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
October 7, 2013
Global Clients…Global Portfolios

2. 2
Accuvest Weekly Update
Global Financial Conditions
• Macro Risk and Financial Market Stress have increased nicely this month, but remain near moderate levels
• The VIX Index (implied S&P 500 volatility) closed @ 16.76, up from 15.46 last week
• This week – Oil, EM Equities, and EM Currencies rallied, while Gold, LT-Treasuries, and the MSCI EAFE struggled
Interest Rates and Fixed Income
• 10 year US Treasury Yields closed the week at 2.64%, up from 2.63% last week and 2.60% mid-week
• 10 year US Treasury Yields are forecasted to be 2.85% at the end of Q4 2013
• Investment Grade Bonds sold off 0.1% this week, and are approaching 5 month highs
• High Yield Bonds rallied 0.4% this week, and remain above upward sloping 50 day and 200 day moving averages
Global Equity Markets
• The MSCI All Country World Index dropped 0.1% this week, backing away from all-time highs but still above primary support
• The S&P 500 was flat this week, and has underperform the ACWI, EAFE, and EM Indices over the last 3 months
• The MSCI Emerging Markets Index rallied 2.0% this week, after selling off 2.0% last week
• 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

3. 3
Accuvest Weekly Update
The Economy
• Housing/Real Estate and Labor Market continue to highlight the US Economy
• Average 30 Year Mortgage Rates @ 4.25%, down from 4.28% last week and 4.67% on Sept. 5th
• Next week’s U.S. economic calendar includes Change in Nonfarm Payrolls (+180k), Factory Orders, PPI, and Retail Sales (0.0%)
Major Currencies
• The Pound, Won, Euro, Krone, and Franc have appreciated vs. the US Dollar over the last 6 months
• The Indonesian Rupiah, Indian Rupee, Aussie Dollar, and Turkish Lira have depreciated vs. the US Dollar over the last 6 months
• The Mexican Peso (+4.1%) and Chinese Renminbi (+0.4%) are forecasted to appreciate vs. the US Dollar through the end of Q1 2014
• The Swiss Franc(-6.5%) and Danish Krone(-6.3%) are forecasted to depreciate vs. the US Dollar through the end of 2013
• MXN/USD @ 13.08, strengthening from 13.14 last week
Commodities
• Commodities (an equally weighted basket) remain in a 5 year down trend
• Gold @ $1310/oz., down from $1336/oz. last week
• Crude Oil @ $103.84/barrel, up from $102.87/barrel last week, but below recent highs of $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. 17
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
ACWI Earnings Estimates (Forward 12 Months)

23. 23
MSCI ACWI - Price/Earnings and Basic EPS

24. 24
S&P 500 Index

25. 25
S&P 500 Earnings Estimates (Forward 12 Months)

26. 26
S&P 500 - Price/Earnings and Basic EPS

27. 27
MSCI EAFE (Europe, Australia, Far East) Index

28. 28
MSCI EAFE Earnings Estimates (Forward 12 Months)

29. 29
MSCI EAFE - Price/Earnings and Basic EPS

30. 30
MSCI Emerging Markets Index

31. 31
MSCI EM Earnings Estimates (Forward 12 Months)

32. 32
MSCI Emerging Markets - Price/Earnings and Basic EPS

33. 33
Equity Risk Premiums by Country

34. 34
AGO Constituents – Japan, China, Russia, Germany, Korea, & Austria

35. 35
Global Heat Map – Sectors & Regions YTD

36. 36
Last week’s Economic Calendar

37. 37
Next week’s Economic Calendar

38. 38
Economic Surprise Monitor (Deviations from Expectations)

39. 39
US Economic Surprise Index (Data’s Deviation from Expectations)

40. 40
30 Year Mortgage Rates

41. 41
Initial Jobless Claims – 4 Week Moving Average

42. 42
World Currencies vs. U.S. Dollar (6 Month Spot Returns)

43. 43
World Currencies vs. U.S. Dollar (Spot Forecast: Q1 2014)

44. 44
Japanese Yen ¥

45. 45
Euro €

46. 46
Mexican Peso

47. 47
British Pound

48. 48
Australian Dollar

49. 49
Emerging Market Currencies

50. 50
Global Commodity Prices

51. 51
Continuous Commodity Index – 5 Years

52. 52
Gold Prices – 5 Years

53. 53
Gold Prices – 1 Year

54. 54
Gold to Gold Miners Ratio – 1 Year

55. 55
Crude Oil Prices – 5 Years

56. 56
Crude Oil Prices – 1 Year