The economic data this week showed signs that the U.S. and global economies have stabilized and possibly bottomed out. Retail sales are expected to rise significantly due to the "Cash for Clunkers" program. Upcoming reports on retail sales, consumer prices, and other economic indicators next week could generate market reactions. Financial markets continued higher despite thin economic data, perhaps waiting for stronger confirmation of recovery.

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Weekly Market Snapshot
September 11, 2009
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Market Commentary
by Scott J. Brown, Ph.D., Chief Economist
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The economic calendar was thin this week. The Fed’s Beige Book noted
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that “economic activity continued to stabilize in July and August.” Not
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exactly a booming assessment of the economy, but better than the previous Houston, TX 77057
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exports – further evidence suggesting that the U.S. and global economies
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have bottomed. Consumer sentiment rose in early September.
Financial Resources The financial markets continued to ignore the economic data, perhaps Map & Directions
waiting for more definitive evidence of the strength and durability of the
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recovery. The dollar fell during the week, reflecting an unwinding of the flight through
to safety (the dollar, representing a safe haven for global investors, rose RAYMOND JAMES
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amid the financial turmoil of a year ago).
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Next week, from Tuesday to Thursday, the mid-month economic data come
roaring in, and the numbers could generate some reactions in the markets.
The key reports will be on retail sales and the Consumer Price Index (CPI).
Retail sales figures should be boosted considerably by the “Cash for
Clunkers” program. Ex-autos, sales are likely to have been lackluster, but
with some help from back-to-school promotions. The headline Producer
Price Index (PPI) and CPI figures will be boosted by seasonal adjustments
(relatively large declines in gasoline prices had been expected, but they
rose, instead). Ex-food and energy, the CPI should remain mild (the

2. year-over-year pace has been pushed lower by a smaller increase in
homeowners’ rental equivalent).
Indices
Last Last Week YTD return %
DJIA 9627.48 9344.61 9.70%
NASDAQ 2084.02 1983.2 32.15%
S&P 500 1044.14 1003.24 15.60%
MSCI EAFE 1541.09 1461.47 24.54%
Russell 2000 594.9 562.49 19.11%
Consumer Money Rates
Last 1-year ago
Prime Rate 3.25 5.00
Fed Funds 0.25 2.00
30-year mortgage 5.26 5.79
Currencies
Last 1-year ago
Dollars per British Pound 1.665 1.753
Dollars per Euro 1.458 1.400
Japanese Yen per Dollar 91.73 107.70
Canadian Dollars per Dollar 1.077 1.071
Mexican Peso per Dollar 13.37 10.61
Commodities
Last 1-year ago

3. Crude Oil 71.94 102.58
Gold 996.60 752.45
Bond Rates
Last 1-month ago
2-year treasury 0.88 1.06
10-year treasury 3.34 3.55
10-year municipal (TEY) 4.91 5.05
Treasury Yield Curve – 9/11/2009
S&P Sector Performance Charts – 9/11/2009

4. Economic Calendar
September 15 — Producer Price Index (August)
Retail Sales (August)
Empire State Manufacturing Index
(September)
Business Inventories (July)
September 16 — Consumer Price Index (August)
Current Account Deficit (2Q09)
Industrial Production (August)
September 17 — Jobless Claims (week ending
September 12)
Residential Construction (August)
Philadelphia Fed Index (September)

5. September 21 — Leading Economic Indicators (August)
September 23 — FOMC Policy Decision
September 24 — Existing Home Sales (August)
Past performance is not a guarantee of future results. There are special risks
involved with global investing related to market and currency fluctuations, economic
and political instability, and different financial accounting standards. The above
material has been obtained from sources considered reliable, but we do not
guarantee that it is accurate or complete. There is no assurance that any trends
mentioned will continue in the future. Municipal bond interest is not subject to federal
income tax but may be subject to AMT, state or local taxes. Investing involves risk
and investors may incur a profit or a loss.
US government bonds and treasury bills are guaranteed by the US government and,
if held to maturity, offer a fixed rate of return and guaranteed principal value. US
government bonds are issued and guaranteed as to the timely payment of principal
and interest by the federal government. Treasury bills are certificates reflecting
short-term (less than one year) obligations of the US government.
Commodities trading is generally considered speculative because of the significant
potential for investment loss. Markets for commodities are likely to be volatile and
there may be sharp price fluctuations even during periods when prices overall are
rising. Specific sector investing can be subject to different and greater risks than
more diversified investments.
Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt
insured revenue bonds.
Material prepared by Raymond James for use by its financial advisors.
The information contained herein has been obtained from sources considered
reliable, but we do not guarantee that the foregoing material is accurate or complete.
Data source: Bloomberg, as of close of business September 10th, 2009.
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