Morning Review - 092310

Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.
com
Christine Clark: 212 448 6085 or cclark@convergex.com
Beth Reed: 212 448 6096 or breed@convergex.com
Stocks ended lower Wednesday, led by the Nasdaq with a 0.6% drop, while the S&P 500 and Dow fell Morning Markets Briefing
0.5% and 0.2%, respectively. Gold hit another record high above $1,293 an ounce before settling at
$1,290. In the day’s economic news, the Federal Housing Finance Agency reported that U.S. home
Market Commentary: September 23rd, 2010
prices declined 0.5% in July from June and 3.3% from the year-ago month. According to the Mortgage
Bankers Association, demand for home loans fell for a 3rd consecutive week even though the average A snapshot of the markets through the
30-year mortgage rate dipped to 4.44%. More info on the housing market comes later this week, with lens of ConvergEx.
existing home sales Thursday morning and new home sales on Friday. Also on Thursday, RAD and NKE
are slated to report earnings.
Go With the Flow –A History of U.S. Equity Mutual Fund Inflows
Summary: You would think that the bounce from the March 2009 lows for U.S. stocks would have enticed mutual fund investors back into the pool, but money flows out
of U.S. stock funds have been stubbornly high – and consistently so - since May 2010. In today’s note we take a historical look at mutual fund in/outflow data back to the
1980s to examine the longer term (and inflation adjusted) trends in the popularity of funds dedicated to various asset classes . The bottom line is that retail investors are
– overall – a reliable source of capital into long term mutual funds, to the tune of $10-30 billion monthly. Those recent negative trends of capital leaving U.S. stocks funds
are not actually all that unusual. The longest such streak of fund outflows on record is actually 9 months (back in 2007), and other asset classes such as foreign equities
and bonds have seen as many as 12-28 sequential months of money heading for the door at some point in the last 25 years. We’re at four months and counting now for
U.S. stock funds, which is actually average for a negative streak since the 1980s. Performance clearly is not enough of an enticement to pull money back into this asset
class, as noted above. Other catalysts – perhaps political, perhaps economic – will likely take some time to develop.
I got my start in this business working in the back office of Alliance Capital in the mid 1980s. I didn’t know it at the time, but my job – working in the transfer
agency of the company’s newly created mutual fund complex – allowed me to be an eyewitness to financial history. Mutual funds were just taking off at the time. They
carried excellent margins for everyone from the fund manager to the brokers who sold them and the ever-upward stock and bond markets of the 1980s gave
shareholders a strong tailwind of investment performance. It was a win-win-win. Assets flowed into everything from Ginnie Mae bond funds to the first tech sector
specialty funds.
The bull run of popularity for domestic stock mutual funds specifically had a very long streak of success and pretty much mirrored the returns of the S&P 500 for
15 years or so. Average monthly inflows during the late 1990s got to $20 billion (inflation adjusted into “today’s” dollars) before collapsing back to zero (and a little
worse) in the early 2000s. The chart attached to the end of this report shows the data back to 1985, courtesy of the Investment Company Institute.
Market Commentary – Pages 1-3, Equities/Conferences & Earnings – Page 4, Fixed Income – Page 5, Options – Page 6, Exchange-Traded Funds/Indexes – Page 7, Social
Media & Internet Blogs Top Stories – Page 8
1 1
©2010 BNY ConvergEx Execution Solutions LLC. May not be redistributed without express permission. All rights reserved
Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com
If the 1990s were the glory days of the U.S. stock mutual fund industry, then today’s environment appears to be a violent karmic payback for those boom years.
As the chart we referenced clearly shows, money has been leaving domestic stock funds since 2007 when measured on a rolling 12 month basis. The monthly numbers
are a bit choppy, so the rolling average measurement is a good way to make the underlying trends clearly visible. Yes, there have been some positive months – April and
May 2010 saw $3 and $5 billion of new money coming in the door – but these dim rays of hope are quickly clouded over by renewed redemption requests.
Those recent outflows have engendered concerns about the potential loss of interest on the part of the retail investors for domestic stock investing. In fact,
these worrisome trends go back further, to the middle part of the last decade. Again, the charts tell the story. After a rebound in (inflation-adjusted) money flows in
2004 back to the heyday-like $20 billion/month level, investors began a long march out of U.S. stock funds. Money flows declined for over three years, culminating in the
actual outflows we discussed in the prior paragraph. A piece of this was, of course, the growing popularity of Exchange Traded Funds. But candidly, this substitution
effect is only a part of the explanation. Consider the following points:
• Mutual funds as an industry are still far larger than ETFs. As of yesterday, U.S. listed ETFs of all shapes and sizes had less than $1 trillion in assets. There are over
$10 trillion of assets in U.S. registered mutual funds, with $8 trillion of it in long term funds.
• Further, consider that money flows into ETFs last month were negative, to the tune of $21 billion, according to www.xtf.com. Equity funds saw outflows of over
$30 billion.
In short, the money flows out of U.S. equity mutual funds – especially over the last few months - are not just getting recycled into ETFs. They are being
reallocated to other asset classes, most notably (as the charts show), fixed income and international funds. There are, of course, a myriad of theories about why this
trend is so pronounced and seemingly durable. The demographics of the U.S. population is one oft-mentioned driver, with retiring baby boomers allocating assets to less
risky investments as they prepare to leave the workforce. Other commentators hypothesize that investors have grown tired of an asset class that:
• hasn’t gone anywhere in 10+ years
• seems to blow up with unnecessary regularity
• is dominated by Too-Big-To-Fail institutions and computerized models run by firms they have never heard of
As fun as that last sentence was to write, the question of when investors will return to U.S. equity funds is serious business, and not just for money managers.
There is a theory of urban policing that says you have to fix all the broken windows and remove all the graffiti in a troubled neighborhood before crime will decline in a
permanent fashion. As long as the streets and houses look like no one cares for them, no one WILL care for them. What does it say when U.S. investors take money out
of U.S. stocks, month in and month out, for years on end? It feels like there are a lot of broken windows on this street, and those folks in the neighborhood who can
move out are doing so. And that’s not a good sign for the American economy, let alone the stock market.
It is easy to be bearish, at so many levels, but it is also dispiriting. So I will try to end this note on, well, a note of hope. We have had four straight months of
outflows from U.S. equity mutual funds. The longest streak of outflows for this asset class going back to 1985 is 9 months. That was in 2007, during the beginning of the
financial crisis. The period after the 1987 crash saw 8 consecutive months of outflows. But the average period of sequential outflows is actually 4 months. September’s
fund data will be interesting to see, if only because it will be a powerful indicator of whether or not the current trends are “normal” – fourth months and back to some
inflows – or real sign of disgust/abandonment on the part of retail investors.
2
Total Mutual Fund Flows: Rolling 12-Month Average Domestic Equity Mutual Fund Flows: Rolling 12-Month Average
70,000 30,000 1800
1600
50,000 20,000
1400
30,000 10,000 1200
Equity Flows
S&P 500
1000
0
10,000 800
Feb-92
Jul-00
Sep-97
Apr-89
Nov-01
Jul-93
Apr-96
Jul-07
Apr-10
Jun-86
Feb-06
Feb-99
Nov-08
Apr-03
Nov-94
Jan-85
Sep-90
Nov-87
Sep-04
-10,000 600
Feb-86
Mar-87
Jun-90
Aug-92
Jan-85
Jul-91
Nov-95
Nov-02
Nov-97
Nov-03
Nov-05
Oct-94
Nov-07
May-89
Sep-93
-10,000
Nov-01
Apr-88
Nov-00
Nov-96
Nov-99
Nov-06
Nov-98
Nov-08
Nov-04
400
-20,000
-30,000 200
-30,000 0
-50,000 Domestic Equity Flows S&P 500
Source: Investment Company Institute Source: Investment Company Institute
Note: Inflation-adjusted with CPI data Note: Inflation-adjusted with CPI data
-70,000
Taxable Bond Mutual Fund Flows: Rolling 12-Month Average Hybrid Mutual Fund Flows: Rolling 12-Month Average
30,000 10,000
8,000
20,000
6,000
4,000
10,000
2,000
0 0
Feb-86
Feb-86
Mar-87
Mar-87
Jun-90
Jun-90
Aug-92
Aug-92
Jan-85
Jan-85
Jul-91
Jul-91
Nov-95
Nov-02
Nov-95
Nov-02
Nov-97
Nov-97
Nov-03
Nov-05
Nov-03
Nov-05
Oct-94
Nov-07
Oct-94
Nov-07
May-89
May-89
Sep-93
Sep-93
Nov-01
Nov-01
Apr-88
Apr-88
Nov-00
Nov-00
Nov-96
Nov-99
Nov-06
Nov-96
Nov-99
Nov-06
Nov-98
Nov-08
Nov-98
Nov-08
Nov-04
Nov-04
-2,000
-10,000
-4,000
-6,000
-20,000
-8,000
Source: Investment Company Institute Source: Investment Company Institute
-30,000 -10,000
3
Total Equity Mutual Fund Flows: Rolling 12-Month Average Foreign Equity Mutual Fund Flows: Rolling 12-Month Average
40,000 20,000
30,000 15,000
10,000
20,000
5,000
10,000
0
Feb-86
Mar-87
Jun-90
Aug-92
Jan-85
Jul-91
Nov-95
Nov-02
Nov-97
Nov-03
Nov-05
Oct-94
Nov-07
May-89
Sep-93
0
Nov-01
Apr-88
Nov-00
Nov-96
Nov-99
Nov-06
Nov-98
Nov-08
Nov-04
-5,000
Mar-87
Jun-90
Feb-86
Aug-92
Jul-91
Jan-85
Nov-95
Nov-02
Nov-97
Nov-03
Nov-05
Oct-94
Nov-07
May-89
Sep-93
Apr-88
Nov-01
Nov-00
Nov-96
Nov-99
Nov-98
Nov-08
Nov-06
Nov-04
-10,000
-10,000
-20,000 -15,000
Source: Investment Company Institute
Source: Investment Company Institute Note: Inflation-adjusted with CPI data
-30,000 Note: Inflation-adjusted with CPI data -20,000
Municipal Bond Mutual Fund Flows: Rolling 12-Month Average Total Bond Mutual Fund Flows: Rolling 12-Month Average
10,000 40,000
8,000
30,000
6,000
20,000
4,000
10,000
2,000
0 0
Feb-86
Feb-86
Mar-87
Mar-87
Jun-90
Jun-90
Aug-92
Aug-92
Jan-85
Jan-85
Jul-91
Jul-91
Nov-95
Nov-02
Nov-95
Nov-02
Nov-97
Nov-97
Nov-03
Nov-05
Nov-03
Nov-05
Oct-94
Nov-07
Oct-94
Nov-07
May-89
May-89
Sep-93
Sep-93
Nov-01
Nov-01
Apr-88
Apr-88
Nov-00
Nov-00
Nov-96
Nov-99
Nov-06
Nov-96
Nov-99
Nov-06
Nov-98
Nov-08
Nov-98
Nov-08
Nov-04
Nov-04
-2,000
-10,000
-4,000
-20,000
-6,000
-30,000
-8,000 Source: Investment Company Institute
Source: Investment Company Institute
-10,000 -40,000
4
U.S. EQUITIES
The tech sector was under pressure, with shares of ADBE plunging 19.0% after the company’s 4th quarter outlook fell far short of expectations. RIMM
added 1.0% on news the BlackBerry maker may debut a tablet computer to compete with AAPL’s (+1.4%) iPad. Also, MSFT was down 2.2% after
announcing that it raised its dividend by 25% to $0.16 a share. Many financials struggled, led by JEF (-5.2%), which posted quarterly profit 46% below the
year-ago quarter as trading volume slowed significantly. Lastly, BLOKA sank 31.3% on speculation it will file for bankruptcy in the next few days.
Important Earnings Today (with Estimates) From…

FINL: $0.35 S&P Futures
NKE: $1.01 One Day (High –1140.25; Low – 1126.50):
RAD: $-0.16
SCHL: $-0.57
TXI: $-0.30
Source: Bloomberg
Important Conferences/Corporate Meetings Today:

CIBC World Markets Eastern Institutional Investor Conference – Montreal, QC
Goldman Sachs Communacopia XIX Conference
Morgan Stanley Business & Education Services Conference
UBS Global Life Sciences Conference – New York, NY
Prior Day SPX (High – 1144.38; Low – 1131.50; Close – 1134.28): Three Day (High – 1144.00; Low – 1117.00):
Source: Thomson ONE

5
FIXED INCOME
In the longest win streak since June, 10-year Treasuries rose for a 4th consecutive day Wednesday as investors digested news the Fed may be preparing to
increase its U.S. debt purchases. The yield on the 2-year note touched a record low (0.41%) for a 2nd straight day, before settling at 0.43%. The
benchmark 10-year note yield gave up 2 bps, falling to 2.55%, while the 30-year yield dropped 5 bps to 3.74%. European bonds also advanced, pushing
the 10-year bund yield down the most in a month on concern about the global impact of a slowing U.S. recovery.
Source: Bloomberg Source: Bloomberg
Today’s Important Economic Indicators/Events (with Consensus):

Jobless Claims (8:30am EST): 450K
Existing Home Sales (10:00am EST): 4.05M SAAR
Leading Indicators (10:00am EST): 0.1%
EIA Natural Gas Report (10:30am EST)
Charles Evans Speaks (10:40am EST)
Paul Volcker Speaks (1:00pm EST)
6
U.S. EQUITY OPTIONS
SPX – The underlying Index traded in a range of +0.4% to -0.7% with a slight downward bias for most of the day. The implied premium, as measured by the VIX, was
little changed, ending +0.7%. The largest SPX option trade of the day was a sale of the March 825/900 put spread 20,000 times for $7.10. In the opposite direction there
were several noteworthy portfolio protection trades with net put buying. The October 975/1000 Put spread was bought 5,000 times at $9.90. The October 900 puts
were bought 5,000 times at $0.60 and the October 925 puts were also bought several thousand times at $0.80. There was also a October 1000/1050/1100 put butterfly
which was bought 5,000 times for $4.20.
ETF – With a light economic calendar we saw limited action in the ETF space. Some of the largest volume occurred in the VIX where saw an investor buy 8,000 Oct
25/27.5 call spreads and 23,000 Oct 24/26 call spreads, and also sold 23,000 Jan 25/27.5 call spreads and sold 23,000 Feb 25/27.5 call spreads. This collective action
seems to be rolling activity. We saw a bullish play in EWZ where an investor bought 20,000 Jan 73 calls to sell 20,000 Jan 69 puts. Finally in XLE we saw a buyer of the
Jan 50/47 put 1x2 11,500x 23,000 times.
CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY

Rank 9/16/2010 9/17/2010 9/20/2010 9/21/2010 9/22/2010 30-Day Implied Vol
1 FDO FDO FDO FDO MKC 32.89
2 DTV GIS MKC MKC FDO 33.18 BIGGEST MOVERS
3 APOL Q DTV Q DTV 23.28
4 GIS APOL GIS DTV FSLR 40.61
Top 10 30-Day Implied Vol Bottom 10 30-Day Implied Vol
5 PG PG FSLR FSLR PG 13.70 PTV 37.25% 24.91 ADBE -50.06% 28.73
FSLR DTV PG PG HSP 35.88
CFN 36.45% 28.82 GIS -17.22% 39.10
6
7 AZO FSLR AZO WFR KMB 14.37

8 CEPH AZO WFR KMB STZ 29.14 WLP 35.93% 26.43 Q -15.28% 34.71
Q AGN NOVL NOVL NOVL 50.66
9
ROK 33.71% 38.09 PNW -11.61% 33.95
10 STZ HSY STZ PCS WFR 44.07
11 HSP CMS EFX APOL PEP 16.05 DUK 30.61% 23.85 BIIB -10.12% 30.12
12 AGN HSP KMB GIS MAT 31.94 CA 30.59% 34.45 DPS -6.64% 27.04
13 PEP STZ WAG STZ VRSN 29.10
14 MAT CEPH AGN HSP Q 20.66 CPWR 28.74% 38.95 AZO -5.93% 21.70
15 WAG WFR CMS RSH CA 28.56 PBI 27.59% 29.06 GCI -5.02% 31.93
16 STR PEP APOL PEP AGN 28.18
17 RHT WAG RHT AGN MJN 33.51 WM 26.47% 23.31 STR -4.48% 23.18
18 KMB RHT AIV STR APOL 51.03 UNH 26.05% 22.15 AKAM -3.84% 17.02
19 JEC STR RSH GENZ WAG 24.95
20 WFR KMB HSP RHT RSH 35.91
21 NKE MAT CF PX AIV 36.53
22 MKC RSH PEP WAG PX 21.57
23 RSH IRM CLX MAT HRS 30.08
We ranked the S&P 500 companies from the highest to lowest 30 day implied to
24 SLM VRSN PX CTL NKE 24.92 historical volatility ratio. Above we identify the 10 most positive and negative
25 BMY CTL MJN CEPH CLX 15.17 movers.
PX BMY CTL MJN CEPH
NOVL SLM VRSN CLX CTL The table to the left represents the 25 highest 30 day implied to historical
CLX MKC IRM CF RHT volatility ratios within the S&P 500 companies. The green represents names
QLGC NKE MAT AIV GENZ new to the list while the red represents names that have fallen out.
AIV JEC STR CMS STR
CEPH EFX PCS
HSY NOVL GIS
Q
7
Exchange-Traded Funds/Indexes
Prior Day Peformance of Largest ETFs by Assets S&P 500 Sector ETFs
Name (Net Assets*) Ticker Category Daily Return Sector Ticker 1-Day Perf YTD Perf Sector Ticker 1-Day Perf YTD Perf
SPDRs SPY Large Blend -0.49% Energy XLE -0.73% -4.51% Telecomm IYZ -0.55% 7.84%
SPDR Gold Shares GLD N/A 0.15% Health XLV 0.16% -2.12% Technology XLK -0.48% -0.96%
iShares MSCI Emerging Markets Index EEM Diversified Emerging Mkts 0.07% Industrials XLI -0.51% 11.77% Consumer Discretionary XLY -0.66% 10.92%
iShares MSCI EAFE Index EFA Foreign Large Blend -0.15% Utilities XLU 0.71% 0.97% Financials XLF -1.63% 0.76%
iShares S&P 500 Index IVV Large Blend -0.44% Consumer Staples XLP 0.18% 1.09% Materials XLB 0.24% -0.36%
Prior Day Top Volume ETFs Currency ETFs
Name Ticker Category Shares Traded Currency Ticker 1-Day Perf YTD Perf Currency Ticker 1-Day Perf YTD Perf
SPDRs SPY Large Blend 169,843,123 Australian Dollar FXA 0.16% 6.30% Mexican Peso FXM 0.76% 3.30%
PowerShares QQQ QQQQ Large Growth 80,676,502 British Pound Sterling FXB 0.32% -3.25% Swedish Krona FXS 0.46% 4.26%
Financial Select SPDR XLF Specialty - Financial 73,798,292 Canadian Dollar FXC -0.27% 1.81% Swiss Franc FXF 1.09% 4.70%
iShares Russell 2000 Index IWM Small Blend 61,771,424 Euro FXE 1.20% -6.65% USD Index Bearish UDN 0.75% -2.98%
Direxion Daily Financial Bear 3X Shares FAZ Bear Market 45,595,135 Japanese Yen FXY 0.68% 9.82% USD Index Bullish UUP -0.73% 0.26%
Prior Day Top Performers VIX ETNs Fixed Income ETFs
Name Ticker Category Daily Return Name Ticker 1-Day Perf YTD Perf Bonds Ticker 1-Day Perf YTD Perf
UBS E-TRACS S&P 500 Gold Hedged Idx ETN SPGH N/A 6.80% iPath S&P 500 VIX VXX 1.61% -49.93% Aggregate AGG 0.03% 5.06%
PowerShares DB Base Metals Dble Long ETN BDD N/A 5.52% Short-Term Futures ETN Investment Grade LQD -0.06% 7.80%
Claymore/BNY Mellon EW Euro-Pacific LDRs EEN Foreign Large Blend 4.75% High Yield HYG -0.40% 0.90%
Direxion Daily Financial Bear 3X Shares FAZ Bear Market 4.39% iPath S&P 500 VIX VXZ 0.58% 10.21% 1-3 Year Treasuries SHY -0.01% 1.66%
Direxion Daily Semicondct Bear 3X Shares SOXS N/A 4.20% Mid-Term Futures ETN 7-10 Year Treasuries IEF 0.15% 11.32%
20+ Year Treasuries TLT 0.90% 16.38%
Others
ETF Ticker 1-Day Perf YTD Perf ETF Ticker 1-Day Perf YTD Perf
Gold GLD 0.15% 17.60% Crude Oil USO -0.21% -17.06%
Silver SLV 0.59% 25.23% EAFE Index EFA -0.15% -1.47%
Natural Gas UNG 0.61% -34.92% Emerging Markets EEM 0.07% 5.06%
SPDRs SPY -0.49% 1.78%
Major Index Changes:

None
ETFs in the Headlines and Blogs:

Emerging Market ETF Investing: Beyond the BRIC - http://etfdb.com/2010/emerging-market-etf-investing-beyond-the-bric/
Time to Buy a Steel ETF? - http://etfdb.com/2010/time-to-buy-a-steel-etf/
8
Top Online Social Networking Stories
Latest Popular Digg.com Business News

How McDonald’s Thrived During the Recession - http://www.mint.com/blog/trends/mcdonalds-recession-09212010/
The Most Efficient Workforces in the World - http://www.good.is/post/transparency-the-most-efficient-workforces-in-the-world/
Obama Among ‘Small Businesses’ Facing Higher Tax Rate - http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aBhNkIIY0AJE
Calculated Risk
Housing Starts and the Unemployment Rate - http://www.calculatedriskblog.com/2010/09/housing-starts-and-unemployment-rate.html
MBA: Mortgage Purchase Activity declines slightly - http://www.calculatedriskblog.com/2010/09/mba-mortgage-purchase-activity-declines.html
AIA: Architecture Billings Index shows contraction in August - http://www.calculatedriskblog.com/2010/09/aia-architecture-billings-index-shows.html
Paving the Way for QE2 - http://www.calculatedriskblog.com/2010/09/paving-way-for-qe2.html
The Big Picture

We Should Have Gone Swedish… - http://www.ritholtz.com/blog/2010/09/gone-swedish/
Fannie/Freddie Acquitted - http://www.ritholtz.com/blog/2010/09/fannie-freddie-acquitted/
Job Change Post-Recessions - http://www.ritholtz.com/blog/2010/09/job-change-postrecession/
Summers: Good Riddance - http://www.ritholtz.com/blog/2010/09/summers-good-riddance/
Zero Hedge
More Forensic Evidence of Gold & Silver Price Manipulation - http://www.zerohedge.com/article/guest-post-more-forensic-evidence-gold-silver-price-
manipulation
Bespoke Investment Group

Bespoke’s Commodity Snapshot - http://www.bespokeinvest.com/thinkbig/2010/9/22/bespokes-commodity-snapshot.html
Bullish Sentiment Highest Since Early August - http://www.bespokeinvest.com/thinkbig/2010/9/22/bullish-sentiment-highest-since-early-august.html
Plummeting Dollar? - http://www.bespokeinvest.com/thinkbig/2010/9/22/plummeting-dollar.html
Twitter Hack and Internet Security - http://www.bespokeinvest.com/thinkbig/2010/9/21/twitter-hack-and-internet-security.html
The Conscience of a Liberal

About the Yen - http://krugman.blogs.nytimes.com/2010/09/22/about-the-yen/
Robert Reich’s Blog

Why No Amount of Fiscal or Monetary Stimulus Will Be Enough, Given How Small a Share of Total Income the Middle Now Receives -
http://robertreich.org/post/1163051320
9
GENERAL DISCLOSURES
This presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general
informational purposes only and should not be relied on for any other purpose. It is not, and is not intended to be, research, a recommendation or investment advice,
as it does not constitute substantive research or analysis, nor an offer to sell or the solicitation of offers to buy any BNY ConvergEx Execution Solutions LLC
(“ConvergEx”) product or service in any jurisdiction. It does not take into account the particular investment objectives, restrictions, tax and financial situations or other
needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision. Please
consult with your financial and other advisors before buying or selling any securities or other assets. This presentation is for qualified investors and NOT for retail
investors.
Please be advised that options carry a high level of risk and are not suitable for all investors. To receive a copy of the Options Disclosure Document please contact the
ConvergEx Compliance Department at (800) 367-8998.
The opinions and information herein are current only as of the date appearing on the cover. ConvergEx has no obligation to provide any updates or changes to such
opinions or information. The economic and market assumptions and forecasts are subject to high levels of uncertainty that may affect actual performance. Such
assumptions and forecasts may prove untrue or inaccurate and should be viewed as merely representative of a broad range of possibilities. They are subject to
significant revision and may change materially as market, economic, political and other conditions change.
Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as
well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or
guarantee as to returns that may be realized from investments in any securities or other assets. This material does not purport to contain all of the information that an
interested party may desire and, in fact, provides only a limited view of a particular market.
The opinions expressed in this presentation are those of various authors, and do not necessarily represent the opinions of ConvergEx or its affiliates. This material has
been prepared by ConvergEx and is not a product, nor does it express the views, of other departments or divisions of BNY ConvergEx Group, LLC and its affiliates.
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Go With the Flow –A History of U.S. Equity Mutual Fund Inflows

30,000 10,000 1200

Important Earnings Today (with Estimates) From…

Important Conferences/Corporate Meetings Today:

Source: Thomson ONE

Source: Bloomberg Source: Bloomberg

Today’s Important Economic Indicators/Events (with Consensus):

U.S. EQUITY OPTIONS

CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY

7 AZO FSLR AZO WFR KMB 14.37

Major Index Changes:

ETFs in the Headlines and Blogs:

Top Online Social Networking Stories

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The Big Picture

Bespoke Investment Group

The Conscience of a Liberal

Robert Reich’s Blog

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