This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

EU PLAN

• Treaty Changes

• ECB Mandated

EURO REVERSES

• YEN Carry Unwind Slows/ Reverses

US$ WEAKENS

• Flight To Safety Reverses

• "RISK" On

MARKETS RALLY

• "They are going to Print the Money" Rally

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

PREVIOUS CURRENT

BANKING RISK - LIBOR-OIS SPREAD 7 8

CREDIT RISK - GLOBAL CREDIT DEFAULT SWAPS 6 7

CREDIT RISK - EU CREDIT DEFAULT SWAPS 8 9

CONSUMER RISK - HOUSING - RATE OF CHANGE 7 8

ECONOMIC RISK - ECRI LEADING INDEX 6 8

INFLATION RISK - MONEY SUPPLY GROWTH - M3 4 5

INFLATION RISK - MONEY VELOCITY 4 4

MONETARY RISK - BANK LIABILITIES 7 8

COST OF MONEY RISK - INTEREST RATES 5 1

Average (1 = Low Risk, 10 = High Risk) 6.00 6.44

ANYTHING OVER 5 SHOULD BE CONSIDERED SERIOUSLY ELEVATED

TRANSITIONING TO RISK-OFF

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

DISCLOSURE STATEMENT AND TERMS OF USE

THE CONTENT OF THIS SLIDE PRESENTATION AND ITS ACCOMPANYING RECORDED AUDIO DISCUSSION ARE INTENDED FOR EDUCATIONAL PURPOSES ONLY.

This slide presentation and its accompanying recorded audio discussion are not a solicitation to trade or invest, and any analysis is the opinion of the author and is not to be used or relied upon as investment advice. Trading and investing can involve substantial risk of loss. Past performance is no guarantee of future returns/results. Commentary is only the opinions of the authors and should not to be used for investment decisions. You must carefully examine the risks associated with investing of any sort and whether investment programs are suitable for you. You should never invest or consider investments without a complete set of disclosure documents, and should consider the risks prior to investing. This slide presentation and its accompanying recorded audio discussion are not in any way a substitution for disclosure. Suitability of investing decisions rests solely with the investor. Your acknowledgement of this Disclosure and Term of Use Statement is a condition of access to it. Furthermore, any investments you may make are your sole responsibility.

THERE IS RISK OF LOSS IN TRADING AND INVESTING OF ANY KIND. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

This chart is from the December 2011 Market Analytics & Technical Analysis Report

December 5th, 2011

Santa Claus Rally – Has it already happened?