S&P 500 Chart

Did not post any charts lately. In my previous "Simple Technical Analysis" post on April 12, 2009 and "S&P 500 Volatility" post on April 5, 2009 I have mentioned about possibility of the indexes stacking at the levels where the market spend a lot of time in side move. I called those levels sensitive levels. Below I have set 2 charts of the S&P 500 index: 60-day (1 bar = 1 hour) and 1 year (1 bar = 1 day) to show what I wanted to tell.

From the 60-day chart (see first chart at the top) you may see that almost whole April the indexes basically were in the side move. The Dow (^DJI) index was the first index that started to move side-way, then a week later S&P 500index followed this pattern and the Nasdaq 100 index, as always, still could be considered in the up move. From the second 1-year chart (chart at the bottom) you may see that theS&P 500 index stopped its recovery at the same levels where it was in a side move in period from the middle of January to the middle of February 2009. The DJI index stuck somewhat lower and the Nasdaq 100 run over those levels.

Those traders who are more than a year on the market has to know that in the majority situation the indexes are flat in the resistance and the support as a rule is sharp. It could be easily explained by simple fact that greedy buying usually spread over the time while panic selling is always sudden and sharp. Because of that I believe many of technical analysts are asking: "we were in strong recovery… now we are flat… What is the next? Reverse down?"

The answer on this question, I think, lies in the technical analysis of the longer-term trend. If according to the longer-term analysis we are not any more in the recession I would assume that the odds are still on the side of the recovery and we may see some decline after this side-way move and then resumption of the recovery. We already had similar situation from the middle of June 2003 until the end of August 2003, when after strong recovery stock market has been flat for 2 months and then it went back into up-trend for the next 7 months. As I repeatedly mentioned, the stock market cannot move up all the time. During the recovery (or up-trend), time on time, stock market has to release itself from shorter-term overbought conditions. This is exactly what we have right now on my opinion.

Indexes

Another positive week could be added to the recovery rally started on March 10, 2008. Now S&P 500 came closer to the sensitive threshold of 900 (see my "S&P 500 Volatility" post two weeks ago). Less than 4% is between the S&P 500 index and 900-line. The Stock market has been moving around the 900 level from the end of November 2008 until the beginning of January 2009. Furthermore, I would say we have increased odds to see market stuck around this level again.

At the same time the Nasdaq 100 index is already more than 10% above its December 2008 which I think confirms that the investors are disappointed by financial and automotive sectors and are now become attracted by hi-tech, computer, internet, biotechnology, pharmaceutical and other sectors that are traded on the Nasdaq Exchange and which were relatively stable during the stock market crash (by relatively stable I mean the stocks from these sectors crashed but not as hard as those who are more dependable on the banking industry). I think it is logical that investors are trying to avoid financial stocks - we saw bailouts, however we have not seen changes in the regulations that would prevent (eliminate) a possibility of the "quick backs" manipulations in the financial sector which may lead to the bubbles and crashes.

On the other hand we have DOW index (^DJI) that is still more than 10% below its December 2008 level. Again, DJI index is heavy packed with the financial, automotive companies (stocks). The DJI index covers biggest US companies and the bigger company is the more dependable this company is on the banks.

So, on one side we have more stable non financial companies and on other side we have risky sector which lead the economy into crash. Yet, keep in mind that the bigger risk the bigger potential reward is – just calculate how many percent Citi stock run from its lowest level??? The same as with options (you may lose everything, yet you can receive more than 100% in profit in short period of time) risky under evaluated companies (stocks) may deliver great returns if this is the end of the recession (if you believe that this is the end).

Simple Technical Analysis

I'll try do be short today. It's a Holiday.

In my last week "S&P 500 Volatility" post I have set next sensitive level market may try to reach. We may see now that the Nasdaq 100 index has broke those levels and run higher, S&P 500 index coming close and the DJI index still almost 1,000 points behind. I still consider that there is a tendency of the market to run higher. The main my argument is that during the recent recovery I witnessed that stock market ignored high volume surges to the up-move and reacted stronger on smaller volume surges to the price down side. It is one of the characteristics of the long term recovery (up-trend) when you need strong oversold indication to see small correction and even light overbought indication restores general market trend.

One one hand I am bullish in the longer-term, on the other hand it is second month when the stock market is in the recovery movement and it would not be a smart move to expect that it will be like this forever. The market will not go up without corrections. Even if my technical analysis (60-day chart I used in my previous posts) indicates higher odds of the further recovery, I'm not telling that in the next few sessions the same technical analysis could turn from bullish into bearish. If the S&P 500 and DJI indexes come to the levels where they stuck (moved flat) in December 2008, there is a possibility we may see flat market again. A lot of traders were entering position in period from the end of October 2008 until beginning of January 2009 (see 2-year DJI chart) and many of them will be in the position to make a trading decision - to keep a position opened or close it with small losses/profit. That is the reason why I call those levels sensitive.

Even the market is positive at this moment the volatility is still high and it's not a time yet when we may forget for intraday charts and take a look at them once a week.

Happy Easter to everyone.

S&P 500 Volatility

Isn't it nice to watch rising market. Last week on March 29, 2009 in my "S&P 500 Chart" post I have mentioned about increased possibility of the a correction down and we had it. Now, the stock market is up again. We see over the last month what I would call "one step down, two-three up" - we have shallow correction down and then strong continuation of recovery. Again, I repeat what I stated on March 22 in my "Short Technical Analysis" post:

...March 6, 2009 bottom was the last drop in the recession and now we are in the long-term recovery. In this case this bullish volume could be ignored and could indicate long term change in the stock market sentiment as it was in period from March 12 to March 21 of 2003...

That is exactly what wee see: big bullish volume surges during the index up-move are required to push indexes into a small correction, while even small bearish volume surge reverses the indexes back into the up-trend. It's not just about volume indicators. If you take a look at other technical analysis indicators you may notice similar picture: only after strong oversold signal the indexes go down and weak overbought signal push indexes back into recovery mode.

That is exactly what we see when to we do shorter term technical analysis: big bullish volume surges during the index up-move are required to push indexes into a small correction, while even small bearish volume surge reverses the indexes back into the up-trend. It's not just about volume indicators. If you take a look at other technical analysis indicators on shorter-term charts you may notice similar picture: only after strong oversold signal the indexes go down and weak overbought signal push indexes back into recovery mode.

To better understand this shorter term phenomenon we have to take a look at higher timeframe charts. Yes, 60-day chart is good and I use it in many cases to define the general market sentiment, yet, time on time look at higher timeframe is recommended.

From the 2-year S&P 500 chart (1 bar = 2 days) below you may see, that even we had high volume over the past month, from the long-term prospective it is still volume at the bottom – it is still bearish volume and the market is still strongly oversold on this chart.



The stock market sentiment (sentiment of the Nasdaq 100, S&P 500 and DJI indexes) is positive on this chart. The next sensitive level for S&P 500 is $900 and for DJI is $9,000. We saw a lot of volatile trading around both these levels in period from October 2008 until January 2009.

On the same S&P 500 chart above I have plotted ATR (Average True Range) indicator to display the market volatility over the past year. I mentioned several times that volatility technical analysis is recommended for every trader. The purpose of this analysis is to recognize different stock market stages and adjust technical indicators and trading systems to the current market condition. By following the market volatility I would say:

• Before June 2007 the ATR was in the range of 10-15 points – we were in uptrend.
• In June 2007 the S&P 500 volatility doubled – first sign of recession.
• The Volatility stayed on the June’s level (in the 20-30 points range) until August 2008 – From June 2007 until August 2008 we were in recession.
• After August 2008 we had sharp increase in volatility (up to five times) with peak on October 22, 2008 – it was stock market crash (it was not any more a recession, it was crash).
• We had extremely high volatile market in period from August 2008 until November 2008 – stock market crash.
• Since then the S&P 500 volatility dropped down and basically stays on the June 2007 - August 2008 levels. I would call period from December 2008 until February 2009 as "after crash distribution" or as "levelling" when those stocks that still have to go down went further down (DJI stocks) and those stocks that were healthy and already undervalued remained flat (Nasdaq 100).

S&P 500 Stocks

The S&P 500 comprises of 500 large cap common stocks actively traded in the United States. The largees public companies that are traded on the New York Stock Exchange (NYSE) and NASDAQ are included in the S&P 500 index. The S&P 500 index was lunched in 1957 and is a value weighted index which is based on the 500 American stocks with the largest market capitalizations.

The S&P 500 is the most widely followed index After the Dow Jones Industrial Average index and it is considered a barometer for the American economy. The S&P 500 index is included in the Index of Leading Indicators. There are the number of trading vehicle that are designed to follow the S&P 500 index. Hundreds of billions of US dollars have been invested in this index. The SPY (Exchange Traded Fund) is one of the most actively trading stock over the world. The Rydex, ProFunds and other mutual funds and exchange traded funds are designed so as to follow the performance of the S&P 500 index.

Below you may see the list of the S&P 500 stocks (companies) as of April 4, 2009. This could be an outdated listing, yet it may give you the picture of what companies are selected into the S&P 500 index basket. For most recent S&P 500 components listing I would recommend visiting the Standard & Poors official website.

Ticker	Company	Sector
MMM	3M Co	Industrials
ABT	Abbott Laboratories	Health Care
ANF	Abercrombie & Fitch Company A	Consumer Discretionary
ADBE	Adobe Systems Inc	Information Technology
AMD	Advanced Micro Devices	Information Technology
AES	AES Corp	Utilities
AET	Aetna Inc	Health Care
ACS	Affiliated Computer Services	Information Technology
AFL	AFLAC Inc	Financials
A	Agilent Technologies Inc	Information Technology
APD	Air Products & Chemicals Inc	Materials
AKS	AK Steel Hldg Corp	Materials
AKAM	Akamai Technologies Inc	Information Technology
AA	Alcoa Inc	Materials
AYE	Allegheny Energy Inc	Utilities
ATI	Allegheny Technologies Inc	Materials
AGN	Allergan Inc	Health Care
ALL	Allstate Corp	Financials
ALTR	Altera Corp	Information Technology
MO	Altria Group Inc	Consumer Staples
AMZN	Amazon.com Inc	Consumer Discretionary
AEE	Ameren Corp	Utilities
AEP	American Electric Power	Utilities
AXP	American Express Co	Financials
AIG	American Intl Group Inc	Financials
AMT	American Tower Corp A	Telecommunications Services
AMP	Ameriprise Financial Inc	Financials
ABC	AmerisourceBergen Corp	Health Care
AMGN	Amgen Inc	Health Care
APH	Amphenol Corp A	Information Technology
APC	Anadarko Petroleum Corp	Energy
ADI	Analog Devices Inc	Information Technology
AOC	Aon Corp	Financials
APA	Apache Corp	Energy
AIV	Apartment Investment & Mgmt	Financials
APOL	Apollo Group Inc	Consumer Discretionary
AAPL	Apple Inc.	Information Technology
AMAT	Applied Materials Inc	Information Technology
ADM	Archer-Daniels-Midland Co	Consumer Staples
AIZ	Assurant Inc	Financials
T	AT&T Inc	Telecommunications Services
ADSK	Autodesk Inc	Information Technology
ADP	Automatic Data Processing	Information Technology
AN	AutoNation Inc	Consumer Discretionary
AZO	AutoZone Inc	Consumer Discretionary
AVB	AvalonBay Communities Inc	Financials
AVY	Avery Dennison Corp	Industrials
AVP	Avon Products	Consumer Staples
BHI	Baker Hughes Inc	Energy
BLL	Ball Corp	Materials
BAC	Bank of America Corp	Financials
BCR	Bard C.R. Inc	Health Care
BAX	Baxter Intl Inc	Health Care
BBT	BB&T Corp	Financials
BDX	Becton Dickinson & Co	Health Care
BBBY	Bed Bath & Beyond Inc	Consumer Discretionary
BMS	Bemis Co Inc	Materials
BBY	Best Buy Co Inc	Consumer Discretionary
BIG	Big Lots Inc	Consumer Discretionary
BIIB	Biogen Idec Inc	Health Care
BJS	BJ Services Co	Energy
BDK	Black & Decker Corp	Consumer Discretionary
HRB	Block H & R Inc	Consumer Discretionary
BMC	BMC Software Inc	Information Technology
BA	Boeing Co	Industrials
BXP	Boston Properties Inc	Financials
BSX	Boston Scientific Corp	Health Care
BMY	Bristol-Myers Squibb	Health Care
BRCM	Broadcom Corp A	Information Technology
BF/B	Brown-Forman Corp B	Consumer Staples
BNI	Burlington Northern Santa Fe Co	Industrials
CA	CA Inc	Information Technology
COG	Cabot Oil & Gas A	Energy
CAM	Cameron International Corp	Energy
CPB	Campbell Soup Co	Consumer Staples
COF	Capital One Financial	Financials
CAH	Cardinal Health Inc	Health Care
CCL	Carnival Corp	Consumer Discretionary
CAT	Caterpillar Inc	Industrials
CBG	CB Richard Ellis Group Inc A	Financials
CBS	CBS Corp B	Consumer Discretionary
CELG	Celgene Corp	Health Care
CNP	Centerpoint Energy Inc	Utilities
CTX	Centex Corp	Consumer Discretionary
CTL	Centurytel Inc	Telecommunications Services
CEPH	Cephalon Inc	Health Care
CF	CF Industries Holdings	Materials
CHRW	CH Robinson Worldwide Inc	Industrials
CHK	Chesapeake Energy Corp	Energy
CVX	Chevron Corp	Energy
CME	Chicago Mercantile Exchange	Financials
CB	Chubb Corp	Financials
CIEN	CIENA Corp	Information Technology
CI	CIGNA Corp	Health Care
CINF	Cincinnati Financial Corp	Financials
CTAS	Cintas Corp	Industrials
CSCO	Cisco Systems Inc	Information Technology
CIT	CIT Group Inc	Financials
C	Citigroup Inc	Financials
CTXS	Citrix Systems Inc	Information Technology
CLX	Clorox Co	Consumer Staples
CMS	CMS Energy Corp	Utilities
COH	Coach Inc	Consumer Discretionary
KO	Coca-Cola Co	Consumer Staples
CCE	Coca-Cola Enterprises	Consumer Staples
CTSH	Cognizant Tech Solutions Corp	Information Technology
CL	Colgate-Palmolive Co	Consumer Staples
CMCSA	Comcast Corp A	Consumer Discretionary
CMA	Comerica Inc (MI)	Financials
CSC	Computer Sciences	Information Technology
CPWR	Compuware Corp	Information Technology
CAG	ConAgra Foods Inc	Consumer Staples
COP	ConocoPhillips	Energy
CNX	CONSOL Energy Inc	Energy
ED	Consolidated Edison Inc	Utilities
STZ	Constellation Brands Inc A	Consumer Staples
CEG	Constellation Energy Group	Utilities
CVG	Convergys Corp	Information Technology
CBE	Cooper Industries Ltd (Bermuda)	Industrials
GLW	Corning Inc	Information Technology
COST	Costco Wholesale Corp	Consumer Staples
CVH	Coventry Health Care Inc	Health Care
COV	Covidien Ltd	Health Care
CSX	CSX Corp	Industrials
CMI	Cummins Inc	Industrials
CVS	CVS Caremark Corp.	Consumer Staples
DHR	Danaher Corp	Industrials
DRI	Darden Restaurants Inc	Consumer Discretionary
DVA	Davita Inc	Health Care
DF	Dean Foods Co	Consumer Staples
DE	Deere & Co	Industrials
DELL	Dell Inc	Information Technology
DNR	Denbury Resources Inc	Energy
XRAY	Dentsply Intl	Health Care
DVN	Devon Energy Corp	Energy
DO	Diamond Offshore Drilling	Energy
DTV	DIRECTV Group Inc	Consumer Discretionary
DFS	Discover Financial Services	Financials
D	Dominion Resources Inc	Utilities
RRD	Donnelley R.R. & Sons	Industrials
DOV	Dover Corp	Industrials
DOW	Dow Chemical	Materials
DPS	Dr Pepper Snapple Group	Consumer Staples
DTE	DTE Energy Co	Utilities
DUK	Duke Energy Corp	Utilities
DNB	Dun & Bradstreet Corp	Industrials
DD	DuPont E.I. de Nemours	Materials
DYN	Dynegy Inc A	Utilities
ETFC	E*TRADE Financial Corp	Financials
EMN	Eastman Chemical Co	Materials
EK	Eastman Kodak Co	Consumer Discretionary
ETN	Eaton Corp	Industrials
EBAY	eBay Inc.	Information Technology
ECL	Ecolab Inc	Materials
EIX	Edison Intl	Utilities
EP	El Paso Corp	Energy
ERTS	Electronic Arts	Information Technology
EQ	Embarq Corp	Telecommunications Services
EMC	EMC Corp	Information Technology
EMR	Emerson Electric Co	Industrials
ESV	ENSCO Intl Inc	Energy
ETR	Entergy Corp	Utilities
EOG	EOG Resources	Energy
EQT	EQT Corporation	Utilities
EFX	Equifax Inc	Industrials
EQR	Equity Residential	Financials
EL	Estee Lauder Cos.	Consumer Staples
EXC	Exelon Corp	Utilities
EXPE	Expedia	Consumer Discretionary
EXPD	Expeditors Intl of WA Inc	Industrials
ESRX	Express Scripts Inc	Health Care
XOM	Exxon Mobil Corp	Energy
FDO	Family Dollar Stores Inc	Consumer Discretionary
FAST	Fastenal Co	Industrials
FII	Federated Investors Inc B	Financials
FDX	FedEx Corp	Industrials
FIS	Fidelity National Information	Information Technology
FITB	Fifth Third Bancorp (OH)	Financials
FHN	First Horizon National Corp	Financials
FE	FirstEnergy Corp	Utilities
FISV	Fiserv Inc	Information Technology
FLIR	FLIR Systems Inc	Information Technology
FLS	Flowserve Corp	Industrials
FLR	Fluor Corp	Industrials
F	Ford Motor Co	Consumer Discretionary
FRX	Forest Laboratories	Health Care
FO	Fortune Brands Inc	Consumer Discretionary
FPL	FPL Group Inc	Utilities
BEN	Franklin Resources Inc	Financials
FCX	Freeport McMoRan Copper & Gold	Materials
FTR	Frontier Communications Corp	Telecommunications Services
GME	GameStop Corp A	Consumer Discretionary
GCI	Gannett Co Inc	Consumer Discretionary
GPS	Gap Inc	Consumer Discretionary
GD	General Dynamics	Industrials
GE	General Electric Co	Industrials
GIS	General Mills Inc	Consumer Staples
GM	General Motors Corp	Consumer Discretionary
GPC	Genuine Parts Co	Consumer Discretionary
GNW	Genworth Financial Inc	Financials
GENZ	Genzyme Corp	Health Care
GILD	Gilead Sciences Inc	Health Care
GS	Goldman Sachs Group Inc	Financials
GR	Goodrich Corp	Industrials
GT	Goodyear Tire & Rubber Co	Consumer Discretionary
GOOG	Google Inc	Information Technology
GWW	Grainger W.W. Inc	Industrials
HAL	Halliburton Co	Energy
HOG	Harley-Davidson Inc	Consumer Discretionary
HAR	Harman Intl Industries Inc	Consumer Discretionary
HRS	Harris Corp	Information Technology
HIG	Hartford Finl Services Group	Financials
HAS	Hasbro Inc	Consumer Discretionary
HCP	HCP Inc	Financials
HCN	Health Care REIT Inc	Financials
HNZ	Heinz H.J. Co	Consumer Staples
HSY	Hershey Foods Corp	Consumer Staples
HES	Hess Corp	Energy
HPQ	Hewlett-Packard Co	Information Technology
HD	Home Depot Inc	Consumer Discretionary
HON	Honeywell Intl Inc	Industrials
HRL	Hormel Foods Corp	Consumer Staples
DHI	Horton D.R. Inc	Consumer Discretionary
HSP	Hospira Inc	Health Care
HST	Host Hotels & Resorts Inc	Financials
HCBK	Hudson City Bancorp	Financials
HUM	Humana Inc	Health Care
HBAN	Huntington Bancshares (OH)	Financials
ITW	Illinois Tool Works Inc	Industrials
RX	IMS Health Inc	Health Care
IR	Ingersoll-Rand Company Ltd	Industrials
TEG	Integrys Energy Group Inc	Utilities
INTC	Intel Corp	Information Technology
ICE	IntercontinentalExchange	Financials
IPG	Interpublic Group Cos	Consumer Discretionary
IBM	Intl Business Machines Corp	Information Technology
IFF	Intl Flavors & Fragrances	Materials
IGT	Intl Game Technology	Consumer Discretionary
IP	Intl Paper Co	Materials
INTU	Intuit Inc	Information Technology
ISRG	Intuitive Surgical Inc	Health Care
IVZ	Invesco Ltd	Financials
IRM	Iron Mountain Inc	Industrials
ITT	ITT Corporation	Industrials
JBL	Jabil Circuit Inc	Information Technology
JEC	Jacobs Engineering Group Inc	Industrials
JNS	Janus Capital Group Inc	Financials
JDSU	JDS Uniphase Corp	Information Technology
JNJ	Johnson & Johnson	Health Care
JCI	Johnson Controls Inc	Consumer Discretionary
JPM	JP Morgan Chase & Co	Financials
JNPR	Juniper Networks Inc	Information Technology
KBH	KB Home	Consumer Discretionary
K	Kellogg Co	Consumer Staples
KEY	KeyCorp	Financials
KMB	Kimberly-Clark	Consumer Staples
KIM	Kimco Realty Corp	Financials
KG	King Pharmaceuticals Inc	Health Care
KLAC	KLA-Tencor Corporation	Information Technology
KSS	Kohl's Corp	Consumer Discretionary
KFT	Kraft Foods Inc A	Consumer Staples
KR	Kroger Co	Consumer Staples
LLL	L-3 Communications Holdings	Industrials
LH	Lab Corp of America Hldgs	Health Care
LM	Legg Mason Inc	Financials
LEG	Leggett & Platt	Consumer Discretionary
LEN	Lennar Corp A	Consumer Discretionary
LUK	Leucadia National Corp (NY)	Financials
LXK	Lexmark International Inc	Information Technology
LIFE	Life Technologies Corp	Health Care
LLY	Lilly Eli & Co	Health Care
LTD	Limited Brands Inc	Consumer Discretionary
LNC	Lincoln National Corp	Financials
LLTC	Linear Technology Corp	Information Technology
LMT	Lockheed Martin	Industrials
L	Loews Corp	Financials
LO	Lorillard Inc	Consumer Staples
LOW	Lowe's Cos Inc	Consumer Discretionary
LSI	LSI Corporation	Information Technology
MTB	M&T Bank Corp	Financials
M	Macy's Inc	Consumer Discretionary
MTW	Manitowoc Co Inc	Industrials
MRO	Marathon Oil Corp	Energy
MAR	Marriott Intl A	Consumer Discretionary
MMC	Marsh & McLennan Companies	Financials
MI	Marshall & Ilsley Corp (WI)	Financials
MAS	Masco Corp	Industrials
MEE	Massey Energy Co	Energy
MA	Mastercard Inc A	Information Technology
MAT	Mattel Inc	Consumer Discretionary
MBI	MBIA Inc	Financials
MFE	McAfee Inc	Information Technology
MKC	McCormick & Co	Consumer Staples
MCD	McDonald's Corp	Consumer Discretionary
MHP	McGraw-Hill Cos Inc	Consumer Discretionary
MCK	McKesson Corp	Health Care
MWV	MeadWestvaco Corp	Materials
MHS	Medco Health Solutions Inc	Health Care
MDT	Medtronic Inc	Health Care
WFR	MEMC Electronic Materials	Information Technology
MRK	Merck & Co Inc	Health Care
MDP	Meredith Corp	Consumer Discretionary
MET	Metlife Inc	Financials
MCHP	Microchip Technology Inc	Information Technology
MU	Micron Technology Inc	Information Technology
MSFT	Microsoft Corp	Information Technology
MIL	Millipore Corp	Health Care
MOLX	Molex Inc	Information Technology
TAP	Molson Coors Brewing Co B	Consumer Staples
MON	Monsanto Co.	Materials
MWW	Monster Worldwide Inc	Industrials
MCO	Moody's Corp	Financials
MS	Morgan Stanley	Financials
MOT	Motorola Inc	Information Technology
MUR	Murphy Oil Corp	Energy
MYL	Mylan Inc.	Health Care
NBR	Nabors Industries Ltd	Energy
NDAQ	Nasdaq OMX Group/The	Financials
NOV	National Oilwell Varco Inc	Energy
NSM	National Semiconductor	Information Technology
NTAP	NetApp Inc	Information Technology
NYT	New York Times Co A	Consumer Discretionary
NWL	Newell Rubbermaid Inc	Consumer Discretionary
NEM	Newmont Mining Corp	Materials
NWSA	News Corporation A	Consumer Discretionary
GAS	NICOR Inc	Utilities
NKE	NIKE Inc B	Consumer Discretionary
NI	Nisource Inc	Utilities
NBL	Noble Energy Inc	Energy
JWN	Nordstrom Inc	Consumer Discretionary
NSC	Norfolk Southern Corp	Industrials
NU	Northeast Utilities	Utilities
NTRS	Northern Trust Corp (IL)	Financials
NOC	Northrop Grumman Corp	Industrials
NOVL	Novell Inc	Information Technology
NVLS	Novellus Systems Inc	Information Technology
NUE	Nucor Corp	Materials
NVDA	Nvidia Corp	Information Technology
NYX	NYSE Euronext	Financials
ORLY	O'Reilly Automotive	Consumer Discretionary
OXY	Occidental Petroleum	Energy
ODP	Office Depot Inc	Consumer Discretionary
OMC	Omnicom Group	Consumer Discretionary
ORCL	Oracle Corp	Information Technology
OI	Owens-Illinois Inc	Materials
PCAR	PACCAR Inc	Industrials
PTV	Pactiv Corporation	Materials
PLL	Pall Corp	Industrials
PH	Parker-Hannifin Corp	Industrials
PDCO	Patterson Cos Inc	Health Care
PAYX	Paychex Inc	Information Technology
BTU	Peabody Energy Corp	Energy
JCP	Penney J.C. Inc	Consumer Discretionary
PBCT	People's United Financial Inc	Financials
POM	Pepco Holdings Inc	Utilities
PBG	Pepsi Bottling Group Inc	Consumer Staples
PEP	PepsiCo Inc	Consumer Staples
PKI	PerkinElmer Inc	Health Care
PFE	Pfizer Inc	Health Care
PCG	PG&E Corporation	Utilities
PM	Philip Morris International	Consumer Staples
PNW	Pinnacle West Capital (AZ)	Utilities
PXD	Pioneer Natural Resources	Energy
PBI	Pitney Bowes Inc	Industrials
PCL	Plum Creek Timber Co	Financials
PNC	PNC Finl Services Group	Financials
RL	Polo Ralph Lauren A	Consumer Discretionary
PPG	PPG Industries Inc	Materials
PPL	PPL Corp	Utilities
PX	Praxair Inc	Materials
PCP	Precision Castparts Corp	Industrials
PFG	Principal Financial Group	Financials
PG	Procter & Gamble	Consumer Staples
PGN	Progress Energy Inc	Utilities
PGR	Progressive Corp	Financials
PLD	Prologis	Financials
PRU	Prudential Financial Inc	Financials
PEG	Public Service Enterprise Grp	Utilities
PSA	Public Storage	Financials
PHM	Pulte Homes Inc	Consumer Discretionary
QLGC	QLogic Corp	Information Technology
QCOM	QUALCOMM Inc	Information Technology
DGX	Quest Diagnostics	Health Care
STR	Questar Corp	Utilities
Q	Qwest Communications Intl Inc	Telecommunications Services
RSH	RadioShack Corp	Consumer Discretionary
RRC	Range Resources Corp	Energy
RTN	Raytheon Co	Industrials
RF	Regions Financial Corp	Financials
RSG	Republic Services Inc	Industrials
RAI	Reynolds American Inc	Consumer Staples
RHI	Robert Half Intl Inc	Industrials
ROK	Rockwell Automation Inc	Industrials
COL	Rockwell Collins	Industrials
RDC	Rowan Companies Inc	Energy
R	Ryder System Inc	Industrials
SWY	Safeway Inc	Consumer Staples
CRM	Salesforce.com	Information Technology
SNDK	SanDisk Corp	Information Technology
SLE	Sara Lee Corp	Consumer Staples
SCG	SCANA Corp	Utilities
SGP	Schering-Plough Corp	Health Care
SLB	Schlumberger Ltd	Energy
SCHW	Schwab Charles Corp	Financials
SNI	Scripps Networks Interactive	Consumer Discretionary
SEE	Sealed Air Corp	Materials
SHLD	Sears Holdings Corp	Consumer Discretionary
SRE	Sempra Energy	Utilities
SHW	Sherwin-Williams Co	Consumer Discretionary
SIAL	Sigma-Aldrich Corp	Materials
SPG	Simon Property Group	Financials
SLM	SLM Corp	Financials
SII	Smith Intl Inc	Energy
SJM	Smucker J.M. Co	Consumer Staples
SNA	Snap On Inc	Consumer Discretionary
SO	Southern Co	Utilities
LUV	Southwest Airlines Co	Industrials
SWN	Southwestern Energy Co	Energy
SE	Spectra Energy Corp	Energy
S	Sprint Nextel Corp	Telecommunications Services
STJ	St Jude Medical Inc	Health Care
SWK	Stanley Works	Consumer Discretionary
SPLS	Staples Inc	Consumer Discretionary
SBUX	Starbucks Corp	Consumer Discretionary
HOT	Starwood Hotel & Resort World	Consumer Discretionary
STT	State Street Corp	Financials
SRCL	Stericycle Inc	Industrials
SYK	Stryker Corp	Health Care
JAVA	Sun Microsystems Inc	Information Technology
SUN	Sunoco Inc	Energy
STI	SunTrust Banks Inc (GA)	Financials
SVU	Supervalu Inc	Consumer Staples
SYMC	Symantec Corp	Information Technology
SYY	Sysco Corp	Consumer Staples
TROW	T Rowe Price Group Inc	Financials
TGT	Target Corp	Consumer Discretionary
TE	TECO Energy Inc	Utilities
TLAB	Tellabs Inc	Information Technology
THC	Tenet Healthcare	Health Care
TDC	Teradata Corp	Information Technology
TER	Teradyne Inc	Information Technology
TSO	Tesoro Corp	Energy
TXN	Texas Instruments Inc	Information Technology
TXT	Textron Inc	Industrials
BK	The Bank of New York Mellon Corp	Financials
TMO	Thermo Fisher Scientific	Health Care
TIF	Tiffany & Co	Consumer Discretionary
TWC	Time Warner Cable Inc	Consumer Discretionary
TWX	Time Warner Inc	Consumer Discretionary
TIE	Titanium Metals Corp	Materials
TJX	TJX Cos Inc	Consumer Discretionary
TMK	Torchmark Corp	Financials
TSS	Total System Services Inc	Information Technology
TRV	Travelers Cos Inc	Financials
TEL	Tyco Electronics Ltd	Information Technology
TSN	Tyson Foods Inc A	Consumer Staples
UNP	Union Pacific Corp	Industrials
UPS	United Parcel Service Inc B	Industrials
X	United States Steel Corp	Materials
UTX	United Technologies Corp	Industrials
UNH	Unitedhealth Group Inc	Health Care
UNM	Unum Group	Financials
USB	US Bancorp	Financials
VLO	Valero Energy Corp	Energy
VAR	Varian Medical Systems Inc	Health Care
VTR	Ventas Inc	Financials
VRSN	VeriSign Inc	Information Technology
VZ	Verizon Communications Inc	Telecommunications Services
VFC	VF Corp	Consumer Discretionary
VIA/B	Viacom Inc B (New)	Consumer Discretionary
VNO	Vornado Realty Trust	Financials
VMC	Vulcan Materials Co	Materials
WMT	Wal-Mart Stores	Consumer Staples
WAG	Walgreen Co	Consumer Staples
DIS	Walt Disney Co	Consumer Discretionary
WPO	Washington Post Co B	Consumer Discretionary
WMI	Waste Management Inc	Industrials
WAT	Waters Corp	Health Care
WPI	Watson Pharmaceuticals	Health Care
WLP	WellPoint Inc	Health Care
WFC	Wells Fargo & Co	Financials
WU	Western Union Co	Information Technology
WY	Weyerhaeuser Co	Materials
WHR	Whirlpool Corp	Consumer Discretionary
WFMI	Whole Foods Market Inc	Consumer Staples
WMB	Williams Cos Inc	Energy
WIN	Windstream Corp	Telecommunications Services
WEC	Wisconsin Energy Corp	Utilities
WYE	Wyeth	Health Care
WYN	Wyndham Worldwide Corp	Consumer Discretionary
WYNN	Wynn Resorts Ltd	Consumer Discretionary
XEL	Xcel Energy Inc	Utilities
XRX	Xerox Corp	Information Technology
XLNX	Xilinx Inc	Information Technology
XL	XL Capital Ltd A (Bermuda)	Financials
XTO	XTO Energy Inc	Energy
YHOO	Yahoo Inc	Information Technology
YUM	Yum! Brands Inc	Consumer Discretionary
ZMH	Zimmer Holdings Inc	Health Care
ZION	Zions Bancorp (UT)	Financials