Aug

2

In the two and a half months from the end of the intense reporting period for first quarter earnings (April 30) to the beginning of the reporting period for second quarter earnings (July 15), the S&P 500 futures declined 2.9%. During the intense reporting period for second quarter earnings (July 18-29), the S&P 500 declined 2.0%.

Declines in both the earnings reporting period and the preceding 2 1/2 months have occurred only 9 times in the last 22 years. The following 2 1/2 months were up in 4 of the 9 instances, with an average loss of1.7%.

Earnings End    Change to next
Date            earnings begin date
  1/31/1990          4.1%
  7/31/2001        -10.4%
 10/31/2001          8.2%
  4/30/2002        -14.6%
  7/31/2002         -3.2%
  4/30/2004         -0.2%
  7/30/2004          0.6%
  1/31/2008         -3.3%
  1/30/2009          3.6%


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