Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.

ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEngine

covers over 7,000 stocks every day.

A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks,
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April 29, 2011 – The Dow - overvalued fundamentally and overbought technically
Stocks are trading under a ValuEngine Valuation Warning. The Dow Industrial Average has
been the leader and its daily, weekly and monthly charts are overbought. This is not a sell
signal but reflects the facts that stocks have moved beyond what’s justified by a slower than
expected economic growth and weak labor market. Fed policy is helping Wall Street reap
trading profits from commodity and stock market speculation, while Main Street has been left
struggling with a higher cost of living that’s being ignored by Fed policy.
Stocks are now trading under a ValuEngine Valuation Watch – 61.7% of all stocks are overvalued
with 16 of 16 sectors overvalued, 5 by double-digit percentages. A ValuEngine Valuation Warning
occurs when 65% or more of all stocks become overvalued. This last occurred on February 18th, which
helped me predict a market pull-back of 6.7% for the Dow and 8.3% for the NASDAQ.
10-Year Note – (3.311) My weekly value level is 3.430 with daily and monthly risky levels at 3.299 and
3.181.

Courtesy of Thomson / Reuters

Comex Gold – ($1536.3) Fed-supported commodity speculation continues with another all time
high at $1538.8. My semiannual value level is $1452.6 with weekly, quarterly and daily pivots at
$1501.2, $1523.7 and $1536.7, and monthly risky level at $1559.9.

Courtesy of Thomson / Reuters

Nymex Crude Oil – ($112.85) Fed-indorsed speculation resulted in another multi-year high at
$113.97. My Semiannual value level is $107.14 with a daily pivot at $113.25, and quarterly and
weekly risky levels at $114.27, $116.86 and $120.52.

Courtesy of Thomson / Reuters

The Euro – (1.4818) The Federal Reserve policy ignores the dollar. Quarterly and monthly value
levels are 1.4308 and 1.4170 with daily and quarterly pivots at 1.4746 and 1.4624, and weekly pivot at
1.4771. My annual risky level is 1.6367.

Courtesy of Thomson / Reuters

Daily Dow: (12,763) My monthly and weekly value levels are 12,481 and 12,404 with a daily pivot at
12,707, and Thursday’s new 2011 high at 12,776.14. My quarterly and annual risky levels are 13,774
and 13,890.

Courtesy of Thomson / Reuters

S&P 500 – (1360.5) My weekly value level is 1318.7 with a daily pivot at 1356.9, Thursday’s new 2011
high at 1361.71 and this month’s pivot at 1360.0. My quarterly risky level is 1500.4.
NASDAQ – (2873) My weekly value level is 2744 with a daily pivot at 2878, Thursday’s new 2011 high
at 2874.59, and my monthly risky level at 2898.
NASDAQ 100 (NDX) – (2410) My weekly value level is 2288 with a daily risky level at 2436, and
monthly risky level at 2477.
Dow Transports – (5510) My annual value level is 5179 with daily, weekly and monthly pivots at 5419,
5365 and 5371, and Thursday’s new 2011 high at 5526.27. Transports are approaching its all time
high at 5536.57 set in May 2008 despite near record fuel costs.
Russell 2000 – (861.54) My weekly value level is 835.89 with daily and monthly pivots at 855.74 and
856.67. Thursday’s new 2011 high at 861.55 is also a new all time high.
The SOX – (447.54) My weekly value level is 408.52 with daily and monthly risky levels at 452.09 and
452.34 and the February 18th high at 474.33.
Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slow
stochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0
is overbought and below 2.0 is oversold.
That’s today’s Four in Four. Have a great day.
Richard Suttmeier
Chief Market Strategist
ValuEngine.com
(800) 381-5576
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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com.
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“I Hold No Positions in the Stocks I Cover.”