Take a look at this week’s Chart Book from Accuvest Global Advisors with updates on the following: Global Financial Conditions Global Equity Markets Interest Rates and Fixed Income The Economy Major Currencies Commodities Investor Sentiment Accuvest Global Advisors is a California based RIA and sub-advisor of the AdvisorShares Accuvest Global Opportunities ETF (ACCU) and the AdvisorShares Accuvest Global Long Short ETF (AGLS).

1. Weekly Chart Book
September 30, 2013
Global Clients…Global Portfolios

2. 2
Accuvest Weekly Update
Global Financial Conditions
• Following the Fed’s surprise “No Taper” decision last week, bonds have rallied while stocks have sold off
• Macro Risk and Financial Market Stress have moderated nicely this month
• The VIX Index (implied S&P 500 volatility) closed @ 15.46, up from 13.12 last week
• This week – Gold, Treasuries, and the Yen rallied, while Equities, Oil, and EM Currencies struggled
Global Equity Markets
• The MSCI All Country World Index dropped 0.7% this week, backing away from all-time highs but still above primary support
• The S&P 500 dropped 1.1% this week, and has underperform the ACWI, EAFE, and EM Indices over the last 3 months
• The MSCI Emerging Markets Index dropped 2.0% this week, backing away from short-term over bought levels
• Healthcare and Consumer Discretionary are the best performing Global Sectors year-to-date
• Basic Materials and Utilities are the worst performing Global Sectors year-to-date
Interest Rates and Fixed Income
• 10 year US Treasury Yields closed the week at 2.63%, down from 2.74% last week and 3.00% on Sept. 6th
• 10 year US Treasury Yields are forecasted to be 2.66% at the end of Q3 2013, and 2.85% at the end of Q4 2013
• Investment Grade Bonds rallied 0.8% this week. They have broken out of a 4 month downtrend and are back above the 50DMA
• High Yield Bonds sold off 0.6% this week, but remain above upward sloping 50 day and 200 day moving averages
• Average 30 Year Mortgage Rates @ 4.28%, down from 4.42% last week and 4.67% on Sept. 5th

3. 3
Accuvest Weekly Update
The Economy
• Housing/Real Estate and Labor Market continue to highlight the US Economy
• Next week’s U.S. economic calendar includes ISM Manufacturing (55.1), ADP Employment (+176k), Factory Order (+0.2%), and Change
in Nonfarm Payrolls (+180k)
Major Currencies
• The Pound(+7%), Euro(+6%), Krone(+6%), and Franc(+5%) have appreciated vs. the US Dollar over the last 6 months
• The Indonesian Rupiah(-14)%, Indian Rupee(-13%), and Aussie Dollar(-11%) have depreciated vs. the US Dollar over the last 6 months
• The Mexican Peso (+3.6%) and Turkish Lira (+0.8%) are forecasted to appreciate vs. the US Dollar through the end of 2013
• The Swiss Franc(-5.6%) and Danish Krone(-5.3%) are forecasted to depreciate vs. the US Dollar through the end of 2013
• MXN/USD @ 13.14, weakening from 12.85 last week
Commodities
• Commodities (an equally weighted basket) remain in a 5 year down trend
• Gold @ $1336/oz., up from $1326/oz. last week
• Crude Oil @ $102.87/barrel, down from $104.67/barrel last week, and $110.53 on Sept 6th
disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly
informational and should be used for research use only. This bulletin is not intended to provide investing or other advice or guidance with
respect to the matters addressed in the bulletin. All relevant facts, including individual circumstances, need to be considered by the reader to
arrive at investment conclusions that comply with matters addressed in this bulletin. Charts and information used in this report are sourced
from Bloomberg.

4. 4
Developed Markets

5. 5
Emerging Markets

6. 6
US Financial Conditions

7. 7
The VIX Index (S&P 500 Implied Volatility)

8. 8
Global Financial Stress Index

9. 9
Citi Macro Risk Index

10. 10
US Yield Curve (Current vs. 1 Month & 12 Months Ago)

11. 11
U.S. Treasury 10 Year Yield

12. 12
U.S. Treasury 10 Year Yield – Forecast

13. 13
Fed’s 5 Year Forward Breakeven (Inflation Expectations)

14. 14
Investment Grade Bond Prices

15. 15
Investment Grade Credit Spread (BBB – 10 Yr. UST Yield)

16. 16
High Yield Bond Prices

17. 17
High Yield Credit Spreads (HY – 10 Yr. UST Yield)

18. 18
Emerging Market Debt (Local Currency)

19. 19
Emerging Market Bond Spreads

20. 20
World Equity Indices

21. 21
MSCI All Country World Index

22. 22
S&P 500 Index

23. 23
MSCI EAFE (Europe, Australia, Far East) Index

24. 24
MSCI Emerging Markets Index

25. 25
Equity Risk Premiums by Country

26. 26
AGO Constituents – Japan, China, USA, Germany, & Austria

27. 27
AGO Attribution – Japan, China, USA, Germany, & Austria

28. 28
AGO Performance vs. ACWI

29. 29
Global Heat Map – Sectors & Regions YTD

30. 30
S&P 500 Earnings Estimates (Forward 12 Months)

31. 31
ACWI Earnings Estimates (Forward 12 Months)

32. 32
Last week’s Economic Calendar

33. 33
Next week’s Economic Calendar

34. 34
Economic Surprise Monitor (Deviations from Expectations)

35. 35
US Economic Surprise Index (Deviation from Expectations)

36. 36
30 Year Mortgage Rates

37. 37
Initial Jobless Claims – 4 Week Moving Average

38. 38
World Currencies vs. U.S. Dollar (6 Month Spot Returns)

39. 39
World Currencies vs. U.S. Dollar (Spot Forecast: Q4 2013)

40. 40
Japanese Yen ¥

41. 41
Euro €

42. 42
Mexican Peso

43. 43
British Pound

44. 44
Australian Dollar

45. 45
Emerging Market Currencies

46. 46
Global Commodity Prices

47. 47
Continuous Commodity Index – 5 Years

48. 48
Gold Prices – 5 Years

49. 49
Gold Prices – 1 Year

50. 50
Gold to Gold Miners Ratio – 1 Year

51. 51
Crude Oil Prices – 5 Years

52. 52
Crude Oil Prices – 1 Year