eResearch Corporation 78 Cameron Crescent, Suite 202 Toronto, Ontario M4G 2A3

www.eresearch.ca

Technical Seasonalities

eResearch Corporation is pleased to provide technical opinions on the market from a

seasonality standpoint, courtesy of Equity Clock, a division of the Tech Talk Financial

Network.eResearch also posts, daily, the regular technical opinions provided by affiliate:

Tech Talk: TimingTheMarket.

Equity Clock (www.equityclock.com) is a market analysis company that provides,

completely FREE, technical, fundamental and seasonality analysis on a daily basis via

TimingTheMarkets.com and EquityClock.com.Equity Clock’s mission is to identify

periods of re-occurring strength among individual equities in the market using methodologies presented by some of the top analysts in the industry, including those of

Donald Vialoux, author of TimingTheMarkets.com.

Donald Vialoux, co-founder of Tech Talk, is a past president and director of the Canadian

Society of Technical Analysts (CSTA). He holds the designation of Chartered Market

Technician (CMT).

Mr. Vialoux has 45 years of experience in the investment industry, including prominent positions

held at Richardson Greenshields and RBC Investments. He is the author of a daily letter on

equity markets, which is available free at TimingTheMarket.ca.

Mr. Vialoux is also the author of a weekly column published at GlobeAndMail.com that

combines technical, fundamental, and seasonality analysis. He is a frequent presenter on

Business News Network (BNN) Television. Mr. Vialoux also offers advice to the Horizons

Seasonal Rotation ETF (HAC).

eResearch was established in 2000 as Canada's first equity issuer-sponsored research organization. Our various research packages allow corporate management to choose the form of research coverage that best meets their company’s needs. We are a primary source for professional investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential to reach millions of global investors through our extensive electronic distribution network. Bob Weir, CFA: Director of Research

Note: All of the comments, views, opinions, suggestions, recommendations, etc., contained in the

TechTalk/Timing The Market articles, reports, files, documents, essays, etc., and which are distributed

by eResearch Corporation, are strictly those of TechTalk/Timing The Market and do not necessarily

reflect those of eResearch Corporation.

Equity Clock: Seasonality Analysis June 29, 2015

Equity Clock Stock Market Outlook

eResearch Corporation ~ 2 ~ www.eresearch.ca

Stock Market Outlook for Monday, June 29, 2015

Headline: Watch support at 2070 on the S&P 500 Index

The Markets Stocks ended lower on Friday as investors continued to weigh the risks posed by the

situation in Greece. Looking at the S&P 500 Index, resistance is becoming increasing apparent at 2130, while support continues to be tested around 2070. This level of support may be tested once again during Monday’s session following news that Greece

has imposed capital controls as the deadline to repay its debt to the IMF quickly approaches.

A close below 2070 would confirm a bearish head-and-shoulders topping pattern, which

projects downside potential to around 2020. A negative momentum divergence with respect to MACD is increasing the downside potential as investors show their reluctance in buying the market near the recent all-time highs. A correction certainly appears due.

Equity Clock Stock Market Outlook

eResearch Corporation ~ 3 ~ www.eresearch.ca

The negative shift in the equity market is being realized precisely during the time of year when stocks typically drift higher into the start of the second quarter earnings season, which begins in a couple of weeks. Over the past 20 years, the S&P 500 Index

has gained an average of 1.22% between June 27th and July 17th, benefitting from the low volume trading environment that follows the start of the summer season.

Clearly, the fundamentals of the day are overwhelming this typically positive bias that

starts the second half of the year. But, near-term volatility may still lead to appealing buying opportunities for those summer seasonal trades. Trades in agriculture and healthcare can add value to portfolios during the late summer volatility, while Gold can

act as an effective portfolio hedge should volatility become really escalated.

<continued>

Equity Clock Stock Market Outlook

eResearch Corporation ~ 4 ~ www.eresearch.ca

The Volatility Index (VIX) has been showing signs of basing around 12 over the past few months, typically a level to become cautious in equity positions. The VIX seasonally gains between the start of July and the middle of October.

<continued>

Equity Clock Stock Market Outlook

eResearch Corporation ~ 5 ~ www.eresearch.ca

Put-Call Ratio Sentiment on Friday, as gauged by the put-call ratio, ended bearish at 1.06.

Seasonal charts A. Stocks Entering Period of Seasonal Strength Today

The Procter & Gamble Company (NYSE:PG) Seasonal Chart

Equity Clock Stock Market Outlook

eResearch Corporation ~ 6 ~ www.eresearch.ca

B. Seasonal Charts of Companies Reporting Earnings Today

Equity Clock Stock Market Outlook

eResearch Corporation ~ 7 ~ www.eresearch.ca

<continued>

Equity Clock Stock Market Outlook

eResearch Corporation ~ 8 ~ www.eresearch.ca

S&P 500 Index

Equity Clock Stock Market Outlook

eResearch Corporation ~ 9 ~ www.eresearch.ca

TSE Composite

Equity Clock Stock Market Outlook

eResearch Corporation ~ 10 ~ www.eresearch.ca

Horizons Seasonal Rotation ETF (TSX: HAC) ● Closing Market Value: $16.13 (down 0.12%)

● Closing NAV/Unit: $16.12 (down 0.13%)

Performance*

2015

Year-to-Date

Since Inception

(Nov. 19, 2009)

HAC.TO 6.54% 61.2%

* performance calculated on Closing NAV/Unit as provided by custodian

Click Here to learn more about the proprietary, seasonal rotation investment strategy developed by research analysts Don Vialoux, Brooke Thackray, and Jon Vialoux.

Special Free Services Available through www.equityclock.com Equityclock.com is offering free access to a data base showing seasonal studies on individual stocks and sectors. The data base holds seasonality studies on over 1000 big

and moderate cap securities and indices. Notice that most of the seasonality charts have been updated recently.

To login, simply go to http://www.equityclock.com/charts/

##########

BW: Information on Equity Clock is provided on the ensuing page.

Equity Clock Stock Market Outlook

eResearch Corporation ~ 11 ~ www.eresearch.ca

Equity Clock is a division of the Tech Talk Financial Network, a market analysis

company that provides technical, fundamental, and seasonality analysis on a daily

basis via TimingTheMarkets.com and EquityClock.com.

Equity Clock’s mission is to identify periods of reoccurring strength among

individual equities in the market using methodologies presented by some of the top

analysts in the industry, including that of Don Vialoux, author of

TimingTheMarkets.com.

Feel free to use any of the content or seasonality studies (charts, timelines, or

otherwise) presented as long as a link-back to this site at EquityClock.com is

provided.

For further information on indicators used in reports presented on this site, please

visit our reference page.

Equity Clock Website:www.equityclock.com

Horizons AlphaPro Seasonal Rotation ETF (HAC)

Interested in the methodologies and strategies presented by Tech Talk? The

Horizons AlphaPro Seasonal Rotation ETF (trading on the Toronto Stock Exchange

under symbol HAC) uses a proprietary, seasonal rotation investment strategy

developed by research analysts Don Vialoux and Brooke Thackray. The strategy’s

core position consists of broad markets at seasonally favourable times of the year

and money market securities at seasonally unfavourable times of the year. The

strategy allocates from the core portfolio to various sectors when those sectors

offer favourable opportunities. Rotating a portfolio in anticipation of these

opportunities is designed to deliver returns that are superior to a static investment

in broad markets. As seasonal periods are never the same, this investment strategy

is supported by additional fundamental and technical analysis.

For more information, Click Here.

############