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	U.S. Stock Market Update *For Friday, February 10, 2012* *Stock Market: Sentiment Warning* Corporate insiders are now selling their companies’ stock at the heaviest rate since the market peak last July, according to Mark Hulbert at MarketWatch. Insiders sold 577 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That is a big change in insider behavior from 81 shares sold for each 100 shares bought in November. Since corporate insiders (officers, directors, and largest shareholders) know so much more about their companies than the public can possibly know, it is bearish when insiders sell at such a heavy pace. AAII Sentiment: There were 52% Bulls and 20% Bears, according to the AAII weekly survey reported on 2/9/12. That was an upswing in net bullish emotion from 44% Bulls and 25% Bears as of the 2/2/12 reading. The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) turned down this week after peaking on 2/3/12. The S&P 500 Composite (SPX: 1,351.95, up 0.15%) rose again but lost a little bit more price velocity. Expect resistance near the 2011 highs, plus or minus a few percentage points. The slowness of the grind higher indicates that the stock market already has lost most of its bullish momentum and could be vulnerable to a downside correction at any time. Potential Reward relative to potential Risk does not appear attractive. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services. Hedge funds lost 5%, according to COO Connect. Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%. But not all money managers were down in 2011; see: Robert W. Colby Asset Management, Inc. (click here).* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The S&P 500 Composite Potential Resistance 1576.09, high of 10/11/2007 1552.76, high of 10/31/2007 1523.57, high of 12/11/2007 1498.85, high of 12/26/2007 1440.24, high of 5/19/2008 1406.32, high of 5/29/2008 1381.50, Fibonacci 78.6% of 2007-2009 range 1376.55, Fibonacci 100.0% projection 10/11 range 1370.58, high of 5/2/11 1359.44, high of 5/10/11 1356.48, high of 7/7/11 The S&P 500 Composite Potential Support 1349.31, Gann 87.5% projection 10/11 range 1300.49, low of 1/30/2012 1277.58, low of 1/13/2012 1265.26, low of 1/5/2012 1262.30, low of 12/27/2011 1257.69, 200-day SMA 1257.46, low of 12/30/11 1257.58, Fibonacci 61.8% of 2011 range 1255.22, high of 12/22/2011 1248.64, low of 12/29/2011 1244.80, low of 12/7/2011 1239.73, low of 12/1/2011 1238.81, Fibonacci 78.6% of 1,576.09 high 1234.81, low of 11/3/11 1231.04, high of 12/16/11 1226.64, low of 11/9/2011 1222.68, Fibonacci 50% of 2011 range 1224.57, high of 12/19/11 1215.20, low of 12/16/11 1209.47, low of 12/14/2011 1209.43, low of 11/17/2011 1204.49, Fibonacci 23.6% of 2009-11 range 1202.37, low of 12/19/11 1187.77, Fibonacci 38.2% of 2011 range 1158.66, low of 11/25/2011 1144.38, Fibonacci 23.6% of 2011 range 1101.73, Fibonacci 38.2% of 2009-11 range 1074.77, low of 10/4/2011 1039.70, low of 8/27/10 1039.31, Fibonacci 23.6% of June-Aug. 2010 range 1010.91, low of 7/1/2010 1018.69, Fibonacci 50% of 2009-11 range 1008.55, Fibonacci 38.2% of 2009-2010 range 991.97, low of 9/2/2009 978.51, low of 8/17/2009 956.23, high of 6/11/2009 943.29, Gann 50.0% of 2009-2010 range 935.64, Fibonacci 61.8% of 2009-11 range 878.04, Fibonacci 61.8% of 2009-2010 range 874.17, Gann 62.5% of 2009-2010 range 869.32, low of 7/8/2009 817.40, Fibonacci 78.6% of 2009-11 range 805.17, Gann 75.0% of 2009-2010 range 785.13, Fibonacci 78.6% of 2009-2010 range 666.79, intraday low of 3/6/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fixed-Income Investments Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) fell below the lows of the previous 3 months on 2/9/12 but managed to recover most of the day's loss by the close. TLT whipsawed back below its 50-day SMA on 2/1/12, turning technically neutral again. TLT remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA every day since 6/24/11, suggesting a persistently bullish major trend for the longer term. Support 114.62, 109.82, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 120.91, 121.64, 121.76, 124.02 and 125.03. Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) fell back below its 50-day SMA on 2/7/12, turning technically neutral again. IEF remains above its 200-day SMA, and the 50-day SMA has remained bullishly above the 200-day SMA every day since 6/21/11, suggesting a persistently bullish major trend. Support 104.38, 104.00, 103.29, 102.32, 101.36, 101.11, 99.79, and 97.66. Resistance 106.49 and 106.66. Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back above its 50-day SMA on 2/7/12 but remains below its falling 200-day SMA. The 50-day SMA has remained bearishly below the 200-day SMA every day since 6/20/11. U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) remains neutral. TIP whipsawed back below its 200-day SMA on 2/9/12 but remains above its 50-day SMA. The 50-day SMA has remained bearishly below the 200-day SMA every day since 7/15/11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tangible Assets, Commodities U.S. dollar ETF (UUP) fell below the lows of the previous 12 weeks on 2/9/12, reconfirming a downside correction. UUP fell below its 50-day SMA on 1/23/11 but remains above its 200-day SMA. Longer term, the 50-day SMA has remained above the 200-day SMA every day since 10/26/11. Support 21.58, 21.07, and 20.84. Resistance 22.18, 22.41, 22.46, 22.85, 23.52, 25.84, 27.19, 28.97. Agriculture, PowerShares DB Agriculture Fund ETF (DBA) remains neutral, above its 50-day SMA but below its 200-day SMA. The 50-day SMA has remained bearishly below the 200-day SMA every day since 8/8/11. Crude Oil, United States Oil ETF (USO) entered a correction after peaking at 39.96 on 1/4/12. Support 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 38.96, 39.96, 40.74, and 45.60. Gold, SPDR Gold Shares ETF (GLD) has stalled out this week after peaking 171.23 on 2/2/12. GLD rose above the highs of the previous 11 weeks on 2/2/12, thereby confirming its preexisting short-term uptrend. GLD rose above its 50-day SMA on 1/23/12 and rose above its 200-day SMA on 1/10/12. Longer term, the 50-day SMA has remained bullishly above the 200-day SMA every day since 2/11/09. Support: 166.61, 160.29, 159.68, 158.01, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 171.23, 175.46, 177.40, and 185.85. Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below the lows of the previous 3 years on 1/24/12, thereby reconfirming a bearish major trend for the long term. GDX/GLD remains bearishly below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11. Silver, iShares Silver Trust ETF (SLV) rose above the highs of the previous 12 weeks on 2/9/12 intraday but closed lower, disappointing the bulls. SLV rose above its 50-day SMA on 1/20/12. SLV remains below its falling 200-day SMA, and the 50-day SMA has remained below the 200-day SMA every day since 10/27/11. Support 32.37, 32.02, 30.67, 28.63, 27.83, 25.65, and 24.44. Resistance: 33.47, 34.44, 34.51, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35. Silver/Gold ETFs Ratio (SLV/GLD) rose above the highs of the previous 11 weeks on 2/8/12, confirming a short-term uptrend. SLV/GLD rose above its 50-day SMA on 1/20/12 but remains below its falling 200-day SMA. Longer term, SLV/GLD fell below the lows of the previous 14 months on 12/28/11, and the 50-day SMA has remained below the 200-day SMA every day since 8/30/11. Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) rose above the highs of the previous 5 months and rose above its 200-day SMA on 2/8/12, thereby confirming its preexisting medium-term uptrend. Longer term, JJC's 50-day SMA has remained bearishly below the 200-day SMA every day since 8/8/11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spotlight on event stocks: Here is a stock screen I designed to pick out potential event stocks, both Bullish and Bearish. Sometimes, stocks with large changes in price and volume are revealed to be deal stocks, sooner or later, or are the subject of some other extraordinary events, positive or negative. Bullish Stocks: Rising Price and Rising Volume Ranked by Price Change * Volume Change % Price Change, Symbol, Name 9.71% , LO , Lorillard, Inc. LO 10.17% , TDC , Teradata Corporation, TDC 9.71% , KBH , KB HOME 7.98% , KWT , Solar Energy MV, KWT 7.64% , EFX , EQUIFAX 0.75% , PGJ , China LargeCap Growth G D H USX PS, PGJ 4.97% , MTG , MGIC INVESTMENT 3.75% , JBL , JABIL CIRCUIT 3.38% , VMC , VULCAN MATERIALS 5.25% , WFM.O , Whole Foods Market Inc 4.16% , PWER , POWER ONE 2.60% , BMS , BEMIS 3.46% , AAPL , APPLE COMPUTER 3.33% , FMCN , Focus Media, FMCN 2.80% , PM , Philip Morris, PM 1.30% , PMR , Retail, PMR 1.48% , MAS , MASCO 2.84% , JNS , JANUS CAPITAL 0.22% , JKI , Value MidCap iS M, JKI 3.28% , ODP , OFFICE DEPOT 4.86% , PHM , PULTE HOMES 2.78% , LIZ , LIZ CLAIRBORNE 2.20% , RIG , TRANSOCEAN 1.42% , FPX , IPOs, First Tr IPOX-100, FPX 1.52% , SEE , SEALED AIR 3.26% , WAG , WALGREEN 3.29% , LAMR , Lamar Advertising Company 2.21% , APOL , APOLLO GROUP 1.49% , CCE , COCA COLA ENTER 1.90% , DLTR , Dollar Tree Stores Inc 0.76% , ECH , Chile MSCI iS, ECH 1.60% , MO , ALTRIA, MO 0.73% , SNPS , Synopsys Inc Bearish Stocks: Falling Price and Rising Volume Ranked by Price Change * Volume Change % Price Change, Symbol, Name -3.70% , PEP , PEPSICO -1.33% , SNI , Scripps Networks Interactive -4.78% , THC , TENET HEALTHCARE -0.72% , PSQ , Short 100% QQQ, PSQ -0.37% , EWN , Netherlands Index, EWN -2.31% , ZMH , ZIMMER HLDGS -1.18% , TUR , Turkey MSCI iS, TUR -1.42% , SIAL , SIGMA ALDRICH -1.44% , SYK , STRYKER -1.59% , PEG , PUBL SVC ENTER -2.22% , UNM , UNUMPROVIDENT -1.45% , QID , Short 200% QQQ PS, QID -2.10% , CSCO , CISCO SYSTEMS -1.06% , CAT , CATERPILLAR -0.22% , IYF , Financial DJ US, IYF -0.84% , PBE , Biotech & Genome, PBE -0.23% , IEF , Bond, 10 Year Treasury, IEF -0.52% , PZI , Micro Cap Zachs, PZI -1.38% , MDT , MEDTRONIC -1.70% , STT , STATE STREET -0.24% , JKL , Value SmallCap iS M, JKL -1.36% , UNP , UNION PACIFIC -2.09% , NWSA , News Corporation, NWSA -1.17% , F , FORD MOTOR -1.09% , NVLS , NOVELLUS SYS -1.21% , SPLS , STAPLES -1.52% , BBBY , BED BATH BEYOND -0.85% , ICF , Realty Cohen & Steers, ICF -1.50% , RFMD , RF Micro Devices Inc -0.19% , IGN , Networking, IGN -0.51% , IJR , SmallCap S&P 600, IJR -0.75% , TLT , Bond, 20+ Years Treasury, TLT -0.23% , JKJ , SmallCap Core iS M, JKJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day: % Price Change, ETF Name, Symbol 2.38% WilderHill Clean Energy PS, PBW 0.97% Technology SPDR, XLK 0.92% Technology DJ US, IYW 0.91% Info Tech VIPERs, VGT 0.90% Taiwan Index, EWT 0.86% Mexico Index, EWW 0.76% Oil, Crude, U.S. Oil Fund, USO 0.76% Chile MSCI iS, ECH 0.75% China LargeCap Growth G D H USX PS, PGJ 0.72% QQQ Nasdaq 100 Trust, QQQ 0.58% Oil Fund PowerShares, DBO 0.58% Spain Index, EWP 0.55% Consumer Staples SPDR, XLP 0.53% Commodity Tracking, DBC 0.51% Semiconductor SPDR, XSD 0.49% Germany Index, EWG 0.46% France Index, EWQ 0.46% Sweden Index, EWD 0.44% Energy Global, IXC 0.42% Growth MidCap Russell, IWP 0.41% Growth 1000 Russell, IWF 0.38% Growth VIPERs, VUG 0.35% Growth S&P 500/BARRA, IVW 0.35% Dividend DJ Select, DVY 0.34% India Earnings WTree, EPI 0.33% Switzerland Index, EWL 0.33% Semiconductor iS IGW, SOXX 0.32% EMU Europe Index, EZU 0.31% Water Resources, PHO 0.30% India PS, PIN 0.29% Frontier Markets Guggenheim , FRN 0.28% Value EAFE MSCI, EFV 0.28% MidCap Russell, IWR 0.27% Industrial SPDR, XLI 0.27% Europe 350 S&P Index, IEV 0.26% Transportation Av DJ, IYT 0.26% South Africa Index, EZA 0.26% EAFE Index, EFA 0.26% Belgium Index, EWK 0.23% Growth MidCap 400 B, IJK 0.23% Emerging 50 BLDRS, ADRE 0.21% Value MidCap Russell, IWS 0.21% LargeCap Blend Russell 3000, IWV 0.20% Bond, High-Yield Junk, JNK 0.20% LargeCap 1000 R, IWB 0.20% Homebuilders SPDR, XHB 0.19% LargeCap VIPERs, VV 0.18% Latin Am 40, ILF 0.17% United Kingdom Index, EWU 0.16% Consumer Discretionary SPDR, XLY 0.16% Blend Total Market VIPERs, VTI 0.15% Small Cap EAFE MSCI iS, SCZ 0.15% Capital Markets KWB ST, KCE 0.15% Italy Index, EWI 0.14% Dividend SPDR, SDY 0.14% S&P 500 iS LargeCap Blend, IVV 0.13% MidCap S&P 400 SPDRs, MDY 0.13% S&P 500 SPDRs LargeCap Blend, SPY 0.12% LargeCap Blend S&P=Weight R, RSP 0.12% Bond EmrgMkt JPM iS, EMB 0.11% LargeCap Blend S&P 100, OEF 0.11% Materials SPDR, XLB 0.10% MidCap S&P 400 iS, IJH 0.08% Value MidCap S&P 400 B, IJJ 0.08% Basic Materials DJ US, IYM 0.07% Malaysia Index, EWM 0.07% European VIPERs, VGK 0.07% Dividend International, PID 0.06% Hong Kong Index, EWH 0.05% Energy & Nat Res iS GS, IGE 0.04% Bond, High-Yield Corporate, HYG 0.04% DIAMONDS (DJIA), DIA 0.04% Financial Services DJ, IYG 0.03% South Korea Index, EWY 0.03% Financial Preferred, PGF 0.02% Global 100, IOO 0.01% Energy SPDR, XLE 0.00% Preferred Stock iS, PFF 0.00% Energy VIPERs, VDE -0.01% Value LargeCap Dynamic PS, PWV -0.01% Bond Treasury Short-Term iS, SHV -0.02% Value VIPERs, VTV -0.02% Pacific ex-Japan, EPP -0.02% Dividend Appreciation Vipers, VIG -0.02% Energy DJ, IYE -0.03% Growth EAFE MSCI, EFG -0.05% Emerging VIPERs, VWO -0.05% Telecom DJ US, IYZ -0.05% Emerging Markets, EEM -0.05% Bond, 1-3 Year Treasury, SHY -0.06% Growth SmallCap VIPERs, VBK -0.06% Austria Index, EWO -0.07% Value 1000 Russell, IWD -0.07% Global ex US ACWI iS, ACWX -0.08% Australia Index, EWA -0.11% Bear, Short S&P 500, SH -0.11% Value S&P 500 B, IVE -0.12% Bond Ex-US Treas, BWX -0.16% Brazil Index, EWZ -0.16% Bond, Aggregate, AGG -0.18% Thailand MSCI iS, THD -0.19% Networking, IGN -0.21% Dividend High Yield Equity PS, PEY -0.21% Value SmallCap VIPERS, VBR -0.22% Financial DJ US, IYF -0.23% Utilities VIPERs, VPU -0.23% Bond, 10 Year Treasury, IEF -0.24% Small Cap VIPERs, VB -0.25% Canada Index, EWC -0.28% Gold Shares S.T., GLD -0.29% Utilities SPDR, XLU -0.31% Japan Index, EWJ -0.32% Bond, Corp, LQD -0.32% Bond Muni ATM-Free S&P iS, MUB -0.33% Growth SmallCap R 2000, IWO -0.35% Pacific VIPERs, VPL -0.35% Financials VIPERs, VFH -0.37% Netherlands Index, EWN -0.38% Bond, TIPS, TIP -0.39% Singapore Index, EWS -0.40% Indonesia MV, IDX -0.41% Financial SPDR, XLF -0.41% Metals & Mining SPDR, XME -0.42% Silver Trust iS, SLV -0.49% Growth BARRA Small Cap 600, IJT -0.49% Value SmallCap S&P 600 B, IJS -0.50% SmallCap Russell 2000, IWM -0.51% SmallCap S&P 600, IJR -0.52% Value SmallCap Russell 2000, IWN -0.53% Health Care SPDR, XLV -0.61% Biotech SPDR, XBI -0.65% Microcap Russell, IWC -0.73% Real Estate US DJ, IYR -0.73% REIT VIPERs, VNQ -0.75% Bond, 20+ Years Treasury, TLT -0.77% China 25 iS, FXI -0.79% Agriculture DB PS, DBA -0.84% REIT Wilshire, RWR -0.85% Realty Cohen & Steers, ICF -1.18% Turkey MSCI iS, TUR -1.22% Russia MV, RSX Please see my top 10 ETF relative strength ranks, below. This list is updated every weekend. My top 10 ETFs outperformed the S&P 500 very significantly since August, 2004, in simulation. Click here for a graph of simulated performance. Analysis of market forces may offer a sense of probabilities. But the many variables that can impact market prices are notoriously difficult to predict. And, market analysis is something less than an exact science. So, sound trading tactics are always recommended. See my Money Management Rules. This Technical Analysis is made possible by use of MetaStock software. Try it at no risk. . . . . . . . . . . . Based on prices as of the close on Friday, April 29, 2011. 6.7-Year Outperformance by the Top 10 Exchange Traded Funds Weekly Rankings of Major Trend Relative Strength My weekly Top 10 ETFs ranked by the Major Trend Relative Strength outperformed the S&P 500 by 144 percentage points over a 6.7 years period of real-time weekly tests. Click here for a graph of simulated performance. Please note that my ETF rankings are available by subscription--NOW WITH A NO-RISK FREE TRIAL. *See The Colby Global Markets Report* (click here). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simulated weekly performance of top 10 ETFs As shown below, my 10 ETFs, ranked each week by their relative strength, gained substantially more than the S&P 500 since August, 2004, in simulation. Click here for a graph of simulated performance. According to CFTC Rule 4.41, hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown. My ETF Rankings are not investment advice. Rather, my ETF Rankings are simply an ongoing weekly research study. Date , S&P 500 , Top 10 8/20/04 , 100.00 , 100.00 8/27/04 , 100.86 , 101.91 9/3/04 , 101.39 , 101.90 9/11/04 , 102.33 , 103.88 9/17/04 , 102.75 , 104.31 9/24/04 , 101.07 , 106.78 10/1/04 , 103.02 , 106.69 10/8/04 , 102.17 , 110.18 10/15/04 , 100.90 , 111.75 10/22/04 , 99.76 , 109.37 10/29/04 , 102.90 , 110.15 11/5/04 , 106.17 , 111.23 11/12/04 , 107.81 , 114.52 11/19/04 , 106.55 , 117.46 11/26/04 , 107.68 , 116.81 12/3/04 , 108.45 , 120.65 12/10/04 , 108.16 , 122.30 12/17/04 , 108.73 , 118.70 12/24/04 , 110.18 , 120.94 12/31/04 , 110.34 , 122.56 1/7/05 , 108.00 , 124.27 1/14/05 , 107.85 , 117.64 1/22/05 , 106.33 , 118.28 1/28/05 , 106.65 , 115.88 2/4/05 , 109.53 , 118.24 2/11/05 , 109.74 , 122.17 2/18/05 , 109.40 , 124.41 2/26/05 , 110.29 , 127.46 3/4/05 , 111.27 , 132.68 3/11/05 , 109.26 , 134.14 3/18/05 , 108.31 , 129.62 3/25/05 , 106.65 , 127.85 4/1/05 , 106.79 , 122.68 4/8/05 , 107.54 , 125.70 4/15/05 , 104.03 , 125.41 4/22/05 , 104.90 , 118.40 4/29/05 , 105.33 , 121.41 5/6/05 , 106.65 , 119.85 5/13/05 , 105.07 , 121.51 5/20/05 , 108.28 , 116.64 5/27/05 , 109.14 , 120.80 6/4/05 , 108.89 , 121.63 6/10/05 , 109.08 , 122.76 6/17/05 , 110.80 , 123.09 6/24/05 , 108.49 , 128.50 7/1/05 , 108.75 , 125.38 7/9/05 , 110.33 , 127.64 7/15/05 , 111.80 , 129.40 7/22/05 , 112.32 , 129.44 7/29/05 , 112.37 , 133.01 8/5/05 , 111.66 , 134.40 8/12/05 , 112.02 , 135.66 8/19/05 , 111.05 , 138.84 8/26/05 , 109.72 , 134.34 9/2/05 , 110.90 , 134.72 9/10/05 , 113.03 , 142.25 9/16/05 , 112.71 , 145.58 9/23/05 , 110.65 , 145.65 9/30/05 , 111.88 , 146.84 10/7/05 , 108.88 , 150.57 10/14/05 , 108.03 , 141.26 10/21/05 , 107.40 , 137.12 10/28/05 , 109.11 , 134.34 11/4/05 , 111.09 , 136.69 11/11/05 , 112.42 , 142.53 11/18/05 , 113.65 , 143.84 11/25/05 , 115.47 , 145.81 12/2/05 , 115.18 , 149.02 12/9/05 , 114.66 , 150.54 12/16/05 , 115.38 , 151.02 12/23/05 , 115.51 , 149.72 12/31/05 , 113.65 , 152.29 1/7/06 , 117.03 , 151.09 1/13/06 , 117.23 , 161.86 1/21/06 , 114.85 , 162.81 1/27/06 , 116.88 , 161.57 2/3/06 , 115.08 , 166.78 2/10/06 , 115.35 , 162.81 2/17/06 , 117.20 , 160.41 2/25/06 , 117.40 , 162.62 3/3/06 , 117.20 , 163.95 3/10/06 , 116.67 , 163.37 3/17/06 , 119.02 , 154.31 3/24/06 , 118.63 , 161.00 3/31/06 , 117.89 , 160.19 4/7/06 , 117.95 , 161.40 4/14/06 , 117.37 , 164.56 4/21/06 , 119.39 , 164.21 4/28/06 , 119.33 , 173.62 5/5/06 , 120.70 , 172.42 5/12/06 , 117.56 , 180.23 5/19/06 , 115.36 , 174.52 5/26/06 , 116.55 , 162.11 6/3/06 , 117.29 , 159.42 6/9/06 , 114.02 , 159.68 6/16/06 , 113.95 , 148.42 6/23/06 , 113.31 , 145.56 6/30/06 , 115.65 , 146.29 7/7/06 , 115.22 , 153.11 7/14/06 , 112.55 , 152.15 7/21/06 , 112.92 , 150.84 7/28/06 , 116.41 , 154.93 8/4/06 , 116.48 , 157.29 8/11/06 , 115.33 , 154.55 8/18/06 , 118.57 , 154.44 8/25/06 , 117.91 , 152.05 9/1/06 , 119.36 , 154.35 9/9/06 , 118.26 , 150.73 9/15/06 , 120.15 , 153.02 9/22/06 , 119.71 , 153.19 9/29/06 , 121.62 , 154.84 10/6/06 , 122.87 , 156.44 10/13/06 , 124.33 , 159.77 10/20/06 , 124.61 , 159.84 10/27/06 , 125.40 , 161.04 11/3/06 , 124.21 , 159.49 11/10/06 , 125.72 , 163.29 11/17/06 , 127.57 , 165.07 11/24/06 , 127.55 , 167.50 12/1/06 , 127.16 , 166.09 12/8/06 , 128.36 , 168.66 12/15/06 , 129.93 , 170.28 12/22/06 , 128.44 , 165.79 12/29/06 , 129.13 , 171.22 1/5/07 , 128.35 , 166.88 1/12/07 , 130.26 , 168.24 1/19/07 , 130.24 , 168.95 1/26/07 , 129.48 , 169.36 2/2/07 , 131.87 , 172.69 2/9/07 , 130.93 , 174.36 2/16/07 , 132.52 , 176.28 2/23/07 , 132.12 , 175.58 3/2/07 , 126.30 , 159.04 3/9/07 , 127.67 , 162.61 3/16/07 , 126.28 , 160.79 3/23/07 , 130.75 , 169.15 3/30/07 , 129.36 , 169.59 4/6/07 , 131.45 , 176.16 4/13/07 , 132.28 , 179.67 4/20/07 , 135.14 , 182.01 4/27/07 , 136.03 , 181.21 5/4/07 , 137.08 , 184.23 5/11/07 , 137.10 , 184.71 5/18/07 , 138.64 , 187.36 5/25/07 , 138.00 , 186.33 6/1/07 , 139.88 , 192.19 6/8/07 , 137.27 , 185.55 6/15/07 , 139.56 , 192.92 6/22/07 , 136.80 , 192.29 6/29/07 , 136.87 , 190.20 7/6/07 , 139.34 , 199.72 7/13/07 , 141.35 , 205.39 7/20/07 , 139.67 , 203.16 7/27/07 , 132.83 , 189.93 8/3/07 , 130.47 , 184.58 8/10/07 , 132.35 , 182.79 8/17/07 , 131.65 , 172.13 8/24/07 , 134.69 , 182.28 8/31/07 , 134.20 , 185.84 9/7/07 , 132.34 , 182.92 9/14/07 , 135.13 , 189.73 9/21/07 , 138.91 , 201.08 9/28/07 , 139.00 , 207.07 10/5/07 , 141.81 , 217.06 10/12/07 , 142.20 , 222.48 10/19/07 , 136.63 , 213.36 10/26/07 , 139.78 , 227.40 11/2/07 , 137.45 , 226.57 11/9/07 , 132.35 , 212.38 11/16/07 , 132.81 , 209.55 11/23/07 , 131.17 , 202.27 11/30/07 , 134.85 , 206.12 12/7/07 , 136.99 , 211.39 12/14/07 , 133.65 , 200.62 12/21/07 , 135.15 , 205.20 12/28/07 , 134.61 , 205.02 1/4/08 , 128.52 , 198.75 1/11/08 , 127.56 , 200.50 1/18/08 , 120.65 , 188.83 1/25/08 , 121.15 , 187.64 2/1/08 , 127.05 , 181.90 2/8/08 , 121.21 , 181.09 2/15/08 , 122.91 , 181.77 2/22/08 , 124.11 , 188.08 2/29/08 , 121.15 , 192.12 3/7/08 , 117.76 , 193.50 3/14/08 , 117.28 , 195.18 3/20/08 , 121.05 , 180.69 3/28/08 , 119.75 , 182.06 4/4/08 , 124.77 , 181.64 4/11/08 , 121.35 , 182.30 4/18/08 , 126.58 , 191.34 4/25/08 , 127.27 , 189.58 5/2/08 , 128.73 , 187.80 5/9/08 , 126.40 , 193.58 5/16/08 , 129.77 , 201.96 5/23/08 , 125.27 , 200.26 5/30/08 , 127.50 , 202.73 6/6/08 , 123.88 , 205.04 6/13/08 , 123.82 , 203.44 6/20/08 , 119.99 , 204.08 6/27/08 , 116.39 , 204.55 7/3/08 , 114.98 , 198.71 7/11/08 , 112.85 , 198.77 7/18/08 , 114.78 , 189.17 7/25/08 , 114.51 , 188.02 8/1/08 , 114.75 , 192.91 8/8/08 , 118.02 , 184.91 8/15/08 , 118.20 , 186.17 8/22/08 , 117.65 , 182.27 8/29/08 , 116.80 , 179.79 9/5/08 , 113.11 , 176.60 9/12/08 , 113.96 , 174.92 9/19/08 , 114.27 , 174.93 9/26/08 , 110.46 , 172.47 10/3/08 , 100.08 , 190.50 10/9/08 , 82.84 , 232.08 10/17/08 , 85.63 , 217.04 10/24/08 , 79.83 , 237.28 10/31/08 , 88.20 , 203.12 11/7/08 , 84.76 , 211.90 11/14/08 , 79.51 , 226.64 11/21/08 , 72.84 , 249.02 11/28/08 , 81.60 , 217.64 12/5/08 , 79.76 , 220.06 12/12/08 , 80.10 , 216.07 12/19/08 , 80.84 , 215.21 12/26/08 , 79.46 , 218.49 1/2/09 , 84.84 , 200.77 1/9/09 , 81.06 , 204.82 1/16/09 , 77.40 , 213.16 1/23/09 , 75.75 , 216.12 1/30/09 , 75.19 , 215.69 2/6/09 , 79.08 , 200.81 2/13/09 , 75.28 , 212.89 2/20/09 , 70.11 , 231.70 2/27/09 , 66.93 , 239.07 3/6/09 , 62.22 , 258.45 3/13/09 , 68.88 , 227.97 3/20/09 , 69.97 , 225.01 3/27/09 , 74.29 , 205.49 4/3/09 , 76.71 , 197.61 4/10/09 , 77.99 , 196.66 4/17/09 , 79.17 , 195.55 4/24/09 , 78.87 , 195.64 5/1/09 , 79.89 , 193.41 5/8/09 , 84.60 , 196.64 5/15/09 , 80.38 , 185.68 5/22/09 , 80.76 , 186.97 5/29/09 , 83.68 , 195.85 6/5/09 , 85.59 , 197.89 6/12/09 , 86.15 , 196.71 6/19/09 , 83.87 , 187.50 6/26/09 , 83.66 , 188.93 7/3/09 , 81.62 , 185.32 7/10/09 , 80.04 , 179.40 7/17/09 , 85.62 , 193.37 7/24/09 , 89.16 , 204.04 7/31/09 , 89.91 , 204.36 8/7/09 , 92.00 , 206.18 8/14/09 , 91.42 , 204.49 8/21/09 , 93.42 , 205.40 8/28/09 , 93.68 , 205.62 9/4/09 , 92.54 , 202.80 9/11/09 , 94.94 , 209.05 9/18/09 , 97.26 , 215.33 9/25/09 , 95.09 , 209.01 10/2/09 , 93.34 , 202.00 10/9/09 , 97.55 , 215.16 10/16/09 , 99.03 , 218.66 10/23/09 , 98.29 , 215.23 10/30/09 , 94.34 , 198.32 11/6/09 , 97.36 , 207.43 11/13/09 , 99.56 , 213.90 11/20/09 , 99.37 , 210.53 11/27/09 , 99.38 , 210.24 12/4/09 , 100.69 , 214.97 12/11/09 , 100.73 , 210.86 12/18/09 , 100.38 , 207.62 12/24/09 , 102.56 , 214.83 12/31/09 , 101.53 , 212.11 1/8/10 , 104.25 , 219.35 1/15/10 , 103.43 , 213.49 1/22/10 , 99.40 , 201.27 1/29/10 , 97.77 , 195.18 2/5/10 , 97.07 , 189.12 2/12/10 , 97.92 , 195.11 2/19/10 , 100.99 , 202.11 2/26/10 , 100.56 , 201.77 3/5/10 , 103.67 , 212.78 3/12/10 , 104.70 , 217.95 3/19/10 , 105.60 , 216.72 3/26/10 , 106.21 , 218.54 4/1/10 , 107.26 , 221.41 4/9/10 , 108.74 , 226.29 4/16/10 , 108.54 , 221.56 4/23/10 , 110.83 , 227.97 4/30/10 , 108.04 , 220.60 5/7/10 , 101.14 , 200.18 5/14/10 , 103.40 , 207.57 5/21/10 , 99.03 , 194.24 5/28/10 , 99.19 , 198.39 6/4/10 , 96.95 , 189.53 6/11/10 , 99.39 , 198.22 6/18/10 , 101.74 , 204.88 6/25/10 , 98.03 , 200.18 7/2/10 , 93.10 , 191.66 7/9/10 , 98.14 , 196.67 7/16/10 , 96.95 , 193.62 7/23/10 , 100.39 , 200.03 7/30/10 , 100.30 , 203.07 8/6/10 , 102.12 , 205.67 8/13/10 , 98.26 , 199.30 8/20/10 , 97.57 , 202.81 8/27/10 , 96.93 , 203.20 9/3/10 , 100.56 , 209.21 9/10/10 , 101.02 , 208.86 9/17/10 , 102.48 , 213.36 9/24/10 , 104.58 , 217.65 10/1/10 , 104.36 , 223.19 10/8/10 , 106.08 , 226.22 10/15/10 , 107.09 , 229.40 10/22/10 , 107.71 , 227.62 10/29/10 , 107.73 , 227.75 11/5/10 , 111.61 , 239.24 11/12/10 , 109.18 , 231.09 11/19/10 , 109.23 , 232.80 11/26/10 , 108.29 , 225.87 12/3/10 , 111.50 , 236.59 12/10/10 , 112.93 , 236.79 12/23/10 , 114.42 , 236.51 12/31/10 , 114.50 , 237.96 1/7/11 , 115.76 , 232.37 1/14/11 , 117.74 , 237.13 1/21/11 , 116.84 , 227.91 1/28/11 , 116.21 , 231.01 2/4/11 , 119.35 , 239.79 2/11/11 , 121.01 , 242.73 2/18/11 , 122.28 , 250.91 2/25/11 , 120.17 , 250.04 3/4/11 , 120.28 , 255.93 3/11/11 , 118.75 , 245.10 3/18/11 , 116.47 , 243.54 3/25/11 , 119.62 , 255.41 4/8/11 , 120.92 , 264.69 4/15/11 , 120.15 , 258.72 4/22/11 , 121.76 , 266.10 4/29/11 , 124.15 , 268.62 Date 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				Syndicate content on these pages Email Colby about his Custom Research, Analysis, Trading Systems Development, and Investment Strategy Consulting Services. Subscribe to The Colby Global Markets Report *MetaStock®* NEW version 11 technical analysis software powers this technical analysis. SAVE 9%-10% by ordering here. Preview Colby's Latest Book: *The Encyclopedia of Technical Market Indicators*, Second Edition, 2003. Dow Theory Analysis Gann Angles Analysis Update on EMA Crossover Signals Money Management Rules How To Become A Top Trader. Ranking Indicator Performance to Maximize Profit by using "Annual Relative Advantage". Ranking Indicator Performance by the "Profit/Loss Index". Robert W. Colby, CMT, is a consultant to institutional and private investors and traders, providing regular analytical reports, custom research services, and trading systems tailored to clients' objectives. Clients include the most successful traders and investors in the world. Robert is the author of The Encyclopedia of Technical Market Indicators, Second Edition, McGraw-Hill, 2003, which has become the standard reference for indicator and trading systems design. Previously, at several large Wall Street firms, Robert worked as a proprietary trader, technical analyst, and fundamental analyst. He also was adjunct professor at New York University and New York Institute of Finance, where he developed new courses on technical analysis and market timing. Robert W. Colby is a Chartered Market Technician (CMT), an accreditation granted to members by the *Market Technicians Association (www.mta.org)* after demonstrating professional competence and ethics over a period of many years. Robert has been a member of the MTA since 1980, and he strongly supports the MTA's high standards. He also supports the the *MTA Educational Foundation (www.mtaef.org), which works to have technical analysis included in the curriculum of major business schools. 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Please click here to view this article. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . "Which gold indicators are best? Divining gold's next move." by Robert W. Colby, CMT. Please click here to view this free article. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . "Applying the Relative Strength strategy to ETFs." by Robert W. Colby, CMT. Please click here to view this free article.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . "PUTTING CANDLES TO THE TEST, How Profitable Are They Really?" by Robert W. Colby, CMT. Published in *SFO, STOCKS, FUTURES AND OPTIONS MAGAZINE, Volume 5. No. 8. August 2006, pages 91-94. Please click here to buy this article. (Scroll to bottom of linked page.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TradingMarkets.com* interviewed Robert W. Colby, CMT. 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