Charts to WatchGlobal Market Update

November 21, 2014

Global Clients…Global Portfolios

disclosure: The opinions expressed in this Charts to Watch report are those of the author. The materials and commentary are strictly informational and should be used for research use only. This bulletin is not intended to provide investing or other advice or guidance with respect to the matters addressed in the bulletin. All relevant facts, including individual circumstances, need to be considered by the reader to arrive at investment conclusions that comply with matters addressed in this bulletin. Charts and information used in this report are sourced from Bloomberg.

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Accuvest ETF Heat MapMarket Sector Ticker 1 Week 1 Month 3 Months 6 Months 1 YearS&P 500 SPY 1.2% 6.5% 4.1% 10.3% 17.1%MSCI EAFE EFA 0.7% 3.3% ‐4.5% ‐4.5% ‐0.1%Emerging EEM 2.4% 3.5% ‐5.4% ‐0.3% 3.4%World ACWI 1.2% 5.0% ‐0.4% 3.6% 9.1%High Yield HYG 0.3% ‐1.1% ‐1.5% ‐0.4% 4.2%IG Bonds LQD 0.1% ‐0.9% 0.0% 1.6% 7.9%LT Treasuries TLT 0.5% ‐0.1% 3.7% 8.6% 20.4%EM Bonds EMB 0.7% 0.4% 0.1% 2.0% 10.0%US Dollar UUP 0.9% 3.3% 7.2% 9.6% 7.5%Euro FXE ‐1.1% ‐2.6% ‐6.8% ‐9.7% ‐8.3%Yen FXY ‐1.2% ‐9.2% ‐11.9% ‐14.0% ‐14.5%EM Currency CEW 0.5% ‐1.9% ‐4.7% ‐5.6% ‐3.3%Gold GLD 0.8% ‐3.9% ‐6.1% ‐7.2% ‐3.8%Silver SLV 1.0% ‐6.1% ‐15.5% ‐15.3% ‐17.9%Crude Oil OIL 1.0% ‐7.8% ‐18.5% ‐25.1% ‐16.3%Commodities DBC 0.5% ‐2.5% ‐12.7% ‐17.5% ‐14.7%

Friday, November 21, 2014

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Accuvest Country ETF Heat MapCountry Ticker 1 Week 1 Month 3 Months 6 Months 1 YearAustralia EWA ‐2.9% ‐1.5% ‐10.4% ‐6.0% ‐1.9%Austria EWO 2.1% 3.4% ‐8.3% ‐13.3% ‐15.9%Belgium EWK 1.5% 3.5% ‐4.0% ‐4.6% 7.8%Brazil EWZ 11.9% 5.4% ‐13.9% ‐6.7% ‐4.3%Canada EWC 2.3% 4.1% ‐4.5% 2.2% 7.6%Chile ECH 2.8% 3.5% ‐1.3% ‐6.1% ‐7.2%China MCHI ‐1.4% 3.8% ‐2.6% 10.7% 2.7%France EWQ 2.2% 3.0% ‐5.1% ‐11.4% ‐3.5%Germany EWG 3.9% 5.8% ‐3.5% ‐9.3% ‐4.0%Hong Kong EWH ‐2.3% 3.2% ‐2.7% 6.6% 9.5%India INDY 1.8% 5.8% 6.2% 12.5% 46.8%Indonesia EIDO 3.5% 2.0% ‐3.4% 1.4% 20.1%Ireland EIRL 3.8% 2.8% ‐1.7% ‐5.6% ‐0.6%Israel EIS ‐0.1% ‐2.7% ‐4.2% ‐6.1% 4.5%Italy EWI 3.6% 1.8% ‐6.2% ‐11.2% ‐0.6%Japan EWJ ‐1.1% 4.4% ‐3.1% 4.9% ‐3.0%Korea EWY 0.3% ‐1.7% ‐13.2% ‐12.6% ‐8.9%Malaysia EWM 0.8% ‐1.5% ‐7.8% ‐6.4% ‐1.4%Mexico EWW 2.3% 1.6% ‐6.1% 1.4% 4.7%Netherlands EWN 1.3% 4.9% ‐0.7% ‐3.3% ‐0.4%Norway NORW 0.8% 1.9% ‐12.4% ‐14.2% ‐6.0%Peru EPU 3.2% 1.6% ‐6.3% ‐0.6% 9.5%Poland EPOL ‐0.2% ‐2.1% ‐6.7% ‐8.0% ‐11.2%Russia RSX 3.6% ‐0.6% ‐15.8% ‐16.0% ‐22.8%Singapore EWS 0.9% 2.5% ‐3.1% ‐0.8% 3.0%South Africa EZA 1.8% 8.6% 1.2% 3.4% 15.0%Spain EWP 2.7% 0.7% ‐6.6% ‐8.9% 6.0%Sweden EWD 1.1% 4.4% ‐3.8% ‐8.6% 2.0%Switzerland EWL 0.8% 4.9% ‐1.7% ‐4.4% 4.8%Taiwan EWT 1.7% 4.4% ‐1.2% 7.3% 17.3%Thailand THD 1.9% 3.8% 2.2% 15.2% 16.9%Turkey TUR 3.0% 8.5% 3.5% 3.1% 2.6%United Kingdom EWU 1.3% 2.7% ‐5.8% ‐7.9% ‐0.4%United States IVV 1.2% 6.5% 4.1% 10.4% 17.2%

Friday, November 21, 2014

Financial Conditions

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Developed Markets – Month to Date

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Emerging Markets – Month to Date

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The VIX Index (S&P 500 Implied Volatility)

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Global Financial Stress Index (Higher Level = Higher Stress)

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High Yield Spreads vs. Global Financial Stress Index

Fixed Income & Credit

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US Yield Curve (Current vs. 1 Month & 12 Months Ago)

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UST Curve vs. US Investment Grade Curve

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U.S. Treasury 2 Year Yield

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U.S. Treasury 10 Year Yield

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U.S. Treasury 30 Year Yield

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Fed’s 5 Year Forward Breakeven (Inflation Expectations)

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Investment Grade Bond Prices

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Investment Grade Credit Spread (BBB – 10 Yr. UST Yield)

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High Yield Bond Prices

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High Yield Credit Spreads (HY – 10 Yr. UST Yield)

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Emerging Market Debt (USD Denominated)

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Emerging Market Bond Spreads

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Relative Bond Spreads

Global Equities

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MSCI All Country World Index - USD

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S&P 500 Index

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MSCI EAFE (Europe, Australia, Far East) Index - USD

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MSCI Emerging Markets Index - USD

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SPX vs. EAFE vs. EM

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Trend Analysis by Sector (S&P500)

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Performance by Sector (S&P500)

The Economy

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Last week’s Economic Calendar

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Next week’s Economic Calendar

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U.S. Economic Watch – Leading Economic Indicators

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U.S. Economic Watch – Leading Economic Indicators

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U.S. Economic Watch – Housing Market

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U.S. Economic Watch – Housing Market

Currencies & Commodities

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World Currencies vs. U.S. Dollar (6 Month Spot Returns)

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World Currencies vs. U.S. Dollar (Spot Forecast: Q1 2015)

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US Dollar $

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Euro €

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Japanese Yen ¥

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British Pound £

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Mexican Peso

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Global Commodity Prices

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Continuous Commodity Index – 5 Years

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Gold Prices – 5 Years

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Crude Oil Prices – 5 Years

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High Grade Copper – 5 Years