FX and Business Cycle v2

Increasing Decreasing
Above 100 Expansion Downturn

Below 100 Recovery
Slowdown
Dt
TotalLI
ChangeLI
31-May-88
101.76
0.17
30-Jun-88
101.93
0.17
31-Jul-88
102.05
0.12
31-Aug-88
102.12
0.07
30-Sep-88
102.14
0.02
31-Oct-88
102.13
-0.01
30-Nov-88
102.11
-0.02
31-Dec-88
102.06
-0.05
31-Jan-89
101.94
-0.12
28-Feb-89
101.74
-0.20
31-Mar-89
101.49
-0.26
30-Apr-89
101.21
-0.28
31-May-89
100.95
-0.26
30-Jun-89
100.75
-0.20
31-Jul-89
100.63
-0.12
31-Aug-89
100.57
-0.06
30-Sep-89
100.57
-0.00
31-Oct-89
100.62
0.05
30-Nov-89
100.71
0.10
31-Dec-89
100.85
0.13
31-Jan-90
100.98
0.13
28-Feb-90
101.07
0.09
31-Mar-90
101.09
0.02
30-Apr-90
101.00
-0.09
31-May-90
100.77
-0.23
30-Jun-90
100.37
-0.40
31-Jul-90
99.80
-0.57
31-Aug-90
99.09
-0.71
30-Sep-90
98.31
-0.77
31-Oct-90
97.57
-0.74
30-Nov-90
96.97
-0.60
31-Dec-90
96.58
-0.39
31-Jan-91
96.44
-0.15
28-Feb-91
96.53
0.09
31-Mar-91
96.80
0.27
30-Apr-91
97.15
0.35
31-May-91
97.53
0.37
30-Jun-91
97.87
0.34
31-Jul-91
98.13
0.26
31-Aug-91
98.27
0.14
30-Sep-91
98.29
0.03
31-Oct-91
98.23
-0.06
30-Nov-91
98.14
-0.10
31-Dec-91
98.07
-0.07
31-Jan-92
98.06
-0.00
29-Feb-92
98.10
0.03
MarketState AUD
EUR
CAD
JPY
Expansion
5.96%
-2.62%
0.38%
0.15%
Expansion
-1.39%
-5.59%
-1.71%
6.51%
Expansion
1.31%
-2.49%
-0.19%
-0.36%
Expansion
0.30%
-0.75%
2.39%
2.57%
Expansion
-3.02%
-0.11%
-1.85%
-1.94%
Downturn
5.31%
5.44%
0.20%
-6.48%
Downturn
6.17%
2.46%
-2.65%
-2.91%
Downturn
-2.61%
-1.74%
0.42%
2.55%
Downturn
3.84%
-4.91%
-0.78%
4.27%
Downturn
-10.36%
2.32%
1.30%
-2.82%
Downturn
2.22%
-3.67%
-0.45%
4.55%
Downturn
-3.14%
0.96%
-0.60%
0.06%
Downturn
-5.39%
-5.24%
1.65%
6.89%
Downturn
0.46%
1.23%
-0.64%
1.17%
Downturn
0.59%
4.70%
-1.48%
-5.02%
Downturn
0.59%
-4.42%
-0.39%
5.44%
Downturn
1.75%
3.91%
0.22%
-3.52%
Expansion
0.51%
1.64%
-0.41%
2.22%
Expansion
0.51%
2.55%
-0.92%
0.13%
Expansion
0.32%
5.06%
-0.46%
0.62%
Expansion
-1.97%
0.78%
2.37%
0.52%
Expansion
-1.69%
-0.23%
0.55%
2.91%
Expansion
-0.67%
0.18%
-1.85%
5.87%
Downturn
-0.29%
1.19%
-0.44%
0.65%
Downturn
2.04%
-1.02%
0.78%
-3.99%
Downturn
3.35%
1.93%
-0.68%
-0.19%
Slowdown
0.23%
4.73%
-1.16%
-4.17%
Slowdown
2.20%
0.57%
0.13%
-1.52%
Slowdown
1.46%
0.51%
0.17%
-4.01%
Slowdown
-4.99%
3.19%
0.97%
-6.21%
Slowdown
-1.72%
0.56%
-0.17%
2.40%
Slowdown
-0.18%
0.12%
-0.46%
1.97%
Slowdown
1.70%
1.15%
0.21%
-3.22%
Recovery
0.38%
-2.58%
-1.12%
1.13%
Recovery
-1.30% -11.24%
0.83%
5.59%
Recovery
0.81%
-0.50%
-0.65%
-3.05%
Recovery
-3.12%
-0.87%
-0.58%
1.51%
Recovery
1.00%
-4.54%
-0.25%
-0.40%
Recovery
1.37%
3.58%
0.83%
-0.35%
Recovery
0.88%
-0.20%
-0.85%
-0.42%
Recovery
1.61%
4.88%
-0.91%
-2.97%
Slowdown
-1.78%
-0.66%
-0.78%
-1.71%
Slowdown
0.18%
2.43%
1.06%
-0.40%
Slowdown
-2.92%
6.73%
1.82%
-4.06%
Slowdown
-1.49%
-5.12%
1.66%
0.52%
Recovery
0.54%
-1.88%
0.58%
2.83%
31-Mar-92
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
31-Jul-96
31-Aug-96
98.12
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
100.14
100.26
0.02
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
0.15
0.12
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
2.03%
-1.82%
0.16%
-1.41%
-0.42%
-3.93%
-0.31%
-2.47%
-1.93%
1.02%
-1.36%
2.18%
1.47%
0.25%
-4.16%
-1.93%
3.62%
-2.42%
-4.17%
3.12%
-1.07%
2.97%
4.22%
0.69%
-1.27%
1.55%
2.97%
-1.17%
1.50%
0.46%
-0.36%
0.32%
3.47%
0.85%
-2.44%
-2.37%
-0.61%
-0.86%
-1.44%
-1.05%
3.91%
1.66%
0.62%
0.51%
-2.10%
-0.13%
0.48%
2.42%
2.35%
0.59%
1.41%
-1.34%
-1.97%
2.16%
-0.67%
-0.25%
3.23%
4.99%
3.06%
4.34%
-3.19%
-8.55%
-3.81%
-2.03%
0.28%
-3.03%
1.72%
2.36%
-0.34%
-6.30%
-4.09%
3.00%
2.47%
-2.75%
-2.32%
-0.54%
0.14%
1.73%
2.41%
0.87%
0.58%
2.73%
0.19%
0.65%
1.77%
2.51%
-4.23%
0.90%
1.71%
1.98%
5.19%
-0.69%
-1.09%
1.71%
1.17%
-5.46%
2.51%
1.07%
-1.98%
1.12%
-3.41%
1.38%
-0.39%
-3.01%
0.56%
0.42%
2.70%
-0.24%
0.69%
0.49%
0.73%
-0.63%
-1.14%
0.93%
4.20%
-0.53%
3.87%
-1.41%
-0.23%
-1.45%
0.81%
0.93%
0.02%
0.85%
0.30%
2.56%
1.09%
-1.00%
1.11%
-0.76%
0.32%
1.52%
2.46%
-0.09%
0.07%
0.01%
0.22%
-1.42%
-1.73%
0.72%
1.66%
1.86%
0.36%
-1.16%
0.59%
-3.12%
1.03%
0.14%
-0.51%
-1.61%
-0.13%
0.21%
1.21%
0.29%
0.71%
-0.36%
-0.72%
0.15%
0.53%
-0.38%
0.85%
-0.51%
2.88%
0.29%
-4.25%
-1.48%
1.05%
-3.29%
-2.48%
2.78%
1.05%
0.09%
-0.10%
-5.34%
-2.89%
-3.39%
-3.64%
0.21%
-2.07%
-0.33%
1.47%
2.14%
0.44%
2.51%
-3.05%
-3.75%
-1.69%
-1.03%
2.98%
-6.24%
1.72%
-0.10%
-0.90%
-2.23%
2.06%
0.60%
-0.03%
-2.92%
-11.08%
-2.59%
0.33%
0.01%
4.41%
9.70%
2.30%
2.21%
0.08%
1.44%
3.35%
-1.71%
1.91%
-2.01%
2.77%
1.52%
-2.69%
1.93%
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
100.60
100.11
99.58
99.06
98.59
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
-0.42
-0.49
-0.53
-0.52
-0.47
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
0.23%
0.04%
3.04%
-2.72%
-4.09%
2.09%
0.92%
-0.65%
-2.65%
-0.82%
-0.83%
-2.09%
-0.99%
-3.35%
-2.88%
-4.64%
4.93%
-0.48%
-2.62%
-2.00%
-4.13%
-0.35%
-2.48%
-6.45%
4.43%
5.17%
0.62%
-3.00%
3.22%
-1.84%
2.47%
4.17%
-1.89%
2.81%
-2.30%
-1.78%
1.75%
-2.01%
-0.53%
3.27%
-3.05%
-3.06%
-1.75%
-3.90%
-1.97%
4.26%
-2.82%
-0.76%
-6.01%
-4.58%
1.78%
5.71%
-1.48%
-4.51%
-2.51%
0.80%
-1.45%
-0.04%
-6.08%
-3.34%
0.70%
-3.06%
1.42%
-1.85%
-5.25%
1.93%
1.99%
2.51%
-2.35%
-1.95%
-1.86%
0.71%
-1.82%
2.95%
0.69%
-1.20%
1.40%
0.15%
6.03%
0.90%
-2.11%
1.47%
-3.24%
-2.97%
-2.45%
-1.80%
-1.43%
-0.66%
3.43%
-1.37%
1.11%
-1.27%
-4.42%
-0.31%
-3.59%
-0.67%
-0.91%
-4.67%
2.82%
1.53%
-2.76%
-4.28%
-0.56%
-3.92%
2.79%
7.69%
-0.65%
-1.40%
-0.48%
-1.70%
0.92%
1.43%
-1.71%
1.54%
1.17%
0.98%
-1.50%
0.30%
-0.21%
0.72%
-0.46%
1.89%
1.03%
0.48%
1.64%
-2.08%
-0.27%
0.79%
1.81%
0.68%
3.11%
3.49%
-2.34%
0.80%
-0.53%
0.22%
-1.82%
-0.07%
-0.21%
-3.36%
1.15%
-0.70%
2.93%
-0.92%
-1.73%
0.24%
0.21%
-1.90%
0.12%
0.12%
-0.06%
2.12%
1.13%
-1.05%
0.36%
-0.97%
2.10%
1.35%
0.87%
-2.50%
-0.09%
2.54%
2.26%
2.38%
-0.19%
1.61%
4.73%
-0.76%
2.80%
2.63%
-8.85%
-1.52%
3.41%
2.00%
-0.36%
-0.02%
5.94%
2.12%
-2.75%
-0.75%
5.38%
-0.15%
4.37%
-0.01%
4.15%
-3.78%
-2.06%
-16.26%
5.83%
-7.90%
2.37%
2.44%
-0.25%
0.49%
1.92%
-0.58%
-5.58%
-4.28%
-3.03%
-2.24%
-1.88%
0.34%
4.59%
2.77%
-7.09%
5.12%
-0.48%
-1.44%
3.07%
-2.55%
1.37%
0.65%
1.41%
3.59%
1.87%
0.68%
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
-8.05%
5.37%
-1.16%
1.06%
-0.37%
3.77%
-7.51%
2.37%
3.67%
-2.40%
-0.35%
2.03%
2.80%
1.03%
5.26%
-0.71%
-3.76%
1.45%
-1.45%
2.21%
1.13%
0.11%
4.44%
3.58%
-0.66%
3.61%
4.08%
3.14%
-3.75%
-0.20%
4.91%
4.11%
2.19%
3.75%
1.61%
1.25%
-0.91%
-6.20%
-0.77%
-2.25%
0.49%
0.21%
3.28%
2.80%
3.22%
0.95%
-0.59%
2.05%
-2.40%
1.07%
-3.31%
0.87%
-0.78%
-0.17%
-5.21%
1.40%
-5.05%
0.44%
3.18%
4.01%
-0.10%
-1.20%
-0.46%
-0.77%
-3.44%
1.16%
0.26%
3.25%
3.67%
5.95%
-1.41%
0.48%
0.44%
0.37%
0.40%
5.37%
2.60%
0.36%
0.99%
2.43%
5.23%
-2.34%
-2.46%
-2.23%
5.95%
-0.55%
3.42%
4.87%
-0.93%
0.12%
-1.43%
-2.77%
1.72%
0.10%
-1.49%
1.36%
2.06%
2.87%
3.69%
2.05%
-3.87%
1.44%
-2.02%
-0.70%
-4.52%
-1.61%
0.12%
1.82%
2.53%
-2.62%
0.20%
-1.55%
1.26%
1.15%
1.79%
0.58%
-0.97%
1.26%
-0.25%
0.78%
-0.42%
-1.72%
-2.57%
-0.69%
4.31%
-1.64%
1.80%
-1.81%
0.44%
0.41%
-3.38%
-2.32%
-1.17%
-2.57%
-4.54%
-1.47%
4.19%
-1.28%
-2.51%
-2.42%
-1.45%
-0.29%
2.15%
0.68%
-1.89%
4.69%
-0.72%
-2.20%
-0.11%
-1.41%
-3.99%
-3.52%
-2.52%
1.21%
3.10%
-0.48%
-1.92%
3.88%
-0.27%
-2.40%
-0.15%
-2.94%
7.36%
-2.29%
-3.50%
4.45%
0.28%
-5.10%
0.65%
2.36%
0.86%
6.41%
2.27%
-0.98%
-0.47%
-3.21%
-3.42%
-3.90%
0.32%
-1.17%
2.79%
0.55%
0.06%
-3.12%
0.91%
-1.49%
-0.01%
0.67%
0.35%
0.42%
0.62%
-3.06%
-4.75%
-1.41%
-0.28%
-2.22%
-1.42%
3.17%
-4.58%
5.86%
-0.91%
-0.69%
2.35%
-1.99%
0.80%
-3.93%
-2.62%
-0.43%
1.04%
0.89%
2.38%
-2.27%
3.58%
2.14%
1.41%
-1.69%
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
0.88%
-1.83%
-1.37%
-0.71%
3.41%
-2.12%
-3.54%
5.84%
-0.98%
-1.35%
3.24%
-0.35%
-2.34%
3.65%
1.93%
-0.05%
-1.48%
1.41%
2.59%
2.62%
-0.27%
2.56%
0.27%
-3.96%
8.13%
5.07%
-5.47%
-1.06%
2.32%
3.87%
-1.93%
3.30%
1.29%
0.27%
-1.72%
-9.40%
-7.93%
-17.11%
-1.89%
6.98%
-9.74%
0.24%
7.87%
4.84%
9.90%
0.66%
3.59%
0.95%
4.51%
1.90%
1.80%
-2.02%
-1.56%
1.30%
-2.63%
-0.28%
-1.72%
0.52%
2.56%
-1.95%
1.64%
4.18%
1.38%
-0.15%
-0.19%
0.36%
-1.09%
0.69%
3.69%
-0.34%
-1.26%
1.50%
0.94%
2.18%
-1.44%
0.65%
1.05%
-0.40%
4.57%
1.53%
1.00%
-0.30%
1.85%
2.12%
3.93%
-1.06%
-0.44%
1.28%
-0.97%
-6.15%
-4.04%
-10.20%
-0.28%
9.61%
-8.65%
-1.13%
4.48%
-0.15%
6.78%
-0.89%
1.58%
0.54%
2.11%
0.54%
1.92%
-4.67%
-3.25%
-1.69%
-2.11%
1.64%
-1.41%
-0.32%
-2.00%
-0.18%
2.75%
-4.52%
-1.39%
1.39%
1.27%
-2.47%
1.29%
0.37%
1.60%
2.20%
0.96%
-0.60%
-1.37%
-3.91%
-3.75%
-0.34%
0.11%
-1.03%
-6.18%
-5.09%
5.73%
-0.03%
0.44%
-1.51%
3.73%
-1.71%
-1.45%
2.79%
0.30%
3.75%
0.07%
13.03%
2.23%
-1.71%
0.88%
3.73%
-1.27%
-5.52%
-8.85%
6.28%
-7.57%
1.49%
-2.25%
1.42%
-2.66%
-0.29%
1.62%
-1.76%
2.59%
2.51%
2.89%
-1.73%
-0.47%
-1.23%
1.72%
-3.41%
-1.05%
1.59%
0.21%
2.34%
0.66%
-1.02%
-1.01%
2.77%
1.37%
-1.79%
-0.62%
1.43%
1.82%
1.18%
-3.76%
-2.43%
-0.83%
0.55%
-3.71%
0.46%
-4.86%
-2.58%
-3.97%
4.15%
1.53%
0.65%
1.60%
0.81%
-2.50%
-7.47%
-3.03%
-5.25%
-0.80%
8.18%
1.40%
-0.33%
-3.39%
1.06%
-1.76%
-1.66%
-3.73%
0.42%
-4.17%
7.38%
-3.01%
-1.45%
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
2.41%
0.77%
-8.86%
-0.60%
7.27%
-1.52%
8.24%
1.68%
-2.54%
6.51%
-2.56%
2.10%
-0.89%
-1.61%
-7.72%
-0.55%
6.44%
-2.89%
7.25%
2.27%
-7.16%
3.04%
2.29%
0.81%
-3.52%
0.26%
2.58%
1.84%
-3.27%
3.43%
-3.48%
-0.96%
0.68%
-2.81%
0.30%
-2.98%
4.93%
0.41%
-2.79%
-3.16%
-2.24%
-2.66%
-0.80%
-3.82%
4.01%
-3.12%
1.13%
-0.32%
GBP
CHF
SEK
NOK
-2.17%
3.55%
1.98%
1.45%
-7.32%
4.22%
4.77%
5.81%
0.09%
3.65%
2.11%
2.23%
-1.62%
1.46%
1.15%
2.07%
0.50%
-0.09%
-1.05%
-0.20%
4.51%
-5.32%
-3.65%
-3.95%
4.44%
-3.25%
-2.51%
-2.42%
-2.09%
3.28%
1.47%
1.13%
-3.31%
6.30%
3.67%
2.99%
-0.49%
-2.84%
-1.15%
-0.82%
-3.38%
6.69%
2.45%
2.66%
0.27%
0.66%
-0.86%
-0.86%
-7.37%
1.92%
4.23%
4.62%
-1.28%
-1.60%
-0.11%
-0.23%
7.22%
-4.41%
-4.19%
-4.04%
-6.06%
4.95%
3.65%
4.08%
3.29%
-3.94%
-2.91%
-3.18%
-2.47%
-0.51%
-0.17%
-0.15%
-0.67%
-1.43%
-0.63%
-1.46%
2.64%
-3.22%
-2.76%
-3.06%
3.98%
-2.43%
-0.75%
-1.36%
-0.03%
-0.83%
-0.55%
0.25%
-1.77%
0.40%
-0.20%
0.25%
-0.36%
-3.19%
-0.26%
-0.24%
2.17%
-1.21%
0.57%
-0.31%
4.14%
-1.23%
-1.57%
-1.56%
6.34%
-4.91%
-3.79%
-4.18%
1.68%
-2.95%
-0.41%
-0.92%
-0.86%
-0.69%
-0.45%
-0.41%
3.39%
-0.97%
-2.14%
-2.86%
0.00%
-0.82%
-0.40%
-0.82%
-0.70%
0.04%
0.27%
0.40%
1.90%
-1.50%
-1.80%
-1.45%
-2.78%
5.30%
2.45%
3.13%
-8.85%
8.56%
7.80%
10.09%
-1.44%
0.28%
0.29%
1.47%
-1.64%
2.27%
1.45%
1.14%
-4.58%
5.00%
3.99%
3.27%
3.93%
-2.09%
-2.42%
-2.61%
-0.33%
0.16%
0.13%
0.13%
4.05%
-5.34%
-4.44%
-4.86%
-0.68%
1.10%
0.15%
0.43%
1.64%
-2.00%
-2.01%
-2.23%
5.65%
-5.33%
-6.98%
-6.55%
-4.55%
4.84%
4.97%
5.19%
-1.68%
3.81%
1.69%
1.80%
-1.22%
2.31%
2.93%
4.03%
1.17%
3.11%
-11.22%
-13.14%
-2.69%
-0.44%
-1.63%
-4.16%
6.06%
3.85%
-0.70%
-4.70%
-0.59%
0.67%
0.23%
-1.08%
0.39%
-0.56%
1.97%
-1.43%
-0.10%
2.30%
-0.48%
2.16%
-0.02%
-0.65%
2.80%
3.61%
-4.44%
0.02%
0.94%
0.28%
2.35%
-0.56%
-1.64%
0.58%
0.09%
-3.01%
2.25%
-0.32%
-2.97%
1.04%
-2.34%
1.20%
-0.32%
-1.35%
2.92%
0.10%
0.25%
0.52%
1.17%
0.99%
-4.09%
-5.76%
-4.40%
-5.08%
-1.09%
10.54%
4.23%
2.33%
1.39%
2.65%
-2.45%
-4.07%
-0.77%
6.37%
0.66%
-3.03%
-3.64%
4.58%
0.43%
-0.70%
-2.15%
-2.10%
-0.92%
-0.71%
-0.07%
-5.04%
0.49%
-0.60%
-3.40%
-2.44%
5.42%
-1.36%
-1.78%
-3.81%
-9.22%
1.36%
2.01%
-1.66%
0.39%
4.32%
-4.17%
-1.57%
3.44%
-1.87%
4.81%
-0.80%
-0.99%
4.50%
0.33%
0.47%
-4.63%
0.33%
0.65%
-0.17%
-3.04%
-5.01%
-2.50%
-4.12%
3.06%
8.96%
17.19%
2.86%
2.91%
7.00%
-1.56%
-5.43%
-1.61%
7.23%
6.54%
-1.00%
-0.77%
1.27%
3.22%
-1.46%
-5.98%
1.32%
-1.76%
-2.91%
2.48%
-1.85%
1.34%
-0.15%
-3.63%
-4.50%
5.23%
-1.45%
0.66%
-1.61%
-0.23%
-0.73%
0.70%
-1.01%
-2.51%
3.04%
-5.29%
-4.13%
-1.36%
1.60%
4.32%
-2.88%
-1.18%
1.93%
-1.32%
-1.11%
-0.66%
0.46%
0.71%
-0.13%
-3.12%
-4.72%
-2.45%
-4.47%
3.70%
7.72%
5.54%
5.13%
-1.12%
1.87%
-1.94%
-2.39%
0.96%
6.38%
3.42%
-2.52%
-1.59%
3.11%
0.94%
1.01%
-1.14%
-0.75%
-1.51%
-1.58%
-0.41%
-3.10%
-0.23%
0.38%
-2.18%
-3.77%
4.46%
-0.99%
-1.25%
-2.96%
-5.50%
1.69%
0.73%
-2.19%
-0.15%
4.38%
-2.05%
-0.95%
2.16%
-0.29%
2.55%
-1.56%
0.06%
2.48%
-1.00%
-0.05%
-2.12%
0.68%
0.04%
3.87%
3.32%
1.88%
-6.73%
1.62%
0.54%
-0.85%
0.93%
1.63%
-1.50%
-1.57%
0.02%
3.47%
0.97%
-2.63%
-0.81%
0.67%
1.78%
-0.08%
-2.43%
2.24%
-2.14%
2.85%
1.13%
-1.39%
-1.67%
0.74%
-0.91%
-2.61%
0.54%
-0.11%
-0.43%
-1.56%
2.74%
-1.10%
2.68%
-0.15%
-2.88%
1.25%
-0.12%
-2.32%
0.75%
-2.53%
-3.27%
0.84%
-0.96%
-3.56%
1.92%
-1.90%
-1.57%
4.65%
-1.92%
-1.31%
4.32%
1.10%
2.82%
2.76%
5.86%
3.90%
-2.06%
1.69%
-4.11%
3.31%
3.41%
-1.33%
-3.05%
-3.38%
1.94%
2.42%
0.97%
-0.74%
3.82%
-1.39%
-1.22%
2.48%
-1.90%
-3.35%
-4.54%
-1.98%
3.10%
-1.35%
2.92%
2.12%
2.46%
2.87%
0.11%
1.44%
-3.86%
1.58%
-1.26%
1.68%
4.20%
0.28%
4.12%
0.46%
0.00%
2.98%
-2.10%
-2.76%
2.15%
4.25%
-1.02%
4.12%
-3.87%
-7.06%
1.50%
1.98%
0.10%
-0.86%
2.22%
1.28%
6.26%
3.18%
0.83%
3.97%
-1.58%
-0.06%
3.29%
-1.35%
-4.02%
-0.57%
2.95%
2.09%
2.78%
-1.63%
0.03%
-3.38%
1.47%
1.71%
-0.72%
1.05%
-2.04%
-1.08%
4.69%
-0.53%
-3.63%
4.41%
1.20%
2.02%
1.91%
-1.71%
-2.94%
0.54%
-1.15%
0.50%
3.72%
0.11%
3.91%
-1.22%
-1.22%
3.02%
0.30%
-1.21%
3.71%
2.92%
2.33%
3.44%
0.16%
-6.09%
0.55%
3.50%
1.25%
-1.66%
0.63%
-0.74%
1.64%
3.90%
-1.88%
7.36%
-0.11%
3.00%
3.97%
-1.91%
-5.77%
-0.54%
2.41%
2.44%
2.94%
-0.10%
0.48%
-2.18%
1.32%
1.38%
-1.59%
3.43%
-5.50%
-1.10%
2.71%
0.60%
-0.20%
4.68%
-1.69%
0.57%
1.06%
-0.77%
-0.75%
0.94%
-1.86%
1.55%
3.03%
-0.58%
3.83%
0.70%
0.95%
5.48%
-0.60%
-3.38%
2.96%
2.59%
-0.20%
2.24%
-0.08%
-5.13%
-0.30%
1.46%
-2.05%
1.12%
-0.95%
-0.22%
0.70%
1.99%
1.40%
-1.36%
-2.11%
2.12%
-3.06%
0.47%
0.60%
2.23%
-0.19%
5.23%
1.95%
-0.85%
1.15%
-0.21%
-0.49%
3.32%
2.23%
-4.59%
0.65%
0.99%
2.34%
1.11%
-2.68%
-2.08%
5.19%
2.02%
1.55%
3.63%
2.11%
2.42%
-1.20%
-3.76%
3.00%
-0.65%
-0.03%
-0.97%
0.53%
1.39%
3.85%
0.45%
-1.86%
2.01%
-1.61%
0.96%
-4.92%
-1.42%
-1.89%
2.59%
4.38%
-0.56%
3.68%
-0.32%
-3.73%
-3.82%
-2.52%
0.82%
0.48%
1.14%
3.49%
-1.33%
-0.91%
-3.87%
-3.12%
-5.70%
0.28%
0.91%
-1.59%
0.10%
0.44%
-6.95%
-1.43%
-0.88%
-0.04%
0.24%
-4.28%
4.00%
1.47%
2.09%
-5.94%
1.53%
-3.69%
-4.10%
1.39%
0.46%
0.28%
2.32%
-3.26%
-0.43%
2.59%
-1.19%
-1.62%
-4.25%
-4.54%
-0.08%
4.16%
-2.19%
2.83%
-0.12%
4.36%
2.62%
0.62%
-2.86%
6.01%
-1.54%
5.15%
0.49%
-2.50%
-1.75%
2.74%
-0.24%
-0.08%
-1.61%
1.62%
-2.12%
-0.68%
-1.04%
-5.08%
-6.18%
3.36%
-0.99%
-1.26%
-1.21%
-1.11%
-4.05%
-1.22%
-1.12%
-0.43%
-3.58%
-5.22%
3.16%
2.80%
1.63%
-7.42%
1.03%
-3.72%
-4.87%
2.65%
0.11%
1.97%
1.43%
-2.36%
0.61%
2.15%
-2.31%
-3.11%
-2.72%
-5.05%
-1.05%
4.88%
-2.00%
3.22%
0.86%
4.17%
4.86%
-0.55%
-2.78%
2.96%
-0.78%
2.84%
-0.44%
-2.23%
-3.24%
0.47%
0.18%
0.40%
0.47%
1.78%
-2.73%
-0.41%
-4.98%
-5.39%
-6.13%
1.84%
-1.30%
-1.78%
0.39%
-1.51%
-5.41%
-0.29%
3.46%
1.55%
-3.82%
-4.56%
7.43%
1.18%
2.97%
-6.38%
0.87%
-4.16%
-2.25%
5.06%
-0.18%
-2.23%
0.32%
-1.85%
2.71%
1.31%
-2.15%
-2.37%
-5.29%
-3.53%
-0.99%
4.58%
-2.33%
1.90%
-0.45%
2.27%
1.20%
-0.65%
-1.88%
-2.23%
0.32%
-2.33%
-0.36%
3.22%
-1.45%
-0.94%
4.98%
2.38%
-1.16%
1.04%
1.96%
-1.73%
1.87%
3.02%
-0.36%
0.34%
-0.08%
0.20%
1.60%
-0.99%
1.45%
1.12%
-0.70%
1.49%
1.57%
-1.14%
-3.53%
0.11%
0.10%
-0.27%
0.16%
-0.23%
0.50%
-0.41%
-8.57%
-2.25%
-10.22%
-4.45%
-5.23%
-0.36%
-1.54%
0.03%
3.21%
9.04%
1.64%
1.54%
-2.58%
-1.90%
2.90%
-0.08%
-1.66%
-1.14%
-4.79%
3.21%
-0.41%
2.04%
-0.14%
-2.74%
2.61%
-0.57%
-5.14%
-1.59%
0.32%
0.66%
-0.06%
1.62%
-0.51%
-3.80%
1.84%
1.95%
-1.99%
-0.34%
-0.68%
1.48%
-0.31%
-1.68%
0.61%
-3.77%
-0.48%
-2.30%
0.15%
-4.71%
-3.79%
-4.73%
4.08%
0.75%
-2.06%
2.51%
5.05%
1.88%
3.13%
4.71%
-12.71%
8.36%
0.60%
-2.56%
0.10%
-6.67%
1.77%
-1.62%
-0.89%
-2.17%
-0.97%
-2.07%
2.93%
2.42%
1.21%
2.49%
2.74%
1.47%
-1.74%
-4.50%
4.17%
-1.48%
-5.92%
-1.57%
-0.50%
0.18%
0.49%
1.20%
-1.51%
-5.34%
0.01%
1.46%
0.66%
-0.16%
-4.18%
3.23%
-1.22%
-1.49%
2.38%
-6.85%
-1.36%
0.74%
1.12%
-1.57%
-3.22%
-3.73%
0.72%
0.31%
0.16%
0.63%
6.40%
6.99%
11.63%
4.16%
-3.35%
6.23%
7.81%
-8.90%
-2.45%
-6.44%
2.05%
-6.86%
-1.02%
-2.24%
1.92%
-1.70%
2.62%
3.12%
-3.66%
2.74%
-0.70%
3.61%
0.07%
-1.50%
1.55%
-2.93%
-6.33%
-1.03%
2.18%
-1.04%
2.61%
3.32%
0.11%
-6.06%
1.29%
0.10%
-1.77%
-0.82%
-2.19%
1.36%
-2.31%
-1.13%
-0.07%
-7.81%
-0.37%
3.22%
-1.93%
-0.51%
-3.70%
-2.29%
-0.21%
0.39%
-0.29%
0.85%
5.44%
7.86%
13.75%
4.17%
-0.85%
-0.64%
1.91%
-4.43%
-2.69%
-4.17%
2.21%
-5.02%
-1.66%
-4.12%
-0.81%
-0.82%
1.99%
2.28%
-0.29%
-0.36%
0.59%
-4.94%
2.76%
4.86%
-2.20%
2.37%
2.03%
-3.01%
0.32%
2.54%
1.51%
-1.84%
2.22%
6.93%
-6.95%
-3.42%
-2.54%
-3.26%
-0.01%
2.12%
-7.04%
0.94%
-1.61%
1.34%
0.46%
7.42%
-0.21%
-7.79%
2.38%
-9.13%
-1.05%
5.24%
-4.62%
-4.01%
-1.92%
0.54%
-0.63%
8.99%
0.61%
-6.74%
3.66%
-6.99%
-0.49%
5.99%
-6.44%
-0.80%
-3.17%
Summary
AUD
Coefficientst Stat
P-value Lower 95%Upper 95%
Expansion
0.302%
0.8387
###
-0.41%
1.01% Upper 95%
Downturn
-0.108%
-0.2774
###
-0.88%
0.66% Mean
Slowdown
-1.022%
-2.4479 0.0150
-1.84%
-0.20% Lower 95%
Recovery
1.224%
2.9300 0.0037
0.40%
2.05%
2.50%
2.00%
EUR
Coefficientst Stat
Expansion
-0.164%
-0.4787
###
-0.84%
0.51%
Downturn
0.208%
0.5601
###
-0.52%
0.94%
Slowdown
0.369%
0.9296
###
-0.41%
1.15%
Recovery
-0.215%
-0.5412
###
-1.00%
0.57%
1.50%
1.00%
0.50%
0.00%
-0.50%
CAD
Coefficientst Stat
Expansion
-0.313%
-1.3376
###
-0.77%
0.15%
Downturn
-0.109%
-0.4290
###
-0.61%
0.39%
Slowdown
0.666%
2.4520 0.0148
0.13%
1.20%
Recovery
-0.505%
-1.8614 0.0638
-1.04%
0.03%
-1.00%
-1.50%
-2.00%
AUD
EUR
CAD
EUR
CAD
JPY
Coefficientst Stat
P-value Lower 95%Upper 95% Upper 95%
Expansion
0.242%
0.6749
###
-0.46%
0.95% Mean
Downturn
-0.311%
-0.8008
###
-1.08%
0.45% Lower 95%
Slowdown
-0.475%
-1.1431
###
-1.29%
0.34%
2.50%
Recovery
-0.188%
-0.4516
###
-1.01%
0.63%
2.00%
GBP
Coefficientst Stat
Expansion
0.089%
0.2808
###
-0.54%
0.72%
Downturn
0.065%
0.1884
###
-0.61%
0.74%
Slowdown
-0.385%
-1.0451
###
-1.11%
0.34%
Recovery
-0.046%
-0.1250
###
-0.77%
0.68%
CHF
Coefficientst Stat
Expansion
0.164%
0.4588
###
-0.54%
0.87%
Downturn
-0.488%
-1.2588
###
-1.25%
0.28%
Slowdown
-0.637%
-1.5345
###
-1.46%
0.18%
Recovery
0.312%
0.7504
###
-0.51%
1.13%
SEK
1.50%
1.00%
0.50%
0.00%
-0.50%
-1.00%
-1.50%
-2.00%
AUD
Coefficientst Stat
Expansion
0.076%
0.1987
###
-0.67%
0.82%
Downturn
-0.116%
-0.2809
###
-0.93%
0.69%
Slowdown
0.365%
0.8292
###
-0.50%
1.23%
Recovery
-0.213%
-0.4841
###
-1.08%
0.65%
NOK
Coefficientst Stat
Expansion
0.013%
0.0386
###
-0.67%
0.70%
Downturn
-0.242%
-0.6446
###
-0.98%
0.50%
Slowdown
0.049%
0.1215
###
-0.74%
0.84%
Recovery
0.049%
0.1223
###
-0.74%
0.84%
Expansion
AUD
EUR CAD
JPY
GBP
CHF
SEK
NOK
1.01% 0.51% 0.15% 0.95% 0.72% 0.87% 0.82% 0.70%
0.30% ### -0.31% 0.24% 0.09% 0.16% 0.08% 0.01%
-0.41% ### -0.77% -0.46% ### -0.54% -0.67% -0.67%
Mean
2.50%
Upper 95%
Slowdown
AUD
EUR
Upper 95% -0.20% 1.15%
Mean
-1.02% 0.37%
Lower 95% -1.84% ###
Mean
2.50%
Lower 95%
2.00%
2.00%
1.50%
1.50%
1.00%
1.00%
0.50%
0.50%
0.00%
0.00%
-0.50%
-0.50%
-1.00%
-1.00%
-1.50%
-1.50%
Upp
-2.00%
-2.00%
AUD
EUR
CAD
JPY
GBP
CHF
SEK
Downturn
AUD
EUR CAD
JPY
GBP
CHF
SEK
NOK
0.66% 0.94% 0.39% 0.45% 0.74% 0.28% 0.69% 0.50%
-0.11% 0.21% -0.11% -0.31% 0.06% -0.49% -0.12% -0.24%
-0.88% ### -0.61% -1.08% ### -1.25% -0.93% -0.98%
Mean
2.50%
Upper 95%
AUD
NOK
Lower 95%
EUR
CAD
GB
Recovery
AUD
EUR
Upper 95% 2.05% 0.57%
Mean
1.22% ###
Lower 95% 0.40% ###
Mean
2.50%
2.00%
2.00%
1.50%
1.50%
1.00%
1.00%
0.50%
0.50%
0.00%
0.00%
-0.50%
-0.50%
-1.00%
-1.00%
-1.50%
-1.50%
-2.00%
JPY
Up
-2.00%
AUD
EUR
CAD
JPY
GBP
CHF
SEK
NOK
AUD
EUR
CAD
JPY
GB
CAD
JPY
GBP
CHF
SEK
NOK
1.20% 0.34% 0.34% 0.18% 1.23% 0.84%
0.67% -0.48% -0.39% -0.64% 0.37% 0.05%
0.13% -1.29% -1.11% -1.46% -0.50% ###
Mean
EUR
CAD
JPY
Upper 95%
GBP
Lower 95%
CHF
SEK
NOK
CAD
JPY
GBP
CHF
SEK
NOK
0.03% 0.63% 0.68% 1.13% 0.65% 0.84%
-0.51% -0.19% -0.05% 0.31% -0.21% 0.05%
-1.04% -1.01% -0.77% -0.51% -1.08% ###
Mean
EUR
CAD
JPY
Upper 95%
GBP
Lower 95%
CHF
SEK
NOK
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
30-Apr-92 98.07
-0.05
31-May-92 97.91
-0.16
30-Jun-92 97.64
-0.27
31-Jul-92 97.30
-0.34
MarketState EUR
ExpansionDownturn
Expansion
-2.62%
1
0
Expansion
-5.59%
1
0
Expansion
-2.49%
1
0
Expansion
-0.75%
1
0
Expansion
-0.11%
1
0
Downturn
5.44%
0
1
Downturn
2.46%
0
1
Downturn
-1.74%
0
1
Downturn
-4.91%
0
1
Downturn
2.32%
0
1
Downturn
-3.67%
0
1
Downturn
0.96%
0
1
Downturn
-5.24%
0
1
Downturn
1.23%
0
1
Downturn
4.70%
0
1
Downturn
-4.42%
0
1
Downturn
3.91%
0
1
Expansion
1.64%
1
0
Expansion
2.55%
1
0
Expansion
5.06%
1
0
Expansion
0.78%
1
0
Expansion
-0.23%
1
0
Expansion
0.18%
1
0
Downturn
1.19%
0
1
Downturn
-1.02%
0
1
Downturn
1.93%
0
1
Slowdown
4.73%
0
0
Slowdown
0.57%
0
0
Slowdown
0.51%
0
0
Slowdown
3.19%
0
0
Slowdown
0.56%
0
0
Slowdown
0.12%
0
0
Slowdown
1.15%
0
0
Recovery
-2.58%
0
0
Recovery
-11.24%
0
0
Recovery
-0.50%
0
0
Recovery
-0.87%
0
0
Recovery
-4.54%
0
0
Recovery
3.58%
0
0
Recovery
-0.20%
0
0
Recovery
4.88%
0
0
Slowdown
-0.66%
0
0
Slowdown
2.43%
0
0
Slowdown
6.73%
0
0
Slowdown
-5.12%
0
0
Recovery
-1.88%
0
0
Recovery
-0.67%
0
0
Slowdown
-0.25%
0
0
Slowdown
3.23%
0
0
Slowdown
4.99%
0
0
Slowdown
3.06%
0
0
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
100.14
100.26
100.36
100.43
100.49
100.56
100.65
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
0.15
0.12
0.10
0.08
0.06
0.06
0.09
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
4.34%
-3.19%
-8.55%
-3.81%
-2.03%
0.28%
-3.03%
1.72%
2.36%
-0.34%
-6.30%
-4.09%
3.00%
2.47%
-2.75%
-2.32%
-0.54%
0.14%
1.73%
2.41%
0.87%
0.58%
2.73%
0.19%
0.65%
1.77%
2.51%
-4.23%
0.90%
1.71%
1.98%
5.19%
-0.69%
-1.09%
1.71%
1.17%
-5.46%
2.51%
1.07%
-1.98%
1.12%
-3.41%
1.38%
-0.39%
-3.01%
0.56%
0.42%
2.70%
-0.24%
-2.51%
0.80%
-1.45%
-0.04%
-6.08%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
-3.34%
0.70%
-3.06%
1.42%
-1.85%
-5.25%
1.93%
1.99%
2.51%
-2.35%
-1.95%
-1.86%
0.71%
-1.82%
2.95%
0.69%
-1.20%
1.40%
0.15%
6.03%
0.90%
-2.11%
1.47%
-3.24%
-2.97%
-2.45%
-1.80%
-1.43%
-0.66%
3.43%
-1.37%
1.11%
-1.27%
-4.42%
-0.31%
-3.59%
-0.67%
-0.91%
-4.67%
2.82%
1.53%
-2.76%
-4.28%
-0.56%
-3.92%
2.79%
7.69%
-0.65%
-1.40%
-5.21%
1.40%
-5.05%
0.44%
3.18%
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
4.01%
-0.10%
-1.20%
-0.46%
-0.77%
-3.44%
1.16%
0.26%
3.25%
3.67%
5.95%
-1.41%
0.48%
0.44%
0.37%
0.40%
5.37%
2.60%
0.36%
0.99%
2.43%
5.23%
-2.34%
-2.46%
-2.23%
5.95%
-0.55%
3.42%
4.87%
-0.93%
0.12%
-1.43%
-2.77%
1.72%
0.10%
-1.49%
1.36%
2.06%
2.87%
3.69%
2.05%
-3.87%
1.44%
-2.02%
-0.70%
-4.52%
-1.61%
0.12%
1.82%
-2.63%
-0.28%
-1.72%
0.52%
2.56%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
-1.95%
1.64%
4.18%
1.38%
-0.15%
-0.19%
0.36%
-1.09%
0.69%
3.69%
-0.34%
-1.26%
1.50%
0.94%
2.18%
-1.44%
0.65%
1.05%
-0.40%
4.57%
1.53%
1.00%
-0.30%
1.85%
2.12%
3.93%
-1.06%
-0.44%
1.28%
-0.97%
-6.15%
-4.04%
-10.20%
-0.28%
9.61%
-8.65%
-1.13%
4.48%
-0.15%
6.78%
-0.89%
1.58%
0.54%
2.11%
0.54%
1.92%
-4.67%
-3.25%
-1.69%
-0.89%
-1.61%
-7.72%
-0.55%
6.44%
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-2.89%
7.25%
2.27%
-7.16%
3.04%
2.29%
0.81%
1
1
1
1
1
1
1
0
0
0
0
0
0
0
SlowdownRecovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
1
0
1
0
1
0
1
0
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
0.08
0.01
-0.01
0.03
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
Coefficients
Intercept
Expansion
Downturn
Slowdown
Recovery
0
0
0
0
0
0
0.26
0.26
Standard Error
#N/A
0
0
0
0
Tools-> Data Analysis->Regression
RtF X = 1 DE x p a n s+i o n 2 DD o w n t r +u rn 3 DS l o w d o+w n 4 DR ec o ev r y+
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
MS
F
0
0
0.42
t Stat
#N/A
-0.48
0.56
0.93
-0.54
P-value
#N/A
0.63
0.58
0.35
0.59
n 3 DS l o w d o+w n 4 DR ec o ev r y+
Significance F
0.79
Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
#N/A
#N/A
#N/A
#N/A
-0.01
0.01
-0.01
0.01
-0.01
0.01
-0.01
0.01
0
0.01
0
0.01
-0.01
0.01
-0.01
0.01
Min
Max
Median
-0.32%
Stdev
0.04
Average
-0.11%
MarketState AUD
Downturn
5.31%
Downturn
6.17%
Downturn
-2.61%
Downturn
3.84%
Downturn
-10.36%
Downturn
2.22%
Downturn
-3.14%
Downturn
-5.39%
Downturn
0.46%
Downturn
0.59%
Downturn
0.59%
Downturn
1.75%
Downturn
-0.29%
Downturn
2.04%
Downturn
3.35%
Downturn
0.32%
Downturn
3.47%
Downturn
0.85%
Downturn
-2.44%
Downturn
-2.37%
Downturn
-0.61%
Downturn
-0.99%
Downturn
-3.35%
Downturn
-2.88%
Downturn
-4.64%
Downturn
4.93%
Downturn
-0.48%
Downturn
-2.62%
Downturn
-3.06%
Downturn
-1.75%
Downturn
-3.90%
Downturn
-1.97%
Downturn
4.26%
Downturn
-2.82%
Downturn
-0.76%
Downturn
-6.01%
Downturn
-4.58%
Downturn
1.78%
Downturn
-0.77%
Downturn
-2.25%
Downturn
0.49%
Downturn
0.21%
Downturn
3.28%
Downturn
2.80%
Downturn
3.22%
Downturn
0.95%
Downturn
-0.59%
Downturn
2.05%
0.13%
0.02
0.17%
MarketState AUD
Expansion
5.96%
Expansion
-1.39%
Expansion
1.31%
Expansion
0.30%
Expansion
-3.02%
Expansion
0.51%
Expansion
0.51%
Expansion
0.32%
Expansion
-1.97%
Expansion
-1.69%
Expansion
-0.67%
Expansion
0.69%
Expansion
-1.27%
Expansion
1.55%
Expansion
2.97%
Expansion
-1.17%
Expansion
1.50%
Expansion
0.46%
Expansion
-0.36%
Expansion
-1.97%
Expansion
2.16%
Expansion
0.23%
Expansion
0.04%
Expansion
3.04%
Expansion
-2.72%
Expansion
-4.09%
Expansion
2.09%
Expansion
0.92%
Expansion
-0.65%
Expansion
-2.65%
Expansion
-0.82%
Expansion
-0.83%
Expansion
-2.09%
Expansion
4.17%
Expansion
-1.89%
Expansion
2.81%
Expansion
-2.30%
Expansion
-1.78%
Expansion
1.75%
Expansion
-2.01%
Expansion
-0.53%
Expansion
3.27%
Expansion
-3.05%
Expansion
4.11%
Expansion
2.19%
Expansion
3.75%
Expansion
1.61%
Expansion
1.25%
1.03%
0.03
1.22%
MarketState AUD
Recovery
0.38%
Recovery
-1.30%
Recovery
0.81%
Recovery
-3.12%
Recovery
1.00%
Recovery
1.37%
Recovery
0.88%
Recovery
1.61%
Recovery
0.54%
Recovery
2.03%
Recovery
1.02%
Recovery
-1.36%
Recovery
2.18%
Recovery
1.47%
Recovery
0.25%
Recovery
-4.16%
Recovery
-1.93%
Recovery
3.62%
Recovery
-2.42%
Recovery
-4.17%
Recovery
3.12%
Recovery
-1.07%
Recovery
2.97%
Recovery
4.22%
Recovery
-2.10%
Recovery
-0.13%
Recovery
0.48%
Recovery
2.42%
Recovery
2.35%
Recovery
0.59%
Recovery
1.41%
Recovery
-1.34%
Recovery
0.62%
Recovery
-3.00%
Recovery
3.22%
Recovery
-1.84%
Recovery
2.47%
Recovery
2.37%
Recovery
3.67%
Recovery
-2.40%
Recovery
-0.35%
Recovery
2.03%
Recovery
2.80%
Recovery
1.03%
Recovery
5.26%
Recovery
-0.66%
Recovery
3.61%
Recovery
4.08%
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
-2.40%
1.07%
-3.31%
-0.98%
-1.35%
3.24%
-0.35%
2.56%
0.27%
-3.96%
8.13%
5.07%
-5.47%
-1.06%
2.32%
3.87%
-1.93%
3.30%
1.29%
-8.86%
-0.60%
7.27%
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-0.91%
-6.20%
0.87%
-0.78%
-0.17%
0.88%
-1.83%
-1.37%
-0.71%
3.41%
-2.12%
-3.54%
5.84%
-2.34%
3.65%
1.93%
-0.05%
-1.48%
1.41%
2.59%
2.62%
-0.27%
-2.02%
-1.56%
1.30%
2.41%
0.77%
-1.52%
8.24%
1.68%
-2.54%
6.51%
-2.56%
2.10%
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
3.14%
-3.75%
-0.20%
4.91%
7.87%
4.84%
9.90%
0.66%
3.59%
0.95%
4.51%
1.90%
1.80%
-0.71%
0.04
-1.02%
MarketState AUD
Slowdown
0.23%
Slowdown
2.20%
Slowdown
1.46%
Slowdown
-4.99%
Slowdown
-1.72%
Slowdown
-0.18%
Slowdown
1.70%
Slowdown
-1.78%
Slowdown
0.18%
Slowdown
-2.92%
Slowdown
-1.49%
Slowdown
-1.82%
Slowdown
0.16%
Slowdown
-1.41%
Slowdown
-0.42%
Slowdown
-3.93%
Slowdown
-0.31%
Slowdown
-2.47%
Slowdown
-1.93%
Slowdown
-0.86%
Slowdown
-1.44%
Slowdown
-1.05%
Slowdown
3.91%
Slowdown
1.66%
Slowdown
0.62%
Slowdown
0.51%
Slowdown
-2.00%
Slowdown
-4.13%
Slowdown
-0.35%
Slowdown
-2.48%
Slowdown
-6.45%
Slowdown
4.43%
Slowdown
5.17%
Slowdown
5.71%
Slowdown
-1.48%
Slowdown
-4.51%
Slowdown
-8.05%
Slowdown
5.37%
Slowdown
-1.16%
Slowdown
1.06%
Slowdown
-0.37%
Slowdown
3.77%
Slowdown
-7.51%
Slowdown
-0.71%
Slowdown
-3.76%
Slowdown
1.45%
Slowdown
-1.45%
Slowdown
2.21%
Dt
TotalLI
31-May-88
30-Jun-88
31-Jul-88
31-Aug-88
30-Sep-88
31-Oct-88
30-Nov-88
31-Dec-88
31-Jan-89
28-Feb-89
31-Mar-89
30-Apr-89
31-May-89
30-Jun-89
31-Jul-89
31-Aug-89
30-Sep-89
31-Oct-89
30-Nov-89
31-Dec-89
31-Jan-90
28-Feb-90
31-Mar-90
30-Apr-90
31-May-90
30-Jun-90
31-Jul-90
31-Aug-90
30-Sep-90
31-Oct-90
30-Nov-90
31-Dec-90
31-Jan-91
28-Feb-91
31-Mar-91
30-Apr-91
31-May-91
30-Jun-91
31-Jul-91
31-Aug-91
30-Sep-91
31-Oct-91
30-Nov-91
31-Dec-91
31-Jan-92
29-Feb-92
31-Mar-92
30-Apr-92
101.76
101.93
102.05
102.12
102.14
102.13
102.11
102.06
101.94
101.74
101.49
101.21
100.95
100.75
100.63
100.57
100.57
100.62
100.71
100.85
100.98
101.07
101.09
101.00
100.77
100.37
99.80
99.09
98.31
97.57
96.97
96.58
96.44
96.53
96.80
97.15
97.53
97.87
98.13
98.27
98.29
98.23
98.14
98.07
98.06
98.10
98.12
98.07
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
1.13%
0.11%
4.44%
3.58%
0.27%
-1.72%
-9.40%
-7.93%
-17.11%
-1.89%
6.98%
-9.74%
0.24%
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
100.14
100.26
100.36
100.43
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
100.60
100.11
99.58
99.06
98.59
98.21
97.90
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
ChangeLI
0.17
0.17
0.12
0.07
0.02
-0.01
-0.02
-0.05
-0.12
-0.20
-0.26
-0.28
-0.26
-0.20
-0.12
-0.06
-0.00
0.05
0.10
0.13
0.13
0.09
0.02
-0.09
-0.23
-0.40
-0.57
-0.71
-0.77
-0.74
-0.60
-0.39
-0.15
0.09
0.27
0.35
0.37
0.34
0.26
0.14
0.03
-0.06
-0.10
-0.07
-0.00
0.03
0.02
-0.05
MarketStateAUD
Expansion Downturn Slowdown Recovery
Expansion
5.96%
1
0
0
0
Expansion
-1.39%
1
0
0
0
Expansion
1.31%
1
0
0
0
Expansion
0.30%
1
0
0
0
Expansion
-3.02%
1
0
0
0
Downturn
5.31%
0
1
0
0
Downturn
6.17%
0
1
0
0
Downturn
-2.61%
0
1
0
0
Downturn
3.84%
0
1
0
0
Downturn
-10.36%
0
1
0
0
Downturn
2.22%
0
1
0
0
Downturn
-3.14%
0
1
0
0
Downturn
-5.39%
0
1
0
0
Downturn
0.46%
0
1
0
0
Downturn
0.59%
0
1
0
0
Downturn
0.59%
0
1
0
0
Downturn
1.75%
0
1
0
0
Expansion
0.51%
1
0
0
0
Expansion
0.51%
1
0
0
0
Expansion
0.32%
1
0
0
0
Expansion
-1.97%
1
0
0
0
Expansion
-1.69%
1
0
0
0
Expansion
-0.67%
1
0
0
0
Downturn
-0.29%
0
1
0
0
Downturn
2.04%
0
1
0
0
Downturn
3.35%
0
1
0
0
Slowdown
0.23%
0
0
1
0
Slowdown
2.20%
0
0
1
0
Slowdown
1.46%
0
0
1
0
Slowdown
-4.99%
0
0
1
0
Slowdown
-1.72%
0
0
1
0
Slowdown
-0.18%
0
0
1
0
Slowdown
1.70%
0
0
1
0
Recovery
0.38%
0
0
0
1
Recovery
-1.30%
0
0
0
1
Recovery
0.81%
0
0
0
1
Recovery
-3.12%
0
0
0
1
Recovery
1.00%
0
0
0
1
Recovery
1.37%
0
0
0
1
Recovery
0.88%
0
0
0
1
Recovery
1.61%
0
0
0
1
Slowdown
-1.78%
0
0
1
0
Slowdown
0.18%
0
0
1
0
Slowdown
-2.92%
0
0
1
0
Slowdown
-1.49%
0
0
1
0
Recovery
0.54%
0
0
0
1
Recovery
2.03%
0
0
0
1
Slowdown
-1.82%
0
0
1
0
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
0.15
0.12
0.10
0.08
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
0.16%
-1.41%
-0.42%
-3.93%
-0.31%
-2.47%
-1.93%
1.02%
-1.36%
2.18%
1.47%
0.25%
-4.16%
-1.93%
3.62%
-2.42%
-4.17%
3.12%
-1.07%
2.97%
4.22%
0.69%
-1.27%
1.55%
2.97%
-1.17%
1.50%
0.46%
-0.36%
0.32%
3.47%
0.85%
-2.44%
-2.37%
-0.61%
-0.86%
-1.44%
-1.05%
3.91%
1.66%
0.62%
0.51%
-2.10%
-0.13%
0.48%
2.42%
2.35%
0.59%
1.41%
-1.34%
-1.97%
2.16%
0.23%
0.04%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
3.04%
-2.72%
-4.09%
2.09%
0.92%
-0.65%
-2.65%
-0.82%
-0.83%
-2.09%
-0.99%
-3.35%
-2.88%
-4.64%
4.93%
-0.48%
-2.62%
-2.00%
-4.13%
-0.35%
-2.48%
-6.45%
4.43%
5.17%
0.62%
-3.00%
3.22%
-1.84%
2.47%
4.17%
-1.89%
2.81%
-2.30%
-1.78%
1.75%
-2.01%
-0.53%
3.27%
-3.05%
-3.06%
-1.75%
-3.90%
-1.97%
4.26%
-2.82%
-0.76%
-6.01%
-4.58%
1.78%
5.71%
-1.48%
-4.51%
-8.05%
5.37%
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
-1.16%
1.06%
-0.37%
3.77%
-7.51%
2.37%
3.67%
-2.40%
-0.35%
2.03%
2.80%
1.03%
5.26%
-0.71%
-3.76%
1.45%
-1.45%
2.21%
1.13%
0.11%
4.44%
3.58%
-0.66%
3.61%
4.08%
3.14%
-3.75%
-0.20%
4.91%
4.11%
2.19%
3.75%
1.61%
1.25%
-0.91%
-6.20%
-0.77%
-2.25%
0.49%
0.21%
3.28%
2.80%
3.22%
0.95%
-0.59%
2.05%
-2.40%
1.07%
-3.31%
0.87%
-0.78%
-0.17%
0.88%
-1.83%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
-1.37%
-0.71%
3.41%
-2.12%
-3.54%
5.84%
-0.98%
-1.35%
3.24%
-0.35%
-2.34%
3.65%
1.93%
-0.05%
-1.48%
1.41%
2.59%
2.62%
-0.27%
2.56%
0.27%
-3.96%
8.13%
5.07%
-5.47%
-1.06%
2.32%
3.87%
-1.93%
3.30%
1.29%
0.27%
-1.72%
-9.40%
-7.93%
-17.11%
-1.89%
6.98%
-9.74%
0.24%
7.87%
4.84%
9.90%
0.66%
3.59%
0.95%
4.51%
1.90%
1.80%
-2.02%
-1.56%
1.30%
2.41%
0.77%
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-8.86%
-0.60%
7.27%
-1.52%
8.24%
1.68%
-2.54%
6.51%
-2.56%
2.10%
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
SUMMARY OUTPUT
Multiple R
0.23
R Square
0.05
Adjusted R Square
3.960%
Standard Error
0.03
Observations
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
Coefficients
Intercept
Expansion
Downturn
Slowdown
Recovery
0
0.30%
-0.11%
-1.02%
1.22%
0.02
0.29
0.3
MS
0
0
F
3.84
Significance F
0
Standard Error
#N/A
0
0
0
0
t Stat
#N/A
0.84
-0.28
-2.45
2.93
P-value
#N/A
0.4
0.78
0.02
0
Lower 95%
#N/A
0
-0.01
-0.02
0
Upper 95%
Lower 95.0% Upper 95.0%
#N/A
#N/A
#N/A
0.01
0
0.01
0.01
-0.01
0.01
0
-0.02
0
0.02
0
0.02
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
MarketState JPY
Expansion Downturn
Expansion
0.15%
1
0
Expansion
6.51%
1
0
Expansion
-0.36%
1
0
Expansion
2.57%
1
0
Expansion
-1.94%
1
0
Downturn
-6.48%
0
1
Downturn
-2.91%
0
1
Downturn
2.55%
0
1
Downturn
4.27%
0
1
Downturn
-2.82%
0
1
Downturn
4.55%
0
1
Downturn
0.06%
0
1
Downturn
6.89%
0
1
Downturn
1.17%
0
1
Downturn
-5.02%
0
1
Downturn
5.44%
0
1
Downturn
-3.52%
0
1
Expansion
2.22%
1
0
Expansion
0.13%
1
0
Expansion
0.62%
1
0
Expansion
0.52%
1
0
Expansion
2.91%
1
0
Expansion
5.87%
1
0
Downturn
0.65%
0
1
Downturn
-3.99%
0
1
Downturn
-0.19%
0
1
Slowdown
-4.17%
0
0
Slowdown
-1.52%
0
0
Slowdown
-4.01%
0
0
Slowdown
-6.21%
0
0
Slowdown
2.40%
0
0
Slowdown
1.97%
0
0
Slowdown
-3.22%
0
0
Recovery
1.13%
0
0
Recovery
5.59%
0
0
Recovery
-3.05%
0
0
Recovery
1.51%
0
0
Recovery
-0.40%
0
0
Recovery
-0.35%
0
0
Recovery
-0.42%
0
0
Recovery
-2.97%
0
0
Slowdown
-1.71%
0
0
Slowdown
-0.40%
0
0
Slowdown
-4.06%
0
0
Slowdown
0.52%
0
0
Recovery
2.83%
0
0
Recovery
2.88%
0
0
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
0.29%
-4.25%
-1.48%
1.05%
-3.29%
-2.48%
2.78%
1.05%
0.09%
-0.10%
-5.34%
-2.89%
-3.39%
-3.64%
0.21%
-2.07%
-0.33%
1.47%
2.14%
0.44%
2.51%
-3.05%
-3.75%
-1.69%
-1.03%
2.98%
-6.24%
1.72%
-0.10%
-0.90%
-2.23%
2.06%
0.60%
-0.03%
-2.92%
-11.08%
-2.59%
0.33%
0.01%
4.41%
9.70%
2.30%
2.21%
0.08%
1.44%
3.35%
-1.71%
1.91%
-2.01%
2.77%
1.52%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
100.14
100.26
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
0.15
0.12
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
-2.69%
1.93%
2.26%
2.38%
-0.19%
1.61%
4.73%
-0.76%
2.80%
2.63%
-8.85%
-1.52%
3.41%
2.00%
-0.36%
-0.02%
5.94%
2.12%
-2.75%
-0.75%
5.38%
-0.15%
4.37%
-0.01%
4.15%
-3.78%
-2.06%
-16.26%
5.83%
-7.90%
2.37%
2.44%
-0.25%
0.49%
1.92%
-0.58%
-5.58%
-4.28%
-3.03%
-2.24%
-1.88%
0.34%
4.59%
2.77%
-7.09%
5.12%
-0.48%
-1.44%
3.07%
-2.55%
1.37%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
0.65%
1.41%
3.59%
1.87%
0.68%
7.36%
-2.29%
-3.50%
4.45%
0.28%
-5.10%
0.65%
2.36%
0.86%
6.41%
2.27%
-0.98%
-0.47%
-3.21%
-3.42%
-3.90%
0.32%
-1.17%
2.79%
0.55%
0.06%
-3.12%
0.91%
-1.49%
-0.01%
0.67%
0.35%
0.42%
0.62%
-3.06%
-4.75%
-1.41%
-0.28%
-2.22%
-1.42%
3.17%
-4.58%
5.86%
-0.91%
-0.69%
2.35%
-1.99%
0.80%
-3.93%
-2.62%
-0.43%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
1.04%
0.89%
2.38%
-2.27%
3.58%
2.14%
1.41%
-1.69%
2.59%
2.51%
2.89%
-1.73%
-0.47%
-1.23%
1.72%
-3.41%
-1.05%
1.59%
0.21%
2.34%
0.66%
-1.02%
-1.01%
2.77%
1.37%
-1.79%
-0.62%
1.43%
1.82%
1.18%
-3.76%
-2.43%
-0.83%
0.55%
-3.71%
0.46%
-4.86%
-2.58%
-3.97%
4.15%
1.53%
0.65%
1.60%
0.81%
-2.50%
-7.47%
-3.03%
-5.25%
-0.80%
8.18%
1.40%
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-0.33%
-3.39%
1.06%
-1.76%
-1.66%
-3.73%
0.42%
-4.17%
7.38%
-3.01%
-1.45%
4.93%
0.41%
-2.79%
-3.16%
-2.24%
-2.66%
-0.80%
-3.82%
4.01%
-3.12%
1.13%
-0.32%
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
Slowdown Recovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
SUMMARY OUTPUT
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
0.1
0.01
-0.01
0.03
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
Coefficients
Intercept
Expansion
Downturn
Slowdown
Recovery
0
0
0
0
0
0
0.28
0.29
Standard Error
#N/A
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
MS
F
0
0
0.65
t Stat
#N/A
0.67
-0.8
-1.14
-0.45
P-value
#N/A
0.5
0.42
0.25
0.65
Significance F
0.63
Lower 95%
#N/A
#N/A
#N/A
#N/A
0
0.01
0
0.01
-0.01
0
-0.01
0
-0.01
0
-0.01
0
-0.01
0.01
-0.01
0.01
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
MarketState CAD
ExpansionDownturn
Expansion
0.38%
1
0
Expansion
-1.71%
1
0
Expansion
-0.19%
1
0
Expansion
2.39%
1
0
Expansion
-1.85%
1
0
Downturn
0.20%
0
1
Downturn
-2.65%
0
1
Downturn
0.42%
0
1
Downturn
-0.78%
0
1
Downturn
1.30%
0
1
Downturn
-0.45%
0
1
Downturn
-0.60%
0
1
Downturn
1.65%
0
1
Downturn
-0.64%
0
1
Downturn
-1.48%
0
1
Downturn
-0.39%
0
1
Downturn
0.22%
0
1
Expansion
-0.41%
1
0
Expansion
-0.92%
1
0
Expansion
-0.46%
1
0
Expansion
2.37%
1
0
Expansion
0.55%
1
0
Expansion
-1.85%
1
0
Downturn
-0.44%
0
1
Downturn
0.78%
0
1
Downturn
-0.68%
0
1
Slowdown
-1.16%
0
0
Slowdown
0.13%
0
0
Slowdown
0.17%
0
0
Slowdown
0.97%
0
0
Slowdown
-0.17%
0
0
Slowdown
-0.46%
0
0
Slowdown
0.21%
0
0
Recovery
-1.12%
0
0
Recovery
0.83%
0
0
Recovery
-0.65%
0
0
Recovery
-0.58%
0
0
Recovery
-0.25%
0
0
Recovery
0.83%
0
0
Recovery
-0.85%
0
0
Recovery
-0.91%
0
0
Slowdown
-0.78%
0
0
Slowdown
1.06%
0
0
Slowdown
1.82%
0
0
Slowdown
1.66%
0
0
Recovery
0.58%
0
0
Recovery
0.69%
0
0
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
0.49%
0.73%
-0.63%
-1.14%
0.93%
4.20%
-0.53%
3.87%
-1.41%
-0.23%
-1.45%
0.81%
0.93%
0.02%
0.85%
0.30%
2.56%
1.09%
-1.00%
1.11%
-0.76%
0.32%
1.52%
2.46%
-0.09%
0.07%
0.01%
0.22%
-1.42%
-1.73%
0.72%
1.66%
1.86%
0.36%
-1.16%
0.59%
-3.12%
1.03%
0.14%
-0.51%
-1.61%
-0.13%
0.21%
1.21%
0.29%
0.71%
-0.36%
-0.72%
0.15%
0.53%
-0.38%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
100.14
100.26
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
0.15
0.12
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
0.85%
-0.51%
-0.48%
-1.70%
0.92%
1.43%
-1.71%
1.54%
1.17%
0.98%
-1.50%
0.30%
-0.21%
0.72%
-0.46%
1.89%
1.03%
0.48%
1.64%
-2.08%
-0.27%
0.79%
1.81%
0.68%
3.11%
3.49%
-2.34%
0.80%
-0.53%
0.22%
-1.82%
-0.07%
-0.21%
-3.36%
1.15%
-0.70%
2.93%
-0.92%
-1.73%
0.24%
0.21%
-1.90%
0.12%
0.12%
-0.06%
2.12%
1.13%
-1.05%
0.36%
-0.97%
2.10%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
1.35%
0.87%
-2.50%
-0.09%
2.54%
2.53%
-2.62%
0.20%
-1.55%
1.26%
1.15%
1.79%
0.58%
-0.97%
1.26%
-0.25%
0.78%
-0.42%
-1.72%
-2.57%
-0.69%
4.31%
-1.64%
1.80%
-1.81%
0.44%
0.41%
-3.38%
-2.32%
-1.17%
-2.57%
-4.54%
-1.47%
4.19%
-1.28%
-2.51%
-2.42%
-1.45%
-0.29%
2.15%
0.68%
-1.89%
4.69%
-0.72%
-2.20%
-0.11%
-1.41%
-3.99%
-3.52%
-2.52%
1.21%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
3.10%
-0.48%
-1.92%
3.88%
-0.27%
-2.40%
-0.15%
-2.94%
-2.11%
1.64%
-1.41%
-0.32%
-2.00%
-0.18%
2.75%
-4.52%
-1.39%
1.39%
1.27%
-2.47%
1.29%
0.37%
1.60%
2.20%
0.96%
-0.60%
-1.37%
-3.91%
-3.75%
-0.34%
0.11%
-1.03%
-6.18%
-5.09%
5.73%
-0.03%
0.44%
-1.51%
3.73%
-1.71%
-1.45%
2.79%
0.30%
3.75%
0.07%
13.03%
2.23%
-1.71%
0.88%
3.73%
-1.27%
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-5.52%
-8.85%
6.28%
-7.57%
1.49%
-2.25%
1.42%
-2.66%
-0.29%
1.62%
-1.76%
-3.52%
0.26%
2.58%
1.84%
-3.27%
3.43%
-3.48%
-0.96%
0.68%
-2.81%
0.30%
-2.98%
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
SlowdownRecovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
SUMMARY OUTPUT
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
0.2
0.04
0.03
0.02
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
Coefficients
Intercept
Expansion
Downturn
Slowdown
Recovery
0
0
0
0.01
-0.01
0.01
0.12
0.13
Standard Error
#N/A
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
MS
F
0
0
2.86
t Stat
#N/A
-1.34
-0.43
2.45
-1.86
P-value
#N/A
0.18
0.67
0.01
0.06
Significance F
0.02
Lower 95%
#N/A
#N/A
#N/A
#N/A
-0.01
0
-0.01
0
-0.01
0
-0.01
0
0
0.01
0
0.01
-0.01
0
-0.01
0
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
MarketState GBP
Expansion Downturn
Expansion
-2.17%
1
0
Expansion
-7.32%
1
0
Expansion
0.09%
1
0
Expansion
-1.62%
1
0
Expansion
0.50%
1
0
Downturn
4.51%
0
1
Downturn
4.44%
0
1
Downturn
-2.09%
0
1
Downturn
-3.31%
0
1
Downturn
-0.49%
0
1
Downturn
-3.38%
0
1
Downturn
0.27%
0
1
Downturn
-7.37%
0
1
Downturn
-1.28%
0
1
Downturn
7.22%
0
1
Downturn
-6.06%
0
1
Downturn
3.29%
0
1
Expansion
-2.47%
1
0
Expansion
-0.67%
1
0
Expansion
2.64%
1
0
Expansion
3.98%
1
0
Expansion
-0.03%
1
0
Expansion
-1.77%
1
0
Downturn
-0.36%
0
1
Downturn
2.17%
0
1
Downturn
4.14%
0
1
Slowdown
6.34%
0
0
Slowdown
1.68%
0
0
Slowdown
-0.86%
0
0
Slowdown
3.39%
0
0
Slowdown
0.00%
0
0
Slowdown
-0.70%
0
0
Slowdown
1.90%
0
0
Recovery
-2.78%
0
0
Recovery
-8.85%
0
0
Recovery
-1.44%
0
0
Recovery
-1.64%
0
0
Recovery
-4.58%
0
0
Recovery
3.93%
0
0
Recovery
-0.33%
0
0
Recovery
4.05%
0
0
Slowdown
-0.68%
0
0
Slowdown
1.64%
0
0
Slowdown
5.65%
0
0
Slowdown
-4.55%
0
0
Recovery
-1.68%
0
0
Recovery
-1.22%
0
0
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
2.31%
2.93%
4.03%
1.17%
3.11%
-11.22%
-13.14%
-2.69%
-0.44%
-1.63%
-4.16%
6.06%
3.85%
-0.70%
-4.70%
-0.59%
0.67%
0.23%
-1.08%
0.39%
-0.56%
1.97%
-1.43%
-0.10%
2.30%
-0.48%
2.16%
-0.02%
-0.65%
2.80%
3.61%
-4.44%
0.02%
0.94%
0.28%
2.35%
-0.56%
-1.64%
0.58%
0.09%
-3.01%
2.25%
-0.32%
-2.97%
1.04%
-2.34%
1.20%
-0.32%
-1.35%
2.92%
0.10%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
100.14
100.26
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
0.15
0.12
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
0.25%
0.52%
0.04%
3.87%
3.32%
1.88%
-6.73%
1.62%
0.54%
-0.85%
0.93%
1.63%
-1.50%
-1.57%
0.02%
3.47%
0.97%
-2.63%
-0.81%
0.67%
1.78%
-0.08%
-2.43%
2.24%
-2.14%
2.85%
1.13%
-1.39%
-1.67%
0.74%
-0.91%
-2.61%
0.54%
-0.11%
-0.43%
-1.56%
2.74%
-1.10%
2.68%
-0.15%
-2.88%
1.25%
-0.12%
-2.32%
0.75%
-2.53%
-3.27%
0.84%
-0.96%
-3.56%
1.92%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
-1.90%
-1.57%
4.65%
-1.92%
-1.31%
-2.05%
1.12%
-0.95%
-0.22%
0.70%
1.99%
1.40%
-1.36%
-2.11%
2.12%
-3.06%
0.47%
0.60%
2.23%
-0.19%
5.23%
1.95%
-0.85%
1.15%
-0.21%
-0.49%
3.32%
2.23%
-4.59%
0.65%
0.99%
2.34%
1.11%
-2.68%
-2.08%
5.19%
2.02%
1.55%
3.63%
2.11%
2.42%
-1.20%
-3.76%
3.00%
-0.65%
-0.03%
-0.97%
0.53%
1.39%
3.85%
0.45%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
-1.86%
2.01%
-1.61%
0.96%
-4.92%
-1.42%
-1.89%
2.59%
-2.23%
0.32%
-2.33%
-0.36%
3.22%
-1.45%
-0.94%
4.98%
2.38%
-1.16%
1.04%
1.96%
-1.73%
1.87%
3.02%
-0.36%
0.34%
-0.08%
0.20%
1.60%
-0.99%
1.45%
1.12%
-0.70%
1.49%
1.57%
-1.14%
-3.53%
0.11%
0.10%
-0.27%
0.16%
-0.23%
0.50%
-0.41%
-8.57%
-2.25%
-10.22%
-4.45%
-5.23%
-0.36%
-1.54%
0.03%
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
3.21%
9.04%
1.64%
1.54%
-2.58%
-1.90%
2.90%
-0.08%
-1.66%
-1.14%
-4.79%
-0.36%
0.59%
-4.94%
2.76%
4.86%
-2.20%
2.37%
2.03%
-3.01%
0.32%
2.54%
1.51%
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
Slowdown Recovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
SUMMARY OUTPUT
Multiple R
0.07
R Square
0
Adjusted R Square
-0.01
Standard Error 0.03
Observations
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
0
0.22
0.22
MS
F
0
0
0.31
Coefficients
Standard Error t Stat
P-value
Intercept
0
#N/A
#N/A
#N/A
Expansion
0
0
0.28
0.78
Downturn
0
0
0.19
0.85
Slowdown
0
0
-1.05
0.3
Recovery
0
0
-0.12
0.9
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Significance F
0.87
Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
#N/A
#N/A
#N/A
#N/A
-0.01
0.01
-0.01
0.01
-0.01
0.01
-0.01
0.01
-0.01
0
-0.01
0
-0.01
0.01
-0.01
0.01
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
MarketState CHF
Expansion Downturn
Expansion
3.55%
1
0
Expansion
4.22%
1
0
Expansion
3.65%
1
0
Expansion
1.46%
1
0
Expansion
-0.09%
1
0
Downturn
-5.32%
0
1
Downturn
-3.25%
0
1
Downturn
3.28%
0
1
Downturn
6.30%
0
1
Downturn
-2.84%
0
1
Downturn
6.69%
0
1
Downturn
0.66%
0
1
Downturn
1.92%
0
1
Downturn
-1.60%
0
1
Downturn
-4.41%
0
1
Downturn
4.95%
0
1
Downturn
-3.94%
0
1
Expansion
-0.51%
1
0
Expansion
-1.43%
1
0
Expansion
-3.22%
1
0
Expansion
-2.43%
1
0
Expansion
-0.83%
1
0
Expansion
0.40%
1
0
Downturn
-3.19%
0
1
Downturn
-1.21%
0
1
Downturn
-1.23%
0
1
Slowdown
-4.91%
0
0
Slowdown
-2.95%
0
0
Slowdown
-0.69%
0
0
Slowdown
-0.97%
0
0
Slowdown
-0.82%
0
0
Slowdown
0.04%
0
0
Slowdown
-1.50%
0
0
Recovery
5.30%
0
0
Recovery
8.56%
0
0
Recovery
0.28%
0
0
Recovery
2.27%
0
0
Recovery
5.00%
0
0
Recovery
-2.09%
0
0
Recovery
0.16%
0
0
Recovery
-5.34%
0
0
Slowdown
1.10%
0
0
Slowdown
-2.00%
0
0
Slowdown
-5.33%
0
0
Slowdown
4.84%
0
0
Recovery
3.81%
0
0
Recovery
1.17%
0
0
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
0.99%
-4.09%
-5.76%
-4.40%
-5.08%
-1.09%
10.54%
4.23%
2.33%
1.39%
2.65%
-2.45%
-4.07%
-0.77%
6.37%
0.66%
-3.03%
-3.64%
4.58%
0.43%
-0.70%
-2.15%
-2.10%
-0.92%
-0.71%
-0.07%
-5.04%
0.49%
-0.60%
-3.40%
-2.44%
5.42%
-1.36%
-1.78%
-3.81%
-9.22%
1.36%
2.01%
-1.66%
0.39%
4.32%
-4.17%
-1.57%
3.44%
-1.87%
4.81%
-0.80%
-0.99%
4.50%
0.33%
0.47%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
100.14
100.26
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
0.15
0.12
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
-4.63%
0.33%
4.32%
1.10%
2.82%
2.76%
5.86%
3.90%
-2.06%
1.69%
-4.11%
3.31%
3.41%
-1.33%
-3.05%
-3.38%
1.94%
2.42%
0.97%
-0.74%
3.82%
-1.39%
-1.22%
2.48%
-1.90%
-3.35%
-4.54%
-1.98%
3.10%
-1.35%
2.92%
2.12%
2.46%
2.87%
0.11%
1.44%
-3.86%
1.58%
-1.26%
1.68%
4.20%
0.28%
4.12%
0.46%
0.00%
2.98%
-2.10%
-2.76%
2.15%
4.25%
-1.02%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
4.12%
-3.87%
-7.06%
1.50%
1.98%
4.38%
-0.56%
3.68%
-0.32%
-3.73%
-3.82%
-2.52%
0.82%
0.48%
1.14%
3.49%
-1.33%
-0.91%
-3.87%
-3.12%
-5.70%
0.28%
0.91%
-1.59%
0.10%
0.44%
-6.95%
-1.43%
-0.88%
-0.04%
0.24%
-4.28%
4.00%
1.47%
2.09%
-5.94%
1.53%
-3.69%
-4.10%
1.39%
0.46%
0.28%
2.32%
-3.26%
-0.43%
2.59%
-1.19%
-1.62%
-4.25%
-4.54%
-0.08%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
4.16%
-2.19%
2.83%
-0.12%
4.36%
2.62%
0.62%
-2.86%
3.21%
-0.41%
2.04%
-0.14%
-2.74%
2.61%
-0.57%
-5.14%
-1.59%
0.32%
0.66%
-0.06%
1.62%
-0.51%
-3.80%
1.84%
1.95%
-1.99%
-0.34%
-0.68%
1.48%
-0.31%
-1.68%
0.61%
-3.77%
-0.48%
-2.30%
0.15%
-4.71%
-3.79%
-4.73%
4.08%
0.75%
-2.06%
2.51%
5.05%
1.88%
3.13%
4.71%
-12.71%
8.36%
0.60%
-2.56%
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
0.10%
-6.67%
1.77%
-1.62%
-0.89%
-2.17%
-0.97%
-2.07%
2.93%
2.42%
1.21%
-1.84%
2.22%
6.93%
-6.95%
-3.42%
-2.54%
-3.26%
-0.01%
2.12%
-7.04%
0.94%
-1.61%
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
Slowdown Recovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
SUMMARY OUTPUT
Multiple R
0.13
R Square
0.02
Adjusted R Square 0
Standard Error 0.03
Observations
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
0
0.28
0.29
MS
F
0
0
1.18
Coefficients
P-value
Intercept
0
#N/A
#N/A
#N/A
Expansion
0
0
0.46
0.65
Downturn
0
0
-1.26
0.21
Slowdown
-0.01
0
-1.53
0.13
Recovery
0
0
0.75
0.45
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Significance F
0.32
Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
#N/A
#N/A
#N/A
#N/A
-0.01
0.01
-0.01
0.01
-0.01
0
-0.01
0
-0.01
0
-0.01
0
-0.01
0.01
-0.01
0.01
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
MarketState SEK
ExpansionDownturn
Expansion
1.98%
1
0
Expansion
4.77%
1
0
Expansion
2.11%
1
0
Expansion
1.15%
1
0
Expansion
-1.05%
1
0
Downturn
-3.65%
0
1
Downturn
-2.51%
0
1
Downturn
1.47%
0
1
Downturn
3.67%
0
1
Downturn
-1.15%
0
1
Downturn
2.45%
0
1
Downturn
-0.86%
0
1
Downturn
4.23%
0
1
Downturn
-0.11%
0
1
Downturn
-4.19%
0
1
Downturn
3.65%
0
1
Downturn
-2.91%
0
1
Expansion
-0.17%
1
0
Expansion
-0.63%
1
0
Expansion
-2.76%
1
0
Expansion
-0.75%
1
0
Expansion
-0.55%
1
0
Expansion
-0.20%
1
0
Downturn
-0.26%
0
1
Downturn
0.57%
0
1
Downturn
-1.57%
0
1
Slowdown
-3.79%
0
0
Slowdown
-0.41%
0
0
Slowdown
-0.45%
0
0
Slowdown
-2.14%
0
0
Slowdown
-0.40%
0
0
Slowdown
0.27%
0
0
Slowdown
-1.80%
0
0
Recovery
2.45%
0
0
Recovery
7.80%
0
0
Recovery
0.29%
0
0
Recovery
1.45%
0
0
Recovery
3.99%
0
0
Recovery
-2.42%
0
0
Recovery
0.13%
0
0
Recovery
-4.44%
0
0
Slowdown
0.15%
0
0
Slowdown
-2.01%
0
0
Slowdown
-6.98%
0
0
Slowdown
4.97%
0
0
Recovery
1.69%
0
0
Recovery
0.65%
0
0
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
-0.17%
-3.04%
-5.01%
-2.50%
-4.12%
3.06%
8.96%
17.19%
2.86%
2.91%
7.00%
-1.56%
-5.43%
-1.61%
7.23%
6.54%
-1.00%
-0.77%
1.27%
3.22%
-1.46%
-5.98%
1.32%
-1.76%
-2.91%
2.48%
-1.85%
1.34%
-0.15%
-3.63%
-4.50%
5.23%
-1.45%
0.66%
-1.61%
-0.23%
-0.73%
0.70%
-1.01%
-2.51%
3.04%
-5.29%
-4.13%
-1.36%
1.60%
4.32%
-2.88%
-1.18%
1.93%
-1.32%
-1.11%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
100.14
100.26
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
0.15
0.12
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
-0.66%
0.46%
0.10%
-0.86%
2.22%
1.28%
6.26%
3.18%
0.83%
3.97%
-1.58%
-0.06%
3.29%
-1.35%
-4.02%
-0.57%
2.95%
2.09%
2.78%
-1.63%
0.03%
-3.38%
1.47%
1.71%
-0.72%
1.05%
-2.04%
-1.08%
4.69%
-0.53%
-3.63%
4.41%
1.20%
2.02%
1.91%
-1.71%
-2.94%
0.54%
-1.15%
0.50%
3.72%
0.11%
3.91%
-1.22%
-1.22%
3.02%
0.30%
-1.21%
3.71%
2.92%
2.33%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
3.44%
0.16%
-6.09%
0.55%
3.50%
6.01%
-1.54%
5.15%
0.49%
-2.50%
-1.75%
2.74%
-0.24%
-0.08%
-1.61%
1.62%
-2.12%
-0.68%
-1.04%
-5.08%
-6.18%
3.36%
-0.99%
-1.26%
-1.21%
-1.11%
-4.05%
-1.22%
-1.12%
-0.43%
-3.58%
-5.22%
3.16%
2.80%
1.63%
-7.42%
1.03%
-3.72%
-4.87%
2.65%
0.11%
1.97%
1.43%
-2.36%
0.61%
2.15%
-2.31%
-3.11%
-2.72%
-5.05%
-1.05%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
4.88%
-2.00%
3.22%
0.86%
4.17%
4.86%
-0.55%
-2.78%
2.49%
2.74%
1.47%
-1.74%
-4.50%
4.17%
-1.48%
-5.92%
-1.57%
-0.50%
0.18%
0.49%
1.20%
-1.51%
-5.34%
0.01%
1.46%
0.66%
-0.16%
-4.18%
3.23%
-1.22%
-1.49%
2.38%
-6.85%
-1.36%
0.74%
1.12%
-1.57%
-3.22%
-3.73%
0.72%
0.31%
0.16%
0.63%
6.40%
6.99%
11.63%
4.16%
-3.35%
6.23%
7.81%
-8.90%
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-2.45%
-6.44%
2.05%
-6.86%
-1.02%
-2.24%
1.92%
-1.70%
2.62%
3.12%
-3.66%
1.34%
0.46%
7.42%
-0.21%
-7.79%
2.38%
-9.13%
-1.05%
5.24%
-4.62%
-4.01%
-1.92%
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
SlowdownRecovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
SUMMARY OUTPUT
Multiple R
0.06
R Square
0
Adjusted R Square
-0.01
Standard Error 0.03
Observations
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
0
0.32
0.32
MS
F
0
0
Significance F
0.26
0.9
Coefficients
P-value Lower 95%
Intercept
0
#N/A
#N/A
#N/A
#N/A
Expansion
0
0
0.2
0.84
-0.01
Downturn
0
0
-0.28
0.78
-0.01
Slowdown
0
0
0.83
0.41
-0.01
Recovery
0
0
-0.48
0.63
-0.01
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Significance F
Upper 95%Lower 95.0%

Upper 95.0%
#N/A
#N/A
#N/A
0.01
-0.01
0.01
0.01
-0.01
0.01
0.01
-0.01
0.01
0.01
-0.01
0.01
Dt
TotalLI ChangeLI
31-May-88 101.76
0.17
30-Jun-88 101.93
0.17
31-Jul-88 102.05
0.12
31-Aug-88 102.12
0.07
30-Sep-88 102.14
0.02
31-Oct-88 102.13
-0.01
30-Nov-88 102.11
-0.02
31-Dec-88 102.06
-0.05
31-Jan-89 101.94
-0.12
28-Feb-89 101.74
-0.20
31-Mar-89 101.49
-0.26
30-Apr-89 101.21
-0.28
31-May-89 100.95
-0.26
30-Jun-89 100.75
-0.20
31-Jul-89 100.63
-0.12
31-Aug-89 100.57
-0.06
30-Sep-89 100.57
-0.00
31-Oct-89 100.62
0.05
30-Nov-89 100.71
0.10
31-Dec-89 100.85
0.13
31-Jan-90 100.98
0.13
28-Feb-90 101.07
0.09
31-Mar-90 101.09
0.02
30-Apr-90 101.00
-0.09
31-May-90 100.77
-0.23
30-Jun-90 100.37
-0.40
31-Jul-90 99.80
-0.57
31-Aug-90 99.09
-0.71
30-Sep-90 98.31
-0.77
31-Oct-90 97.57
-0.74
30-Nov-90 96.97
-0.60
31-Dec-90 96.58
-0.39
31-Jan-91 96.44
-0.15
28-Feb-91 96.53
0.09
31-Mar-91 96.80
0.27
30-Apr-91 97.15
0.35
31-May-91 97.53
0.37
30-Jun-91 97.87
0.34
31-Jul-91 98.13
0.26
31-Aug-91 98.27
0.14
30-Sep-91 98.29
0.03
31-Oct-91 98.23
-0.06
30-Nov-91 98.14
-0.10
31-Dec-91 98.07
-0.07
31-Jan-92 98.06
-0.00
29-Feb-92 98.10
0.03
31-Mar-92 98.12
0.02
MarketState NOK
ExpansionDownturn
Expansion
1.45%
1
0
Expansion
5.81%
1
0
Expansion
2.23%
1
0
Expansion
2.07%
1
0
Expansion
-0.20%
1
0
Downturn
-3.95%
0
1
Downturn
-2.42%
0
1
Downturn
1.13%
0
1
Downturn
2.99%
0
1
Downturn
-0.82%
0
1
Downturn
2.66%
0
1
Downturn
-0.86%
0
1
Downturn
4.62%
0
1
Downturn
-0.23%
0
1
Downturn
-4.04%
0
1
Downturn
4.08%
0
1
Downturn
-3.18%
0
1
Expansion
-0.15%
1
0
Expansion
-1.46%
1
0
Expansion
-3.06%
1
0
Expansion
-1.36%
1
0
Expansion
0.25%
1
0
Expansion
0.25%
1
0
Downturn
-0.24%
0
1
Downturn
-0.31%
0
1
Downturn
-1.56%
0
1
Slowdown
-4.18%
0
0
Slowdown
-0.92%
0
0
Slowdown
-0.41%
0
0
Slowdown
-2.86%
0
0
Slowdown
-0.82%
0
0
Slowdown
0.40%
0
0
Slowdown
-1.45%
0
0
Recovery
3.13%
0
0
Recovery
10.09%
0
0
Recovery
1.47%
0
0
Recovery
1.14%
0
0
Recovery
3.27%
0
0
Recovery
-2.61%
0
0
Recovery
0.13%
0
0
Recovery
-4.86%
0
0
Slowdown
0.43%
0
0
Slowdown
-2.23%
0
0
Slowdown
-6.55%
0
0
Slowdown
5.19%
0
0
Recovery
1.80%
0
0
Recovery
0.71%
0
0
30-Apr-92
31-May-92
30-Jun-92
31-Jul-92
31-Aug-92
30-Sep-92
31-Oct-92
30-Nov-92
31-Dec-92
31-Jan-93
28-Feb-93
31-Mar-93
30-Apr-93
31-May-93
30-Jun-93
31-Jul-93
31-Aug-93
30-Sep-93
31-Oct-93
30-Nov-93
31-Dec-93
31-Jan-94
28-Feb-94
31-Mar-94
30-Apr-94
31-May-94
30-Jun-94
31-Jul-94
31-Aug-94
30-Sep-94
31-Oct-94
30-Nov-94
31-Dec-94
31-Jan-95
28-Feb-95
31-Mar-95
30-Apr-95
31-May-95
30-Jun-95
31-Jul-95
31-Aug-95
30-Sep-95
31-Oct-95
30-Nov-95
31-Dec-95
31-Jan-96
29-Feb-96
31-Mar-96
30-Apr-96
31-May-96
30-Jun-96
98.07
97.91
97.64
97.30
96.96
96.68
96.52
96.48
96.51
96.57
96.65
96.73
96.82
96.91
97.02
97.17
97.41
97.71
98.09
98.54
99.06
99.62
100.20
100.77
101.29
101.74
102.09
102.34
102.52
102.59
102.55
102.38
102.07
101.60
101.02
100.40
99.83
99.38
99.09
98.93
98.87
98.83
98.83
98.87
98.93
99.04
99.19
99.39
99.60
99.81
99.99
-0.05
-0.16
-0.27
-0.34
-0.34
-0.27
-0.16
-0.05
0.03
0.06
0.08
0.08
0.09
0.09
0.11
0.16
0.23
0.31
0.38
0.45
0.52
0.57
0.58
0.57
0.52
0.44
0.35
0.26
0.17
0.07
-0.04
-0.17
-0.32
-0.46
-0.58
-0.63
-0.57
-0.45
-0.30
-0.15
-0.07
-0.03
-0.00
0.03
0.07
0.11
0.15
0.19
0.21
0.21
0.18
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
-0.13%
-3.12%
-4.72%
-2.45%
-4.47%
3.70%
7.72%
5.54%
5.13%
-1.12%
1.87%
-1.94%
-2.39%
0.96%
6.38%
3.42%
-2.52%
-1.59%
3.11%
0.94%
1.01%
-1.14%
-0.75%
-1.51%
-1.58%
-0.41%
-3.10%
-0.23%
0.38%
-2.18%
-3.77%
4.46%
-0.99%
-1.25%
-2.96%
-5.50%
1.69%
0.73%
-2.19%
-0.15%
4.38%
-2.05%
-0.95%
2.16%
-0.29%
2.55%
-1.56%
0.06%
2.48%
-1.00%
-0.05%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
31-Jul-96
31-Aug-96
30-Sep-96
31-Oct-96
30-Nov-96
31-Dec-96
31-Jan-97
28-Feb-97
31-Mar-97
30-Apr-97
31-May-97
30-Jun-97
31-Jul-97
31-Aug-97
30-Sep-97
31-Oct-97
30-Nov-97
31-Dec-97
31-Jan-98
28-Feb-98
31-Mar-98
30-Apr-98
31-May-98
30-Jun-98
31-Jul-98
31-Aug-98
30-Sep-98
31-Oct-98
30-Nov-98
31-Dec-98
31-Jan-99
28-Feb-99
31-Mar-99
30-Apr-99
31-May-99
30-Jun-99
31-Jul-99
31-Aug-99
30-Sep-99
31-Oct-99
30-Nov-99
31-Dec-99
31-Jan-00
29-Feb-00
31-Mar-00
30-Apr-00
31-May-00
30-Jun-00
31-Jul-00
31-Aug-00
30-Sep-00
100.14
100.26
100.36
100.43
100.49
100.56
100.65
100.78
100.91
101.04
101.17
101.28
101.36
101.39
101.37
101.28
101.15
100.97
100.78
100.54
100.24
99.87
99.45
99.00
98.57
98.21
97.98
97.92
98.07
98.38
98.79
99.25
99.71
100.15
100.59
101.01
101.40
101.75
102.05
102.32
102.56
102.75
102.86
102.85
102.74
102.56
102.31
102.03
101.72
101.39
101.02
0.15
0.12
0.10
0.08
0.06
0.06
0.09
0.13
0.13
0.13
0.12
0.11
0.08
0.03
-0.02
-0.08
-0.14
-0.17
-0.20
-0.24
-0.30
-0.37
-0.42
-0.45
-0.42
-0.36
-0.24
-0.05
0.15
0.31
0.41
0.46
0.46
0.45
0.44
0.42
0.39
0.35
0.31
0.27
0.24
0.19
0.11
-0.01
-0.11
-0.18
-0.25
-0.29
-0.31
-0.33
-0.37
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
-2.12%
0.68%
1.25%
-1.66%
0.63%
-0.74%
1.64%
3.90%
-1.88%
7.36%
-0.11%
3.00%
3.97%
-1.91%
-5.77%
-0.54%
2.41%
2.44%
2.94%
-0.10%
0.48%
-2.18%
1.32%
1.38%
-1.59%
3.43%
-5.50%
-1.10%
2.71%
0.60%
-0.20%
4.68%
-1.69%
0.57%
1.06%
-0.77%
-0.75%
0.94%
-1.86%
1.55%
3.03%
-0.58%
3.83%
0.70%
0.95%
5.48%
-0.60%
-3.38%
2.96%
2.59%
-0.20%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Oct-00
30-Nov-00
31-Dec-00
31-Jan-01
28-Feb-01
31-Mar-01
30-Apr-01
31-May-01
30-Jun-01
31-Jul-01
31-Aug-01
30-Sep-01
31-Oct-01
30-Nov-01
31-Dec-01
31-Jan-02
28-Feb-02
31-Mar-02
30-Apr-02
31-May-02
30-Jun-02
31-Jul-02
31-Aug-02
30-Sep-02
31-Oct-02
30-Nov-02
31-Dec-02
31-Jan-03
28-Feb-03
31-Mar-03
30-Apr-03
31-May-03
30-Jun-03
31-Jul-03
31-Aug-03
30-Sep-03
31-Oct-03
30-Nov-03
31-Dec-03
31-Jan-04
29-Feb-04
31-Mar-04
30-Apr-04
31-May-04
30-Jun-04
31-Jul-04
31-Aug-04
30-Sep-04
31-Oct-04
30-Nov-04
31-Dec-04
100.60
100.11
99.58
99.06
98.59
98.21
97.90
97.64
97.37
97.09
96.81
96.61
96.62
96.85
97.29
97.85
98.40
98.86
99.12
99.16
98.96
98.59
98.16
97.73
97.35
97.05
96.81
96.61
96.48
96.48
96.67
97.05
97.55
98.14
98.79
99.46
100.11
100.68
101.14
101.47
101.67
101.77
101.78
101.71
101.61
101.47
101.32
101.17
101.05
100.97
100.91
-0.42
-0.49
-0.53
-0.52
-0.47
-0.39
-0.31
-0.26
-0.27
-0.28
-0.28
-0.20
0.00
0.24
0.44
0.55
0.56
0.46
0.26
0.04
-0.21
-0.36
-0.43
-0.43
-0.38
-0.30
-0.25
-0.20
-0.13
0.01
0.19
0.37
0.51
0.59
0.65
0.67
0.65
0.57
0.46
0.33
0.20
0.10
0.00
-0.07
-0.10
-0.13
-0.16
-0.15
-0.12
-0.08
-0.06
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
2.24%
-0.08%
-5.13%
-0.30%
1.46%
2.96%
-0.78%
2.84%
-0.44%
-2.23%
-3.24%
0.47%
0.18%
0.40%
0.47%
1.78%
-2.73%
-0.41%
-4.98%
-5.39%
-6.13%
1.84%
-1.30%
-1.78%
0.39%
-1.51%
-5.41%
-0.29%
3.46%
1.55%
-3.82%
-4.56%
7.43%
1.18%
2.97%
-6.38%
0.87%
-4.16%
-2.25%
5.06%
-0.18%
-2.23%
0.32%
-1.85%
2.71%
1.31%
-2.15%
-2.37%
-5.29%
-3.53%
-0.99%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
31-Jan-05
28-Feb-05
31-Mar-05
30-Apr-05
31-May-05
30-Jun-05
31-Jul-05
31-Aug-05
30-Sep-05
31-Oct-05
30-Nov-05
31-Dec-05
31-Jan-06
28-Feb-06
31-Mar-06
30-Apr-06
31-May-06
30-Jun-06
31-Jul-06
31-Aug-06
30-Sep-06
31-Oct-06
30-Nov-06
31-Dec-06
31-Jan-07
28-Feb-07
31-Mar-07
30-Apr-07
31-May-07
30-Jun-07
31-Jul-07
31-Aug-07
30-Sep-07
31-Oct-07
30-Nov-07
31-Dec-07
31-Jan-08
29-Feb-08
31-Mar-08
30-Apr-08
31-May-08
30-Jun-08
31-Jul-08
31-Aug-08
30-Sep-08
31-Oct-08
30-Nov-08
31-Dec-08
31-Jan-09
28-Feb-09
31-Mar-09
100.81
100.65
100.46
100.29
100.21
100.22
100.31
100.48
100.71
101.01
101.34
101.66
101.92
102.10
102.20
102.21
102.15
102.06
101.98
101.97
102.05
102.19
102.39
102.63
102.85
103.05
103.21
103.31
103.31
103.21
103.01
102.74
102.48
102.27
102.08
101.90
101.73
101.55
101.31
100.98
100.48
99.74
98.71
97.37
95.77
94.01
92.32
90.94
90.03
89.69
89.95
-0.10
-0.16
-0.19
-0.16
-0.09
0.01
0.09
0.16
0.24
0.30
0.33
0.31
0.26
0.18
0.10
0.01
-0.07
-0.09
-0.07
-0.01
0.08
0.15
0.20
0.23
0.22
0.20
0.16
0.10
0.01
-0.10
-0.20
-0.27
-0.26
-0.21
-0.19
-0.18
-0.17
-0.18
-0.24
-0.33
-0.50
-0.74
-1.03
-1.34
-1.60
-1.76
-1.69
-1.39
-0.91
-0.34
0.26
Downturn
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Downturn
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Slowdown
Recovery
4.58%
-2.33%
1.90%
-0.45%
2.27%
1.20%
-0.65%
-1.88%
2.74%
-0.70%
3.61%
0.07%
-1.50%
1.55%
-2.93%
-6.33%
-1.03%
2.18%
-1.04%
2.61%
3.32%
0.11%
-6.06%
1.29%
0.10%
-1.77%
-0.82%
-2.19%
1.36%
-2.31%
-1.13%
-0.07%
-7.81%
-0.37%
3.22%
-1.93%
-0.51%
-3.70%
-2.29%
-0.21%
0.39%
-0.29%
0.85%
5.44%
7.86%
13.75%
4.17%
-0.85%
-0.64%
1.91%
-4.43%
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
30-Apr-09
31-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
31-Oct-09
30-Nov-09
31-Dec-09
31-Jan-10
28-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
31-Jul-10
31-Aug-10
30-Sep-10
31-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
90.75
91.94
93.31
94.73
96.09
97.33
98.42
99.38
100.21
100.90
101.42
101.78
101.94
101.91
101.79
101.69
101.70
101.82
102.07
102.43
102.84
103.23
103.54
0.80
1.18
1.38
1.42
1.36
1.24
1.09
0.96
0.83
0.69
0.52
0.36
0.16
-0.03
-0.12
-0.10
0.00
0.13
0.25
0.36
0.41
0.39
0.31
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Recovery
Expansion
Expansion
Expansion
Expansion
Expansion
Downturn
Downturn
Downturn
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
Expansion
-2.69%
-4.17%
2.21%
-5.02%
-1.66%
-4.12%
-0.81%
-0.82%
1.99%
2.28%
-0.29%
0.54%
-0.63%
8.99%
0.61%
-6.74%
3.66%
-6.99%
-0.49%
5.99%
-6.44%
-0.80%
-3.17%
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
0
0
SlowdownRecovery
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
0
1
0
1
SUMMARY OUTPUT
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
0.04
0
-0.01
0.03
274
ANOVA
df
Regression
Residual
Total
SS
4
270
274
Coefficients
Intercept
Expansion
Downturn
Slowdown
Recovery
0
0
0
0
0
0
0.27
0.27
Standard Error
#N/A
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
MS
F
0
0
0.11
t Stat
#N/A
0.04
-0.64
0.12
0.12
P-value
#N/A
0.97
0.52
0.9
0.9
Significance F
0.98
Lower 95%
Upper 95% Lower 95.0%
Upper 95.0%
#N/A
#N/A
#N/A
#N/A
-0.01
0.01
-0.01
0.01
-0.01
0
-0.01
0
-0.01
0.01
-0.01
0.01
-0.01
0.01
-0.01
0.01

FX and Business Cycle v2

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FX and Business Cycle v2

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Increasing Decreasing

Above 100 Expansion Downturn

Tools-> Data Analysis->Regression

RtF X = 1 DE x p a n s+i o n 2 DD o w n t r +u rn 3 DS l o w d o+w n 4 DR ec o ev r y+

Lower 95%Upper 95%Lower 95.0%

Lower 95%Upper 95%Lower 95.0%

Upper 95%Lower 95.0%

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