Research Excerpts

US Stock Market Sectors:<br>Our 2012 YTD Market Calls In Sector ETFs

Posted on: Wednesday, October 3rd, 2012

The table below lists our closed-out 2012 US stock market sector calls, year-to-date, for either relative outperformance or underperformance versus the S&P 500.

These calls have appeared in one or more of the 8 research reports that we produce for our clients at various intervals during the month, but most frequently appear in our weekly Keys To This Week and monthly Sector Watch reports.

(Samples of all reports are available in the Research section of our website.)

All market positions and related performance data are based on the relative performance of the Select Sector SPDR ETFs versus the SPDR S&P 500 ETF (SPY) in between the Entry Date and Exit Dates as posted in the table.  The second to last column on the right lists the actual relative performance of each market sector versus SPY between the entry and exit dates, while the rightmost column lists Asbury’s performance for each of these market calls/investment ideas.

The table does not include current open (not yet closed out) market calls.  We will publish the table again early next year with all closed out 2012 sector calls.

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* These performance data are based on specific market calls taken directly from Asbury Research reports during 2011-2012 . We acknowledge that hypothetical performance results have many inherent limitations. No representation is being made that subscribers will achieve results similar to those shown. All market calls that appear in Asbury Research reports and are based on “at the close” entries and exits, hours after these reports were issued to subscribers.