Colby Global Markets Report

Transcription

1 Update on M ajor Asset Classes, with ch art s Colby Global Markets Report Prices and rankings as of the close on Friday, March 3, 2017 Contents Update on Major Asset Classes, with charts major U.S. stock sectors ranked in order of Relative Strength Top 10 ETFs Ranked by Major Trend Relative Strength Ranked: 143 Select Exchange Traded Funds (ETFs) More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked Colby Economic Expectations Index The U.S. stock market: short-term price momentum slowed moderately, but the main trend remains bullish.

2 On Balance Volume (OBV) is near recent highs. Trading volume is important because it takes rising volume to push prices up, while prices can fall of their own weight on light volume. OBV measures buying and selling pressure as a cumulative indicator that adds volume on up days and subtracts volume on down days. Traders and investors watch for divergences between OBV and price to predict possible price movements. We also use OBV to confirm price trends. Short-term price momentum slowed somewhat, as quantified by RSI(14). Slowing short-term price momentum from time to time is normal in an ongoing bull market. Longer term, the majority of the U.S. stock market price indexes remain systematically bullish: above their 50-day SMAs (simple moving averages), above their 200-day SMAs, and with the 50-day SMAs above the 200-day SMAs. Contrary Thinking: despite obvious stock market strength, investors appear to be only moderately greedy. The stock market tends to swing from one extreme to the opposite extreme as human emotions swing from greed to fear and back again. The current data shows that the $VIX Volatility Index still indicates bullish complacency, but the Equity Put/Call ratio appears more neutral. The latest AAII survey indicates moderate sentiment, with 37.91% Bullish, 26.47% Neutral, and 35.62% Bearish. The CNN Money Fear & Greed Index indicates greed at 74 on Friday, up from a neutral 50 on 1/31/17, but down from an extremely greedy 88 on 12/13/16. For details, see Widely-diverging investor opinions about the probable direction of the stock market going forward may be bullish. When nearly everyone is extremely bullish, we have to worry about a significant market top. Currently, we are not there yet, and there still may be underinvested skeptics available to be converted into fully-invested bulls. Many investors don't like or trust President Trump. Others are worried about already high stock price valuations, which do show that the market is richly priced, but valuation measures lack usefulness as market timing indicators, as overvalued stocks can become more overvalued when the trend is pointing upward. The trend skeptics may be allowing their biases to overwhelm objective and obvious evidence of the stock market's major uptrend. The trend is our friend. Although markets never offer any guarantees, the trends in multiple time frames put the probabilities in our favor. Economic growth prospects appear to be picking up, and investors are looking forward to President Trump's promised "phenomenal" comprehensive tax plan, including tax cuts for individuals as well as businesses. Time will tell whether reality can live up to hope--but, for the moment, the Path of Least Resistance is up. 2

3 $VIX Volatility Index fell to an extremely low level since the election. Such low implied volatility indicates extreme bullish complacency. History suggests that we should expect volatility to pick up from such low levels, eventually, and a pickup in volatility may create good trading opportunities ahead. The Equity Put/Call Ratio swings widely from day to day but shows average sentiment over the past 2 months. Options speculators appear to be simply reacting to the price action: when price goes up they trade more calls and when price goes down they trade more puts. The Art of Contrary Thinking would have little to say about the P/C ratio at this time. 3

4 The percentages of the S&P 500 stocks trading above their own 50- and 200-day Simple Moving Averages remain bullish. The 200 rose to its highest level in 6 months on 3/1/2017. The obvious conclusion is that the majority of the 500 stocks remain above their own 50- and 200-day moving averages, which is bullish. 4

5 $INDU, Dow Jones Industrial Average Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA The Dow Theory reconfirmed a Primary Tide Bull Market Trend on 3/1/2017, after previously confirming a Bullish trend on 11/10/2016. New highs for both the Dow Jones Industrial Average and the Dow Jones Transportation Average indicate a rising trend. Most of the other important stock market indicators also rose to higher highs on 3/1/2017. These other indicators, although very useful for market analysis, play no part in the interpretation of the traditional Dow Theory. 5

6 $TRAN, Dow Jones Transportation Average Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA $UTIL, Dow Jones Utility Average Short-term trend: up Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, above the 200-day SMA, but with the 50-day SMA below the 200-day SMA 6

7 $NYAD, Cumulative Daily Advance-Decline Line Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA $NYUD, Cumulative Daily Advancing-Declining Volume Line Short-term trend: uncertain Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 7

8 $NYHL, Number of Daily Net New Highs on the NYSE Short-term trend: uncertain Medium-term trend: uncertain Long-term trend: systematically neutral, below the 50-day SMA, below the 200-day SMA, but with the 50-day SMA above the 200-day SMA SPY, SPDR S&P 500 ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 8

9 QQQ, PowerShares QQQ Trust, Series 1, Nasdaq-100 Index ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA OEF, ishares S&P 100 Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 9

10 MDY, SPDR S&P MidCap 400 ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA IWM, ishares Russell 2000, SmallCap Index ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 10

11 BKF, ishares MSCI BRIC Short-term trend: uncertain Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA EEM, ishares MSCI Emerging Markets Short-term trend: uncertain Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 11

12 EFA, ishares MSCI EAFE Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA TLT, ishares 20+ Year U.S. Treasury Bond Short-term trend: down Medium-term trend: uncertain Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA 12

13 IEF, ishares 7-10 Year U.S. Treasury Bond Short-term trend: down Medium-term trend: uncertain Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA JNK, SPDR Barclays High Yield Bond ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 13

14 TIP, ishares TIPS Bond Short-term trend: down Medium-term trend: uncertain Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA UUP, PowerShares DB US Dollar Bullish ETF Short-term trend: uncertain Medium-term trend: uncertain Long-term trend: systematically neutral, at the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day 14

15 DBA, PowerShares DB Agriculture ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA USO, United States Oil ETF Short-term trend: down Medium-term trend: uncertain Long-term trend: systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 15

16 GLD, SPDR Gold Shares Short-term trend: uncertain Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA GDX, Market Vectors Gold Miners ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA 16

17 SLV, ishares Silver Trust Short-term trend: down Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, but with the 50-day SMA below the 200-day SMA JJC, ipath Bloomberg Copper Subindex Total Return ETN Short-term trend: uncertain Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 17

18 9 major U.S. stock sectors ranked in order of Relative Strength: Rank Stock Sectors Ranked by Relative Strength CLOSE C/50 SMA C/200 SMA 50/ Financial SPDR, XLF % 19.78% 14.00% 80 Technology SPDR, XLK % 11.75% 6.78% 70 Health Care SPDR, XLV % 6.02% -0.12% 60 Industrial SPDR, XLI % 11.08% 7.29% 50 Utilities SPDR, XLU % 4.35% -0.41% 40 Consumer Staples SPDR, XLP % 3.67% -0.37% 30 Consumer Discretionary SPDR, XLY % 7.13% 4.22% 20 Materials SPDR, XLB % 7.76% 5.51% 10 Energy SPDR, XLE % 2.04% 4.70% The table above shows our quantitative Relative Strength Rankings ("Rank", to the left) together with ratios of pure price performance in 3 different time frames: medium, longer, and longest term (to the right). Sectors Ranked above 50 (as shown in the 1st column to the left) are demonstrating aboveaverage Relative Strength, according to our completely objective quantitative algorithm. Those are the sectors most likely to outperform going forward. Sectors Ranked below 50 are demonstrating below-average Relative Strength and are most likely to underperform going forward. These rankings are computed using our proprietary quantitative algorithm and are not based on simple moving averages. The 3 columns on the right offer a different perspective on sector strength. They quantify each sectors' absolute price strength relative to the most widely-accepted simple moving averages (SMAs), expressed as a percentage of a shorter time period price divided by a longer time period's average price. C/50 is the latest closing price (C) divided by the 50-day SMA, and it indicates a medium-term view of performance. C/200 is the latest closing price (C) divided by the 200-day SMA and indicates a longer-term view. The longest-term view is shown by the 50/200, which is the 50-day SMA divided by the 200-day SMA. These ratios offer different views of the strength of each sector in 3 different time frames. Investors seeking to maximize returns should concentrate in the higher-ranked, strongest sectors while avoiding the lower-ranked, underperforming sectors. Relative Strength has worked very well for many decades, outperforming nearly every other method of stock selection. 18

19 Financial stock sector remains systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA. Technology stock sector remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA 19

20 Health Care stock sector turned systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA. Industrial stock sector remains systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA. 20

21 Utilities stock sector remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA. Consumer Staples stock sector turned systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA. 21

22 Consumer Discretionary stock remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA. Materials stock sector remains systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA. 22

23 Energy stock sector remains systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA. 23

24 Top 10 ETFs Ranked by Major Trend Relative Strength This list, updated each week, outperformed the S&P 500 since August, 2004, in simulation. To arrive at our Top 10 ETFs selections, we first measure trend momentum of each ETF over a long time frame spanning many months, according to our objective proprietary formula. Next, we rank 143 of the most important ETFs, from highest to lowest. Finally, we select the ten highestranked, best-performing ETFs, the ones with the strongest major trend price momentum. Research studies suggest that ETFs ranked in the top decile may have a greater probability of outperforming the market in the months ahead, while low ranked ETFs may have a greater probability of underperforming. For details on Relative Strength Ranking, please see Robert W. Colby's book, The Encyclopedia of Technical Market Indicators, Second Edition (2003), pages , or see our White Paper, "Introduction to the Screening Method for Analysis of Relative Strength", by Robert W. Colby, CMT, outlining some of the research behind our Relative Strength Ranking Method. Please note that this is a high-volatility strategy: the stocks that go up the most when the stock market is in a Bullish trend often go down the most during market corrections to the downside. In addition, please note that this Top 10 list is a research study and is not investment advice. Your use of this report means that you have read, understood, and accepted our Disclaimer on the last 2 pages of this report. Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/ Biotech SPDR, XBI XBI % 15.80% 5.32% 98 Financial Services DJ, IYG IYG % 21.12% 15.58% 97 Financial SPDR, XLF XLF % 19.78% 14.00% 97 Financials VIPERs, VFH VFH % 19.05% 13.98% 96 Brazil Index, EWZ EWZ % 15.20% 9.22% 95 Semiconductor is IGW, SOXX SOXX % 18.36% 14.80% 95 Technology DJ US, IYW IYW % 13.38% 7.99% 94 Latin Am 40, ILF ILF % 12.65% 6.31% 93 India Earnings WTree, EPI EPI % 8.57% 1.86% 92 Info Tech VIPERs, VGT VGT % 12.85% 7.59% 24

25 Ranked: 143 Select Exchange Traded Funds (ETFs) This list is filtered to exclude leveraged and inactive ETFs trading less than 90,000 shares a day on average. Ranks are based on our updated version of the Screening Method for Analysis of Relative Strength, using a proprietary formula, which measures trend momentum over a long time frame spanning many months. For details on Relative Strength Ranking, please see Robert W. Colby's book, The Encyclopedia of Technical Market Indicators, Second Edition (2003), pages , or see our White Paper, "Introduction to the Screening Method for Analysis of Relative Strength", by Robert W. Colby, CMT, outlining some of the research behind our Relative Strength Ranking Method. Research studies suggest that ETFs ranked in the top decile (highest tenth) of the list may have a greater probability of outperforming the market in the months ahead, while low ranked ETFs have a greater probability of underperforming. Rank, Interpretation 100 to 90, Buy 89 to 70, Hold 69 to 50, Neutral, Market Perform 49 to 30, Avoid 29 to 0, Sell Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/ Biotech SPDR, XBI XBI % 15.80% 5.32% 98 Financial Services DJ, IYG IYG % 21.12% 15.58% 97 Financial SPDR, XLF XLF % 19.78% 14.00% 97 Financials VIPERs, VFH VFH % 19.05% 13.98% 96 Brazil Index, EWZ EWZ % 15.20% 9.22% 95 Semiconductor is IGW, SOXX SOXX % 18.36% 14.80% 95 Technology DJ US, IYW IYW % 13.38% 7.99% 94 Latin Am 40, ILF ILF % 12.65% 6.31% 93 India Earnings WTree, EPI EPI % 8.57% 1.86% 92 Info Tech VIPERs, VGT VGT % 12.85% 7.59% 92 India PS, PIN PIN % 8.12% 1.41% 91 Financial DJ US, IYF IYF % 14.84% 10.20% 90 QQQ Nasdaq 100 Trust, QQQ QQQ.O % 11.71% 6.60% 90 Value LargeCap Dynamic PS, PWV PWV % 11.94% 6.94% 89 Technology SPDR, XLK XLK % 11.75% 6.78% 88 Capital Markets KWB ST, KCE KCE % 14.37% 10.74% 88 DIAMONDS (DJIA), DIA DIA % 11.63% 7.16% 87 Health Care SPDR, XLV XLV % 6.02% -0.12% 86 Semiconductor SPDR, XSD XSD % 14.67% 12.66% 86 Growth VIPERs, VUG VUG % 8.65% 3.96% 85 LargeCap Growth Russell 1000 is, IWF IWF % 8.90% 4.40% 84 LargeCap Blend S&P 100, OEF OEF % 9.35% 5.00% 25

26 84 Industrial SPDR, XLI XLI % 11.08% 7.29% 83 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O % 6.31% 0.69% 82 Homebuilders SPDR, XHB XHB % 6.82% 1.43% 82 LargeCap Growth S&P 500 is, IVW IVW % 8.25% 3.90% 81 LargeCap VIPERs, VV VV % 9.15% 5.14% 80 LargeCap Blend S&P 500 is, IVV IVV % 9.09% 5.07% 79 S&P 500 SPDRs LargeCap Blend, SPY SPY % 9.04% 5.05% 79 Utilities SPDR, XLU XLU % 4.35% -0.41% 78 Dividend Appreciation Vipers, VIG VIG % 7.38% 3.18% 77 LargeCap Blend Russell 1000 is, IWB IWB % 9.11% 5.20% 77 LargeCap Value S&P 500 is, IVE IVE % 9.82% 6.21% 76 Utilities VIPERs, VPU VPU % 4.70% 0.11% 75 Blend Total Market VIPERs, VTI VTI % 9.22% 5.43% 75 LargeCap Blend Russell 3000 is, IWV IWV % 9.21% 5.49% 74 MidCap Growth S&P 400 is, IJK IJK % 8.92% 5.70% 73 Transportation Av DJ, IYT IYT % 13.72% 10.94% 73 Value VIPERs, VTV VTV % 9.61% 6.22% 72 Basic Materials DJ US, IYM IYM % 9.80% 6.91% 71 LargeCap Value Russell 1000 is, IWD IWD % 9.26% 5.97% 71 Networking, IGN IGN % 11.94% 10.57% 70 MidCap S&P 400 SPDRs, MDY MDY % 9.86% 7.24% 69 MidCap Blend S&P 400 is, IJH IJH % 9.82% 7.18% 68 Turkey MSCI is, TUR TUR % -2.39% -8.21% 68 LargeCap Blend S&P=Weight R, RSP RSP % 8.64% 5.46% 67 Consumer Staples SPDR, XLP XLP % 3.67% -0.37% 66 WilderHill Clean Energy PS, PBW PBW % 3.50% 0.46% 66 Chile MSCI is, ECH ECH % 7.45% 3.28% 65 Emerging 50 BLDRS, ADRE ADRE % 6.80% 3.57% 64 Growth SmallCap VIPERs, VBK VBK % 8.05% 5.04% 64 SmallCap Growth Russell 2000 is, IWO IWO % 9.22% 6.53% 63 Frontier Markets Guggenheim, FRN FRN % 8.17% 4.88% 62 Netherlands Index, EWN EWN % 6.94% 1.97% 62 Global 100, IOO IOO % 8.04% 4.44% 61 Australia Index, EWA EWA % 6.88% 3.96% 60 Growth MidCap Russell, IWP IWP % 7.05% 3.99% 60 Emerging VIPERs, VWO VWO % 6.05% 2.53% 59 MidCap Russell, IWR IWR % 7.86% 5.10% 58 Value MidCap Russell, IWS IWS % 8.61% 6.04% 58 Small Cap VIPERs, VB VB % 9.20% 6.97% 57 Water Resources, PHO.O PHO.O % 7.00% 3.85% 56 MidCap Value S&P 400 is, IJJ IJJ % 10.29% 8.40% 26

27 55 Austria Index, EWO EWO % 11.20% 7.77% 55 SmallCap Growth S&P 600 is, IJT IJT % 10.37% 8.87% 54 Dividend U.S. DJ is, DVY DVY % 7.12% 3.94% 53 Silver Trust is, SLV SLV % -0.42% -4.42% 53 Consumer Discretionary SPDR, XLY XLY % 7.13% 4.22% 52 Pacific ex-japan, EPP EPP % 5.74% 2.41% 51 Emerging Markets MSCI is, EEM EEM % 5.81% 2.49% 51 Global LargeCap Blend MSCI is, ACWI ACWI % 7.08% 3.87% 50 Value SmallCap VIPERS, VBR VBR % 10.15% 8.57% 49 SmallCap Blend Russell 2000 is, IWM IWM % 10.41% 8.85% 49 Sweden Index, EWD EWD % 7.13% 4.14% 48 Singapore Index, EWS EWS % 4.35% 0.33% 47 South Korea Index, EWY EWY % 4.97% 3.11% 47 Taiwan Index, EWT EWT % 6.06% 3.38% 46 Germany Index, EWG EWG % 7.77% 4.77% 45 Materials SPDR, XLB XLB % 7.76% 5.51% 45 Hong Kong Index, EWH EWH % 4.33% -0.02% 44 SmallCap Blend S&P 600 is, IJR IJR % 10.21% 9.29% 43 SmallCap Value Russell 2000 is, IWN IWN % 11.46% 11.04% 42 Switzerland Index, EWL EWL % 5.01% 1.51% 42 China 25 is, FXI FXI % 4.38% 1.33% 41 Dividend SPDR, SDY SDY % 5.13% 2.45% 40 Mexico Index, EWW EWW % -0.03% -6.84% 40 South Africa Index, EZA EZA % 4.28% 1.15% 39 SmallCap Value S&P 600 is, IJS IJS % 9.99% 9.70% 38 SmallCap Blend EAFE MSCI is, SCZ SCZ.O % 4.32% 1.55% 38 Pacific VIPERs, VPL VPL % 5.21% 3.00% 37 European VIPERs, VGK VGK % 4.82% 2.10% 36 Real Estate US DJ is, IYR IYR % 0.73% -1.54% 36 Dividend High Yield Equity PS, PEY.O PEY.O % 7.42% 6.24% 35 Global ex U.S. LargeCap Blend, ACWX ACWX % 4.91% 2.39% 34 Europe 350 S&P Index, IEV IEV % 4.89% 2.12% 34 Growth EAFE MSCI, EFG EFG % 2.42% -0.44% 33 EMU Europe Index, EZU EZU % 6.25% 3.30% 32 Foreign LargeCap EAFE MSCI is, EFA EFA % 4.77% 2.34% 32 Microcap Russell, IWC IWC % 9.48% 9.43% 31 Value EAFE MSCI, EFV EFV % 7.09% 5.08% 30 United Kingdom Index, EWU EWU % 2.86% 0.86% 29 Dividend ex-u.s. DJ is, IDV IDV % 4.68% 3.01% 29 Metals & Mining SPDR, XME XME % 13.45% 16.71% 28 Spain Index, EWP EWP % 5.87% 2.31% 27

28 27 France Index, EWQ EWQ % 6.32% 3.57% 27 Thailand MSCI is, THD THD % 4.75% 3.15% 26 Gold Shares S.T., GLD GLD % -2.37% -4.74% 25 Realty Cohen & Steers, ICF ICF % -1.02% -2.33% 25 REIT VIPERs, VNQ VNQ % -0.74% -1.94% 24 Japan Index, EWJ EWJ % 4.39% 3.02% 23 REIT Wilshire, RWR RWR % -0.91% -1.99% 23 Italy Index, EWI EWI % 7.42% 5.64% 22 Dividend International, PID.O PID.O % 2.97% 2.11% 21 Bond, High Yield Corp iboxx is, HYG HYG % 2.33% 1.62% 21 Bond, High-Yield Junk, JNK JNK % 2.35% 1.65% 20 Belgium Index, EWK EWK % 1.46% -0.76% 19 Canada Index, EWC EWC % 4.21% 4.83% 18 Financial Preferred, PGF PGF % -0.91% -2.19% 18 Preferred Stock is, PFF PFF % -1.32% -2.15% 17 Oil, Crude, U.S. Oil Fund, USO USO % 2.10% 3.37% 16 Bond, Emerging Mkt JPM is, EMB EMB % -0.41% -1.36% 16 Commodity Tracking, DBC DBC % 3.20% 4.19% 15 Bond, TIPS U.S. Treasury is, TIP TIP % -0.89% -0.99% 14 Bond Treasury Short-Term is, SHV SHV % -0.07% -0.02% 14 Oil Fund PowerShares, DBO DBO % 2.67% 4.81% 13 Bond, 1-3 Year Treasury, SHY SHY % -0.57% -0.41% 12 Bond, Long-Term Corp iboxx is, LQD LQD % -2.25% -2.29% 12 Indonesia MV, IDX IDX % -1.03% -2.00% 11 Malaysia Index, EWM EWM % -4.93% -7.07% 10 Agriculture DB PS, DBA DBA % -1.82% -1.26% 10 Bond, Intermediate US Aggregate is, AGG AGG % -2.32% -2.08% 9 Bond, Muni S&P ATM-Free is, MUB MUB % -2.67% -2.40% 8 Russia MV, RSX RSX % 7.59% 11.40% 8 Bond, 10 Year Treasury, IEF IEF % -4.04% -3.67% 7 Bond Ex-US Treas, BWX BWX % -5.06% -5.18% 6 Telecom DJ US, IYZ IYZ % 0.62% 5.65% 5 Energy SPDR, XLE XLE % 2.04% 4.70% 5 Energy Global, IXC IXC % 1.42% 4.03% 4 Energy & Nat Res is GS, IGE IGE % 1.34% 4.51% 3 Bond, 20+ Years Treasury, TLT TLT.O % -8.07% -7.51% 3 Energy DJ, IYE IYE % 1.02% 4.08% 2 Energy VIPERs, VDE VDE % 1.33% 4.69% 1 Bear, Short S&P 500, SH SH % -9.36% -5.86% 28

29 More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked This list includes short, leveraged, and inactive funds trading less than 90,000 shares a day on average. Use caution when trading these funds. Rank, Interpretation 100 to 90, Buy 89 to 70, Hold 69 to 50, Neutral, Market Perform 49 to 30, Avoid 29 to 0, Sell Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/ D +3X Financial Bull, FAS FAS % 47.59% 30.76% 99 ULTRA TECHNOLOGY PROSHARES ETF ROM % 27.47% 16.24% 99 ULTRA FINANCIALS ETF UYG % 31.15% 21.05% 99 Brazil Market Vectors Small-Cap ETF BRF % 20.33% 9.00% 99 ULTRA QQQ PROSHARES ETF QLD % 23.94% 13.20% 99 ULTRA HEALTH CARE PROSHARES ETF RXL % 13.72% 0.71% 99 ULTRA DOW30 PROSHARES ETF DDM % 25.05% 15.02% 99 D +3X Emerging Mkts Bull, EDC EDC % 16.04% 6.37% 99 D +3X Small Cap Bull, TNA TNA % 30.30% 25.91% 98 ULTRA S&P500 PROSHARES ETF SSO % 19.08% 10.79% 98 ULTRA CONSUMER GOODS ETF UGE % 11.69% 2.24% 98 ULTRA UTILITIES PROSHARES ETF UPW % 8.74% -0.14% 98 ULTRA INDUSTRIALS ETF UXI % 22.22% 14.60% 98 PowerShares DB Base Metals Double Long ETN BDD % 24.69% 20.66% 98 SPDR S&P BIOTECH ETF XBI % 15.80% 5.32% 98 EQUUS TOTAL RETURN ETF EQS % 22.44% 11.88% 98 PS EMERGING INFRA PXR % 17.07% 6.77% 98 ULTRA BASIC MATERIALS ETF UYM % 19.89% 14.10% 98 ULTRA MIDCAP400 PROSHARES ETF MVV % 19.94% 14.68% 97 ULTRA SEMICONDUCTORS ETF USD % 26.85% 21.96% 97 ISHARES DJONES US REGNL BNKS IDX ETF IAT % 24.21% 19.51% 97 PS DYN SM CONDCTR PSI % 21.89% 16.95% 97 D +3X Devp Mkts Bull, DZK DZK % 15.16% 7.67% 97 MARKET VECTORS STEEL INDEX ETF SLX % 26.10% 21.91% 97 KBW REGIONAL BANKING ETF KRE % 25.05% 20.75% 97 FIRST TRUST BIOTECH INDEX CF ETF FBT % 10.97% 1.36% 97 ishares DJ US FIN ETF IYG % 21.12% 15.58% 97 KBW BANK ETF KBE % 24.19% 19.91% 96 FIRST TR NAS 100 TECH SECTR INDX ETF QTEC % 17.95% 11.97% 96 ISHARES DOW JONES US HM CONS IDX ETF ITB % 11.26% 3.01% 29

30 96 Financial SPDR, XLF XLF % 19.78% 14.00% 96 PROSHARES TR ULTRA SMALLCAP600 ETF SAA % 23.57% 20.85% 96 PWRSHRS DYNMIC HEATHCARE SEC ETF PTH.O % 12.59% 4.29% 96 REVENUE SHR FNCL RWW % 19.88% 14.29% 96 PROSHARES TR ULTRA RUSSELL2000 ETF UWM % 20.71% 17.72% 96 VANGUARD FINANCIALS ETF VFH % 19.05% 13.98% 96 ISHARES DOW JNS US MEDI DVCE IDX ETF IHI % 8.75% 1.64% 96 RYDEX S&P EQUAL WEIGHT FINANCIAL ETF RYF % 18.08% 13.35% 95 ishares BRAZIL ETF EWZ % 15.20% 9.22% 95 ISHARES S&P GSTI SOFTWARE INDEX ETF IGV % 10.83% 4.60% 95 BIOTECH HOLDRS BBH.O % 10.35% 2.76% 95 RYDEX S&P EQUAL WEIGHT TECHNOLGY ETF RYT % 14.30% 8.98% 95 ISHARES DJ US TECHNOLGY SCTR IDX ETF IYW % 13.38% 7.99% 95 ishares S&P LAT ETF ILF % 12.65% 6.31% 95 ISHARES DOW JONES US BRKR-DEALRS ETF IAI % 20.83% 17.25% 95 MORGAN STANLEY TECHNOLOGY ETF MTK % 13.37% 8.60% 95 ISHARES DOW JONES US AERO&DF IDX ETF ITA % 13.21% 8.17% 94 WISDOMTREE INDIA EARNINGS ETF EPI % 8.57% 1.86% 94 GABELLI EQUITY CF GAB % 8.38% 2.50% 94 VANGUARD INFORMATION TECHNOLOGY ETF VGT % 12.85% 7.59% 94 FIRST TRUST TECHNOLOGY ALPHADEX ETF FXL % 13.62% 8.84% 94 POWERSHARES INDIA PORTFOLIO ETF PIN % 8.12% 1.41% 94 ISHR NASDAQ BIO IBB.O % 8.76% 1.03% 94 ishares DJ US FNL ETF IYF % 14.84% 10.20% 94 ProShares Ultra Silver ETF AGQ % -5.16% % 94 REAVES UTILITY INCOME CF UTG % 10.59% 6.97% 94 SPDR S&P EMERGING LATIN AMERICA ETF GML % 10.24% 4.81% 93 TORTOISE ENERGY INFRASTRUCTURE ETF TYG % 8.80% 6.18% 93 CENTRAL SECURITY CET % 11.84% 6.82% 93 KAYNE AND MLP IN ETF KYN % 9.53% 4.25% 93 FIRST TR NAS 100 EQL WEGHTD INDX ETF QQEW % 12.34% 7.19% 93 ULTRA REAL ESTATE ETF URE % 2.76% -1.63% 93 QQQ Nasdaq 100 Trust, QQQ.O QQQ.O % 11.71% 6.60% 93 ISHARES S&P GSTI TECHNOLOGY INDX ETF IGM % 12.17% 7.26% 93 ishares S&P GLOB TEC ETF IXN % 12.17% 7.04% 93 VANGUARD HEALTH CARE ETF VHT % 6.93% 0.46% 93 PWRSHRS LARCAP ETF PWV % 11.94% 6.94% 92 FIRST TRUST FINANCIALS ALPHADEX ETF FXO % 13.65% 9.78% 92 KBW INSURANCE ETF KIE % 14.10% 9.99% 92 TECHNOLOGY SELEC SPDR ETF XLK % 11.75% 6.78% 92 SINGAPORE FUND ETF SGF % 9.65% 2.03% 30

31 92 KBW CAPITAL MARKETS ETF KCE % 14.37% 10.74% 92 HANCOCK BK THR BTO % 22.23% 20.08% 92 ISHARES DOW JONES US PHARMA IDX ETF IHE % 5.61% -0.51% 92 ishares DJ US HTH CRE ETF IYH % 6.68% 0.39% 92 PACHOLDER HIGH YIELD ETF PHF % 9.92% 5.56% 91 WISDOMTREE TOTAL EARNINGS ETF EXT % 12.02% 7.43% 91 RYDEX S&P EQUAL WEIGHT HLTH CARE ETF RYH % 6.15% 0.18% 91 TEMPLETON EMERGING MARKETS CF EMF % 8.94% 4.66% 91 ABERDEEN AUSTRALIA EQUITY CF IAF % 4.94% 1.75% 91 DIAMOND ETF DIA % 11.63% 7.16% 91 BARCLAYS IPATH MSCI INDIA RTRN INDX INP % 5.61% -0.55% 91 ROYCE VALUE CF RVT % 11.68% 8.20% 91 FT NASDAQ CLEAN EDGE US LQD INDX ETF QCLN % 9.23% 6.22% 91 FIDELITY NASDAQ COMPOSITE INDX ETF ONEQ % 11.59% 6.98% 91 HEALTH CARE SELC SPDR ETF XLV % 6.02% -0.12% 90 VANGUARD Mega Cap Growth MGK % 9.33% 4.24% 90 WSDMTREE EMRG MKTS SMALLCAP DVD ETF DGS % 7.84% 2.50% 90 KAYNE ANDERSON ENERGY TOTAL RETRN CF KYE % 13.84% 10.58% 90 WISDOMTREE EARNINGS 500 ETF EPS % 11.48% 6.96% 90 ISHARES DOW JONES US HLTH CRE IDX ET IHF % 8.75% 3.53% 90 PWRSHRS BIOTEC ETF PBE % 8.24% 1.70% 90 Dow Jones-AIG Industrial Metals Total Return JJM % 15.59% 11.46% 90 ishres LRG CORE ETF JKD % 10.46% 5.65% 90 ishares S&P GLOB FIN ETF IXG % 15.19% 11.02% 89 MACQUARIE GLBL INFRASTRUCTURE CF MGU % 5.23% 0.02% 89 SPDR S&P SEMICONDUCTOR ETF XSD % 14.67% 12.66% 89 FIRST TR INDL PROD DRBL ALPHADEX ETF FXR % 14.64% 11.00% 89 ISHSP GBL TMBFOR WOOD % 13.38% 8.90% 89 POWERSHARES AEROSPACE & DEFENSE ETF PPA % 11.25% 7.16% 89 FT NASDAQ100 EX TCHNO SCTR INDX ETF QQXT % 9.17% 4.58% 89 SPDR SP INT TEC IPK % 11.14% 6.89% 89 BOULDER GROWTH & INCOME ETF BIF % 10.48% 6.61% 89 FIRST TRUST HEALTH CARE ALPHADEX ETF FXH % 6.28% 0.94% 89 RYDEX RUSSELL TOP50 ETF XLG % 9.53% 4.89% 88 SEMICONDUCTOR HOLDRS SMH % 14.87% 11.45% 88 VANGUARD GROWTH ETF VUG % 8.65% 3.96% 88 LIBERTY ALL STAR GROWTH FUND CF ASG % 7.45% 3.13% 88 RYDEX S&P EQUAL WGHT INDTRL ETF RGI % 11.67% 7.99% 88 PWRSHRS DYNMIC TECHNOLOGY SEC ETF PTF.O % 9.08% 4.64% 88 PWSHS FTSE RAFI ASIA PCFC EX JPN ETF PAF % 11.21% 6.97% 88 ISHARES DOW JONES US INSUR IDX ETF IAK % 13.26% 9.54% 31

32 88 ishares RU 1000 GR ETF IWF % 8.90% 4.40% 88 PWRSHRS EMERGING MARKETS ETF PXH % 11.93% 8.18% 88 H&Q HEALTHCARE INVESTORS CF HQH % 1.98% -3.65% 87 ishares S&P100 ETF OEF % 9.35% 5.00% 87 INDUSTRIAL SELEC SPDR ETF XLI % 11.08% 7.29% 87 RYDEX S&P 500 PURE VALUE ETF RPV % 11.25% 8.19% 87 GABELLI GLOBAL MULTIMEDIA CF GGT % 7.20% 2.33% 87 PIMCO CORP INCOME CF PCN % 7.76% 3.78% 87 PowerShares DB Base Metals Fund DBB % 13.70% 10.77% 87 LMP CAPITAL & INCM CF SCD % 7.22% 3.04% 87 MORGAN STANLEY INDIA INVESTMENT CF IIF % 5.34% 0.32% 87 VANGUARD Mega Cap MGC % 9.31% 5.12% 86 ISHARES MSCI ISRAEL CAPED INVBLE ETF EIS % 5.54% 0.80% 86 ishares S&P GLOB HEALTH ETF IXJ % 4.45% -1.27% 86 EATON VANCE TAX ADVANTAGED OPP CF ETO % 5.95% 1.47% 86 PS NASDAQ INTRNT PNQI % 9.78% 5.69% 86 PWRSHRS GLD DRAG ETF PGJ.O % 6.31% 0.69% 86 ISHARES MSCI BRIC INDEX ETF BKF % 8.47% 3.93% 86 SPDR S&P HOMEBUILDERS ETF XHB % 6.82% 1.43% 86 CLYMR ZACKS MID CAP CORE ETF CZA % 9.22% 5.40% 86 POWERSHARES DWA TECHNICL LEADERS ETF PDP.O % 6.65% 2.30% 86 JF CHINA REGION CF JFC % 7.56% 2.67% 85 ISHARES S&P 500 GROWTH INDEX ETF IVW % 8.25% 3.90% 85 ishares SEL SOC ETF KLD % 8.48% 4.33% 85 CORNERSTONE TOTAL RETURN CF CRF % 4.12% -1.69% 85 LAZARD GLOBAL TOTAL RETURN INCOME CF LGI % 7.66% 4.17% 85 VANGUARD VALUE LARGE-CAP RUSSELL 1000 VV % 9.15% 5.14% 85 First Trust Total US Market AlphaDEX ETF TUSA % 12.10% 9.36% 85 Dow Jones-AIG Copper Total Return ETN JJC % 16.39% 13.81% 85 TEMPLETON DRAG TDF % 4.36% -0.55% 85 ishares S&P 500 ETF IVV % 9.09% 5.07% 84 ISHR MGSTR LGTH JKE % 7.81% 3.54% 84 SPDR LARGCAP ETF SPY % 9.04% 5.05% 84 VANGUARD S&P 500 VOO % 9.09% 5.09% 84 FIDUCIARY/CLAYMORE MLP OPPORTUNTY CF FMO % 11.45% 7.55% 84 TRI CONTINENTAL TY % 9.26% 5.46% 84 UTILITIES SELECT SPDR ETF XLU % 4.35% -0.41% 84 PIMCO CORPORATE OPPORTUNITY CF PTY % 8.25% 3.98% 84 VANGUARD DIVIDEND APPRECIATION ETF VIG % 7.38% 3.18% 84 NUVEEN DIVERSIFIED DIVIDEND INCM CF JDD % 5.80% 1.48% 84 ishares RU 1000 ETF IWB % 9.11% 5.20% 32

33 83 CLOUGH GLOBAL ALLOCATION CF GLV % 8.08% 4.00% 83 ishares DJ US TOT ETF IYY % 9.14% 5.33% 83 ishares MID CORE ETF JKG % 8.30% 4.56% 83 ISHARES S&P 500 VALUE INDX FUND ETF IVE % 9.82% 6.21% 83 EATON VANCE TAX ADVANTAGED GLOBAL CF ETG % 5.43% 1.28% 83 VANGUARD UTILITIES ETF VPU % 4.70% 0.11% 83 VANGUARD TOTAL STOCK MARKET ETF VTI % 9.22% 5.43% 83 ishares RUSS 3000 INDEX ETF IWV % 9.21% 5.49% 83 H&Q LIFE SCIENCES INVESTOR CF HQL % 5.42% -1.10% 83 VANGUARD INDUSTRIALS ETF VIS % 10.91% 7.57% 82 WISDOMTREE LOW P/E ETF EZY % 9.62% 5.96% 82 POWERSHARES DYNAMIC UTILTS PRTFL ETF PUI.O % 4.59% 0.15% 82 PWRSHRS LARCAP GR ETF PWB % 7.38% 3.42% 82 SPDR SP EMG SC EWX % 6.67% 1.90% 82 ishares DJ US UTIL ETF IDU % 4.37% -0.23% 82 ishares LRG VAL ETF JKF % 9.57% 5.93% 82 ISHARES S&P MIDCAP 400 GR FUND ETF IJK % 8.92% 5.70% 82 ishares DJ IND SEC ETF IYJ % 10.02% 6.55% 82 CLAYMORE/SABRIENT INSIDER ETF NFO % 6.77% 2.60% 81 FIRST TRUST MORNINGSTAR DIV LDRS ETF FDL % 7.35% 3.45% 81 PCM FUND CF PCM % 10.50% 5.85% 81 ISHARES DJ TRANSPTN AVG INDX ETF IYT % 13.72% 10.94% 81 ishares DJ US CON GDS ETF IYK % 5.02% 0.50% 81 FIRST TRUST ISE CHINDIA INDEX ETF FNI % 6.75% 1.80% 81 VANGUARD VALUE ETF VTV % 9.61% 6.22% 81 SWISS HELVETIA CF SWZ % 6.64% 2.07% 81 FIRST TR STR FD FHY % 6.21% 3.18% 81 PUTNAM PREM INCM PPT % 9.61% 5.06% 81 VANGUARD MID-CAP VALUE ETF VOE % 9.34% 6.02% 80 WT DRYFS BRAZ RL BZF % 9.28% 6.38% 80 SPDR S&P CHINA ETF GXC % 6.69% 2.33% 80 NICHOLAS APPLEGATE CONV & INCM II CF NCZ % 8.49% 5.08% 80 REVENUESHARES LC RWL % 8.71% 5.26% 80 VANGUARD Mega Cap Value MGV % 9.39% 5.94% 80 PWRSHRS NETWRK ETF PXQ % 11.81% 8.95% 80 GABELLI CONVERTBLE & INCM SECURTY CF GCV % 5.81% 1.80% 80 NICHOLAS APPLEGATE CONVER & INCM CF NCV % 6.98% 2.83% 80 WISDOMTREE JAPAN SMALCP DIVIDEND ETF DFJ % 9.42% 6.23% 79 FIRST TRUST ENHANCED EQUITY INCM ETF FFA % 7.40% 3.12% 79 ishares DJ BASIC ETF IYM % 9.80% 6.91% 79 SPDR S&P EMERGING MARKETS ETF GMM % 7.03% 3.06% 33

34 79 ishares RU 1000 VA ETF IWD % 9.26% 5.97% 79 PWRSHRS DYNMIC BSC MATRLS SEC ETF PYZ.O % 8.71% 5.73% 79 ISHARES S&P GSTI NETWORKING INDX ETF IGN % 11.94% 10.57% 79 SPDR DJ GLOBAL TITANS ETF DGT % 9.49% 5.96% 79 SPDR MIDCAP 400 ETF MDY % 9.86% 7.24% 79 TEMPLETON EMER TEI % 6.59% 3.60% 79 ishares S&P MD 400 ETF IJH % 9.82% 7.18% 78 RYDEX S&P SMALLCP 600 PURE GRWTH ETF RZG % 11.12% 9.28% 78 ISHARES MSCI TURKEY INVBLE MRKT ETF TUR % -2.39% -8.21% 78 ishares MID GRWTH ETF JKH % 7.26% 3.96% 78 Equal Weight SPX 500 ETF (RSP) RSP % 8.64% 5.46% 78 NUVEEN SENIOR INCOME CF NSL % 10.62% 7.20% 78 WISDOMTREE LARGECAP DIVIDEND ETF DLN % 7.92% 4.47% 78 CONSUMER STAPLES SPDR ETF XLP % 3.67% -0.37% 78 DTF TAX FREE INCOME CF DTF % 0.37% -4.95% 78 PUTNAM HIGH INCOME SECURITIES ETF PCF % 7.61% 5.25% 78 VANGUARD MID-CAP ETF VO % 8.14% 4.98% 77 CLMR ALPSH CH RL TAO % 4.49% -0.41% 77 LMP CORPORATE LOAN CF TLI % 8.92% 7.12% 77 VANGUARD EXTENDED MARKET ETF VXF % 9.77% 7.33% 77 WISDOMTREE JAPAN TOTAL DIVIDEND ETF DXJ % 14.25% 12.30% 77 BLDRS ASIA50ADR ETF ADRA % 9.69% 6.17% 77 PWRSHRS WILDHLL ETF PBW % 3.50% 0.46% 77 ISHARES KLD 400 SOCIAL INDEX ETF DSI % 7.89% 4.70% 77 CLAYMORE SABRIENT DEFENDER ETF DEF % 6.08% 2.14% 77 ISHARES MSCI CHILE INDEX ETF ECH % 7.45% 3.28% 76 BLDRS EMERMKT50 ETF ADRE % 6.80% 3.57% 76 SPDR S&P EMERGING ASIA PACIFIC ETF GMF % 5.43% 1.19% 76 TAIWAN FUND ETF TWN % 7.38% 3.13% 76 PWRSHRS PHARM ETF PJP % -1.29% -5.50% 76 POWERSHARES CLEANTECH ETF PZD % 8.10% 4.90% 76 EATON VANCE SENIOR FLOATING RATE CF EFR % 10.30% 6.40% 76 GENERAL AMERICAN INVESTORS CF GAM % 5.14% 1.51% 76 POWERSHARES FTSE RAFI ETF PRF % 9.26% 6.39% 76 PWRSHRS SFTWRE ETF PSJ % 7.45% 4.09% 76 VANGUARD SMALL-CAP GROWTH ETF VBK % 8.05% 5.04% 75 EATON VANCE TAX ADVANTAGE DIVIDND CF EVT % 6.36% 4.15% 75 WISDOMTREE TOTAL DIVIDEND ETF DTD % 7.79% 4.67% 75 POWERSHARES BUYBACK ACHIEVERS ETF PKW.O % 9.39% 6.40% 75 GABELLI DIVIDEND & INCOME CF GDV % 7.28% 4.31% 75 ASIA TIGERS CF GRR % 5.07% 1.01% 34

35 75 RYDEX S&P MIDCAP 400 PURE GROWTH ETF RFG % 7.60% 4.54% 75 FIRST TRUST VALUE DIVIDEND INDEX ETF FVD % 7.13% 4.03% 75 ASIA PACIFIC CF APB % 5.56% 1.57% 75 VANGUARD MATERIALS ETF VAW % 9.53% 6.99% 75 CLYMR DEL GL SPG SEA % 8.23% 5.40% 74 ISHARES RUSSELL 2000 GROWTH INDX ETF IWO % 9.22% 6.53% 74 WESTERN ASSET PREMIER BOND CF WEA % 3.01% 0.37% 74 CMR BNY MLN FNTR FRN % 8.17% 4.88% 74 COHEN STEERS QUAL INCOME REALTY CF RQI % 1.31% -1.28% 74 ING ASIA PAC HIGH DIVID EQY INCM ETF IAE % 4.85% 0.98% 74 ishares NETHLND ETF EWN % 6.94% 1.97% 74 FIRST TRUST IPOX 100 INDEX ETF FPX % 7.54% 4.16% 74 EATON VANCE SENIOR INCOME CF EVF % 9.24% 5.95% 74 VANGUARD HIGH DIVIDEND YIELD ETF VYM % 7.69% 4.46% 73 ishares S&P GL100 ETF IOO % 8.04% 4.44% 73 BLACKROCK ENHCD CAPITL AND INCOME CF CII % 5.98% 2.16% 73 FIRST TRUST INTERNET INDEX CF ETF FDN % 9.21% 6.66% 73 DELAWARE INVSTMNTS DIV AND INCM ETF DDF % 5.88% 2.77% 73 PWRSHRS DYNMIC INDUSTRIALS SEC ETF PRN.O % 7.17% 4.39% 73 ishares AUSTRAL ETF EWA % 6.88% 3.96% 73 VANGUARD CONSUMER STAPLES ETF VDC % 3.57% -0.04% 73 FIRST TRUST ISE WATER INDEX ETF FIW % 9.87% 7.39% 73 ishares RUS MIDGRW ETF IWP % 7.05% 3.99% 73 VANGUARD MID-CAP GROWTH ETF VOT % 6.75% 3.81% 72 ML PHARMACEUTICAL HOLDRS PPH.O % -0.11% -5.08% 72 VANGUARD Total World Stock Index ETF VT % 7.29% 3.96% 72 RYDEX S&P EQUAL WEIGHT UTILITIES ETF RYU % 3.50% -0.13% 72 ISHS FTSE NAREIT MRTGE REITS IDX ETF REM % 6.39% 2.74% 72 VANGUARD EMERGING MARKETS ETF VWO % 6.05% 2.53% 72 PWRSHRS DYNMIC FINANCIAL SECTOR ETF PFI.O % 5.16% 1.37% 72 ishares RUS MID ETF IWR % 7.86% 5.10% 72 ishares RUS MIDVAL ETF IWS % 8.61% 6.04% 72 PWRSHRS DYNMIC CNSUMR STAPLS SEC ETF PSL.O % 2.88% -1.62% 71 VANGUARD SMALL-CAP ETF VB % 9.20% 6.97% 71 POWERSHARES WATER RESC PORTFOLIO ETF PHO.O % 7.00% 3.85% 71 ISHARES S&P MIDCAP 400 VAL INDEX ETF IJJ % 10.29% 8.40% 71 ishares AUSTRIA ETF EWO % 11.20% 7.77% 71 SPDR S&P PHARMACEUTICALS ETF XPH % -0.41% -5.25% 71 ISHARES S&P S CAP600 GR FUND ETF IJT % 10.37% 8.87% 71 GREATER CHINA FD GCH % 6.53% 2.55% 71 ishares DJ SEL DIV ETF DVY % 7.12% 3.94% 35

36 71 WSDM TREE EMRG MKT HGH YLD EQTY ETF DEM % 7.17% 4.34% 71 LATIN AMERICAN DISCOVERY CF LDF % 5.24% 2.13% 70 ISHARES S&P GBL INDTRLS SCTR IND ETF EXI % 8.34% 5.21% 70 RYDEX S&P 500 PURE GROWTH ETF RPG % 6.32% 2.98% 70 ishares Silver Trust ETF SLV % -0.42% -4.42% 70 CLAYMORE TR 2 CHINA SML CP INDX ETF HAO % 4.73% 0.05% 70 ISHR MSCI ASA JP AAXJ % 4.93% 1.47% 70 ipath Dow Jones-AIG Cotton Total Return Sub-I BAL % 9.07% 4.96% 70 CONSUMER DISCRE SPDR ETF XLY % 7.13% 4.22% 70 CLAYMORE CLEAR SPIN OFF ETF CSD % 8.15% 5.25% 70 WISDOMTREE MIDCAP EARNINGS ETF EZM % 9.49% 7.34% 70 ISHRS MID VALUE ETF JKI.O % 10.31% 8.30% 69 ishares MSCI PAC ETF EPP % 5.74% 2.41% 69 Dow Jones-AIG Nickel Total Return ETN JJN % 7.04% 0.93% 69 MORGAN STANLEY ASIA PACIFIC CF APF % 2.87% -0.26% 69 REVENUE SHRS ADR RTR % 9.81% 7.74% 69 NUVEEN CORE EQUITY ALPHA ETF JCE % 2.79% -0.80% 69 ishares MSCI EMR ETF EEM % 5.81% 2.49% 69 ISHARES MSCI ACWI INDEX ETF ACWI % 7.08% 3.87% 69 VANGUARD SMALL-CAP VALUE ETF VBR % 10.15% 8.57% 69 FIRST TRUST MATERIALS ALPHADEX ETF FXZ % 9.79% 7.56% 68 WISDOMTREE INTL SMALLCP DIVIDEND ETF DLS % 6.77% 3.61% 68 PWRSHRS MKT POR ETF PWC % 9.11% 7.33% 68 ishares RUSS 2000 ETF IWM % 10.41% 8.85% 68 EATON VANCE TAXMNGD DVFD EQ INCM ETF ETY % 5.01% 1.05% 68 CLAYMORE/BNY BRIC ETF EEB % 9.22% 6.60% 68 ishares SML GRWTH ETF JKK % 7.55% 5.02% 68 MFS SPECIAL VAL MFV % 5.59% 2.13% 68 PIMCO FLOATING RATE INCOME CF PFL % 5.89% 3.01% 68 ishares SWEDEN ETF EWD % 7.13% 4.14% 68 MARKET VECTORS GLBL ALTNTV ENRGY ETF GEX % 4.80% 2.12% 67 KAYNE ANDERSON ENERGY ORD KED % 6.54% 3.77% 67 REVENUESHARES SC RWJ % 11.44% 10.72% 67 VANGUARD CONSUMER DISCRETIONARY ETF VCR % 7.24% 4.56% 67 SPDR SP INT HEL IRY % 0.98% -3.53% 67 ISHARES MSCI KOKUSAI INDEX ETF TOK % 6.91% 3.81% 67 PIMCO FLOATING RATE STRATEGY CF PFN % 6.75% 3.40% 67 EATON VANCE ENHANCED EQTY INCOME CF EOI % 3.31% 0.23% 67 ishares DJ US COM SER ETF IYC % 6.93% 4.51% 67 ishares MSCI SNG ETF EWS % 4.35% 0.33% 66 ISHARES S&P GBL MATERLS SCR IDX ETF MXI % 10.17% 8.13% 36

37 66 ISHARES S&P ASIA 50 INDEX ETF AIA.O % 6.05% 3.01% 66 ROYCE MICRO CAPITAL CF RMT % 7.87% 6.25% 66 SPDR SP INT FIN IPF % 10.22% 7.33% 66 RYDEX S&P EQUAL WGT CONSMR STPLS ETF RHS % 2.73% -0.66% 66 ISHARES MSCI SOUTH KOREA ETF EWY % 4.97% 3.11% 66 ishares SML VALUE ETF JKL % 10.71% 9.50% 66 FRANKLIN UNIV FT % 4.30% 1.34% 66 POWERSHARES DIVIDEND ACHIEVERS ETF PFM.O % 5.33% 2.33% 66 ishares SML CORE ETF JKJ % 9.41% 7.82% 65 LIBERTY ALL-STAR EQUITY CF USA % 6.89% 4.11% 65 ipath Global Carbon ETN (GRN) GRN % 4.31% 1.92% 65 BANCROFT CF BCV % 6.81% 4.35% 65 CLAYMORE RAYMONDS JAMES ETF RYJ % 9.61% 7.94% 65 ELEMENTS Rogers International Commodity Metal RJZ % 6.21% 3.67% 65 PWRSHRS DEV MKTS EX US SMALL MID ETF PDN % 5.50% 2.76% 65 ishares MSCI GER ETF EWG % 7.77% 4.77% 65 MATERIALS SELEC SPDR ETF XLB % 7.76% 5.51% 65 NICHOLAS APPLE EQTY & CONV INC ETF NIE % 5.29% 2.07% 65 BLACKROCK ENHANCED DIV ACHIEVERS CF BDJ % 6.48% 3.76% 64 ISHARES S&P GBL CONSU STPLS SCTR ETF KXI % 1.56% -2.12% 64 NUVEEN R EST INM JRS % 2.12% -1.69% 64 ishares HONG KNG ETF EWH % 4.33% -0.02% 64 LAZARD WORLD DIVIDEND & INCOME CF LOR % 6.84% 4.46% 64 ishares S&P SM 600 ETF IJR % 10.21% 9.29% 64 PowerShares DB Silver Fund DBS % -2.17% -5.02% 64 ishares MSCI SNG ETF FEO % 1.77% -1.62% 64 ishares RUSS2000V ETF IWN % 11.46% 11.04% 64 WEBS SWITZERLAND ETF EWL % 5.01% 1.51% 63 BLDRS EUR100ADR ETF ADRU % 3.66% 0.38% 63 WISDOMTREE MIDCAP DIVIDEND ETF DON % 7.02% 4.89% 63 WESTERN ASST VARIABL RTE STRT CF GFY % 5.47% 2.37% 63 PowerShares DB Commodity Double Long ETN DYY % 21.03% 20.21% 63 ishares FTSE CHNA ETF FXI % 4.38% 1.33% 63 ING GLOBAL ADVANTAGE PREMIUM OPP CF IGA % 5.40% 2.33% 63 CORNERSTONE STRATEGIC VALUE CF CLM % 2.17% -2.75% 63 CLAYMORE/CLEAR GLOBAL TIMBER IDX ETF CUT % 7.66% 5.02% 63 JOHN HANCOCK TAX ADVANTAGED INCM CF HTD % 3.27% 0.66% 63 FIRST TRUST UTILITIES ALPHADEX ETF FXU % 4.86% 2.68% 62 TURKISH INVESTMENT ETF TKF % -4.68% % 62 SPDR S&P DIVIDEND ETF SDY % 5.13% 2.45% 62 MADISON/CLMR COV CALL & EQU STRT ETF MCN % 5.47% 1.16% 37

38 62 VAN KAMPEN SENIOR INCOME ETF VVR % 8.15% 5.56% 62 ELLSWORTH ETF ECF % 5.87% 4.03% 62 SPDR SP INT IND IPN % 6.43% 3.14% 62 KOREA EQUITY CF KEF % 2.93% 0.36% 62 POWERSHARES DYNAMIC BLDG CONSTRN ETF PKB % 8.54% 6.27% 62 JOHN HANCOCK INVESTORS CF JHI % 5.17% 1.84% 61 COHEN STEERS SELECT UTILITY CF UTF % 2.85% -1.42% 61 EATON VCE TAX MGD GLBL DIVFD EQY ETF EXG % 1.50% -1.71% 61 COHEN & STEERS CLSD END OPPTY FD ETF FOF % 5.06% 1.91% 61 MARKET VECTORS COAL ETF KOL % 15.10% 12.59% 61 ISHS FTSE NAREIT RESIDENTL IDX ETF REZ % 0.21% -2.69% 61 REVENUESHARES MC RWK % 9.36% 7.93% 61 RYDEX S&P MIDCAP 400 PURE VALUE ETF RFV % 11.20% 10.43% 61 POWERSHARES GLOBAL CLEAN ENERGY ETF PBD % 2.48% -0.18% 61 POWERSHARES LISTED PRIVATE EQTY ETF PSP % 7.75% 5.84% 61 NUVEEN TAX-ADVANTAGED TOTAL RETN CF JTA % 4.12% 0.99% 60 WISDOMTREE INTL MIDCAP DIVIDEND ETF DIM % 5.79% 3.06% 60 BLACKROCK DEBT STRATEGIES CF DSU % 6.44% 4.41% 60 ISHARES S&P GBL UTILITS SCTR IDX ETF JXI % 1.32% -2.83% 60 ISH SP GBLCL ENG ICLN % -0.17% -4.10% 60 ishares MEXICO ETF EWW % -0.03% -6.84% 60 ishares SOUT AFR ETF EZA % 4.28% 1.15% 60 WISDOMTREE EUROPE HGH YLDNG EQTY ETF DEW % 5.87% 3.33% 60 NEW GERMANY FUND GF % 3.43% -0.16% 60 BLKRK LT DR INC BLW % 4.97% 2.74% 60 WISDOMTREE DIVIDEND TOP 100 ETF DTN % 5.95% 3.52% 59 DJ EURO STOXX 50 ETF FEZ % 7.20% 3.74% 59 ISHR SP AGR ALC AOA % 5.38% 2.79% 59 BLACKROCK GLOBAL OPPORTUNITIES EQ CF BOE % 3.74% 1.01% 59 POWERSHARES GLOBAL WATER ETF PIO.O % 2.68% -0.79% 59 ProShares Ultra Gold ETF UGL % -6.63% % 59 PWSHS TR FTSE RAFI US 1500 SMMD ETF PRFZ % 9.72% 9.18% 59 ISHARES S&P S CAP600 VAL FND ETF IJS % 9.99% 9.70% 59 RYDEX S&P EQUAL WEIGHT MATRLS ETF RTM % 8.14% 6.75% 59 DIVIDEND CAPITAL RLTY INCM ALLC ETF DCA % 3.81% 0.48% 58 VANGUARD Total International Stock VXUS % 5.14% 2.56% 58 E-TRACS CMCI Long Platinum ETN PTM % -1.90% -4.19% 58 WISDOMTREE HIGH YIELDING EQUITY ETF DHS % 4.36% 2.05% 58 ISHARES MSCI EAFE SMALL CAP IDX ETF SCZ.O % 4.32% 1.55% 58 VANGUARD FTSE ALL WORLD EX US ETF VEU % 5.19% 2.62% 58 WISDOMTREE SMALLCAP EARNINGS ETF EES % 11.18% 11.30% 38

39 58 GABELLI GLOBAL UTILITY & INCOME CF GLU % 1.09% -1.35% 58 JAPAN SMALLER CAPITALIZATION CF JOF % 3.54% 0.00% 58 WISDOMTREE EUROPE SMLCP DIVIDEND ETF DFE % 5.33% 3.02% 58 EUROTOP 100 FEU % 4.65% 1.58% 57 PS DYN MEDIA PF PBS % 6.83% 5.86% 57 VANGUARD PACIFIC ETF VPL % 5.21% 3.00% 57 BLACKROCK HEALTH SCIENCES CF BME % 1.36% -2.78% 57 NUVEEN MULTI STRATEGY INC & GRT 2 CF JQC % 6.43% 4.22% 57 PowerShares DB Gold Double Long ETN DGP % -8.41% % 57 PowerShares DB Agriculture Double Long ETN DAG % -0.78% -2.31% 57 NUVEEN QUALITY PREFERRED INCOME 2 CF JPS % 3.38% 1.24% 57 FIRST TRUST DJ SEL MICROCAP INDX ETF FDM % 13.29% 14.21% 57 ISHARES S&P GB CONS DSCRTRY SCTR ETF RXI % 5.66% 3.77% 56 NUVEEN FLOATG RATE INCM OPPORTNTY CF JRO % 10.14% 9.39% 56 TEMPLETON GLOBAL INCOME CF GIM % 4.06% 2.43% 56 SPDR MSCI ACWI EX US ETF CWI % 5.05% 2.47% 56 BLDRS DEVMKT100 ETF ADRD % 4.86% 2.26% 56 VANGUARD EUROPEAN ETF VGK % 4.82% 2.10% 56 PIONEER FL RT TR PHD % 6.47% 3.73% 56 FT ISE GBL EN CO FLM % 7.88% 5.95% 56 ishares DJ US REAL ETF IYR % 0.73% -1.54% 56 PWRSHRS HGH YLD ETF PEY.O % 7.42% 6.24% 56 ISHARES MSCI ACWI EX US INDEX ETF ACWX % 4.91% 2.39% 55 EVERGREEN MULTI SECTOR INCOME CF ERC % 4.21% 2.07% 55 PIMCO GLOBAL STOCKSPLUS INCOME CF PGP % -4.38% -8.79% 55 CLAYMORE/ZACKS YIELD HOG ETF CVY % 5.88% 4.32% 55 PUTNAM MSTR INTR PIM % 6.16% 3.80% 55 ishares S&P EUR350 ETF IEV % 4.89% 2.12% 55 JPM ALERIAN MLP AMJ % 5.03% 4.25% 55 MKVCTR SOLAR ENERGY KWT % -7.28% % 55 ABERDEEN GLOBAL INCOME CF FCO % 0.92% -2.20% 55 VANGUARD Foreign Small Cap FTSE VSS % 3.72% 1.33% 55 NUVEEN FLOATING RATE INCOME CF JFR % 8.45% 7.21% 54 MORGAN STANLEY EMERGING MARKETS ETF MSF % 2.61% -0.15% 54 EUROPEAN EQUITY CF EEA % 4.12% 1.11% 54 MV DBL SHRT EURO DRR % 9.01% 7.70% 54 WISDOMTREE JAPAN HGHYIELDNG EQTY ETF DNL % 1.99% -0.18% 54 BLACKROCK FLOAT RATE INC CF FRA % 7.17% 5.83% 54 PWRSHS FTSE RAFI DVPD MKT EX US ETF PXF % 7.13% 5.23% 54 WESTERN ASST HIGH INCM II CF HIX % 3.85% 1.91% 54 ishares MSCI EAFE GRWTH ETF EFG % 2.42% -0.44% 39

40 54 CHINA ETF CHN % 3.84% 1.07% 53 VANGUARD EUROPE PACIFIC ETF VEA % 4.86% 2.59% 53 WISDMTREE INTNL REAL ESTATE SCTR ETF DRW % 0.16% -3.53% 53 ishares MSCI EMU ETF EZU % 6.25% 3.30% 53 WISDOMTREE DEFA ETF DWM % 5.14% 2.61% 53 ishares EAFE ETF EFA % 4.77% 2.34% 53 EATON VANCE LIMITED DURATION INCM CF EVV % 4.79% 2.59% 53 WTR MID EAST DIV GULF % 5.48% 4.32% 53 MARKET VECTORS AGRIBUSINESS ETF MOO % 6.56% 5.15% 53 SPDR SP CON STP IPS % -0.51% -3.70% 53 CLAYMORE S&P GLOBAL WATER INDEX ETF CGW % 2.33% -1.00% 52 PWRSHRS LEIS ETF PEJ % 10.07% 9.54% 52 SOURCE CAPITAL CF SOR % 2.95% 0.67% 52 EATON VANCE TAX MANAGED GLOBAL CF ETW % 2.28% -0.65% 52 JH PATR PREM II PDT % 0.53% -1.07% 52 INDONESIA CF IF % 3.77% 0.86% 52 SPDR S&P WORLD EX US ETF GWL % 4.47% 2.16% 52 ishares RUS MICRO CAP ETF IWC % 9.48% 9.43% 52 MFS INTERMEDIATE HIGH INCOME CF CIF % 4.78% 2.47% 52 MS CHINA A SHARES ETF CAF % 1.64% -1.11% 52 CLAYMRE ZACKS INTL YLD HOG INDEX ETF HGI % 4.80% 3.71% 51 PWRSHRS ZACKS MIC ETF PZI % 9.69% 10.50% 51 ishares MSCI EAFE VALUE ETF EFV % 7.09% 5.08% 51 BLACKROCK GLBL FLOATING RATE INCM CF BGT % 7.02% 6.05% 51 MSCI PAN EURO INDEX MSP % 4.31% 2.14% 51 ishares UK ETF EWU % 2.86% 0.86% 51 EATON VANCE SENIOR FLOATING RATE CF EFT % 7.13% 5.60% 51 ING GLOBAL EQUITY DIVDEND OPP CF IGD % 2.35% 0.17% 51 MEXICO ETF MXF % -1.77% -7.92% 51 CLAYMORE MAC GLOBAL SOLAR ENERGY ETF TAN % -6.96% -9.51% 50 ISHR SP GRW ALC AOR % 3.72% 1.65% 50 SPDR S&P METALS & MINING ETF XME % 13.45% 16.71% 50 FST TST DOW JNS GLBL SEL DVD IDX ETF FGD % 5.16% 3.28% 50 EATON VANCE ENHANCED EQTY INCM II CF EOS % 2.97% 0.33% 50 SPDR S&P EMERGING EUROPE ETF GUR % 7.80% 7.18% 50 DREYFUS HIGH YIELD STRATEGIES CF DHF % 3.10% 1.20% 50 SPDR BAR CAP BND CWB % 4.26% 2.99% 50 BLACKROCK CORPORATE HIGH YIELD VI CF HYT % 4.37% 3.38% 50 CHILE CF CH % 3.05% 0.40% 50 SPDR FTSE MACQUARIE GLBL INF 100 ETF GII % 1.90% -0.77% 49 ishares SPAIN ETF EWP % 5.87% 2.31% 40

41 49 WISDOMTREE DEFA HGHYIELDNG EQTY ETF DTH % 5.18% 2.88% 49 NEW AMERICA HIGH INCOME CF HYB % 5.48% 5.05% 49 ISHARES S&P GLOBAL INFRSTCTR IDX ETF IGF.O % 1.92% -0.72% 49 WESTERN ASST GLBAL HIGH INCOME CF EHI % 2.70% 1.24% 49 NFJ DIV INTEREST & PREM STRATEGY CF NFJ % 4.39% 2.80% 49 RETAIL HOLDRS RTH % 1.57% -0.31% 49 PS ULTRASHRT EURO EUO % 6.28% 6.37% 49 PowerShares DB Precious Metals Fund DBP % -2.54% -5.21% 48 PWRSHRS DYNMIC CNSUMR DISC SCTR ETF PEZ.O % 3.10% 1.05% 48 JOHN HANCOCK PREFERRED INCOME II CF HPF % -1.07% -3.66% 48 EVERGREEN INCOME ADVANTAGE CF EAD % 3.97% 3.19% 48 SPDR S&P INTERNATIONAL SMALL CAP ETF GWX % 2.07% -0.03% 48 ishares FRANCE ETF EWQ % 6.32% 3.57% 48 ISHR THAI IN MKT THD % 4.75% 3.15% 48 KOREA CF KF % 2.11% 1.03% 48 COHEN STEERS REIT PREFER INCOME CF RNP % 0.15% -0.98% 48 DWS DREMAN VALUE INCOME EDGE FD ETF DHG % 4.61% 3.30% 48 MS EMERGING MARKTS DOMESTIC DEBT ETF EDD % -0.72% -3.00% 47 Dow Jones-AIG Livestock Total Return ETN COW % 2.41% 3.90% 47 EVERGREEN GLBL DIVID OPPORTUNITY ETF EOD % -0.05% -2.42% 47 JOHN HANCOCK PREFERRED INCOME III CF HPS % -1.41% -3.14% 47 POWERSHARES WILDERHILL PROGRSS ETF PUW % 8.40% 8.85% 47 NEW IRELAND CF IRL % 2.50% 0.41% 47 PS AC US REAL EST PSR % 0.21% -1.57% 47 WISDOMTREE INTL LARGECP DIVIDEND ETF DOL % 4.39% 2.47% 47 FIRST TRUST S&P REIT INDEX ETF FRI % -0.53% -1.77% 47 WESTRN ASST HIGH INCM OPPORTUNITY CF HIO % 3.09% 2.10% 47 ishares COMEX Gold Trust ETF IAU % -2.30% -4.71% 46 VAN KAMPEN HIGH INCOME II ETF VLT % 3.35% 1.76% 46 MASS HEALTH EDU MHE % -1.31% -4.00% 46 FIRST TRUSTABERDEN GLOBL OPP INCM CF FAM % 0.69% -0.65% 46 WISDOMTREE INTL DIVIDEND TOP 100 ETF DOO % 2.69% 0.61% 46 FIRST TRUST VALUE LINE 100 ETF FVL % 5.17% 5.63% 46 streettracks Gold Shares ETF GLD % -2.37% -4.74% 46 RYDEX S&P EQL WGT CNSMR DISCRTRY ETF RCD % 4.05% 2.71% 46 FIRST TR CONS DSCRTNRY ALPHADEX ETF FXD % 3.79% 2.06% 46 ISHARES TRUST COHEN FD ETF ICF % -1.02% -2.33% 45 DNP SELECT INCOME ETF DNP % 2.29% 1.48% 45 E-TRACS BBERG UCI % 5.48% 5.23% 45 VANGUARD REIT ETF VNQ % -0.74% -1.94% 45 CLAYMORE BBD HIGH INCOME INDEX ETF LVL % 4.60% 3.96% 41

42 45 MEXICO EQUITY AND INCOME CF MXE % -3.46% -8.70% 45 TCW STRATEGIC INCOME ETF TSI % 2.27% 0.97% 45 JOHN HANCOCK INC JHS % 0.96% -0.64% 45 ELEMENTS MLCX Grains Index ETN GRU % -2.13% -3.49% 45 ishares MSCI JPN ETF EWJ % 4.39% 3.02% 45 WISDOMTREE SMALLCAP DIVIDEND ETF DES % 6.95% 7.69% 44 DWS STRATEGIC INCOME CF KST % 3.30% 1.83% 44 ALPS COHN STERS GRI % -1.13% -2.64% 44 SPDR SP CON DIS IPD % 3.38% 2.29% 44 INDIA CF IFN % -1.84% -5.95% 44 MARKET VECTORS NUCLEAR ENERGY ETF NLR % 0.67% -1.10% 44 ABERDEEN ASIA PACIFIC PRIME INCM CF FAX % -1.18% -3.35% 44 DJ WILSHIRE REIT ETF RWR % -0.91% -1.99% 44 ING PRIME RATE ETF PPR % 5.61% 4.54% 44 FIRST DJ STOXX SLECT DIV 30 INDX ETF FDD % 3.19% 1.04% 43 DWS GLOBAL HIGH INCOME CF LBF % 2.28% 1.39% 43 PowerShares DB Gold Fund DGL % -3.07% -5.30% 43 JOHN HANCOCK PREFERRED INCOME CF HPI % -1.79% -3.66% 43 EVERGREEN UTILITIES AND HIGH INCM CF ERH % -0.30% -2.41% 43 PIMCO STRAT GLOBAL GOVERNMNT ETF RCS % -1.49% -4.13% 43 EATON VANCE SHORT DURATION INCOME CF EVG % 3.21% 1.90% 43 CENTRAL EUROPE AND RUSSIA ETF CEE % 7.11% 8.36% 43 FLAHERTY CRUMRIN PREF INCOM OPPO CF PFO % -0.37% -1.05% 43 MFS MULTIMARKET INCOME CF MMT % 2.40% 1.01% 43 SPDR SP INTERNATIONAL ETF DWX % 2.89% 1.82% 42 D -3X 30-yr USTBond Bear, TMV TMV % 17.41% 17.31% 42 FIRST TR CONSUMR STAPLS ALPHADEX ETF FXG % 0.04% -1.21% 42 HIGH YIELD INCOME CF HYI % 2.48% 1.49% 42 PS GBL AGRICULTURE PAGG % 4.64% 4.95% 42 FIRT FTSE EPRA GLB REAL EST INDX ETF FFR % -2.00% -3.20% 42 MORGAN STANLEY EMERGING MKT DEBT ETF MSD % 0.83% -0.69% 42 PRS ULT SRT20PLUS YR TBT % 12.76% 12.37% 42 GABELLI UTILITY CF GUT % 0.61% -0.87% 42 Dow Jones-AIG Grains Total Return ETN JJG % 0.07% -1.79% 42 CENTRAL FUND CDA ETF CEF % -4.42% -7.07% 41 MRKT VCT RVE AST HAP % 4.96% 4.79% 41 MACQUARIE FIRST GLBL INFR UTL DIV CF MFD % -1.07% -1.65% 41 WEBS ITALY ETF EWI % 7.42% 5.64% 41 POWERSHARES INTL DVDND ACHVRS ETF PID.O % 2.97% 2.11% 41 ULTRASHORT OIL & GAS PROSHARES ETF DUG % -8.02% % 41 ISHR SP MOD ALC AOM % 1.63% 0.44% 42

43 41 WT DRYFS EMG CUR CEW % 1.51% -0.13% 41 SPDR DOW GBL RES RWO % -1.60% -2.61% 41 BLACKROCK PREFERRED & EQUITY ADV ETF BTZ % 0.88% 0.03% 40 POWERSHARES DB G10 CURR HARVEST ETF DBV % 2.87% 2.55% 40 SPDR SP INT UTL IPU % -1.49% -4.02% 40 WESTERN CLYMR INFLTN SEC & INCM ETF WIA % 1.56% 0.04% 40 COHEN STEERS RFI % -2.27% -3.51% 40 DWS MULTI MARKET INCOME CF KMM % 2.62% 1.90% 40 ELEMENTS Rogers International Commodity Agric RJA % 2.78% 1.36% 40 MFS CHARTER INCM MCR % 1.87% 0.94% 40 WESTERN ASSET INCOME CF PAI % 0.06% -1.64% 40 RYDEX CURR SHS AUSTR DOLLAR TRST ETF FXA % 0.96% -0.06% 40 VANGUARD Global ex-u.s. Real Estate VNQI % -2.16% -4.14% 39 DREYFUS STRATEGIC MUNICIPALS CF LEO % -2.42% -4.04% 39 ISHS IBXX $ HGH YIELD CRPRTE BND ETF HYG % 2.33% 1.62% 39 NUVEEN MULTI STRATEGY INC & GRWTH CF JPC % 0.06% -0.61% 39 SPDR BARC HY BND JNK % 2.35% 1.65% 39 ELEMENTS Rogers International Commodity Index RJI % 3.65% 3.51% 39 ishares BELGIUM ETF EWK % 1.46% -0.76% 39 PS ULTRASHRT YEN YCS % 10.51% 11.85% 39 NEUBERGER BERMN REAL EST SEC INCM CF NRO % -0.83% -2.44% 39 DREYFUS STRAT DSM % -2.47% -3.81% 38 FLAHERTY CRUMRINE PREF INCOME CF PFD % -1.72% -3.04% 38 DELAWARE INVESTMENTS MINNESOTA II ET VMM % -4.11% -3.99% 38 ishares CANADA ETF EWC % 4.21% 4.83% 38 MARKET VCTRS GMG BJK % 2.80% 0.49% 38 MFS HIGH YIELD MUNICIPAL CF CMU % -2.12% -3.99% 38 ISHRS FTSE EPRA NAREIT EURP IDX ETF IFEU % -3.82% -5.04% 38 SPDR DB INT GOVT WIP % -0.75% -2.34% 38 WESTRN CLYMR INFLTN OPPRT & INCM ETF WIW % 1.06% 0.32% 38 POWERSHARES FINANCIAL PREFERRED ETF PGF % -0.91% -2.19% 38 RYDEX S&P SMALLCP 600 PURE VALUE ETF RZV % 9.05% 11.72% 37 ISHS S&P WRLD EX US PROPERTY IDX ETF WPS % -2.79% -4.50% 37 ISHR SP CON ALC AOK % 0.59% -0.17% 37 BLACKROCK MUNIYIELD FLORIDA CF MYF % -3.55% -5.01% 37 POWERSHARES PREFERRED PORTFOLIO ETF PGX % -1.04% -2.28% 37 ING CLARION GLOBAL REAL ESTATE ETF IGR % -3.67% -5.01% 37 DWS STRATEGIC MUNICIPAL INCOME CF KSM % -5.68% -7.37% 37 GABELLI GLOBAL DEAL ETF GDL % 0.63% 0.25% 37 EATON VANCE TAX MANAGED BUY WRITE CF ETV % 1.98% 1.90% 37 D -3X 10-yr USTBond Bear, TYO TYO % 7.64% 7.92% 43

44 37 PS UL SRT 7 10 YR PST % 6.41% 6.05% 36 POWERSHRS DB US DLR INDX BULLISH ETF UUP % 3.29% 3.29% 36 MKT VCTRS AFRICA AFK % 1.65% 2.42% 36 ISHS S&P U S PREFD STOCK INDX ETF PFF % -1.32% -2.15% 36 MORGAN STANLEY MUNI INCOME OPPOR CF OIA % -2.52% -4.07% 36 BLACKROCK CORE BOND CF BHK % -1.17% -3.11% 36 VAN KAMPEN BOND ETF VBF % -0.60% -1.35% 36 FRANKLINTEMPLETON LIMITED INCOME CF FTF % 2.29% 1.73% 36 MFS HIGH INCOME MUNICIPAL CF CXE % -2.24% -4.72% 36 United States Oil Fund USO % 2.10% 3.37% 35 IQ HED ML ST TRK QAI % 0.31% -0.48% 35 PIMCO CALIFORNIA MUNICIPAL INCOME CF PCQ % -1.19% -2.14% 35 ishares JPMorgan USD Emerg Markets Bond EMB % -0.41% -1.36% 35 PIMCO CALIFOR MUNI INCM III CF PZC % -1.02% -3.40% 35 PIMCO NEW YORK MUNICIPAL INCOME CF PNF % -3.83% -4.54% 35 PWRSHRS FODBEV ETF PBJ % 0.23% 0.38% 35 FIRST TRUSTFOUR CORNERS SENIOR II CF FCT % 2.74% 2.46% 35 VANGUARD Emerging Markets Government Bond VWOB % -0.17% -1.02% 35 PWRSHS HGH YIELD CORPORATE BOND ETF PHB % 1.55% 1.02% 35 WT DRYFS CHN YN CYB % -0.62% -1.35% 34 PowerShares DB Commodity Index Tracking Fund DBC % 3.20% 4.19% 34 DREYFUS MUNI DMF % -3.87% -5.08% 34 Goldman Sachs Commodity Index (GSCI) Total Re GSP % 1.99% 3.74% 34 BLACKROCK MUNIVEST II CF MVT % -5.77% -5.21% 34 Goldman Sachs Crude Oil Total Return ETN OIL % 1.72% 3.40% 34 NUVEEN MA PREM NMT % -4.78% -6.68% 34 FT GBL WND ENERGY FAN % -1.84% -3.78% 34 JAPAN EQUITY CF JEQ % -1.00% -2.29% 34 POWERSHARES EMRG MKTS SOVRGN DBT ETF PCY % -1.06% -2.11% 33 ZWEIG TOTAL RETURN CF ZTR % -2.07% -2.97% 33 ProShares Ultra DJ-AIG Crude Oil ETF UCO % 0.01% 2.94% 33 EATON VANCE MUNICIPAL INCOME CF EVN % -6.08% -7.13% 33 ishares GSCI Commodity-Indexed Trust ETF GSG % 1.76% 3.08% 33 D -3X Energy Bear, ERY ERY % % % 33 EATON VANCE MICHIGAN MUNI INCOME CF EMI % -3.07% -4.96% 33 SPDR SP INT TEL IST % -2.79% -3.29% 33 NUVEEN TEXAS QUALITY INCM MUNI CF NTX % -4.74% -5.74% 33 Dow Jones-AIG Agriculture Total Return ETN JJA % -0.97% -1.71% 33 WESTERN ASST MUNCPL PARNRS CF MNP % -6.43% -7.37% 32 BLACKROCK MUNIASSETS CF MUA % -5.14% -5.05% 32 Dow Jones-AIG Commodity Index Total Return ET DJP % 1.41% 2.11% 44

45 32 ISHS FTSE EPRA NREIT GLBL US IDX ETF IFGL % -4.44% -5.92% 32 MFS MUNICIPAL INCOME CF MFM % -3.48% -4.04% 32 PIONEER HIGH INCOME CF PHT % -0.50% -1.26% 32 THAI ETF TTF % -0.81% -2.20% 32 NUVEEN NEW YORK MUNICIPAL VALUE CF NNY % -3.12% -4.37% 32 MKT VC HYLD MUN HYD % -3.15% -3.86% 32 PIMCO CALIFORNIA MUNICI INCOME II CF PCK % -4.55% -6.06% 32 FLAHERTY & CRUMRINE CLAYMORE CF FFC % -3.23% -4.30% 31 BLACKROCK NEW YORK MUNICIPAL 2018 CF BLH % 0.07% -0.78% 31 PROSHARES OIL GAS DDG % -4.84% -7.31% 31 United States 12 Month Oil Fund USL % 2.96% 5.04% 31 FLAHERTY&CRUMRINE CLAYMORE TOTEL CF FLC % -2.31% -2.81% 31 BLACKROCK MUNIHLDG NEWJERSEY INSD CF MUJ % -5.16% -6.43% 31 VAN KAMPEN MUNICIPAL OPPORTUNITY ETF VMO % -4.90% -5.58% 31 MARKET VETRS LEHMAN BROS MUNIPAL ETF SMB % -0.68% -0.96% 31 SPDR LEHMAN ST SHM % -0.57% -0.92% 31 ISHR ST NAT MUN SUB % -0.25% -0.49% 30 MORGAN STANLEY INCOME SECURITIES CF ICB % -1.70% -1.96% 30 VANGUARD TELECOMMUNICATION SERVC ETF VOX % 1.26% 3.94% 30 ISHARES TRUST ETF TIP % -0.89% -0.99% 30 BLACKROCK MUNIHOLDINGS II CF MUH % -5.21% -5.78% 30 VANGUARD Short-Term Inflation-Protected Secur VTIP % 0.01% -0.20% 30 NUVEEN MUNICIPAL VALUE CF NUV % -4.70% -4.78% 30 BLACKROCK MUNICIPAL 2020 TERM CF BKK % -2.64% -3.21% 30 PUTNAM MANAGED MUNICIPAL INCOME ETF PMM % -4.30% -4.48% 30 NUVEEN GEORGIA DIV ADVAN MUNI 2 CF NKG % -5.16% -6.41% 30 SPDR BARCLAYS CAPITAL TIPS ETF IPE % -1.14% -1.21% 29 VANGUARD Short-Term Corporate Bond VCSH % -0.70% -0.75% 29 BLACKROCK CALIFORNIA MUNICPL 2018 CF BJZ % 0.02% -0.24% 29 ISHARES LEHMAN 1-3 YEAR CREDIT ETF CSJ % -0.40% -0.40% 29 SPDR LEHMAN 1-3 MONTH T BILL ETF BIL % -0.01% 0.00% 29 ISHARES LEHMAN SHORT TREASURY ETF SHV % -0.07% -0.02% 29 VANGUARD Long-Term Corporate Bond VCLT % -2.95% -2.85% 29 BLACKROCK NY MUNICIPAL INCM TRUST CF BNY % -5.91% -7.12% 29 SPDR BAR CITC BD ITR % -1.29% -1.30% 29 NUVEEN CALIF SELECT TAX-FREE INCM CF NXC % -5.49% -6.92% 29 PowerShares DB Oil Fund DBO % 2.67% 4.81% 28 BLACKROCK MUNICIPAL 2018 TERM CF BPK % -0.58% -0.69% 28 NUVEEN CAL MUN 2 NCB % -4.53% -5.30% 28 POWERSHARES VRDO TAX FREE WEEKLY ETF PVI % -0.04% 0.06% 28 ISHARES INTERMEDIATE CREDIT ETF CIU % -1.26% -1.33% 45

46 28 MFS GOVERNMENT MARKETS INCOME CF MGF % -2.94% -4.05% 28 FIRST TRUST/FIDAC MORTGAGE INCOME CF FMY % -1.39% -1.26% 28 SPDR BCLY CAP LT LWC % -3.04% -3.10% 28 ishares S&P GLOB TEL ETF IXP % -2.39% -2.14% 28 GreenHaven Continuous Commodity Index Fund GCC % -0.52% -0.14% 27 ISHARES LEHMN 1-3 YR TRSRY BND ETF SHY % -0.57% -0.41% 27 ISHARES IBOXX INVESTMENT GRADE ETF LQD % -2.25% -2.29% 27 BLACKROCK FLORIDA MUNICIPAL 2020 CF BFO % -0.56% -0.53% 27 VANGUARD Short-Term Government Bond VGSH % -0.59% -0.43% 27 MKT VCTR INDONESIA IDX % -1.03% -2.00% 27 ishares MSCI MAL ETF EWM % -4.93% -7.07% 27 PIMCO MUNICIPAL INCOME II CF PML % -4.24% -4.54% 27 NUVEEN MUNICIPAL INCOME CF NMI % -5.23% -6.02% 27 VANGUARD SHORT TERM BOND ETF BSV % -1.00% -0.89% 27 ISHARES S&P NEW YORK MUNICIPAL ETF NYF % -2.41% -2.40% 26 ISHARES DJONES US OIL EQP & SER ETF IEZ % 7.29% 12.02% 26 VAN KAMPEN MUNICIPAL ETF VKQ % -4.93% -5.13% 26 BLACKROCK MUNIYIELD ARIZONA CF MZA % -7.82% -8.74% 26 ISHARES INTERMEDIATE GOVT/CREDIT ETF GVI % -1.59% -1.46% 26 PowerShares DB Agriculture Fund DBA % -1.82% -1.26% 26 VANGUARD Total International Bond BNDX % -1.77% -1.86% 26 ISHR BRCLY AG BD AGZ % -1.58% -1.43% 26 VAN KAMPEN TR INVSTMNT GRADE MUNI ET VGM % -5.25% -5.27% 26 DUFF & PHELPS DUC % -2.16% -1.63% 25 ISHR BARC GOV CR GBF % -2.45% -2.29% 25 SPDR LHMN INTERMDTE TERM TREASRY ETF ITE % -1.82% -1.54% 25 SPDR BCLY CAP ST BWZ % -2.83% -3.44% 25 VANGUARD TOTAL BOND MARKET ETF BND % -2.37% -2.15% 25 ISHARES LEHMAN AGGREGATE BOND ETF AGG % -2.32% -2.08% 25 ISHARES S&P NATIONAL MNCPAL BND ETF MUB % -2.67% -2.40% 25 POWERSHARES INSR NATL MNCPL BOND ETF PZA % -2.93% -2.61% 25 BLACKROCK NEW YORK MUNICIPAL BOND CF BQH % -4.42% -6.14% 25 MARKET VECTORS RUSSIA ETF RSX % 7.59% 11.40% 25 ISHARES LEHMAN 3-7 YEAR TREASURY ETF IEI % -2.11% -1.80% 24 ISHARES S&P CALIFORNIA MUNICIPAL ETF CMF % -2.95% -2.69% 24 MKT VECT LHN BRS AMT FREE INTMDT ETF ITM % -3.33% -3.15% 24 VANGUARD Mortgage-Backed Securities VMBS % -2.03% -1.69% 24 DELAWARE INVSMNT COL MUNPL INCM ETF VCF % -2.42% -2.66% 24 EATON VANCE TAX MANAGED BUY WRITE CF ETB % 1.08% 2.05% 24 BLACKROCK MUNIYIELD CF MYD % -5.33% -5.07% 24 BLACKROCK MUNICIPAL INCOME II CF BLE % -5.28% -4.88% 46

47 24 BLACKROCK FLORIDA MUNICIPAL INCM CF BBF % -4.76% -3.75% 24 RYDEX CURR SHS CANADIAN DOLLAR ETF FXC % -1.87% -0.64% 24 NUVEEN SELECT MATURITY MUNICIPAL CF NIM % -5.36% -4.73% 23 SPDR S&P OIL & GAS EQUIP & SERVS ETF XES % 7.77% 14.58% 23 VANGUARD INTERMEDIATE TERM BOND ETF BIV % -3.13% -2.96% 23 NUVEEN MUN HIGH NMZ % -5.79% -6.54% 23 MARKT VCTRS LB AMT FREE LG MNCPL IDX MLN % -4.24% -4.07% 23 FEDERATED PREMIER INTERMIDAT MUNI CF FPT % -5.94% -6.00% 23 VANGUARD Intermediate-Term Government Bond VGIT % -2.71% -2.33% 23 BLACKROCK MUNIVEST CF MVF % -5.36% -4.93% 23 PUTNAM MUNI PMO % -5.49% -4.73% 23 SPDR DJ WILSHIRE INTL REAL ESTAT ETF RWX % -6.54% -7.35% 22 SPDR BCLY CP MRT MBG % -2.70% -1.91% 22 BLACKROCK NEW JERSEY MUNICPL INCM CF BNJ % -5.92% -6.49% 22 SPDR LEHMAN MUNICIPAL BOND ETF TFI % -3.44% -3.06% 22 BLACKROCK MUNIYLD NEWYORK INSD CF MYN % -5.71% -5.61% 22 ISHARES LEHMAN MBS FIXED RT BND ETF MBB % -2.48% -2.03% 22 NUVEEN NY SEL NXN % -4.41% -4.52% 22 BLACKROCK ENHANCED GOVERNMENT CF EGF % -2.74% -2.45% 22 BLACKROCK INCOME CF BKT % -3.12% -2.62% 22 NUV SL TX FREE 2 NXQ % -5.61% -4.99% 22 BLACKROCK MUNIHLDGS FLORIDA INSD CF MFL % -5.50% -4.96% 21 PS INS CAL MUNIC PWZ % -3.46% -2.97% 21 NUVEEN DIVIDEND ADVANTAGE MUNI 3 CF NZF % -5.81% -5.30% 21 PS INS NY MUNIC PZT % -3.61% -3.10% 21 RYDEX CUR SHS SWISS FRANC ETF FXF % -2.41% -2.19% 21 VANGUARD LONG TERM BOND ETF BLV % -5.08% -4.87% 21 BLACKROCK MUNIHOLDINGS CF MHD % -5.71% -5.44% 21 PowerShares Deutsche Bank Energy Fund DBE % 2.75% 6.06% 21 ML OIL SERVICE HOLDRS OIH % 5.68% 10.54% 21 ELEMENTS Rogers International Commodity Energ RJN % 0.85% 4.27% 20 PowerShares DB Crude Oil Long ETN OLO % 0.20% 2.70% 20 NUV SL TX FREE 3 NXR % -5.18% -4.66% 20 BLACKROCK LONG TERM MUNICIPL ADV CF BTA % -5.88% -5.39% 20 NUVEEN MISSOURI PREMIUM INCM MUNI CF NOM % -0.98% -5.41% 20 NUVEEN CALIFORNIA DIVIDEND ADV CF NAC % -7.24% -7.46% 20 Vietnam Market Vectors, VNM VNM % -5.88% -5.42% 20 BLACKROCK MUNIHLDG NEW YORK INSRD CF MHN % -5.83% -5.47% 20 EATON VANCE INSURED CALIFORNIA II CF EIA % -6.75% -7.58% 20 ISHARES LEHMN 7-10 YR TRSRY BND ETF IEF % -4.04% -3.67% 20 NUVEEN INSURED DIV ADVAN MUNI CF NVG % -5.90% -5.27% 47

48 19 BLACKROCK MUNIYIELD INSD CF MYI % -5.83% -5.97% 19 BLACKROCK NY MUNICIPAL INCOME II CF BFY % -7.66% -8.12% 19 NUVEEN OHIO QUALITY INCM MUNI CF NUO % -6.46% -6.08% 19 SPDR LEHMAN INTRNATIONL TREASURY ETF BWX % -5.06% -5.18% 19 MFS INTERMEDIATE INCOME CF MIN % -3.29% -2.69% 19 ISH TI SP C 1-3 ISHG % -3.93% -3.53% 19 NUVEEN VA PREM NPV % -6.82% -6.87% 19 BLACKROCK FLA INSURED MUNICI INCM CF BAF % -5.59% -4.83% 19 ISHARES LEHMAN YR TREASURY ETF TLH % -5.02% -4.67% 19 SPDR SP INT ENG IPW % 2.32% 4.69% 18 NUVEEN SELECT TAX-FREE INCOME CF NXP % -5.92% -5.17% 18 POWERSHARES 1 30 LADDERED TRSURY ETF PLW.O % -4.99% -4.72% 18 WESTERN ASST MUNCPL HGH INCM CF MHF % -6.46% -5.91% 18 NUVEEN INSURED NY TAX FREE ADV CF NRK % -5.77% -5.32% 18 NUVEEN INSURED CALIF TAX FREE ADV CF NKX % -7.36% -7.58% 18 BLACKROCK INSURED MUNICIPAL INCM CF BYM % -5.81% -6.16% 18 BLACKROCK MUNICIPAL INCOME CF BFK % -6.06% -5.39% 18 NUVEEN INSURED TX FREE ADVAN MUNI CF NEA % -6.31% -5.42% 18 BLACKROCK MUNIYIELD FLORIDA INSRD CF MFT % -5.47% -3.95% 17 CURRENCYSHARES JAPANESE YEN TR ETF FXY % -5.87% -6.26% 17 MUNIYIELD CALIFORNIA INSURED CF MCA % -6.51% -6.07% 17 EATON VANCE CALIF MUNICIPAL INCM CF CEV % -6.24% -6.68% 17 NUVEEN NY DIV ADVNTAGE MUNCPL ETF NAN % -7.05% -6.51% 17 VAN KAMPEN CALIF VALUE MUNICIPAL ETF VCV % -7.35% -7.25% 17 POWERSHARES DYNAMIC RETAIL PRTFL ETF PMR % -1.52% 0.51% 17 MFS INVESTMENT GRADE MUNICIPAL CF CXH % -5.76% -5.12% 17 BLACKROCK MUNIENHANCED CF MEN % -6.34% -5.52% 17 DWS MUNICIPAL INCOME CF KTF % -4.58% -2.99% 17 RYDEX CUR SHS BRIT POUND STER ETF FXB % -5.09% -4.29% 16 POWERSHRS DB US DLR INDX BEARISH ETF UDN % -3.90% -3.80% 16 ishares DJ US TEL ETF IYZ % 0.62% 5.65% 16 RYDEX CURR SHS SWEDISH KRONA ETF FXS % -4.49% -4.55% 16 POWERSHARES DYNM OIL SRVCS PRTFL ETF PXJ % 1.94% 8.50% 16 NUVEEN MD PREM NMY % -6.65% -6.01% 16 BLACKROCK MUNI INTERM DUR CF MUI % -5.75% -4.94% 16 CURRENCYSHARES EURO ETF FXE % -3.28% -3.32% 16 ZWEIG FUND INC ZF % -7.03% -7.48% 16 NUVEEN NEW JERSEY DIV ADVAN MUNI CF NXJ % -7.45% -7.14% 15 PS GBL GOLD AND PRECS PSAU % % -8.30% 15 BLACKROCK NY INSURED MUNICPL INCM CF BSE % -6.85% -6.90% 15 BLACKROCK MUNIYLD PENNSYLVANIA CF MPA % -6.81% -5.91% 48

49 15 WESTERN ASST MNGD MUNCPLS CF MMU % -5.82% -4.92% 15 PETROLEUM & RESOURCES CF PEO % -0.25% 1.71% 15 BLACKROCK MUNIYLD MICHIGAN INSRD CF MIY % -6.53% -6.15% 15 BLACKROCK MUNIYLD QUALITY FUND II CF MQT % -6.18% -5.72% 15 ISH TI SP C IT IGOV % -5.70% -5.82% 15 NUVEEN MICHIGAN QUALITY INCM 2 CF NUM % -7.47% -6.55% 15 NUVEEN DIVIDEND ADVANTAGE MNCPL CF NAD % -7.15% -5.20% 14 ENERGY SELECT SECTOR SPDR ETF XLE % 2.04% 4.70% 14 ASA ETF ASA % % -8.91% 14 BLACKROCK GLOBAL ENRGY & RESOURCS CF BGR % -0.63% 2.01% 14 VAN KAMPEN ADVANTAGE MUNICIPAL ETF VKI % -8.50% -7.18% 14 BLACKROCK MUNIHLDG CALIFORNI INS ETF MUC % -7.07% -6.54% 14 BLACKROCK MUNIYLD QUALITY FUND CF MQY % -7.01% -6.01% 14 EATON VANCE INSURD MASSACHUS MUNI CF MAB % -7.32% -6.39% 14 WESTERN ASSET INTERMEDIATE MUNI CF SBI % -6.37% -5.43% 14 ishares S&P GLOB ENG ETF IXC % 1.42% 4.03% 14 GBL XI FTSE C020 GXG % -2.18% 2.17% 13 MARKET VECTORS GOLD MINERS ETF GDX % % -7.83% 13 BLACKROCK MUNIYIELD NEWJERSEY CF MYJ % -6.38% -5.99% 13 ISHARES S&P GSSI NATURAL RES IDX ETF IGE % 1.34% 4.51% 13 BLACKROCK MUNIHLDGS INSD II CF MUE % -6.34% -4.86% 13 VANGUARD Long-Term Government Bond VGLT % -7.84% -7.21% 13 NUVEEN PENNSYL INVMNT QUALITY CF NQP % -8.46% -7.55% 13 SPDR Barclays Long Term Treasury ETF TLO % -7.87% -7.22% 13 United States Heating Oil Fund UHN % -0.62% 4.59% 13 MORGAN STANLEY QUALITY MUNICIPAL CF IQI % -6.72% -5.54% 12 VAN KAMPEN PENNSYLVANIA VALUE ETF VPV % -7.89% -6.91% 12 EATON VANCE PENSYLVANIA MUNI INCM CF EVP % -5.78% -4.26% 12 EATON VANCE INSURED MUNICIPAL BND CF EIM % -6.82% -5.18% 12 EATON VANCE MASSACHUSETTS MNCPL CF MMV % -7.87% -7.11% 12 ISHARES TRUST LEHMN 20 ETF TLT.O % -8.07% -7.51% 12 MBIA CAPITAL/CLAYMORE DURATION CF MZF % -6.37% -4.52% 12 BLACKROCK MUNI NEWYORK INTERM DUR CF MNE % -8.37% -7.87% 12 NUVEEN ARIZONA NAZ % -9.47% -8.94% 12 NUVEEN NJ MUN VL NJV % -2.76% 0.37% 12 PIMCO MUNICIPAL INCOME III CF PMX % -5.78% -5.36% 11 EATON VANCE INSURED PENNSYLVANIA CF EIP % -8.31% -6.74% 11 NUVEEN CONNECTICUT PREM INCM MUNI CF NTC % -7.53% -6.85% 11 EATON VANCE OHIO MUNICIPAL INCOME CF EVO % -7.04% -5.66% 11 BLACKROCK MUNIYIELD CALIFORNIA CF MYC % -7.39% -5.32% 11 SPDR SP RETAIL XRT % -2.45% 0.01% 49

50 11 VAN KAMPEN NEW YORK MUNICIPALS ETF VTN % -9.73% -9.06% 11 EATON VANCE INSURED NEW YORK MUNI CF ENX % -8.27% -7.26% 11 ishares DJ ENR ETF IYE % 1.02% 4.08% 11 DELAWARE INV NAT MUNICIPL INCOME ETF VFL % -6.95% -5.19% 10 BLACKROCK MUNIHOLDINGS INSURED CF MUS % -6.73% -3.93% 10 NUVEEN NY MUN 2 NYV % -5.33% -4.14% 10 EATON VANCE INSURE CLIFORNIA MUNI CF EVM % -9.29% -8.65% 10 MASSMUTUAL PARTICIPATION INVESTR ETF MPV % -4.04% -3.39% 10 EATON VANCE NEW JERSEY MUNI INCM CF EVJ % -9.20% -8.39% 10 BLACKROCK STRATEGIC MUNICIPAL CF BSD % -7.14% -5.85% 10 VANGUARD ENERGY ETF VDE % 1.33% 4.69% 10 NUVEEN PN MUN VL NPN % -2.61% -1.41% 10 BLACKROCK CALIFORNIA MUNICPL INCM CF BFZ % -8.51% -6.54% 10 EATON VANCE INSURED NY MUNI BD II CF NYH % -9.26% -8.37% 9 NUVEEN CALIFORNIA MUNICIPAL VALUE CF NCA % -5.97% -3.94% 9 NEUBERGER BERMAN NY INTERM MNCPL CF NBO % -7.93% -7.74% 9 MORGAN STANLEY MUNICIPAL INCOME CF IIM % -9.30% -7.45% 9 NUVEEN NC PREMIUM INCOME MUNI CF NNC % -7.71% -6.66% 9 EATON VANCE INSRD MICH MNCPL BOND CF MIW % -8.49% -7.65% 9 CLYMR SWM CANADIAN ENGY INCM IDX ETF ENY % -1.06% 3.18% 9 EATON VANCE INSURED MUNI BOND II CF EIV % -7.81% -5.70% 9 FIRST TRUST ENERGY ALPHADEX ETF FXN % 0.95% 5.95% 9 BLACKROCK MUNICIPAL BOND TRUST CF BBK % -9.50% -7.63% 9 EATON VANCE INSURE NEWJERSEY MUNI CF EMJ % -9.20% -8.31% 8 PowerShares DB Gold Short ETN DGZ % 1.29% 4.10% 8 BLACKROCK NEW JERSEY MUNICIPAL BD CF BLJ % -9.78% -8.98% 8 MFS CALIFORNIA INSURED MUNICIPAL CF CCA % % -9.58% 8 FEDERATED PREMIER MUNICIPL INCOME CF FMN % -9.15% -7.70% 8 RYDEX S&P EQUAL WEIGHT ENERGY ETF RYE % 1.40% 6.11% 8 ISHARES DOW JONES US OIL&GAS EXP ETF IEO % 1.57% 6.47% 8 BLACKROCK INVESTMENT QLTY MUNICPL CF BKN % % -8.99% 8 PIONEER MUNICIPAL HIGH INCOME CF MHI % % -9.12% 8 EATON VANCE NEW YORK MUNCIPL INCM CF EVY % -9.74% -8.32% 7 VANGUARD EXTENDED DURATION ETF EDV % % % 7 PS ULTRA EURO ULE % -7.61% -7.21% 7 Ultra Telecommunications LTL % 4.08% 17.47% 7 PS ULTRA YEN YCL % % % 7 PowerShares DB Crude Oil Double Short ETN DTO % % % 7 PROSHARES SHORT MSCI EAFE ETF EFZ % -6.20% -3.82% 7 NEUBERGER BERMAN INTERMED MNCPL CF NBH % -7.31% -3.50% 7 MASSMUTUAL CORPORATE INVESTOR ETF MCI % % % 50

51 7 BLACKROCK MARYLAND MUNICIPAL BOND CF BZM % -8.23% -7.85% 7 Silver Miners Global X, SIL SIL % % -9.77% 6 POWERSHARES DYNAMIC EXPLRTN PRDN ETF PXE % -0.54% 4.70% 6 ipath Dow Jones-AIG Sugar Total Return Sub-In SGG % -5.12% -2.30% 6 EATON VANCE INSURED OHIO MUNI BND CF EIO % % -8.00% 6 NEUBERGER BERMAN CALIF INTERM MNC CF NBW % -9.61% -6.91% 6 SPDR S&P OIL & GAS EXPL & PROD ETF XOP % 0.32% 7.19% 6 United States Gasoline Fund UGA % -1.09% 7.99% 6 ULTRA OIL & GAS PROSHARES ETF DIG % 1.40% 7.88% 6 PIMCO HIGH INCOME CF PHK % -6.96% -2.69% 6 ipath Dow Jones-AIG Coffee Total Return Sub-I JO % -6.59% -3.63% 6 PROSHARES TR SHRT RUSSELL2000 ETF RWM % % -9.92% 5 PIMCO NEW YORK MUN INCOME III CF PYN % -9.18% -3.66% 5 SHORT MSCI EMERGING MARKETS ETF EUM % -8.03% -4.69% 5 PWRSHRS DYNMIC ENRGY SEC ETF PXI.O % -1.33% 6.28% 5 SHORT MIDCAP400 PROSHARES ETF MYY % % -8.01% 5 BLACKROCK VIRGINIA MUNICIPAL BOND CF BHV % % % 5 FIRST TR ISE REVERE NTRL GAS IDX ETF FCG % -4.07% 2.25% 5 PowerShares DB Gold Double Short ETN DZZ % 1.98% 7.92% 5 ULTRASHORT MSCI JAPAN ETF EWV % % -9.40% 5 SHORT S&P500 PROSHARES ETF SH % -9.36% -5.86% 4 PROSHARES TR SHORT SMALLCAP600 ETF SBB % % % 4 PIMCO NEW YORK MUNICI INCOME II CF PNI % % -7.02% 4 PIONEER MUNICIPAL HIGH INCOME ADV CF MAV % % % 4 Short Gold -2x ProShares UltraShort GLL % 1.54% 7.60% 4 D +3X 30-yr USTBond Bull, TMF TMF % % % 4 D +3X Energy Bull, ERX ERX % 2.75% 12.49% 4 D +3X 10-yr USTBond Bull, TYD TYD % % % 4 SHORT DOW30 PROSHARES ETF DOG % % -7.84% 4 SHORT QQQ PROSHARES ETF PSQ % % -7.17% 4 ProShares UltraShort DJ-AIG Crude Oil ETF SCO % % % 3 PROSHRS FINANCIAL SEF % % % 3 PSHR US RL EST SRS % -7.37% -2.64% 3 PIMCO MUNI INCM PMF % % -8.36% 3 ULTRASHORT FTSE XINHUA CHINA 25 ETF FXP % % -9.11% 3 PROSHARES TR ULTRASHRT RUSEL2000 ETF TWM % % % 3 ULTRASHORT MSCI EMERGING MARKETS ETF EEV % % % 3 D -3X Devp Mkts Bear, DPK DPK % % % 3 ULTRASHORT S&P500 PROSHARES ETF SDS % % % 3 ULTRASHORT BASIC MATERIALS ETF SMN % % % 2 PS ULTRASHRT SILVER ZSL % -8.32% 1.49% 51

52 2 ULTRASHORT UTILITIES PROSHARES ETF SDP % % -4.48% 2 ULTRASHORT CONSUMER GOODS ETF SZK % % -4.26% 2 BCL IPTSP500 MT VXZ % % % 2 ULTRASHORT MIDCAP400 PROSHARES ETF MZZ % % % 2 PRSH US SEMI COND SSG % % % 2 ULTRASHORT INDUSTRIALS PROSHARES ETF SIJ % % % 2 ULTRASHORT DOW30 PROSHARES ETF DXD % % % 2 ULTRASHORT QQQ PROSHARES ETF QID % % % 2 PROSHARES TR ULTRASHRT SMLCP600 ETF SDD % % % 1 Dow Jones-AIG Natural Gas Total Return ETN GAZ % % 0.74% 1 ULTRASHORT FINANCIALS PROSHARES ETF SKF % % % 1 ULTRASHORT CONSUMER SERVICES ETF SCC % % % 1 ipath Dow Jones-AIG Cocoa Total Return Sub-In NIB % % % 1 D -3X Emerging Mkts. Bear, EDZ EDZ % % % 1 D -3X Small Cap Bear, TZA TZA % % % 1 United States Natural Gas Fund UNG % % -2.01% 1 ULTRASHORT TECHNOLOGY PROSHARES ETF REW % % % 1 D -3X Financial Bear, FAZ FAZ % % % 1 BCL IPTSP500 ST VXX % % % 52

53 Date 6/17/11 8/16/11 10/17/11 12/14/11 2/14/12 4/12/12 6/12/12 8/10/12 10/11/12 12/11/12 2/1/13 3/28/13 5/23/13 7/16/13 9/12/13 10/30/13 12/17/13 2/13/14 4/9/14 6/4/14 7/31/14 9/26/14 11/20/14 1/16/15 3/12/15 5/8/15 7/2/15 8/28/15 10/27/15 12/17/15 2/17/16 4/13/16 6/7/16 8/3/16 9/29/16 11/23/16 1/18/17 Colby Global Markets Report Colby Economic Expectations Index Our Colby Economic Expectations Index finished at 11 last week, unchanged from 11 the previous week. The index appears to have lost downward momentum over the past 12 months since February, From a peak at 90 on 10/23/14 to a low of zero on 1/27/17, the decline of the index reflected relatively sluggish growth of the economic indicators, with actual growth rates less than the growth rates forecasted by economists. Investor expectations are more important to market prices than current actual economic conditions. The pro-business, pro-growth economic proposals of President Trump have encouraged expectations of tax reform, repatriation of corporate funds held offshore, infrastructure spending, and rollback of government regulations. Since the election, investors appear willing to overlook the drags on global economy s potential for growth due to aging populations, weak productivity, excess savings, and possible trade and foreign policies that could depress global trade and economic growth prospects. 53

54 -0.55 Financial Stress Index Financial Stress has eased since 2/12/16. A declining trend is positive for the economy and for stock prices. The Chicago Fed s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and shadow banking systems. The ISM Manufacturing Index for February increased to 57.7%, for the sixth straight month of positive growth. Orders were strong. 54

55 Personal income and personal spending appear to be trending upward at a modest pace. The Conference Board's Consumer Confidence Index increased to in February. It was the highest level since July, Consumers are feeling better about current business and labor market conditions, and they expect the economy to continue to expand in the months ahead. 55

56 The Chicago Business Barometer increased to 57.4 in February. It was the highest reading since January, 2015, and the largest monthly increase since January, GDP for Q4 rose 1.9%, which was below expectations of 2.1%. Sluggish business spending continued to act as a drag on GDP growth. 56

57 Total durable goods orders increased 1.8% month-over-month in January, matching expectations. Excluding transportation, durable goods orders declined 0.2%. Business spending declined, which was disappointing. The University of Michigan's Index of Consumer Sentiment Expectations were above economists' estimates in February. Although lower than January's absolute level, confidence remains relatively high. 57

58 Sales of existing homes were below economists' estimates, even though they rose 3.7% above the December rate and 5.5% above the year-ago period. Economists fear that higher prices and higher mortgage rates may squeeze the home-buying capability of lower-income consumers. The Conference Board's Leading Economic Index (LEI) increased 0.6% in January, the biggest increase in more than 2 years. 58

59 The Philadelphia Fed Index for February jumped up to 43.3, its highest level in 32 years. Housing starts declined 2.6% in January while building permits jumped 4.6%. The trend has been neutral/sideways, but economists are still hoping for an uptrend. 59

60 Industrial production and the capacity utilization rate both fell in January, but economists are still hoping for stronger trends. Retail sales for January increased 0.4%, which was better than expected. 60

61 New orders for nondefense capital goods (excluding aircraft) increased 0.7%. A sustained uptrend in this proxy for business investment would be good for economic growth. Initial claims for unemployment benefits have been lower and better than economists expected for years already. This is the one fairly consistent exception to the general trend of disappointing data releases. Note that some economists question the way this data is compiled. 61

62 The January employment report showed stronger growth, better than economists' estimates. The average workweek at 34.4 hours also exceeded expectations. 62