You are on page 1of 20

Stock Market Indicators

:
Fundamental, Sentiment,
& Technical
Yardeni Research, Inc.

August 8, 2012

Dr. Edward Yardeni
516-972-7683
eyardeni@yardeni.com

Debbie Johnson
480-664-1333
djohnson@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

Please visit our sites at
www.yardeni.com
blog.yardeni.com

thinking outside the box

Table Of Contents

Table Of Contents

Fundamental Stock Market Indicator
1-2
Global Growth Barometer
3
Economic Surprise Index
4
Investors Intelligence Sentiment
5
Bull/Bear Ratio Over 3.0
6
Bull/Bear Ratio Under 1.0
7
Bull/Bear Ratio Under 1.0 & Over 3.0
8
AAII Sentiment
9
Bull/Bear Ratio vs. Consumer Confidence
10
S&P 500 Put Call Ratio
11
Volatility
12
Volume
13
S&P 500 Moving Averages
14
S&P 500 Sectors Stock Price Index & 200-dma
15
S&P 500 Sectors Stock Price Index Minus 200-dma
16
S&P 500 Sectors Stock Price Index Relative to S&P 50017

August 8, 2012 / Stock Market Sentiment & Technical Indicators

Yardeni Research, Inc.
www.yardeni.com

www. 2012 / Stock Market Indicators: Fundamental. CONSUMER COMFORT INDEX 160 160 150 150 US Boom Bust Barometer* 140 Consumer Comfort Index (index plus 100) 130 140 7/28 130 120 120 110 110 100 100 90 90 80 80 70 70 7/28 60 60 50 50 yardeni. Sentiment. Inc. 170 170 BOOM BUST BAROMETER vs. Commodity Research Bureau. four-week moving average. Department of Labor. which is CRB raw industrials spot price index divided by initial unemployment claims. Page 1 / August 8..yardeni.com 600 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 40 2013 * Average of Consumer Comfort Index and Boom-Bust Barometer. Commodity Research Bureau. FUNDAMENTAL STOCK MARKET INDICATOR 1600 120 1500 110 1400 8/8 1300 7/28 100 1200 90 1100 80 1000 900 800 S&P 500 Index 70 Fundamental Stock Market Indicator* 60 50 700 yardeni. Source: Bloomberg.Fundamental Stock Market Indicator Figure 1. Source: Bloomberg.com 40 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 40 2013 * CRB raw industrials spot price index divided by initial unemployment claims. Figure 2. & Technical Yardeni Research.com . Department of Labor. 1700 130 S&P 500 INDEX vs. four-week moving average. and Standard & Poor’s Corporation.

Inc. & Technical Yardeni Research.Fundamental Stock Market Indicator Figure 3.. Page 2 / August 8. INDUSTRIAL COMMODITY PRICES 8/8 1400 600 1200 8/8 500 1000 S&P 500 Index 400 800 CRB Raw Industrials Spot Index yardeni. four-week moving average. Sentiment.com .com 600 2005 2006 2007 2008 2009 2010 2011 2012 300 2013 Source: Thomson Financial I/B/E/S and Commodity Research Bureau. inverted scale) 300 1500 7/28 1300 400 1100 500 900 600 S&P 500 Index 700 yardeni.com 700 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 500 2013 Source: US Department of Labor and Standard & Poor’s Corporation. 2012 / Stock Market Indicators: Fundamental. sa. 1600 700 S&P 500 INDEX vs. INITIAL UNEMPLOYMENT CLAIMS Initial Unemployment Claims (thousands. Figure 4. 200 1700 S&P 500 INDEX vs. www.yardeni.

Global Growth Barometer Figure 5. Sentiment. 170 1600 US STOCK PRICES vs.2) YRI Global Growth Barometer* (1274. Source: Standard & Poor’s Corporation and Commodity Research Bureau. Average then multiplied by 10 and 200 added.com . Page 3 / August 8. www. & Technical Yardeni Research..yardeni. 2012 / Stock Market Indicators: Fundamental.com 30 2008 2009 2010 2011 2012 600 2013 Source: Financial Times and Standard & Poor’s Corporation.7) 800 yardeni. Inc. Figure 6. YRI GLOBAL GROWTH BAROMETER (on S&P 500 basis) 8/8 1400 1400 8/8 1200 1200 1000 1000 S&P 500 Index (1402. BRENT CRUDE OIL PRICE 150 1400 130 1200 8/8 110 90 1000 S&P 500 Index 70 Brent Crude Oil Price (dollars per barrel) 50 800 yardeni.com 600 2005 2006 2007 2008 2009 2010 2011 2012 800 600 2013 * Average of Brent crude oil and CRB raw industrials spot price index times 2 and divided by 10. 1600 1600 S&P 500 vs.

Inc. CITIGROUP ECONOMIC SURPRISE INDEX (percent) 16 100 15 50 14 0 13 8/8 -50 12 11 S&P 500 Forward P/E* 10 Economic Surprise Index -100 -150 yardeni. Thomson Reuters I/B/E/S.com -625 2005 2006 2007 2008 2009 2010 2011 2012 130 120 110 100 90 80 70 60 50 40 30 20 10 0 -10 -20 -30 -40 -50 -60 -70 -80 -90 -100 -110 -120 -130 -140 -150 -160 -170 2013 Source: Wall Street Journal and Citigroup.. 17 150 S&P 500 P/E vs.com . Figure 8. 475 375 S&P 500 INDEX vs. Page 4 / August 8. Sentiment.yardeni. Source: Standard & Poor’s Corporation.com 9 2007 2008 2009 2010 2011 2012 -200 2013 * Average weekly price divided by 52-week forward consensus expected operating earnings per share. and Citigroup. & Technical Yardeni Research. www. 2012 / Stock Market Indicators: Fundamental. CITIGROUP ECONOMIC SURPRISE INDEX (percent) 275 175 8/8 75 -25 8/8 -125 -225 S&P 500 minus its 200 day-moving average -325 -425 Economic Surprise Index -525 yardeni.Economic Surprise Index Figure 7.

5 3.0 2. 2012 / Stock Market Indicators: Fundamental.com 5 1999 2000 2001 2002 Source: Investors Intelligence.yardeni.0 4.com .4 43.5 .5 1. 4.4 39.5 2.0 INVESTORS INTELLIGENCE BULLS vs. Inc. 2003 2004 2005 2006 2007 2008 2009 Page 5 / August 8.0 1999 80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 INVESTORS INTELLIGENCE BULLS vs BEARS Bulls 70 Jul 24 Jul 31 Aug 7 Bears Bulls 40.0 Jul 31 Aug 7 .6 27.0 8/7 1.Investors Intelligence Sentiment Figure 9.5 3.0 Bull/Bear Ratio 2.42 1.0 1.6 Bears 26. www.0 .5 2. Sentiment.5 Ratio 1. BEARS 3.5 70 60 60 50 50 8/7 40 40 30 30 20 20 10 10 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 45 45 40 40 Correction Camp 35 35 8/7 30 30 25 25 20 20 15 15 10 10 yardeni.7 25.. & Technical 2010 2011 2012 5 2013 Yardeni Research.0 3.5 1.71 .

Bull/Bear Ratio Over 3. Page 6 / August 8. 15000 15000 14000 14000 DOW JONES INDEX vs.0..0. BULL/BEAR RATO OF 3. Source: Wall Street Journal Investors and Intelligence. 2012 / Stock Market Indicators: Fundamental. Inc. www. & Technical Yardeni Research. BULL/BEAR RATO OF 3.0 OR MORE 1600 1600 8/8 1400 1400 1200 1200 1000 1000 800 800 600 600 400 400 yardeni. 1800 1800 S&P 500 INDEX vs. Source: Standard & Poor’s Corporation and Investors Intelligence.0 Figure 10.com 1000 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1000 14 Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3.com 200 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 200 14 Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3. Figure 11. Sentiment.yardeni.com .0 OR MORE 13000 8/8 13000 12000 12000 11000 11000 10000 10000 9000 9000 8000 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 2000 yardeni.

0.com 1000 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 1000 14 Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0 OR LESS 1600 1600 8/8 1400 1400 1200 1200 1000 1000 800 800 600 600 400 400 yardeni.com 200 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 200 14 Green shaded areas indicates Bull/Bear Ratio equal to or less than 1. BULL/BEAR RATIO OF 1. Page 7 / August 8.Bull/Bear Ratio Under 1. Sentiment.. BULL/BEAR RATIO OF 1.yardeni.com . Source: Wall Street Journal and Investors Intelligence.0. & Technical Yardeni Research. 1800 1800 S&P 500 INDEX vs. Inc. Figure 13. Source: Standard & Poor’s Corporation and Investors Intelligence.0 Figure 12.0 OR LESS 13000 8/8 13000 12000 12000 11000 11000 10000 10000 9000 9000 8000 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 2000 yardeni. www. 2012 / Stock Market Indicators: Fundamental. 15000 15000 14000 14000 DOW JONES INDEX vs.

BULL/BEAR RATIO OF 3.0 & Over 3. 2012 / Stock Market Indicators: Fundamental.yardeni. Source: Standard & Poor’s Corporation. 40 40 S&P 500 INDEX LESS 200-DMA vs.0. Source: Standard & Poor’s Corporation. Sentiment. & Technical Yardeni Research.com .com 87 88 89 -40 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Red shaded areas indicates Bull/Bear Ratio equal to or less than 3..0 Figure 14. Inc. www. Figure 15. 40 40 S&P 500 INDEX LESS 200-DMA vs. Page 8 / August 8.0 OR MORE 20 20 8/8 0 0 -20 -20 S&P 500 Minus 200-Day Moving Average Divided by S&P 500 (percent) -40 yardeni. BULL/BEAR RATIO OF 1.0 OR LESS 20 20 8/8 0 0 -20 -20 S&P 500 Minus 200-Day Moving Average Divided by S&P 500 (percent) -40 yardeni.0.Bull/Bear Ratio Under 1.com 87 88 89 -40 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.

2009 2010 Page 9 / August 8.1 43. 100 100 AAII SENTIMENT INDEX FOR STOCKS AAII Bull Ratio* 75 75 50 8/1 25 50 25 0 0 2005 2006 2007 2008 2009 2010 2011 2012 5 5 4 4 AAII Bull/Bear Ratio 3 3 2 2 1 8/1 0 0 2005 2006 2007 2008 2009 2010 2011 2012 80 70 1 80 Bulls 70 Bears 60 60 50 50 40 40 8/1 30 20 10 30 20 Jul 25 Aug 1 Latest Readings Bulls Bears 28.com 0 2004 2005 2006 2007 2008 * AAII Bull Ratio is the percent of bulls over the percent of bulls plus percent of bears.. 2012 / Stock Market Indicators: Fundamental. www.1 30. & Technical 2011 0 2012 Yardeni Research.AAII Sentiment Figure 16.com . Source: American Association of Individual Investors (AAII). Inc.5 34.yardeni.9 10 yardeni. Sentiment.

0 -40 Consumer Comfort Index .0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20 2013 Source: New York Board of Trade. 2012 / Stock Market Indicators: Fundamental.0 140 BULL/BEAR RATIO & CONSUMER CONFIDENCE 3. 4. & Technical Yardeni Research. 4. Commodity Futures Trading Commission.0 100 2.com .0 40 BULL/BEAR RATIO & CONSUMER COMFORT INDEX 30 3. and the Conference Board. and Bloomberg.5 yardeni.5 120 3.0 40 Consumer Confidence Expectations Index .5 -30 Bull/Bear Ratio (4-week average) 1.5 0 2.5 -50 yardeni. Figure 18. Page 10 / August 8..0 80 7/31 1. Sentiment.com .com .0 -10 7/31 -20 1.5 2.yardeni.0 10 2. Consumer Confidence Figure 17.5 60 Bull/Bear Ratio (4-week average) 1.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -60 2013 Source: New York Board of Trade. Inc.5 20 3. Commodity Futures Trading Commission.Bull/Bear Ratio vs. www.

50 2.com .25 2.50 1. Inc.75 S&P 500 PUT/CALL (weekly data) 3.S&P 500 Put Call Ratio Figure 19.75 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Chicago Board of Options Exchange.yardeni.50 .50 8/3 1.75 1.00 2.00 yardeni. Sentiment.00 2.50 1.25 2.25 2.00 3.50 1.00 .00 Average = 1.00 2. Figure 20.25 Average = 1. & Technical Yardeni Research.624 (1996-2010) 1.00 1.00 1.25 2.75 1.50 2.75 1.com 1996 1997 .75 yardeni.com 1996 1997 .616 (1996-2010) .75 1.75 3. www.25 8/3 1. 2.25 3.50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Chicago Board of Options Exchange. 2012 / Stock Market Indicators: Fundamental.00 1.50 2.25 1.50 S&P 500 PUT/CALL (4-week ma) 2.. 3.25 3.25 1.50 3.75 2.75 .50 3. Page 11 / August 8.75 2.75 1.

Figure 22.yardeni.. Inc. www. & Technical Yardeni Research. 2012 / Stock Market Indicators: Fundamental.com . Page 12 / August 8. Sentiment.com 80 40 20 40 20 8/8 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Chicago Board Options Exchange. 100 100 VIX: NASDAQ 100 80 60 60 yardeni.Volatility Figure 21.com 50 40 30 50 40 30 20 20 8/8 10 10 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Chicago Board Options Exchange. 90 90 VIX: S&P 500 80 80 70 70 60 60 yardeni.

Page 13 / August 8. 2012 / Stock Market Indicators: Fundamental.com 9200 5200 5200 8/3 3200 3200 1200 1200 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Wall Street Journal and Haver Analytics.Volume Figure 23. 4-week moving average) 9200 7200 7200 yardeni.yardeni.com . Inc. www.. & Technical Yardeni Research. 11200 11200 NEW YORK STOCK EXCHANGE WEEKLY VOLUME (million shares. Sentiment.

com -30 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 -30 14 Source: Haver Analytics and Standard & Poor’s Corporation. 25 20 25 S&P 500 INDEX TECHNICALS THE DEATH CROSS & THE GOLDEN CROSS 20 50-dma relative to 200-dma (%) 15 15 10 10 5 5 8/3 0 0 -5 -5 -10 -10 -15 -15 -20 -20 -25 -25 yardeni. Latest daily change is +0. Latest daily change is +0. www. 1450 1450 S&P 500 INDEX* 1400 1400 8/6 Latest price: 1394. Inc.08 200-dma: 1325. 2012 / Stock Market Indicators: Fundamental. & Technical Yardeni Research..11% (+) 200-dma is rising. III IV I II 2011 950 III 2012 Figure 25.2% above the 200-dma.S&P 500 Moving Averages Figure 24.com 950 I II III IV I II 2010 * Ratio Scale Source: Standard & Poor’s. 1050 1050 1000 1000 yardeni. Sentiment.7% above the 50-dma.com . Page 14 / August 8.05% (+) Latest price is 3. (+) Latest price is 5.12 1350 1300 1350 1300 1250 1250 1200 1200 1150 1150 1100 1100 (+) 50-dma is rising.yardeni.23 50-dma: 1344.

Inc. www.com 225 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 75 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 * Ratio scale.. 200-day moving average Source: Haver Analytics and Standard & Poor’s Corporation.S&P 500 Sectors Stock Price Index & 200-dma Figure 26. & Technical Yardeni Research.com .yardeni. 400 350 300 250 CONSUMER DISCRETIONARY* 8/8 INDUSTRIALS 8/8 425 375 325 275 200 225 150 175 100 400 350 125 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 CONSUMER STAPLES INFORMATION TECHNOLOGY 8/8 1400 1150 900 300 650 8/8 250 400 200 150 750 650 550 450 150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 ENERGY MATERIALS 300 8/8 8/8 250 200 350 150 250 150 575 475 375 100 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 FINANCIALS TELECOMMUNICATION SERVICES 475 375 275 275 8/8 175 8/8 75 525 475 425 175 75 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 HEALTH CARE UTILITIES 8/8 275 225 8/8 375 325 175 125 275 yardeni. 2012 / Stock Market Indicators: Fundamental. Sentiment. Page 15 / August 8.

.com . Inc.com -150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 -100 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Source: Haver Analytics and Standard & Poor’s Corporation. www.S&P 500 Sectors Stock Price Index Minus 200-dma Figure 27.yardeni. Page 16 / August 8. Sentiment. & Technical Yardeni Research. 150 100 CONSUMER DISCRETIONARY MINUS 200-DAY MOVING AVERAGE 100 INDUSTRIALS 50 50 8/8 8/8 0 -50 -50 -100 -100 -150 60 40 0 -150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 CONSUMER STAPLES INFORMATION TECHNOLOGY 400 8/8 20 200 0 8/8 -20 -40 0 -200 -60 -80 200 -400 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 ENERGY MATERIALS 100 100 50 8/8 0 8/8 0 -100 -50 -200 -100 -300 150 100 -150 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 FINANCIALS TELECOMMUNICATION SERVICES 100 50 50 8/8 8/8 0 0 -50 -100 -50 -150 -200 100 -100 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 HEALTH CARE UTILITIES 50 100 50 8/8 0 8/8 0 -50 -50 -100 yardeni. 2012 / Stock Market Indicators: Fundamental.

2 8/8 8/8 .15 .25 . Page 17 / August 8.05 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 FINANCIALS TELECOMMUNICATION SERVICES .16 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 CONSUMER STAPLES INFORMATION TECHNOLOGY .25 8/8 .26 INDUSTRIALS .com .35 8/8 .30 .45 .18 .4 .3 .6 .18 .20 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 .12 .16 .28 .20 .5 .40 .3 .com .15 .16 .S&P 500 Sectors Stock Price Index Relative to S&P 500 Figure 28. 2012 / Stock Market Indicators: Fundamental. Inc.1 .20 .22 .08 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Source: Haver Analytics and Standard & Poor’s Corporation. & Technical Yardeni Research.20 .30 8/8 . . www.4 .10 yardeni.2 .25 .05 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 HEALTH CARE UTILITIES .6 .24 8/8 8/8 .26 CONSUMER DISCRETIONARY (as a ratio of S&P 500 Index) .10 .30 .25 .1 .15 .2 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 ENERGY MATERIALS .10 .20 .yardeni.20 . Sentiment.22 ..20 8/8 .24 .14 .18 .4 8/8 8/8 .8 .10 .

Inc. or hold any security--including mutual funds. Past performance is not necessarily a guide to future results. now known or hereafter devised. transmitted. and all other lawful means. All rights reserved. The views and the other information provided are subject to change without notice. Yardeni Research. completeness. but is not necessarily complete and its accuracy cannot be guaranteed. without further notice. reproduced or in any other way used or otherwise disseminated in any form to any person or entity. Additional information available on request. The information contained herein has been obtained from sources believed to be reliable. This report and the others posted on www. and constitute valuable intellectual property. 2012. estimates for any and all markets should not be construed as recommendations to buy. through electronic tracking technology. express or implied. or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. but should not be construed as a recommendation to buy. without the explicit written consent of Yardeni Research.yardeni. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights. expressly reserves all rights in connection with its intellectual property. Predictions. rights of privacy. Inc. Inc. The recipient should check any email and any attachments for the presence of viruses. transferred. and other materials contained or displayed on any Yardeni Research. or any similar instruments. or hold the company’s stock. broadcast. is made as to the fairness. Company fundamentals and earnings may be mentioned occasionally. Yardeni Research. futures contracts. sell.yardeni. and exchange traded funds. sell.Copyright (c) Yardeni Research. The text. All unauthorized reproduction or other use of material from Yardeni Research. Inc. reserves the right. accepts no liability for any damage caused by any virus transmitted by this company’s emails or website. Inc. assigned. images.com are issued without regard to the specific investment objectives. product. report. accuracy. forecasts.com may be downloaded. to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. Inc. No representation or warranty. Yardeni Research. Inc. Inc. including without limitation the right to block the transfer of its products and services and/or to track usage thereof. No material from any part of www. . including but not limited to. or correctness of the information and opinions contained herein. financial situation. service. email or website are proprietary to Yardeni Research.