searchedgar/companysearch.html 28. Seeking Alpha http://www.seekingalpha.com 29. Short Interest http://www.shortsqueeze.com 30. Stock Charts http://www.stockcharts.com 31. Tickerspy http://tickerspy.com
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Investrio Stock Selector Fund Bull and Bear Market Indicators March 11, 2011
Library Resources 1. Ablin, Jack. Reading Minds and Markets: Minimizing Risk and Maximizing Returns in a Volatile Global Marketplace 2. Buffett, Mary and Clark, David. Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage 3. Cramer, James. Getting Back to Even 4. Dent, Harry. The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History 5. Dorsey, Pat. The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments 6. Edwards, Robert and Magee, John. Technical Analysis of Stock Trends 7. Friedman, George. The Next 100 Years: A Forecast for the 21st Century 8. Graham, Benjamin. The Intelligent Investor 9. Graham, Benjamin and Dodd, David. Security Analysis: Sixth Edition 10. Greenwald, Bruce. Value Investing: From Graham to Buffett and Beyond 11. Lewis, Michael. The Big Short: Inside the Doomsday Machine 12. Mauboussin, Michael. More Than You Know: Finding Financial Wisdom in Unconventional Places 13. Murphy, John. Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications 14. Pompian, Michael. Behavioral Finance and Wealth Management: How to Build Optimal Portfolios that Account for Investor Biases 15. Roubini, Nouriel and Mihm, Stephen. Crisis Economics: A Crash Course in the Future of Finance 16. Seyhun, Nejat. Investment Intelligence from Insider Trading 17. Weinstein, Stan. Secrets for Profiting in Bull and Bear Markets 18. Zuckerman, Gregory. The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History 26 Investrio, Supplying the Roots for your Green Shoots
