what matters most july 20 2009
DESCRIPTION
Mid-year market review and sector focus.TRANSCRIPT
What Matters Most For July 20, 2009
• Mid-Year Review
• Corporate Bonds And Yields
• Vital Signs
• Coming This Week
Mid-Year Review
• What a difference one quarter makes
• S&P 500 6 months ending:
• Q1 2009: -11%
• Q2 2009: +3%
SPY at June 30, 2009
Mid-Year Review
• Technology up 24% YTD
• Microsoft
• IBM
• Apple
• Cisco
IYW at June 30, 2009
Mid-Year Review
• Internet up 30% YTD
• Amazon
• Yahoo
• Ebay
FDN at June 30, 2009
Mid-Year Review
• Networking up 38% YTD
• Qualcomm
• Motorola
• RIMM
• Juniper Networks
IGN at June 30, 2009
Mid-Year Review
• Materials up 12% YTD
• DuPont
• Dow
• Alcoa
• PPG
IYM at June 30, 2009
* Includes ALL vessels on order
Mid-Year Review
• Homebuilders -1% YTD
• DR Horton
• Pulte
• Centex
• Lennar
ITB at June 30, 2009
Mid-Year Review
• Shipping up 9.4% YTD
• Teekay
• Seaspan
• Frontline
• Eagle Bulk
SEA at June 30, 2009
Corporate Bond Market and Yields
• Risk aversion trades see-sawing
• Ten year maturities
• Treasuries 3%
• Investment Grade 5%
• High Yield 11%
• Muni 3%
Vital Signs
• A Texas Story
• Job losses begin to reflect national trends
• Economic losses moderate compared with nation
• Energy Industry
• Natural gas
• Extraction
• Rig count
Vital Signs
Vital Signs
• Texas Exports
• Falling dollar
• Strong energy
• Suddenly weak
Coming This Week
• U.S. Consumer Sentiment
• U.S. Existing Home Sales
• U.K. BoE Minutes
• U.K. Retail Sales
Thank you for your participation
Information, estimates and opinions contained in this report were obtained from sources we believe to be reliable, but are not guaranteed as to accuracy or completeness. This report has been prepared for informational purposes and is not a solicitation or an offer to buy or sell any security. It does not purport to be a complete description or analysis of the securities, companies, markets or developments referred to herein. All expressions of opinions are subject to change without notice, and we do not undertake to advise you of any change in our figures or recommendations. We, our employees, and/or our officers and directors may from time to time have long or short positions in the securities mentioned herein. The securities mentioned in this report may not be suitable for all types of investors; their value and the income they produce may fluctuate and/or may be adversely affected by exchange rates.