125

40

120

35
30

115

25

110

20
105
15

Relative Value (+ive equals Equity cheap)
100
95

S&P (SPY)

10

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

90

0

85

-5

80

-10

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

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