Chart Review 9/23/11 (SPY @ 112.86 before market open) - the ugliness continues.

Selected Chart Analysis:

Market Indexes (with yesterday's change and % change):

SPY    112.86          -3.77     -3.34% (short since 129, 14% open profit)

DJI      10,733.83  -391.01     -3.64%

ETFs with the lowest % risk (closest to stop loss point):

ishares 1-3 short  at 84.59.  BS @  84.74.  0.2% risk.

SPDR consumer staples long  at 29.44.  SS @  29.14.  1% risk.

UltraShort Health Care short  at 26.99.  BS @  27.4.  1.5% risk.

SPDR Consumer Discretionary long  at 35.2.  SS @  34.63.  1.6% risk.

Gold Shares Trust long  at 169.05.  SS @  165.88.  1.9% risk.

Dollar ETF long  at 22.26.  SS @  21.5.  3.5% risk.

SPDR technology long  at 23.73.  SS @  22.91.  3.6% risk.

SPDR utility long  at 33.08.  SS @  31.91.  3.7% risk.

ishares 7-10+ Treas Bond Fund long  at 106.41.  SS @  102.38.  3.9% risk.

Euro ETF short  at 134.24.  BS @  141.  5% risk.

Japan iShares short  at 9.31.  BS @  9.91.  6.4% risk.

UltraShort Consumer Services short  at 20.71.  BS @  22.1.  6.7% risk.

iShares Canada short  at 25.64.  BS @  27.5.  7.3% risk.

Swiss Helvetica short  at 11.01.  BS @  11.93.  8.4% risk.

Proshares Short Dow 30 long  at 45.36.  SS @  41.81.  8.5% risk.

Templeton Global Income Fund short  at 9.92.  BS @  10.82.  9.1% risk.

SPY short  at 112.86.  BS @  123.51.  9.4% risk.

iShares China short  at 31.53.  BS @  35.  11% risk.

UltraShort Technology       short  at 62.33.  BS @  69.36.  11.3% risk.

iShares Germany short  at 17.52.  BS @  19.5.  11.3% risk.

iShares Hong Kong short  at 14.95.  BS @  16.7.  11.7% risk.

BP short  at 35.73.  BS @  39.95.  11.8% risk.

ishares 20+ Treas Bond Fund long  at 123.12.  SS @  110.  11.9% risk.

Swiss Franc ETF short  at 108.9.  BS @  122.  12% risk.

Greatest % Declining ETFs:

Russia ETF     RSX    25.99   -2.99   -11.50%

Templeton Dragon Fund        TDF    23.25   -1.97   -8.47%

iShares Latin America ILF      38.71   -2.74   -7.08%

iShares China  FXI     31.53   -2.14   -6.79%

Templeton Emerging Markets EMF    17.01   -1.12   -6.58%

Solar Energy ETF       TAN    3.56     -0.23   -6.46%

Oil       OIL     20.24   -1.27   -6.27%

SPDR energy  XLE    59.34   -3.55   -5.98%

SPDR materials select XLB    30.29   -1.80   -5.94%

iShares Canada           EWC   25.64   -1.44   -5.62%

Thai Fund       TTF    12.32   -0.54   -4.38%

iShares Germany        EWG   17.52   -0.75   -4.28%

SPDR homebuilders    XHB   13.26   -0.55   -4.15%

iShares Hong Kong     EWH   14.95   -0.62   -4.15%

iShares Malaysia         EWM  12.10   -0.48   -3.97%

SPDR industrial select XLI     29.01   -1.13   -3.90%

iShares Singapore       EWS   11.07   -0.37   -3.34%

SPY    SPY    112.86 -3.77   -3.34%

Greatest % Increasing ETFs:

UltraShort Basic Materials      SMN   26.39   2.95     11.18%

Proshares Ultrashort China     FXP    44.20   4.61     10.43%

UltraShort Oil & Gas  DUG   39.23   3.85     9.81%

VXX   VXX   49.84   4.63     9.29%

UltraShort Health Care           RXD   26.99   2.18     8.08%

UltraShort Industrials  SIJ      62.91   4.46     7.09%

UltraShort Consumer Services           SCC    20.71   1.26     6.08%

UltraShort Technology           REW   62.33   3.71     5.95%

Proshares Ultrashort S&P 500           SDS    25.73   1.47     5.71%

UltraShort Financials   SKF    88.06   4.80     5.45%

UltraShort Semiconductors     SSG    57.81   3.15     5.45%

UltraShort Consumer Goods   SZK    26.20   1.30     4.96%

UltraShort Real Estate            SRS     17.25   0.79     4.58%

ishares 20+ Treas Bond Fund TLT    123.12 4.46     3.62%

Proshares Short Dow 30        DOG   45.36   1.52     3.35%

Dollar ETF      UUP    22.26   0.23     1.03%

ishares 7-10+ Treas Bond Fund         IEF      106.41 0.98     0.92%

ishares 1-3      SHY    84.59   0.01     0.01%