MARK STEELE (416) 359-4641 [email protected] May 3, 2012 Tiberiu Stoichita (416) 359-4684 [email protected] Global Group vs. S&P Global 1200 Index Advertising 21% Pipelines 30% Truk&Lease 19% Auto Manu 11% Banks -10% Hm Furnish -22% Coal -29%a Alt Energy -69% Hme Build 21% Lodging 29% Biotech 15% ShipBuild 8% Div Financ -7% Mining -21% Airlines -28% Electric -26% SemiCon 17% Computers 23% Apparel 14% Software 7% Leisure Time -6% DryShips -19% Toys/Game -26% Telecom -22% Media 12%a Gaming 18% FoodServ 13% Real Estate 7% Mch Cnst/Mng -5% Off/BusEquip -17% Elec Compon -22% Environ Ctrl -20% Com Serv 7% Agriculture 9% Tools 7% Storage -5% Iron/Steel -17% Engin&Const -19% Uranium -14% Aero/Def 6% InvestCo 6% HcareServ 5% Pharma -5% Electronics -13% Textiles -18% Misc Mfg 6% Auto Parts 4% OfceFurn -4% Water -13%a Gas -17% Retail 4% Mtl Fab -3% Cosm/Pers -9% O&G Serv -16% Forest Pdcts 2% Save&Loan -2% Mch Divers -9% Food -12% Bld Mat 1% Dist/Wsale -2% Houseware -8% Transport -8% Insurance 1% Entertain -2%a Chemicals 0% Beverages -1%a Oil&Gas -1% HcareProd -1%a Pkg&Contain 0% Hm Products 0%a Page 2 TREND CHANGES vs S&P Global 1200 Index Accelerating Uptrends DANG InetRtl 124% SCSS HmFrnsh 112% H27 HK Cas&Gam 78% «CSTR SpCmSrv 75% «AGS LN Advert 56% «BOX TrdgDist 44% «XLS Aero&Def 39% «HAFC RegionBnk 60% «GCARSOA1 MMIndCongl 31% HLS HCFacility 29% «NAL EnviroServ 22% BRKR LfSciSrv 23% WG. LN OG Equip 28%a «TSM Semi 20%a «4732 JP AutoRtl 18% «WDH DC HCEquip 21% PSP ETF Sect 12% HJWN DeptStrs 12%a «BIMAS TI FdRetail 54% «TTK GR CatalgRtl 39% Accelerating Downtrends lKEY OG RfMkt -57% lIAEX LN ETF RgnlSty -13% «CAM OG Equip -19% WHG AsstMgmt -16% FOR REstDevl -15% TKC WlsTelSrv -24% «STR Nat Gas -23% SAFT P&C Insur -23% «AEP ElecUtil -33% «POM ElecUtil -32% ZEUS Stl Dist -26% EDE ElecUtil -30% lESGR Reinsuran -30% HWKN ComdChm -38% DMD InetSftSrv -48%a lGTI ElcCmpEq -45% ISYS LN Ind Mach -54%a lTCW OG Equip -76% L l DOID IJ Coal&Uran -82% IRBT HhldApl -87% VABG SM NRG Bio -118% New Uptrends MFC LifeHthIns 25% «RWX ETF Sect 7% «BPCL IN OG RfMkt 42% FSS CnstFmM 51% TNX Gold 120% New Downtrends BCPC SpecChm -124%a VCI Publishing -35% SLRC AsstMgmt -29%a We highlight major trend changes in one of four categories: (1) Accelerating uptrends - a stock with a greater than 10% outperformance trend increased it's outperformance by >10%. (2) Accelerating downtrends - a stock with a greater than 10% underperformance trend has increased its underperformance >10%. (3) New uptrends - a stock shifted from a downtrend to an uptrend. (4) New downtrends - a stock shifted from an uptrend to a downtrend. Page: B1 TREND POSITION CHANGES vs S&P Global 1200 Index Breaking Above Trade Channel Outperforming Trend H H « H H H VRGR LeisPrd 94%a VOPWV InetSftSrv 90%a REGN Biotech 89%a GRF SM Biotech 75%a V2357 TT CompHdwr 68%a VSAIA Trucking 66%a H « H H « H 1913 HK RtlHiEnd 61%a CRUS Semi 61%a AIG Multi-LnIns 60%a MNST SoftDrnks 58%a EZJ LN Airline 54%a VDHI HomeBld 49%a HROST RtlDisc 48%a HHIBB SprtGoods 46%a HTJX RtlDisc 46%a HPII LeisPrd 41%a HEXR SpecREIT 40%a HSBAC WlsTelSrv 40%a H H « H H H VAEO ApparlRtl 39%a VGGP RetailREIT 35%a PCLN InetRtl 35%a TCO RetailREIT 34%a V2382 TT CompHdwr 34%a LECO Ind Mach 32%a H H H H H H VWMGI HCEquip 32%a V2395 TT CompHdwr 32%a MWC PM WaterUtil 31%a CUBE SpecREIT 31%a VPZZA Rstaurnt 30%a EPHE ETF RgnlSty 30%a H « H « « VCENTA HhldPrdct 27%a KNOL Cabl&Sat 26%a WPK MtGlsCnt 25%a WNI PersPrdct 23%a VMYGN Biotech 22%a GUR SW SpecChm 21%a « H H « « H TSM Semi 20%a VDEO Dist&Vnt 20%a BBH ETF Sect 18%a HCC Multi-LnIns 18%a XRT ETF Sect 18%a INTC Semi 17%a « « « « H « HTGC AsstMgmt 17%a VIACI InetSftSrv 17%a EBAY InetSftSrv 17%a ICUI HCSuppls 17%a NKE Footwear 16%a SXI IndCongl 16%a H « « H H OMC Advert 16%a 7309 JP LeisPrd 15%a VCNW Trucking 15%a AZO AutoRtl 14%a AKR RetailREIT 14%a AAT DiversREIT 13%a H H « H « H BB FP OffceServ 13%a JWN DeptStrs 12%a CCL.B MtGlsCnt 12%a DG RtlDisc 12%a TDY Aero&Def 10%a VSMSC Semi 10%a H8113 JP HhldPrdct 8%a HABT Pharma 8%a «MAA ResidREIT 6%a HBSFT ApplicSwr 6%a «CVCO HomeBld 6%a «TRV P&C Insur 5%a «RTH ETF Sect 5%a HULTI ApplicSwr 4%a HVFC Aprl&Gds 4%a 11 HK DiversBnk 4%a «CRM ApplicSwr 4%a «HIW OfficeREIT 4%a H OCBC SP DiversBnk 3%a VANSS ApplicSwr 3%a Underperforming Trend « H « « H « VULE LN Aero&Def 0%a 7649 JP DrugRetail -1%a WB LeisFcil -2%a VPLX Biotech -2%a 3308 HK RtlHiEnd -3%a DH OthrDivFS -3%a «TBBK RegionBnk -3%a H2651 JP FdRetail -4%a «OR FP PersPrdct -5%a BSX HCEquip -6%a DML Uranium -6%a «3382 JP FdRetail -6%a H « « VIVO HCSuppls -6%a V601166 CH DiversBnk -6%a CL HhldPrdct -7%a VGEBN VX BldPrdcts -7%a STW AU ETF RgnlSty -8%a RUE ApparlRtl -8%a « H « « « « HXL Aero&Def -8%a VUCB BB Pharma -8%a V000069 CH LeisFcil -8%a SUPX Semi -11%a VIAS EMS -11%a CPF RegionBnk -11%a « « H l « « NGG MultiUtil -12%a 7262 JP AutoMfg -13%a PCP Aero&Def -13%a VSCMN VX IntgTelSrv -13%a LBY Hsware -14%a 8960 JP DiversREIT -14%a « H « « V600000 CH DiversBnk -14%a 3269 JP ResidREIT -18%a 600519 CH Dist&Vnt -18%a WSM HmFrnsh -19%a 4817 JP Cabl&Sat -19%a ST SP IntgTelSrv -19%a BID RtlHiEnd -19%a «ADP FP AirprtSrv -19%a «100 HK Advert -21%a H1878 JP REstDvAct -22%a 6988 JP SpecChm -22%a «AAN HmFrnsh -23%a ECPG DvSpSrv -23%a 2393 TT ElecComp -24%a GEO Sec&Alm -24%a «KKC IN Ind Mach -26%a DCC ID IndCongl -26%a HVN AU GMrchStrs -26%a « « « 2002 JP PkgFdMt -27%a UBNK Thrft&Mtg -27%a 2343 HK Marine -27%a 4452 JP PersPrdct -29%a VCVD LfSciSrv -30%a AC FP Htl&Rsrt -30%a RON HmImpRtl -31%a VIRM DvSpSrv -32%a VSEAC ApplicSwr -32%a 1088 HK Coal-Thm -33%a AINV Pvt Eqty -34%a V6645 JP ElecComp -34%a « ANEN ComEquip -34%a ICGE AsstMgmt -35%a V600166 CH AutoMfg -37%a FIE GR SpecStors -39%a VROG ElecComp -41%a NYMX Biotech -41%a 2887 TT DiversBnk -43%a l9064 JP AirFrght -44%a AAON BldPrdcts -46%a RTI DvrsMng -51%a SVC ComEquip -52%a SHEN WlsTelSrv -53%a l BIM FP HCEquip -54%a VNVEC Semi -54%a CRWN Broadcast -55%a CSH ConsmrFin -59%a V2685 JP ApparlRtl -64%a VRLOC Advert -76%a l SAS SS Airline -102%a VDGI Aero&Def -109%a ALD AU Gold -110%a EA HmEntSwr -117%a NVA Nat Gas -155%a TCG LN Htl&Rsrt -217%a Rising Up Into Trade Channel Outperforming Trend NZ OG E&P 350% VTPCG ComdChm 155% AFAM HCService 113% SCSS HmFrnsh 112% PEI RetailREIT 98% 3452 TT NRG Slar 92% « PNDORA DC RtlHiEnd 88% VASNA ApparlRtl 87% VWNC CnstFmM 84% HYPE3 BZ PersPrdct 79% SPPI Biotech 70% HALO Biotech 64% « « « VLTR Semi 63% VWWWW InetSftSrv 63% FHN RegionBnk 62% IPHI Semi 60% MTSC ElecInstr 58% PPC SJ CstrMat 56% 011070 KS ElecComp 55% RPTP Biotech 47% RAD DrugRetail 46% «ATU Ind Mach 45% COLB RegionBnk 41% BPFH Pvt Eqty 40% lCCMP SemiEqp 39% «MBFI RegionBnk 39% 006800 KS InvBnkBrk 39% 000990 KS Semi 38% BIG RtlDisc 37% LTM LeisFcil 37% DTEX3 BZ FrstPrd 36% DOW AU DvSpSrv 36% RBCAA RegionBnk 36% «OILT OG StTr 35% «LSTR Trucking 35% LPL ElecComp 33% Trend changes are usually signaled by a stock moving above or below the channel which houses 95% of the data as defined by the trend. For example, if a stock breaks below an outperforming trend, it begs the question, 'are the reasons for the stocks outperformance no longer valid?'. Conversely if a stock rebounds into its outperformance channel, it begs the question, 'will the stock resume the outperformance trend?' . We highlight the four different crossover points above Page: B2 « VWCG MngHCare 32% SCAB SS Tissue 32% PRON NO Pharma 32% EBIX ApplicSwr 31% PIHC IN Pharma 30% 2331 HK Aprl&Gds 30% « « « VDSI SystmSwr 28% VTWTC AltCar 27% CBU RegionBnk 26% MSM TrdgDist 23% AIT TrdgDist 22% AYR TrdgDist 21% CCA Cabl&Sat 21% PCAR CnstFmM 19% CHCO RegionBnk 19% «SWK Ind Mach 18% TCBK RegionBnk 18% «QRN AU Railroads 18% « « « VTBLE3 BZ IPPTrad 18% 8316 JP DiversBnk 17% 000720 KS Cns&Eng 17% KNX Trucking 16% VCTB Tire&Rub 16% BH Rstaurnt 16% « VAGP MngHCare 16% CPL ElecUtil 15% BKR Cns&Eng 15% PLCE ApparlRtl 13% CNMD HCEquip 12% GFF BldPrdcts 12% « l 7269 JP AutoMfg 12% BURSA MK Exchange 11% OMCL HCareTec 11% WRC Aprl&Gds 10% VMNRO AutoRtl 10% VSAR SP Coal&Uran 10% « « V010060 KS DiversChm 10% SGRO IJ AgriProd 9% WERN Trucking 9% 009540 KS CnstFmM 9% TRN CnstFmM 9% ACXM ITConsult 7% 2353 TT CompHdwr 6% QSII HCareTec 6% CTGX ITConsult 5% 4186 JP SpecChm 4% MTU DiversBnk 3% 6113 JP Ind Mach 3% 1615 JP ETF Sect 3% BLT Ind Mach 2% «AIRM HCService 2% FSR Reinsuran 1% HIK LN Pharma 1% 9505 JP ElecUtil 1% PKE EMS 0% OGXP3 BZ OG E&P 0% Underperforming Trend « « « ENBR3 BZ ElecUtil 0% 1928 JP HomeBld 0% 4185 JP SpecChm -1% LNCR HCService -1% V5019 JP OG RfMkt -2% 8031 JP TrdgDist -2% l « « l VASCA Cas&Gam -3% DAKT ElecInstr -3% 1321 JP ETF RgnlSty -3% UNF DvSpSrv -3% FNFG RegionBnk -4% 7013 JP Ind Mach -4% COHR ElecInstr -5% PTBA IJ Coal&Uran -5% 293 HK Airline -5% HTLD Trucking -7% BKI SpecPulp -8% lSYMC SystmSwr -8% ALTR Semi -8% l16 HK REstDvAct -8% AH NA FdRetail -8% l7915 JP CmclPrt -9% SHG DiversBnk -11% 9301 JP MarineSrv -11% « l l CTIC Biotech -11% VSTNR SpCmSrv -12% NPK Aero&Def -12% 5301 JP ComdChm -12% 006360 KS Cns&Eng -14% 5857 JP PrecMet -15% l5713 JP DvrsMng -15% l2885 TT InvBnkBrk -16% 8304 JP DiversBnk -17% PCO RsrcCslt -18% VLGEA FdRetail -20% 5706 JP DvrsMng -20% l l 4203 JP SpecChm -20% HSII HREmpl -20% V2899 HK Gold -21% 5901 JP MtGlsCnt -21% 6302 JP Ind Mach -22% SAFT P&C Insur -23% BUMI IJ Coal&Uran -23% l6963 JP Semi -29% SIMO Semi -33% lPCS WlsTelSrv -34% l3893 JP Ppr&Pack -34% l001230 KS StlPlate -35% l l l l l VCI Publishing -35% LAYN Cns&Eng -37% VUNTP IN Fert&Ag -37% 4109 JP DiversChm -38% EBS Biotech -40% MGLN MngHCare -41% l l l l l 5406 JP StlPlate -41% 3993 HK Moly -42% FDML AutoParts -42% VIN PCStor&P -44% TL5 SM Broadcast -57% BUMI LN Coal&Uran -64% l l L l l V036490 KS IndusGas -72% 005090 KS MtGlsCnt -73% DOID IJ Coal&Uran -82% IRBT HhldApl -87% VSTRI NRG Slar -93% COM Pharma -100% lSWI EnviroServ -132% lSWSH EnviroServ -148% Trend changes are usually signaled by a stock moving above or below the channel which houses 95% of the data as defined by the trend.