 Market Round-Up As of 04/10/2012 By: Vishal R. Nanwani © Copyright 2012 MUTIS. All rights reserved 2012.

 Your Subject © Copyright 2012 MUTIS. All rights reserved Major Events 1.Mixed Economic Data For the US 2.Crude Oil below 80 3.Spanish bailout

 Your Subject 1.US private payrolls is expected to expand by in September according to estimates (actual numbers out on Friday). 2.Service index climbed to 55.1% in September from 53.7% in August. It is the 33rd straight month of expansion. 3.Fed Easing not working? CNBC’s article “Fed Easing Has Little Impact So Far: Out of Bullets?” – Not the same effect as QE1 and QE2 Do not believe everything they say. Look at the actual reasons. Fed’s bond buying will directly impact banks and building societies in terms of freed up capital which they are still hoarding. It will impact the stock more directly when the debt burned of consumers decrease and market expects a near term pick up of consumption. © Copyright 2012 MUTIS. All rights reserved Mixed Economic Data For the US

 © Copyright 2012 MUTIS. All rights reserved 2012.

 Crude below Crude futures (WTI) on Wednesday ended at their lowest since late August. Oil production was 12% above last years level and represents the highest production since 1996, mostly due to an increase in Alaskan oil production. Dollar gained strength in the pas few days. Which is one reason for the drop. Why so much of an Issue? Lower price for Oil tends to reflect a weaker economy and hence bad news for the stock market. While there is an obvious truth in this, this seems much of it is supply side driven so my worry has not fundamentally changed since say the last 2 weeks. 2.Trends, nonetheless matter. Weather by oil or not, the Stock Market needs a correction. (see corellation)

 Your Subject © Copyright 2012 MUTIS. All rights reserved Crude below 90

 Your Subject Spain might need another bailout for their banks. Seems less of a problem now as yields are near 5.7%. Not good but at their position, acceptable. Main worry is if they do, markets will want to know of the restrictions place on them by the ECB and Euro stabilization fund. I will be surprised if they do ask for aid considering the cut they have to make, which could reduce economic activity further and I wonder if it were not a more fiscally reckless move. © Copyright 2012 MUTIS. All rights reserved Spanish Bailout

 Your Subject Thank You © Copyright 2012 MUTIS. All rights reserved 2012.

 The information and material provided at MUTIS is for educational purposes only and does not constitute financial product advice. The views of the speakers are their own and not those of MUTIS. MUTIS does not represent or warrant that the information or material is complete or accurate. You should consider obtaining independent advice before making any financial decisions. If you are seeking advice (including a recommendation or opinion) about a financial product you should consult a certified financial advisor. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of the information or material is accepted by MUTIS © Copyright 2012 MUTIS. All rights reserved Disclaimer