Quant Briefing: Asset Performance Monitor

Transcription

1 Quant Briefing: Asset Performance Monitor uary 6, 218 Dr. Edward Yardeni Joe Abbott Please visit our sites at blog.yardeni.com thinking outside the box

2 World Stock Indexes Table 1: MSCI Global Stock Markets Performance (US$ as of uary, 218) Daily % change Week-T-D % change W/W % change Dec 217 % chg Q4-217 % change 217 % change Sri Lanka 1.9 Pakistan 7.9 Pakistan 7.9 Greece 16. South Africa 21. Argentina 72.3 Pakistan 1.7 Colombia 6.6 Colombia 6.6 Chile 1.6 Greece 13.4 Austria. Korea 1. Peru 6. Peru 6. Turkey 13. India 11.6 Poland 2.2 Turkey 1.2 Sri Lanka 6.4 Sri Lanka 6.4 South Africa 8.8 Korea 1. China 1.1 Peru 1.2 Russia 6.1 Russia 6.1 Indonesia 8. Singapore (Free) 9. Korea 4. Malaysia 1.1 Brazil 6.1 Brazil 6.1 Israel 8. Thailand 9.4 Chile 39.8 Norway 1. China.6 China.6 New Zealand 7.8 Japan 8.3 Hungary 36.9 Indonesia 1. Austria 4.8 Austria 4.8 Colombia 7.4 Indonesia 8. India 36.8 Italy.9 Portugal 4. Portugal 4. Argentina 6.3 Czech Republic 7.7 Turkey 34.3 Colombia.9 Italy 4. Italy 4. Malaysia.7 China 7.6 Peru 33. India.9 Chile 4.1 Chile 4.1 Philippines. Jordan 7.3 South Africa 33.1 Chile.9 Spain 3.9 Spain 3.9 India 4.9 Hungary 7.1 Denmark 32.3 Germany.8 Singapore (Free) 3.8 Singapore (Free) 3.8 UK 4.9 Chile 7. Hong Kong 32.2 Ireland.8 Thailand 3.8 Thailand 3.8 Thailand 4.9 Argentina 6.9 Thailand 3.9 Belgium.7 Norway 3.7 Norway 3.7 Hungary 4.8 Malaysia 6.9 Singapore (Free) 3.9 Australia.7 Poland 3.6 Poland 3.6 Ireland 4.7 Philippines 6.4 Netherlands 29.4 China.7 Germany 3.4 Germany 3.4 Australia 4.6 Hong Kong 6.2 Czech Republic 29.4 Canada.7 Taiwan 3.2 Taiwan 3.2 Jordan 4.2 United States 6. Greece 27.1 United States.7 Japan 3.2 Japan 3.2 Brazil 3.9 Australia.9 France 26. France.7 France 3.1 France 3.1 Canada 3.6 Austria.8 Germany 2.2 Philippines.7 Sweden 3. Sweden 3. Poland 3. Poland.8 Italy 2.2 New Zealand.7 Belgium 3. Belgium 3. Czech Republic 3.3 Peru.4 Spain 24.4 Spain.6 Greece 3. Greece 3. Norway 3. UK 4.9 Norway 24.1 Netherlands.6 Ireland 3. Ireland 3. Hong Kong 2.7 Taiwan 4. Taiwan 23.8 Japan.6 Finland 2.9 Finland 2.9 Denmark 2.3 Turkey 4. Philippines 23.3 Sweden. Philippines 2.6 Philippines 2.6 Russia 2.1 Canada 3.7 Indonesia 22. Taiwan. United States 2.6 United States 2.6 Korea 1.9 Israel 3.6 Japan 21.8 Switzerland. Korea 2.6 Korea 2.6 China 1.9 Ireland 3.4 Malaysia 21.1 Denmark. Malaysia 2.4 Malaysia 2.4 Switzerland 1.4 Russia 3.2 Brazil 21. UK.4 Hungary 2.4 Hungary 2.4 Taiwan 1.2 Germany 2.8 Switzerland 19.8 Russia.4 Mexico 2.4 Mexico 2.4 Peru 1.1 Denmark 2.1 Portugal 19.7 Finland.3 Netherlands 2.3 Netherlands 2.3 Austria 1. Morocco 2. United States 19. Brazil.3 Canada 2.3 Canada 2.3 Egypt 1. Switzerland 1.8 Finland 19.1 Morocco.2 Czech Republic 2.2 Czech Republic 2.2 United States 1. Norway 1.4 Sweden 17.8 South Africa.2 Turkey 2.2 Turkey 2.2 Netherlands.7 France 1.3 UK 17.4 Hong Kong.2 Argentina 2.1 Argentina 2.1 Japan.6 New Zealand 1. Ireland 16.8 Portugal.1 New Zealand 2.1 New Zealand 2.1 Singapore (Free).6 Netherlands.7 Belgium 1.7 Mexico.1 Switzerland 1.7 Switzerland 1.7 Germany. Colombia.3 Australia 14.9 Egypt. Israel 1.7 Israel 1.7 Mexico -.1 Portugal -2. Colombia 13.8 Jordan. Denmark 1.7 Denmark 1.7 Pakistan -.2 Egypt -2.1 Canada 13.6 Thailand -.2 Morocco 1.6 Morocco 1.6 Sweden -.3 Spain -2.2 Mexico 13.6 Hungary -.2 Hong Kong 1. Hong Kong 1. Finland -.3 Belgium -2.3 Morocco 7.2 Argentina -.3 Australia 1.4 Australia 1.4 France -.4 Italy -2. New Zealand 6.3 Singapore (Free) -.3 Indonesia 1.3 Indonesia 1.3 Belgium -.9 Finland -2.6 Egypt 4. Greece -.3 India 1.3 India 1.3 Spain -1.4 Brazil -2.8 Jordan 4.3 Czech Republic -.4 UK.7 UK.7 Morocco -1.4 Sweden -4. Israel. Poland -. South Africa.4 South Africa.4 Italy -1. Sri Lanka -6.4 Russia.3 Austria -. Jordan -.3 Jordan -.3 Portugal -1.8 Pakistan -6.8 Sri Lanka -1. Israel -.6 Egypt -2.2 Egypt -2.2 Sri Lanka -2.3 Mexico -8.6 Pakistan -28. EM Asia.9 EM East Europe.1 EM East Europe.1 EMEA.1 EM Asia 8.1 EM Asia 4.1 EM.7 EM Latam. EM Latam. EM Latam 4. EM 7.1 BRIC 38.7 EMU.7 BRIC 4.9 BRIC 4.9 EM 3.4 BRIC 6.4 EM 34.3 BRIC.7 EMEA 4.1 EMEA 4.1 BRIC 2.7 AC World.4 EMU 2.3 AC World.7 EM Asia 3.7 EM Asia 3.7 EM East Europe 2.7 Dev World ex-us.1 AC World ex-us 24.1 Dev World ex-us.6 EM 3.7 EM 3.7 EM Asia 2.6 AC World ex-us 4.7 EAFE 21.8 AC World ex-us.6 EMU 3.3 EMU 3.3 AC World ex-us 2.1 EM East Europe 4.2 AC World 21.6 EAFE.6 AC World ex-us 2.7 AC World ex-us 2.7 EAFE 1. EAFE 3.9 EM Latam 2.8 EM Latam.3 AC World 2.7 AC World 2.7 AC World 1. EMEA 3.7 Dev World ex-us 2.1 EMEA.2 Dev World ex-us 2. Dev World ex-us 2. Dev World ex-us 1.3 EMU.8 EM East Europe 12.9 EM East Europe.1 EAFE 2.4 EAFE 2.4 EMU -.3 EM Latam -3. EMEA 11.8 Source: Haver Analytics. Page 1 / uary 6, 218 / Asset Performance Monitor

3 Table 2: S&P 1 Sectors Performance (as of uary, 218) Weekly % change S&P 1 Sectors December 217 % change SmallCap Energy 6. MidCap Energy 6.9 LargeCap Information Technology 4.2 LargeCap Telecommunication Services.8 SuperComposite Information Technology 4.2 SuperComposite Telecommunication Services. MidCap Energy 4.1 SmallCap Energy.4 MidCap Information Technology 4.1 SuperComposite Energy 4.9 LargeCap Materials 4. LargeCap Energy 4.7 SuperComposite Energy 4. LargeCap Consumer Discretionary 2.3 SuperComposite Materials 4. SuperComposite Consumer Discretionary 2.2 LargeCap Energy 3.9 SmallCap Consumer Discretionary 2. MidCap Materials 3.9 LargeCap Consumer Staples 2. LargeCap Consumer Discretionary 3.3 SuperComposite Consumer Staples 1.9 LargeCap Health Care 3.2 MidCap Materials 1.9 SuperComposite Health Care 3.2 LargeCap Financials 1.8 MidCap Health Care 3.2 MidCap Telecommunication Services 1.8 SuperComposite Consumer Discretionary 3.1 LargeCap Industrials 1.8 SmallCap Information Technology 3.1 LargeCap Materials 1.7 SmallCap Materials 3.1 MidCap Consumer Staples 1.7 LargeCap Industrials 2.8 SuperComposite Materials 1.7 S&P LargeCap 2.6 SuperComposite Industrials 1.6 SuperComposite Industrials 2.6 SuperComposite Financials 1. S&P 1 SuperComposite 2. MidCap Industrials 1.4 MidCap Consumer Discretionary 2.3 MidCap Consumer Discretionary 1.2 SmallCap Health Care 2.3 S&P LargeCap 1. S&P 4 MidCap 1.9 S&P 1 SuperComposite.9 LargeCap Financials 1.7 SmallCap Health Care.3 SuperComposite Financials 1.7 S&P 4 MidCap.1 MidCap Financials 1.6 LargeCap Information Technology. SmallCap Consumer Discretionary 1.6 SuperComposite Information Technology -.2 S&P 6 SmallCap 1.4 SmallCap Materials -.3 MidCap Industrials 1.4 MidCap Real Estate -.4 MidCap Telecommunication Services 1.2 MidCap Health Care -.6 SmallCap Industrials.9 SmallCap Industrials -.6 SmallCap Financials.6 SmallCap Consumer Staples -.6 MidCap Consumer Staples. S&P 6 SmallCap -.7 LargeCap Consumer Staples.1 SuperComposite Health Care -.7 SuperComposite Consumer Staples.1 MidCap Financials -.7 SmallCap Telecommunication Services -.4 LargeCap Health Care -.8 SuperComposite Telecommunication Services -1.3 SuperComposite Real Estate -.9 LargeCap Telecommunication Services -1.3 LargeCap Real Estate -1. SmallCap Consumer Staples -1.9 MidCap Information Technology -1.4 LargeCap Real Estate -1.9 SmallCap Real Estate -1.9 SuperComposite Real Estate -2. SmallCap Financials -2. SmallCap Real Estate -2.1 SmallCap Information Technology -2.6 MidCap Utilities -2.2 MidCap Utilities -.4 SmallCap Utilities -2.2 SmallCap Telecommunication Services -6. MidCap Real Estate -2.3 SmallCap Utilities -6.1 SuperComposite Utilities -2. SuperComposite Utilities -6.2 LargeCap Utilities -2. LargeCap Utilities -6.4 Q4-217 % change 217 % change MidCap Energy 9.6 LargeCap Information Technology 36.9 MidCap Consumer Discretionary 9.6 SuperComposite Information Technology 3. LargeCap Consumer Discretionary 9. SmallCap Health Care 34. SuperComposite Consumer Discretionary 9.4 MidCap Information Technology 24.4 LargeCap Information Technology 8.6 MidCap Health Care 22.2 MidCap Industrials 8.3 MidCap Industrials 22.2 SuperComposite Information Technology 8.3 LargeCap Materials 21.4 LargeCap Financials 8.1 LargeCap Consumer Discretionary 21.2 SmallCap Consumer Discretionary 7.8 SuperComposite Consumer Discretionary 2.8 SuperComposite Financials 7.7 SuperComposite Health Care 2. LargeCap Materials 6.4 SuperComposite Materials 2.4 MidCap Information Technology 6.4 LargeCap Financials 2. SuperComposite Materials 6.2 LargeCap Health Care 2. SmallCap Health Care 6.1 MidCap Materials 19.6 S&P LargeCap 6.1 S&P LargeCap 19.4 S&P 1 SuperComposite 6. S&P 1 SuperComposite 18.8 SmallCap Industrials.8 SuperComposite Industrials 18.8 S&P 4 MidCap.8 SuperComposite Financials 18.7 SuperComposite Industrials.8 LargeCap Industrials 18. LargeCap Consumer Staples.8 MidCap Consumer Discretionary 17.8 MidCap Financials.7 SmallCap Industrials 16.1 SuperComposite Consumer Staples.7 SmallCap Consumer Discretionary 1.8 MidCap Materials.7 SmallCap Utilities 1.8 LargeCap Industrials. S&P 4 MidCap 14. SuperComposite Energy. MidCap Financials 11.9 LargeCap Energy.3 S&P 6 SmallCap 11.7 MidCap Consumer Staples. LargeCap Consumer Staples 1. SmallCap Materials 4.9 SuperComposite Consumer Staples 1.2 SmallCap Consumer Staples 4.3 SmallCap Information Technology 9.8 SmallCap Energy 4.2 SmallCap Materials 8.8 S&P 6 SmallCap 3.6 SuperComposite Utilities 8. SmallCap Financials 3.1 LargeCap Utilities 8.3 LargeCap Real Estate 2.3 MidCap Utilities 8.1 LargeCap Telecommunication Services 2.3 SmallCap Consumer Staples 7.6 SuperComposite Telecommunication Services 2.1 LargeCap Real Estate 7.2 SuperComposite Real Estate 1.9 SuperComposite Real Estate.3 MidCap Health Care 1.9 SmallCap Financials 4.3 MidCap Utilities 1.9 MidCap Consumer Staples 2.2 SuperComposite Health Care 1.2 SmallCap Real Estate 1.2 MidCap Real Estate 1.1 MidCap Real Estate -.6 LargeCap Health Care 1.1 SmallCap Telecommunication Services -2.1 SmallCap Utilities.6 LargeCap Energy -3.8 SuperComposite Utilities -.3 SuperComposite Energy -4.7 LargeCap Utilities -.6 LargeCap Telecommunication Services -6. SmallCap Real Estate -1.4 SuperComposite Telecommunication Services -6.3 SmallCap Telecommunication Services -2.1 MidCap Energy SmallCap Information Technology -3. SmallCap Energy MidCap Telecommunication Services -6.3 MidCap Telecommunication Services Source: Standard & Poor's Corporation and Haver Analytics. Page 2 / uary 6, 218 / Asset Performance Monitor

4 Page 3 / uary 6, 218 / Asset Performance Monitor Figure 1. S&P 1 All Sectors S&P LargeCap S&P 4 MidCap S&P 6 SmallCap Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Telecom Services Utilities Source: Standard & Poor s yardeni.com S&P 1//4/6 YTD Performance Page / uary 6, 218 / Asset Performance Monitor

5 S&P Sectors Figure 2: S&P Sectors Performance (as of uary, 218) S&P Sectors (Weekly % change) S&P Sectors (217 December % change) Information Technology 4.2 Telecommunication Services.8 Materials 4. Energy 4.7 Energy 3.9 Consumer Discretionary 2.3 Consumer Discretionary 3.3 Consumer Staples 2. Health Care 3.2 Financials 1.8 Industrials 2.8 Industrials 1.8 S&P 2.6 Materials 1.7 Financials 1.7 S&P 1. Consumer Staples.1 Information Technology. Telecommunication Services -1.3 Health Care -.8 Real Estate -1.9 Real Estate -1. Utilities -2. Utilities S&P Sectors (217 Q4 % change) S&P Sectors (217 % change) Consumer Discretionary 9. Information Technology 36.9 Information Technology 8.6 Materials 21.4 Financials 8.1 Consumer Discretionary 21.2 Materials 6.4 Financials 2. S&P 6.1 Health Care 2. Consumer Staples.8 S&P 19.4 Industrials. Industrials 18. Energy.3 Consumer Staples 1. Real Estate 2.3 Utilities 8.3 Telecommunication Services 2.3 Real Estate 7.2 Health Care 1.1 Energy -3.8 Utilities Telecommunication Services Source: Standard & Poor s Corporation and Haver Analytics. Page 4 / uary 6, 218 / Asset Performance Monitor

6 S&P Sectors & Industries Table 3: S&P Industry Performance (sorted by weekly % change as of uary, 218) S&P Industry S&P Industry Automotive Retail 9. Life & Health Insurance 2.3 Auto Parts & Equipment 8. Restaurants 2.3 Oil & Gas Equipment & Services 7.8 Footwear 2.3 Steel 6.7 Diversified Banks 2.3 Automobile Manufacturers 6.6 Personal Products 2.3 Semiconductor Equipment 6.4 Real Estate Services 2.2 Air Freight & Logistics 6. Specialized Consumer Services 2.2 Health Care Supplies.8 Consumer Finance 2. Diversified Chemicals.8 Environmental & Facilities Services 2. Home Entertainment Software.7 Metal & Glass Containers 2. Internet & Direct Marketing Retail.6 Alternative Carriers 1.9 Internet Software & Services. Pharmaceuticals 1.8 Oil & Gas Storage & Transportation.4 Building Products 1.8 Application Software.2 Financials 1.7 Paper Packaging.2 Home Improvement Retail 1.7 Copper. Tires & Rubber 1.6 Life Sciences Tools & Services. Regional Banks 1.6 Electronic Manufacturing Services 4.8 Multi-Sector Holdings 1.6 Specialty Stores 4.7 Insurance Brokers 1. Health Care Technology 4.7 Research & Consulting Services 1. IT Consulting & Other Services 4.6 Asset Management & Custody Banks 1. Drug Retail 4.6 Human Resource & Employment Services 1.4 Homebuilding 4.4 Hypermarkets & Super Centers 1.2 Information Technology 4.2 Food Distributors 1.2 Data Processing & Outsourced Services 4.2 Trucking 1.1 Semiconductors 4.1 Investment Banking & Brokerage 1.1 Health Care Equipment 4.1 Brewers 1. Oil & Gas Exploration & Production 4.1 Industrial Machinery 1. Materials 4. Multi-line Insurance.8 Managed Health Care 4. Indep Power Producers & Energy Traders.6 Biotechnology 3.9 Computer & Electronics Retail.6 Energy 3.9 Packaged Foods & Meats. Diversified Support Services 3.7 Reinsurance. Electronic Components 3.7 Home Furnishings.3 Commodity Chemicals 3.7 Consumer Electronics.3 Publishing 3.6 Trading Companies & Distributors.3 Industrial Gases 3.6 Agricultural Products.2 Movies & Entertainment 3.6 Motorcycle Manufacturers.2 Electronic Equipment & Instruments 3. Airlines.1 Housewares & Specialties 3. Consumer Staples.1 Technology Hardware, Storage & Peripherals 3. Hotel & Resort REITs.1 Industrial Conglomerates 3. Household Appliances -.1 Railroads 3.4 Hotels, Resorts & Cruise Lines -.2 Construction Machinery & Heavy Trucks 3.3 Casinos & Gaming -.2 Consumer Discretionary 3.3 Soft Drinks -.3 Health Care 3.2 Department Stores -.4 Financial Exchanges & Data 3.2 Food Retail -. Oil & Gas Drilling 3.2 Advertising -.6 Electrical Components & Equipment 3.1 Household Products -.8 Leisure Products 3. Health Care Facilities -1.1 Systems Software 3. Telecommunication Services -1.3 Cable & Satellite 3. Tobacco -1.3 Communications Equipment 3. Integrated Telecommunication Services -1.4 Distributors 3. Apparel Retail -1. Integrated Oil & Gas 2.9 Broadcasting -1. Apparel, Accessories & Luxury Goods 2.9 Specialized REITS -1.7 Industrials 2.8 Property & Casualty Insurance -1.8 Construction Materials 2.8 Real Estate -1.9 Aerospace & Defense 2.7 Retail REITS -2. General Merchandise Stores 2.7 Residential REITS -2.2 Construction & Engineering 2.7 Office REITS -2.2 Health Care Distributors 2.6 Electric Utilities -2. S&P 2.6 Utilities -2. Health Care Services 2.6 Multi-Utilities -2.6 Oil & Gas Refining & Marketing 2. Health Care REITs -2.8 Specialty Chemicals 2.4 Industrial REITS -3. Agricultural & Farm Machinery 2.4 Distillers & Vintners -3. Gold 2.3 Water Utilities -.2 Fertilizers & Agricultural Chemicals 2.3 Leisure Products -. Source: Standard & Poor's Corporation and Haver Analytics. Weekly % Change Weekly % Change Page / uary 6, 218 / Asset Performance Monitor

7 S&P Sectors & Industries Table 4: S&P Sector and Industry Performance (sorted by sector, data as of uary, 218) Weekly 217 Weekly 217 S&P Industry % Change % Change S&P Industry % Change % Change S&P Consumer Staples.1 1. Consumer Discretionary Agricultural Products Advertising Brewers Apparel Retail Distillers & Vintners Apparel, Accessories & Luxury Goods Drug Retail Auto Parts & Equipment Food Distributors Automobile Manufacturers Food Retail Automotive Retail Household Products Broadcasting Hypermarkets & Super Centers Cable & Satellite Packaged Foods & Meats Casinos & Gaming Personal Products Computer & Electronics Retail.6 6. Soft Drinks Consumer Electronics Tobacco Department Stores Energy Distributors Integrated Oil & Gas Footwear Oil & Gas Drilling General Merchandise Stores Oil & Gas Equipment & Services Home Furnishings Oil & Gas Exploration & Production Home Improvement Retail Oil & Gas Refining & Marketing Homebuilding Oil & Gas Storage & Transportation Hotels, Resorts & Cruise Lines Financials Household Appliances Asset Management & Custody Banks Housewares & Specialties Consumer Finance Internet & Direct Marketing Retail Diversified Banks Leisure Products Financial Exchanges & Data Motorcycle Manufacturers Insurance Brokers Movies & Entertainment Investment Banking & Brokerage Publishing Life & Health Insurance Restaurants Multi-line Insurance Specialized Consumer Services Multi-Sector Holdings Specialty Stores Property & Casualty Insurance Tires & Rubber Regional Banks Health Care Reinsurance. na Biotechnology Real Estate Health Care Distributors Health Care REITs Health Care Equipment Hotel & Resort REITs.1.6 Health Care Facilities Industrial REITS Health Care Services Office REITS Health Care Supplies Real Estate Services Health Care Technology Residential REITS Life Sciences Tools & Services Retail REITS Managed Health Care Specialized REITS Pharmaceuticals Information Technology Industrials Application Software.2.8 Aerospace & Defense Communications Equipment Agricultural & Farm Machinery Data Processing & Outsourced Services Air Freight & Logistics Electronic Components Airlines Electronic Equipment & Instruments Building Products Electronic Manufacturing Services Construction & Engineering Home Entertainment Software.7.1 Construction Machinery & Heavy Trucks Internet Software & Services. 4.8 Diversified Support Services IT Consulting & Other Services Electrical Components & Equipment Semiconductor Equipment Environmental & Facilities Services Semiconductors Human Resource & Employment Services Systems Software Industrial Conglomerates Technology Hardware, Storage & Peripherals Industrial Machinery Materials Railroads Commodity Chemicals Research & Consulting Services Construction Materials Trading Companies & Distributors Copper Trucking Diversified Chemicals Telecommunication Services Fertilizers & Agricultural Chemicals Alternative Carriers Gold Integrated Telecommunication Services Industrial Gases Utilities Metal & Glass Containers 2..8 Electric Utilities Paper Packaging Indep Power Producers & Energy Traders Specialty Chemicals Multi-Utilities Steel Water Utilities Source: Standard & Poor's Corporation and Haver Analytics. Page 6 / uary 6, 218 / Asset Performance Monitor

8 Commodities Table : S&P Goldman Sach Commodity Indexes Performance (data as of uary, 218) Daily % change Week-T-D % change December 217 % chg Q4-217 % change 217 % change Soybeans.3 Kansas Wheat 2.4 Nickel 1. Nickel 21.8 Aluminum 34.1 Silver.1 Lead 2.2 Aluminum 11.1 Lean Hogs 19.7 Industrial Metals 31. Corn.1 Coffee 1.8 Heating Oil 9. Brent Crude 17.7 Copper 3.8 Lean Hogs.1 Crude Oil 1.7 Industrial Metals 8.2 Crude Oil 16.9 Zinc 29.6 Precious Metals.1 Zinc 1.2 Cotton 8. Energy Commodities 1. Nickel 27. Gold.1 Brent Crude 1.1 GasOil 7.8 Cotton 14.9 Lead 23.8 Zinc -.2 Gold 1. Copper 7.2 Heating Oil 14.3 Heating Oil 19.7 Agricultural Commodities -.4 Precious Metals 1. Brent Crude 6.8 Unleaded Gasoline 12.9 GasOil 19.2 Kansas Wheat -. Soybeans.9 Energy Commodities.7 Copper 11.9 Brent Crude 17.7 Cocoa -. Wheat.9 Zinc.4 GasOil 11. Feeder Cattle 14. GasOil -.7 Silver.8 Crude Oil.3 S&P GSCI 1.8 Gold 13.7 Brent Crude -.7 Energy Commodities.7 S&P GSCI 4.3 Industrial Metals 9. Precious Metals 12.9 Wheat -.7 GasOil. Silver 4.1 Aluminum 8. Crude Oil 12. Agricultural & LiveStock -.8 Agricultural Commodities. Unleaded Gasoline 3.8 Sugar 7. Energy Commodities 12.3 Coffee -.8 S&P GSCI.3 Lean Hogs 2.9 Livestock 7.1 Cotton 11.3 Heating Oil -.9 Cocoa.2 Precious Metals 2.7 Live Cattle. S&P GSCI 11.1 S&P GSCI -.9 Corn.1 Gold 2.6 Zinc.1 Lean Hogs 8. Crude Oil -.9 Agricultural & LiveStock -.1 Lead.6 Silver 2.8 Unleaded Gasoline 7. Energy Commodities -.9 Heating Oil -. Sugar. Agricultural & LiveStock 2.4 Silver 7.2 Copper -.9 Lean Hogs -. Agricultural Commodities -.6 Precious Metals 2. Livestock 7.2 Nickel -1. Feeder Cattle -. Kansas Wheat -1. Gold 1.9 Live Cattle 4.7 Sugar -1.1 Sugar -. Agricultural & LiveStock -1. Agricultural Commodities.3 Wheat 4.7 Unleaded Gasoline -1.2 Unleaded Gasoline -.6 Wheat -1.4 Lead -.2 Kansas Wheat 2.1 Industrial Metals -1.3 Cotton -.8 Corn -1.4 Soybeans -.7 Agricultural & LiveStock. Cotton -1.6 Livestock -1.3 Coffee -1.8 Corn -1.3 Corn -.4 Livestock -1.7 Industrial Metals -1.6 Livestock -1.9 Coffee -1.4 Agricultural Commodities -3. Lead -1.8 Copper -1.8 Natural Gas -2.4 Natural Gas -1.8 Soybeans -4.2 Aluminum -2.1 Nickel -1.9 Soybeans -2.4 Kansas Wheat -3. Coffee -7.9 Live Cattle -2. Live Cattle -1.9 Live Cattle -2.7 Wheat -4.7 Cocoa -11. Feeder Cattle -2. Aluminum -3.1 Feeder Cattle -7. Feeder Cattle -7.4 Natural Gas -2.7 Natural Gas -3. Natural Gas -.4 Cocoa -7.7 Cocoa -7.4 Sugar Source: Standard & Poor's. Page 7 / uary 6, 218 / Asset Performance Monitor

9 Relative to 2-dma Table 6: Assets Relative to 2-dma (sorted descending by % spread, data as of uary, 218) US Stocks Global Stocks Commodities % from 2-dma (latest) % from 2-dma (last week) 1-week bps chg % from -dma (latest) 3-month % change price -dma/ 2-dma Brent Crude Heating Oil GasOil Crude Oil Nickel MidCap Energy Japan (Nikkei 22) Zinc SmallCap Energy LargeCap Information Technology Brazil (Bovespa) SmallCap Health Care LargeCap Materials MidCap Industrials LargeCap Financials MidCap Consumer Discretionary SmallCap Consumer Discretionary Copper SmallCap Materials LargeCap Energy Chile (IGPA General) MidCap Materials LargeCap Consumer Discretionary SmallCap Industrials MidCap Information Technology LargeCap Industrials China (Shanghai-Shenzhen 3) Unleaded Gasoline MidCap Financials Aluminum Lead Indonesia (Jakarta) Cotton LargeCap Health Care SmallCap Financials MidCap Health Care Germany (DAX) Canada (Toronto 3) SmallCap Consumer Staples South Korea (Kospi) LargeCap Telecommunication Services MidCap Consumer Staples UK (FTSE 1) SmallCap Information Technology Gold LargeCap Consumer Staples Sugar Lean Hogs Silver Live Cattle Soybeans SmallCap Utilities LargeCap Real Estate Coffee MidCap Utilities SmallCap Telecommunication Services Kansas Wheat SmallCap Real Estate MidCap Real Estate Corn Wheat LargeCap Utilities Cocoa Feeder Cattle Natural Gas MidCap Telecommunication Services Source: Haver Analytics and Yardeni Research. Page 8 / uary 6, 218 / Asset Performance Monitor

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