1st chart 12/31/2001 thru 11/11/2009 2nd chart is a closeup showing 12/31/2007 thru 11/11/2007. Past results do not guarantee or imply future results. For educational purposes only. No investment advice given or implied.

1. AAII Bearish Sentiment Bearish Sentiment + 2 StdDev This week's bearish reading
Normal Bearish JSCO Pain Index (S&P weekly data) JSCO Pain Index 8 wk Avg
S&P 6 months forward performance
80.0% 50.0%
Bearish Sentiment and JSCO Pain Index
40.0%
70.0%
30.0%
S&P 6 mo. fws performance
60.0%
20.0%
50.0%
10.0%
40.0% 0.0%
-10.0%
30.0%
-20.0%
20.0%
-30.0%
10.0%
-40.0%
0.0% -50.0%
Dec-07 Dec-08

2. AAII Bearish Sentiment Bearish Sentiment + 2 StdDev This week's bearish reading
Normal Bearish JSCO Pain Index (S&P weekly data) JSCO Pain Index 8 wk Avg
S&P 6 months forward performance
80.0% 50.0%
Maximum bearish
In 2002, 2004, and 2005, bearish
Bearish Sentiment and JSCO Pain Index
sentiment in 21 years 40.0%
70.0% sentiment was nearly as high as it was in
March 2009; 6 months later (as indicated
30.0%
S&P 6 mo. fws performance
by the black dots), share prices rose
60.0%
hi h
20.0%
50.0%
10.0%
40.0% 0.0%
-10.0%
30.0%
-20.0%
20.0%
-30.0%
10.0%
-40.0%
0.0% -50.0%
Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08