Sentiment update

1. markets made a bounce as expected on friday and monday but closed lower after having tested the gaps. that was a weak sign and confirrmation that the bear campaign remains in full power. Our target remains mid term at 900-20 spx and as long as indicators like rydex are not below .60 or the below citi sentiment in the panic zone to name 2 samples we have not reached a significant low.

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ate NAV Adjusted N/U Ratio 5/21/2010 1.042 5/20/2010 0.979 5/19/2010 1.167 5/18/2010 1.180 5/17/2010 1.167 5/14/2010 1.078 5/13/2010 1.192 5/12/2010 1.252 5/11/2010 1.006 5/10/2010 0.876

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MONDAY, MAY 24, 2010
INVESTOR SENTIMENT READINGS High bullish readings in the Consensus stock index or in the Market Vane stock index usually are signs of Market tops; low ones, market bottoms. Last Week 2 Weeks Ago. 3 Weeks Ago Consensus Index Consensus Bullish Sentiment 56% 60% 76% Source: Consensus Inc., P.O. Box 520526,Independence, Mo. Historical data available at . editor@consensus-inc.com AAII Index Bullish 41.3% 36.6% 39.1% Bearish 33.7 36.6 28.6 Neutral 25.0 26.8 32.3 Source: American Association of Individual Investors, 625 N. Michigan Ave., Chicago, Ill. 60611 (312) 280-0170. Market Vane Bullish Consensus 46% 49% 53% Source: Market Vane, P.O. Box 90490, Pasadena, CA 91109 (626) 395-7436. FC Market Sentiment Indicator 59.2% 58.9% 57.8% Source: First Coverage 260 Franklin St., Suite 900 Boston, MA 02110-3112 (617) 303-0180. info@firstcoverage.com FC Market Sentiment is a proprietary indicator derived from actionable sell-side trade ideas sent by the sell-side to their buy-side clients over the First Coverage platform. Over 1,000 institutional sales people at more than 250 firms participate on the First Coverage platform and have contributed hundreds of thousands of ideas since inception. Each Idea is associated with a ticker or sector and is tagged bullish or bearish by the creator. This data is aggregated at the sector, industry and market level. The FC Market Sentiment score ranges from 0-100 (0=most bearish, 50=neutral, and 100=most bullish) and represents a completely objective, real-time view into what advice the sell-side is providing to their buy-side clients Citigroup Panic/Euphoria Model