Presented by Mark Lund, The Investor Coach.

Quote of the week. “To succeed in life, you need three things: a wishbone, a backbone and a funny bone.”– Reba McEntire

Attention on Europe (and the Senate). The euro thankfully rose for three straight days last week, after hitting a four-year low after German chancellor Angela Merkel commented that the EU/IMF debt bailout had “done no more than buy time” to fix the crisis. Thursday evening, the Senate passed its version of the financial industry reform bill; the next step is reconciliation with the House version. Stocks were hit hard early in the week, but managed Friday gains; a late rally took the Dow north 125 points.^1,2,3

Consumer, producer prices retreat. This was surprising: the CPI declined 0.1% in April as energy prices fell by 1.4%. The PPI also decreased 0.1%. The Commerce Department reported a 0.9% year-over-year increase in the CPI, well below the Federal Reserve’s annual inflation target of 1.5-2.0%.^4,5

Indicators streak ends. The Conference Board’s index of leading indicators slipped 0.1% last month, the first dip since March 2009. Economists surveyed by Thomson Reuters had forecast a 0.2% increase.⁶

Housing starts rise, permits fall. Overall housing starts increased by 5.8% in April to the highest level since October 2008, with a 10.0% rise in single-family construction. However, the Commerce Department had building permits down by 11.5% – an effect of expiring federal tax credits.⁷

Bulls try to hold their ground. All three major U.S. indices slipped between 4-5% last week. However, the S&P rose 1.50% Friday to end the week at 1,087.69. At Friday’s close, the Dow was at 10,193.39 and the NASDAQ at 2,229.04.⁸

(Source: CNBC.com, BigCharts.com, ustreas.gov, bls.gov, 5/21/10)^9,10,11,12
Indices are unmanaged, do not incur fees or expenses, and cannot be
invested into directly. These returns do not include dividends.

Riddle of the week. The railings on a 60-yard-long walkway have ornamental sculptures every 12 yards on both sides, starting at the east and west ends of the walkway. How many total sculptures are there on the walkway?

Contact my office or see next week’s Update for the answer.

Last week’s riddle: What number logically comes next in this series: 2, 3, 5, 9, 17, __.

Last week’s riddle answer: 33. (The difference between the two numbers is progressively multiplied by 2 and added to the next number.)

Citations.
1 - guardian.co.uk/business/2010/may/17/euro-four-year-low-debt-crisis [5/17/10]
2 – money.cnn.com/2010/05/21/markets/markets_newyork/index.htm [5/21/10]
3 – marketwatch.com/story/us-stocks-turn-positive-boosted-by-financials-2010-05-21 [5/21/10]
4 – blogs.barrons.com/stockstowatchtoday/2010/05/19/cpi-has-surprise-dip-led-by-energy-prices [5/19/10]
5 – online.wsj.com/article/SB10001424052748703691804575254091622651542.html [5/20/10]
6 – thenewstribune.com/2010/05/20/1194127/leading-indicators-drop-01-percent.html [5/20/10]
7 – investors.com/NewsAndAnalysis/Article.aspx?id=534355 [5/18/10]
8 – blogs.wsj.com/marketbeat/2010/05/21/data-points-us-markets-246/ [5/21/10]
9 – usatoday.com/money/default.htm [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F21%2F09&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F21%2F09&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F21%2F09&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F20%2F05&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F20%2F05&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F20%2F05&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F22%2F00&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F22%2F00&x=0&y=0 [5/21/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F22%2F00&x=0&y=0 [5/21/10]
11 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [5/21/10]
11 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [5/21/10]
12 – treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [1/12/00]

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of the presenting Representative’s Broker/Dealer. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx^®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.

Presented by Mark Lund, The Investor Coach.

Quote of the week. “Education is not the filling of a pail, but the lighting of a fire.”– William Butler Yeats

Gold soars, euro slips, rumors plague EU. Wall Street watched Europe closely last week; investors initially loved the almost-trillion-dollar debt rescue plan from the International Monetary Fund and the European Union, but then wondered if its austerity measures would slow growth. The euro hit an 18-month low Friday as rumors floated that certain EU nations might ditch the currency. Gold, meanwhile, settled at $1,227.80 an ounce Friday – prices are up about 16% since early February.^1,2

Retail sales up 0.4% in April. This marks seven consecutive months of gains. Additionally, the Census Bureau said April 2010 retail sales figures were 8.8% improved from April 2009.³

Reuters: a gain in consumer sentiment. In May’s preliminary Reuters/University of Michigan poll, the index read 73.3, better than April’s 72.2. The survey’s one-year inflation expectations index read 3.1%, the highest mark in 11 months.⁴

Industrial output on the rise. On Friday, the Federal Reserve noted a 0.8% gain in industrial production for April. This follows up a 0.2% advance recorded in March.³

Up, down … up, down … and finally, up. Big swings ruled the market last week – but make no mistake, it was a winning week for equities. At the Friday close, the Dow stood at 10,620.16 after a 2.31% advance across five trading days. Last week, the NASDAQ rose 3.58% while the S&P 500 gained 2.23%. The Russell 2000 gained 6.28% last week.⁵

(Source: CNBC.com, BigCharts.com, ustreas.gov, bls.gov, 5/14/10)^5,6,7,8
Indices are unmanaged, do not incur fees or expenses, and cannot be
invested into directly. These returns do not include dividends.

Riddle of the week. What number logically comes next in this series: 2, 3, 5, 9, 17, __.

Contact my office or see next week’s Update for the answer.

Last week’s riddle: At a class reunion, everyone shakes hands exactly once with every person present. That results in a total of 28 handshakes. In total, how many people are at the reunion?

Last week’s riddle answer: 8 people. (8 x (8 – 1): 2 = 28) or (7 + 6 + 5 + 4 + 3 + 2 + 1 = 28).

Citations.
1 - nytimes.com/2010/05/15/business/15markets.html?src=me [5/14/10]
2 – online.wsj.com/article/BT-CO-20100514-713372.html?mod=WSJ_latestheadlines [5/14/10]
3 – npr.org/blogs/thetwo-way/2010/05/retail_sales_rose_04_last_mont.html [5/14/10]
4 – cnbc.com/id/37148851/ [5/14/10]
5 – cnbc.com/id/37155847 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F14%2F09&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F14%2F09&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F14%2F09&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F13%2F05&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F13%2F05&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F13%2F05&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F15%2F00&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F15%2F00&x=0&y=0 [5/14/10]
6 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F15%2F00&x=0&y=0 [5/14/10]
7 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [5/14/10]
7 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [5/14/10]
8 – treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [1/12/00]

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of the presenting Representative’s Broker/Dealer. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx^®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.

Presented by Mark Lund, The Investor Coach.

Quote of the week. “You’re born an original. Don’t die a copy.”– John Mason

More jobs, more jobseekers. While U.S. firms added 290,000 jobs in April – the most in 49 months – the unemployment rate climbed to 9.9% last month. That reflected more Americans looking for work. Revised Labor Department figures show the economy adding an average of 143,000 jobs per month so far in 2010.¹

Consumer spending leaps 0.6%. Great news: March saw the biggest gain in that category in five months. The Bureau of Economic Analysis also reported a 0.3% gain in wages.²

ISM indices show strength. The Institute for Supply Management’s manufacturing index rose to 60.4 in April from 59.6 in March, and its service sector index stayed at 55.4 in April. Both numbers signal growing sectors. Additionally, factory orders increased by 1.3% last month (this category has shown a gain in 11 out of the last 12 months).^3,4

Pending home sales up again. That makes it two months in a row of gains in this category: the National Association of Realtors said the number of sales contracts increased by 5.3% in March, more than the 5.0% gain that analysts had envisioned.⁴

Stocks battle volatility, technology. Trading snafus and worries about debt in Europe aggravated the market last week. The Dow was down 5.71% for the week, the NASDAQ 7.95% and the S&P 500 6.39%. On the NYMEX, oil prices fell $11.04 last week to $75.11 per barrel. Gold gained $29.90 last week to settle at exactly $1,210.00 an ounce Friday.^5,6

(Source: CNBC.com, BigCharts.com, ustreas.gov, bls.gov, 5/7/10)^6,7,8,9
Indices are unmanaged, do not incur fees or expenses, and cannot be
invested into directly. These returns do not include dividends.

Riddle of the week. At a class reunion, everyone shakes hands exactly once with every person present. That results in a total of 28 handshakes. In total, how many people are at the reunion?

Contact my office or see next week’s Update for the answer.

Last week’s riddle: I have keys that will open no locks. I have a space and a lock that’s a key. You can enter but you can’t leave, and yet – you can escape. What am I?

Last week’s riddle answer: A computer keyboard. The lock that’s a key is the Caps Lock, Num Lock or Scroll Lock.

Citations.
1 - online.wsj.com/article/SB10001424052748703338004575229932760855258.html [5/7/10]
2 –businessweek.com/news/2010-05-03/consumer-spending-in-u-s-rose-by-most-in-five-months-update3-.html [5/3/10]
3 – caps.fool.com/Blogs/ViewPost.aspx?bpid=386656&t=01005302436808413080 [5/6/10]
4 – fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2010-05-05.html [5/5/10]
5 – cnbc.com/id/37025023 [5/7/10]
6 – blogs.wsj.com/marketbeat/2010/05/07/data-points-energy-metals-276/ [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F7%2F09&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F7%2F09&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F7%2F09&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F6%2F05&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F6%2F05&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F6%2F05&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F8%2F00&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F8%2F00&x=0&y=0 [5/7/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F8%2F00&x=0&y=0 [5/7/10]
8 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [5/7/10]
8 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [5/7/10]
9 – treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [1/12/00]

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of the presenting Representative or the Representative’s Broker/Dealer. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx^®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.

Presented by Mark Lund, The Investor Coach.

Quote of the week. “The basic difference between being assertive and being aggressive is how our words and behavior affect the rights and well-being of others.”– Sharon Anthony Bower

Good solid growth. On Friday, the Commerce Department estimated 1Q GDP at +3.2%, marking the third positive quarter in a row. What drove the gain? Consumer spending was up 3.6% in the quarter, and business spending on equipment and software increased by 13.4%.¹

Year-over-year gain in home prices. That’s what the February S&P/Case-Shiller Home Price Index revealed. Across 20 cities, prices rose 0.6% from February 2009 levels. This is the first yearly advance recorded by the index since December 2006, though prices were down 0.9% from January.²

The latest consumer barometers. One went north, another south: the final Reuters/University of Michigan consumer sentiment index for April dipped to 72.2, down from 73.6 in March but above the 71.0 forecast by analysts polled by Bloomberg News. The Conference Board’s April survey rose to 57.9 from March’s 52.3 – this is the best mark since September 2008.^3,4

Gold’s major gain. Across last week, gold prices climbed $27.00 to settle at $1,180.10 per ounce Friday. April was gold’s best month since November. Oil futures advanced $1.03 last week, ending Friday at $86.15 a barrel on the NYMEX.⁵

A trying week for stocks. Last week, Standard & Poor’s downgraded the debt ratings of Spain, Portugal and Greece; federal prosecutors also moved to investigate Goldman Sachs. The Dow lost 1.8% on the week to end at 11,008.61 Friday. The NASDAQ and S&P 500 also had down weeks. However, the monthly numbers for April were as follows: DJIA, +1.40%; NASDAQ, +2.64%; S&P 500, +1.48%.^6,7

(Source: CNBC.com, BigCharts.com, ustreas.gov, bls.gov, 4/30/10)^7,8,9,10
Indices are unmanaged, do not incur fees or expenses, and cannot be
invested into directly. These returns do not include dividends.

Riddle of the week. I have keys that will open no locks. I have a space and a lock that’s a key. You can enter but you can’t leave, and yet – you can escape. What am I?

Contact my office or see next week’s Update for the answer.

Last week’s riddle: You heard me before, yet you hear me once more. Then I die ‘til you call me again. What am I?

Last week’s riddle answer: An echo.

Citations.
1 - thestreet.com/story/10741829/1/gdp-rises-at-32-pace-in-first-quarter.html [4/30/10]
2 – marketwatch.com/story/home-prices-show-year-over-year-gain-sp-2010-04-27 [4/27/10]
3 – dailyfinance.com/story/consumer-sentiment/19460171/ [4/30/10]
4 – investmentadvisor.com/News/2010/4/Pages/Consumers-Investors-and-Advisors-Show-Different-Confidence-Levels.aspx [4/27/10]
5 – blogs.wsj.com/marketbeat/2010/04/30/data-points-energy-metals-271/ [4/30/10]
6 – dealbook.blogs.nytimes.com/2010/04/28/spains-debt-rating-cut-as-finance-officials-meet/4/28/10]
7 – cnbc.com/id/36738472 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=4%2F30%2F09&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=4%2F30%2F09&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=4%2F30%2F09&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=4%2F29%2F05&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=4%2F29%2F05&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=4%2F29%2F05&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=5%2F1%2F00&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=5%2F1%2F00&x=0&y=0 [4/30/10]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=5%2F1%2F00&x=0&y=0 [4/30/10]
9 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [4/30/10]
9 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [4/30/10]
10 – treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [1/12/00]

This material was prepared by Peter Montoya Inc, and does not necessarily represent the views of the presenting Representative’s Broker/Dealer. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx^®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.