June 27, 2014

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VALUATION WARNING: Our models find that overvaluation is at levels
typically seen hen mar!et pull"ac!s occur# Overvalued stoc!s no ma!e
up $%& of our stoc!s assi'ned a valuation and ()& of those e*uities are
calculated to "e overvalued "y +,& or more# ALL sectors are calculated to
"e overvalued--fourteen "y dou"le di'its#
MARKET OVERVIEW
Inde. /tarted ee! 0riday A1 2han'e 2han'e & ytd
34IA %&'(&") %&*+*"* -55$#$ -,#67& 5#%+&
NA/3A8 (,&*"'& (,*+"-% 5(#,% ,#(,& )#7+&
RU//9LL +,,, %%*'"(. %%*%")( -$#7( -,#6$& 5#%)&
/:; %,, %'&+"'+ %')&"*, -6#,7 -,#(5& %#<$&
/ummary of V9 /toc! Universe
/toc!s Undervalued +)#<%&
/toc!s Overvalued $%#5%&
/toc!s Undervalued "y +,& $#$$&
/toc!s Overvalued "y +,& ()#,,&
SECTOR OVERVIEW
/ector 2han'e 1T3 =T3 Valuation Last 5+-1
Return
;>9
Ratio
Aerospace --",&/ --"%./ %"*'/ %+",(/ overvalued ,&"''/ %'"')
Auto-Tires-Truc!s --"+(/ %"'%/ )"',/ ++"%&/ overvalued ,%"-./ %."-*
?asic 1aterials --"%*/ ("%%/ )"+)/ )",,/ overvalued %("&*/ +.",
?usiness /ervices --")(/ %".(/ --"('/ %-"'+/ overvalued ,-"+%/ +&"&(
2omputer and Technolo'y -"%-/ ,"'-/ ("&)/ %&"*(/ overvalued +,"*'/ ,%"*%
2onstruction -")'/ +"+*/ +"*%/ &".,/ overvalued +,".'/ +("%*
2onsumer 3iscretionary --"%+/ %",&/ -+"&'/ %+"*,/ overvalued +("%-/ +'"%%
2onsumer /taples --"(-/ -".-/ ("--/ %'"('/ overvalued +&"-./ +("%.
0inance --"-(/ %"&,/ ,",+/ %,",%/ overvalued %)"*%/ %*"%+
Industrial ;roducts --"%%/ ,"-+/ %",)/ %,"*./ overvalued +)".,/ +,"&)
1edical --"+-/ ("-'/ %-"&-/ +%",)/ overvalued ,'")%/ +'"+)
1ulti-/ector 2on'lomerates -"(+/ +"%,/ ("+*/ %*"&./ overvalued +-"'+/ +-".'
Oils-9ner'y -"+'/ ("&-/ %+"+*/ %*")'/ overvalued ,%"-%/ ,-"(.
Retail-Wholesale --"-%/ %"-./ -,"&%/ %%")-/ overvalued %,")*/ +)"(.
Transportation --"%,/ %"*%/ )")+/ +,"%./ overvalued ,&"&%/ +("&)
Utilities -"-(/ +"*+/ *"%+/ %("-)/ overvalued +)".&/ +%"+%
ValuEngine Newslettes !atest Results
V9 Nesletter 2urrent 1onth Total /:; %,, Last 1onth Total /:; %,, /ince
Inception
/:;
%,,
0orecast 1N/ 5#%7 5#5+ -(#7< +#<, <6#(( 55+#5+
3ividend /toc! -,#%% -,#56 %#5< (#$5 +5#$% +6#)(
/mall 2ap /toc! -,#6% ,#,, )#+( (#$< (5#<( )5#+7
Vie +#<) ,#7, 7#+( (#67 557#6% $5#)<
Se"t# Tal$%In&ustial '#&u"ts
Below, we present the latest data on leading Industrial Products Sector stocks
from our Institutional software package (VEI. These results were filtered by market
price and volume--no results below !"share or less than #$$k shares"day volume.
Top-0ive Industrial ;roducts /ector /toc!s--/hort-Term 0orecast Returns
Tic!er Name 1!t ;rice Valuation@&A Last 5+-1
Retn@&A
U9;/ 0ET % 1E23 TE45 %%"%) -("*& &-"+
;BG 264768I08 49:2 .-"'( -,"(* ()"&.
A22O 6449 ;:60<3 42 &"+& -%-")+ -%").
U/TR 1T< 3T6TI90E:3 (-"+) ,"%' +-"+'
1I33 =I<<>E;? 49:2 +(("-' -*"-. (("&
Top-0ive Industrial ;roducts /ector /toc!s--Lon'-Term 0orecast Returns
Tic!er Name 1!t ;rice Valuation@&A Last 5+-1
Retn@&A
U9;/ 0ET % 1E23 TE45 %%"%) -("*& &-"+
;BG 264768I08 49:2 .-"'( -,"(* ()"&.
A22O 6449 ;:60<3 42 &"+& -%-")+ -%").
U/TR 1T< 3T6TI90E:3 (-"+) ,"%' +-"+'
1I33 =I<<>E;? 49:2 +(("-' -*"-. (("&
Top-0ive Industrial ;roducts /ector /toc!s--2omposite /core
Tic!er Name 1!t ;rice Valuation@&A Last 5+-1
Retn@&A
U9;/ 0ET % 1E23 TE45 %%"%) -("*& &-"+
;BG 264768I08 49:2 .-"'( -,"(* ()"&.
39 <EE:E @ 49 '-"(% (",( %-"-)
1I33 =I<<>E;? 49:2 +(("-' -*"-. (("&
U/TR 1T< 3T6TI90E:3 (-"+) ,"%' +-"+'
Top-0ive Industrial ;roducts /ector /toc!s--1ost Overvalued
Tic!er Name 1!t ;rice Valuation@&A Last 5+-1
Retn@&A
NN?R 00 I04 +)".. %+-"(* %(,").
N;O E02:9 I0<13 I04 .,"+, **".* ('"%(
COLI 59>>?3?3 61T9=T +,",, .+"%* '%"+,
1INI =9;I>E =I0I I04 (*")+ .%",% )%"),
4?T A950 ;E60 TE45 ,-",& ))"-. ((")
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(ee )#wnl#a& *# Rea&es
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,$W#&$(, of one of our Stock .eports
%eri&on 'ommunications, formed by the merger of Bell (tlantic and )T*, is one of the
world+s leading providers of high-growth communications services. %eri&on
companies are the largest providers of wireline and wireless communications in the
,nited States. %eri&on is also the world+s largest provider of print and on-line directory
information.
%alu*ngine continues its B,- recommendation on %*.I/01 '022 for 3$#4-$5-35.
Based on the information we have gathered and our resulting research, we feel that
%*.I/01 '022 has the probability to 0,TP*.60.2 average market performance
for the ne7t year. The company e7hibits (TT.('TI%* 'ompany Si&e and %olatility.
(s a 0onus to our #ewsletter readers,
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..Valu9n'ine Vie ;osts Cu'e GainD Almost Triples /; %,, for 1onth
The 8ury is still out on the 9Sell in 2ay and )o (way: ma7im this Summer, but the
warmer weather certainly hasn+t cooled off the %alu*ngine %iew+s performance. 6or
2ay";une, the %alu*ngine %iew returned to its winning ways with a great month, <e
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met with even stronger results from our picks. 0ur portfolio posted a big gain in e7cess
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Return 2omparison vs# /:; %,,
Last 5+ 1onths
VE View ,,"((/
3@2 )-- %.")./
<e had twelve winners this monthCwith five one of them posting double-digit
gains. Dannett posted a big gain of almost 3?> and was followed by 'anadian Solar,
2icron Tech, Synne7, and Brocade. Dosses were minor from (mtrust, )ielad, and
)ente7Cnone of which topped 4>.
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Here are the latest results from May/June 2014:
/ym"ol 2ompany Name
9ntry
;rice
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9.it ;rice 2han'e &2han'e
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A1TRU/T 0INAN2IAL
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<#)$ 7#) ,#7( 5,#7<
2/I8 2ANA3IAN /OLAR ++#)5 +$#7< %#%$ +)#<%
GIL3 GIL9A3 /2I9N29/ <5#5) $7#$7 -5#(% -5#66
GNTE G9NT9E 2OR; +<#<7 +<#6% -,#+) -,#<(
CII CUNTINGTON INGALL/ 7%#,( 7<#<5 (#$< (#7<
B/ BA;/TON9 ;A;9R +<#,7 (,#$( +#6) 7#),
/ym"ol 2ompany Name 9ntry
;rice
%>+5>5)
9.it ;rice 2han'e &2han'e
L2I LANN9TT IN2 (6#$5 )$#+ 5,#)7 +<#%<
L=? L=ON39LL ?A/9L-A 7$ 7<#$< 5#$< 5#<)
19OC 19TCAN9E 2OR; %$#(% 6,#7% (#6 6#+<
1U 1I2RON T92C +6#%% (+#+% %#$ +5#)$
/NE /=NN9E 2OR; 65#)( $5#)5 7#7< 56#+%
/;R /;IRIT A9RO/=/T91/ (5#%7 ((#65 +#,+ 6#(7
U;L ULTRA ;9TROL9U1 2; +6#<5 +7#57 +#(< <#<<
V9 VI9W ;ORT0OLIO 7#+(
G/;2 /:;%,, 5<$+#<( 57(6#56 6(#(( (#(<
2lic! C9R9 for a 0R99 /A1;L9 I//U9
The %alu*ngine %iew 1ewsletter is derived from the %alu*ngine (ggressive and
Eiversified )rowth Benchmark Portfolio Strategies. These strategies are the product of
%alu*ngine+s academic
research team and combine
cutting-edge financial
analysis and portfolio
construction techniFues with
real-world <all St. know how.

2LI2B C9R9 to /u"scri"e to
the Valu9n'ine Vie
The %alu*ngine %iew 1ewsletter portfolio has #A primary stock picks and five
alternates and is re-balanced once each month. The %alu*ngine %iew 1ewsletter is
published near the middle of each calendar month. (n eFual amount of capital is
allocated to each stock. The monthly returns are calculated from the closing prices
on date of publication. The performance calculation does not include any
transaction costs.
Sutt/eie Sa0s
""1ommentary and (nalysis from 1hief Market Strategist
.ichard Suttmeier
If you have any co!!ents or "uestions, sen# the! to
Rsutt!eier$%!ail&co!
'reasury (iel#s
#$--ear--G3.A3?H Eaily and monthly value levels are 3.A=5 and 3.B$= with weekly,
Fuarterly, annual and semiannual risky levels at 3.4=4, 3., 3.35, #.=B and #.BB?.
$--ear Bond I G.A5H Eaily and monthly value levels are .43= and .4?3 with
weekly, Fuarterly, annual and semiannual risky levels at .5#, .$A, .3=, .##4,
.#$B and 3.534.
Co!!o#ities an# )ore*
'ome7 )old IG!##B.#H <eekly, Fuarterly and monthly value levels are !#3B3.3,
!#3#A.B and !#3$?.5 with daily, semiannual, annual and semiannual risky levels at
!#44.5, !#B#$.5, !#B4B.4, !#=#=.= and !#=AB.#.
1yme7 'rude 0il I G!#$A.53H 2onthly and Fuarterly value levels are !?5.A? and !=?.4$
with semiannual, daily and weekly pivots at !#$4.?B, !#$A.4? and !#$5.4=, and annual
risky level at !#$B.A3.
The *uro I G#.5$?H <eekly, annual, Fuarterly and semiannual value levels are #.4?$,
#.=3, #.#=A and #.3543 with a daily pivot at #.53B and monthly and annual risky
levels at #.= and #.AA#3.
+a,or In#ices
Eaily EowJ G#5=45H Kuarterly, semiannual and annual value levels are
#5453, #534A, #4=A and #45B with a semiannual pivot at #5=5$, the ;une
3$ all-time intraday high at #5?B=.$3 and daily, weekly and monthly risky
levels at #5?B4, #B$=4 and #B4B#.
S@P A$$ I G#?AB.3H Kuarterly, semiannual and annual value levels are
#=A.A, #B?B., #B54.4, #A?.# and #443.# with the ;une 34 all-time intraday
high at #?5=.#B and daily, weekly and monthly risky levels at #?BA.#, #?BA.$
and 3$3$.B.
1(SE(K I G4B?H Kuarterly, semiannual and annual value levels are 4$?,
?$, ?3$, 4B# and $5 with the ;une 34 multiyear intraday high at
4??.=B and weekly, daily and monthly risky levels at 4=B, 44$? and 4A3.
1(SE(K #$$ G1ELH I G=3BH Semiannual, Fuarterly and annual value levels
are 4A5, 434, $B= and 355? with the ;une 34 multiyear intraday high at
=B.#B, and daily, weekly and monthly risky levels at =B, =B# and ?55.
Eow Transports I G=#A$H Kuarterly, semiannual, and annual value levels are
B4$B, BB5, B34A, 534? and A?A with the ;une ? all-time intraday high at
=3A5.B? and daily, weekly and monthly risky levels at =3B5, =4#= and =45.
.ussell 3$$$ I G##=$.B#H Kuarterly, weekly, semiannual and annual value
levels are ##5?.33, ##55.=, ###.B$, ##.3?, ##$.B?, ?55.B3 and =B?.? with
a daily risky level at ##?5.4$, the 2arch 4 all-time intraday high at #3#3.=3
and monthly risky level at #3#.5=.
The S0L I G53=.3=H 2onthly, semiannual, Fuarterly and annual value levels
are 53#.?$, A4=.5, A$B.#?, 4?$.A3, B#.A= and B.B4 with the ;une 34
multiyear intraday high at 5B.?# and daily and weekly risky levels at 53.==
and 5A.$4.
Eow ,tilitiesJ GA5?.??H 2onthly, weekly, Fuarterly, semiannual and annual
value levels are AAB.3, A43.?=, A3=.#$, A34.B, A$4.B4 and 4?B.A, with the
;une #? all-time intraday high at AB$.#3 and daily risky level at AB?.B?.
-tock of the .ay
Payche7 GP(-LH I G!4#.#H Payche7, Inc. is a national provider of payroll, human
resource, and employee benefit outsourcing solutions for small-to medium-si&ed
businesses. The company has two reportable business segmentsJ Payroll and
Muman .esource Services and Professional *mployer 0rgani&ation. Payche7+s
Payroll segment is a national payroll processing and payroll ta7 preparation
service provided to small-to medium-si&ed business. The Professional *mployer
0rgani&ation segment provides human resource products and services.
(nalysis I Payche7 has a Mold rating according to %alu*ngine and is #$.4B>
overvalued with fair value at !B.4B and its one-year price target is !4$.?4. The
daily chart shows declining stochastics with the stock above its 3#-day and A$-
day simple moving averages at !4#.#B and !4#.$ but below its 3$$-day simple
moving average at !4#.?=. Semiannual and annual value levels are !B.AA and
!.B5 with weekly and monthly risky levels at !43.3A and !43.5.

.ichard Suttmeier has been a professional in the ,S 'apital 2arkets since #?B3
transferring his engineering skills to the trading and investment world. Me earned a
Bachelor of Industrial *ngineering degree from )eorgia Institute of Technology in
#?55, and a 2aster of Science, 0perations .esearch, Systems (nalysis degree from
Brooklyn Polytechnic ,niversity in #?B$. 0ver the years .ichard appeared many times
in the financial media, on networks such as '1B', '11, '11fn, 1ew -ork #,
Bloomberg T% and radio, 6o7 Business, Business 1ews 1etwork in 'anada, <all Street
<eek with 6ortune, -ahoo 6inance Breakout, and the Bill 2a&er .adio Show. .ichard
has been freFuently Fuoted in ,S( Today, The 1- Times, <all Street ;ournal, .euters,
and The Eow ;ones 1ewswires.
With Richard /uttmeierFs
1ornin' ?riefin'D you 'et
daily analysis of U/
Treasury =ieldsD GoldD
2rude OilD and 2urrency
9.chan'e Rates--3ollarD
=enD ;oundD and 9uro--as
ell as !ey technical
indicators for the maGor
e*uity avera'es#
2lic! C9R9 to /i'n
Up for 2hief 1ar!et
/trate'ist Richard
/uttmeierFs
1ornin' ?riefin'H