125

40
35

120

30
115
25
110

105

20
15
Relative Value (+ive equals Equity cheap)
S&P (SPY)

100

10

Corporate Bond Spread Proxy (LQD - IEF beta/duration adjusted)
5

95

0

90
Jan-10

-5
Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10