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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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May 5, 2011 More Air c omes out of t he Capi t a l Market s Bubbles

The US Treasury 10-Year note declined to 3.205 as a modest flight to quality continues. Comex

Gold deflated to $1505.5 on Wednesday down from $1577.4 on Monday. Increased oilinventories pushes Nymex crude oil down to $107.71 this morning from $114.83 on Monday.The currency bubble has yet to pop with the euro against the dollar trading to a new 2011 highat 1.4941 on Wednesday. The Dow Industrial Average, S&P 500 and NASDAQ remainoverbought on their daily charts, while the Dow Transports, Russell 2000 and the PhiladelphiaSemiconductor Index (SOX) now show declining daily MOJO. Fundamentally stocks areovervalued without a ValuEngine Valuation Watch.

10-Year Note (3.221) The decline in the 10-Year yield from 3.619 on April 8threached 3.207 onWednesday. Monthly, annual and quarterly value levels are 3.757, 3.796 and 4.016 with a weeklypivot at 3.292, and daily, annual, and semiannual risky levels at 3.185, 2.690, 2.441, and 2.322.

Courtesy of Thomson / Reuters

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Comex Gold ($1515.5) Gold traded to an all time high at $1577.4 on Monday versus my monthlyrisky level at $1589.3. My semiannual value level lags at $1452.6 with weekly and quarterly pivots at

$1523.5 and $1523.7, and todays risky level at $1550.0.

Courtesy of Thomson / Reuters

Nymex Crude Oil ($108.93) Oil traded to a new multi-year high at $114.83 on Monday. Mysemiannual value level is $107.14 with daily, weekly, monthly and quarterly risky levels at $111.35,$112.82, $119.17 and $120.52. Annual value levels are $101.92 and $99.91.

Courtesy of Thomson / Reuters

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The Euro (1.4831) Weakness on Monday, Tuesday and Wednesday tested my weekly pivot at1.4782 with daily and monthly risky levels at 1.4992 and 1.5144. My semiannual value level is 1.4624.

Courtesy of Thomson / Reuters

Daily Dow: (12,724) YTD high; 12,876.00 on Monday. My weekly value level is 12,574 with daily,monthly, quarterly and annual risky levels at 12,917, 13,663, 13,774 and 13,890. My annual valuelevel lags at 11,491.

Courtesy of Thomson / Reuters

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S&P 500 (1347.3) YTD high 1370.58 on Monday. My Weekly value level is 1332.7 with daily,monthly and quarterly risky levels at 1368.1, 1490.5 and 1500.4. The October 2007 high is 1576.06.

NASDAQ (2828) Multi-year high 2887.75 on Monday. My weekly value level is 2772 with daily,quarterly, monthly and annual risky levels at 2880, 3209, 3228 and 3243.

NASDAQ 100 (NDX) (2388) Multi-year high 2427.75 on Monday. My weekly value level is 2305with daily and annual risky levels at 2418 and 2590.

Dow Transports (5478) All time high 5565.78 on Monday. My annual value level is 5179 with dailyweekly, monthly and annual risky levels at 5585, 5516, 6028 and 6131.

Russell 2000 (832.90) All time high 868.57 on Monday. My annual value level is 784.16 withweekly, daily and quarterly risky levels at 846.16, 853.64, and 949.02.

The SOX (439.70) My weekly value level is 414.19 with daily and quarterly risky levels at 446.92 and498.75. The SOX is well below its July 2007 high at 549.39.

Richard Suttmeier Speaking Event The Executive Forum at the National Arts Club in NYC

I will be discussing why The Great Credit Crunch continues. The event is on Tuesday, May 17th atThe National Arts Club, 15 Gramercy Park South (E. 20th St.) Cocktails 5:45 PM, Dinner 6:30 PM,Presentation 7:30 PM. Use this link to register - http://www.execforumnyu.org/events.html

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.

Thats todays Four in Four. Have a great day.

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.comI have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters awell as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the

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I Hold No Positions in the Stocks I Cover.