May 9, 2014

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VALUATION WARNING: Our models find that overvaluation is at levels
typically seen hen mar!et pull"ac!s occur# Overvalued stoc!s no ma!e
up $%#&$' of our stoc!s assi(ned a valuation and )$#$' of those e*uities
are calculated to "e overvalued "y )+' or more# ,leven sectors are
calculated to "e overvalued "y dou"le di(its#
MARKET OVERVIEW
Inde- .tarted ee! ,nded ee! / day chan(e / day chan(e ' ytd
01IA %&'()"*' %&''(")* /2#)) +#)&' 3+#/2'
NA.0A4 +())",' +('%"' 3/5#5& 32#2$' 36#&5'
RU..,LL )+++ %%,,",, %()*"+- 3)/#5% 3)#)2' 3&#7&'
.89 &++ %.*)"+' %.*'"&- 36#7) 3+#)+' 2#+)'
.ummary of V, .toc! Universe
.toc!s Undervalued 6+#//'
.toc!s Overvalued $%#&$'
.toc!s Undervalued "y )+' %#26'
.toc!s Overvalued "y )+' )$#$+'
SECTOR OVERVIEW
.ector :han(e ;T0 <T0 Valuation Last 2)3;
Return
9=,
Ratio
Aerospace -("**/ ("%+/ (",,/ %&"%&/ overvalued -*")./ %)".'
Auto3Tires3Truc!s -%"%(/ -%",-/ %"../ %)".*/ overvalued ,)".*/ %."))
>asic ;aterials -("&(/ -%"*'/ ,"%&/ *"(&/ overvalued -("%+/ ,&"-%
>usiness .ervices -%"'./ --"-./ --",)/ %("%(/ overvalued ,-"&-/ ,&"%)
:omputer and Technolo(y -(".*/ -,"+*/ -,"),/ .".)/ overvalued ,%"%,/ ,)")&
:onstruction -("*'/ -("&&/ -%"%,/ +")+/ overvalued %)"))/ ,-"+-
:onsumer 0iscretionary -%"%(/ -%"))/ -'"'./ %("(%/ overvalued ,("*-/ ,*",-
:onsumer .taples -(",)/ -("%+/ ("%+/ %*"++/ overvalued %)".%/ ,-"+
?inance -("%./ -("+&/ ("%&/ %("+%/ overvalued ."+-/ %*"-+
Industrial 9roducts -("&)/ -%".%/ -%".(/ %%"(%/ overvalued ,-")-/ ,,"*'
;edical -%"-./ -,"*,/ ("&*/ *",&/ overvalued --"')/ ,."&&
;ulti3.ector :on(lomerates ("&+/ -("&&/ ("-+/ %*"%&/ overvalued %(".*/ %."'
Oils3,ner(y -%"&(/ -%"*(/ %%"*./ %'"%%/ overvalued ,'")'/ ,."-.
Retail3Wholesale -("'-/ -,"'./ -&"-+/ )"+)/ overvalued %-"**/ ,+"++
Transportation -("%-/ -("+./ ("),/ %&",,/ overvalued ,+".&/ ,-"&+
Utilities -%"((/ -("('/ ,",)/ %,"%-/ overvalued %%".(/ ,%"%,
ValuEngine Newslettes !atest Results
V, Nesletter :urrent
;onth Total
.89
&++
Last ;onth
Total
.89
&++
.ince
Inception
.89
&++
?orecast ;N. 3&#++ 2#%2 +#&) 3+#7& %7#66 2+2#5/
0ividend .toc! 3)#)$ +#2& )#)6 +#&) 27#5$ )+#72
.mall :ap .toc! 3)#6+ +#6/ 3&#%2 +#57 6+#/2 6/#%5
Vie 2#+% +#7& 2#5) 3+#&6 2+2#&% $/#/&
Se"t# Tal$%C#nstu"ti#n
Below, we present the latest data on leading Construction Sector stocks from
our Institutional software package (VEI. These results were filtered by market price
and volume--no results below 3!share or less than "##k shares!day volume.
Top3?ive :onstruction .ector .toc!s33.hort3Term ?orecast Returns
Tic!er Name ;!t 9rice Valuation@'A Last 2)3;
Retn@'A
;TB 0E1IT23E 450E6 -)",- -%)"-& -,-",*
;0: 078 49736 ,*"&) -,%")& -,&"&-
U?9I :;IV9 <6T =1576 +)"'- -%,"-+ ,*",)
;BO 0>I 450E6 I;8 ,%"+% -,-"%% -%.")&
R<L 1?92;7 31= I;8 -*"* -%("&& -,("(.
Top3?ive :onstruction .ector .toc!s33Lon(3Term ?orecast Returns
Tic!er Name ;!t 9rice Valuation@'A Last 2)3;
Retn@'A
;TB 0E1IT23E 450E6 -)",- -%)"-& -,-",*
;0: 078 49736 ,*"&) -,%")& -,&"&-
U?9I :;IV9 <6T =1576 +)"'- -%,"-+ ,*",)
;BO 0>I 450E6 I;8 ,%"+% -,-"%% -%.")&
R<L 1?92;7 31= I;8 -*"* -%("&& -,("(.
Top3?ive :onstruction .ector .toc!s33:omposite .core
Tic!er Name ;!t 9rice Valuation@'A Last 2)3;
Retn@'A
:>I 84I8235 @1I73E *.")& -"'% -."--
U?9I :;IV9 <6T =1576 +)"'- -%,"-+ ,*",)
LII 9E;;5A I;T9 I;8 .-"*% ("+) -,",
WGO WI;;E@235 ,+"** ,"- ,."&%
;TB 0E1IT23E 450E6 -)",- -%)"-& -,-",*
Top3?ive :onstruction .ector .toc!s33;ost Overvalued
Tic!er Name ;!t 9rice Valuation@'A Last 2)3;
Retn@'A
:C 8E0EA 62 271 %,")' +'"' %+"%+
T9: T:T51 =E1I;I 8= -%",+ ++".' *+"%+
?WLT <56TE1 W4E91 23 --"-, -."(' ',"+)
O,.C 51I5; E;E13? 6? +"&+ ,'".% )-",
URI :T7 1E;T296 I;8 ),".) ,+"%- ')"&)
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&ee '#wnl#a( )# Rea(es
(s a 0onus to our Free Weekly #ewsletter su0scri0ers, we are offering a F.EE
,$W#&$(, of one of our Stock .eports
$pple %nc. is engaged in designing, manufacturing and marketing mobile
communication and media devices, personal computers, and portable digital music
players. The Company&s products and services include i'hone, i'ad, (ac, i'od, $pple
T), a portfolio of consumer and professional software applications, the i*S and (ac
*S + operating systems, iCloud, and a range of accessory, service and support
offerings. %t sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers. $pple %nc. is head,uartered in
Cupertino, California.
Today&s -S. features news on the company noting the proposed ac,uisition of Beats
/lectronics 00C for 13.2 billion. This isn&t a headphone play. $nalysts note that the
company is finally making a foray into subscription-based music streaming. The
company&s iTunes store for music sales has been faltering of late as streaming services
such as 'andora and Spotify have become more prominent in the market. %f the deal
goes through, it would be $pple&s largest ac,uisition so far.
)alu/ngine continues its 3*04 recommendation on $''0/ %5C for 2#"6-#7-#8. Based
on the information we have gathered and our resulting research, we feel that $''0/
%5C has the probability to 9*:;30< ($TC3 average market performance for the
ne=t year. The company e=hibits $TT9$CT%)/ Company Si>e but :5$TT9$CT%)/ Book
(arket 9atio.
(s a 0onus to our Weekly #ewsletter readers,
we are offering a F.EE ,$W#&$(, of one of our Stock .eports
.ead our 1omplete ,etailed Valuation .eport on (pple B,R,#
1heck out our new 0log page 2E.E
W*at+s ,#t
--O.ealuati#n !e.els 'i/ t# !#west !e.els Sin"e 0uly, 2011
)alu/ngine tracks more than 7### :S e,uities, $49s, and foreign stock which
trade on :S e=changes. -hen /'S estimates are available for a given e,uity, our
model calculates a level of mispricing or valuation percentage for that e,uity based
on earnings estimates and what the stock should be worth if the market were totally
rational and efficient--an academic e=ercise to be sure, but one which allows for
useful comparisons between e,uities, sectors, and industries. :sing our )aluation
(odel, we can currently assign a )/ valuation calculation to more than 3?## stocks.
-e combine all of the e,uities with a valuation calculation to track market
valuation figures and use them as a metric for making calls about the overall state of
the market. Two factors can lower these figures-- a market pullback, or a significant
rise in /'S estimates. -henever we see overvaluation levels in e=cess of 1 ?7@ for the
overall universe and!or 2A@ for the overvalued by 2#@ or more categories, we issue a
valuation warning. -e issued our latest valuation warning on (ay 8th, 2#"3. $t that
time, the SB' was at "?27.
$s of yesterday&s close, we now calculate that ?C.7@ of stocks are overvalued
and 2?.?@ of those stocks are overvalued by 2#@ or more. These levels remain high,
but the recent market pull back-- combined with changes in earnings and stock
prices-- have resulted in figures that are now the lowest recorded since .uly 2#"3.
%f the figures continue the decline, we will remove our valuation warning. This
does not mean we have a DbuyD signal, Eust that valuations have declined into
DnormalD range. The current short-term concern is whether or not 2#"6 will bring us the
typical DSell in (ay and ;o $wayD pattern. The recovery seems to be on stronger
ground when the recent labor figures are considered, but of course tensions in
:kraine remain high. 9egardless, this has been a very long period with high levels of
overvaluation.
!ubscribers "et #$LL %CCE!! to our &arket an' !ector (verviews
The chart below tracks the valuation metrics from .anuary 2#"6.
This chart shows overall universe over valuation in e=cess of ?7@ vs the SB' 7## from
.anuary 2#"3
This chart shows overall universe under and over valuation in e=cess of 7#@ vs the SB'
7## from (arch 2##AF
ENOT,: Time .cale :ompressed 9rior to )+22#
%n addition to the overall valuation metrics, we see that on a sector basis the declines
in overvaluation have also relived some pressure. -hile $00 sectors remain
overvalued according to our )aluation (odel, only eleven of them remain
calculated to be overvalued by double digits--with three more barely in the double-
digit range. This is another indicator that the market is less overheated.
Sutt2eie Says
""1ommentary and (nalysis from 1hief Market Strategist
.ichard Suttmeier
If you have any co))ents or *uestions, sen' the) to
Rsutt)eier+")ail,co)
-reasury .iel's
"#-<ear--G2.?"?H (onthly, weekly and daily pivots 2.?"?, 2.77# and
2.76" with ,uarterly, annual and semiannual risky levels at 2.333,
2.2?3, ".83A and ".AAC.
3#-<ear Bond I G3.63?H *ur monthly value level is 3.78? with daily, ,uarterly, weekly,
annual and semiannual risky levels at 3.3?2, 3.3#7, 3.28", 3.283, 3.""6, 3."#A and 2.?26.
Co))o'ities an' #ore/
Come= ;old IG"28C.6H Juarterly and monthly value levels are "2"7.A and ""A#.6
with daily and weekly pivots at "2C6.2" and "28A.2, and semiannual and annual
risky levels at "A"#.?, "A6A.6, "8"8.8 and "87A.".
5yme= Crude *il I G"##.2AH 4aily, weekly, monthly and ,uarterly value levels are
CC.#C, CC.77, C#.3C and 8C.6# with semiannual and annual risky levels at "#6.A6
and "#A.72.
The /uro I G".3866H -eekly, annual, ,uarterly and semiannual value levels are ".3AA8,
".3382, ".3"87, ".2?62 and ".22"? with a daily pivot at ".3886, and monthly and
annual risky levels at ".6"A" and ".77"2.
&a0or In'ices
4aily 4owK G""?77"H Semiannual, weekly and annual value levels are "?267, "?"C8,
"6837 and "36?A with daily and ,uarterly pivots at "??#7 and "?6?2, the $pril 6 all-
time intraday high at "??3".?3 and semiannual and monthly risky levels at "?8?# and
"A6#A.
SB' 7## I G"8A7.?H Juarterly, weekly, semiannual and annual value levels are "873.7,
"86".2, "ACA.3, "A?6.6, "73C." and "662." with a daily risky level at "888.", the $pril 6
all-time intraday high at "8CA.28 and monthly risky level at 2##?.A.
5$S4$J I G6#7"H Juarterly, weekly, semiannual and annual value levels are 6#3C,
3C3?, 3C3#, 3C2#, 36A" and 3#?3 with a daily risky level at 6""?, the (arch ? multiyear
intraday high at 63A".A" and monthly risky level at 678".
5$S4$J "## G54+H I G376#H -eekly, semiannual, ,uarterly and annual value levels
are 362?, 3678, 367?, 3626, 3#A8 and 2??C with a daily risky level at 37C6, the (arch ?
multiyear intraday high at 3A38.32, and monthly risky levels at 3C?#.
4ow Transports I GAA#6H -eekly, ,uarterly, semiannual, and annual value levels are
A7C6, A7"A, A6#A, A3A?, A27?, A267, ?26C and 7C37 with a daily risky level at AAA82, the
(ay 8 all-time intraday high at AAA7."# and monthly risky level at 83?".
9ussell 2### I G"#CA.62H -eekly and annual value levels are "#8A.8?, C??.A2 and 8AC.3C
with daily and semiannual pivots at """6.#8, ""33.2C and ""3#.2C, a ,uarterly risky
level at ""?C.22, the (arch 6 all-time intraday high at "2"2.82 and monthly risky level
at "2?".38.
The S*+ I G7AA.83H Semiannual, ,uarterly and annual value levels are 768.3?, 7#A."C,
6C#.72, 3A".78 and 33A.A6 with daily, weekly and monthly pivots at 78".C8, 7A3.#A and
782.??, the $pril 3 multiyear intraday high at ?#".6# and monthly risky level at ?27.?".
4ow :tilitiesK G76A.66H Juarterly, semiannual and annual value levels are 728."#,
726.3A, 7#6.A6 and 6CA.73, with daily, annual and monthly pivots at 766.86, 768.A# and
76C.A3, a weekly risky level at 77?.A" and the $pril 3# all-time intraday high at 778.2C.
!tock of the 1ay
SodaStream GS*4$H I G6#.88H SodaStream %nternational 0td. is engaged in the
manufacture of home beverage carbonation systems, which enable consumers to
easily transform ordinary tap water instantly into carbonated soft drinks and sparkling
water. The Company develops, manufactures and sells soda makers and
e=changeable carbon-dio=ide GC* 2H cylinders, as well as consumables, consisting of
C* 2 refills, reusable carbonation bottles and flavors to add to the carbonated
water. %ts products are sold under the brand name SodaStream and Soda-Club.
SodaStream&s products are environmentally friendly, cost effective, promote health
and wellness, and are customi>able and fun to use. %n addition, the Company&s
products offer convenience by eliminating the need to carry bottles home from the
supermarket, to store bottles at home or to regularly dispose of empty bottles.
SodaStream %nternational 0td. is head,uartered in $irport City, %srael.
$nalysis I SodaStream has a 3old rating according to )alu/ngine and is ?.32@
overvalued with fair value at 38.36 and a one-year price target is 38.C6. The daily
chart shows declining stochastics with the stock below its 2"-day, 7#-day and 2##-day
simple moving averages at 6".3#, 6".3A and 7".?#. $ monthly value level is 32.??
with a ,uarterly risky level at ?7.AA.

9ichard Suttmeier has been a professional in the :S Capital (arkets since "CA2
transferring his engineering skills to the trading and investment world. 3e earned a
Bachelor of %ndustrial /ngineering degree from ;eorgia %nstitute of Technology in
"C??, and a (aster of Science, *perations 9esearch, Systems $nalysis degree from
Brooklyn 'olytechnic :niversity in "CA#. *ver the years 9ichard appeared many times
in the financial media, on networks such as C5BC, C55, C55fn, 5ew <ork ",
Bloomberg T) and radio, Lo= Business, Business 5ews 5etwork in Canada, -all Street
-eek with Lortune, <ahoo Linance Breakout, and the Bill (a>er 9adio Show. 9ichard
has been fre,uently ,uoted in :S$ Today, The 5< Times, -all Street .ournal, 9euters,
and The 4ow .ones 5ewswires.
#ow -$3 can take advantage of the same market and trading e4pertise as the financial
media with .ichard Suttmeier!s Valu)rader Model Portfolio
The )aluTrader 'ortfolio 5ewsletter is based on )alu/ngine Chief (arket
Strategist 9ichard Suttmeier&s proprietary market analytics. Suttmeier combines his
technical analysis e=pertise with )alu/ngine&s proprietary valuation, forecast, and
ratings data for more than 6### e,uities trading on :S markets to come up with a 2#
stock portfolio tailored to current market conditions. -ith )aluTrader, subscribers
access Suttmeier&s DBuy and TradeD strategy with a portfolio designed to function well
in both up and down markets.
/very edition of 9ichard Suttmeier&s )aluTrader model portfolio includes
technical risk, pivot, and value levels, as well as critical )alu/ngine data points--
ratings, valuation, and forecast--for the current portfolio. -henever Suttmeier buys a
new stock or sells a current holding, subscribers receive an email alert so that they
can take advantage of Suttmeier&s proven market-timing e=pertise. The portfolio may
include long as well as short positions according to Suttmeier&s read of the markets.
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