Search For =MA · Search For =MA Yardeni Research, Inc. February 26, 2015 Amalia Please visit our sites at blog.yardeni.com thinking outside the box

Search For =MA

Yardeni Research, Inc.

February 26, 2015

Amalia

Please visit our sites atwww.yardeni.comblog.yardeni.com

thinking outside the box

2007 2008 2009 2010 2011 2012 2013 2014 20156000

6900

7800

8700

9600

10500

11400

12300

13200

14100

15000

15900

16800

17700

18600

6000

6900

7800

8700

9600

10500

11400

12300

13200

14100

15000

15900

16800

17700

186002/25DOW JONES INDUSTRIALS AVERAGE

200-day moving average.Source: The Wall Street Journal.

yardeni.com

GDOW_BB.XTS 00 200

***** Chart Not Available *****

Task: BLOGDOWTRAN

REPLICATE’ing above limits

02-26-2015 - 00:09:12

GDOWTRAN.XTS N200 200

Search for =MA

Page 1 / February 26, 2015 / Search4MA www.yardeni.com


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013200

400

600

800

1000

1200

1400

200

400

600

800

1000

1200

1400GOLD PRICE* IN EUROS

200-day moving average.* Cash price. London gold bullion, PM fix.

Source: Commodity Research Bureau and Haver Analytics.

yardeni.com

GGOLDEURO.XTS RO200 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

77587597510751175

75

175

275

375

475

575

675

775875975

10751175 2/25S&P 500 CONSUMER DISCRETIONARY RETAILING INDUSTRY GROUP

(ratio scale)

200-day moving averageSource: Standard & Poor’s Corporation and Haver Analytics.

yardeni.com

GSP5CDRETAIL.XTS C200MA 200

Search for =MA



2005 2006 2007 2008 2009 2010 2011 2012 2013 2014-150

-100

-50

0

50

100

-150

-100

-50

0

50

100CITIGROUP ECONOMIC SURPRISE INDEX(4-week moving average)

yardeni.com

Source: Wall Street Journal and Citigroup.

GROUPECONOMIC4WK_BB.XTS 1CSI 20

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015100

150

200

250

300

350

400

450

100

150

200

250

300

350

400

450

2/24

Jan

FEDERAL TAX RECEIPTS & DEPOSITS: CORPORATE INCOME TAXES(billion dollars)

Deposits(260-day sum)

Receipts(12-month sum)

Source US Treasury and Haver Analytics.

yardeni.com

LYTREASREC1_BB.XTS 260

Search for =MA



2006 2007 2008 2009 2010 2011 2012 2013-30

-20

-10

0

10

20

30

40

-30

-20

-10

0

10

20

30

40FEDERAL DEPOSITS: INDIVIDUAL & PAYROLL

Deposits: Withheld Income & Employment Taxes(yearly percent change in 30-day sum)

Source: US Treasury and Haver Analytics.

yardeni.com

LYTREASREC4_BB.XTS W 20

2007 2008 2009 2010 2011 20124

6

8

10

12

14

16

4

6

8

10

12

14

16

Increase Stock Allocation

Increase Bond Allocation

ASSET ALLOCATION: STOCKS VS. BONDS(ratio)

200-dma

Ratio of S&P500 and US 30-yr Treasury*

* Nearby futures.Source: Haver Analytics.

yardeni.com

BYGOVT30YR.XTS 200

Search for =MA



Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun2011 2012

1100

1200

1300

1400

1500

1100

1200

1300

1400

1500

6/29

S&P 500 Composite(20-dma)

yardeni.com

LONEME.XTS 0 20


Task: _SSRCROSS500

IFNEG missing series

02-26-2015 - 00:52:26

RCROSS500.XTS DMA 200

Search for =MA




Task: _SSRCROSS500BB

Invalid calculation element [S1]

12-02-2012 - 00:33:33

RCROSS500BB.XTS DMA 200

2007 2008 2009 2010 2011 20124

6

8

10

12

14

16

4

6

8

10

12

14

16

Increase Stock Allocation

Increase Bond Allocation

ASSET ALLOCATION: STOCKS VS. BONDS(ratio)

200-dma

Ratio of S&P500 and US 30-yr Treasury*

* Nearby futures.Source: Haver Analytics.

yardeni.com

BYGOVT30YR.XTS 200

Search for =MA




Task: _SSRCROSS500


02-26-2015 - 00:52:26





12-02-2012 - 00:33:33


Search for =MA




Task: _SSRCROSS500


02-26-2015 - 00:52:26





12-02-2012 - 00:33:33


Search for =MA




Task: _SSRCROSS500


02-26-2015 - 00:52:26





12-02-2012 - 00:33:33


Search for =MA




Task: _SSRCROSS500


02-26-2015 - 00:52:26





12-02-2012 - 00:33:33


Search for =MA



I II III IV I II III IV I II III2010 2011 2012

300

350

400

450

500

550

600

650

700

300

350

400

450

500

550

600

650

700

9/28

S&P 500 ENERGY INDEX*

Latest price: 590.18200-dma: 648.51

* Ratio ScaleSource: Standard & Poor’s.

(-) 200-dma is falling. Latest daily change is -0.08%(-) Latest price is -9.0% below the 200-dma.

yardeni.com

EN200DMA.XTS DMA 200


Task: _SSRCROSS500


02-26-2015 - 00:52:26


Search for =MA






12-02-2012 - 00:33:33



Task: _SSRCROSS500


02-26-2015 - 00:52:26


Search for =MA






12-02-2012 - 00:33:33



Task: _SSRCROSS500


02-26-2015 - 00:52:26


Search for =MA






12-02-2012 - 00:33:33



Task: _SSRCROSS500


02-26-2015 - 00:52:26


Search for =MA




Task: _SSRCROSS500


02-26-2015 - 00:52:26





12-02-2012 - 00:33:33


Search for =MA




Task: _SSRCROSS500


02-26-2015 - 00:52:26





12-02-2012 - 00:33:33


Search for =MA



2005 2006 2007 2008 2009 2010 2011 2012 2013.6

.7

.8

.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

.6

.7

.8

.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

10/18

MORGAN STANLEY CYCLICAL INDEX*(ratio)

Latest ratio: 1.28

200-dma: 1.22

* As ratio of Morgan Stanley Consumer Index.Source: The Wall Street Journal/Haver Analytics.

yardeni.com

CYCCONS200DMA.XTS DMA 200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162

4

6

8

111112

200

400

600

800

100012001400160018002000

2/26

GOLD PRICE* IN DOLLARS(daily, ratio scale)

yardeni.com

OLD5.XTS LD200 200

Search for =MA



2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162

4

6

8

11111

20

40

60

80

100120140160180

2/25GOLD PRICE* IN YEN

200-day moving average* Cash price. London gold bullion, PM Fix.Source: Haver Analytics.

yardeni.com

ENGOLDD.XTS EX200 200

2004 2005 2006 2007 2008 2009 2010150

200

250

300

350

400

450

150

200

250

300

350

400

450FEDERAL DEPOSITS: CORPORATE INCOME TAXES(billion dollars, 260-day sum)

Source US Treaury/Haver Analytics.

AILTREAS3.XTS 260

Search for =MA



2004 2005 2006 2007 2008 2009 20101350

1450

1550

1650

1750

1850

1350

1450

1550

1650

1750

1850FEDERAL DEPOSITS: WITHHELD INCOME & EMPLOYMENT TAXES(billion dollars, 260-day sum)


AILYTREAS.XTS W 260

2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

0

20

40

60

80

100FEDERAL DEPOSITS: INDIVIDUAL ESTIMATED INCOME TAXES(billion dollars, 260-day sum)


AILYTREAS2.XTS 260

Search for =MA



2008 2009 2010 2011 2012 2013 2014600

800

1000

1200

1400

1600

1800S&P 500 INDEX*

Latest price: 1614.0850-dma: 1623.94200-dma: 1512.24


MA-S5.XTS 50DMA

2008 2009 2010 2011 2012 2013 2014600

800

1000

1200

1400

1600

1800S&P 500 INDEX*

Latest price: 1614.0850-dma: 1623.94200-dma: 1512.24


MA-S5.XTS 200DMA

Search for =MA




Task: TAMA-S5CC


02-26-2015 - 01:20:11

MA-S5CC.XTS MA 50


Task: TAMA-S5CC


02-26-2015 - 01:20:11

MA-S5CC.XTS DMA 200

Search for =MA




Task: TAMA-S5EN


02-26-2015 - 01:20:11

MA-S5EN.XTS MA 50


Task: TAMA-S5EN


02-26-2015 - 01:20:11

MA-S5EN.XTS DMA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

75

125

175

225

275

325

25

75

125

175

225

275

325

2/25

yardeni.com

200-day moving average.* Ratio scale.

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

S&P 500 ALUMINUM INDEX*(AA)

AAPR.XTS C200MA 200

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

425

475

75

125

175

225

275

325

375

425

475

2/25

yardeni.com



S&P 500 ADVERTISING*(IPG OMC)

ADPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

195

295

395

495

595

695

795

95

195

295

395

495

595

695

7952/25

yardeni.com



S&P 500 AEROSPACE & DEFENSE INDEX*(BA COL GD HON LLL LMT NOC PCP RTN TXT UTX)

AEPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

165

240

315

390

465

540

615

690

90

165

240

315

390

465

540

615

690

2/25

yardeni.com



S&P 500 AIR FREIGHT & LOGISTICS INDEX*(CHRW EXPD FDX UPS)

AFPR.XTS C200MA 200

Search for =MA



2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

70

100

130

160

190

220

250

40

70

100

130

160

190

220

250

2/25

yardeni.com



S&P 500 HOMEFURNISHING RETAIL INDEX*(BBBY)

AHPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

115

190

265

340

415

40

115

190

265

340

415

2/25

yardeni.com



S&P 500 AIRLINES INDEX*(DAL LUV)

ALPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

75

125

175

225

275

25

75

125

175

225

275

2/25

yardeni.com



S&P 500 AUTO PARTS & EQUIPMENT*(BWA DLPH JCI)

AOPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

290

490

690

890

1090

90

290

490

690

890

1090

2/25

yardeni.com



S&P 500 AGRICULTURAL PRODUCTS INDEX*(ADM)

APPR.XTS C200MA 200

Search for =MA



2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

75

175

275

375

475

575

675 2/25

yardeni.com



S&P 500 AUTOMOTIVE RETAIL INDEX*(AN AZO KMX ORLY)

ARPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201610

60

110

160

210

260

10

60

110

160

210

260

2/25

yardeni.com



S&P 500 APPLICATION SOFTWARE INDEX*(ADBE ADSK CRM CTXS INTU)

ASPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201635

65

95

125

155

185

35

65

95

125

155

185

2/25

yardeni.com



S&P 500 GOLD INDEX*(NEM)

AUPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016100

300

500

700

900

1100

100

300

500

700

900

1100

2/25

yardeni.com



S&P 500 BREWERS INDEX*(TAP)

BAPR.XTS C200MA 200

Search for =MA



2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

150

225

300

375

450

525

600

75

150

225

300

375

450

525

6002/25

yardeni.com



S&P 500 DISTILLERS & VINTNERS INDEX*(BF.B STZ)

BDPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

145

195

245

295

345

395

445

495

95

145

195

245

295

345

395

445

495 2/25

yardeni.com



S&P 500 INSURANCE BROKERS INDEX*(AON MMC)

BIPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201665

140

215

290

365

440

515

65

140

215

290

365

440

515

2/25

yardeni.com



S&P 500 DIVERSIFIED BANKS INDEX*(BAC C CMA JPM USB WFC)

BKPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

145

195

245

295

345

95

145

195

245

295

345

2/25

yardeni.com



S&P 500 MATERIALS INDEX*

BMPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

140

190

240

290

340

390

440

90

140

190

240

290

340

390

4402/25

yardeni.com



S&P 500 SOFT DRINKS INDEX*(CCE DPS KO MNST PEP)

BNPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

825

1575

2325

3075

38254575

75

825

1575

2325

3075

38254575

2/25

yardeni.com



S&P 500 BIOTECHNOLOGY INDEX*(ALXN AMGN BIIB CELG GILD REGN VRTX)

BOPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201630

80

130

180

230

280

30

80

130

180

230

2802/25

yardeni.com



S&P 500 BUILDING PRODUCTS INDEX*(ALLE MAS)

BUPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

350

50

100

150

200

250

300

3502/25

yardeni.com



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

C1PR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

225

375

525

675

825

975

1125

75

225

375

525

675

825

975

1125

2/25

yardeni.com



S&P 500 SPECIALTY CHEMICALS INDEX*(ECL IFF PPG SHW SIAL)

C3PR.XTS C200MA 200

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

425

475

525

575

75

125

175

225

275

325

375

425

475

525

5752/25

yardeni.com



S&P 500 DATA PROCESSING & OUTSOURCED SERVICES INDEX*(ADP ADS CSC FIS FISV MA PAYX TSS V WU XRX)

C5PR.XTS C200MA 200

Search for =MA



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

50

100

150

200

250

300

2/25

yardeni.com



S&P 500 CONSTRUCTION MATERIALS INDEX*(VMC)

CAPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

75

175

275

375

475

575

675

2/25

yardeni.com



S&P 500 CONSUMER DISCRETIONARY INDEX*

CCPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

775

875975

75

175

275

375

475

575

675

775

875975

2/25

yardeni.com



S&P 500 CONSUMER FINANCE INDEX*(AXP COF DFS NAVI)

CFPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

170

245

320

395

470

545

95

170

245

320

395

470

545

2/25

yardeni.com



S&P 500 INDUSTRIALS INDEX*

CGPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201680

380

680

980

1280

1580

80

380

680

980

1280

1580

2/28

yardeni.com



S&P 500 COMPUTER HARDWARE INDEX*(AAPL HPQ IBM TDC)

CHPR.XTS C200MA 200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201630

60

90

120

150

180

210

240

30

60

90

120

150

180

210

240

2/25

yardeni.com



S&P 500 COAL & CONSUMABLE FUELS INDEX*(CNX)

CLPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

75

125

175

225

275

325

375

2/25

yardeni.com



S&P 500 TELECOMMUNICATION SERVICES INDEX*

CMPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

50

75

100

125

150

175

200

25

50

75

100

125

150

175

2002/25

yardeni.com



S&P 500 METAL & GLASS CONTAINERS INDEX*(BLL OI)

COPR.XTS C200MA 200

Search for =MA



1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201680

580

1080

1580

2080

2580

3080

80

580

1080

1580

2080

2580

3080

2/28

yardeni.com



S&P 500 COMPUTER STORAGE & PERIPHERALS INDEX*(EMC NTAP SNDK STX WDC)

CPPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

150

225

300

375

450

525

600

75

150

225

300

375

450

525

600

2/25

yardeni.com



S&P 500 CONSUMER STAPLES INDEX*

CSPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

240

440

640

840

1040

1240

40

240

440

640

840

1040

1240

2/28

yardeni.com



S&P 500 WIRELESS TELECOMMUNICATION INDEX*(CCI)

CWPR.XTS C200MA 200

2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

50

100

150

200

250

2/25

yardeni.com



S&P 500 DIVERSIFIED SUPPORT SERVICES INDEX*(CTAS)

DIPR.XTS C200MA 200

Search for =MA



2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

50

100

150

200

250

2/25

yardeni.com



S&P 500 DIVERSIFIED SUPPORT SERVICES INDEX*(CTAS)

DIPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

195

295

395

495

595

695

795

895

95

195

295

395

495

595

695

795

8952/25

yardeni.com



S&P 500 HEALTH CARE DISTRIBUTORS INDEX*(ABC CAH MCK PDCO)

DSPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

200

350

500

650

800

50

200

350

500

650

800

2/25

yardeni.com



S&P 500 ELECTRONIC EQUIPMENT & INSTRUMENTS INDEX*(FLIR)

E2PR.XTS C200MA 200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

70

120

170

220

270

20

70

120

170

220

270

2/25

yardeni.com



S&P 500 ELECTRONIC MANUFACTURING SERVICES INDEX*(JBL TEL)

E3PR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

120

200

280

360

440

520

40

120

200

280

360

440

520

2/25

yardeni.com



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

ECPR.XTS C200MA 200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

40

60

80

100

120

140

20

40

60

80

100

120

140

9/19

yardeni.com



S&P 500 EDUCATION SERVICES INDEX*(GHC)

EDPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

190

290

390

490

590

690

790

90

190

290

390

490

590

690

790

2/25

yardeni.com



S&P 500 ELECTRICAL COMPONENTS & EQUIPMENT INDEX*(AME EMR ETN ROK ROP)

EEPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

140

190

240

290

340

90

140

190

240

290

340

2/25

yardeni.com



S&P 500 ELECTRIC UTILITIES INDEX*(AEP DUK EIX ETR EXC FE NEENU PNW POM PPL SO XEL)

ELPR.XTS C200MA 200

Search for =MA



2008 2009 2010 2011 2012 2013 2014 2015 201630

70

110

150

190

30

70

110

150

190

2/25

yardeni.com



S&P 500 HUMAN RESOURCE & EMPLOYMENT SERVICES INDEX*(RHI)

EMPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

195

295

395

495

595

695

795

95

195

295

395

495

595

695

795

2/25

yardeni.com



S&P 500 ENERGY INDEX*

ENPR.XTS C200MA 200

Search for =MA



1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201660

310

560

810

1060

1310

1560

60

310

560

810

1060

1310

1560

2/25

yardeni.com



S&P 500 SEMICONDUCTOR EQUIPMENT INDEX*(AMAT KLAC LRCX)

ESPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

125

200

275

350

425

50

125

200

275

350

4252/25

yardeni.com



S&P 500 MOVIES & ENTERTAINMENT*(DIS FOX.A TWX VIA.B)

ETPR.XTS C200MA 200

Search for =MA



2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201685

485

885

1285

1685

2085

85

485

885

1285

1685

2085

2/25

yardeni.com



S&P 500 FERTILIZER & AGRICULTURAL CHEMICALS INDEX*(CF MON MOS)

FAPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201610

40

70

100

130

160

190

10

40

70

100

130

160

190

2/28

yardeni.com



S&P 500 OTHER DIVERSIFIED FINANCIAL SERVICES*(BAC C JPM)

FCPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

150

225

300

375

450

525

75

150

225

300

375

450

525

2/25

yardeni.com



S&P 500 PACKAGED FOODS INDEX*(CAG CPB GIS GMCR HRL HSY K KRFT MDLZ MJN MKC SJM TSN)

FDPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

150

210

270

330

390

450

510

570

90

150

210

270

330

390

450

510

570

2/25

yardeni.com



S&P 500 FOOD DISTRIBUTORS INDEX*(SYY)

FHPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

240

390

540

690

840

990

90

240

390

540

690

840

990

2/25

yardeni.com



S&P 500 CONSTRUCTION MACHINERY & HEAVY TRUCKS INDEX*(CAT CMI JOY PCAR)

FMPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201615

35

55

75

95

115

135

155

15

35

55

75

95

115

135

155

2/25

yardeni.com



S&P 500 REGIONAL BANKS INDEX*(BBT FITB HBAN KEYMTB PNC RF STI ZION)

FRPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

425

475

525

75

125

175

225

275

325

375

425

475

525

2/25

yardeni.com



S&P 500 FINANCIALS INDEX*

FSPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

1275

14751675

75

275

475

675

875

1075

1275

14751675

2/25

yardeni.com



S&P 500 FOOTWEAR*(NKE)

FWPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016100

500

900

1300

1700

2100

100

500

900

1300

1700

2100

2/25

yardeni.com



S&P 500 CASINOS & GAMING*(WYNN)

GLPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

220

345

470

595

720

845

95

220

345

470

595

720

845

2/25

yardeni.com



S&P 500 GAS UTILITIES INDEX*(GAS)

GUPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

120

220

320

420

520

620

20

120

220

320

420

520

620

2/25

yardeni.com



S&P 500 HEALTH CARE FACILITIES INDEX*(HCA THC UHS)

H1PR.XTS C200MA 200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20165

35

65

95

125

155

185

5

35

65

95

125

155

185

2/25

yardeni.com



S&P 500 CONSUMER ELECTRONICS INDEX*(GRMN HAR)

H2PR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

70

100

130

160

190

40

70

100

130

160

190

2/25

yardeni.com



S&P 500 HOME FURNISHINGS*(LEG MHK)

H3PR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201670

145

220

295

370

445

520

595

670

745

70

145

220

295

370

445

520

595

670

745 2/25

yardeni.com



S&P 500 HOUSEHOLD APPLIANCES*(WHR)

H4PR.XTS C200MA 200

Search for =MA



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

75

125

175

225

275

25

75

125

175

225

275

2/25

yardeni.com



S&P 500 HOME ENTERTAINMENT SOFTWARE INDEX*(EA)

H5PR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

775

875

75

175

275

375

475

575

675

775

8752/25

yardeni.com



S&P 500 HEALTH CARE INDEX*

HCPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201680

230

380

530

680

830

980

80

230

380

530

680

830

9802/25

yardeni.com



S&P 500 HEALTH CARE EQUIPMENT INDEX*(ABT BAX BCR BDX BSX CFN EWPISRG MDT STJ SYK VAR ZMH)

HEPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

190

290

390

490

590

690

90

190

290

390

490

590

690

2/25

yardeni.com



S&P 500 HOUSEHOLD PRODUCTS INDEX*(CL CLX KMB PG)

HHPR.XTS C200MA 200

Search for =MA



2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

75

125

175

225

275

3252/25

yardeni.com



S&P 500 LIFE SCIENCES & TOOLS INDEX*(A LIFE PKI TMO WAT)

HLPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201670

270

470

670

870

1070

1270

70

270

470

670

870

1070

1270

2/25

yardeni.com



S&P 500 MANAGED HEALTH CARE INDEX*(AET CI HUM UNH WLP)

HMPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

375

675

975

1275

1575

75

375

675

975

1275

1575

2/25

yardeni.com



S&P 500 HOMEBUILDING*(DHI LEN PHM)

HOPR.XTS C200MA 200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

75

125

175

225

275

325

375

2/25

yardeni.com



S&P 500 HEALTH CARE TECHNOLOGY INDEX*(CERN)

HTPR.XTS C200MA 200

Search for =MA



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201695

195

295

395

495

595

695

795

95

195

295

395

495

595

695

7952/25

yardeni.com



S&P 500 HEALTH CARE SERVICES INDEX*(DGX DVA ESRX LH)

HVPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

75

125

175

225

275

325

25

75

125

175

225

275

3252/25

yardeni.com



S&P 500 HOUSEWARES & SPECIALTIES*(NWL)

HWPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

190

290

390

490

590

690

790

890

90

190

290

390

490

590

690

790

8902/25

yardeni.com



S&P 500 INDUSTRIAL MACHINERY INDEX*(DOV FLS IR ITW PH PLL PNR SNA SWK XYL)

I1PR.XTS C200MA 200

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

95

170

245

320

395

470

20

95

170

245

320

395

470

2/25

yardeni.com



S&P 500 INTERNET SOFTWARE & SERVICES INDEX*(AKAM EBAY FB GOOG GOOGL VRSN YHOO)

I2PR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

75

175

275

375

475

575

675

2/25

yardeni.com



S&P 500 INDUSTRIAL CONGLOMERATES INDEX*(DHR GE MMM)

ICPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201680

255

430

605

780

955

1130

80

255

430

605

780

955

1130

2/25

yardeni.com



S&P 500 INDUSTRIAL GASES INDEX*(APD ARG PX)

IGPR.XTS C200MA 200

Search for =MA



2009 2010 2011 2012 2013 2014 2015 201620

50

80

110

140

170

200

20

50

80

110

140

170

200

2/25

yardeni.com



S&P 500 MULTI-LINE INSURANCE INDEX*(AIG AIZ GNW HIG L)

IMPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

150

225

300

375

450

75

150

225

300

375

450

2/25

yardeni.com



S&P 500 PROPERTY & CASUALTY INSURANCE INDEX*(ACE ALL CB CINF PGR TRV XL)

IPPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

100

175

250

325

400

25

100

175

250

325

400

2/25

yardeni.com



S&P 500 STEEL INDEX*(ATI CLF NUE X)

ISPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

125

225

325

425

525

625

25

125

225

325

425

525

625

2/25

yardeni.com



S&P 500 IT CONSULTING & SERVICES INDEX* (ACN CTSH IBM TDC)

ITPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

350

400

50

100

150

200

250

300

350

400

2/25

yardeni.com



S&P 500 LIFE & HEALTH INSURANCE INDEX*(AFL LNC MET PFG PRU TMK UNM)

LHPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201660

110

160

210

260

310

360

410

60

110

160

210

260

310

360

410

2/25

yardeni.com



S&P 500 HOTELS, RESORTS & CRUISE LINES*(CCL HOT MAR RCL WYN)

LOPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201660

110

160

210

260

310

60

110

160

210

260

310

2/25

yardeni.com



S&P 500 LEISURE PRODUCTS*(HAS MAT)

LPPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

70

120

170

220

270

20

70

120

170

220

270

2/25

yardeni.com



S&P 500 ASSET MANAGEMENT & CUSTODY BANKS INDEX*(AMG AMP BEN BK BLK IVZ LM NTRS STT TROW)

MIPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

240

440

640

840

40

240

440

640

840

2/25

yardeni.com



S&P 500 DIVERSIFIED METALS & MINING INDEX*(FCX)

MMPR.XTS C200MA 200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

60

100

140

180

220

260

20

60

100

140

180

220

260

2/25

yardeni.com



S&P 500 MOTORCYCLE MANUFACTURERS*(HOG)

MOPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

75

175

275

375

475

575

675

2/25

yardeni.com



S&P 500 PHARMACEUTICALS INDEX*(ABBV ACT AGN BMY ENDP HSP JNJ LLY MNK MRK MYL PFE PRGO ZTS)

MPPR.XTS C200MA 200

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20165

55

105

155

205

255

5

55

105

155

205

255

2/25

yardeni.com



S&P 500 MULTI-UTILITIES INDEX*(AEE CMS CNP D DTE ED NI PCG PEG SCG SRE TE TEG WEC)

MUPR.XTS C200MA 200

Search for =MA



1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20165

55

105

155

205

255

5

55

105

155

205

255

1/31

yardeni.com



S&P 500 OFFICE ELECTRONICS INDEX*(XRX)

O1PR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016100

250

400

550

700

850

1000

100

250

400

550

700

850

1000

2/25

yardeni.com



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

O2PR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

290

490

690

890

1090

90

290

490

690

890

1090

2/25

yardeni.com



S&P 500 OIL & GAS DRILLING INDEX*(DO ESV HP NBR NE RIG)

ODPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

75

275

475

675

875

1075

2/25

yardeni.com



S&P 500 OIL & GAS EXPLORATION & PRODUCTION INDEX*(APA APC CHK COG COP DNR DVN EOGEQT MRO MUR NBL NFX PXD QEP RRC SWN XEC)

OEPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016100

225

350

475

600

725

850

100

225

350

475

600

725

850

2/25

yardeni.com



S&P 500 INTEGRATED OIL & GAS INDEX*(CVX HES OXY XOM)

OIPR.XTS C200MA 200

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

175

275

375

475

575

675

775

75

175

275

375

475

575

675

775

2/25

yardeni.com



S&P 500 OIL & GAS REFINING & MARKETING INDEX*(MPC PSX TSO VLO)

ORPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201685

135

185

235

285

335

385

85

135

185

235

285

335

385

2/25

yardeni.com



S&P 500 OFFICE SERVICES & SUPPLIES INDEX*(PBI)

OSPR.XTS C200MA 200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

350

50

100

150

200

250

300

350

2/25

yardeni.com



S&P 500 OIL & GAS STORAGE & TRANSPORTATION INDEX*(KMI OKE SE WMB)

OTPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

190

290

390

490

590

90

190

290

390

490

590

2/25

yardeni.com



S&P 500 PERSONAL PRODUCTS INDEX*(AVP EL)

P1PR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

125

200

275

350

425

50

125

200

275

350

425

2/25

yardeni.com



S&P 500 PUBLISHING*(GCI NWSA)

P3PR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201620

60

100

140

180

220

260

300

20

60

100

140

180

220

260

300

2/25

yardeni.com



S&P 500 PAPER PRODUCTS INDEX*(IP)

PAPR.XTS C200MA 200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201625

65

105

145

185

25

65

105

145

185

2/25

yardeni.com



S&P 500 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS INDEX*(AES NRG)

PIPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201660

100

140

180

220

260

60

100

140

180

220

2602/25

yardeni.com



S&P 500 PAPER PACKAGING INDEX*(AVY MWV SEE)

PPPR.XTS C200MA 200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

75

125

175

225

275

325

375

2/25

yardeni.com



S&P 500 DISTRIBUTORS*(GPC)

R1PR.XTS C200MA 200

Search for =MA



2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

70

100

130

160

190

220

250

40

70

100

130

160

190

220

250

2/25

yardeni.com



S&P 500 REAL ESTATE INVESTMENT TRUSTS*(AIV AMT AVB BXP EQR GGP HCN HCP HSTKIM MAC PCL PLD PSA SPG VNO VTR WY)

R2PR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

325

575

825

1075

1325

1575

75

325

575

825

1075

1325

15752/25

yardeni.com



S&P 500 APPAREL RETAIL*(GPS LB ROST TJX URBN)

RAPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

1275

75

275

475

675

875

1075

1275 2/25

yardeni.com



S&P 500 HOME IMPROVEMENT RETAIL*(HD LOW)

RBPR.XTS C200MA 200

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

150

225

300

375

450

525

75

150

225

300

375

450

525

2/25

yardeni.com



S&P 500 COMPUTER & ELECTRONICS RETAIL*(BBY GME)

RCPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

350

50

100

150

200

250

300

350

2/25

yardeni.com



S&P 500 DEPARTMENT STORES*(JWN KSS M)

RDPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

1275

75

275

475

675

875

1075

1275

2/25

yardeni.com



S&P 500 RESTAURANTS*(CMG DRI MCD SBUX YUM)

REPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

1275

75

275

475

675

875

1075

12752/25

yardeni.com



S&P 500 CONSUMER DISCRETIONARY RETAILING INDUSTRY GROUP*(AMZN AN ANF AZO BBBY BBY BIG EXPE FDO GME GPCGPS HD JCP JWN KMX KSS LOW LTD M ODP ORLYPCLN PETM ROST SHW SPLS TGT TIF TJX URBN)

RETAILPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

100

125

150

175

200

225

250

275

300

75

100

125

150

175

200

225

250

275

300

2/25

yardeni.com



S&P 500 FOOD RETAIL*(KR WFM)

RFPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

1275

75

275

475

675

875

1075

1275

2/25

yardeni.com



S&P 500 GENERAL MERCHANDISE STORES*(DG DLTR FDO TGT)

RGPR.XTS C200MA 200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

90

105

120

135

150

165

180

195

75

90

105

120

135

150

165

180

195

2/25

yardeni.com



S&P 500 HYPERMARKETS & SUPER CENTERS INDEX*(COST WMT)

RHPR.XTS C200MA 200

Search for =MA



2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

475

875

1275

1675

2075

2475

75

475

875

1275

1675

2075

2475

2/25

yardeni.com



S&P 500 INTERNET RETAIL*(AMZN EXPE NFLX PCLN TRIP)

RIPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

75

100

125

150

175

50

75

100

125

150

175

2/25

yardeni.com



S&P 500 SPECIALTY STORES*(PETM SPLS TIF)

RNPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016100

350

600

850

1100

1350

1600

100

350

600

850

1100

1350

1600

2/25

yardeni.com



S&P 500 RAILROADS INDEX*(CSX KSU NSC UNP)

RRPR.XTS C200MA 200

2008 2009 2010 2011 2012 2013 2014 2015 201650

70

90

110

130

150

170

50

70

90

110

130

150

1702/25

yardeni.com



S&P 500 RESEARCH & CONSULTING SERVICES INDEX*(DNB EFX NLSN)

RSPR.XTS C200MA 200

Search for =MA



2008 2009 2010 2011 2012 2013 2014 2015 201615

65

115

165

215

265

315

15

65

115

165

215

265

315

2/25

yardeni.com



S&P 500 REAL ESTATE SERVICES*(CBG)

RVPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201690

340

590

840

1090

1340

1590

90

340

590

840

1090

1340

1590

2/25

yardeni.com



S&P 500 DRUG RETAIL INDEX*(CVS WAG)

RXPR.XTS C200MA 200

Search for =MA



2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

50

100

150

200

250

3002/25

yardeni.com



S&P 500 CABLE & SATELLITE INDEX*(CMCSA CVC DTV TWC)

SAPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201660

310

560

810

1060

1310

1560

60

310

560

810

1060

1310

1560

2/25

yardeni.com



S&P 500 SEMICONDUCTORS INDEX*(ADI ALTR AVGO BRCMFSLR INTC LSI MCHPMU NVDA TXN XLNX)

SEPR.XTS C200MA 200

Search for =MA



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

100

150

200

250

300

350

50

100

150

200

250

300

350

2/25

yardeni.com



S&P 500 SPECIALIZED FINANCE INDEX*(CME ICE MCO MHFI NDAQ)

SFPR.XTS C200MA 200

2009 2010 2011 2012 2013 2014 2015 20162

6

10

14

18

22

26

2

6

10

14

18

22

26

2/25

yardeni.com



S&P 500 THRIFTS & MORTGAGE FINANCE INDEX*(HCBK PBCT)

SLPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201615

45

75

105

135

165

195

15

45

75

105

135

165

195

12/11

yardeni.com



S&P 500 COMMERCIAL PRINTING INDEX*(DISCONTINUED WITH MOVE OF RRD TO MIDCAP INDEX ON 12/12)

SPPR.XTS C200MA 200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

60

80

100

120

140

160

40

60

80

100

120

140

160

2/25

yardeni.com



S&P 500 SPECIALIZED CONSUMER SERVICES INDEX*(HRB)

SSPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201680

260

440

620

800

980

1160

1340

80

260

440

620

800

980

1160

1340

2/25

yardeni.com



S&P 500 SYSTEMS SOFTWARE INDEX*(CA MSFT ORCLRHT SYMC)

SYPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

150

225

300

375

450

75

150

225

300

375

450

2/25

yardeni.com



S&P 500 APPAREL, ACCESSORIES, & LUXURY GOODS*(COH FOSL KORS PVH RL UA VFC)

TAPR.XTS C200MA 200

Search for =MA



1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201650

150

250

350

450

550

650

50

150

250

350

450

550

650

2/25

yardeni.com



S&P 500 TRADING COMPANIES & DISTRIBUTORS INDEX*(FAST GWW URI)

TCPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201680

220

360

500

640

780

920

1060

1200

80

220

360

500

640

780

920

1060

1200

2/25

yardeni.com



S&P 500 INFORMATION TECHNOLOGY INDEX*

TEPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201610

55

100

145

190

235

10

55

100

145

190

235

2/25

yardeni.com



S&P 500 TIRES & RUBBER*(GT)

TIPR.XTS C200MA 200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201635

65

95

125

155

185

215

35

65

95

125

155

185

215

2/25

yardeni.com



S&P 500 TRUCKING INDEX*(R)

TKPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

275

475

675

875

1075

1275

75

275

475

675

875

1075

1275

2/25

yardeni.com



S&P 500 TOBACCO INDEX*(LO MO PM RAI)

TOPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

240

440

640

840

1040

1240

40

240

440

640

840

1040

1240

2/25

yardeni.com



S&P 500 COMMUNICATIONS EQUIPMENT INDEX*(CSCO FFIV HRS JNPR MSI QCOM)

TQPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016100

200

300

400

500

600

700

100

200

300

400

500

600

700

2/25

yardeni.com



S&P 500 TRANSPORTATION INDEX*(CHRW CSX EXPD FDX LUV NSC R UNP UPS)

TRPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

325

375

75

125

175

225

275

325

375

2/25

yardeni.com



S&P 500 INTEGRATED TELECOMMUNICATION SERVICES INDEX*(CTL FTR T VZ WIN)

TSPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

190

340

490

640

790

940

40

190

340

490

640

790

940

2/25

yardeni.com



S&P 500 BROADCASTING*(CBS DISCA SNI)

TVPR.XTS C200MA 200

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201675

125

175

225

275

75

125

175

225

275

2/25

yardeni.com



S&P 500 UTILITIES INDEX*

UTPR.XTS C200MA 200

Search for =MA



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201640

65

90

115

140

165

190

40

65

90

115

140

165

1902/25

yardeni.com



S&P 500 ENVIRONMENTAL & FACILITIES SERVICES INDEX*(RSG SRCL WM)

WMPR.XTS C200MA 200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015250

350

450

550

650

750

850

950

250

350

450

550

650

750

850

950 12/26

yardeni.com



S&P 500 DRUG RETAIL INDEX*(BF.B STZ)

200-day moving average

RXPR.XTS C200MA 200

Search for =MA



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Search For =MA · Search For =MA Yardeni Research, Inc. February 26, 2015 Amalia Please visit our sites at blog.yardeni.com thinking outside the box