Table Of Contents. Table Of Contents. continued

Table Of Contents Table Of Contents MSCI Indexes Global Stock Markets YTD (OECD) Global Stock Markets YTD (EM) Stock Markets: USA Stock Markets: Ame...
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Table Of Contents

Table Of Contents

MSCI Indexes Global Stock Markets YTD (OECD) Global Stock Markets YTD (EM) Stock Markets: USA Stock Markets: Americas Stock Markets: Europe Stock Markets: Europe (cont) Stock Markets: Asia Stock Markets: Russia, Eastern Europe, Middle East Stock Markets: Africa Dow Theory Technology Heavy Stock Markets Commodity Heavy Stock Markets Capital Goods Heavy Stock Markets US$ Forex Rates: Europe Trade-Weighted Dollar US$ Forex Rates: Asia US$ Forex Rates: Americas 10-Year Government Yields Commodity Prices Commodity Prices (cont) Commodities YTD Stock Market vs. Crude Oil & Copper Prices Trade Weighted Dollar S&P 500 S&P 1500/500/400/600 YTD S&P 500: Consumer Discretionary S&P 500: Consumer Discretionary (cont) S&P 500: Consumer Discretionary: Retailers S&P 500: Consumer Staples S&P 500: Consumer Staples (cont) S&P 500: Energy S&P 500: Financials S&P 500: Financials (cont) S&P 500: Health Care S&P 500: Health Care (cont) S&P 500: Industrials S&P 500: Industrials (cont)

1-2 3 4 5 6 7 8 9-10 11 12 13 14 15 16 17 18 19 20 21 22 23-24 25 26 27 28 29 30 31-32 33 34 35 36 37 38 39 40 41 42-43

continued...

October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

S&P 500: Information Technology S&P 500: Information Technology (cont) S&P 500: Materials S&P 500: Materials (cont) S&P 500: Telecommunication Services S&P 500: Utilities

October 3, 2011 / Global Markets Briefing

44 45 46 47 48 49

Yardeni Research, Inc. www.yardeni.com

- MSCI Indexes Figure 1. 1400 1200

1400

SHARE PRICE INDEXES (ratio scale)

1200

World

1000

1000

800

9/30

600

800

600

200-day moving average 400

400 1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1900

1900

1700

1700

Europe

1500

1500

1300

1300

1100

1100 10/3

900

700

900

700

500

500 1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1300

1300

EAFE*

1100

1100

900

900

700

700 10/3

yardeni.com

500 1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

500

2012

*Europe, Australia, and Far East. Source: Morgan Stanley Capital International.

Page 1 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- MSCI Indexes Figure 2. 60000 50000

60000

SHARE PRICE INDEXES (ratio scale)

50000

Emerging Markets

40000

9/30

40000

30000

30000

20000

20000

200 day-moving average 10000

10000 1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

900

900

700

700

Emerging Markets: Asia

10/3

500

300

500

300

100

100 1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

11000

11000

8400

8400

Emerging Markets: Latin America

9/30

5800

3200

5800

3200

yardeni.com

600 1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

600

2012

Source: Morgan Stanley Capital International.

Page 2 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Global Stock Markets YTD (OECD) Figure 3. 10 5

30

AUSTRALIA

(All Ordinaries)

20

(Athens, SE)

0

(Madrid General Index)

0

0

-10

-10

-10

-20

-15

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

-16.2

-30

-18.3

-20

-20

-40 Nov

Dec

-50

-44.9 Jan

Feb

Mar

Apr

May

Jun

2011

10 5

10

CANADA

(Toronto 300)

5

-5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

(IGPA General)

5

(ISEQ Overall)

0 -5 -10

Apr

May

Jun

-25

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Aug

Sep

Oct

Nov

Dec

Nov

Dec

Nov

Dec

Nov

Dec

Nov

Dec

SWEDEN

(AffarsvardnGen)

-24.5

-30

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2011

15

ISRAEL

(Tel Aviv 100)

SWITZERLAND (SMI)

5

-5

-5

-15

-15.0

-15

-20

-22.0

-25

-18.5

Jul

-25

-10

-25

-30 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-35

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

20

CZECH REPUBLIC (PX50)

10

-5

10

ITALY

(FTSE MIB)

5

-20 -25

-25.6

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-40

5

(CAC 40)

0

5 -5 -15

-27.9

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

-23.1

-25

Apr

May

Jun

Jul

Aug

Sep

Oct

Dec

Oct

Nov

Dec

10

MEXICO (Bolsa)

5

-5

0 -5 -13.1

10

(DAX)

5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-10

(Amsterdam)

Jun

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Jul

Aug

Sep

Oct

UNITED KINGDOM (FTSE 100)

-14.0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

UNITED STATES

0 -5 -22.3

-25

-22.7

May

Feb

(S&P 500 Index)

-20 -20

Apr

Jan

5

-15

Mar

-20

10

NETHERLANDS

-5

Feb

-9.9

2011

-10

Jan

(IMKB National 100)

-10

0

0

Oct

TURKEY

2011

GERMANY

Sep

-15

2011

Source: Haver Analytics.

-25

-10

-25

Aug

-20

-20 Nov

Jul

2011

-15

Mar

Jun

2011

FRANCE

Feb

May

-15

2011

Jan

Apr

-10

-30

-30 Apr

Mar

0

-20

Mar

Feb

-5

-10

-15

Feb

Jan

2011

0

Jan

-35

2011

-10

-30

Mar

-20

0

0

10

Feb

-15 -13.2

2011

-35

Jan

2011

0

5

-20

15

-30

-5

10

CHILE

-15

-35

Dec

2011

-10

5

Nov

-20

-5

10

Oct

IRELAND

2011

-25

Sep

-15

-13.5

-15

0

Aug

-10

-10

5

Jul 2011

0

-20

SPAIN

10

10

-5

-25

20

GREECE

-10

-10.0

-30 Nov

Dec

-35

Jan

Feb

2011

Page 3 / October 3, 2011 / Global Markets Briefing

Mar

Apr

May

Jun

Jul 2011

Aug

Sep

Oct

Nov

Dec

-15

yardeni.com Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

Yardeni Research, Inc. www.yardeni.com

- Global Stock Markets YTD (EM) Figure 4. 10 5

20

ARGENTINA (Merval)

5

INDONESIA (Jakarta)

0

0

-5

-5 0

-15

-10

-20

-15 -9.9

-10

-25 -31.1 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-20

Jan

Feb

Mar

Apr

May

Jun

2011

5

Jul

Aug

Sep

Oct

Nov

Dec

5

BRAZIL

(Bovespa)

10

MALAYSIA

5

-5

-10

-24.9

-10.4

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-15

Jan

Feb

Mar

Apr

May

Jun

2011

Jul

Aug

Sep

10

CHINA

(Dow Jones Shanghai Composite)

Oct

Nov

Dec

0

5 0

Nov

Dec

Nov

Dec

Nov

Dec

Nov

Dec

Nov

Dec

(Kospi)

-14.1

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

TAIWAN (TWSE)

-15

-5

-20 -10

-17.6

-20 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-15

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

10

(Cairo Case 30)

5

15

PERU (Lima)

10

-20

-20

-42.6 Jun

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-25

10

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jul

Aug

Sep

Oct

(Bangkok)

-15

Jan

Feb

Mar

Apr

May

Jun

Oct -16.1

2011

65

THE PHILIPPINES (Manila)

0

Sep

THAILAND

2011

(Hang Seng)

Aug

-10

-21.6

2011

HONG KONG

Jul

-5

-15

-40 May

Mar

0

-10

-30

Apr

Feb

5

-5

Mar

Jan

2011

0

-10

Feb

-30

2011

EGYPT

Jan

-21.8

-25

2011

55

VENEZUELA (IBC)

51.9

45

0

-5

35

-10

25

-8.1

-10

-15

15

-20

5 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2011

Oct Nov -27.0

Dec

INDIA

(Bombay Sensex)

0

-10 -15 -20

-21.2 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-20

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

-5

-25

Oct

-10

-2.6

-15

5

Sep

-5

-10

10

-20

5

PAKISTAN (Karachi)

0

-25

Aug

2011

-5

5

Jul

SOUTH KOREA

2011

5

10

Jun

-15

-30

-50

May

-10

-25

0

Apr

-5

-20

10

Mar

0

-15

-25

Feb

0

-5

10

Jan

2011

(Kuala Lumpur)

-10

15

-25

2011

0

-35

-17.8

-20

-30

10

(Straits Times)

10

-10

-35

SINGAPORE

Dec

25 20 15 10 5 0 -5 -10 -15 -20 -25 -30 -35

-5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2011

RUSSIA (RTS)

-27.2 yardeni.com Jan

Feb

2011

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

Source: Haver Analytics.

Page 4 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: USA Figure 5. 15000 14100 13200 12300 11400 10500 9600 8700 7800 6900 6000 5100

DOW JONES INDUSTRIALS

9/30

9/30

1998 1700

5600 5200 4800 4400 4000 3600 3200 2800 2400 2000 1600 1200 800

NASDAQ

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500

1998

2000

2002

2004

2006

2008

2010

2012

2014 950

RUSSELL 2000

875

1500

800

1300

725 9/30

9/30

1100

650 575

900

500 425

700

350

500

275 1998

17000 16000 15000 14000 13000 12000 11000 10000 9000 8000 7000 6000

2002

2004

2006

2008

2010

2012

2014

WILSHIRE 5000

1998

2000

2002

2004

2006

2008

2010

2012

2014 375

S&P 500 TRANSPORTATION

350 325 300 9/30

275

9/30

250 225 200 175 150 125

1998 11000

2000

2000

2002

2004

2006

2008

2010

2012

2014

NEW YORK STOCK EXCHANGE

1998

2000

2002

2004

2006

2008

2010

2012

2014 250

S&P 500 UTILITIES

10000 200

9000 9/30

8000

150 7000

9/30

6000

100

5000 yardeni.com

4000 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

50

2014

200-day moving average. Source: Reuters America, Inc and Standard and Poor’s Corporation.

Page 5 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Americas Figure 6. 16000 14000

UNITED STATES

4100

ARGENTINA

(Dow Jones Industrials)

3700

(Merval)

3300 2900 9/30

12000

2500

9/30

2100

10000

1700 1300

8000

900 500

6000

100 1998

16000 14000

2000

2002

2004

2006

2008

2010

2012

2014

CANADA

1998

2000

2002

2004

2006

2008

2010

2012

2014 24500 22500 20500 18500 16500 14500 12500 10500 8500 6500 4500 2500

CHILE

(Toronto 300)

(IGPA General) 9/30

12000

9/30

10000 8000 6000 4000 1998 42000 38000 34000

2000

2002

2004

2006

2008

2010

2012

2014

MEXICO

1998

2000

2002

2004

2006

2008

2010

VENEZUELA

(Bolsa)

2012

2014 105000 97000 89000 81000 73000 65000 57000 49000 41000 33000 25000 17000 9000 1000

9/30

(IBC)

9/30

30000 26000 22000 18000 14000 10000 6000 2000 1998 83000 75000 67000

2000

2002

2004

2006

2008

2010

2012

2014

BRAZIL

1998

2000

2002

2004

2006

2008

2010

2012

2014

PERU

(Bovespa)

(Lima)

59000

9/30

9/30

51000 43000 35000 27000 19000 11000

yardeni.com

3000 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

26800 24800 22800 20800 18800 16800 14800 12800 10800 8800 6800 4800 2800 800

2014

200-day moving average. Source: Reuters America, Inc.

Page 6 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Europe Figure 7. 7000 6000

EUROPE

11000

IRELAND

(Dow Jones Stoxx 50 (euro-based))

10000

(ISEQ Overall)

9000 8000

5000

7000 4000

6000 5000

3000

4000 10/3

2000

9/30

1000

7500

2000 1000

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 8500

3000

FRANCE

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 50000

ITALY

(CAC 40)

(FTSE MIB)

45000 40000

6500

35000

5500

30000 4500

25000

3500

20000

10/3 2500

10/3

1500

10000 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

10000

15000

GERMANY

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 850

NETHERLANDS

(DAX)

(Amsterdam)

750

8000

650 550

6000 10/3

450 350

4000

10/3

2000

150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

8000 7000

250

GREECE

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 2000

SPAIN

(Athens, SE)

(Madrid General Index)

6000 1500

5000 4000 3000

1000

2000

10/3

1000

10/3

0 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

yardeni.com

500

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

200-day moving average. Source: Reuters America, Inc.

Page 7 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Europe (cont) Figure 8. 500 450

500

SWEDEN

(AffarsvardnGen)

450

400

400

350

350

300

10/3

300

250

250

200

200

150

150

100

100 1998

10500 9500

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 10500

SWITZERLAND (SMI)

9500

8500

8500

7500

7500

6500

6500 10/3

5500 4500

4500

3500

3500 1998

8000 7500

5500

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 8000

UNITED KINGDOM (FTSE 100)

7500

7000

7000

6500

6500

6000

6000

5500

5500 10/3

5000

5000

4500

4500

4000

4000

3500

3500 yardeni.com

3000 1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

3000

2012

200-day moving average. Source: Reuters America, Inc.

Page 8 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Asia Figure 9. 7600 7000

AUSTRALIA

6000

CHINA

(All Ordinaries)

(Shanghai-Shenzhen 300 (12/31/2004=1000))

6400

5000

5800

4000

5200

3000

9/30

4600 10/3

4000

2000

3400

1000

2800 2200

0 1998

24000 21000

2000

2002

2004

2006

2008

2010

2012

2014

JAPAN

1998

2000

2002

2004

2006

2008

2010

2012

2014 34000

HONG KONG

(Nikkei)

(Hang Seng)

30000 26000

18000

22000 15000 18000

10/3

12000

14000

9000

10/3

10000

6000

6000 1998

2400 2200 2000 1800 1600 1400 1200 1000 800 600 400 200

2002

2004

2006

2008

2010

2012

2014

SOUTH KOREA

1998

2000

2002

2004

2006

2008

2010

2012

2014 12000

TAIWAN

(Kospi)

(TWSE)

10000

9/30 8000 10/3 6000 4000 2000 1998

4300 4000 3700 3400 3100 2800 2500 2200 1900 1600 1300 1000 700

2000

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014

SINGAPORE (Straits Times)

10/3

yardeni.com 1998

2000

2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Reuters America, Inc.

Page 9 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Asia Figure 10. 4600 4200

INDONESIA

5000

THE PHILIPPINES

(Jakarta)

(Manila)

4500

3800 3400

4000

10/3

10/3

3500

3000 2600

3000

2200

2500

1800

2000

1400 1500

1000

1000

600 200

500 1998

1800 1600

2000

2002

2004

2006

2008

2010

2012

2014

MALAYSIA

1998

2000

2002

2004

2006

2008

2010

2012

2014 22000

INDIA

(Kuala Lumpur)

(Bombay Sensex)

20000 18000

1400

10/3

10/3

16000 14000

1200

12000 1000 10000 800

8000 6000

600

4000 400

2000

200

0 1998

1300

2000

2002

2004

2006

2008

2010

2012

2014

THAILAND

1998

2000

2002

2004

2006

2008

2010

2012

2014 18000

PAKISTAN

(Bangkok)

(Karachi)

16000

1100 14000 900

12000

10/3

10/3

10000 700 8000 500

6000 4000

300 2000 yardeni.com

100 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

0

2014

200-day moving average. Source: Reuters America, Inc.

Page 10 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Russia, Eastern Europe, Middle East Figure 11. 3000

RUSSIA

600

SLOVAKIA

(RTS)

(SAX)

500

2000

400 300

10/3

10/3

1000

200 100

0

0 1998

4500 4000

2000

2002

2004

2006

2008

2010

2012

2014

POLAND

1998

2000

2002

2004

2006

2008

2010

2012

2014 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200

ISRAEL

(WIG20)

(Tel Aviv 100)

3500 10/3

3000 2500 10/3

2000 1500 1000 500 1998 35000 30000

2000

2002

2004

2006

2008

2010

2012

2014

HUNGARY

1998

2000

2002

2004

2006

2008

2010

2012

2014 80000

TURKEY

(BUX)

(IMKB National 100)

70000 10/3

25000

60000 50000

20000

40000

10/3

15000

30000

10000

20000

5000

10000

0

0 1998

2200 2000 1800 1600 1400 1200 1000 800 600 400 200 0

2000

2002

2004

2006

2008

2010

2012

2014

CZECH REPUBLIC

1998

2000

2002

2004

2006

2008

2010

2012

2014 15000

EGYPT

(PX50)

(Cairo Case 30) 10000

10/3 5000

10/3

yardeni.com 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

0

2014

200-day moving average. Source: Financial Times and Haver Analytics.

Page 11 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Markets: Africa Figure 12. 80000

NIGERIA

40000

SOUTH AFRICA

(SE All Share)

(FTSE/JSE All Share)

35000

60000

10/3

30000 25000

40000 20000 15000

9/30

20000

10000 yardeni.com

yardeni.com

0 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

5000

2014

200-day moving average. Source: Financial Times and Haver Analytics.

Page 12 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Dow Theory Figure 13. 15000

6000

DOW JONES STOCK AVERAGES

14000

5500

Industrials (DJIA) 13000

5000

Transportation (DJTA)

12000

4500 11000

9/30 4000

10000 3500 9000 3000 8000 2500

7000

2000

6000 yardeni.com

5000 1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

1500

2012

Source: The Wall Street Journal.

Figure 14. 2000

400

S&P STOCK INDEXES

1900

Industrials Composite

1800 1700

350

Transportation Composite

1600

300 9/30

1500 1400

250

1300 1200

200

1100 1000

150

900 yardeni.com

800 1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

100

2012

Source: Standard & Poors.

Page 13 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Technology Heavy Stock Markets Figure 15. 5600

5600

NASDAQ

4800

4800

200-day moving average

4000

4000

3200

3200 9/30

2400 1600

1600

800

800 1998

12000 10000

2400

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 12000

TAIWAN (TWSE)

10000

8000

8000 10/3

6000

6000

4000

4000

2000

2000 1998

4300 4000 3700 3400 3100 2800 2500 2200 1900 1600 1300 1000 700

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

SINGAPORE (Straits Times)

10/3

1998 1300 1200 1100 1000 900 800 700 600 500 400 300 200

1999

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

ISRAEL

(Tel Aviv 100) 10/3

yardeni.com 1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

4300 4000 3700 3400 3100 2800 2500 2200 1900 1600 1300 1000 700 1300 1200 1100 1000 900 800 700 600 500 400 300 200

2012

Source: Haver Analytics.

Page 14 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Commodity Heavy Stock Markets Figure 16. 7400 7000 6600 6200 5800 5400 5000 4600 4200 3800 3400 3000 2600 2200

AUSTRALIA

(All Ordinaries)

200-day moving average 10/3

1998 16000 14000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

7400 7000 6600 6200 5800 5400 5000 4600 4200 3800 3400 3000 2600 2200

2012 16000

CANADA

(Toronto 300)

14000

12000

9/30

12000

10000

10000

8000

8000

6000

6000

4000

4000 1998

4600 4200 3800 3400 3000 2600 2200 1800 1400 1000 600 200

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

INDONESIA (Jakarta)

10/3

1998 40000

1999

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

4600 4200 3800 3400 3000 2600 2200 1800 1400 1000 600 200

2012 40000

SOUTH AFRICA

(FTSE/JSE All Share) 10/3

30000

30000

20000

20000

10000

10000 yardeni.com

0 1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

2012

Source: Haver Analytics.

Page 15 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Capital Goods Heavy Stock Markets Figure 17. 400

400

S&P 500 INDUSTRIALS

350

350

200-day moving average

300

300 9/30

250

250

200

200

150

150 yardeni.com

100 1998 9000 8000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

100

2012 9000

GERMANY (DAX)

8000

7000

7000

6000

6000 10/3

5000

5000

4000

4000

3000

3000

2000

2000 1998

2400 2200 2000 1800 1600 1400 1200 1000 800 600 400 200

450

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

SOUTH KOREA (Kospi)

9/30

1998 500

1999

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2400 2200 2000 1800 1600 1400 1200 1000 800 600 400 200

2012 500

SWEDEN

(AffarsvardnGen)

450

400

400

350

350

300

10/3

300

250

250

200

200

150

150 yardeni.com

100 1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

100

2012

Source: Haver Analytics.

Page 16 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- US$ Forex Rates: Europe Figure 18. 1.7 1.6

1.7

EUROPE

1.6

($/Euro)

1.5

1.5

1.4

1.4 10/3

1.3

1.3

1.2

1.2

1.1

1.1

1.0

1.0

200-day moving average

.9

.9

.8

.8 1999

2.3 2.1

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 2.3

UNITED KINGDOM ($/Pound)

2.1

1.9

1.9

1.7

1.7 10/3

1.5 1.3

1.3 1999

4.5 5.5

1.5

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 4.5

SWEDEN (Krona/$)

5.5

6.5

6.5

9/30

7.5

7.5

8.5

8.5

9.5

9.5

10.5

10.5

11.5

11.5 1999

.4 .6

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 .4

SWITZERLAND (Swiss Franc/$)

.6

.8

10/3

1.0

.8 1.0

1.2

1.2

1.4

1.4

1.6

1.6

1.8

1.8 yardeni.com

2.0 1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2.0

2012

Source: Morgan Stanley Capital International.

Page 17 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Trade-Weighted Dollar Figure 19. 120

120

BROAD TRADE-WEIGHTED DOLLAR INDEX*

115

115

200-day moving average 110

110

105

105

9/23

100

100

95

90

95

yardeni.com 2005

90 2006

2007

2008

2009

2010

2011

2012

* Broad index is a weighted average of the foreign exchange rates of the US dollar against the Euro Area, Canada, Japan, Mexico, China, UK, Taiwan, Korea, Singapore, Hong Kong, Malaysia, Brazil, Switzerland, Thailand, Philippines, Australia, Indonesia, India, Israel, Saudi Arabia, Russia, Sweden, Argentina, Venezuela, Chile, and Columbia. Source: Source: Board of Governors of the Federal Reserve System.

Figure 20. 90

90

MAJOR TRADE-WEIGHTED DOLLAR INDEX*

85

85

80

80

75

75 9/23

70

70

200-day moving average yardeni.com

65 2005

2006

2007

2008

2009

2010

2011

65

2012

* Major index countries whose currencies are included are the Euro Area, Canada, Japan, United Kingdom, Switzerland, Australia, and Sweden. The Euro Area includes Germany, France, Italy, Netherlands, Belgium/Luxembourg, Ireland, Spain, Austria, Finland, Portugal & Greece. Source: Source: Board of Governors of the Federal Reserve System

Page 18 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- US$ Forex Rates: Asia Figure 21. 60 80

JAPAN

6.0

CHINA

(Yen/$)

(Yuan/$)

9/30

9/30

6.4 6.8

100 7.2 120 7.6 140

8.0

200-day moving average

8.4

160 1998 .8 1.0

2000

2002

2004

2006

2008

2010

2012

2014

AUSTRALIA __________

1998

2000

2002

2004

2006

2008

2010

2012

2014 2

MALAYSIA

(inverted scale, A$/US$)

(Ringgit/$)

10/3

1.2

3

10/3

1.4 4 1.6 1.8

5

2.0 2.2

6 1998

800 1000

2000

2002

2004

2006

2008

2010

2012

2014

SOUTH KOREA

1998

2000

2002

2004

2006

2008

2010

2012

2014 0

INDONESIA

(Won/$)

2000

(Rupiah/$)

4000 10/3

1200

6000 8000

9/30

1400

10000

1600

12000 14000

1800

16000

2000

18000 1998

1.1 1.2

2000

2002

2004

2006

2008

2010

2012

2014

SINGAPORE

1998

2000

2002

2004

2006

2008

2010

2012

2014 25

THAILAND

(S$/US$)

(Baht/$)

30

9/30

10/3

1.3

35

1.4

40

1.5 45

1.6

50

1.7

55

1.8 yardeni.com

1.9 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

60

2014

____

200-day moving average. Source: Morgan Stanley Capital International.

Page 19 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- US$ Forex Rates: Americas Figure 22. .8 .9

CANADA

6

MEXICO

(C$/US$)

7

(Peso/$)

1.0

8

9/30

9

1.1

10

1.2

11

1.3

12

1.4

13 9/30

1.5

14

1.6

15

1.7

16 1998

.1 .6

2000

2002

2004

2006

2008

2010

2012

2014

BRAZIL

1998

2000

2002

2004

2006

2008

2010

2012

2014 4.5

ARGENTINA

(Real/$)

(Peso/$)

9/30

1.1

4.0

1.6

9/30

2.1

3.5

2.6 3.1

3.0

3.6 4.1 4.6

2.5 1998

300 350 400

2000

2002

2004

2006

2008

2010

2012

2014

CHILE

1998

2000

2002

2004

2006

2008

2010

2012

2014 5

VENEZUELA

(Peso/$)

(Bolivar/$)

10/3

4

450 500

3

9/30

550

2

600 650

1

700 750

0

800 1998 400 800

2000

2002

2004

2006

2008

2010

2012

2014

COLOMBIA

1998

2000

2002

2004

2006

2008

2010

2012

2014 2.2

PERU

(Peso/$)

(New Sol/$)

2.4 2.6

1200 9/30

2.8

1600

3.0

9/30

2000

3.2

2400

3.4

2800

3.6 yardeni.com

3200 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

3.8

2014

200-day moving average Source: Morgan Stanley Capital International.

Page 20 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- 10-Year Government Yields Figure 23. 7.5 7.0

UNITED STATES

6.0

GERMANY

5.5

6.5 5.0

6.0 5.5

4.5

5.0

4.0

4.5 3.5

4.0 3.5

3.0

3.0

2.5

2.5 2.0

2.0

9/30

9/30

1.5

1.5 1998

7.5

2000

2002

2004

2006

2008

2010

2012

2014

CANADA

1998

2000

2002

2004

2006

2008

2010

2012

2014 5.5

SWEDEN

5.0 6.5 4.5 5.5 4.0 4.5

3.5 3.0

3.5 2.5 2.5 2.0

9/30

9/30

1.5

1.5 1998

7.5

2000

2002

2004

2006

2008

2010

2012

2014

UNITED KINGDOM

1998

2000

2002

2004

2006

2008

2010

2012

2014 3.0

JAPAN

7.0 2.5

6.5 6.0

2.0

5.5 5.0

1.5 4.5 4.0

9/30

1.0

3.5 3.0

.5 9/29

2.5

yardeni.com

2.0 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

.0

2014

200 day moving average. Source: MMS International and Haver Analytics.

Page 21 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Commodity Prices Figure 24. 500 475 450 425 400 375 350 325 300 275 250 225 200 175

CRB FUTURES PRICE INDEX (1967=100)

1050 950

(dollar per gallon)

9/30

200-day ma

1998 1150

4.6 4.2 3.8 3.4 3.0 2.6 2.2 1.8 1.4 1.0 .6 .2

HEATING OIL FUTURES PRICE*

2000

2002

9/30

2004

2006

2008

2010

2012

2014

CRB SPOT PRICE INDEXES

1998

2000

2002

2004

2006

2008

2010

2012

2014 17

NATURAL GAS FUTURES PRICE*

(1967=100)

(dollar per MMBTU)

15

850

Raw Industrials

13

750

Metals

11 9

650 9/30

550

7

450

5

350

9/30

3

250

1

150 1998 170 150

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014

LIGHT CRUDE OIL FUTURES PRICE* (dollars per barrel)

130 110 90

9/30

70 50 30 10 1998 4.5 3.9

2000

2002

2004

2006

2008

2010

2012

2014

GASOLINE FUTURES PRICE* (dollars per gallon)

3.3 2.7

9/30

2.1 1.5 yardeni.com

.9 1998

2000

2002

2004

2006

2008

2010

2012

2014

* Nearby contract. Source: Haver Analytics

Page 22 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Commodity Prices (cont) Figure 25. 1300 1100

CRB SPOT PRICE INDEX: METALS (daily, 1967=100)

200-day ma

900

5000

STAINLESS STEEL SCRAP (dollars per gr. ton)

4000

9/30

3000

700 500

9/30

Includes copper scrap, lead scrap, steel scrap, tin and zinc

2000 1000

300 100

0 1998

500

2000

2002

2004

2006

2008

2010

2012

2014

COPPER FUTURES PRICE*

1998

2000

2002

2004

2006

2008

2010

2012

2014 2500

TIN

(dollars per pound)

(cents per pound)

2000

400 9/30

300

1500

9/27

1000 200

500

100

0 1998

250 200

2000

2002

2004

2006

2008

2010

2012

2014

LEAD, RN NA SOLDER

1998

2000

2002

2004

2006

2008

2010

2012

2014 230

ZINC

(cents per pound)

210

(cents per pound)

190 170

150

150 130

9/27 100

110 9/30

90

50

70 50

yardeni.com

0 1998

2000

2002

2004

2006

2008

2010

2012

2014

30 1998

2000

2002

2004

2006

2008

2010

2012

2014

* Nearby contract. Source: Haver Analytics.

Page 23 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Commodity Prices (cont) Figure 26. 1975 1800 1625

GOLD FUTURES PRICE*

1750

SOYBEANS FUTURES PRICE*

(dollars per troy ounce)

(cents per bushel)

9/30

1550 1350

1450 9/30

1275 1100

1150

200-day ma

925

950

750

750

575

550

400 225

350 1998

52 48 44 40 36 32 28 24 20 16 12 8 4

2200

2002

2004

2006

2008

2010

2012

2014

SILVER FUTURES PRICE*

1998

2000

2002

2004

2006

2008

2010

2012

2014 800 750 700 650 600 550 500 450 400 350 300 250 200 150

CORN FUTURES PRICE*

(dollars per troy ounce)

(cents per bushel)

9/30 9/30

1998 2400

2000

2000

2002

2004

2006

2008

2010

2012

2014

PLATINUM FUTURES PRICE*

1998

2000

2002

2004

2006

2008

2010

2012

2014 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200

WHEAT FUTURES PRICE*

(dollars per troy ounce)

(cents per bushel)

2000 1800 1600

9/30

1400 9/30

1200 1000 800 600 1998 1500

2000

2002

2004

2006

2008

2010

2012

2014

PALLADIUM SPOT PRICE

1998

2000

2002

2004

2006

2008

2010

2012

2014 2.5

COTTON FUTURES PRICE*

($/troy oz)

($/pound)

2.0

1000 1.5 9/27

9/30

1.0

500 .5 yardeni.com

0 1998

2000

2002

2004

2006

2008

2010

2012

2014

yardeni.com 1998

2000

2002

2004

2006

2008

2010

2012

.0

2014

*Nearby contract. Source: Haver Analytics.

Page 24 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Commodities YTD 15

15

CRB FUTURES PRICE INDEX (1967=100)

10

10

15

CRB SPOT PRICE INDEX: METALS (daily, 1967=100)

(1967=100)

5

5

CRB RAW INDUSTRIALS SPOT PRICE INDEXES

10 5

0 0 -5 -10

0

-5 -10 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

-10.4 Oct

Nov

Dec

-15

-14.4 Jan

Feb

Mar

Apr

May

Jun

2011

10 5

-5

Includes copper scrap, lead scrap, steel scrap, tin and zinc

Jul

Aug

Sep

Oct

Nov

Dec

30

COPPER FUTURES PRICE* (dollar per pound)

40

CORN FUTURES PRICE*

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nov

Dec

Nov

Dec

Nov

Dec

Nov

Dec

HEATING OIL FUTURES PRICE*

20 10

-15

10

-20 0

-25

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

-5.8 Nov

Dec

-10

Jan

Feb

Mar

Apr

May

Jun

2011

Jul

Aug

Sep

Oct

Nov

Dec

35

(dollar per MMBTU)

30

15

GOLD FUTURES PRICE* (dollars per troy ounce)

10

14.0

May

Jun

-16.8 Jul

Aug

Sep

Oct

Nov

Dec

0

-15

-5

-20

-10

-25

Jan

Feb

Mar

Apr

May

Jun

2011

10

(dollars per barrel)

5

20

Jul

Aug

Sep

Oct

Nov

Dec

Sep

Oct

(cents per pound)

-18.5 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2011

80

PLATINUM FUTURES PRICE* (dollars per troy ounce)

SILVER FUTURES PRICE* (dollars per troy ounce)

60

0

10

Aug

CASH PRICE: LEAD, RN NA SOLDER

2011

LIGHT CRUDE OIL FUTURES PRICE*

Jul

-10

5 -10

Jun

Apr

-5

10

May

Mar

0

15

0

Apr

Feb

5

20

Mar

Jan

2011

25

10

Feb

-10

2011

NATURAL GAS FUTURES PRICE*

Jan

9.9

0

-29.2

-30

30

Mar

(dollar per gallon)

-5

-20

Feb

30

20

-10

20

-8.2 Jan

2011

(cents per bushel)

0

-35

-10

2011

40

-5 0 -10 -20

20

-10

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-20

Jan

Feb

Mar

Apr

May

Jun

2011

10 5

25

SOYBEANS FUTURES PRICE* (cents per bushel)

20

Aug

Sep

Oct

Nov

Dec

30

STEEL SCRAP

(dollars per gr. ton)

20

-10

Apr

May

Jun

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-5

10 5

10

Sep

Oct

CASH PRICE: TIN RN NA SOLDER (cents per pound)

-21.9

-30 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

(cents per bushel)

Aug

-20

2011

WHEAT FUTURES PRICE*

Jul

0

0

-15.4 Mar

Feb

-10

5

-15 Feb

Jan

10 12.0

10

Jan

-2.8

2011

15

-5

20

Jul

-20

2011

0

-20

0

-14.3

-15

-13.3

-40

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2011

CASH PRICE: ZINC (cents per pound)

0 0

-5

-10

-10 -15

-20 -30

-20

-23.3 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-25

-20.2 yardeni.com Jan

Feb

2011

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

* Nearby contract. Source: Haver Analytics.

Page 25 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- Stock Market vs. Crude Oil & Copper Prices Figure 28. 40

4.8

CHINA STOCK MARKET vs. COPPER FUTURES PRICE

4.6 4.4 4.2

35

4.0 3.8 3.6 30

3.4 3.2 3.0 9/30

25

2.8 2.6

China: Shanghai-Shenzhen 300 (12/31/2004=1000)

2.4 2.2

20

2.0

Copper Futures Price* (dollars per pound)

1.8 1.6 yardeni.com

15 I

II

III

IV

I

II

2009 * Nearby contract. Source: Haver Analytics.

III

IV

I

II

2010

III

1.4

IV

2011

Figure 29. 1400

120

S&P 500 INDEX vs. CRUDE OIL PRICE

1350 110

1300 1250

100

1200 1150

9/30

90

1100 80

1050 1000

70

S&P 500 Index

950 900

60

Light Crude Oil Price (dollars per pound)

850

50

800 750

40

700 650

yardeni.com I

30 II

III

IV

I

2009 Source: Standard & Poor’s Corporation and Haver Analytics.

Page 26 / October 3, 2011 / Global Markets Briefing

II

III 2010

IV

I

II

III

IV

2011

Yardeni Research, Inc. www.yardeni.com

- Trade Weighted Dollar Figure 30. 66

130

DOLLAR INDEX vs. CRUDE OIL PRICE

68

120

70

110 9/30

72

100

74 90 76 80 78 70 80 60

Brent Crude Oil Futures Price* (dollars per barrel)

82

50

84

Major Trade-Weighted Dollar Index (inverted scale)

86

40 yardeni.com

88 I

II

III

IV

I

II

III

IV

I

II

2009 2010 * Nearby contact. Source: Board of Governors of the Federal Reserve System and Haver Analytics.

III

30

IV

2011

Figure 31. 66

1450

DOLLAR INDEX vs. S&P 500 INDEX

68 1350 70 72

1250

74 9/30

76 78

1150

1050

80 950 82

S&P 500 Index

84

Major Trade-Weighted Dollar Index (inverted scale)

86

850

750 88 yardeni.com

90 I

II

III

IV

I

II

III

2009 2010 Source: Board of Governors of the Federal Reserve System and Haver Analytics.

Page 27 / October 3, 2011 / Global Markets Briefing

IV

I

II

III

650

IV

2011

Yardeni Research, Inc. www.yardeni.com

- S&P 500 Figure 32. 1600

1600

S&P 500 vs. S&P RETAILING

1400

1400

1200

1200 9/30

1000

1000

800

800

S&P 500 Index 600

600

S&P 500 Retailing 9/30

400

400

200

200 yardeni.com

0 90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

0

14

Source: Standard & Poor’s Corporation.

Figure 33. 1600

1600

S&P 500 INDEX vs. S&P 500 BANKS

1400

1400

1200

1200 9/30

1000

1000

800

800

S&P 500 Index 600

600

S&P 500 Banks

400

400

200

200 9/30 yardeni.com

0 90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

0

14

Source: Standard & Poor’s Corporation.

Page 28 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 1500/500/400/600 YTD 10

Figure 34. S&P 1500

10

5

All Sectors

5

0

0 -5

-5 -10

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

-10.5

-15 15 10 5 0 -5 -10 -15 -20 40

-7.7

5 -5 -13.9

-25 15

-5

-6.8

-25 15

5

5

-5

-5 -11.1

-15

-15

30

30

20

20

20

20

10

10

10

10

1.8

0 -10 35 25 15 5 -5 -15 -25 10 5 0 -5 -10 -15 -20 -25 -30 30

-13.3

1.0

0 -10 30 20 10 0 -10 -20 -30 10

-12.6

0 -10 -20 -24.8

-25.9

-30

30

26.8

0

0

-10 30 20 10 0 -10 -20 -30 10

-10 30 20 10 0 -10 -20 -30 10

-23.0

0

0

-10

-10 -19.0

-20

-30 30

20

20

20

20

10

10

10

-10 15

-4.8

-10

5

5

5

-5

-5

-5

-5

-7.9

-15 15

-16.1

-25 15 10 5 0 -5 -10 -15 15

-15

-15

-19.7

-25 15

-6.5

5

5

-5

-5

-15

-15

-18.3

-25 15

5

5

5

-5

-5

-5

-15 -22.1

-5.7

-5.2

0

Feb Mar Apr May Jun Jul 2011

Aug Sep Oct Nov Dec

-15 -35 15

-25 15

10

10

7.2

-10

-15

-25.0

5

Feb Mar Apr May Jun Jul 2011

Page 29 / October 3, 2011 / Global Markets Briefing

Aug Sep Oct Nov Dec

-10

3.6

0

-5 Jan

-21.5

5

2.1

0

-5 Jan

-5

-25

0

-5

5

-5

-25 15 5

-20.7

-25 15

-15

10 6.4

5

-15

-17.0

-25 15 5

5 -5

10

-10

-15 -23.0

-25 15

-19.9

-25 15

5

-25 15 10 5 0 -5 -10 -15 15

-20.3

-25 15

-5 -15

-1.4

-10 15

5

-15

-16.3

0

-20 15

-5 -16.7

-19.2

10

0 .8

.0

-20

-30 30

0

-15.6

-25 40

-40 30

.3

-14.5

-15

30

5

Utilities

5 -5 -15

S&P 600 SmallCap

15

-25 40

-25 15

Telecom Services

S&P 400 MidCap

15

-15 40

-15

Materials

-10.0

5

-10 15

Information Technology

-10 -15 15

0

Industrials

S&P 500 LargeCap

15

-5 Jan

Feb Mar Apr May Jun Jul 2011

Aug Sep Oct Nov Dec

-10

yardeni.com Jan

Feb Mar Apr May Jun Jul 2011

Aug Sep Oct Nov Dec

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Consumer Discretionary Figure 35. 370

CONSUMER DISCRETIONARY

1600

S&P 500 HOMEBUILDING

330

1400

(DHI LEN PHM)

1200

290

9/30

1000

250

800 210

600

170

400

130

9/30

200

90

0 1998

400 350 300

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 APPAREL, ACCESSORIES, LUXURY GOODS

1998

2000

2002

2004

2006

2008

2010

2012

2014 325 300 275 250 225 200 175 150 125 100 75 50 25

S&P 500 HOUSEHOLD APPLIANCES (SNA SWK WHR)

(COH RL VFC) 9/30

250 9/30

200 150 100 50 1998 750 650

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 FOOTWEAR

1998

2000

2002

2004

2006

2008

2010

2012

2014 200

S&P 500 HOUSEWARES & SPECIALTIES 9/30

(NKE)

(FO NWL)

175

550

150

450

125

350

100

9/30

250

75

150

50

50

25 1998

175 150

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 HOME FURNISHINGS

1998

2000

2002

2004

2006

2008

2010

2012

2014 225

S&P 500 DISTRIBUTORS

(LEG)

(GPC)

200

125

175

9/30

100

150 9/30

75

125

50

100 yardeni.com

25 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

75

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 30 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Consumer Discretionary (cont) Figure 36. 200 180

S&P 500 AUTO PARTS & EQUIPMENT

450

S&P 500 ADVERTISING

(JCI)

400

(IPG OMC)

160

350

140

300

120

250

9/30

100

200

80

150

9/30

60

100

40 20

50 1998

250 225 200

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

S&P 500 TIRES & RUBBER

S&P 500 BROADCASTING

(GT)

(CBS)

2008

2010

2012

2014 600 550 500 450 400 350 300 250 200 150 100 50 0

175 150 125

9/30

100 75 50

9/30

25 0 1998 350 300

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

S&P 500 AUTOMOBILE MANUFACTURERS

S&P 500 MOVIES & ENTERTAINMENT

(F)

(DIS NWS.A TWX VIA.B)

2014 250

200

250 200

150

9/30

150 100

100 9/30

50 0

50 1998

250 225 200

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

S&P 500 MOTORCYCLE MANUFACTURERS

S&P 500 PUBLISHING

(HOG)

(GCI WPO)

2008

2010

2012

2014 400 350

175

300

150

250

125 200

9/30

100 75

150

9/30

50

100

25

yardeni.com

0 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

50

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 31 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Consumer Discretionary (cont) Figure 37. 250 225

S&P 500 LEISURE PRODUCTS

S&P 500 RESTAURANTS

(HAS MAT)

(DRI MCD SBUX YUM)

750 700 650 600 550 500 450 400 350 300 250 200 150 100

9/30

200 175 9/30

150 125 100 75 50 1998 300 250

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

S&P 500 HOTELS, RESORTS & CRUISE LINES

S&P 500 CASINOS & GAMING

(CCL HOT MAR WYN)

(IGT WYNN)

2010

2012

2014 1950 1750 1550 1350

200

1150 9/30

950

9/30

150

750 550

100

350 yardeni.com

50 1998

2000

2002

2004

2006

2008

2010

2012

2014

150 1998

2000

2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 32 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Consumer Discretionary: Retailers Figure 38. 800 700 600

S&P 500 RETAILING

S&P 500 GENERAL MERCHANDISE

(AMZN AN ANF AZO BBBY BBY BIG EXPE FDO GME GPC GPS HD JCP JWN KSS LOW LTD M ODP ORLY PCLN ROST RSH SHLD SHW SPLS TGT TIF TJX URBN)

(BIG FDO TGT)

850 750 650

9/30

9/30

500

950

550 400

450

300

350

200

250

100

150 1998

800

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 APPAREL RETAIL

1998

2000

2002

2004

2006

2008

2010

2012

2014 700 650 600 550 500 450 400 350 300 250 200 150

S&P 500 HOME IMPROVEMENT RETAIL

(ANF GPS LTD ROST TJX)

(HD LOW SHW) 9/30

600

400 9/30 200

0 1998 500 450

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

S&P 500 COMPUTER & ELECTRONICS RETAIL

S&P 500 INTERNET RETAIL

(BBY GME)

(AMZN EXPE NFLX PCLN)

2010

2012

2014 1100 1000

9/30

400

900 800

350

700

300

600

250

500

200

400

150

9/30

300

100

200

50

100 1998

350 300

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014 200

200-day moving average.

S&P 500 DEPARTMENT STORES

S&P 500 SPECIALTY STORES Source: Standard and Poor’s Corporation.

(JCP JWN KSS SHLD)

(SPLS TIF)

175

250

150

200

125 9/30

150

100 9/30

100

75

50

50 yardeni.com

0 1998

2000

2002

2004

2006

2008

2010

2012

Page 33 / October 3, 2011 / Global Markets Briefing

2014

1998

2000

2002

2004

2006

2008

2010

2012

25

2014

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Consumer Staples Figure 39. 350 325

S&P 500 CONSUMER STAPLES

700

S&P 500 DRUG RETAIL

300

650

(CVS WAG)

9/30

600 550

275

500

9/30

250

450

225

400

200

350

175

300

150

250

125

200 1998

1000 900

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

S&P 500 AGRICULTURAL PRODUCTS

S&P 500 FOOD DISTRIBUTORS

(ADM)

(SYY)

2010

2012

2014 550 500

800

450

700

400

600

350

500

9/30

9/30

400

300

300

250

200

200

100

150 1998

700 650 600 550 500 450 400 350 300 250 200 150

225

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

S&P 500 BREWERS

S&P 500 FOOD RETAIL

(BUD TAP)

(KR SVU SWY WFMI)

2008

2010

2012

2014 350 300 250

9/30 200 150 9/30

100 50

1998 250

2000

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

S&P 500 DISTILLERS & VINTNERS

S&P 500 HOUSEHOLD PRODUCTS

(BF.B STZ)

(CL CLX KMB PG)

200

2012

2014 500 450 400

9/30

9/30

175

350

150

300

125

250

100

200 yardeni.com

75 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

150

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 34 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Consumer Staples (cont) Figure 40. 130 120

S&P 500 HYPERMARKETS & SUPER CENTERS

S&P 500 SOFT DRINKS

(COST WMT)

(CCE DPS KO PBG PEP)

110

380 340 300

9/30

9/30

100

260

90

220

80

180

70

140 1998

350 300

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

S&P 500 PACKAGED FOODS & MEATS

S&P 500 TOBACCO

(CAG CPB DF GIS HNZ HRL HSY K KFT MKC SJM SLE TSN)

(LO MO PM RAI)

2006

2008

2010

2012

2014 700 620

9/30

9/30

540 460

250

380 200

300 220

150

140 60

100 1998 500 460

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 PERSONAL PRODUCTS (AVP EL MJN)

420 380

9/30

340 300 260 220 180 yardeni.com

140 1998

2000

2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 35 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Energy Figure 41. 700 650

S&P 500 ENERGY

S&P 500 OIL & GAS EQUIPMENT & SERVICES (BHI BJS CAM DO FTI HAL NOV SLB)

600 550 500 450

9/30

400 9/30

350 300 250 200 150 100 1998 650 600

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 INTEGRATED OIL & GAS

1998

2000

2002

2004

2006

2008

2010

2012

2014 950

S&P 500 OIL & GAS EXPLORATION & PRODUCTION

(COP CVX HES MRO MUR OXY XOM)

850

(APA APC CHK COG DNR DVN EOG NBL NFX PXD QEP RRC SWN XTO)

550

900 850 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100

500

750 650

9/30

450

550

400 450

9/30

350

350

300 250

250

200

150

150

50 1998

1100 1000

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 OIL & GAS DRILLING

S&P 500 OIL & GAS REFINING & MARKETING

(HP NBR RDC)

(MPC SUN TSO VLO)

750 700 650

900

600

800

550 500

700

450

600

400 350

500

300 400

9/30

250

300

200

9/30

150

200 yardeni.com

100 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

100 50

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 36 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Financials Figure 42. 550 500

S&P 500 FINANCIALS

450

S&P 500 INSURANCE BROKERS (AOC MMC)

450

400

400

350

350

300

300 250

250 9/30

200

200

9/30

150

150

100 50

100 1998

260 240 220 200 180 160 140 120 100 80 60 40

790

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

S&P 500 ASSET MANAGEMENT & CUSTODY BANKS

S&P 500 INVESTMENT BANKING & BROKERAGE

(AMP BEN BK FII IVZ JNS LM NTRS STT TROW)

(ETFC GS MS SCHW)

2012

2014 275 225 175 125

9/30 75 9/30 25 1998

890

2000

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

S&P 500 CONSUMER FINANCE

S&P 500 LIFE & HEALTH INSURANCE

(AXP COF DFS SLM)

(AFL LNC MET PFG PRU TMK UNM)

2014 450 400

690

350

590

300

490

250 9/30

390

200

9/30

290

150

190

100

90

50

-10

0 1998

500 450

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

S&P 500 DIVERSIFIED BANKS

S&P 500 MULTI-LINE INSURANCE

(CMA USB WFC)

(AIG AIZ GNW HIG L)

2012

2014 800 700

400

600

350

500

300

400

250

300

9/30

200

200

150 100 50 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

100

9/30

yardeni.com

0 2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 37 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Financials (cont) Figure 43. 200 180 160

S&P 500 OTHER DIVERSIFIED FINANCIAL SERVICES

180

S&P 500 REGIONAL BANKS (BBT FHN FITB HBAN KEY MTB PNC RF STI ZION)

(BAC C JPM)

150

140

120

120 100

90

80 60

60 40

9/30

9/30

20

30

0

0 1998

400 350

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

S&P 500 PROPERTY & CASUALTY INSURANCE

S&P 500 SPECIALIZED FINANCE

(ACE ALL CB CINF PGR TRV XL)

(CME ICE MCO NDAQ NYX)

2010

2012

2014 310 280 250

300

220 190

250

160

200

130

9/30

100

9/30

150

70

100

40 1998

250 230 210 190 170 150 130 110 90 70 50 30

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

S&P 500 REAL ESTATE INVESTMENT TRUSTS

S&P 500 THRIFTS & MORTGAGE FINANCE

(AIV BXP CBG EQR HCN HCP HST KIM PCL PLD PSA SPG VNO VTR)

(HCBK PBCT)

2014 175 150 125 100 75

9/30

50 25 yardeni.com 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

9/30 2012

0 2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 38 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Health Care Figure 44. 500

S&P 500 HEALTH CARE

700

S&P 500 HEALTH CARE EQUIPMENT (BAX BCR BDX BSX CFNwi HSP ISRG MDT STJ SYK VAR ZMH)

650 600 550

400

500

9/30

9/30 450 400

300

350 300 250

200

200 1998

1400

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

S&P 500 BIOTECHNOLOGY

S&P 500 HEALTH CARE FACILITIES

(AMGN BIIB CELG CEPH GENZ GILD)

(THC)

2012

2014 250

1200 200 9/30

1000

150

800 9/30 600

100

400 50 200 0

0 1998

400

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

S&P 500 HEALTH CARE DISTRIBUTORS

S&P 500 HEALTH CARE SERVICES

(ABC CAH MCK PDCO)

(DGX DVA ESRX LH MHS)

2012

2014 560 520

350

480 440 9/30

300

400 360

9/30 250

320 280

200

240 200

150

160 120 yardeni.com

100 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

80

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 39 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Health Care (cont) Figure 45. 650 600

S&P 500 MANAGED HEALTH CARE

S&P 500 HEALTH CARE TECHNOLOGY

(AET CI CVH HUM UNH WLP)

(CERN)

190 170

550

9/30

500

150

450

9/30

130

400 350

110

300 90 250 200

70

150 50 100 50

30 1998

600 550

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 PHARMACEUTICALS

S&P 500 LIFE SCIENCES TOOLS & SERVICES

(ABT AGN BMY FRX JNJ LLY MRK MYL PFE WPI)

(LIFE MIL PKI TMO WAT)

500 450 9/30

400 350 9/30

300 250

yardeni.com

200 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

214 206 198 190 182 174 166 158 150 142 134 126 118 110 102 94 86 78 70

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 40 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Industrials Figure 46. 400

S&P 500 INDUSTRIALS

520 480 440 400 360 320 280 240 200 160 120 80 40

S&P 500 CONSTRUCTION & ENGINEERING (FLR JEC PWR)

350 300 9/30

250 200

9/30

150 100 1998 550 500

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 AEROSPACE & DEFENSE

1998

2000

2002

2004

2006

2008

2010

2012

2014 1000

S&P 500 CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS

(BA COL GD GR HON LLL LMT NOC PCP RTN UTX)

900 800

(CAT CMI DE PCAR)

450

700

400

600

350

9/30

9/30

500

300

400

250

300

200

200

150

100 1998

300 250

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 BUILDING PRODUCTS

1998

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 ELECTRICAL COMPONENTS & EQUIPMENT

(MAS)

(EMR FSLR ROK ROP) 200 150

9/30

100 9/30 50 yardeni.com

0 1998 200

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

650 600 550 500 450 400 350 300 250 200 150 100

2014

S&P 500 COMMERCIAL PRINTING (RRD)

150

100

9/30

50

0 1998

2000

2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 41 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Industrials (cont) Figure 47. 200 175

S&P 500 ENVIRONMENTAL & FACILITIES SERVICES

600

S&P 500 INDUSTRIAL MACHINERY (DHR DOV ETN FLS IR ITT ITW PH PLL)

550

(RSG SRCL WMI) 500

150 450 125

400 9/30

9/30

100

350 300

75 250 50

200

25

150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

200

S&P 500 HUMAN RESOURCE & EMPLOYMENT SERVICES

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

S&P 500 OFFICE SERVICES & SUPPLIES (AVY PBI)

450 400

(MWW RHI) 150

350 300

100

250 200 9/30

50

150 9/30

0

50 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

700

100

S&P 500 INDUSTRIAL CONGLOMERATES (GE MMM TYC TXT)

600

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 350

S&P 500 TRADING COMPANIES & DISTRIBUTORS (FAST GWW)

9/30

300

500 250 400 200 300 150 200

9/30 100

100 yardeni.com

0 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

50

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

200-day moving average. Source: Standard and Poor’s Corporation.

Page 42 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Industrials (cont) Figure 48. 450

S&P 500 TRANSPORTATION INDEX

450

S&P 500 AIRLINES (LUV)

400

400

350 350 300 300

250

9/30

200

250

150 200 100 9/30

150

50

100

0 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

550 500

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

S&P 500 AIR FREIGHT & LOGISTICS

S&P 500 RAILROADS

(CHRW EXPD FDX UPS)

(BNI CSX NSC UNP)

800 700

450 9/30

400

600 500

350

9/30 400

300 300

250

200

200 yardeni.com

150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

100

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

200-day moving average. Source: Standard and Poor’s Corporation.

Page 43 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Information Technology Figure 49. 1150 1050

S&P 500 INFORMATION TECHNOLOGY

950

2900

S&P 500 COMPUTER STORAGE & PERIPHERALS

2500

(EMC LXK NTAP QLGC WDC)

850

2100

750

1700

650 1300

550 450

900

9/30

350

9/30

250

100

150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 190 170

500

S&P 500 APPLICATION SOFTWARE

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 300

S&P 500 DATA PROCESSING & OUTSOURCED SERVICES

(ADBE ADSK CPWR CRM CTXS INTU)

150

(ACS ADP CSC EDS FIS FISV PAYX TSSWI V WU)

250

130 110

9/30

90

200

70 150

50 9/30

30 10

100 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

1200 1000

S&P 500 COMMUNICATIONS EQUIPMENT (CSCO FFIV GLW HRS JDSU JNPR MMI MOT QCOM TLAB)

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 700

S&P 500 ELECTRONIC EQUIPMENT MANUFACTURERS

600

(A)

500

800

400 600 300 400

200 9/30

200 9/30 0

0 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

1000 900

100

S&P 500 COMPUTER HARDWARE

S&P 500 ELECTRONIC MANUFACTURING SERVICES

(AAPL DELL HPQ IBM JAVA TDC)

800

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

9/30

300 250

(JBL MOLX) 200

700 600

150

500 9/30

400

100 50

300 yardeni.com

200 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

0

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

200-day moving average. Source: Standard and Poor’s Corporation.

Page 44 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Information Technology (cont) Figure 50. 300 250

1900

S&P 500 HOME ENTERTAINMENT SOFTWARE

S&P 500 SEMICONDUCTORS

(ERTS)

(ADI ALTR AMD BRCM INTC LLTC LSI MCHP MU NSM NVDA TXN XLNX)

1600

200

1300

150

1000

100

700 9/30

50

9/30

0

100 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

350 300

400

S&P 500 INTERNET SOFTWARE & SERVICES

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

S&P 500 SEMICONDUCTOR EQUIPMENT

(AKAM EBAY GOOG VRSN YHOO)

1700 1500

(AMAT KLAC NVLS TER)

1300 250

1100 900

200 9/30

700

150

500 100 9/30 50

100 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

600 550 500 450 400 350 300 250 200 150 100 50 0

200

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

S&P 500 IT CONSULTING & OTHER SERVICES

S&P 500 SYSTEMS SOFTWARE

(ACN CTSH DNB SAI)

(BMC CA MSFT NOVL ORCL RHT SYMC)

1500 1300 1100 900 700 9/30

9/30

500 300

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 250

300

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

S&P 500 OFFICE ELECTRONICS (XRX) yardeni.com

150 100 50 9/30 0

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 200-day moving average. Source: Standard and Poor’s Corporation.

Page 45 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Materials Figure 51. 325

S&P 500 MATERIALS INDEX

900

S&P 500 DIVERSIFIED METALS & MINING

800

(FCX TIE)

275

700 600

225

500 9/30

175

400

9/30

300 200

125

100 75

0 1998

325 275

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 ALUMINUM

1998

2000

2002

2004

2006

2008

2010

2012

2014 2100

S&P 500 FERTILIZER & AGRICULTURAL CHEMICALS

(AA)

1700

(CF MON) 225

1300 175 900

9/30

125

500

75

9/30

25

100 1998

275 250

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

S&P 500 CONSTRUCTION MATERIALS

S&P 500 GOLD

(VMC)

(NEM)

2004

2006

2008

2010

2012

2014 180

9/30

225

140

200 175

100

150 125

60

100 75 50 1998 300 250

2000

2002

2004

2006

2008

2010

9/30 2012

yardeni.com 2014

1998

2000

2002

2004

2006

2008

2010

2012

20

2014

S&P 500 DIVERSIFIED CHEMICALS (DD DOW EMN FMC PPG)

200 9/30

150 100 50 0 1998

2000

2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 46 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Materials (cont) Figure 52. 750 700 650 600 550 500 450 400 350 300 250 200 150 100

S&P 500 INDUSTRIAL GASES

S&P 500 PAPER PRODUCTS

(APD ARG PX)

(IP MWV) 9/30 9/30

1998 160 140

220 200 180 160 140 120 100 80 60 40 20 0

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 METAL & GLASS CONTAINERS

1998

2000

2002

2004

2006

2008

2010

2012

2014 480

S&P 500 SPECIALTY CHEMICALS

(BLL)

440

(ECL IFF ROH SIAL)

400 9/30

120

360 320

100 9/30

280

80

240

60

200 160

40

120

20

80 1998

220 200

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014 420

S&P 500 PAPER PACKAGING

S&P 500 STEEL

(BMS SEE)

(AKS ATI CLF NUE X)

380 340

180

300

160

260

140

220 180

9/30

120 100

140

9/30

100

80 yardeni.com

60 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

60 20

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 47 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Telecommunication Services Figure 53. 420

S&P 500 TELECOMMUNICATION SERVICES

1200

S&P 500 WIRELESS TELECOMMUNICATION

1100

(AMT PCS S)

380

1000 340

900

300

800 700

260

600 220

500

180

400 300

140

9/30

200

100

9/30

100

60

0 1998

350

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

2008

2010

2012

2014

S&P 500 INTEGRATED TELECOMMUNICATION (CTL FTR Q T VZ WIN)

300

250

200

150 9/30 100 yardeni.com

50 1998

2000

2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation.

Page 48 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

- S&P 500: Utilities Figure 54. 250

S&P 500 UTILITIES INDEX

475

S&P 500 GAS UTILITIES (EQT GAS OKE)

225

425

200

375

175

9/30

9/30

325

150

275

125

225

100

175

75

125

50

75 1998

325 300

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

2002

2004

2006

S&P 500 ELECTRIC UTILITIES

S&P 500 MULTI-UTILITIES

(AEP AYE DUK EIX ETR EXC FE FPL NU PGN PNW POM PPL SO)

(AEE CMS CNP D DTE ED NI PCG PEG SRE TE TEG XEL WEC)

2008

2010

2012

2014 25

275

9/30

250

20

225 9/30

200 175

15

150 125 100 yardeni.com

75 1998

2000

2002

2004

2006

2008

2010

2012

2014

1998

2000

10 2002

2004

2006

2008

2010

2012

2014

200-day moving average. Source: Standard and Poor’s Corporation

Page 49 / October 3, 2011 / Global Markets Briefing

Yardeni Research, Inc. www.yardeni.com

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