Saturday, April 25, 2009

S&P 500 Chart

Follow Me on Facebook Follow Me on Tweeter
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.

S&P 500 hourly and daily chart

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.

Monday, April 20, 2009


Follow Me on Facebook Follow Me on Tweeter
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).

Sunday, April 12, 2009

Simple Technical Analysis

Follow Me on Facebook Follow Me on Tweeter
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.

Sunday, April 5, 2009

S&P 500 Volatility

Follow Me on Facebook Follow Me on Tweeter

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.

S&P 500 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).

Saturday, April 4, 2009

S&P 500 Stocks

Follow Me on Facebook Follow Me on Tweeter
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.
MMM3M CoIndustrials
ABTAbbott LaboratoriesHealth Care
ANFAbercrombie & Fitch Company AConsumer Discretionary
ADBEAdobe Systems IncInformation Technology
AMDAdvanced Micro DevicesInformation Technology
AESAES CorpUtilities
AETAetna IncHealth Care
ACSAffiliated Computer ServicesInformation Technology
AFLAFLAC IncFinancials
AAgilent Technologies IncInformation Technology
APDAir Products & Chemicals IncMaterials
AKSAK Steel Hldg CorpMaterials
AKAMAkamai Technologies IncInformation Technology
AAAlcoa IncMaterials
AYEAllegheny Energy IncUtilities
ATIAllegheny Technologies IncMaterials
AGNAllergan IncHealth Care
ALLAllstate CorpFinancials
ALTRAltera CorpInformation Technology
MOAltria Group IncConsumer Staples IncConsumer Discretionary
AEEAmeren CorpUtilities
AEPAmerican Electric PowerUtilities
AXPAmerican Express CoFinancials
AIGAmerican Intl Group IncFinancials
AMTAmerican Tower Corp ATelecommunications Services
AMPAmeriprise Financial IncFinancials
ABCAmerisourceBergen CorpHealth Care
AMGNAmgen IncHealth Care
APHAmphenol Corp AInformation Technology
APCAnadarko Petroleum CorpEnergy
ADIAnalog Devices IncInformation Technology
AOCAon CorpFinancials
APAApache CorpEnergy
AIVApartment Investment & MgmtFinancials
APOLApollo Group IncConsumer Discretionary
AAPLApple Inc.Information Technology
AMATApplied Materials IncInformation Technology
ADMArcher-Daniels-Midland CoConsumer Staples
AIZAssurant IncFinancials
TAT&T IncTelecommunications Services
ADSKAutodesk IncInformation Technology
ADPAutomatic Data ProcessingInformation Technology
ANAutoNation IncConsumer Discretionary
AZOAutoZone IncConsumer Discretionary
AVBAvalonBay Communities IncFinancials
AVYAvery Dennison CorpIndustrials
AVPAvon ProductsConsumer Staples
BHIBaker Hughes IncEnergy
BLLBall CorpMaterials
BACBank of America CorpFinancials
BCRBard C.R. IncHealth Care
BAXBaxter Intl IncHealth Care
BBTBB&T CorpFinancials
BDXBecton Dickinson & CoHealth Care
BBBYBed Bath & Beyond IncConsumer Discretionary
BMSBemis Co IncMaterials
BBYBest Buy Co IncConsumer Discretionary
BIGBig Lots IncConsumer Discretionary
BIIBBiogen Idec IncHealth Care
BJSBJ Services CoEnergy
BDKBlack & Decker CorpConsumer Discretionary
HRBBlock H & R IncConsumer Discretionary
BMCBMC Software IncInformation Technology
BABoeing CoIndustrials
BXPBoston Properties IncFinancials
BSXBoston Scientific CorpHealth Care
BMYBristol-Myers SquibbHealth Care
BRCMBroadcom Corp AInformation Technology
BF/BBrown-Forman Corp BConsumer Staples
BNIBurlington Northern Santa Fe CoIndustrials
CACA IncInformation Technology
COGCabot Oil & Gas AEnergy
CAMCameron International CorpEnergy
CPBCampbell Soup CoConsumer Staples
COFCapital One FinancialFinancials
CAHCardinal Health IncHealth Care
CCLCarnival CorpConsumer Discretionary
CATCaterpillar IncIndustrials
CBGCB Richard Ellis Group Inc AFinancials
CBSCBS Corp BConsumer Discretionary
CELGCelgene CorpHealth Care
CNPCenterpoint Energy IncUtilities
CTXCentex CorpConsumer Discretionary
CTLCenturytel IncTelecommunications Services
CEPHCephalon IncHealth Care
CFCF Industries HoldingsMaterials
CHRWCH Robinson Worldwide IncIndustrials
CHKChesapeake Energy CorpEnergy
CVXChevron CorpEnergy
CMEChicago Mercantile ExchangeFinancials
CBChubb CorpFinancials
CIENCIENA CorpInformation Technology
CICIGNA CorpHealth Care
CINFCincinnati Financial CorpFinancials
CTASCintas CorpIndustrials
CSCOCisco Systems IncInformation Technology
CITCIT Group IncFinancials
CCitigroup IncFinancials
CTXSCitrix Systems IncInformation Technology
CLXClorox CoConsumer Staples
CMSCMS Energy CorpUtilities
COHCoach IncConsumer Discretionary
KOCoca-Cola CoConsumer Staples
CCECoca-Cola EnterprisesConsumer Staples
CTSHCognizant Tech Solutions CorpInformation Technology
CLColgate-Palmolive CoConsumer Staples
CMCSAComcast Corp AConsumer Discretionary
CMAComerica Inc (MI)Financials
CSCComputer SciencesInformation Technology
CPWRCompuware CorpInformation Technology
CAGConAgra Foods IncConsumer Staples
CNXCONSOL Energy IncEnergy
EDConsolidated Edison IncUtilities
STZConstellation Brands Inc AConsumer Staples
CEGConstellation Energy GroupUtilities
CVGConvergys CorpInformation Technology
CBECooper Industries Ltd (Bermuda)Industrials
GLWCorning IncInformation Technology
COSTCostco Wholesale CorpConsumer Staples
CVHCoventry Health Care IncHealth Care
COVCovidien LtdHealth Care
CSXCSX CorpIndustrials
CMICummins IncIndustrials
CVSCVS Caremark Corp.Consumer Staples
DHRDanaher CorpIndustrials
DRIDarden Restaurants IncConsumer Discretionary
DVADavita IncHealth Care
DFDean Foods CoConsumer Staples
DEDeere & CoIndustrials
DELLDell IncInformation Technology
DNRDenbury Resources IncEnergy
XRAYDentsply IntlHealth Care
DVNDevon Energy CorpEnergy
DODiamond Offshore DrillingEnergy
DTVDIRECTV Group IncConsumer Discretionary
DFSDiscover Financial ServicesFinancials
DDominion Resources IncUtilities
RRDDonnelley R.R. & SonsIndustrials
DOVDover CorpIndustrials
DOWDow ChemicalMaterials
DPSDr Pepper Snapple GroupConsumer Staples
DTEDTE Energy CoUtilities
DUKDuke Energy CorpUtilities
DNBDun & Bradstreet CorpIndustrials
DDDuPont E.I. de NemoursMaterials
DYNDynegy Inc AUtilities
ETFCE*TRADE Financial CorpFinancials
EMNEastman Chemical CoMaterials
EKEastman Kodak CoConsumer Discretionary
ETNEaton CorpIndustrials
EBAYeBay Inc.Information Technology
ECLEcolab IncMaterials
EIXEdison IntlUtilities
EPEl Paso CorpEnergy
ERTSElectronic ArtsInformation Technology
EQEmbarq CorpTelecommunications Services
EMCEMC CorpInformation Technology
EMREmerson Electric CoIndustrials
ESVENSCO Intl IncEnergy
ETREntergy CorpUtilities
EOGEOG ResourcesEnergy
EQTEQT CorporationUtilities
EFXEquifax IncIndustrials
EQREquity ResidentialFinancials
ELEstee Lauder Cos.Consumer Staples
EXCExelon CorpUtilities
EXPEExpediaConsumer Discretionary
EXPDExpeditors Intl of WA IncIndustrials
ESRXExpress Scripts IncHealth Care
XOMExxon Mobil CorpEnergy
FDOFamily Dollar Stores IncConsumer Discretionary
FASTFastenal CoIndustrials
FIIFederated Investors Inc BFinancials
FDXFedEx CorpIndustrials
FISFidelity National InformationInformation Technology
FITBFifth Third Bancorp (OH)Financials
FHNFirst Horizon National CorpFinancials
FEFirstEnergy CorpUtilities
FISVFiserv IncInformation Technology
FLIRFLIR Systems IncInformation Technology
FLSFlowserve CorpIndustrials
FLRFluor CorpIndustrials
FFord Motor CoConsumer Discretionary
FRXForest LaboratoriesHealth Care
FOFortune Brands IncConsumer Discretionary
FPLFPL Group IncUtilities
BENFranklin Resources IncFinancials
FCXFreeport McMoRan Copper & GoldMaterials
FTRFrontier Communications CorpTelecommunications Services
GMEGameStop Corp AConsumer Discretionary
GCIGannett Co IncConsumer Discretionary
GPSGap IncConsumer Discretionary
GDGeneral DynamicsIndustrials
GEGeneral Electric CoIndustrials
GISGeneral Mills IncConsumer Staples
GMGeneral Motors CorpConsumer Discretionary
GPCGenuine Parts CoConsumer Discretionary
GNWGenworth Financial IncFinancials
GENZGenzyme CorpHealth Care
GILDGilead Sciences IncHealth Care
GSGoldman Sachs Group IncFinancials
GRGoodrich CorpIndustrials
GTGoodyear Tire & Rubber CoConsumer Discretionary
GOOGGoogle IncInformation Technology
GWWGrainger W.W. IncIndustrials
HALHalliburton CoEnergy
HOGHarley-Davidson IncConsumer Discretionary
HARHarman Intl Industries IncConsumer Discretionary
HRSHarris CorpInformation Technology
HIGHartford Finl Services GroupFinancials
HASHasbro IncConsumer Discretionary
HCPHCP IncFinancials
HCNHealth Care REIT IncFinancials
HNZHeinz H.J. CoConsumer Staples
HSYHershey Foods CorpConsumer Staples
HESHess CorpEnergy
HPQHewlett-Packard CoInformation Technology
HDHome Depot IncConsumer Discretionary
HONHoneywell Intl IncIndustrials
HRLHormel Foods CorpConsumer Staples
DHIHorton D.R. IncConsumer Discretionary
HSPHospira IncHealth Care
HSTHost Hotels & Resorts IncFinancials
HCBKHudson City BancorpFinancials
HUMHumana IncHealth Care
HBANHuntington Bancshares (OH)Financials
ITWIllinois Tool Works IncIndustrials
RXIMS Health IncHealth Care
IRIngersoll-Rand Company LtdIndustrials
TEGIntegrys Energy Group IncUtilities
INTCIntel CorpInformation Technology
IPGInterpublic Group CosConsumer Discretionary
IBMIntl Business Machines CorpInformation Technology
IFFIntl Flavors & FragrancesMaterials
IGTIntl Game TechnologyConsumer Discretionary
IPIntl Paper CoMaterials
INTUIntuit IncInformation Technology
ISRGIntuitive Surgical IncHealth Care
IVZInvesco LtdFinancials
IRMIron Mountain IncIndustrials
ITTITT CorporationIndustrials
JBLJabil Circuit IncInformation Technology
JECJacobs Engineering Group IncIndustrials
JNSJanus Capital Group IncFinancials
JDSUJDS Uniphase CorpInformation Technology
JNJJohnson & JohnsonHealth Care
JCIJohnson Controls IncConsumer Discretionary
JPMJP Morgan Chase & CoFinancials
JNPRJuniper Networks IncInformation Technology
KBHKB HomeConsumer Discretionary
KKellogg CoConsumer Staples
KMBKimberly-ClarkConsumer Staples
KIMKimco Realty CorpFinancials
KGKing Pharmaceuticals IncHealth Care
KLACKLA-Tencor CorporationInformation Technology
KSSKohl's CorpConsumer Discretionary
KFTKraft Foods Inc AConsumer Staples
KRKroger CoConsumer Staples
LLLL-3 Communications HoldingsIndustrials
LHLab Corp of America HldgsHealth Care
LMLegg Mason IncFinancials
LEGLeggett & PlattConsumer Discretionary
LENLennar Corp AConsumer Discretionary
LUKLeucadia National Corp (NY)Financials
LXKLexmark International IncInformation Technology
LIFELife Technologies CorpHealth Care
LLYLilly Eli & CoHealth Care
LTDLimited Brands IncConsumer Discretionary
LNCLincoln National CorpFinancials
LLTCLinear Technology CorpInformation Technology
LMTLockheed MartinIndustrials
LLoews CorpFinancials
LOLorillard IncConsumer Staples
LOWLowe's Cos IncConsumer Discretionary
LSILSI CorporationInformation Technology
MTBM&T Bank CorpFinancials
MMacy's IncConsumer Discretionary
MTWManitowoc Co IncIndustrials
MROMarathon Oil CorpEnergy
MARMarriott Intl AConsumer Discretionary
MMCMarsh & McLennan CompaniesFinancials
MIMarshall & Ilsley Corp (WI)Financials
MASMasco CorpIndustrials
MEEMassey Energy CoEnergy
MAMastercard Inc AInformation Technology
MATMattel IncConsumer Discretionary
MBIMBIA IncFinancials
MFEMcAfee IncInformation Technology
MKCMcCormick & CoConsumer Staples
MCDMcDonald's CorpConsumer Discretionary
MHPMcGraw-Hill Cos IncConsumer Discretionary
MCKMcKesson CorpHealth Care
MWVMeadWestvaco CorpMaterials
MHSMedco Health Solutions IncHealth Care
MDTMedtronic IncHealth Care
WFRMEMC Electronic MaterialsInformation Technology
MRKMerck & Co IncHealth Care
MDPMeredith CorpConsumer Discretionary
METMetlife IncFinancials
MCHPMicrochip Technology IncInformation Technology
MUMicron Technology IncInformation Technology
MSFTMicrosoft CorpInformation Technology
MILMillipore CorpHealth Care
MOLXMolex IncInformation Technology
TAPMolson Coors Brewing Co BConsumer Staples
MONMonsanto Co.Materials
MWWMonster Worldwide IncIndustrials
MCOMoody's CorpFinancials
MSMorgan StanleyFinancials
MOTMotorola IncInformation Technology
MURMurphy Oil CorpEnergy
MYLMylan Inc.Health Care
NBRNabors Industries LtdEnergy
NDAQNasdaq OMX Group/TheFinancials
NOVNational Oilwell Varco IncEnergy
NSMNational SemiconductorInformation Technology
NTAPNetApp IncInformation Technology
NYTNew York Times Co AConsumer Discretionary
NWLNewell Rubbermaid IncConsumer Discretionary
NEMNewmont Mining CorpMaterials
NWSANews Corporation AConsumer Discretionary
GASNICOR IncUtilities
NKENIKE Inc BConsumer Discretionary
NINisource IncUtilities
NBLNoble Energy IncEnergy
JWNNordstrom IncConsumer Discretionary
NSCNorfolk Southern CorpIndustrials
NUNortheast UtilitiesUtilities
NTRSNorthern Trust Corp (IL)Financials
NOCNorthrop Grumman CorpIndustrials
NOVLNovell IncInformation Technology
NVLSNovellus Systems IncInformation Technology
NUENucor CorpMaterials
NVDANvidia CorpInformation Technology
NYXNYSE EuronextFinancials
ORLYO'Reilly AutomotiveConsumer Discretionary
OXYOccidental PetroleumEnergy
ODPOffice Depot IncConsumer Discretionary
OMCOmnicom GroupConsumer Discretionary
ORCLOracle CorpInformation Technology
OIOwens-Illinois IncMaterials
PCARPACCAR IncIndustrials
PTVPactiv CorporationMaterials
PLLPall CorpIndustrials
PHParker-Hannifin CorpIndustrials
PDCOPatterson Cos IncHealth Care
PAYXPaychex IncInformation Technology
BTUPeabody Energy CorpEnergy
JCPPenney J.C. IncConsumer Discretionary
PBCTPeople's United Financial IncFinancials
POMPepco Holdings IncUtilities
PBGPepsi Bottling Group IncConsumer Staples
PEPPepsiCo IncConsumer Staples
PKIPerkinElmer IncHealth Care
PFEPfizer IncHealth Care
PCGPG&E CorporationUtilities
PMPhilip Morris InternationalConsumer Staples
PNWPinnacle West Capital (AZ)Utilities
PXDPioneer Natural ResourcesEnergy
PBIPitney Bowes IncIndustrials
PCLPlum Creek Timber CoFinancials
PNCPNC Finl Services GroupFinancials
RLPolo Ralph Lauren AConsumer Discretionary
PPGPPG Industries IncMaterials
PPLPPL CorpUtilities
PXPraxair IncMaterials
PCPPrecision Castparts CorpIndustrials
PFGPrincipal Financial GroupFinancials
PGProcter & GambleConsumer Staples
PGNProgress Energy IncUtilities
PGRProgressive CorpFinancials
PRUPrudential Financial IncFinancials
PEGPublic Service Enterprise GrpUtilities
PSAPublic StorageFinancials
PHMPulte Homes IncConsumer Discretionary
QLGCQLogic CorpInformation Technology
QCOMQUALCOMM IncInformation Technology
DGXQuest DiagnosticsHealth Care
STRQuestar CorpUtilities
QQwest Communications Intl IncTelecommunications Services
RSHRadioShack CorpConsumer Discretionary
RRCRange Resources CorpEnergy
RTNRaytheon CoIndustrials
RFRegions Financial CorpFinancials
RSGRepublic Services IncIndustrials
RAIReynolds American IncConsumer Staples
RHIRobert Half Intl IncIndustrials
ROKRockwell Automation IncIndustrials
COLRockwell CollinsIndustrials
RDCRowan Companies IncEnergy
RRyder System IncIndustrials
SWYSafeway IncConsumer Staples
CRMSalesforce.comInformation Technology
SNDKSanDisk CorpInformation Technology
SLESara Lee CorpConsumer Staples
SCGSCANA CorpUtilities
SGPSchering-Plough CorpHealth Care
SLBSchlumberger LtdEnergy
SCHWSchwab Charles CorpFinancials
SNIScripps Networks InteractiveConsumer Discretionary
SEESealed Air CorpMaterials
SHLDSears Holdings CorpConsumer Discretionary
SRESempra EnergyUtilities
SHWSherwin-Williams CoConsumer Discretionary
SIALSigma-Aldrich CorpMaterials
SPGSimon Property GroupFinancials
SLMSLM CorpFinancials
SIISmith Intl IncEnergy
SJMSmucker J.M. CoConsumer Staples
SNASnap On IncConsumer Discretionary
SOSouthern CoUtilities
LUVSouthwest Airlines CoIndustrials
SWNSouthwestern Energy CoEnergy
SESpectra Energy CorpEnergy
SSprint Nextel CorpTelecommunications Services
STJSt Jude Medical IncHealth Care
SWKStanley WorksConsumer Discretionary
SPLSStaples IncConsumer Discretionary
SBUXStarbucks CorpConsumer Discretionary
HOTStarwood Hotel & Resort WorldConsumer Discretionary
STTState Street CorpFinancials
SRCLStericycle IncIndustrials
SYKStryker CorpHealth Care
JAVASun Microsystems IncInformation Technology
SUNSunoco IncEnergy
STISunTrust Banks Inc (GA)Financials
SVUSupervalu IncConsumer Staples
SYMCSymantec CorpInformation Technology
SYYSysco CorpConsumer Staples
TROWT Rowe Price Group IncFinancials
TGTTarget CorpConsumer Discretionary
TETECO Energy IncUtilities
TLABTellabs IncInformation Technology
THCTenet HealthcareHealth Care
TDCTeradata CorpInformation Technology
TERTeradyne IncInformation Technology
TSOTesoro CorpEnergy
TXNTexas Instruments IncInformation Technology
TXTTextron IncIndustrials
BKThe Bank of New York Mellon CorpFinancials
TMOThermo Fisher ScientificHealth Care
TIFTiffany & CoConsumer Discretionary
TWCTime Warner Cable IncConsumer Discretionary
TWXTime Warner IncConsumer Discretionary
TIETitanium Metals CorpMaterials
TJXTJX Cos IncConsumer Discretionary
TMKTorchmark CorpFinancials
TSSTotal System Services IncInformation Technology
TRVTravelers Cos IncFinancials
TELTyco Electronics LtdInformation Technology
TSNTyson Foods Inc AConsumer Staples
UNPUnion Pacific CorpIndustrials
UPSUnited Parcel Service Inc BIndustrials
XUnited States Steel CorpMaterials
UTXUnited Technologies CorpIndustrials
UNHUnitedhealth Group IncHealth Care
UNMUnum GroupFinancials
USBUS BancorpFinancials
VLOValero Energy CorpEnergy
VARVarian Medical Systems IncHealth Care
VTRVentas IncFinancials
VRSNVeriSign IncInformation Technology
VZVerizon Communications IncTelecommunications Services
VFCVF CorpConsumer Discretionary
VIA/BViacom Inc B (New)Consumer Discretionary
VNOVornado Realty TrustFinancials
VMCVulcan Materials CoMaterials
WMTWal-Mart StoresConsumer Staples
WAGWalgreen CoConsumer Staples
DISWalt Disney CoConsumer Discretionary
WPOWashington Post Co BConsumer Discretionary
WMIWaste Management IncIndustrials
WATWaters CorpHealth Care
WPIWatson PharmaceuticalsHealth Care
WLPWellPoint IncHealth Care
WFCWells Fargo & CoFinancials
WUWestern Union CoInformation Technology
WYWeyerhaeuser CoMaterials
WHRWhirlpool CorpConsumer Discretionary
WFMIWhole Foods Market IncConsumer Staples
WMBWilliams Cos IncEnergy
WINWindstream CorpTelecommunications Services
WECWisconsin Energy CorpUtilities
WYEWyethHealth Care
WYNWyndham Worldwide CorpConsumer Discretionary
WYNNWynn Resorts LtdConsumer Discretionary
XELXcel Energy IncUtilities
XRXXerox CorpInformation Technology
XLNXXilinx IncInformation Technology
XLXL Capital Ltd A (Bermuda)Financials
XTOXTO Energy IncEnergy
YHOOYahoo IncInformation Technology
YUMYum! Brands IncConsumer Discretionary
ZMHZimmer Holdings IncHealth Care
ZIONZions Bancorp (UT)Financials