Market Correlations: S&P 500 September 25, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Market Correlations: S&P 500 3-5 September 25, 2017 / Market Correlations: S&P 500 www.
Market Correlations: S&P 500 20 22000 20000 Figure 1. DOW JONES STOCK AVERAGES (ratio scale) Industrials (DJIA) 11000 10000 9000 10 10 Transportation (DJTA) 0 7000 10 0 12000 5000 10000 0 0 3000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: The Wall Street Journal. 2000 3550 3300 3050 2 Figure 2. S&P 500 STOCK INDEXES (ratio scale) Industrials Composite* 700 2550 2300 2050 Transportation Composite 500 1 300 1550 1300 200 1050 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 100 * S&P 500 excluding Financials, Transports, and Utilities. Source: Standard & Poor s. Page 3 / September 25, 2017 / Market Correlations: S&P 500 www.
Market Correlations: S&P 500 850 Figure 3. S&P 500 INDEX & INDUSTRIAL COMMODITY PRICES 2 2 750 S&P 500 Index 2200 650 CRB Raw Industrials Spot Index 2000 1 550 1 9/22 1 450 1200 350 1000 250 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Thomson Reuters I/B/E/S and Commodity Research Bureau. 700 Figure 4. S&P 500 TRANSPORATION INDEX & INDUSTRIAL COMMODITY PRICES 700 650 500 550 9/22 500 300 S&P 500 Transportation Index 450 200 CRB Raw Industrials Spot Index 350 100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Standard & Poor s and Commodity Research Bureau. 300 Page 4 / September 25, 2017 / Market Correlations: S&P 500 www.
Market Correlations: S&P 500 2 2 Figure 5. S&P 500 & CRUDE OIL PRICE 170 150 2200 2000 130 1 110 1 1 90 1200 70 1000 S&P 500 Index 9/22 50 Brent Crude Oil Futures Price (dollars per barrel) 30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 10 * Nearby futures price. Source: Standard & Poor s and Haver Analytics. 2550 2450 2350 2250 2150 2050 1950 1850 1750 1650 1550 1450 1350 1250 1150 1050 950 850 750 650 Figure 6. S&P 500 INDEX & US DOLLAR INDEX S&P 500 Index JP Morgan Nominal Broad Effective Exchange Rate* (inverted scale) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 90 95 100 105 110 115 120 125 130 135 140 * Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong, Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru, Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom, Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: JP Morgan. Source: JP Morgan and Haver Analytics. Page 5 / September 25, 2017 / Market Correlations: S&P 500 www.
Copyright (c) 2017. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on www., blog., http://blog. and YRI s Apps for ipads and iphones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any product, service, report, email or website are proprietary to and constitute valuable intellectual property. No material from any part of www., blog., http://blog. and YRI s Apps for ipads and iphones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. accepts no liability for any damage caused by any virus transmitted by this company s emails, website, blog and Apps. Additional information available on request. requests@