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JPM Weekly Mkt Recap 5-21-12

JPM Weekly Mkt Recap 5-21-12

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Published by: Flat Fee Portfolios on May 23, 2012
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08/09/2013

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MARKET
INSIGHTS
Weekly Market Recap
May 21, 2012
Headlines
• Greece was unable to form a coalition government.• The FOMC left forward guidance unchanged.
Economic News
• CPI: 2.30% y-o-y; Core CPI: 2.31% y-o-y.• Retail Sales rose less than expected.• Housing Starts beat consensus estimates.• Industrial Production was stronger than expected.• Next Week: New Home Sales, Durable Goods.
Thought of the Week
The situation in Europe remains unresolved and fearsover a hard landing in China continue to mount, whichhas driven investors out of stocks and in to bonds andcash. As shown in this week’s chart, China’s economicdata has weakened this year, and although they may beheaded for a slowdown, it does not appear they areheaded for a hard landing. On the other hand, U.S.economic data continues to improve, and to an extent itappears that the U.S. and China have “traded places”;the pace of U.S. economic growth is accelerating, whilethe pace of China’s economic growth is slowing. Thus,given a backdrop of a stronger U.S. economy andattractive equity valuations, investors could benefit froman investment in equities, or at least by takingadvantage of this opportunity to ensure their portfoliosare balanced.
Question of the week:
Used vehicle prices increased 1.5% in April; when wasthe last time prices rose this much on a month-over-month basis?
Prior week's question:
According to the JOLTS survey, how may job openingswere there as of the end of March?
Answer to prior week's question:
According to the JOLTS survey, there were 3.7 million job openings in March, up significantly from a yearearlier.
Please see important disclosure on next page.
833741790747Russell 2000 2,8152,6052,9342,779Nasdaq 1,3411,2581,3531,295S&P 500 12,56012,21812,82112,369Dow Jones 30
5/18/1112/30/115/11/125/18/12Index Levels FridayClosePriorWeekYearEndYearAgo
6.688.367.027.57High Yield 3.252.452.132.1710 Year Municipal 3.171.871.841.7010 Year Treasury 0.560.240.260.292 Year Treasury 0.250.250.250.25Fed Funds Target
Bond Rates
1.162.23-5.90-4.71Asia ex-Japan -2.020.94-3.51-4.26Japan -2.60-0.67-6.33-4.56Europe ex-UK -2.01-3.66-7.08-5.38United Kingdom -1.91-0.63-5.90-4.74MSCI - EAFE 3.863.86-4.23-4.23S&P 500
USDLocalUSDLocalMarket Returns 1 week YTD
3.253.253.253.25Prime Rate 4.604.074.013.9630 Year Mortgage 0.290.640.450.436 Month CD
5/18/1112/30/115/11/125/18/12Consumer Rates FridayClosePriorWeekYearEndYearAgo
3.963.263.793.75Gasoline 100.1098.8396.1391.48Crude Oil 1496.501531.001583.001589.50Gold
Commodities
81.3676.9479.8879.26¥ per $ 1.611.551.611.58$ per £ 1.431.301.291.27$ per €
Currency
1.261.4324.5516.04Russell 2000 109.801.5317.5913.37Russell 1000 Growth 74.382.5815.0910.83Russell 1000 Value 103.302.3114.7011.87S&P 500
Wgt AvgMkt Cap(Bill)DividendYieldP/ETrailingP/EForwardIndexCharacteristics
S&P 500 Sector Returns
-10-50510
   S   &   P   5   0   0   F    i   n   a   n   c    i   a    l   s   M   a   t   e   r    i   a    l   s   T   e   c    h   n   o    l   o   g   y   C   o   n   s   u   m   e   r   D    i   s   c   r .   E   n   e   r   g   y   I   n    d   u   s   t   r    i   a    l   s   H   e   a    l   t    h   C   a   r   e   U   t    i    l    i   t    i   e   s   C   o   n   s   u   m   e   r   S   t   a   p    l   e   s   T   e    l   e   c   o   m  -   0 .   3  -   1 .   3  -   1 .   4  -   2 .   5  -   4 .   2  -   4 .   6  -   5 .   0  -   5 .   0  -   6 .   5  -   7 .   0-   4 .   2
-10-50510
   S   &   P   5   0   0   E   n   e   r   g   y   M   a   t   e   r    i   a    l   s   U   t    i    l    i   t    i   e   s   I   n    d   u   s   t   r    i   a    l   s   C   o   n   s   u   m   e   r   S   t   a   p    l   e   s   H   e   a    l   t    h   C   a   r   e   F    i   n   a   n   c    i   a    l   s   T   e   c    h   n   o    l   o   g   y   C   o   n   s   u   m   e   r   D    i   s   c   r .   T   e    l   e   c   o   m   8 .   8   8 .   2   8 .   2   6 .   4   4 .   7   4 .   0   1 .   8  -   0 .   5  -   1 .   7  -   6 .   9   3 .   9
   1   w   e   e    k   Y   T   D
Style Returns
-5.8-5.4-5.0S -6.1-6.0-5.8M -4.7-4.2-4.3L GBV
   1   w   e   e    k
1.21.31.5S 3.82.81.9M 5.63.92.3L GBV
   Y   T   D
Note: All returns represent total return including dividends.
Chart of the Week
 Trading Places: The U.S. and China
YTD year-over-year % change
24.0%8.2%8.1%11.2%-4.2%6.9%5.1%-1.8%
-10%-5%0%5%10%15%20%25%30%Housing Starts Exports Imports Vehicle SalesU.S. China

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