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Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.

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Sept 21, 2011 The Dow, SPX, Transpor t s and Russel l 2000 la g t heir 50 -day SMAs

Only the NASDAQ 100 (NDX) and Philadelphia Semiconductor Index (SOX) are above their 50-

day simple moving averages. The NASDAQ faded to a Tuesday close below its 50-day at 2599.The other major averages lag staying below their 50-day simple moving averages at 11,639Dow Industrials, 1223.7 S&P 500, 4771 Dow Transports, and 735.82 Russell 2000. Will the highend of the trading ranges since the August 9th FOMC contain strength following todays FOMCmeeting? These are the Sept 1st / August 31st highs at 11,717 Dow Industrials, 1230.71 SPX,4779 Dow Transports and 737.64 Russell 2000. Its not surprising to see the Dow and SPXtrading back and forth around their annual pivots at 11,491 and 1210.7 in front of the FOMCdecision and as stocks head into the end of the third quarter of 2011. The Power of the Pivot!

10-Year Note (1.952) Semiannual, annual, monthly and quarterly value levels are 2.414, 2.690,2.715 and 3.053 with a daily pivot at 1.986, the September 12 th low yield at 1.877, and semiannual anweekly risky levels at 1.672 and 1.460.

Courtesy of Thomson / Reuters

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Comex Gold ($1808.0) A daily value level is $1774.1 with the 50-day at $1733.6, monthly, quarterlyand semiannual value levels are $1702.3, $1655.8 and $1644.8 with weekly risky level at $1970.8.

Courtesy of Thomson / Reuters

Nymex Crude Oil ($86.89) My weekly value level at $74.97 with the 200-week simple movingaverage at $83.77, a daily pivot at $86.80, the 50-day at $89.96, my annual pivots at $99.91 and

$101.92 and quarterly, semiannual and monthly risky levels at $102.40, $103.92 and $104.23.

Courtesy of Thomson / Reuters

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The Euro (1.3676) My daily value level is 1.3557 with my quarterly pivot at 1.3728, the 200-weeksimple moving average at 1.4016, and weekly, semiannual and monthly risky levels at 1.3906, 1.4752

and 1.4872.

Courtesy of Thomson / Reuters

Daily Dow - (11,409) Daily and weekly value levels are 11,275 and 10,032 with the 200-week and120-month simple moving averages at 10,678 and 10,595, my annual pivot at 11,491, and monthlyrisky level at 12,779. Semiannual value levels are 9,635 and 8,468 with the 50-day and 200-day SMA

death cross at 11,639 and 12,002.

Courtesy of Thomson / Reuters

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S&P 500 (1202.1) Daily, weekly and Semiannual value levels are 1194.4, 1039.6, 981.3 and 855.7with my annual pivot at 1210.7, the 50-day at 1223.7 and monthly risky level at 1342.1.

NASDAQ (2590) Annual, weekly, and semiannual value levels are 2335, 2210, 2199 and 2049 witha daily pivot at 2602, the 50-day at 2599, and monthly risky level at 2827.

NASDAQ 100 (NDX) (2296) Weekly, semiannual and annual value levels are 1989.0, 1951, 1861and 1723 with the 50-day at 2246, a daily pivot at 2302, and monthly risky level at 2431.

Dow Transports (4520) Semiannual and weekly value levels are 4335, 3868 and 3755 with a dailypivot at 4594, the 50-day at 4787, and annual and monthly risky levels at 5179 and 5190.

Russell 2000 (689.95) Weekly and semiannual value levels are 685.37, 566.76, 577.47 and 530.04with a daily pivot at 696.08, the 50-day at 735.82, and annual and monthly risky levels at 784.16 and825.19.

The SOX (372.76) The 50-day is 366.40 with weekly, annual and semiannual value levels at 306.68270.98, 258.97 and 204.67, and daily and monthly risky levels at 389.02 and 418.07.

Equity Fundamentals Stocks are undervalued.

85.2% of all stocks are undervalued / 14.8% of all stocks are overvalued. In March 2009, 91.1%of all stocks were undervalued.

All sixteen sectors are undervalued, fifteen by double-digit percentages, twelve by 21.2% to29.9%. Back in March 2009 the sectors were undervalued by 33% to 45%. Check out andsubscribe to www.ValuEngine.com.

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ValuEngine FDIC Evaluation Report In this report I slice and dice the FDIC Quarterly BankingProfile. We publish a ValuEngine List of Problem Banks in this publication:http://www.valuengine.com/nl/mainnl?nl=C

Definition of MOJO This is my term for technical momentum. I use whats called 12x3x3 slowstochastic readings from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0is overbought and below 2.0 is oversold.

Buy and Trade Strategies for Long Positions

Value Level The price at which you establish an additional long position on share priceweakness. This is done on a GTC Limit Order to buy weakness to the Value Level.

Risky Level The price at which you remove a single long position or reduce a multiple

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long position on share price strength. This is done on a GTC Limit Order to sell strength tothe Risky Level.

Buy and Trade Strategies for Short Positions Value Level The price at which you remove a single short position or reduce a multiple

short position on share price weakness. This is done on a GTC Limit Order to buy weaknesto the Value Level.

Risky Level The price at which you establish an addition short position on share pricestrength. This is done on a GTC Limit Order to sell strength to the Risky Level.

Richard SuttmeierChief Market StrategistValuEngine.com(800) 381-5576

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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com. I have daily, weekly, monthly, andquarterly newsletters available that track a variety of equity and other data parameters as well as my most up-to-date analysis of world markets. Mynewest products include a weekly ETF newsletter as well as the ValuTrader Model Portfolio newsletter. You can go tohttp://www.valuengine.com/nl/mainnl to review sample issues and find out more about my research.

I Hold No Positions in the Stocks I Cover.