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Biotech and Retail Hold Up

By Arthur B. Hill - Fri 18-Jan-08 8:49 AM EST

The stock market got whacked again on Thursday with the Dow dropping over 300 points. Despite this route, the breadth tables show which ETFs held up the best. The Price Breadth table shows AD Net% on a daily basis (AD Net% equals advancing stocks less declining stocks divided by total stocks). For example: if there are 100 stocks in an ETF and 60 advance while 40 decline, then AD Net% would be +20% ((60-40)/100).

On the table above, the home building ETFs actually had positive AD Net% on Thursday. These means more stocks advanced than decline within these ETFs. Out of the 131 ETFs covered, these were the only two to show positive AD Net%. Perhaps these two are ripe for an oversold bounce. There was also less weakness seen in the biotech ETFs and retail ETFs. These ETFs may also merit a second look for a possible bounce.

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