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Olhoeft Financial, LLC

Mark Olhoeft, CPA® PFS®


31103 Rancho Viejo Rd,
#D-2187
San Juan Capistrano, CA
92675
949-489-0136
Market Week: July 27, 2009
mark@olhoeftfinancial.com
www.Olhoeftfinancial.com

July 27, 2009


Olhoeft Financial, LLC Page 2

Market Week: July 27, 2009

The Markets
Ongoing cost-cutting helped produce earnings reports that, while not great across the board, were generally
better than expected. That made the markets very, very happy and contributed to a second straight week of
gains. All three indexes rose above their recent June highs, giving the Dow its most encouraging two-week streak
since March 2000 and bringing it above 9000 once again--roughly where it was when the year began. After
twelve straight days of gains, the Nasdaq hit a level it hadn't seen since last November before wilting a bit in the
wake of disappointing results from Microsoft and Amazon. The S&P 500 finally broke through the closely watched
950 mark and also reached its highest level since November. The small-cap Russell 2000 has risen 14% in the
past two weeks.

Market/Index 2008 Close Prior Week As of 7/24/09 Week Change YTD Change
DJIA 8776.39 8743.94 9093.24 +3.99% +3.61%
NASDAQ 1577.03 1886.61 1965.96 +4.21% +24.66%
S&P 500 903.25 940.38 979.26 +4.13% +8.42%
Russell 2000 499.45 519.22 548.46 +5.63% +9.81%
Global Dow 1526.21 1664.23 1747.64 5.01% +14.51%
Fed. Funds .25% .25% .25% 0 bps 0 bps
10-year Treasuries 2.24% 3.65% 3.67% 2 bps +143 bps

Last Week's Headlines


• The Conference Board's index of leading economic indicators rose in June for the third straight month,
by 0.6%. Seven of the ten indicators were up.

• Sales of existing homes rose in June--traditionally one of the busiest months for home sales--for the
third straight month, increasing by 3.6% from May. However, they are still down slightly from last year.

• Federal Reserve Chairman Ben Bernanke continued to reassure Congress that the Fed's target
interest rate is likely to remain practically nonexistent for quite some time. The Fed also rolled out a
proposal for beefing up consumer protection and disclosure regulations dealing with mortgages and
home-equity loans.

• The minimum wage rose to $7.25 an hour in all states where it wasn't already at that level. That's
doubtless a relief to many workers and potentially a boon to the economy, but also raises concerns
that it could prompt further cost (and job) cutting by employers.

• The University of Michigan consumer sentiment index joined last month's Conference Board report in
finding that consumers are less optimistic about the economy than they were a month earlier (though
they're still feeling better than they were last November).

• Overseas, the U.K. economy saw its largest annual decline since recordkeeping began, dropping 5.6%
in the second quarter. However, German manufacturing exports are beginning to pick up a bit, largely
on buying from Asian countries flush with their own governmental stimulus packages.

See disclaimer on final page


July 27, 2009
Olhoeft Financial, LLC Page 3

Eye on the Week Ahead


The initial assessment of economic growth in the second quarter will make for interesting comparisons to the
continuing flow of second-quarter corporate earnings reports. Data on the housing market should suggest how
the traditional summer buying season is going this year. The Commodities Futures Trading Commission will
begin discussing how to rein in speculation in the energy markets.

Key data releases: New home sales (7/27); consumer confidence (7/28); durable goods orders, oil inventories
(7/29); second quarter GDP (7/31).

Data source: Includes data provided by Brounes & Associates. All information is based on sources deemed
reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor
any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not
be relied on as financial advice. Past performance is no guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S.
common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading
companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted
index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted
index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150
widely traded blue-chip common stocks worldwide. Market indexes listed are unmanaged and are not available
for direct investment.

See disclaimer on final page


July 27, 2009
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Olhoeft Financial, LLC We are a full-service accounting firm dedicated to providing our clients with
Mark Olhoeft, CPA® PFS® professional, personalized services and guidance in a wide range of
31103 Rancho Viejo Rd, financial and business needs. Our mission is to help clients maintain
#D-2187 financial viability in the present while taking a proactive approach to
San Juan Capistrano, CA achieve future goals. Our firm is dedicated to meeting these goals with
92675 high standards of excellence and professionalism.DisclaimerThe contents
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Formal tax advice is provided only upon completion of a formal, written tax
opinion in compliance with Treasury Circular 230. To ensure compliance
with requirements imposed by the IRS, I inform you that any U.S. tax
advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii) promoting,
marketing or recommending to another party any transaction or matter
addressed herein.

Prepared by Forefield Inc. Copyright 2009 Forefield Inc.