Bond Analyst

SCR "Finance Research S & Forecast for April 28, 2009

In our global research and strategy analysts thereafter, the following excerpts financial statements (including projections) are revisions recent report:

Observation Research (Report No. D3: Optimal Finance Research a„c (USA) Invest aggressive):

Theme: The investment obligations in relation to high yield bonds

(1) Observation of the relative strength: Results in the analysis of the relative resistance of G. Sachs Invest Top Corporate Bond (LQD) vs. High Yield Corporate Bond (HYG) indicate that insufficient LQD HYG on a relative basis. Since the resistance ratio measures the relative strength of the numerator by the denominator, it has a predictive potential. In this observation, the price path of the numerator G. Sachs Invest Top Corporate Bond (LQD) is down over the denominator High Yield Corporate Bond (HYG). Therefore, at least in the short term, the implication is that HYG has the potential to outperform LQD. Caution: Road pricing LQD is currently neutral with a fairly horizontal direction.

(2) Monitoring the performance of the course: G. Sachs Invest Top Corporate Bond (LQD) shows the transition from one direction at a higher price at a level path.

(3) Market Observation Type: demand conditions of security (measured by the flow of money) indicate the potential continuation of the current leadership of the market because the change in the money flow is low. It is on the hard currency inflows into equities. However, this status is based on the outcome of the next economic statistics.

(4) possible involvement: The involvement of all observations for LQD is declared neutral, and has implications in the short-term neutral, therefore, has potential LQD neutral trend for at least short term. The analysis of LQD versus HYG is useful as an indicator of climate. When G. Sachs Invest Top Corporate Bond (LQD) is insufficient High Yield Corporate Bond (HYG) on a relative basis, it indicates that bond investors are optimistic about the economy as a whole and the growth of small businesses in particular.

Theme: growth stocks versus value stocks

(1) Observation of the relative strength: Results in the analysis of the relative resistance of the DJ Wilshire Large Cap Growth (ELG) vs. DJ Wilshire Large Cap Value (ELV) indicate that ELG is outperforming ELV on a relative basis. Since the resistance ratio measures the relative strength of the numerator by the denominator, it has a predictive potential. In this observation, the price path of the numerator DJ Wilshire Large Cap Growth (ELG) is increasing over the denominator DJ Wilshire Large Cap Value (ELV). Therefore, at least in the short term, the implication is that ELG has the potential to outperform ELV.

(2) Monitoring the performance of the course: DJ Wilshire Large Cap Growth (ELG) shows the continuation of a direction of higher prices.

(3) Market Observation Type: demand conditions of security (measured by the flow of money) indicate the potential continuation of the current leadership of the market because the change in the money flow is very strong for most of ETFs based growth. It is on the low flow of money entering the value-based ETF.

(4) possible involvement: The involvement of all the observations reported for ELG is bullish, and has implications in the short term bullish and, therefore, ELG has a potential upward trend for at least short term. The analysis compared the ELG ELV is useful as an indicator of climate. When DJ Wilshire Large Cap Growth (ELG) is outperforming DJ Wilshire Large Cap Value (ELV) on a relative basis, it indicates that investors are optimistic about the economy as a whole and the growth of small businesses particular. Whether this observation is to be determined by the economic indicators in the future. Currently being developed.