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[RT] seasonality/thanksgiving



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Hello
copy of a market letter I received  11/16/01
Friday was strong.All of the AD lines were strong.New 
highs and new lows both decreased on all markets.The secondaries were 
stronger than the blue chips.However, growth was weaker than value at all 
levels.
 
Gold, energy and Utilities are the weak sectors, while the the 
techs of 1999 are strong.
 
Like the past week, bonds took a dramatic tumble in early 
October of 1930, they continued to fall until mid December and than rallied 
to near their old highs.  After that they moreor less followed stocks 
until they both bottomed in mid 1932.  Bonds were having a blow 
offrally and were overdue for a correction so I could be reading a little 
more into this corretionthan is appropriate.  Also interesting, while 
nearly all bonds got hit last week, Junk rallied.
 
The first rally after the crash of 1929 lasted about 6 months, 
after that the rallies became shorter and less sharp.  That does not 
quite follow the current pattern as this rally appears to have some legs 
left and is likely to last for another month or so, but the dramatic break 
in bonds last week is reminisent of the parallels in the 30's when stocks 
and bonds were out of synch for several years and in the end took a final 
tumble together.
 
In the past 2 days all but one of the broad based signals has 
gone from long to short.However, many of these signals were recently 
re-optimized to just the past years dataso they are very conservative.  
Most of the indicators turned downward from, in many cases,record highs at 
the end of last week.  The extreme strength in the indicators suggests 
thisrally has some time left because you would expect some divergences from 
record high readingsbefore prices made a final top.  However, my 
problem with the Sept 21 bottom has been thatthere were no divergences from 
what was in many cases record low readings on the indicators.
 
It is encouraging to see the only signal remaining long is the 
small cap signal.  A pattern that you often see coming off oversold 
bottoms is the issues that led the way down initiallylead the way up.  
Then leadership changes to the issues that were strongest before the 
tumbleand those were the small caps.
 
Seasonality is most profitably applied to the small caps and 
we have one of the seasonallybest periods coming next week.  The day 
before and the day after Thanksgiving are two of thestrongest days of the 
year.  There is a little conflict this year in that the day 
afterThanksgiving is normally one of the strongest of the year while the 
Friday after witchingis one of the weakest and Friday is both.
 
You can see in the tables below that Monday and Tuesday of 
Thanksgiving week have been two of the worst days while Wednesday and Friday 
have been two of the best.The last week of November has also been strong as 
well as the first 3 days of December.
 
I will be taking long positions in all accounts as of 
Tuesday's close and unless thereis some unforseen deterioration, hold them 
until Wednesday December 5.
 
3 days before Thanksgiving and 1 day after. Day1 = the day 
afterS&P-500 
Composite              
The number following the % change represents the day of the week 1=Monday, 
5=Friday etc.The number following the year is the year of the presidential 
cycle.
 
               
Day4       
Day3       
Day2       
Day1       
Totals 1988-4      -0.09% 1    
0.37% 2    0.67% 3   -0.66% 5     
0.29% 1989-1      -0.66% 1    
0.07% 2    0.68% 3    0.60% 
5     
0.69% 1990-2       0.70% 1   
-1.26% 2    0.23% 3   -0.29% 5    
-0.63% 1991-3      -0.21% 1    
0.70% 2   -0.37% 3   -0.35% 5    
-0.24% 1992-4      -0.36% 1    
0.58% 2    0.37% 3    0.23% 
5     0.82% 1993-1      
-0.75% 1    0.41% 2    0.29% 3    
0.15% 5     
0.10% 1994-2      -0.69% 1   -1.79% 
2   -0.04% 3    0.52% 5    
-1.99% 1995-3      -0.54% 1    
0.57% 2   -0.31% 3    0.26% 5    
-0.01% 1996-4       1.11% 1   
-0.14% 2   -0.13% 3    0.27% 5     
1.11% 1997-1      -1.70% 1    
0.44% 2    0.09% 3    0.40% 5    
-0.79% 1998-2       2.12% 1   
-0.44% 2    0.33% 3    0.46% 
5     2.47% 1999-3      
-0.07% 1   -1.15% 2    0.89% 3   -0.03% 
5    -0.37% 2000-4      -1.84% 
1    0.35% 2   -1.85% 3    1.47% 
5    -1.87%
 
Averages     -0.23%     
-0.10%      0.07%      
0.23%      -0.03%% 
Winners      
23%        
62%        
62%        69%
 
NASDAQ 
Composite               
               
Day4       
Day3       
Day2       
Day1       
Totals 1988-4      -0.68% 1    
0.08% 2    0.66% 3   -0.38% 5    
-0.32% 1989-1      -0.22% 1   -0.35% 
2    0.22% 3    0.33% 5    
-0.02% 1990-2       0.54% 1   
-1.26% 2    0.14% 3    0.08% 5    
-0.51% 1991-3      -0.68% 1   -0.12% 
2    0.11% 3    0.21% 5    
-0.48% 1992-4      -0.59% 1    
1.11% 2    0.37% 3    0.18% 
5     1.08% 1993-1      
-1.79% 1    1.18% 2    0.85% 3    
0.22% 5     
0.47% 1994-2      -0.91% 1   -2.18% 
2   -0.61% 3    0.79% 5    
-2.91% 1995-3      -1.49% 1   -0.44% 
2   -0.37% 3    0.87% 5    
-1.42% 1996-4       0.47% 
1    0.06% 2    0.48% 3    0.41% 
5     1.43% 1997-1      
-2.08% 1    0.13% 2    0.34% 3    
0.38% 5    
-1.23% 1998-2       2.55% 1   
-0.58% 2    0.98% 3    1.57% 
5     
4.52% 1999-3       0.69% 1   
-1.46% 2    2.32% 3    0.80% 
5     2.35% 2000-4      
-5.01% 1   -0.15% 2   -4.04% 3    5.41% 
5    -3.79%
 
Averages     -0.71%     
-0.31%      0.11%      
0.84%      -0.06%% 
Winners      
31%        
38%        
77%        92%
 
Russell 
2000                   
               
Day4       
Day3       
Day2       
Day1       
Totals 1988-4      -0.65% 1   -0.06% 
2    0.39% 3   -0.19% 5    
-0.51% 1989-1      -0.58% 1   -0.40% 
2    0.34% 3    0.43% 5    
-0.21% 1990-2       0.38% 1   
-0.47% 2   -0.08% 3    0.18% 5     
0.00% 1991-3      -0.70% 1   -0.31% 
2   -0.03% 3    0.48% 5    
-0.56% 1992-4      -0.02% 1    
0.51% 2    0.53% 3    0.27% 
5     1.30% 1993-1      
-1.65% 1    0.51% 2    0.69% 3    
0.13% 5    -0.32% 1994-2      
-0.72% 1   -1.84% 2   -0.68% 3    0.59% 
5    -2.65% 1995-3      -0.53% 
1   -0.36% 2    0.04% 3    0.34% 
5    -0.52% 1996-4       
0.68% 1   -0.26% 2    0.37% 3    0.41% 
5     1.19% 1997-1      
-1.66% 1   -0.22% 2    0.29% 3    0.41% 
5    -1.17% 1998-2       
0.98% 1   -0.39% 2    0.69% 3    0.69% 
5     1.97% 1999-3      
-0.11% 1   -1.37% 2    0.33% 3    0.66% 
5    -0.49% 2000-4      -2.56% 
1   -0.73% 2   -1.90% 3    3.05% 
5    -2.15%
 
Averages     -0.55%     
-0.41%      0.07%      
0.57%      -0.32%% 
Winners      
23%        
15%        
69%        92%
 
Last 5 days of November and  first 5 days of 
December.S&P-500 CompositeThe number following the daily return 
represents the day of the week;1 = Monday, 2 = Tuesday etc.
 
               
Day5      Day4      
Day3      Day2      
Day1      Day1      
Day2      Day3      
Day4      Day5      
Totals 1989-1       0.60% 5   
0.48% 1   0.05% 2  -0.63% 3   0.70% 4   1.34% 
5   0.22% 1  -0.52% 2  -0.29% 3  -0.28% 
4     
1.67% 1990-2       0.45% 1   
0.50% 2  -0.05% 3  -0.48% 4   1.83% 5   0.58% 
1   0.69% 2   1.09% 3  -0.26% 4  -0.40% 
5     3.97% 1991-3      
-1.03% 5  -0.21% 1   0.70% 2  -0.37% 3  -0.35% 
5   1.65% 1  -0.12% 2  -0.23% 3  -0.71% 4   
0.45% 5    -0.23% 1992-4      
-0.36% 1   0.58% 2   0.37% 3   0.23% 5   
0.28% 1  -0.13% 2  -0.21% 3   0.00% 4   0.50% 
5   0.75% 1     
2.02% 1993-1       0.41% 2   
0.29% 3   0.15% 5  -0.25% 1  -0.02% 2   0.02% 
3   0.26% 4   0.38% 5   0.33% 1   0.07% 
2     1.65% 1994-2      
-0.04% 3   0.52% 5   0.41% 1   0.22% 2  
-0.33% 3  -1.05% 4   0.98% 5   0.00% 1  -0.05% 
2  -0.41% 3     
0.27% 1995-3       0.26% 5   
0.23% 1   0.85% 2   0.20% 3  -0.37% 4   0.27% 
5   1.10% 1   0.65% 2   0.40% 3  -0.65% 
4     
2.94% 1996-4       0.81% 5   
1.11% 1  -0.14% 2  -0.13% 3   0.27% 5  -0.06% 1  
-1.09% 2  -0.42% 3  -0.10% 4  -0.64% 5    
-0.41% 1997-1       0.43% 5  -1.70% 
1   0.44% 2   0.09% 3   0.40% 5   2.03% 
1  -0.32% 2   0.52% 3  -0.38% 4   1.10% 
5     
2.60% 1998-2       2.12% 1  -0.44% 
2   0.33% 3   0.46% 5  -2.41% 1   1.00% 
2  -0.34% 3  -1.80% 4   2.31% 5   0.93% 
1     2.16% 1999-3      
-1.15% 2   0.89% 3  -0.03% 5  -0.62% 1  -1.34% 
2   0.63% 3   0.81% 4   1.72% 5  -0.70% 
1  -0.99% 2    
-0.78% 2000-4       1.47% 5   
0.54% 1  -0.95% 2   0.44% 3  -2.01% 4   0.02% 
5   0.74% 1   3.89% 2  -1.82% 3  -0.59% 
4     1.72%
 
Averages      0.33%     
0.23%     0.18%    -0.07%    
-0.28%     0.52%     
0.23%     0.44%    -0.06%    
-0.05%       1.47%% 
Winners       
67%       75%       
67%       50%       
42%       75%       
58%       67%       
33%       42%
 
NASDAQ 
Composite               
Day5      Day4      
Day3      Day2      
Day1      Day1      
Day2      Day3      
Day4      Day5      
Totals 1989-1       0.33% 5  -0.09% 
1   0.11% 2  -0.20% 3   0.07% 4   0.22% 
5   0.26% 1   0.07% 2  -0.41% 3  -0.09% 
4     0.27% 1990-2      
-0.05% 1   1.49% 2   0.29% 3   0.19% 4   
0.93% 5   0.63% 1   0.77% 2   1.86% 3   
0.38% 4  -0.20% 5     
6.29% 1991-3      -0.73% 5  -0.68% 
1  -0.12% 2   0.11% 3   0.21% 5   1.34% 
1   0.46% 2   0.36% 3  -0.23% 4   0.43% 
5     1.14% 1992-4      
-0.59% 1   1.11% 2   0.37% 3   0.18% 5   
0.50% 1   0.19% 2  -0.16% 3   0.53% 4   0.80% 
5   0.75% 1     
3.67% 1993-1       1.18% 2   
0.85% 3   0.22% 5  -0.44% 1   0.38% 2   1.25% 
3   0.38% 4   0.72% 5  -0.15% 1  -0.23% 
2     4.17% 1994-2      
-0.61% 3   0.79% 5   0.43% 1   0.77% 2  
-0.15% 3  -1.22% 4   0.52% 5   0.09% 1  -0.60% 
2  -0.94% 3    
-0.92% 1995-3       0.87% 5  -0.08% 
1   2.01% 2   0.72% 3   0.15% 4  -0.37% 
5   1.37% 1  -0.36% 2  -0.39% 3  -0.81% 
4     
3.12% 1996-4       1.29% 5   
0.47% 1   0.06% 2   0.48% 3   0.41% 5   
0.56% 1   0.04% 2  -0.26% 3   0.24% 4  -0.96% 
5     2.34% 1997-1      
-0.36% 5  -2.08% 1   0.13% 2   0.34% 3   
0.38% 5   1.88% 1  -1.49% 2   0.55% 3  -0.11% 
4   1.27% 5     
0.51% 1998-2       2.55% 1  -0.58% 
2   0.98% 3   1.57% 5  -3.32% 1   2.78% 
2  -0.43% 3  -2.05% 4   2.50% 5   1.87% 
1     5.88% 1999-3      
-1.46% 2   2.32% 3   0.80% 5  -0.77% 1  -2.49% 
2   0.53% 3   2.95% 4   1.97% 5   0.72% 
1   1.15% 2     
5.72% 2000-4       5.41% 5  -0.82% 
1  -5.05% 2  -1.03% 3  -4.03% 4   1.82% 5  -1.12% 
1  10.48% 2  -3.23% 3  -1.57% 4     
0.87%
 
Averages      0.65%     
0.22%     0.02%     
0.16%    -0.58%     
0.80%     0.30%     
1.16%    -0.04%     
0.06%       2.75%% 
Winners       
50%       50%       
83%       67%       
67%       83%       
67%       75%       
42%       42%
 
Russell 
2000               
Day5      Day4      
Day3      Day2      
Day1      Day1      
Day2      Day3      
Day4      Day5      
Totals 1989-1       0.43% 5   
0.18% 1   0.17% 2  -0.25% 3   0.07% 4   0.20% 
5   0.05% 1  -0.09% 2   0.26% 3  -0.17% 
4     0.84% 1990-2      
-0.22% 1   1.01% 2   0.60% 3   0.09% 4   
1.12% 5   0.50% 1   0.45% 2   1.53% 3   
0.33% 4  -0.14% 5     
5.27% 1991-3      -0.77% 5  -0.70% 
1  -0.31% 2  -0.03% 3   0.48% 5   0.16% 
1   0.42% 2   0.24% 3  -0.33% 4   0.18% 
5    -0.66% 1992-4      -0.02% 
1   0.51% 2   0.53% 3   0.27% 5   0.62% 
1   0.00% 2   0.19% 3   0.27% 4   0.00% 
5   1.23% 1     
3.59% 1993-1       0.51% 2   
0.69% 3   0.13% 5   0.00% 1   0.11% 2   
0.88% 3   0.12% 4   0.38% 5   0.05% 1   
0.02% 2     
2.88% 1994-2      -0.68% 3   0.59% 
5   0.27% 1   0.41% 2   0.23% 3  -0.91% 
4   0.32% 5   0.05% 1  -0.38% 2  -0.76% 
3    -0.85% 1995-3       
0.34% 5   0.32% 1   0.46% 2   0.69% 3   
0.61% 4   0.38% 5   0.89% 1   0.19% 2  -0.14% 
3  -0.55% 4     
3.19% 1996-4       0.79% 5   
0.68% 1  -0.26% 2   0.37% 3   0.41% 5   0.35% 
1   0.70% 2   0.08% 3   0.27% 4  -0.99% 
5     2.38% 1997-1      
-0.15% 5  -1.66% 1  -0.22% 2   0.29% 3   0.41% 
5   0.99% 1  -0.39% 2   0.31% 3   0.25% 
4   0.72% 5     
0.56% 1998-2       0.98% 1  -0.39% 
2   0.69% 3   0.69% 5  -1.08% 1   0.25% 
2  -0.31% 3  -0.63% 4   0.85% 5   0.70% 
1     1.75% 1999-3      
-1.37% 2   0.33% 3   0.66% 5  -0.43% 1  -0.63% 
2  -0.09% 3   1.49% 4   0.90% 5   0.25% 
1  -0.01% 2     
1.09% 2000-4       3.05% 5  -0.04% 
1  -2.69% 2  -0.96% 3  -1.90% 4   2.44% 5  -1.41% 
1   4.61% 2  -1.62% 3  -0.53% 4     
0.96%
 
Averages      0.24%     
0.13%     0.00%     
0.09%     0.04%     
0.43%     0.21%     
0.65%    -0.02%    
-0.02%       1.75%% 
Winners       
50%       67%       
67%       58%       
75%       75%       
75%       83%       
64%       42%
 
Good luck
 
Sector performance as measured by various sector 
instruments.Measured and ranked over the past 5, 10 20 & 50 trading 
days.Momentum is combination of Stochastics and RSI added togetherwith a 
min of -100 and max of +100.  The parameters are 13 day EMA of a21 day 
Stochastic added to a 14 day RSI.  ROC is the Rate Of Change over 
thepast 6 trading days.  Positive numbers are good negative numbers are 
bad.^  
Name              
5 day      10 day      20 
day      50 day    
Momentum^                 
Rnk   %chg  Rnk   %chg  Rnk   %chg  
Rnk   %chg    M| ROC INV WW 
Comm        1    8.02%  
1   15.06%  5   16.87%  30  -0.98%  
69|  26Paper & Forrest    2    
6.76%  20   7.58%  23   9.78%  52  
-7.63%  60|  33Rydex Telecom      
3    5.72%  16   8.48%  32   
7.09%  5    5.89%  45|  37INV 
Leisure        4    
5.69%  10   9.80%  13  12.42%  37  
-2.78%  75|  
18Telecomm           
5    5.66%  15   8.54%  41   
4.74%  18   0.89%  22|  36Cons Svcs 
Spydr    6    5.59%  17   
8.18%  18  10.95%  47  -5.20%  65|  29TRP Sci 
& Tech     7    5.46%  2   
12.85%  7   15.93%  6    4.99%  
69|  
24Leisure            
8    5.40%  5   10.70%  15  11.47%  
38  -2.79%  67|  28Transportation     
9    5.31%  13   9.15%  11  14.13%  
50  -5.67%  71|  19Rydex Electron     
10   5.30%  9   10.40%  1   23.03%  
27  -0.59%  70|  16INV Technology     
11   5.12%  3   11.70%  3   18.51%  
7    4.35%  74|  
23Computers          
12   5.00%  19   7.92%  10  14.22%  
23   0.16%  68|  17Rydex 
Tech         13   4.95%  
4   11.63%  4   17.50%  2    
7.06%  81|  
21Electronics        14   
4.77%  8   10.48%  2   22.24%  17   
0.91%  72|  15Develop Comm       
15   4.62%  14   8.71%  28   7.98%  
19   0.72%  55|  
34Biotech            
16   4.51%  35   4.70%  30   7.51%  
9    3.77%  50|   
3Automotive         17   
4.44%  22   7.09%  19  10.78%  15   
1.69%  80|  
16Technology         18   
4.25%  6   10.70%  6   16.82%  
3    6.38%  76|  
17Environmental      19   4.20%  
18   8.07%  31   7.10%  44  -4.26%  
46|  29Cyc/Transp Spydr   20   4.07%  
21   7.40%  14  11.64%  14   1.82%  
64|  17Multimedia         
21   3.98%  12   9.50%  24   9.72%  
42  -3.98%  62|  
29Chemicals          
22   3.95%  23   7.08%  12  12.99%  
8    4.03%  80|  13Tech 
Spydr         23   3.91%  
7   10.53%  8   15.17%  4    
6.21%  74|  14Basic Ind Spydr    24   
3.90%  25   6.84%  17  10.96%  24  
-0.23%  67|  
13Software           
25   3.86%  11   9.57%  9   14.51%  
1    7.50%  82|  19Ind 
Materials      26   3.81%  
30   5.73%  21  10.31%  26  -0.51%  79|  
18Utilities          
27   3.47%  32   5.35%  51  -0.49%  
53  -7.67%  -9|  42Air 
Transport      28   3.35%  
28   6.27%  20  10.68%  61 -15.07%  
53|   4Rydex Retail       
29   3.32%  26   6.76%  35   6.43%  
12   1.99%  54|  20Rydex 
Biotech      30   3.27%  42   
3.10%  36   6.08%  13   1.95%  36|  
-8Const & Housing    31   3.22%  
31   5.66%  29   7.82%  34  -2.07%  
55|  14Industrial Spydr   32   3.10%  
27   6.61%  25   9.37%  46  -4.38%  
58|  18Consumer Prod      33   
2.82%  39   4.25%  39   5.17%  35  
-2.25%  61|  
22Retail             
34   2.62%  33   5.22%  42   3.81%  
51  -6.84%  50|  21Ind 
Equipment      35   2.50%  
34   5.18%  16  10.98%  39  -2.91%  67|  
12Rydex Basic Mat    36   2.49%  
37   4.52%  26   8.19%  36  -2.76%  
61|   8Medical Delivery   37   2.40%  
53  -1.02%  58  -4.30%  57  -9.08% -48|  -4INV 
Health         38   
2.23%  46   0.94%  49   0.02%  22   
0.30%   3| 
-12Brokerage          
39   1.93%  24   6.95%  22  10.02%  
10   2.22%  62|   
1Insurance          
40   1.59%  51   0.06%  45   1.88%  
29  -0.89%   8| -12Health 
Care        41   1.30%  
49   0.45%  53  -1.89%  28  -0.72% -27| 
-10Cons Staples Spydr 42   1.14%  45   0.94%  
48   0.35%  11   2.07%  20|  10Rydex 
Health       43   1.06%  
50   0.35%  52  -0.86%  16   0.97% -13|  
-3INV Utilities      44   1.02%  
29   6.23%  46   1.53%  49  -5.39%  
28|  27Food & 
Ag          45   
0.98%  48   0.53%  44   1.93%  25  
-0.44%  50|  16Financial Spydr    46   
0.89%  38   4.38%  33   6.75%  31  
-1.22%  56|   9Am 
Gold            
47   0.87%  54  -1.76%  43   2.95%  
20   0.65%  23|   5INV Finan 
Serv     48   0.75%  40   
4.19%  34   6.44%  32  -1.75%  50|   
8Financial Serv     49   0.66%  
41   3.61%  37   6.01%  33  -1.94%  
51|   1Home Finance       
50   0.06%  43   3.02%  38   5.41%  
41  -3.56%  29|   5Regional 
Banks     51  -0.19%  36   4.59%  
27   8.15%  40  -3.28%  51|  11Utilities 
Spydr    52  -0.59%  44   1.46%  
55  -3.56%  45  -4.37% -19|  
18Defense/Aero       53  -0.95%  
52  -0.92%  47   0.46%  21   0.40%  -1| 
-29Rydex Banking      54  -4.02%  
47   0.92%  40   4.94%  55  -8.60%  13| 
-22Rydex PM           
55  -5.52%  60  -7.77%  54  -3.38%  48  
-5.24% -20| -19Natural Gas        
56  -6.27%  55  -3.48%  61  -7.56%  59 -11.08% 
-39| -19Energy Spydr       57  
-7.50%  57  -4.64%  60  -6.12%  60 -11.94% -32| 
-25INV Energy         58  
-7.77%  56  -3.72%  57  -4.01%  56  -9.05% -10| 
-27Energy             
59  -8.98%  58  -5.96%  59  -6.04%  58 -11.02% 
-31| -31Energy Service     60 -12.51%  59  
-6.66%  50  -0.29%  43  -4.22%   0| -39Rydex 
Engy Svcs    61 -12.76%  61  -7.98%  56  
-3.76%  54  -8.41% -12| -36
 
Selected low load and no load growth funds ranked over the past 5, 10, 
20 & 50 trading days.^  
Name              
5 day      10 day      20 
day      50 day    
Momentum^                 
Rnk   %chg  Rnk   %chg  Rnk   %chg  
Rnk   %chg    M| ROC Pro Ultra 
OTC      1    8.89%  1   
22.59%  1   35.67%  1    9.62%  
75|  23Crabbe Huson Spec  2    7.22%  
18   6.76%  11  10.93%  82  -4.97%  
51|   5Legg Mason Spec    3    
6.54%  6   12.64%  8   15.14%  65  
-2.57%  65|  21Firsthand Tech Val 4    6.31%  
7   12.48%  5   18.77%  10   4.20%  
79|  22INVESCO Grth       
5    6.25%  3   15.25%  4   
21.43%  2    8.80%  91|  31Firsthand Tech Ino 
6    5.87%  10  10.19%  6   17.65%  
24   1.88%  72|  12Legg Mason 
Val     7    5.26%  11   
9.24%  21   8.55%  77  -4.48%  48|  
29VanWag Em Grth     8    4.69%  
2   19.20%  2   21.55%  45  -0.76%  
71|   9Firsthand Tech Ldr 9    4.65%  
5   12.68%  3   21.49%  22   1.97%  
79|  20Gabelli Growth     10   
4.58%  9   10.52%  9   13.98%  
9    4.24%  72|  15Rydex 
OTC          11   
4.42%  8   10.88%  7   17.32%  
3    7.14%  78|  23Firsthand 
Med      12   4.31%  22   
6.43%  15   9.91%  7    4.77%  
59|   
6Yacktman           
13   3.88%  25   6.09%  30   7.55%  
25   1.48%  81|  16Oak 
Value          14   
3.87%  23   6.22%  44   6.02%  79  
-4.59%  52|  20SIT 
Growth         15   
3.86%  12   7.81%  14  10.19%  31   
0.58%  64|  18PBH Emer Grth      
16   3.73%  31   5.47%  27   7.82%  
68  -3.22%  55|  12Berger 
100         17   3.69%  
13   7.80%  20   8.67%  18   2.52%  
73|  23Pro Ultra Bull     18   
3.52%  4   15.15%  33   6.76%  93  
-8.69%  48|  22Wasatch Micro      
19   3.47%  63   3.65%  16   9.76%  
4    7.00%  72|   2TRowe Pr New Hrzn  
20   3.35%  29   5.65%  19   8.77%  
66  -3.05%  65|  13Fid Grth 
Co        21   3.26%  
21   6.64%  12  10.59%  42  -0.32%  68|  
15Ariel Appreciation 22   3.22%  14   7.33%  
26   8.07%  53  -1.15%  68|  14INVESCO Emer 
Opps  23   3.20%  43   4.73%  29   
7.73%  72  -3.75%  56|   7Hartland 
value     24   3.15%  44   
4.73%  34   6.73%  21   2.24%  81|  
18Baron Asset        25   
2.99%  28   5.67%  46   5.89%  80  
-4.61%  56|  
16Janus              
26   2.95%  16   6.83%  17   9.76%  
61  -2.24%  67|  23Robertson St Em    
27   2.93%  37   4.93%  36   6.66%  
76  -4.20%  49|   3Nicholas 
II        28   2.92%  
47   4.70%  69   4.65%  29   0.99%  
55|  19Founders Discovery 29   2.90%  76   
2.85%  59   5.16%  71  -3.66%  48|   
4PBHG Sel Eq        30   
2.89%  17   6.79%  28   7.78%  46  
-0.86%  70|  27Janus Enterprise   31   
2.85%  61   3.75%  75   3.75%  90  
-7.26%  35|   9Columbia Sm Cap    
32   2.78%  70   3.20%  64   4.91%  
83  -5.27%  51|  10Cohen Srs Reit     
33   2.70%  68   3.37%  78   3.42%  
75  -4.06%  42|  32Founders Growth    
34   2.65%  20   6.64%  22   8.41%  
6    4.82%  76|  
27Nicholas           
35   2.63%  36   4.94%  71   4.44%  
41  -0.23%  55|  20Rainier Sm/Mid     
36   2.57%  58   4.06%  51   5.64%  
58  -1.87%  60|  17Safeco 
Grth        37   2.57%  
60   3.84%  32   7.15%  73  -3.76%  
63|  10TRowe Pr Growth    38   2.57%  
38   4.91%  37   6.63%  12   3.72%  
72|  18Fid Cap Appreciati 39   2.54%  34   
5.15%  41   6.33%  67  -3.13%  56|  
16SteinRoe Cap Opps  40   2.49%  52   
4.49%  54   5.44%  78  -4.49%  50|  
1420th Cent Grth     41   2.42%  
27   5.98%  23   8.39%  14   3.56%  
74|  
16Oakmark            
42   2.32%  40   4.88%  65   4.88%  
70  -3.63%  56|  23Fid Div 
Grth       43   2.27%  
30   5.64%  49   5.68%  38   0.25%  
56|  18Fid Emer Grth      44   
2.26%  19   6.68%  13  10.23%  40  
-0.16%  57|   5Janus Mercury      
45   2.26%  39   4.89%  72   4.30%  
62  -2.39%  48|  25Rydex 
Nova         46   2.25%  
15   6.99%  18   8.97%  37   0.36%  
62|  16Loomis Sayles Grth 47   2.14%  49   
4.61%  66   4.84%  19   2.36%  63|  
20Berger 101         48   
2.14%  24   6.19%  40   6.50%  17   
2.52%  73|  
32Clipper            
49   2.14%  65   3.56%  68   4.68%  
15   3.23%  58|  13Drey Ag 
Grth       50   2.12%  
67   3.54%  61   5.01%  87  -6.08%  
53|  12Loomis Sayles Sm C 51   2.12%  71   
3.14%  56   5.35%  63  -2.56%  66|  
15Texas Cap Val      52   2.11%  
64   3.59%  50   5.66%  85  -5.52%  
48|   7Fid 
Value          53   
2.10%  51   4.53%  47   5.78%  69  
-3.30%  68|  20Robertson St Micro 54   2.07%  
90  -0.96%  86   0.34%  5    5.61%  
43|  14Babson Ent II      55   
2.05%  75   2.88%  77   3.60%  55  
-1.32%  48|  12Robertson St Va    56   
2.03%  45   4.73%  55   5.42%  39   
0.05%  52|  
10Berwyn             
57   1.98%  78   2.66%  60   5.14%  
52  -0.99%  50|  -1Founders Blue Chip 58   
1.98%  32   5.45%  35   6.67%  11   
3.80%  86|  3320th Cent Heritage 59   1.97%  
85   0.78%  87   0.10%  94 -10.25%   
1|   
2Dreyfus            
60   1.96%  48   4.67%  38   6.59%  
20   2.28%  73|  21Janus 
20           61   
1.96%  26   6.06%  25   8.39%  
8    4.41%  67|  13Evergren Val Tim   
62   1.94%  33   5.29%  31   7.24%  
59  -2.04%  68|  16Founders Special   
63   1.91%  66   3.56%  63   4.92%  
88  -6.16%  87|  58Neuberger & Brmn M 64   
1.89%  35   5.04%  24   8.39%  64  
-2.56%  60|   8Fid Low Price      
65   1.86%  77   2.76%  70   4.47%  
35   0.47%  61|   8TRP Bl Chp 
Grth    66   1.86%  42   4.75%  
39   6.55%  13   3.61%  70|  16Drey Sm 
Val        67   1.82%  
50   4.54%  10  12.51%  81  -4.68%  59|  
-320th Cent Ultra    68   1.78%  
55   4.31%  45   5.92%  33   0.56%  
71|  19Schwab 1000        
69   1.76%  41   4.82%  43   6.08%  
32   0.57%  65|  18Drey Grth & Incm   
70   1.75%  57   4.19%  42   6.09%  
49  -0.95%  69|  23Mutual 
Shares      71   1.69%  72   
3.12%  79   3.07%  86  -5.62%  46|  28Fid 
Trend          72   
1.63%  56   4.21%  57   5.33%  47  
-0.91%  63|  
18Fid                
73   1.51%  62   3.74%  67   4.74%  
57  -1.57%  64|  22Rainier core Eq    
74   1.38%  54   4.46%  53   5.61%  
30   0.92%  63|  17Montgomery Grth    
75   1.37%  46   4.71%  52   5.62%  
28   1.06%  65|  21TRowe Pr Sm Cap    
76   1.35%  80   2.31%  82   2.79%  
56  -1.41%  56|  19Warburg Pincus GI  77   
1.30%  74   2.96%  62   5.00%  60  
-2.07%  59|  11PBHG 
Growth        78   1.30%  
79   2.57%  80   3.01%  84  -5.42%  
40|   
9Evergren           
79   1.23%  59   4.03%  58   5.27%  
23   1.89%  74|  2520th Cent Select   
80   1.15%  69   3.21%  73   4.05%  
34   0.52%  60|  18Drey 
Apprec        81   0.94%  
73   2.96%  76   3.63%  16   2.53%  
60|  18Fid Equity IncomeI 82   0.90%  53   
4.46%  48   5.76%  50  -0.98%  60|  
1220th Cent Vista    83   0.85%  89  
-0.65%  91  -1.57%  92  -8.02% -27|  -8Babson 
Value       84   0.76%  
81   2.23%  83   2.11%  89  -6.75%  
48|  22Strong Discovery   85   0.62%  
83   2.03%  74   3.94%  43  -0.56%  
56|   0Vantobel Value     86   
0.16%  87  -0.16%  88  -0.10%  26   
1.37%   1| -19Fid 
Puritan        87  -0.06%  
84   1.73%  81   2.92%  44  -0.73%  
56|   7Robertson St Contr 88  -0.11%  82   
2.05%  84   1.61%  96 -11.32%  15|  
13Brandywine         89  
-0.18%  91  -1.68%  93  -2.42%  97 -11.42% -40| 
-21Open Fund          90  
-0.19%  88  -0.19%  89  -0.19%  54  -1.16%  
50| -50Caldwell Mkt Op    91  -0.42%  92  
-2.10%  92  -2.41%  36   0.42% -76| -14TRowe Pr Cap 
Appre 92  -0.46%  86   0.73%  85   
1.34%  51  -0.98%  46| -17Rydex 
Ursa         93  -1.57%  
94  -4.57%  96  -5.92%  48  -0.93% -64| -11Pro 
Ultra Bear     94  -3.42%  97  -9.17%  
97 -12.05%  74  -3.89% -65| -15Longleaf Sm 
Cp     95  -4.63%  95  -4.76%  94  
-4.38%  98 -14.38% -14| -29TRowe Pr New Era   96  
-4.73%  93  -2.62%  90  -1.28%  91  -7.43% -12| 
-36Prudent Bear       97  -6.12%  98 
-10.76%  98 -13.65%  27   1.20% -65|  
-7Kaufman            
98  -6.26%  96  -5.61%  95  -4.94%  95 
-10.82%   2| -30Pro OTC Bear       
99  -8.60%  99 -19.57%  99 -29.89%  99 -24.57% -78| 
-16
 
 
 
Selected Gold funds ranked over the past 5, 10, 20 & 50 trading 
days.^  
Name              
5 day      10 day      20 
day      50 day    
Momentum^                 
Rnk   %chg  Rnk   %chg  Rnk   %chg  
Rnk   %chg    M| ROC Fid Sel Am 
Gold    1    0.87%  2   
-1.76%  2    2.95%  7    0.65%  
23|   5Franklin Gold      
2    0.78%  3   -1.96%  5    
0.11%  13  -4.55% -14|   3Oppenhmr 
Gold      3    0.73%  1   
-1.52%  4    1.46%  9   -1.72%  
14|   5Vanguard PM        
4    0.60%  4   -2.35%  1    
4.13%  1    4.26%  20|   1Scudder 
Gold       5    0.30%  
5   -4.15%  8   -0.74%  12  -2.34% 
-20|   8Lexington Silver   6    
0.00%  13  -7.42%  11  -1.40%  4    
2.42% -66| -70Gabelli Gold       7   
-0.49%  6   -4.35%  3    1.82%  
2    2.67%   2| -21Lexington 
Gold     8   -1.33%  12  -5.73%  
7   -0.67%  8    0.34% -10|  -9US World 
Gold      9   -1.73%  7   
-4.66%  9   -0.97%  6    0.79% -14| 
-17Benham Gold        10  
-1.96%  11  -5.67%  10  -0.99%  5    
1.22% -28| -25US Global Gold     11  -2.21%  
10  -5.34%  12  -1.85%  11  -2.21% -61| -60Invesco 
Gold       12  -2.99%  8   
-5.26%  6   -0.61%  10  -1.82%  43|  
-7VanEck Gold        13  
-3.49%  9   -5.32%  14  -7.78%  
3    2.47% -84| -21Rydex 
PM           14  
-5.52%  14  -7.77%  13  -3.38%  14  -5.24% -20| 
-19
 
 
 
Selected International funds ranked over the past 5, 10, 20 & 50 
trading days.^  
Name              
5 day      10 day      20 
day      50 day    
Momentum^                 
Rnk   %chg  Rnk   %chg  Rnk   %chg  
Rnk   %chg    M| ROC Scudder Pacific Op 
1    4.61%  2    9.22%  3   
12.38%  4    0.74%  82|  13Montgomery Emer Mk 
2    4.47%  3    9.07%  4   
11.67%  13  -2.70%  81|  20Fid SE 
Asia        3    4.47%  
1    9.36%  1   13.18%  3    
2.13%  84|  12Fid 
Europe         4    
4.46%  5    7.91%  2   12.56%  
2    3.46%  68|   0Fid Emerg 
Mkts     5    4.20%  4    
8.94%  6   11.13%  9   -1.10%  79|  
17INVESCO European   6    3.77%  
6    7.63%  5   11.57%  19  -3.66%  
60|  -3Lexington WW Em Mk 7    3.44%  
11   4.59%  19   5.77%  36 -11.01%  29|  
22Oakmark Intl       8    
3.17%  10   4.84%  8    7.14%  31  
-7.08%  65|  11Templeton Deve Mkt 9    2.82%  
8    4.98%  10   6.88%  26  -5.48%  
96|  11Fid Pac Basin      10   
2.28%  13   4.51%  24   4.75%  16  
-3.47%  45|  10Fid Worldwide      
11   2.22%  18   4.08%  18   5.78%  
7   -0.56%  68|  11Janus Worldwide    
12   2.14%  9    4.91%  9    
7.06%  8   -0.81%  65|   8Templeton 
World    13   2.11%  14   4.45%  
13   6.67%  5    0.48%  81|   
3Vanguard Intl Grth 14   1.99%  16   4.20%  
15   6.44%  17  -3.50%  49| -11Fid 
Overseas       15   1.73%  
15   4.34%  16   6.26%  10  -1.53%  
55|   1Scudder Global Sm  16   1.67%  
19   3.93%  25   4.61%  21  -4.59%  
58|   9Templeton Foreign  17   1.56%  
17   4.11%  12   6.67%  18  -3.60%  
72|   3TRowe Japan        
18   1.55%  34  -0.15%  35  -3.95%  30  
-6.68% -26|  -5Founders WrldWd    19   
1.48%  20   3.73%  20   5.61%  6   
-0.34%  61|   0SIT Int 
Grth       20   1.28%  
23   3.26%  22   5.15%  14  -2.76%  
51|  -5Strong Intl Stock  21   1.20%  
22   3.58%  23   4.86%  23  -4.92%  
51|   0Harbor Intl        
22   1.02%  24   3.11%  17   5.85%  
20  -4.11%  57|  -1Fid Diversfied Int 23   
0.97%  25   2.84%  26   4.50%  12  
-2.54%  61|  -6TRowe Intl Stock   24   
0.89%  12   4.54%  21   5.22%  15  
-2.84%  49|   3Warburg Pincus Int 25   0.88%  
26   2.31%  27   3.50%  27  -5.57%  
52|   0Scudder Global     26   
0.87%  27   1.95%  30   2.52%  25  
-5.23%  30|   4Scudder Latin Am   27   
0.82%  7    5.12%  14   6.46%  28  
-5.81%  68|  10Vanguard Intl Euro 28   0.79%  
21   3.59%  11   6.83%  11  -2.52%  47| 
-16TRowe Int Discover 29   0.46%  30   1.55%  
31   1.97%  29  -6.14%  49|  -2Vanguard Intl 
Pac  30   0.44%  32   0.73%  33  
-0.72%  33  -8.27% -17| -2020th Cent Intl Eq  31   
0.38%  31   1.41%  28   3.00%  22  
-4.82%  30| -18Scudder Intl       
32   0.35%  29   1.68%  29   2.64%  
34  -8.28%  27| -15Scudder Japan      
33   0.28%  35  -0.70%  34  -2.06%  35  
-8.34% -14| -19Loomis Sayles Intl 34  -0.30%  33   
0.20%  32   1.84%  24  -5.05%  27| 
-35Lexington Russia   35  -4.69%  28   
1.83%  7   10.76%  1    3.60%  50| 
-26Lexington Global   36  -4.88%  36  -5.98%  
36  -7.15%  32  -7.99% -68| -50
 
 
 
Bond fund averages and indices ranked over the past 5, 10, 20 & 50 
trading days.^  
Name              
5 day      10 day      20 
day      50 day    
Momentum^                 
Rnk   %chg  Rnk   %chg  Rnk   %chg  
Rnk   %chg    M| ROC Junk 
Avg           
1    0.78%  1    1.90%  
1    2.53%  9   -2.72%  50|   
3DJ 20 Bonds        2    
0.13%  2   -0.12%  3    0.04%  
6    0.42%  -3| -32Short 
Maturity     3   -0.82%  3   
-0.53%  5    0.00%  4    0.69%  11| 
-35Muni Avg           
4   -1.02%  4   -0.66%  2    
0.05%  7    0.36%  19| -23Intl 
Avg           5   
-1.69%  5   -0.74%  4    0.00%  
8    0.17%   8| -35Corp 
Avg           6   
-1.76%  6   -1.26%  7   -0.39%  
3    0.74%   3| -41Long 
Matruity      7   -2.41%  7   
-1.64%  6   -0.18%  5    0.65%   7| 
-37Shearson BD Indx   8   -5.13%  8   
-3.75%  8   -0.98%  1    2.34%   7| 
-59Zero Avg           
9   -5.91%  9   -4.75%  9   -1.00%  
2    2.02%  -8| -66
 
Recent performance of selected international markets as measured by 
WEBS^                  
5 day   10 day   20 day   50 day  100 
day     
1yrMalaysia           
3.91%    3.20%    1.68%   
-8.60%    5.96%  
-19.64%Singapore          
4.41%    5.88%    3.04%  -14.29%  
-16.88%  -34.55%Hong 
Kong          7.14%   
11.11%   14.74%   -0.43%  -12.86%  
-22.16%Belgium           
-2.55%    0.86%    3.02%   
-9.77%   -4.00%  
-16.77%Austria            
1.60%    2.34%   -0.67%  -15.15%  
-11.46%   
-5.08%UK                
-1.81%    0.69%    4.86%   
-3.29%   -7.48%  
-17.59%Japan              
0.48%   -1.42%   -2.39%   -8.57%  
-18.91%  -34.51%Switzerland        
1.75%    5.00%    6.33%   
-1.82%   -6.14%  
-16.00%Italy             
-0.19%    2.00%    3.62%  -10.97%  
-10.42%  
-29.54%Canada             
5.27%    7.48%    7.48%   
-1.15%   -8.37%  
-26.08%Netherlands       
-1.06%    1.95%    7.21%   -9.44%  
-12.22%  
-26.13%Mexico             
1.19%    3.41%    3.52%  -11.15%  
-16.34%   
-7.39%France             
0.44%    2.02%    4.39%   
-7.01%   -8.83%  
-24.48%Spain              
2.61%    7.28%    7.11%   
-2.70%   -3.23%  
-10.69%Sweden             
6.94%   12.37%   16.33%    
3.81%    1.27%  
-31.12%Australia          
3.31%    5.17%    8.41%    
0.07%   -2.78%    
0.40%Germany            
2.49%    8.27%   10.37%   -5.57%  
-10.87%  -26.15%
 
Recent performance of the dollar index and selected currenciesrelative 
to the US 
dollar.^            5 
day   10 day   20 day   50 day  100 
day    1yrDollar      
1.147%   1.641%   1.828%   3.109%  
-2.209%   0.692%Euro       
-1.096%  -2.038%  -1.559%  -2.803%   3.415%   
2.137%Germany    -1.094%  -2.037%  -1.568%  
-2.774%   3.408%   
2.123%Japan      -2.163%  -0.973%  
-1.453%  -3.325%   1.244% 
-12.473%France     -1.101%  -2.035%  
-1.534%  -2.671%   3.533%   
2.276%Swiss      -1.049%  -1.533%  
-0.805%   0.633%   7.324%   
6.005%UK         -2.079%  
-2.320%  -0.543%  -1.816%   0.784%  
-0.272%Australia   1.636%   2.596%   
2.535%  -1.473%   0.695%  -1.212%
 
 



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