4/3/ < Last closing date US Broad Indices /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH 74.1 -.3% -.6% 3.4% 4.1% Bullish Bullish MSCI Emerging EEM 39.9-1.1% -2.% 1.6% 1.2% Bullish Bearish 1. SP SPY 21.2 -.4% -.2% 2.3% 12.% -13.% 2.2 Bullish Bullish 2. Dow Jones DIA 18.8 -.6% -.2% 1.6% 1.7% -6. 2.8 Bullish Bullish 3. Nasdac 1 QQQ 18. -.4%.%.% 19.1% -3.7% 1.9 Bullish Bullish 4. Russel (Small Cap) IWM 122.4 -.3% -.2% 2.3% 2.2% -1.4% 3.9 Bullish Bullish Last comment: 16-Feb-: One more time, SPY outflows brought to some extremes is a leading contrarian indicator of performance. We will soon model this pattern and issue buy/sell signals based on it. 1. US-SPY (SP index Tracker) Flow Analysis AUM (SPY): 191.7 bn USD US-SPY (SP index Tracker) Performance Analysis 23 21 19 17 13 11 Change in AUM from IN&OUT Flows, RSI_9D: 4.1 $3, spy equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 2. US-DIA (Dow Jones index Tracker) Flow Analysis AUM (DIA): 12.4 bn USD US-DIA (Dow Jones index Tracker) Performance Analysis 18 16 14 1 1 Change in AUM from IN&OUT Flows, RSI_9D: 2.7 3. US-QQQ (Nasdac1 index Tracker) Flow Analysis AUM (QQQ): 4.7 bn USD US-QQQ (Nasdaq1 index Tracker) Performance Analysis 1 1 8 6 4 4. US-IWM (Russel index Tracker) Flow Analysis AUM (IWM): 27.6 bn US-IWM (Russel index(small Cap) Tracker) Flow Analysis $, $1, $ -$1, -$, -$3, $2, dia equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) Change in AUM from IN&OUT Flows, RSI_9D: 62.6 $1, $ -$1, -$2, -$3, $1, qqq equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 8 6 4 3 1 $, $ -$, -$1, -$, 1 23 21 19 17 13 11 19 18 17 16 14 13 1 11 1 9 1 11 1 9 8 7 6 4 3 spy equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) dia equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) qqq equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % % 1% % -1% -% -% % % 1% % -1% -% -% % 1% % -1% -% -3% -4% 14 1 1 8 6 4 Change in AUM from IN&OUT Flows, RSI_9D: 6.3 $8, $6, $4, $2, $ -$2, -$4, -$6, iwm equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 3 1 13 1 11 1 9 8 7 6 iwm equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% -% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.1
4/3/ < Last closing date EMERGING, EUROPE, LATAM /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH 74.1 -.3% -.6% 3.4% 4.1% Bullish Bullish SP SPY 21.2 -.4% -.2% 2.3% 12.% Bullish Bullish. EM Markets (MSCI) EEM 39.9-1.1% -2.% 1.6% 1.2% -3.% 2.1 Bullish Bearish 6. Europe (Stoxx) FEZ 38.9 -.2% -1.%. -7.8% 8.3%. Bullish Bearish 7. Europe (Small cap&div) DFE.8 -.9% -1. 8. -1.6%.4%.2 Bullish Bullish 8. Latin America (Index4) ILF 3.4-1.9% -4.3% -4.3% -1.3% -8.1% 2. Bearish Bearish. EM MARKETS (MSCI EMG index Tracker) Flow Analysis AUM : 78.8 bn USD(EEM+VWOUS-EEM Performance & Flow Analysis (% of NAV) 7 6 4 3 Change in AUM from IN&OUT Flows, RSI_9D: 4.1 eem equity Last 3 days IN/OUT Flows EEM+VWO (RHS) Daily Volume EEM (in shares) Daily Volume VWO Short Interest EEM (in shares) (RHS) Short Interest VWO (RHS) YTD IN/OUT Flows EEM+VWO (RHS) Daily IN/OUT Flows EEM+VWO (RHS) $, 6. EUROPE (SPDR EURO STOXX Tracker) Flow Analysis AUM : 4.3 bn USD US-FEZ Performance & Flow Analysis (% of NAV) $1, $, $ -$, -$1, -$, 4 3 1 7 6 6 4 3 Last Update: 22-Dec-14 For the second year in a row, EM funds witnessed a 1%+ investment outflows, obviously related to underperformance and which took place in the very last days suggesting portfolio managers have been selling a the last minute ahead of the year end snapshot. eem equity MOV_AVG_D MOV_AVG_D %YTD EEM-AUM(RHS) %YTD VWO-AUM(RHS) %YTD EEM+VWO-AUM(RHS) 3% % 1% % -1% -% -3% 4 3 Change in AUM from IN&OUT Flows, RSI_9D: 39. $4, fez equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 7. EUROPE (Small Cap Div. Paying Tracker) Flow Analysis AUM :.7 bn USD US-DFE Performance & Flow Analysis (% of NAV) 7 6 4 3 1 Change in AUM from IN&OUT Flows, RSI_9D: 4 8. LATIN AMERICA 4 Index (Latam4 Index) Flow Analysis AUM :.6 bn USD US-ILF Performance & Flow Analysis (% of NAV) $3, $2, $1, $ -$1, $1, $1, $8 $6 $4 $ $ -$ -$4 -$6 dfe equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 1 4 3 7 6 4 3 1 fez equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) dfe equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % % % 1% % 18% 16% 14% 1% 1% 8% 6% 4% % % -% 6 4 3 1 Change in AUM from IN&OUT Flows, RSI_9D: 6.3 $1, $7 $ $ $ -$ -$ -$7 -$1, ilf equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 6 4 3 1 ilf equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 3% % 1% % -1% -% -3% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.2
4/3/ < Last closing date PRECIOUS METALS AND SHARES /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH 74.1 -.3% -.6% 3.4% 4.1% Bullish Bullish SP SPY 21.2 -.4% -.2% 2.3% 12.% Bullish Bullish 9. GOLD GLD 1.1 -.3% -.9% 1.3% -1.7% 7.9% 2. Bearish Bearish 1. GOLD MINES GDX. -1.7% -.8% 9.% -24.4% 21.9% 1.6 Bearish Bearish 11. JUNIOR MINES GDXJ.3-2.4% -.%. -4.8% 14.4%. Bearish Bearish 12. SILVER SLV. -.6% -2.4% 2.9% -23.9% -1.1% 2.2 Bearish Bearish 9.US-GLD Flow Analysis AUM (GLD): 29.6 bn USD US-GLD Performance Analysis Last Update: 6-Feb-14 : GLD outstanding are rising sharply this year (up nearly 1% YTD), suggesting accumulation in the metal from retail and speculative investors, on top of the unabating physical demand witnessed in Asia from Asian exchanges. 18 17 16 14 13 1 11 Change in AUM from IN&OUT Flows, RSI_9D: 33 $, $ -$, -$1, -$, -$, -$, -$3, gld equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 1. US-GDX (Hui index Tracker) Flow Analysis AUM (GDX): 7 bn USD US-GDX Performance Analysis 6 4 3 1 11. US-GDXJ (Juniors index) Flow Analysis AUM (GDXJ): 1.8 bn USD US-GDXJ Performance Analysis 1 1 8 6 4 Change in AUM from IN&OUT Flows, RSI_9D: 36.4 12.US-SLV (Silver Tracker) Flow Analysis AUM (SLV):.3 bn USD US-SLV Flow Analysis $3, gdx equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) Change in AUM from IN&OUT Flows, RSI_9D:.7 $2, $1, $ -$1, -$2, $1,4 $1, $1, $8 $6 $4 $ $ -$ gdxj equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 1 1 18 17 16 14 13 1 11 6 4 3 1 14 1 1 8 6 4 gld equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) gdx equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) gdxj equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % 1% % -1% -% -% -% -3% -% % 3% % % % 1% % -1% -% 14% 1% 1% 8% 6% 4% % % -% 4 3 1 Change in AUM from IN&OUT Flows, RSI_9D:.2 $1, $8 $6 $4 $ $ -$ -$4 slv equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 1 4 3 1 slv equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % % 1% % -1% -% -% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.3
4/3/ < Last closing date COMMODITIES /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH 74.1 -.3% -.6% 3.4% 4.1% Bullish Bullish SP SPY 21.2 -.4% -.2% 2.3% 12.% Bullish Bullish 13. DB COMMOD. FUND DBC 17.9 -.9% -1.7% -3.2% -31.8% -7.2% 1.6 Bearish Bearish 14. DB AGR. FUND DBA 22.8.2% -1.4% -8.6% -19.8% -11.9% 1.1 Bearish Bearish. WTI OIL FUND USO 19. 2.8%.% -6.6% -47. 111.1% 1.1 Bullish Bearish 16. US NAT. GAS. FUND UNG 14.1 2. 2.3% -4.9% -44. 3.7% 19.7 Bearish Bearish Last Update: 13-Nov-14 : Very large short interest ratio (34) in the NatGas ETF. 13. COMMODITY (Powershare DB Commodity Fund) Flow Analysis AUM : 3.6 bn USD US-DBC Performance & Flow Analysis (% of NAV) 3 1 14. AGRICULTURE (Powershare DB Ag. Fund) Flow Analysis AUM :.8 bn USD US-DBA Performance & Flow Analysis (% of NAV) 3 1 Change in AUM from IN&OUT Flows, RSI_9D: 33.7 $ dba equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS). OIL (WTI Crude Oil Fund) Flow Analysis AUM : 2.6 bn USD US-USO Performance & Flow Analysis (% of NAV) 4 3 Change in AUM from IN&OUT Flows, RSI_9D: 46.2 Change in AUM from IN&OUT Flows, RSI_9D: 6.3 16. NATGAS (US Natural Gas Fund) Flow Analysis AUM :.6 bn US-UNG Performance & Flow Analysis (% of NAV) $ -$ -$4 $1,7 uso equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $6 dbc equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $4 $ $ -$ -$4 -$6 3 1 4 3 2 1 $1, $7 $ -$3 -$8 4 3 1 3 1 4 3 1 4 3 uso equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) dbc equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) qqq equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 1% 8% 6% 4% 2% % -2% -4% -6% -8% -1% % 1% % -1% -% -% 3% % % % 1% % -1% 3 1 Change in AUM from IN&OUT Flows, RSI_9D: 48.7 $4 ung equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $ $ -$ -$4 -$6 -$8 3 1 4 3 1 Date MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% -% -3% -4% -6% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.4
4/3/ < Last closing date FIXED INCOME 1 /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH 74.1 -.3% -.6% 3.4% 4.1% Bullish Bullish MSCI Emerging EEM 39.9-1.1% -2.% 1.6% 1.2% Bullish Bearish 17. 1-3Y US Treas. Fund SHY.6.% -.1%.2%.1% -4.8% 1.6 Bearish Bearish 18. 7-1Y US Treas. Fund IEF 16..1% -1.%. 4.3% -7.% 1.2 Bearish Bullish 19. Y+ US Treas. Fund TLT 126..% -2.4%.4% 17. 8.6% 2.1 Bearish Bullish. US TIPS Fund TIP 113..1% -.6% 1.3%.7% -1.4% 1.6 Bullish Bearish Last comment: 22-Dec-14 Investors have been piling up on long UST bonds. 17. 1-3Y US Treasuries Fund Flow Analysis AUM : 7.7 bn USD US-SHY Performance & Flow Analysis (% of NAV) 18. 7-1Y US Treasuries Fund Flow Analysis AUM : 6. bn USD US-IEF Performance & Flow Analysis (% of NAV) 11 18 16 14 12 1 98 96 Change in AUM from IN&OUT Flows, RSI_9D: 4.1 Change in AUM from IN&OUT Flows, RSI_9D: 38 $8, $6, $4, $2, $ -$2, -$4, -$6, ief equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $4, $3, $2, $1, $ -$1, -$2, -$3, -$4, shy equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 19. +Y US Treasuries Fund Flow Analysis AUM : 6.9 bn USD US-TLT Performance & Flow Analysis (% of NAV) 3 1 4 3 1 83 1 11 1 9 9 8 shy equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) ief equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% -% -3% 18% 16% 14% 1% 1% 8% 6% 4% % % -% -4% 14 13 1 11 1 9 8 Change in AUM from IN&OUT Flows, RSI_9D: 37.3 $4, tlt equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS). US Treasury Inflation Protected Securities Fund Flow Analysis AUM : 12.8 bn US-TIP Performance & Flow Analysis (% of NAV) $3, $2, $1, $ -$1, -$2, 14 13 1 11 1 9 8 tlt equity MOV_AVG_D MOV_AVG_D 126 124 122 1 118 116 114 112 11 18 Change in AUM from IN&OUT Flows, RSI_9D: 1.9 $2, $ -$2, -$4, -$6, -$8, tip equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 1 1 1 1 11 1 9 9 tip equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 1% % -1% -% -% -% -3% -% -4% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.
4/3/ < Last closing date FIXED INCOME 2 /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH 74.1 -.3% -.6% 3.4% 4.1% Bullish Bullish MSCI Emerging EEM 39.9-1.1% -2.% 1.6% 1.2% Bullish Bearish 21. US Aggr. Invest. Grade AGG 11.4.1% -.7%.2% 2.3%.%.8 Bearish Bullish 22. High Yield Corporates HYG 91. -.2% -.9% 1.6% -3.7%.4% 2.4 Bullish Bearish 23. Y+ US Treas. Fund MUB 11..2% -.6% -.3% 3.% 8.6%.4 Bearish Bullish 24. US TIPS Fund BND 82.6.% -.6%.2% 1.8% -3.%.9 Bearish Bullish Last Update: 18-Feb- : Funds are piling on in High Yield this year consistent with the search (gasp)for yield. 21. Aggregate US Investment Grade Fund Flow Analysis AUM : 23.3 bn USD US-AGG Performance & Flow Analysis (% of NAV) 114 112 11 18 16 14 12 22. US High Yield Corporates Fund Flow Analysis AUM : 17.3 bn USD US-HYG Performance & Flow Analysis (% of NAV) 1 9 9 8 Change in AUM from IN&OUT Flows, RSI_9D: 43.3 $4, hyg equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 23. Muni Bond (Investment Grade) Fund Flow Analysis AUM : 4.4 bn USD US-MUB Performance & Flow Analysis (% of NAV) 1 1 11 1 9 9 Change in AUM from IN&OUT Flows, RSI_9D: 46.2 Change in AUM from IN&OUT Flows, RSI_9D: 41.3 24. US Total Bond Market Fund Flow Analysis AUM :.9 bn USD US-BND Performance & Flow Analysis (% of NAV) $2, $ -$2, -$4, $1, $1, $8 $6 $4 $ $ -$ -$4 mub equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $9,4 agg equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $7,4 $,4 $3,4 $1,4 -$6 1 4 3 1 2 114 112 11 18 16 14 12 1 98 98 96 94 92 9 88 82 8 1 1 11 1 9 9 hyg equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) agg equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) mub equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 6% 4% 3% % 1% % -1% 6% 4% % % -% -4% -6% % 3% % % % 1% % -1% 82 8 78 76 Change in AUM from IN&OUT Flows, RSI_9D:.8 $1, bnd us equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $8, $6, $4, $2, $ -$2, 1 82 8 78 76 74 72 7 bnd us equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.6