The Answer To This Question Will Dictate How You Want To Invest For The Next 5-10 Years (SPY)
May 26th, 2010
Let me start off by pointing out that we did indeed break below the yearly cycle low yesterday. I’ve been saying for a couple of weeks now that a break of 1044 would change the pattern of higher lows. That would be the first warning shot across the bow that the cyclical bull might be in the process of expiring.
Does that mean I want to short stocks? Are you crazy? No way I want to fight with a bear market and the Fed’s printing press. For one Ben has already aborted a left translated 4 year cycle.
Never in a million years would I have believed that was possible, but happen it did. Print enough money and the Fed could just as easily negate a broken yearly cycle low. And if you think he won’t do it I have some ocean front property here in Las Vegas I’d like to sell ya? Sell short? No way no how. Not even with your money.
Let’s face it the mathematics on the short side are just not conducive to getting rich. It took a year and a half for the market to drop 58% in the second worst bear market in history. Sure one can leverage up but if you happen to get hit with a vicious bear market rally or the rules are changed (ban on short selling) you run the risk of losing everything. Need I remind everyone that leverage is what is bringing down the global financial system? Leverage is like walking through a dynamite factory with an open flame. Sure you might survive but you’re still an idiot.
Trading bear markets is tough to do even if the bear is allowed to run its course undisturbed. But I guarantee the powers that be will throw everything they can at the bear. I just don’t need those kind of odds stacked against me, especially when there is easy money to be had.
Now I’ve made my position clear. (Just so there won’t be any misunderstanding later. There will be none of this “hey you said the bear is back and we should short stocks. How come the market went up and I lost all my money”).
I’m emphatically telling you that by selling short you are taking your life into your own hands. If you are bound and determined to fight the Fed, Wall Street, Washington and an angry and tricky bear, you are going to do it all on your own. Leave me out of it. I’m going to be over in the corner picking up gold coins, you can join me if you want to.
Whenever the market doesn’t do what it’s supposed to do it’s probably a good idea to pay attention. Yesterday markets all over the world were down and down hard. Some by over 3%. The futures were signaling a big gap down. By all rights the S&P should have followed the rest of the globe lower today. It didn’t. We ended the day positive.
I’ve been warning for over a week now that sentiment has reached severe bearish extremes. Quite a few sentiment indicators are now at levels lower than the `09 bear market bottom. When these kind of extremes are reached the market runs the risk of running out of sellers. Yesterdays reversal may be a signal of selling exhaustion. When that happens, even in bear markets, we can look for a violent 1 to 3 month short covering rally. (In bull markets we can expect a 3 to 5 month new leg up.)
Lately we are hearing the D word (deflation) thrown around quite a bit. Let’s face it we are going to hear this every time assets start to drop. However let me remind everyone that Ben halted the worst deflationary spiral in 80 years in just a little over 7 months. Ben has clearly proven that a determined government, in a purely fiat monetary system, can reverse deflation. The question isn’t whether or not we are going to experience deflation. The question is simply how long will the powers that be allow it to last before they crank up the presses and flood the world with paper again.
The cold hard reality is that the USA has now gone down the path of no return. We are piling on trillions upon trillions of debt in a futile attempt to spend & stimulate our way out of bankruptcy. I don’t know about you but generally speaking isn’t it counterproductive to go deeper in debt if one is already broke?
This debt can’t possibly be serviced … ever. So we have two choices. One we can eventually just default on our massive mountain of debt. At some point we just throw up our hands and cry uncle. Folks if the United States of America chooses to default on its debt then yes we are going to see a deflationary storm cover the world in ruin and despair.
The second choice is to inflate away the debt by printing trillions and trillions of federal reserve notes out of thin air. This course will buy us some time. It may even briefly appear that we’ve cured our problems (it has seemed that way until recently hasn’t it?). If we choose this path, then unless someone like Volker comes along and forces us to take our medicine, the inflationary spiral will continue until a final hyperinflationary storm destroys the country.
Now each of you has to ask themselves which you think is more likely. Will the US all of a sudden come to its senses, default on its obligations to halt the exponential growth of debt, thus unleashing a deflationary holocaust upon the world…or will we just continue to kick the can down the road like we’ve been doing for the past 10 years, thus making the debt burden bigger and bigger and rendering it serviceable only by hyper inflating the money supply?
How you answer that question will dictate how you want to invest for the next 5-10 years.
If you think like I do that we will continue to kick the can down the road then the easy investment is to just get on board the secular gold bull and hold on.
Written By Toby Connor From Gold Scents
GoldScents is a financial blog focused on the analysis of the stock market and the secular gold bull market.
SPDR S&P 500 ETF (NYSE:SPY)
The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index (Ticker: SPTR). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
| Fund Name: | SPDR S&P 500 ETF | |||
| Ticker Symbol: | SPY | |||
| Holdings: | As Of 05/25/2010 | |||
| Name | Weight | Ticker | Sector | Shares Held |
| Exxon Mobil Corp | 2.9 | (XOM) | Energy | 32043276 |
| Apple Inc | 2.29 | (AAPL) | Information Technology | 6155252 |
| Microsoft Corp | 2.05 | (MSFT) | Information Technology | 51786544 |
| Procter & Gamble Co | 1.83 | (PG) | Consumer Staples | 19714116 |
| General Electric Co | 1.75 | (GE) | Industrials | 72415640 |
| Johnson & Johnson | 1.71 | (JNJ) | Health Care | 18677164 |
| International Business Mach | 1.67 | (IBM) | Information Technology | 8817024 |
| Bank Of America Corporation | 1.6 | (BAC) | Financials | 68087220 |
| Jpmorgan Chase & Co | 1.59 | (JPM) | Financials | 26965216 |
| Wells Fargo & Co New | 1.54 | (WFC) | Financials | 35161840 |
| Chevron Corp New | 1.5 | (CVX) | Energy | 13630109 |
| At&T Inc | 1.48 | (T) | Telecommunication Services | 40057430 |
| Cisco Sys Inc | 1.37 | (CSCO) | Information Technology | 38860644 |
| Pfizer Inc | 1.25 | (PFE) | Health Care | 54773896 |
| Berkshire Hathaway Inc Del | 1.21 | (BRK.B) | Financials | 11232178 |
| Coca Cola Co | 1.2 | (KO) | Consumer Staples | 15644565 |
| Google Inc | 1.19 | (GOOG) | Information Technology | 1639536 |
| Intel Corp | 1.19 | (INTC) | Information Technology | 37491348 |
| Hewlett Packard Co | 1.11 | (HPQ) | Information Technology | 15976944 |
| Wal Mart Stores Inc | 1.1 | (WMT) | Consumer Staples | 14481355 |
| Pepsico Inc | 1.06 | (PEP) | Consumer Staples | 11091008 |
| Merck & Co Inc New | 1.03 | (MRK) | Health Care | 21143444 |
| Oracle Corp | 0.89 | (ORCL) | Information Technology | 26528092 |
| Philip Morris Intl Inc | 0.85 | (PM) | Consumer Staples | 12766473 |
| Verizon Communications Inc | 0.8 | (VZ) | Telecommunication Services | 19246544 |
| Goldman Sachs Group Inc | 0.77 | (GS) | Financials | 3571674 |
| Citigroup Inc | 0.76 | (C) | Financials | 133359040 |
| Conocophillips | 0.76 | (COP) | Energy | 10091658 |
| Abbott Labs | 0.75 | (ABT) | Health Care | 10537230 |
| Mcdonalds Corp | 0.75 | (MCD) | Consumer Discretionary | 7302619 |
| Schlumberger Ltd | 0.72 | (SLB) | Energy | 8120768 |
| Occidental Pete Corp Del | 0.66 | (OXY) | Energy | 5510761 |
| Disney Walt Co | 0.65 | (DIS) | Consumer Discretionary | 13162805 |
| United Technologies Corp | 0.64 | (UTX) | Industrials | 6355170 |
| United Parcel Service Inc | 0.63 | (UPS) | Industrials | 6738658 |
| Qualcomm Inc | 0.62 | (QCOM) | Information Technology | 11406963 |
| Home Depot Inc | 0.59 | (HD) | Consumer Discretionary | 11541348 |
| 3M Co | 0.58 | (MMM) | Industrials | 4829865 |
| Amgen Inc | 0.53 | (AMGN) | Health Care | 6645792 |
| Comcast Corp New | 0.52 | (CMCSA) | Consumer Discretionary | 19259076 |
| Kraft Foods Inc | 0.51 | (KFT) | Consumer Staples | 11787165 |
| Boeing Co | 0.49 | (BA) | Industrials | 5136914 |
| Cvs Caremark Corporation | 0.49 | (CVS) | Consumer Staples | 9437386 |
| American Express Co | 0.48 | (AXP) | Financials | 8121879 |
| Us Bancorp Del | 0.47 | (USB) | Financials | 12986238 |
| Medtronic Inc | 0.45 | (MDT) | Health Care | 7497080 |
| Amazon Com Inc | 0.44 | (AMZN) | Consumer Discretionary | 2323708 |
| Altria Group Inc | 0.44 | (MO) | Consumer Staples | 14119891 |
| Target Corp | 0.42 | (TGT) | Consumer Discretionary | 5107180 |
| Bristol Myers Squibb Co | 0.4 | (BMY) | Health Care | 11633809 |
| Colgate Palmolive Co | 0.4 | (CL) | Consumer Staples | 3351805 |
| Ford Mtr Co Del | 0.38 | (F) | Consumer Discretionary | 22859998 |
| Caterpillar Inc Del | 0.38 | (CAT) | Industrials | 4240903 |
| E M C Corp Mass | 0.38 | (EMC) | Information Technology | 13935307 |
| Morgan Stanley | 0.38 | (MS) | Financials | 9491314 |
| Lowes Cos Inc | 0.37 | (LOW) | Consumer Discretionary | 9993248 |
| Directv | 0.36 | (DTV) | Consumer Discretionary | 6348507 |
| Union Pac Corp | 0.36 | (UNP) | Industrials | 3430222 |
| Emerson Elec Co | 0.35 | (EMR) | Industrials | 5108064 |
| Time Warner Inc | 0.35 | (TWX) | Consumer Discretionary | 7808712 |
| Unitedhealth Group Inc | 0.34 | (UNH) | Health Care | 7858278 |
| Lilly Eli & Co | 0.34 | (LLY) | Health Care | 6889108 |
| Bank Of New York Mellon Cor | 0.34 | (BK) | Financials | 8202186 |
| Gilead Sciences Inc | 0.34 | (GILD) | Health Care | 6130518 |
| Visa Inc | 0.34 | (V) | Information Technology | 3029449 |
| Walgreen Co | 0.33 | (WAG) | Consumer Staples | 6687944 |
| Metlife Inc | 0.33 | (MET) | Financials | 5560670 |
| Du Pont E I De Nemours & Co | 0.33 | (DD) | Materials | 6135764 |
| Honeywell Intl Inc | 0.33 | (HON) | Industrials | 5190207 |
| Pnc Finl Svcs Group Inc | 0.33 | (PNC) | Financials | 3509541 |
| Freeport-Mcmoran Copper & G | 0.33 | (FCX) | Materials | 3189220 |
| Dow Chem Co | 0.32 | (DOW) | Materials | 7809133 |
| Texas Instrs Inc | 0.31 | (TXN) | Information Technology | 8430662 |
| Monsanto Co New | 0.31 | (MON) | Materials | 3704326 |
| Apache Corp | 0.31 | (APA) | Energy | 2284706 |
| News Corp | 0.3 | (NWSA) | Consumer Discretionary | 15297463 |
| Nike Inc | 0.29 | (NKE) | Consumer Discretionary | 2646100 |
| Express Scripts Inc | 0.28 | (ESRX) | Health Care | 1868844 |
| Devon Energy Corp New | 0.28 | (DVN) | Energy | 3033155 |
| Southern Co | 0.28 | (SO) | Utilities | 5569163 |
| Corning Inc | 0.27 | (GLW) | Information Technology | 10582831 |
| Newmont Mining Corp | 0.27 | (NEM) | Materials | 3331547 |
| Anadarko Pete Corp | 0.27 | (APC) | Energy | 3344029 |
| Prudential Finl Inc | 0.27 | (PRU) | Financials | 3156660 |
| Medco Health Solutions Inc | 0.26 | (MHS) | Health Care | 3148982 |
| General Dynamics Corp | 0.26 | (GD) | Industrials | 2618532 |
| Lockheed Martin Corp | 0.26 | (LMT) | Industrials | 2141062 |
| Exelon Corp | 0.26 | (EXC) | Utilities | 4479799 |
| Fedex Corp | 0.26 | (FDX) | Industrials | 2124202 |
| Kimberly Clark Corp | 0.26 | (KMB) | Consumer Staples | 2826156 |
| Baxter Intl Inc | 0.26 | (BAX) | Health Care | 4091526 |
| Travelers Companies Inc | 0.26 | (TRV) | Financials | 3486411 |
| Eog Res Inc | 0.26 | (EOG) | Energy | 1713708 |
| Costco Whsl Corp New | 0.26 | (COST) | Consumer Staples | 2982487 |
| Xto Energy Inc | 0.25 | (XTO) | Energy | 3958485 |
| Celgene Corp | 0.25 | (CELG) | Health Care | 3120904 |
| Ebay Inc | 0.25 | (EBAY) | Information Technology | 7672048 |
| Simon Ppty Group Inc New | 0.25 | (SPG) | Financials | 1968542 |
| Deere & Co | 0.24 | (DE) | Industrials | 2878619 |
| Dominion Res Inc Va New | 0.24 | (D) | Utilities | 4073931 |
| Praxair Inc | 0.24 | (PX) | Materials | 2079789 |
| General Mls Inc | 0.24 | (GIS) | Consumer Staples | 2237136 |
| Halliburton Co | 0.24 | (HAL) | Energy | 6144269 |
| Dell Inc | 0.24 | (DELL) | Information Technology | 11689261 |
| Wellpoint Inc | 0.23 | (WLP) | Health Care | 3012692 |
| Marathon Oil Corp | 0.22 | (MRO) | Energy | 4807066 |
| Bb&T Corp | 0.22 | (BBT) | Financials | 4688770 |
| Cme Group Inc | 0.21 | (CME) | Financials | 452055 |
| Thermo Fisher Scientific In | 0.21 | (TMO) | Health Care | 2779902 |
| Duke Energy Corp New | 0.21 | (DUK) | Utilities | 8888587 |
| Danaher Corp Del | 0.21 | (DHR) | Industrials | 1778784 |
| Fpl Group Inc | 0.21 | (FPL) | Utilities | 2804680 |
| Automatic Data Processing I | 0.21 | (ADP) | Information Technology | 3427096 |
| Norfolk Southern Corp | 0.21 | (NSC) | Industrials | 2509647 |
| Mastercard Inc | 0.21 | (MA) | Information Technology | 655178 |
| Aflac Inc | 0.21 | (AFL) | Financials | 3184802 |
| Raytheon Co | 0.2 | (RTN) | Industrials | 2573465 |
| Csx Corp | 0.2 | (CSX) | Industrials | 2647806 |
| Viacom Inc New | 0.2 | (VIA.B) | Consumer Discretionary | 4122940 |
| State Str Corp | 0.2 | (STT) | Financials | 3362939 |
| Tjx Cos Inc New | 0.2 | (TJX) | Consumer Discretionary | 2849271 |
| Yum Brands Inc | 0.19 | (YUM) | Consumer Discretionary | 3185762 |
| Starbucks Corp | 0.19 | (SBUX) | Consumer Discretionary | 5046600 |
| Capital One Finl Corp | 0.19 | (COF) | Financials | 3090837 |
| Johnson Ctls Inc | 0.19 | (JCI) | Consumer Discretionary | 4561888 |
| Northrop Grumman Corp | 0.19 | (NOC) | Industrials | 2055608 |
| Time Warner Cable Inc | 0.19 | (TWC) | Consumer Discretionary | 2393399 |
| Mckesson Corp | 0.19 | (MCK) | Health Care | 1828833 |
| Yahoo Inc | 0.19 | (YHOO) | Information Technology | 8079821 |
| Allergan Inc | 0.18 | (AGN) | Health Care | 2087525 |
| Illinois Tool Wks Inc | 0.18 | (ITW) | Industrials | 2626161 |
| Baker Hughes Inc | 0.18 | (BHI) | Energy | 2915208 |
| Sysco Corp | 0.18 | (SYY) | Consumer Staples | 4021145 |
| Applied Matls Inc | 0.18 | (AMAT) | Information Technology | 9117918 |
| Becton Dickinson & Co | 0.17 | (BDX) | Health Care | 1600017 |
| Adobe Sys Inc | 0.17 | (ADBE) | Information Technology | 3558015 |
| Precision Castparts Corp | 0.17 | (PCP) | Industrials | 961763 |
| Chubb Corp | 0.17 | (CB) | Financials | 2230584 |
| Allstate Corp | 0.17 | (ALL) | Financials | 3642537 |
| Schwab Charles Corp New | 0.17 | (SCHW) | Financials | 6636588 |
| American Tower Corp | 0.16 | (AMT) | Telecommunication Services | 2733564 |
| Archer Daniels Midland Co | 0.16 | (ADM) | Consumer Staples | 4362497 |
| Sprint Nextel Corp | 0.16 | (S) | Telecommunication Services | 20207008 |
| Staples Inc | 0.16 | (SPLS) | Consumer Discretionary | 4948899 |
| Motorola Inc | 0.16 | (MOT) | Information Technology | 15701384 |
| Kohls Corp | 0.16 | (KSS) | Consumer Discretionary | 2081394 |
| Waste Mgmt Inc Del | 0.16 | (WM) | Industrials | 3292229 |
| National Oilwell Varco Inc | 0.16 | (NOV) | Energy | 2840914 |
| Pg&E Corp | 0.16 | (PCG) | Utilities | 2520881 |
| Carnival Corp | 0.16 | (CCL) | Consumer Discretionary | 2946409 |
| Hess Corp | 0.16 | (HES) | Energy | 1977029 |
| Public Svc Enterprise Group | 0.16 | (PEG) | Utilities | 3434682 |
| Stryker Corp | 0.15 | (SYK) | Health Care | 1918514 |
| American Elec Pwr Inc | 0.15 | (AEP) | Utilities | 3245585 |
| Cognizant Technology Soluti | 0.15 | (CTSH) | Information Technology | 2019971 |
| Franklin Res Inc | 0.15 | (BEN) | Financials | 1006841 |
| Air Prods & Chems Inc | 0.15 | (APD) | Materials | 1440257 |
| Paccar Inc | 0.15 | (PCAR) | Industrials | 2472570 |
| Heinz H J Co | 0.15 | (HNZ) | Consumer Staples | 2146144 |
| Best Buy Inc | 0.14 | (BBY) | Consumer Discretionary | 2327014 |
| Broadcom Corp | 0.14 | (BRCM) | Information Technology | 2927202 |
| Juniper Networks Inc | 0.14 | (JNPR) | Information Technology | 3567001 |
| Entergy Corp New | 0.14 | (ETR) | Utilities | 1283442 |
| Kellogg Co | 0.14 | (K) | Consumer Staples | 1730554 |
| Genzyme Corp | 0.14 | (GENZ) | Health Care | 1806484 |
| Chesapeake Energy Corp | 0.14 | (CHK) | Energy | 4426938 |
| Nucor Corp | 0.14 | (NUE) | Materials | 2137872 |
| Suntrust Bks Inc | 0.14 | (STI) | Financials | 3389860 |
| Kroger Co | 0.14 | (KR) | Consumer Staples | 4412104 |
| Progressive Corp Ohio | 0.14 | (PGR) | Financials | 4558519 |
| Cummins Inc | 0.13 | (CMI) | Industrials | 1367932 |
| Biogen Idec Inc | 0.13 | (BIIB) | Health Care | 1829943 |
| Price T Rowe Group Inc | 0.13 | (TROW) | Financials | 1758185 |
| Southwestern Energy Co | 0.13 | (SWN) | Energy | 2349593 |
| Spectra Energy Corp | 0.13 | (SE) | Energy | 4395488 |
| Intuitive Surgical Inc | 0.13 | (ISRG) | Health Care | 263489 |
| Xerox Corp | 0.13 | (XRX) | Information Technology | 9177717 |
| Coach Inc | 0.13 | (COH) | Consumer Discretionary | 2132058 |
| Northern Tr Corp | 0.13 | (NTRS) | Financials | 1640694 |
| Equity Residential | 0.13 | (EQR) | Financials | 1912976 |
| Public Storage | 0.13 | (PSA) | Financials | 921015 |
| Aetna Inc New | 0.13 | (AET) | Health Care | 2925840 |
| St Jude Med Inc | 0.12 | (STJ) | Health Care | 2209193 |
| Consolidated Edison Inc | 0.12 | (ED) | Utilities | 1908884 |
| Cardinal Health Inc | 0.12 | (CAH) | Health Care | 2453009 |
| Vornado Rlty Tr | 0.12 | (VNO) | Financials | 1070267 |
| Zimmer Hldgs Inc | 0.12 | (ZMH) | Health Care | 1445803 |
| Symantec Corp | 0.12 | (SYMC) | Information Technology | 5471719 |
| Alcoa Inc | 0.12 | (AA) | Materials | 6925013 |
| Bed Bath & Beyond Inc | 0.12 | (BBBY) | Consumer Discretionary | 1778025 |
| Omnicom Group Inc | 0.12 | (OMC) | Consumer Discretionary | 2106493 |
| Eaton Corp | 0.12 | (ETN) | Industrials | 1123769 |
| Netapp Inc | 0.12 | (NTAP) | Information Technology | 2338418 |
| Marsh & Mclennan Cos Inc | 0.12 | (MMC) | Financials | 3612475 |
| Lorillard Inc | 0.12 | (LO) | Consumer Staples | 1050021 |
| Loews Corp | 0.12 | (L) | Financials | 2410667 |
| Avon Prods Inc | 0.12 | (AVP) | Consumer Staples | 2904250 |
| Williams Cos Inc Del | 0.11 | (WMB) | Energy | 3961795 |
| Sempra Energy | 0.11 | (SRE) | Utilities | 1675687 |
| Ecolab Inc | 0.11 | (ECL) | Materials | 1602933 |
| Intuit | 0.11 | (INTU) | Information Technology | 2129935 |
| Agilent Technologies Inc | 0.11 | (A) | Information Technology | 2367329 |
| Progress Energy Inc | 0.11 | (PGN) | Utilities | 1933739 |
| Hartford Finl Svcs Group In | 0.11 | (HIG0 | Financials | 3012201 |
| Western Un Co | 0.11 | (WU) | Information Technology | 4633201 |
| Conagra Foods Inc | 0.11 | (CAG) | Consumer Staples | 3009737 |
| Firstenergy Corp | 0.11 | (FE) | Utilities | 2068195 |
| Gap Inc Del | 0.11 | (GPS) | Consumer Discretionary | 3231721 |
| Boston Properties Inc | 0.11 | (BXP) | Financials | 943332 |
| Aon Corp | 0.11 | (AON) | Financials | 1810404 |
| Discovery Communicatns New | 0.11 | (DISCA) | Consumer Discretionary | 1924042 |
| Ppg Inds Inc | 0.11 | (PPG) | Materials | 1125201 |
| Noble Energy Inc | 0.11 | (NBL) | Energy | 1185244 |
| Fifth Third Bancorp | 0.11 | (FITB) | Financials | 5395644 |
| Edison Intl | 0.1 | (EIX) | Utilities | 2211610 |
| Centurytel Inc | 0.1 | (CTL) | Telecommunication Services | 2032645 |
| Peabody Energy Corp | 0.1 | (BTU) | Energy | 1823385 |
| Sara Lee Corp | 0.1 | (SLE) | Consumer Staples | 4732170 |
| Sandisk Corp | 0.1 | (SNDK) | Information Technology | 1553595 |
| Ameriprise Finl Inc | 0.1 | (AMP) | Financials | 1736025 |
| Valero Energy Corp New | 0.1 | (VLO) | Energy | 3833930 |
| Murphy Oil Corp | 0.1 | (MUR) | Energy | 1296695 |
| Mead Johnson Nutrition Co | 0.1 | (MJN) | Consumer Staples | 1388073 |
| Smith Intl Inc | 0.1 | (SII) | Energy | 1687452 |
| Parker Hannifin Corp | 0.1 | (PH) | Industrials | 1091567 |
| Intl Paper Co | 0.1 | (IP) | Materials | 2938605 |
| C H Robinson Worldwide Inc | 0.1 | (CHRW) | Industrials | 1131567 |
| L-3 Communications Hldgs In | 0.1 | (LLL) | Industrials | 784395 |
| Dr Pepper Snapple Group Inc | 0.1 | (DPS) | Consumer Staples | 1723878 |
| Ppl Corp | 0.1 | (PPL) | Utilities | 2558343 |
| Cbs Corp New | 0.1 | (CBS) | Consumer Discretionary | 4595904 |
| Xcel Energy Inc | 0.1 | (XEL) | Utilities | 3098477 |
| Paychex Inc | 0.1 | (PAYX) | Information Technology | 2182849 |
| Republic Svcs Inc | 0.09 | (RSG) | Industrials | 2200214 |
| Boston Scientific Corp | 0.09 | (BSX) | Health Care | 10257363 |
| Rockwell Collins Inc | 0.09 | (COL) | Industrials | 1068039 |
| Hcp Inc | 0.09 | (HCP) | Financials | 1993971 |
| Macys Inc | 0.09 | (M) | Consumer Discretionary | 2857101 |
| Southwest Airls Co | 0.09 | (LUV) | Industrials | 5045987 |
| Salesforce Com Inc | 0.09 | (CRM) | Information Technology | 745631 |
| Host Hotels & Resorts Inc | 0.09 | (HST) | Financials | 4433577 |
| Regions Financial Corp New | 0.09 | (RF) | Financials | 8093771 |
| Cigna Corp | 0.09 | (CI) | Health Care | 1868177 |
| Mcgraw Hill Cos Inc | 0.09 | (MHP) | Consumer Discretionary | 2141889 |
| Priceline Com Inc | 0.09 | (PCLN) | Consumer Discretionary | 309627 |
| Clorox Co Del | 0.09 | (CLX) | Consumer Staples | 951046 |
| Itt Corp New | 0.09 | (ITT) | Industrials | 1242503 |
| Weyerhaeuser Co | 0.09 | (WY) | Materials | 1434298 |
| Life Technologies Corp | 0.09 | (LIFE) | Health Care | 1228431 |
| Fidelity Natl Information S | 0.09 | (FIS) | Information Technology | 2240088 |
| Safeway Inc | 0.09 | (SWY) | Consumer Staples | 2641577 |
| Stanley Black & Decker Inc | 0.09 | (SWK) | Consumer Discretionary | 1069276 |
| Reynolds American Inc | 0.09 | (RAI) | Consumer Staples | 1148153 |
| Cameron International Corp | 0.09 | (CAM) | Energy | 1661311 |
| Goodrich Corp | 0.09 | (GR) | Industrials | 850342 |
| Amerisourcebergen Corp | 0.09 | (ABC) | Health Care | 1918399 |
| Analog Devices Inc | 0.09 | (ADI) | Information Technology | 2019834 |
| Intercontinentalexchange In | 0.09 | (ICE) | Financials | 499086 |
| Starwood Hotels&Resorts Wrl | 0.09 | (HOT) | Consumer Discretionary | 1269153 |
| Principal Finl Group Inc | 0.09 | (PFG) | Financials | 2169211 |
| Hospira Inc | 0.08 | (HSP) | Health Care | 1111380 |
| Marriott Intl Inc New | 0.08 | (MAR) | Consumer Discretionary | 1727201 |
| Dover Corp | 0.08 | (DOV) | Industrials | 1265736 |
| Coca Cola Enterprises Inc | 0.08 | (CCE) | Consumer Staples | 2170971 |
| Fluor Corp New | 0.08 | (FLR) | Industrials | 1214662 |
| Western Digital Corp | 0.08 | (WDC) | Information Technology | 1554198 |
| Invesco Ltd | 0.08 | (IVZ) | Financials | 2910345 |
| Citrix Sys Inc | 0.08 | (CTXS) | Information Technology | 1247076 |
| Expeditors Intl Wash Inc | 0.08 | (EXPD) | Industrials | 1441050 |
| Laboratory Corp Amer Hldgs | 0.08 | (LH) | Health Care | 711285 |
| Ca Inc | 0.08 | (CA) | Information Technology | 2684953 |
| Forest Labs Inc | 0.08 | (FRX) | Health Care | 2052244 |
| Mattel Inc | 0.08 | (MAT) | Consumer Discretionary | 2470570 |
| Avalonbay Cmntys Inc | 0.08 | (AVB) | Financials | 553859 |
| Lincoln Natl Corp Ind | 0.08 | (LNC) | Financials | 2053401 |
| Quest Diagnostics Inc | 0.08 | (DGX) | Health Care | 1021129 |
| Hershey Co | 0.08 | (HSY) | Consumer Staples | 1129310 |
| Bard C R Inc | 0.08 | (BCR) | Health Care | 649051 |
| Consol Energy Inc | 0.08 | (CNX) | Energy | 1489328 |
| Questar Corp | 0.08 | (STR) | Utilities | 1185603 |
| Qwest Communications Intl I | 0.08 | (Q) | Telecommunication Services | 10099601 |
| Humana Inc | 0.08 | (HUM) | Health Care | 1155186 |
| Micron Technology Inc | 0.08 | (MU) | Information Technology | 5780921 |
| El Paso Corp | 0.08 | (EP) | Energy | 4765598 |
| Whirlpool Corp | 0.08 | (WHR) | Consumer Discretionary | 508190 |
| Rockwell Automation Inc | 0.08 | (ROK) | Industrials | 969802 |
| Computer Sciences Corp | 0.08 | (CSC) | Information Technology | 1042512 |
| Dte Energy Co | 0.08 | (DTE) | Utilities | 1120672 |
| Unum Group | 0.08 | (UNM) | Financials | 2256534 |
| Nyse Euronext | 0.08 | (NYX) | Financials | 1773438 |
| Fmc Technologies Inc | 0.07 | (FTI) | Energy | 829223 |
| Genworth Finl Inc | 0.07 | (GNW) | Financials | 3323981 |
| Amphenol Corp New | 0.07 | (APH) | Information Technology | 1175406 |
| Discover Finl Svcs | 0.07 | (DFS) | Financials | 3691948 |
| Fiserv Inc | 0.07 | (FISV) | Information Technology | 1034782 |
| Ventas Inc | 0.07 | (VTR) | Financials | 1062969 |
| Apollo Group Inc | 0.07 | (APOL) | Consumer Discretionary | 873459 |
| Nvidia Corp | 0.07 | (NVDA) | Information Technology | 3770666 |
| Harley Davidson Inc | 0.07 | (HOG) | Consumer Discretionary | 1589503 |
| Cliffs Natural Resources In | 0.07 | (CLF) | Materials | 917375 |
| Sherwin Williams Co | 0.07 | (SHW) | Consumer Discretionary | 624438 |
| Keycorp New | 0.07 | (KEY) | Financials | 5959309 |
| Fortune Brands Inc | 0.07 | (FO) | Consumer Discretionary | 1032987 |
| Altera Corp | 0.07 | (ALTR) | Information Technology | 2019217 |
| V F Corp | 0.07 | (VFC) | Consumer Discretionary | 600354 |
| Lauder Estee Cos Inc | 0.07 | (EL) | Consumer Staples | 802798 |
| O Reilly Automotive Inc | 0.07 | (ORLY) | Consumer Discretionary | 932989 |
| United States Stl Corp New | 0.07 | (X) | Materials | 974250 |
| Pioneer Nat Res Co | 0.07 | (PXD) | Energy | 784321 |
| Whole Foods Mkt Inc | 0.07 | (WFMI) | Consumer Staples | 1157501 |
| Range Res Corp | 0.07 | (RRC) | Energy | 1080167 |
| M & T Bk Corp | 0.07 | (MTB) | Financials | 563765 |
| Akamai Technologies Inc | 0.07 | (AKAM) | Information Technology | 1169805 |
| Constellation Energy Group | 0.07 | (CEG) | Utilities | 1366287 |
| Autodesk Inc | 0.07 | (ADSK) | Information Technology | 1561064 |
| Campbell Soup Co | 0.07 | (CPB) | Consumer Staples | 1281293 |
| Comerica Inc | 0.07 | (CMA) | Financials | 1182512 |
| Limited Brands Inc | 0.07 | (LTD) | Consumer Discretionary | 1817703 |
| Smucker J M Co | 0.07 | (SJM) | Consumer Staples | 808710 |
| Xilinx Inc | 0.07 | (XLNX) | Information Technology | 1877600 |
| Ross Stores Inc | 0.07 | (ROST) | Consumer Discretionary | 839849 |
| Fastenal Co | 0.07 | (FAST) | Industrials | 889817 |
| Bmc Software Inc | 0.07 | (BMC) | Information Technology | 1240689 |
| Molson Coors Brewing Co | 0.07 | (TAP) | Consumer Staples | 1074634 |
| Aes Corp | 0.07 | (AES) | Utilities | 4540676 |
| Denbury Res Inc | 0.07 | (DNR) | Energy | 2686904 |
| Penney J C Inc | 0.07 | (JCP) | Consumer Discretionary | 1603142 |
| Nordstrom Inc | 0.07 | (JWN) | Consumer Discretionary | 1122935 |
| Sigma Aldrich Corp | 0.06 | (SIAL) | Materials | 827229 |
| Genuine Parts Co | 0.06 | (GPC) | Consumer Discretionary | 1076733 |
| Davita Inc | 0.06 | (DVA) | Health Care | 701502 |
| Waters Corp | 0.06 | (WAT) | Health Care | 634706 |
| Grainger W W Inc | 0.06 | (GWW) | Industrials | 418193 |
| Vulcan Matls Co | 0.06 | (VMC) | Materials | 857198 |
| Linear Technology Corp | 0.06 | (LLTC) | Information Technology | 1517333 |
| Varian Med Sys Inc | 0.06 | (VAR) | Health Care | 840307 |
| Harris Corp Del | 0.06 | (HRS) | Information Technology | 888688 |
| Millipore Corp | 0.06 | (MIL) | Health Care | 380830 |
| Brown Forman Corp | 0.06 | (BF.B) | Consumer Staples | 738399 |
| Hudson City Bancorp | 0.06 | (HCBK) | Financials | 3215365 |
| Xl Cap Ltd | 0.06 | (XL) | Financials | 2324896 |
| Mylan Inc | 0.06 | (MYL) | Health Care | 2080753 |
| Darden Restaurants Inc | 0.06 | (DRI) | Consumer Discretionary | 949599 |
| Autozone Inc | 0.06 | (AZO) | Consumer Discretionary | 201721 |
| Family Dlr Stores Inc | 0.06 | (FDO) | Consumer Discretionary | 938359 |
| Nrg Energy Inc | 0.06 | (NRG) | Utilities | 1780089 |
| Wisconsin Energy Corp | 0.06 | (WEC) | Utilities | 794103 |
| Ameren Corp | 0.06 | (AEE) | Utilities | 1609696 |
| Kimco Realty Corp | 0.06 | (KIM) | Financials | 2755094 |
| Plum Creek Timber Co Inc | 0.06 | (PCL) | Financials | 1106433 |
| International Game Technolo | 0.06 | (IGT) | Consumer Discretionary | 2016315 |
| Wynn Resorts Ltd | 0.06 | (WYNN) | Consumer Discretionary | 468896 |
| First Solar Inc | 0.06 | (FSLR) | Industrials | 329895 |
| Red Hat Inc | 0.06 | (RHT) | Information Technology | 1282320 |
| Prologis | 0.06 | (PLD) | Financials | 3219177 |
| Cerner Corp | 0.06 | (CERN) | Health Care | 452148 |
| Block H & R Inc | 0.05 | (HRB) | Consumer Discretionary | 2280338 |
| Textron Inc | 0.05 | (TXT) | Industrials | 1852963 |
| Roper Inds Inc New | 0.05 | (ROP) | Industrials | 636663 |
| Electronic Arts Inc | 0.05 | (ERTS) | Information Technology | 2220140 |
| Tiffany & Co New | 0.05 | (TIF) | Consumer Discretionary | 845582 |
| Eqt Corp | 0.05 | (EQT) | Utilities | 977041 |
| Health Care Reit Inc | 0.05 | (HCN) | Financials | 840876 |
| Peoples United Financial In | 0.05 | (PBCT) | Financials | 2523523 |
| Saic Inc | 0.05 | (SAI) | Information Technology | 2072141 |
| Tyson Foods Inc | 0.05 | (TSN) | Consumer Staples | 2072599 |
| Teradata Corp Del | 0.05 | (TDC) | Information Technology | 1133448 |
| Airgas Inc | 0.05 | (ARG) | Materials | 562207 |
| Flowserve Corp | 0.05 | (FLS) | Industrials | 379423 |
| Centerpoint Energy Inc | 0.05 | (CNP) | Utilities | 2669474 |
| Kla-Tencor Corp | 0.05 | (KLAC) | Information Technology | 1169653 |
| Mcafee Inc | 0.05 | (MFE) | Information Technology | 1078562 |
| Allegheny Technologies Inc | 0.05 | (ATI) | Materials | 667076 |
| Jacobs Engr Group Inc Del | 0.05 | (JEC) | Industrials | 845648 |
| Slm Corp | 0.05 | (SLM) | Financials | 3294256 |
| Mccormick & Co Inc | 0.05 | (MKC) | Consumer Staples | 898231 |
| Microchip Technology Inc | 0.05 | (MCHP) | Information Technology | 1248569 |
| Nabors Industries Ltd | 0.05 | (NBR) | Energy | 1935018 |
| Polo Ralph Lauren Corp | 0.05 | (RL) | Consumer Discretionary | 387664 |
| Masco Corp | 0.05 | (MAS) | Industrials | 2438841 |
| Owens Ill Inc | 0.05 | (OI) | Materials | 1146069 |
| Verisign Inc | 0.05 | (VRSN) | Information Technology | 1247281 |
| Diamond Offshore Drilling I | 0.05 | (DO) | Energy | 472465 |
| Windstream Corp | 0.05 | (WIN) | Telecommunication Services | 3105188 |
| Stericycle Inc | 0.05 | (SRCL) | Industrials | 576218 |
| Dentsply Intl Inc New | 0.05 | (XRAY) | Health Care | 1000084 |
| Hasbro Inc | 0.05 | (HAS) | Consumer Discretionary | 834284 |
| Legg Mason Inc | 0.05 | (LM) | Financials | 1104914 |
| Urban Outfitters Inc | 0.05 | (URBN) | Consumer Discretionary | 881362 |
| American Intl Group Inc | 0.05 | (AIG) | Financials | 915422 |
| Cf Inds Hldgs Inc | 0.05 | (CF) | Materials | 470646 |
| Pitney Bowes Inc | 0.05 | (PBI) | Industrials | 1408715 |
| Advanced Micro Devices Inc | 0.05 | (AMD) | Information Technology | 3828919 |
| Ball Corp | 0.05 | (BLL) | Materials | 639220 |
| Expedia Inc Del | 0.05 | (EXPE) | Consumer Discretionary | 1433513 |
| Watson Pharmaceuticals Inc | 0.05 | (WPI) | Health Care | 721796 |
| Northeast Utils | 0.05 | (NU) | Utilities | 1192161 |
| Newell Rubbermaid Inc | 0.05 | (NWL) | Consumer Discretionary | 1888592 |
| Oneok Inc New | 0.05 | (OKE) | Utilities | 716624 |
| Carefusion Corp | 0.05 | (CFN) | Health Care | 1204526 |
| Iron Mtn Inc | 0.05 | (IRM) | Industrials | 1230909 |
| Quanta Svcs Inc | 0.04 | (PWR) | Industrials | 1427057 |
| Cincinnati Finl Corp | 0.04 | (CINF) | Financials | 1106556 |
| Eastman Chem Co | 0.04 | (EMN) | Materials | 493962 |
| Cephalon Inc | 0.04 | (CEPH) | Health Care | 509464 |
| Sears Hldgs Corp | 0.04 | (SHLD) | Consumer Discretionary | 329675 |
| Huntington Bancshares Inc | 0.04 | (HBAN) | Financials | 4862835 |
| F M C Corp | 0.04 | (FMC) | Materials | 491754 |
| Flir Sys Inc | 0.04 | (FLIR) | Information Technology | 1039013 |
| Moodys Corp | 0.04 | (MCO) | Financials | 1335014 |
| Torchmark Corp | 0.04 | (TMK) | Financials | 563013 |
| Marshall & Ilsley Corp New | 0.04 | (MI) | Financials | 3567891 |
| Cb Richard Ellis Group Inc | 0.04 | (CBG) | Financials | 1835831 |
| Leucadia Natl Corp | 0.04 | (LUK) | Financials | 1289739 |
| Wyndham Worldwide Corp | 0.04 | (WYN) | Consumer Discretionary | 1214706 |
| Assurant Inc | 0.04 | (AIZ) | Financials | 791889 |
| Meadwestvaco Corp | 0.04 | (MWV) | Materials | 1163942 |
| Scana Corp New | 0.04 | (SCG) | Utilities | 757652 |
| Nisource Inc | 0.04 | (NI) | Utilities | 1875352 |
| Scripps Networks Interact I | 0.04 | (SNI) | Consumer Discretionary | 608193 |
| Pall Corp | 0.04 | (PLL) | Industrials | 794978 |
| Pactiv Corp | 0.04 | (PTV) | Materials | 899426 |
| Interpublic Group Cos Inc | 0.04 | (IPG) | Consumer Discretionary | 3301416 |
| Avery Dennison Corp | 0.04 | (AVY) | Industrials | 761708 |
| Donnelley R R & Sons Co | 0.04 | (RRD) | Industrials | 1396227 |
| Devry Inc Del | 0.04 | (DV) | Consumer Discretionary | 420324 |
| Equifax Inc | 0.04 | (EFX) | Industrials | 858921 |
| Dun & Bradstreet Corp Del N | 0.04 | (DNB) | Industrials | 346740 |
| Robert Half Intl Inc | 0.04 | (RHI) | Industrials | 1010310 |
| Helmerich & Payne Inc | 0.04 | (HP) | Energy | 717825 |
| Pinnacle West Cap Corp | 0.04 | (PNW) | Utilities | 688796 |
| Pepco Holdings Inc | 0.04 | (POM) | Utilities | 1506975 |
| Gannett Inc | 0.04 | (GCI) | Consumer Discretionary | 1613440 |
| Integrys Energy Group Inc | 0.04 | (TEG) | Utilities | 520408 |
| Zions Bancorporation | 0.04 | (ZION) | Financials | 1020681 |
| International Flavors&Fragr | 0.04 | (IFF) | Materials | 537505 |
| Lsi Corporation | 0.04 | (LSI) | Information Technology | 4463254 |
| Pulte Group Inc | 0.04 | (PHM) | Consumer Discretionary | 2151347 |
| Tellabs Inc | 0.04 | (TLAB) | Information Technology | 2612543 |
| Cintas Corp | 0.03 | (CTAS) | Industrials | 894092 |
| D R Horton Inc | 0.03 | (DHI) | Consumer Discretionary | 1879260 |
| Gamestop Corp New | 0.03 | (GME) | Consumer Discretionary | 1037463 |
| Leggett & Platt Inc | 0.03 | (LEG) | Consumer Discretionary | 1009220 |
| Allegheny Energy Inc | 0.03 | (AYE) | Utilities | 1153151 |
| Cms Energy Corp | 0.03 | (CMS) | Utilities | 1561569 |
| Sunoco Inc | 0.03 | (SUN) | Energy | 795094 |
| Sealed Air Corp New | 0.03 | (SEE) | Materials | 1080329 |
| National Semiconductor Corp | 0.03 | (NSM) | Information Technology | 1610981 |
| Cabot Oil & Gas Corp | 0.03 | (COG) | Energy | 704234 |
| Teco Energy Inc | 0.03 | (TE) | Utilities | 1453890 |
| Constellation Brands Inc | 0.03 | (STZ) | Consumer Staples | 1356211 |
| Abercrombie & Fitch Co | 0.03 | (ANF) | Consumer Discretionary | 597609 |
| Bemis Inc | 0.03 | (BMS) | Materials | 741122 |
| Coventry Health Care Inc | 0.03 | (CVH) | Health Care | 1006405 |
| Big Lots Inc | 0.03 | (BIG) | Consumer Discretionary | 561432 |
| Massey Energy Corp | 0.03 | (MEE) | Energy | 645476 |
| Washington Post Co | 0.03 | (WPO) | Consumer Discretionary | 41503 |
| First Horizon Natl Corp | 0.03 | (FHN) | Financials | 1530101 |
| Molex Inc | 0.03 | (MOLX) | Information Technology | 921175 |
| Supervalu Inc | 0.03 | (SVU) | Consumer Staples | 1441827 |
| Total Sys Svcs Inc | 0.03 | (TSS) | Information Technology | 1340336 |
| Lexmark Intl New | 0.03 | (LXK) | Information Technology | 530729 |
| Lennar Corp | 0.03 | (LEN) | Consumer Discretionary | 1105984 |
| Hormel Foods Corp | 0.03 | (HRL) | Consumer Staples | 472556 |
| Patterson Companies Inc | 0.03 | (PDCO) | Health Care | 633832 |
| Goodyear Tire & Rubr Co | 0.03 | (GT) | Consumer Discretionary | 1645860 |
| Rowan Cos Inc | 0.03 | (RDC) | Energy | 773505 |
| E Trade Financial Corp | 0.03 | (ETFC) | Financials | 12975846 |
| Nasdaq Omx Group Inc | 0.03 | (NDAQ) | Financials | 1006237 |
| Perkinelmer Inc | 0.03 | (PKI) | Health Care | 795237 |
| Jabil Circuit Inc | 0.03 | (JBL) | Information Technology | 1312362 |
| Snap On Inc | 0.03 | (SNA) | Industrials | 392386 |
| Memc Electr Matls Inc | 0.03 | (WFR) | Information Technology | 1545319 |
| Jds Uniphase Corp | 0.03 | (JDSU) | Information Technology | 1516027 |
| Radioshack Corp | 0.03 | (RSH) | Consumer Discretionary | 851009 |
| Frontier Communications Cor | 0.02 | (FTR) | Telecommunication Services | 2122160 |
| Novellus Sys Inc | 0.02 | (NVLS) | Information Technology | 651775 |
| Tenet Healthcare Corp | 0.02 | (THC) | Health Care | 2943914 |
| Ryder Sys Inc | 0.02 | (R) | Industrials | 362969 |
| Apartment Invt & Mgmt Co | 0.02 | (AIV) | Financials | 796805 |
| Metropcs Communications Inc | 0.02 | (PCS) | Telecommunication Services | 1776581 |
| Harman Intl Inds Inc | 0.02 | (HAR) | Consumer Discretionary | 471726 |
| King Pharmaceuticals Inc | 0.02 | (KG) | Health Care | 1688198 |
| Novell Inc | 0.02 | (NOVL) | Information Technology | 2361343 |
| Qlogic Corp | 0.02 | (QLGC) | Information Technology | 774233 |
| Federated Invs Inc Pa | 0.02 | (FII) | Financials | 599983 |
| Janus Cap Group Inc | 0.02 | (JNS) | Financials | 1248244 |
| Teradyne Inc | 0.02 | (TER) | Information Technology | 1204713 |
| Dean Foods Co New | 0.02 | (DF) | Consumer Staples | 1229185 |
| Nicor Inc | 0.02 | (GAS) | Utilities | 307317 |
| Compuware Corp | 0.02 | (CPWR) | Information Technology | 1545846 |
| Monster Worldwide Inc | 0.02 | (MWW) | Information Technology | 853897 |
| Autonation Inc | 0.02 | (AN) | Consumer Discretionary | 614341 |
| Ak Stl Hldg Corp | 0.02 | (AKS) | Materials | 744836 |
| Office Depot Inc | 0.02 | (ODP) | Consumer Discretionary | 1866576 |
| Tesoro Corp | 0.02 | (TSO) | Energy | 954897 |
| Eastman Kodak Co | 0.01 | (EK) | Consumer Discretionary | 1826410 |
| Titanium Metals Corp | 0.01 | (TIE) | Materials | 573479 |
| Meredith Corp | 0.01 | (MDP) | Consumer Discretionary | 249875 |
| U.S. Dollar | 0.01 | CASH_USD | Unassigned | 7203022 |
| New York Times Co | 0.01 | (NYT) | Consumer Discretionary | 787412 |
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