Morning Markets Briefing: HWKRT: How Would Keith Richards Trade These Markets?

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 kicked off the third quarter with declines across the board, with the Dow and Nasdaq falling Morning Markets Briefing
0.4%, while the S&P 500 lost 0.3%. ISM’s manufacturing index weakened to 56.2 in June from 59.7 the
prior month and fell short of market expectations for 59.0. Similar to other recent housing data,
Market Commentary: July 2nd, 2010
pending home sales disappointed in May, falling 30.0% after the homebuyer tax credit expiration in
April. Initial jobless claims were another weak spot, as they rose to 472K last week from 459K the A snapshot of the markets through the
previous week. The 4-week moving average popped to its highest level since March (466,500). lens of ConvergEx.
Construction spending held up relatively well compared to home sales, dropping only 0.2% in May
(consensus estimates called for a decline of 0.5%) following a 2.3% spike in April.
HWKRT: How Would Keith Richards Trade These Markets?
Summary: Our monthly review of asset price correlations finds little change from May’s very high levels. S&P industry sectors still move virtually in lock-step, with only
Utilities and Consumer Staples drifting slightly away from the herd. Gold saw a small uptick in price correlations with stocks, but precious metal correlations to financial
assets are still near half-year lows. Currency correlations to U.S. stocks increased, whether you look at Euro, Yen or Aussie Dollar. Ditto for high yield bonds. Why this
persistent clustering of returns across risk assets? The answer is the market’s apparently binary approach to risk. That’s a function of macro uncertainties – euro, U.S.
double dip, Chinese slowing, global deflation – that seem to take turns spooking markets and pushing correlations up to (and through) the upper ends of their bands.
In honor of the recent release of The Rolling Stones Exile on Main Street, which many consider to be their finest work, I picked up the oddly entitled book,
“What Would Keith Richards Do?” It was one of those “if you bought this, you might like that” features on Amazon when I checked out the massive remastered box set
of Exile. I figured I would have little use for the 2 LP set of actual vinyl records that come with the special Stones release, but this little book might be of some modest
entertainment value. No doubt it is based on the philosophical question “What would Jesus do?” But how deep does Keith’s world view really go? And wouldn’t it have
been flushed out during those blood-cleansing sessions in Switzerland in the 1970s?
As it turns out, the Stones guitarist is a pretty deep thinker. Sure, there is the rough and tumble stuff. Keith’s displeasure with his dealer-turned-tell-all-book writer,
“Spanish Tony” Sanchez veered into what U.S. laws would call ‘brandishing’ a new pistol at Tony. But it is hard not to be amazed at the life the man has led and what he
has said along the way. It may not be the ‘Tao of Keith,’ but snippets like “I don’t think about surviving. I just expect it.” Resonate. And when asked what his idea of
perfect happiness was, he responded “Now.” Very Buddhist. Namaste, Keith.
Market Commentary – Pages 1-5, Equities/Conferences & Earnings – Page 6, Fixed Income – Page 7, Options – Page 8, Exchange-Traded Funds/Indexes – Page 9, Social
Media & Internet Blogs Top Stories – Page 10
11
Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com
So what would Keith Richards make of today’s market? Well, if he compared it to something he knows a lot about – the chemistry needed in a great band – he would
quickly surmise that he liked stocks about as much as the Sex Pistols. Which is to say not very much; his quotes on the founders of punk music are unprintable here. But
what we think Keith would say about investments is something like, “That’s all wrong – everyone is playing the same notes. That’s for marching bands playing John
Philip-freakin Sousa, not rock n roll.” (Insert trademark Keith Richards raspy slurring voice here.)
And indeed, this is the existential problem plaguing risk assets at the moment – they all look, feel, sound and trade largely in the same patterns. We do a
monthly review of asset price correlations across a variety of investments – stock sectors, currencies, precious metals, and fixed income. The accompanying charts and
tables show these results over the past +6 months and reflect both rising and falling markets and risk appetite. Three points seem to pop out from these datasets:
• Correlations rose for many asset classes as market sold off over the past two months. Looking at the 10 major S&P industrial sectors, for example,
correlations versus the market as a whole rose dramatically in May and stayed there in June. The only two exceptions – Utilities and Consumer Staples – are
defensive groups and managed to move a little more independently than their more cyclical sector cousins. Currency correlations to stocks rose further in June
from already high levels in May. And while the Euro gets a lot of attention for its canary-in-a-coal mine status related to the market’s risk appetite, both natural-
resource based Aussie dollar and deflationary Yen actually have much stronger correlations to U.S. stocks.
• Precious metals have actually shown less correlation to financial assets in recent months, even though June did see a modest uptick for both gold and
silver relative to stocks. Still, these commodities are among the few assets providing some real diversification in a portfolio at the moment.
• If you want to know “Why” correlations move higher or lower in any given month, the answer can be found by looking at the CBOE Volatility Index (VIX).
In one of the charts attached here, we show the average correlation for the sectors of the S&P alongside the VIX. The relationship is very tight. Looking at the
range of correlations for these 10 sectors over the past +6 months, the mechanics of these moves is easier to see. When volatility rises, the sectors that usually
have less correlation to the market start to track the broad index much more closely. That moves up the average sector correlation and gives us all the feeling
that the market is simply playing one note, over and over again.
Since high correlations across markets are a sign of risk and fear, the logical question to close with is “What will make it better?” It is hard to envision why
investors will choose to put money to work in financial assets if the usual benefits of diversification are missing or at the very least largely absent. Here are three
scenarios where correlations can move lower in a sustainable fashion:
• Economic concerns prove to be overblown. There has been a raft of bad macro news of late, from a slowing Chinese economy to lousy U.S. jobs numbers to
various sovereign debt downgrades, which has put the fear of a “double dip” recession into the market. Neither the Fed nor Treasury seems especially
concerned, and maybe they will be proven correct. Investors will need some pretty powerful catalysts to come to this point of view, however, as U.S. labor
market conditions look pretty sloppy at the moment.
• Equity market valuations and fundamentals get a lift from Q210 earnings reports. We’ve all been living on macro data points for the last 6 weeks, but with
July will come a slew of earnings reports. Market bulls keep saying stocks are very cheap based on expected earnings – Q2 results – and the all important
management “forward guidance” on conference calls will very shortly test this thesis.
2
• Risk of deflation abates. We single out deflation from the general macro commentary because it is a more unique and pernicious risk than a “double dip”
recession. At the moment U.S. Treasuries are struggling to price in both a slower economy AND the risk of an actual structural declines in prices. The result is a
sub 3% 10 year Treasury yield. But for equities, corporate bonds and precious metals, the threat of deflation is a much more difficult calculus to include in asset
prices. Central bankers have a lot of experience fighting – and beating – inflation. But the most significant fight against deflation in the last 100 years – the
Japanese economy – has been a losing battle for a decade. What would inflation mean for risk assets? Realistically, no one knows the exact answer. But it
cannot be good news.
Sector ETFs: High, Low & Avgerage Monthly Historical 30-Day VIX vs. Average 30-Day Historical Correlation of Sector ETFs to
Correlations Against the S&P 500 the S&P 500
100% 1250 100% 35
95% 33
1200 95% 31
90%
Correlation = 0.61 29
85% 1150 90%
27
80%
85% 25
75% 1100
23
70% 80% 21
1050
65% 19
75%
60% 1000 17
70% 15
High Average Low S&P 500 Avg Correlation VIX
3
GLD and SLV: Historical 30-Days Correlation Against the S&P 500 Currencies: Historical 30-Days Correlation Against the S&P 500
90%
80%
70% 60%
40%
50%
20%
30%
0%
10% -20%
-40%
-10%
-60%
-30% -80%
GLD SLV Australian Dollar Euro Yen
Bonds: Historical 30-Days Correlation Against the S&P 500 Currencies: Historical 30-Days Correlation Against the S&P 500
90%
80%
70% 60%
40%
50%
20%
30%
0%
10% -20%
-40%
-10%
-60%
-30% -80%
High Yield Investment Grade Australian Dollar Euro Yen
4
Historical 30-Days Correlation Against S&P 500

Name Symbol Current 1 Month Ago 2 Months Ago 3 Months Ago Change in absolute correlation* Change in absolute correlation* Change in absolute correlation*
(07/01/10) (06/10/10) (04/30/10) (04/1/10) from 1 mo ago from 1 mo ago to 2 mos ago from 2 mos ago to 3 mos ago
Energy XLE 95.17% 93.57% 81.60% 72.84% 1.60 11.97 8.76

Health XLV 93.66% 94.43% 66.50% 77.60% 0.77 27.93 11.10
Industrials XLI 97.74% 97.98% 92.93% 89.36% 0.24 5.05 3.57
Utilities XLU 88.31% 90.07% 65.98% 70.42% 1.76 24.09 4.44
Consumer Staples XLP 85.56% 92.70% 81.06% 79.15% 7.14 11.64 1.91
Telecomm IYZ 93.80% 94.12% 84.73% 65.24% 0.32 9.39 19.49
Technology XLK 95.84% 96.58% 91.16% 89.54% 0.74 5.42 1.62
Consumer Discretionary XLY 97.08% 97.35% 85.55% 81.90% 0.27 11.80 3.65
Financials XLF 95.02% 97.16% 91.75% 78.21% 2.14 5.41 13.54
Materials XLB 94.79% 95.15% 85.89% 74.35% 0.36 9.26 11.54
Gold GLD -16.47% -26.48% 8.57% 26.44% 10.01 35.05 17.87

Silver SLV 37.63% 25.58% 48.33% 49.76% 12.05 22.75 1.43
EAFE Index EFA 95.41% 94.43% 87.90% 76.91% 0.98 6.53 10.99
Emerging Markets EEM 95.55% 93.98% 88.57% 84.13% 1.57 5.41 4.44
Australian Dollar FXA 88.60% 82.97% 67.43% 70.25% 5.63 15.54 2.82
Euro FXE 45.60% 40.79% 41.32% 30.52% 4.81 0.53 10.80
Japanese Yen FXY -73.54% -72.75% -35.61% -21.52% 0.79 37.14 14.09
High Yield Corporate Bond HYG 80.59% 77.55% 53.34% 45.66% 3.04 24.21 7.68
Investment Grade Bond LQD -21.74% 14.30% -20.58% 13.96% 36.04 34.88 34.54
*Red indicates increasing correlation; green indicates decreasing correlation
Source: IVolatility.com
5
U.S. EQUITIES
Though U.S. auto sales declined from May to June, shares of F were up 4.9% as the automaker’s overall sales increased 15% in June 2010 over June 2009.
For-profit university owner APOL added 2.1% after forecasting fourth quarter profit excluding some items of $1.30 a share, topping estimates of $1.20.
DAL (-0.3%) announced it will sell two of its regional airline units for a combined total of $82.5 million. SWHC increased 6.9% as it reported fourth quarter
adjusted earnings of 8 cents a share versus expectations for 4 cents a share.
Important Earnings Today (with Estimates) From…

S&P Futures
None One Day (High –1029.75; Low – 1006.00):
Important Conferences/Corporate Meetings Today:

None
Three Day (High – 1070.00; Low – 1006.00):

Prior Day SPX (High – 1033.58; Low – 1010.91; Close – 1027.37):
Source: Thomson ONE

6
FIXED INCOME
Thursday the yield curve was the flattest in 8 months, as the spread between yields on 2- and 10-year Treasuries narrowed to 232 basis points after
touching 228 basis points, the lowest since it was 226 basis points on October 2, 2009. The 10-year yield remained below 3 percent for a third day after
breaching that level on Tuesday for the first time in 14 months. Bank of America Merrill Lynch data showed that year-to-date bond returns exceeded
stock gains by the widest margin in 9 years as optimism about the global economic recovery waned.
Source: Bloomberg Source: Bloomberg
Today’s Important Economic Indicators/Events:

Nonfarm Payrolls: -125,000
Unemployment Rate: 9.8%
Average Hourly Earnings: 0.1%
Average Workweek: 34.2 hours
Factory Orders: -0.5%
7
U.S. EQUITY
OPTIONS
SPX- The S&P had a rather active day with a range of 2.2% (+0.3% to -1.9%). This action was similar to yesterdays range of 2.0%, but unlike yesterday, the market recovered its early
losses to end closer to the upper end of the range (-0.3$). This somewhat positive tone resulted in a decline implied volatility as seen the drop in the VIX of just under 5 %. Trading in S&P
options was mixed. Several sizeable directionally positive trades occurred such as the outright purchase of 10,000 July 1050 calls. There were also sizable sellers of July 900 puts. Calendar
protection rolls also traded such as the purchase of the September 900 puts vs. the sale of the July 1000 puts over 10,000 times on the day. There were also several large trades which had
a direction bias but also looked to sell premium at the current elevated levels such as the purchase July 1025/1075 1x3 call spread 4,000 x 12,000 times. Another example of this was the
purchase of a 700/800/900 skewed put butterfly in September were the 700 and 900 puts were bought 5,000 times each, but the 800 puts were sold 11,000 times (unlike a typical
butterfly were the middle would be twice the wings).
ETF- As the VIX and the market both sold off in Thursday’s session, investors sought the opportunity to limit their cost of protection. This was especially evident in SPY as we saw investors
buy 50,000 of the July 98 / 94 Put Spreads as well as the Aug 97 / 87 Put Spread 26,800X. Other action in SPY consisted of rolling long puts into August. In the VIX, one player bought 10,000
July 20 / 35 Call Spreads. In Sector flow, investors began selling volatility in XLF through Aug 13 Puts 75,000X. In homebuilder name, XHB, investors bought 21,500 Jan 17.5 Calls. In SLV we
noted long term volatility selling in12,500 Jan 2012 23 calls and 25000 Jan 2012 13 puts. Lastly, we observed a noteworthy diagonal spread in GLD as an investor sold 6500 Dec 117 puts and
bought the Sep 107 Puts.
CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY

Rank 6/25/2010 6/28/2010 6/29/2010 6/30/2010 7/1/2010 30-Day Implied Vol
1 MIL MIL MIL MIL MIL 6.26 BIGGEST MOVERS
2 KG DV DV NOVL PBCT 35.64 Top 10 30-Day Implied Vol Bottom 10 30-Day Implied Vol
3 PBCT PBCT DF DV UNH 36.81 WEC 37.76% 25.54 APOL -19.74% 48.52
4 DF KG PBCT DF CLX 20.63
5 FTR DF APOL APOL DV 49.93 SHLD 36.87% 55.85 FTR -12.44% 40.83
6 UNH NOVL NOVL KG DF 49.96 MJN 35.97% 35.79 APC -8.93% 78.87
NOVL APOL QCOM PBCT QCOM 40.66
7
ARG 33.65% 19.54 NOVL -8.02% 45.03
8 DV UNH UNH QCOM KMB 21.30
9 RSH RSH KG CLX NOVL 45.03 FIS 33.52% 31.84 TJX -4.57% 32.02
10 QCOM QCOM KMB UNH DPS 37.13 HSP 30.45% 30.73 FSLR -3.45% 59.60
11 CVH KMB CLX PTV KG 57.58
SE 29.81% 32.36 V -3.33% 39.91
12 KMB CVH PCS KMB PTV 49.25
13 MDP CLX MAT FDO FIS 31.84 DPS 28.31% 37.13 LSI -3.10% 46.43
14 HUM MKC WFMI PCS SAI 25.44 L 27.87% 30.04 FDO -2.80% 35.19
15 CI HUM BAX BAX WLP 37.87
16 FDO LXK RSH RSH AIG 66.38
CMS 27.72% 29.80 ROST -2.03% 33.92
17 CFN MAT FDO WFMI CSCO 38.11
18 DGX AAPL LXK MAT WFMI 45.84
19 ODP CI CSCO MDP MAT 40.04
20 AAPL CFN AAPL SLE BAX 32.17 We ranked the S&P 500 companies from the highest to lowest 30 day implied to
21 MO FDO AIG AAPL SLE 28.89 historical volatility ratio. Above we identify the 10 most positive and negative
22 LXK WFMI SLE AIG AAPL 46.20 movers.
23 MAT FTR WLP WLP DGX 28.89
24 WLP SLE SAI CSCO PCS 53.65
The table to the left represents the 25 highest 30 day implied to historical
25 WIN PCS SHW LXK MDT 29.27
volatility ratios within the S&P 500 companies. The green represents names
STJ WIN FTR SHW LXK new to the list while the red represents names that have fallen out.
ORCL WLP CFN SAI MDP
GOOG MO CI RSH
DPS ODP HUM FDO
DGX MKC APOL
MDP CVH
8
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 -0.45% Energy XLE -0.36% -13.17% Telecomm IYZ 0.16% -6.64%
SPDR Gold Shares GLD N/A -3.81% Health XLV -0.85% -10.01% Technology XLK -0.39% -11.38%
iShares MSCI Emerging Markets Index EEM Diversified Emerging Mkts 0.72% Industrials XLI -0.55% -1.58% Consumer Discretionary XLY 0.82% -1.34%
iShares MSCI EAFE Index EFA Foreign Large Blend 1.44% Utilities XLU -0.46% -9.32% Financials XLF -0.87% -5.00%
iShares S&P 500 Index IVV Large Blend -0.26% Consumer Staples XLP 0.20% -3.48% Materials XLB -0.56% -14.49%
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 382,334,652 Australian Dollar FXA 0.26% -6.35% Mexican Peso FXM -0.77% 0.14%
PowerShares QQQ QQQQ Large Growth 158,495,553 British Pound Sterling FXB 1.59% -6.19% Swedish Krona FXS 1.61% -6.92%
Financial Select SPDR XLF Specialty - Financial 133,507,648 Canadian Dollar FXC 0.43% -1.08% Swiss Franc FXF 1.77% -2.40%
iShares Russell 2000 Index IWM Small Blend 114,220,482 Euro FXE 2.38% -12.69% USD Index Bearish UDN 1.81% -8.17%
iShares MSCI Emerging Markets Index EEM Diversified Emerging Mkts 113,338,448 Japanese Yen FXY 0.93% 6.12% USD Index Bullish UUP -1.84% 6.59%
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
GlobalShares FTSE All-World GSW N/A 10.44% iPath S&P 500 VIX VXX -0.96% -9.30% Aggregate AGG -0.05% 3.58%
UltraShort Silver ProShares ZSL Bear Market 8.72% Short-Term Futures ETN Investment Grade LQD 0.11% 3.83%
UltraShort Gold ProShares GLL Bear Market 7.80% High Yield HYG 0.48% -3.60%
PowerShares DB Gold Double Short ETN DZZ Bear Market 7.72% iPath S&P 500 VIX VXZ 0.51% 28.47% 1-3 Year Treasuries SHY -0.03% 1.28%
PowerShares DB Crude Oil Dble Short ETN DTO Bear Market 6.56% Mid-Term Futures ETN 7-10 Year Treasuries IEF -0.04% 7.65%
20+ Year Treasuries TLT 0.16% 13.03%
Others
ETF Ticker 1-Day Perf YTD Perf ETF Ticker 1-Day Perf YTD Perf
Gold GLD -3.81% 9.07% Crude Oil USO -3.21% -16.32%
Silver SLV -4.23% 5.45% EAFE Index EFA 1.44% -14.63%
Natural Gas UNG 4.77% -19.44% Emerging Markets EEM 0.72% -9.42%
SPDRs SPY -0.45% -7.79%
Major Index Changes:

None
ETFs in the Headlines and Blogs:

Oil Up, Foreign Banks Dow in the ETF World - http://www.forbes.com/2010/06/30/wednesdays-etf-movers-oih-axfn-marketnewsvideo.html
Major Moves June: All Fall Down for Active ETFs - http://www.dailymarkets.com/stock/2010/07/01/major-moves-june-all-fall-down-for-active-etfs/
9
Top Online Social Networking Stories
Latest Popular Digg.com Business Stories:

20 products that are cheaper today than 10 years ago - http://www.walletpop.com/blog/2010/06/30/20-products-that-are-cheaper-today-than-10-years-
ago/
Social Networking Ever More Critical to Job Search Success -
http://www.cio.com/article/598151/Social_Networking_Ever_More_Critical_to_Job_Search_Success
Drink. Trade. Refill. Lose $10 Million. - http://www.nytimes.com/2010/07/01/business/global/01oil.html?_r=1
U.S. Gas Prices Visualized - http://kiplinger.com/infographics/us_gas_prices_visualized/
Toyota says 270,000 vehicles have faulty engines - http://www.msnbc.msn.com/id/38030466/ns/business-autos/
Calculated Risk
Construction Spending declined in May - http://www.calculatedriskblog.com/2010/07/construction-spending-declined-in-may.html
General Motors: Sales up 10.7% compared to June 2009 - http://www.calculatedriskblog.com/2010/07/general-motors-sales-up-107-compared-to.html
ISM Mfg index shows slower expansion in June, Pending Home sales collapse - http://www.calculatedriskblog.com/2010/07/ism-mfg-index-shows-slower-
expansion-in.html
Weekly Initial Unemployment Claims increase to 472,000 - http://www.calculatedriskblog.com/2010/07/weekly-initial-unemployment-claims.html
Fannie Mae: Serious Delinquency rate declines in April - http://www.calculatedriskblog.com/2010/06/fannie-mae-serious-delinquency-rate.html
The Big Picture

Clarity, Conviction, Consensus - http://www.ritholtz.com/blog/2010/07/clarity-conviction-consensus/
Crisis of Capitalism - http://www.ritholtz.com/blog/2010/06/crises-of-capitalism/
Bespoke Investment Group

State Default Risk and a Comparison to Sovereign Debt - http://www.bespokeinvest.com/thinkbig/2010/7/1/state-default-risk-and-a-comparison-to-
sovereign-debt.html
It’s the First of the Month - http://www.bespokeinvest.com/thinkbig/2010/7/1/its-the-first-of-the-month.html
Zero Hedge
Biggest Monthly Pending Home Sales Drop on Record as ISM Manufacturing Index Misses Big - http://www.zerohedge.com/article/biggest-monthly-
pending-home-sales-drop-record-ism-manufacturing-index-misses-big
Double Dip Picking Up: Jobless Claims Spike to 472,000 on Expectations of 455,000 - http://www.zerohedge.com/article/double-dip-picking-jobless-claims-
spike-472000-expectations-455000
10
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, 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. 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.
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.
11

Morning Markets Briefing: HWKRT: How Would Keith Richards Trade These Markets?

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.

HWKRT: How Would Keith Richards Trade These Markets?

High Average Low S&P 500 Avg Correlation VIX

GLD SLV Australian Dollar Euro Yen

High Yield Investment Grade Australian Dollar Euro Yen

Historical 30-Days Correlation Against S&P 500

Energy XLE 95.17% 93.57% 81.60% 72.84% 1.60 11.97 8.76

Gold GLD -16.47% -26.48% 8.57% 26.44% 10.01 35.05 17.87

Important Earnings Today (with Estimates) From…

Important Conferences/Corporate Meetings Today:

Three Day (High – 1070.00; Low – 1006.00):

Source: Thomson ONE

Source: Bloomberg Source: Bloomberg

Today’s Important Economic Indicators/Events:

CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY

Major Index Changes:

ETFs in the Headlines and Blogs:

Top Online Social Networking Stories

Latest Popular Digg.com Business Stories:

The Big Picture

Bespoke Investment Group

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