peacock bull bear
DESCRIPTION
Peacock Bull BearTRANSCRIPT
-
Stock Market Indicators:Fundamental, Sentiment,
& TechnicalYardeni Research, Inc.
November 7, 2014
Dr. Edward Yardeni516-972-7683
Joe Abbott732-497-5306
Debbie Johnson480-664-1333
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
-
Table Of Contents Table Of ContentsTable Of Contents
November 7, 2014 / Stock Market Sentiment & Technical Indicators www.yardeni.com
Yardeni Research, Inc.
Fundamental Stock Market Indicator 1-2Global Growth Barometer 3Economic Surprise Index 4Investors Intelligence Sentiment 5Bull/Bear Ratio Over 3.0 6Bull/Bear Ratio Under 1.0 7Bull/Bear Ratio Under 1.0 & Over 3.0 8AAII Sentiment 9Bull/Bear Ratio vs. Consumer Confidence 10S&P 500 Put Call Ratio 11Volatility 12Volume 13Dow Theory 14S&P 500 Moving Averages 15-16S&P 500 Sectors Stock Price Index & 200-dma 17S&P 500 Sectors Stock Price Index Minus 200-dma 18S&P 500 Sectors Stock Price Index Relative to S&P 50019
-
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 201620
40
60
80
100
120
140
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
11/7
11/1
YRI FUNDAMENTAL STOCK MARKET INDICATOR and S&P 500 INDEX
S&P 500 Index
YRI Fundamental StockMarket Indicator*
* Average of Consumer Comfort Index and Boom-Bust Barometer, which is CRB raw industrials spot price index divided by initial unemployment claims,four-week moving average.Source: Bloomberg, Commodity Research Bureau, Department of Labor, and Standard & Poors Corporation.
yardeni.com
Figure 1.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201540
50
60
70
80
90
100
110
120
130
140
150
160
170
180
190
20
30
40
50
60
70
11/1
11/1YRI BOOM-BUST BAROMETER & CONSUMER COMFORT INDEX
Boom-Bust Barometer*
Consumer Comfort Index
* CRB raw industrials spot price index divided by initial unemployment claims, four-week moving average.Source: Bloomberg, Commodity Research Bureau, Department of Labor.
yardeni.com
Figure 2.
Fundamental Stock Market Indicator
Page 1 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015250
350
450
550
650
750
600
800
1000
1200
1400
1600
1800
2000
2200
11/7
11/6
S&P 500 INDEX & INDUSTRIAL COMMODITY PRICES
S&P 500 Index
CRB Raw IndustrialsSpot Index
Source: Thomson Reuters I/B/E/S and Commodity Research Bureau.
yardeni.com
Figure 3.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015600
800
1000
1200
1400
1600
1800
2000
2200
700
600
500
400
300
200
100
11/1
11/7
S&P 500 INDEX & INITIAL UNEMPLOYMENT CLAIMS
Initial Unemployment Claims(thousands, sa, four-week moving average,inverted scale)
S&P 500 Index
Source: US Department of Labor and Standard & Poors Corporation.
yardeni.com
Figure 4.
Fundamental Stock Market Indicator
Page 2 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2008 2009 2010 2011 2012 2013 2014 2015650
850
1050
1250
1450
1650
1850
2050
650
850
1050
1250
1450
1650
1850
2050
11/6
11/7YRI GLOBAL GROWTH BAROMETER (on S&P 500 basis) & S&P 500
YRI Global Growth Barometer* (1117.4)
S&P 500 Index (2031.9)
* Average of Brent crude oil and CRB raw industrials spot price index times 2 and divided by 10. Average then multiplied by 10 and 200 added.Source: Standard & Poors Corporation and Commodity Research Bureau.
yardeni.com
Figure 5.
2008 2009 2010 2011 2012 2013 2014 2015600
800
1000
1200
1400
1600
1800
2000
2200
25
50
75
100
125
150
175
200
11/6
11/7
US STOCK PRICES vs. BRENT CRUDE OIL PRICE
Brent Crude Oil Price(dollars per barrel)
S&P 500 Index
Source: Financial Times and Standard & Poors Corporation.
yardeni.com
Figure 6.
Global Growth Barometer
Page 3 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-150
-100
-50
0
50
100
150
-600
-400
-200
0
200
400
600
11/611/7
S&P 500 INDEX vs. CITIGROUP ECONOMIC SURPRISE INDEX(percent)
S&P 500 minus its200 day-moving average
Economic Surprise Indexyardeni.com
Source: Wall Street Journal and Citigroup.
Figure 7.
2007 2008 2009 2010 2011 2012 2013 2014 2015-200
-150
-100
-50
0
50
100
150
9
11
13
15
17
10/30
11/7
S&P 500 P/E vs. CITIGROUP ECONOMIC SURPRISE INDEX(percent)
Economic Surprise Index
S&P 500 Forward P/E*
yardeni.com
Source: Standard & Poors Corporation, Thomson Reuters I/B/E/S, and Citigroup.* Average weekly price divided by 52-week forward consensus expected operating earnings per share.
Figure 8.
Economic Surprise Index
Page 4 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
Figure 9.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 160
1
2
3
4
5
0
1
2
3
4
5
Ratio Oct 28 2.88 Nov 4 3.62 11/4
INVESTORS INTELLIGENCE BULLS & BEARS
Bull/Bear Ratio
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 1610
20
30
40
50
60
70
80
10
20
30
40
50
60
70
80 Bulls Bears Oct 21 35.3 18.2 Oct 28 47.0 16.3 Nov 4 54.6 15.1
11/4
Bulls
Bears
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 165
10
15
20
25
30
35
40
45
50
5
10
15
20
25
30
35
40
45
50
11/4
Correction Camp
yardeni.com
Source: Investors Intelligence.
Investors Intelligence Sentiment
Page 5 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16200
400
600
800
1000
1200
1400160018002000220024002600
200
400
600
800
1000
1200
1400160018002000220024002600
S&P 500 INDEX vs. BULL/BEAR RATIO OF3.0 OR MORE*
(ratio scale)11/7
yarden
i.com
* Red shaded areas indicate Bull/Bear Ratio equal to or greater than 3.0.Source: Standard & Poors Corporation and Investors Intelligence.
Figure 10.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 161600
5600
9600
13600
17600
21600
1600
5600
9600
13600
17600
21600
DOW JONES INDEX vs. BULL/BEAR RATIO OF3.0 OR MORE(ratio scale)
11/7
yarden
i.com
Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3.0.Source: Wall Street Journal and Investors Intelligence.
Figure 11.
Bull/Bear Ratio Over 3.0
Page 6 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16200
400
600
800
1000
1200
1400160018002000220024002600
200
400
600
800
1000
1200
1400160018002000220024002600
S&P 500 INDEX vs. BULL/BEAR RATIOOF 1.0 OR LESS*
(ratio scale)
11/7
yardeni.com
* Green shaded areas indicate Bull/Bear Ratio equal to or less than 1.0.Source: Standard & Poors Corporation and Investors Intelligence.
Figure 12.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 161600
5600
9600
13600
17600
21600
1600
5600
9600
13600
17600
21600
DOW JONES INDEX vs. BULL/BEAR RATIOOF 1.0 OR LESS
(ratio scale)
11/7
yardeni.com
Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0.Source: Wall Street Journal and Investors Intelligence.
Figure 13.
Bull/Bear Ratio Under 1.0
Page 7 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16-40
-20
0
20
40
-40
-20
0
20
40
S&P 500 Minus 200-Day Moving AverageDivided by S&P 500
(percent)
S&P 500 INDEXLESS 200-DMA vs.
BULL/BEAR RATIO OF 3.0 OR MORE
11/6
Red shaded areas indicates Bull/Bear Ratio equal to or less than 3.0.Source: Standard & Poors Corporation.
yarden
i.com
Figure 14.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16-40
-20
0
20
40
-40
-20
0
20
40
S&P 500 Minus 200-Day Moving AverageDivided by S&P 500
(percent)
S&P 500 INDEXLESS 200-DMA vs.
BULL/BEAR RATIO OF 1.0 OR LESS
11/6
Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0.Source: Standard & Poors Corporation.
yarden
i.com
Figure 15.
Bull/Bear Ratio Under 1.0 & Over 3.0
Page 8 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
Figure 16.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
25
50
75
100
0
25
50
75
100
11/5
AAII SENTIMENT INDEX FOR STOCKS
AAII Bull Ratio*
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
1
2
3
4
5
0
1
2
3
4
5
11/5AAII Bull/Bear Ratio
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
Latest Readings Bulls Bears Oct 29 49.4 21.1 Nov 5 52.7 15.1
11/5
Bulls
Bears
* AAII Bull Ratio is the percent of bulls over the percent of bulls plus percent of bears.Source: American Association of Individual Investors (AAII).
yardeni.com
AAII Sentiment
Page 9 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201520
40
60
80
100
120
140
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
11/4
BULL/BEAR RATIO & CONSUMER CONFIDENCE
Bull/Bear Ratio(4-week average)
Consumer ConfidenceExpectations Index
yardeni.com
Source: New York Board of Trade, Commodity Futures Trading Commission, and the Conference Board.
Figure 17.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201520
30
40
50
60
70
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
11/4
BULL/BEAR RATIO & CONSUMER COMFORT INDEX
Bull/Bear Ratio(4-week average)
Consumer Comfort Index
yardeni.com
Source: New York Board of Trade, Commodity Futures Trading Commission, and Bloomberg.
Figure 18.
Bull/Bear Ratio vs. Consumer Confidence
Page 10 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.50
.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
.50
.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
10/31
S&P 500 PUT/CALL(weekly data)
Average = 1.616(1996-2010)
Source: Chicago Board of Options Exchange.
yardeni.com
Figure 19.
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
10/31
S&P 500 PUT/CALL(4-week ma)
Average = 1.624(1996-2010)
Source: Chicago Board of Options Exchange.
yardeni.com
Figure 20.
S&P 500 Put Call Ratio
Page 11 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20160
10
20
30
40
50
60
70
80
90
0
10
20
30
40
50
60
70
80
90
11/6
VIX: S&P 500
Source: Chicago Board Options Exchange.
yarden
i.com
Figure 21.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20160
20
40
60
80
100
0
20
40
60
80
100
11/6
VIX: NASDAQ 100
Source: Chicago Board Options Exchange.
yarden
i.com
Figure 22.
Volatility
Page 12 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162
4
6
8
10
12
2
4
6
8
10
12
10/31
NEW YORK STOCK EXCHANGE WEEKLY VOLUME(billion shares, 4-week moving average)
52-week moving average
Source: Wall Street Journal and Haver Analytics.
yarden
i.com
Figure 23.
Volume
Page 13 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2008 2009 2010 2011 2012 2013 2014 20152000
3000
4000
5000
6000
7000
8000
9000
6000
8000
10000
12000
14000
16000
1800011/7DOW JONES STOCK AVERAGES
Industrials (DJIA)
Transportation (DJTA)
Source: The Wall Street Journal.
yardeni.com
Figure 24.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015100
200
300
400
500
600
700
800
1050
1300
1550
1800
2050
2300
2550
2800
11/6S&P 500 STOCK INDEXES
Industrials Composite*
Transportation Composite
* S&P 500 excluding Financials, Transports, and Utilities.Source: Standard & Poors Corporation.
yardeni.com
Figure 25.
Dow Theory
Page 14 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2008 2009 2010 2011 2012 2013 2014 2015600
800
1000
1200
1400
1600
1800
2000
2200
2400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
11/6
-56.8% (510)
-16.0% (69)
-19.4% (154)
-9.8% (27)
-9.9% (59)
-7.7% (61)
-7.4% (27)
* Dips are declines of less than 10%. Corrections are declines of 10% to 20%. Bear markets are declines of 20% or more. Number of days in parentheses.
S&P 500 INDEX: 2008-2014*
S&P 500 (2031.21)
200-day moving average (1915.98)
50-day moving average (1970.00)
Source: Standard & Poors Corporation.
yardeni.com
Figure 26.
2008 2009 2010 2011 2012 2013 2014 2015-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
11/6
S&P 500 INDEX(as a percent of 200-day moving average)
Source: Standard & Poors Corporation.
yardeni.com
Figure 27.
S&P 500 Moving Averages
Page 15 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
2009 2010 2011 2012 2013 2014 2015600
800
1000
1200
1400
1600
1800
2000
2200
600
800
1000
1200
1400
1600
1800
2000
2200
11/6S&P 500 INDEX*
Latest price: 2031.2150-dma: 1970.00200-dma: 1915.98
* Ratio ScaleSource: Standard & Poors Corporation.
(+) Latest price is 3.0% above the 50-dma.(+) Latest price is 5.7% above the 200-dma.
yardeni.com
Figure 28.
73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
10/31
S&P 500 INDEX TECHNICALSTHE DEATH CROSS & THE GOLDEN CROSS(50-dma relative to 200-dma, percent, weekly)
Source: Haver Analytics and Standard & Poors Corporation.
yardeni.com
Figure 29.
S&P 500 Moving Averages
Page 16 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
Figure 30.
2008 2009 2010 2011 2012 2013 2014 2015100
200
300400500600700
11/6CONSUMER DISCRETIONARY*
2008 2009 2010 2011 2012 2013 2014 2015125
225
325
425525625
11/6INDUSTRIALS
2008 2009 2010 2011 2012 2013 2014 2015175
275
375
475
57511/6CONSUMER STAPLES
2008 2009 2010 2011 2012 2013 2014 2015150
250
350
450550650750
11/6INFORMATION TECHNOLOGY
2008 2009 2010 2011 2012 2013 2014 2015300
450
600
750
900
11/6
ENERGY
2008 2009 2010 2011 2012 2013 2014 2015100
150
200
250300350
11/6MATERIALS
2008 2009 2010 2011 2012 2013 2014 201575
175
275375475575
11/6
FINANCIALS
2008 2009 2010 2011 2012 2013 2014 201575
125
175
225
11/6
TELECOMMUNICATION SERVICES
2008 2009 2010 2011 2012 2013 2014 2015225
375
525
675825975
11/6HEALTH CARE
Source: Haver Analytics and Standard & Poors Corporation.200-day moving average
*S&P 500 sectors on ratio scales.
2008 2009 2010 2011 2012 2013 2014 2015100
150
200
250
300
11/6
UTILITIES
yardeni.com
S&P 500 Sectors Stock Price Index & 200-dma
Page 17 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
Figure 31.
2008 2009 2010 2011 2012 2013 2014 2015-60
-40
-20
0
20
40
60
11/6
CONSUMER DISCRETIONARY % from 200-day moving average
2008 2009 2010 2011 2012 2013 2014 2015-60
-40
-20
0
20
40
11/6
INDUSTRIALS
2008 2009 2010 2011 2012 2013 2014 2015-30
-15
0
15
30
11/6
CONSUMER STAPLES
2008 2009 2010 2011 2012 2013 2014 2015-50
-25
0
25
50
11/6
INFORMATION TECHNOLOGY
2008 2009 2010 2011 2012 2013 2014 2015-60
-40
-20
0
20
40
11/6
ENERGY
2008 2009 2010 2011 2012 2013 2014 2015-60
-40
-20
0
20
40
11/6
MATERIALS
2008 2009 2010 2011 2012 2013 2014 2015-75
-50
-25
0
25
50
11/6
FINANCIALS
2008 2009 2010 2011 2012 2013 2014 2015-45
-30
-15
0
15
30
11/6
TELECOMMUNICATION SERVICES
2008 2009 2010 2011 2012 2013 2014 2015-45
-30
-15
0
15
30
11/6
HEALTH CARE
Source: Haver Analytics and Standard & Poors Corporation.
2008 2009 2010 2011 2012 2013 2014 2015-45
-30
-15
0
15
30
11/6
UTILITIES
yardeni.com
S&P 500 Sectors Stock Price Index Minus 200-dma
Page 18 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
Figure 32.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.15
.20
.25
.30
.35
11/6
CONSUMER DISCRETIONARY(as a ratio of S&P 500 Index)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.18
.20
.22
.24
.26
11/6
INDUSTRIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.15
.20
.25
.30
.35
11/6
CONSUMER STAPLES
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.20
.25
.30
.35
.40
11/6
INFORMATION TECHNOLOGY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.1
.2
.3
.4
.5
.6
11/6
ENERGY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.10
.15
.20
.25
11/6
MATERIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.1
.2
.3
.4
11/6
FINANCIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.06
.08
.10
.12
.14
.16
11/6
TELECOMMUNICATION SERVICES
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.25
.30
.35
.40
.45
11/6
HEALTH CARE
Source: Haver Analytics and Standard & Poors Corporation.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16.08
.10
.12
.14
.16
.18
.20
11/6
UTILITIES
yardeni.com
S&P 500 Sectors Stock Price Index Relative to S&P 500
Page 19 / November 7, 2014 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
-
http://blog.yardeni.com
http://blog.yardeni.com
Copyright (c) Yardeni Research, Inc. 2014. All rights reserved. The informationcontained herein has been obtained from sources believed to be reliable, but is notnecessarily complete and its accuracy cannot be guaranteed. No representation orwarranty, express or implied, is made as to the fairness, accuracy, completeness, orcorrectness of the information and opinions contained herein. The views and the otherinformation provided are subject to change without notice. All reports posted onwww.yardeni.com, blog.yardeni.com, and YRIs Apps for iPads and iPhones are issuedwithout regard to the specific investment objectives, financial situation, or particular needsof any specific recipient and are not to be construed as a solicitation or an offer to buy or sellany securities or related financial instruments. Past performance is not necessarily a guideto future results. Company fundamentals and earnings may be mentioned occasionally, butshould not be construed as a recommendation to buy, sell, or hold the companys stock.Predictions, forecasts, and estimates for any and all markets should not be construed asrecommendations to buy, sell, or hold any security--including mutual funds, futurescontracts, and exchange traded funds, or any similar instruments.
The text, images, and other materials contained or displayed on any Yardeni Research, Inc.product, service, report, email or website are proprietary to Yardeni Research, Inc. andconstitute valuable intellectual property. No material from any part of www.yardeni.com, blog.yardeni.com, and YRIs Apps for iPads and iPhones may be downloaded, transmitted,broadcast, transferred, assigned, reproduced or in any other way used or otherwisedisseminated in any form to any person or entity, without the explicit written consent ofYardeni Research, Inc. All unauthorized reproduction or other use of material from YardeniResearch, Inc. shall be deemed willful infringement(s) of this copyright and other proprietaryand intellectual property rights, including but not limited to, rights of privacy. YardeniResearch, Inc. expressly reserves all rights in connection with its intellectual property,including without limitation the right to block the transfer of its products and services and/orto track usage thereof, through electronic tracking technology, and all other lawful means,now known or hereafter devised. Yardeni Research, Inc. reserves the right, without furthernotice, to pursue to the fullest extent allowed by the law any and all criminal and civilremedies for the violation of its rights.
The recipient should check any email and any attachments for the presence of viruses.Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmittedby this companys emails, website, blog and Apps. Additional information available onrequest.
/ColorImageDict > /JPEG2000ColorACSImageDict > /JPEG2000ColorImageDict > /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 300 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages true /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth -1 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /DCTEncode /AutoFilterGrayImages true /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict > /GrayImageDict > /JPEG2000GrayACSImageDict > /JPEG2000GrayImageDict > /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages true /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict > /AllowPSXObjects false /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile () /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName () /PDFXTrapped /False
/CreateJDFFile false /Description > /Namespace [ (Adobe) (Common) (1.0) ] /OtherNamespaces [ > /FormElements false /GenerateStructure false /IncludeBookmarks false /IncludeHyperlinks false /IncludeInteractive false /IncludeLayers false /IncludeProfiles false /MultimediaHandling /UseObjectSettings /Namespace [ (Adobe) (CreativeSuite) (2.0) ] /PDFXOutputIntentProfileSelector /DocumentCMYK /PreserveEditing true /UntaggedCMYKHandling /LeaveUntagged /UntaggedRGBHandling /UseDocumentProfile /UseDocumentBleed false >> ]>> setdistillerparams> setpagedevice