BullandBearWise Index of Economic and Market Indicators

Balance Requirements

Federal Funds

Federal Funds Target Divergence

Money Supply

Money Supply Rate of Change

Non-Borrowed Reserves

Securities Lending and POMO

System Open Market Account

Temporary Open Market Balance

Temporary Open Market Operations

TOMO Accepted/Submitted Ratio

Domestic Operations 2007 Report

Currency Growth

Dollar versus Oil and Gold

Federal Reserve Foreign Custody Holdings

FOMC Activity and the S&P 500

Gold Bull Market

Gold Fear Index

Government Deficits

Home Equity

Household Debt Burden

NASDAQ 100 Real Price-to-Earnings Ratio (PE)

S&P 500 Reported vs Operating Earnings

Velocity of Money

Yield Curve Since 1869

The BullandBearWise Index of economic and market indicators:

Growth
Gross Domestic Product
   Non-Farm Productivity
   Non-Manufacturing ISM
Labor
   Initial Jobless Claims
   Unemployment Rate
Commodity
   CRB Index
   London Gold
   Sweet Crude
Consumer
   Consumer Credit
   Personal Income
   Retail Sales
Manufacturing
   Capacity Utilization
   Durable Goods
   Factory Orders
   Industrial Production
   Manufacturing ISM
Inflation
   Agricultural Prices
   Consumer Price Index
   Producer Price Index
Financial
   S&P 500 Index
   S&P 500 P/E Ratio
   DJIA/S&P 500 Divergence
   Advance Decline Ratio
   Money - Zero Maturity
   Officer Loan Survey
   U.S. Treasury Yields
   Volatility Index (VIX)
Investment
   Housing Market Index (HMI)
   Housing Starts
   New Homes Sales
Trade
   Dollar Cash Index
   Trade Balance

Other areas of interest at BullandBearWise:

Federal Reserve
   Balance Requirements
   Federal Funds
   Federal Funds Target Divergence
   FOMC and the S&P 500
   Foreign Custody Holdings
   Money Supply
   Money Supply Rate of Change
   Non-Borrowed Reserves
   Securities Lending & POMO
   System Open market Account
   Temporary Open Market Balance
   Temporary Open Market Operations
      Domestic Operations 2003 Report

U.S. Debt
   Debt By Instrument
   Debt Ownership
   Debt and GDP
   Foreign Treasury Purchases
   Statutory Debt Limit
   Tax Collections
   Treasury Borrowings

At Issue
   Currency Growth
   Dollar versus Oil and Gold
   Fed Funds Futures
   Federal Reserve Foreign Custody Holdings
   FOMC and the S&P 500
   Gold BullMarkets
   Gold Fear Index
   Government Deficits
   Home Equity
   Household Debt Burden
   Mortgage Debt
   NASDAQ 2000 vs. Dow 1929
   S&P 500 Reported vs Operating Earnings
   Velocity of Money
   Yield Curve Since 1869

BullandBearWise Management
BullandBearWise Management

BullandBearWise
Index

34.33

The BullandBearWise Index weights economic and market indicators from 0 (bearish) to 100 (bullish).

Calendar
5/9	Trade Balance
5/13	Retail Sales
5/14	CPI
5/15	Capacity Utilization
5/15	Industrial Production
5/15	Initial Jobless Claims

TODAY'S THOUGHT
Are we in a recession? A recession is defined as two quarters at below zero in Gross Domestic Product. Not so far.

5/8/2008

Date	Indicator	Prior release	Latest release	Weighted change
May 8	Initial Jobless Claims	Bearish	Bullish	+2
May 7	Consumer Credit	Bullish	Bullish	No change
May 7	Non-Farm Productivity	Bearish	Bullish	+1
May 5	Officer Loan Survey	Bearish	Bearish	No change
May 5	Non-Manufacturing ISM	Bullish	Bullish	No change
	Week of 5/9/2008 Net change			+3

5/2/2008

Date	Indicator	Prior release	Latest release	Weighted change
May 2	Unemployment Rate	Bearish	Bullish	+3
May 2	Factory Orders	Bearish	Bullish	+1
May 1	Agricultural Prices	Bearish	Bullish	+1
May 1	Manufacturing ISM	Bearish	Bearish	No change
May 1	Personal Income	Bullish	Bearish	-2
May 1	Initial Jobless Claims	Bullish	Bearish	-2
Apr 30	GDP -Advance	Bearish	Bearish	No change
	Week of 5/2/2008 Net change			+1

4/25/2008

Date	Indicator	Prior release	Latest release	Weighted change
Apr 24	Durable Goods	Bearish	Bearish	No change
Apr 24	Initial Jobless Claims	Bearish	Bullish	+2
Apr 21	Housing Market Index	Bearish	Bearish	No change
Apr 21	Money - Zero Maturity	Bearish	Bearish	No change
	Week of 4/25/2008 Net change			+2

4/18/2008

Date	Indicator	Prior release	Latest release	Weighted change
Apr 17	Initial Jobless Claims	Bullish	Bearish	-2
Apr 16	Housing Starts	Bearish	Bearish	No change
Apr 16	CPI	Bullish	Bearish	-3
Apr 16	Capacity Utilization	Bearish	Bullish	+2
Apr 16	Industrial Production	Bearish	Bullish	+3
Apr 15	PPI	Bullish	Bearish	-2
Apr 14	Retail Sales	Bearish	Bullish	+3
	Week of 4/18/2008 Net change			+1

4/10/2008

Date	Indicator	Prior release	Latest release	Weighted change
Apr 10	Trade Balance	Bearish	Bearish	No change
Apr 10	Initial Jobless Claims	Bearish	Bullish	+2
Apr 7	Consumer Credit	Bullish	Bullish	No change
	Week of 4/11/2008 Net change			+2

4/4/2008

Date	Indicator	Prior release	Latest release	Weighted change
Apr 4	Unemployment Rate	Bullish	Bearish	-3
Apr 3	Non-Manufacturing ISM	Bullish	Bullish	No change
Apr 3	Initial Jobless Claims	Bullish	Bearish	-2
Apr 2	Factory Orders	Bearish	Bearish	No change
Apr 1	Agricultural Prices	Bearish	Bearish	No change
Apr 1	Manufacturing ISM	Bearish	Bearish	No change
	Week of 4/4/2008 Net change			-5

3/28/2008

Date	Indicator	Prior release	Latest release	Weighted change
Mar 28	Personal Income	Bearish	Bullish	+2
Mar 27	GDP -Revised	Bearish	Bearish	No change
Mar 27	Initial Jobless Claims	Bearish	Bullish	+2
Mar 26	New Home Sales	Bearish	Bearish	No change
Mar 26	Durable Goods	Bearish	Bearish	No change
	Week of 3/28/2008 Net change			+4

3/20/2008

Date	Indicator	Prior release	Latest release	Weighted change
Mar 20	Initial Jobless Claims	Bullish	Bearish	-2
Mar 18	PPI	Bullish	Bullish	No change
Mar 18	Housing Market Index	Bullish	Bullish	No change
Mar 18	Housing Starts	Bearish	Bearish	No change
Mar 17	Capacity Utilization	Bearish	Bearish	No change
Mar 17	Industrial Production	Bearish	Bearish	No change
Mar 17	Money - Zero Maturity	Bearish	Bearish	No change
	Week of 3/21/2008 Net change			-2

3/14/2008

Date	Indicator	Prior release	Latest release	Weighted change
Mar 14	CPI	Bearish	Bullish	+3
Mar 13	Retail Sales	Bullish	Bearish	-3
Mar 13	Initial Jobless Claims	Bullish	Bullish	No change
Mar 11	Trade Balance	Bullish	Bearish	-3
	Week of 3/14/2008 Net change			-3