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YTD
11.85
8.15
1.91
11.24
11.59
-3.40
1.07
12.05

1 year
18.70
15.32
10.15
18.69
18.01
0.01
0.49
21.55

3-yr. Cum.
72.01
56.89
64.16
68.93
75.63
36.27
8.63
78.60

Yield
2.25
3.06
2.13
6.32

1 week
0.08
0.00
-0.46
-0.14

QTD
1.06
1.02
0.28
1.05

1 year
4.46
6.69
6.76
5.63

3-yr. Cum.
7.96
14.88
14.72
30.96

11/7/14
0.51
2.32
3.04
0.77
0.23
N/A
N/A
4.17
3.25

10/31/14
0.50
2.35
3.07
0.80
0.23
0.09
N/A
4.17
3.25

9/30/14
0.58
2.52
3.21
0.90
0.24
0.08
N/A
4.33
3.25

YTD
5.20
6.68
7.54
4.57
Levels (%)
12/31/13
0.38
3.04
3.96
1.94
0.25
0.29
0.27
4.72
3.25

11/7/13
0.29
2.63
3.71
1.68
0.24
0.23
0.27
4.32
3.25

11/7/11
0.25
2.04
3.05
1.78
0.44
1.50
0.50
4.22
3.25

11/7/14
1.24
1.58
114.97

Commodities
Oil (WTI)
Gasoline
Natural Gas
Gold
Silver
Copper
Corn
DJ/UBS Idx

11/7/14
78.65
2.99
4.01
1155
15.42
6721
3.46
237.00

12/31/13
1.38
1.66
105.11
Levels
12/31/13
98.42
3.33
4.32
1205
19.50
7395
4.10
253.19

0.7

0.8

0.3

0.0

-0.3

-1

30

L 11.6

11.8

11.2

20

M 12.6

10.9

9.5

1.9

1.6

Election Year

Non-Election Year

YTD

-0.4
0.7

-0.1

Energy

2.2

0
Technology

20.7

2.9

Materials

10

Consumer
Discr.

Energy

Telecom

8.4

6.6

Industrials

S&P 500

Materials

11.8

8.6

S&P 500

Telecom

Financials

Technology

13.5

12.0
Financials

Utilities

Industrials
17.0

22.4

23

20

11/7/13
94.20
3.27
3.56
1307
21.75
7119
4.13
247.00

1 week

0.6

23.7

21

11/7/13
1.34
1.60
99.04

Health Care

Consumer
Discr.

0.5

0.4

0.8

0.2

1.0

0.8

0.5

1.3

22

Div. Yld. Mkt. Cap (bn)

1.99
38.17
2.13
N/A
1.31
1.02
1.50
19.71
2.33
22.21
3.08
18.50
2.76
11.66
1.23
3.17
Levels

S&P 500 Sector Returns

Average daily volatility of the S&P 500 during the month before and of elections
24

Currencies
$ per
$ per
per $

1.6

Style Returns

Average VIX Level During Election and Non-Election Years

P/B
2.77
3.02
2.22
5.30
1.86
1.59
1.46
3.33

Consumer
Staples

Chart of the Week

NTM P/E
15.85
14.95
21.37
17.88
14.57
13.89
10.87
19.41

Health Care

The midterm elections have prompted an

uptick in market volatility. This is not out of
line with historical trends. In the month
around elections since 1990, we have seen
a jump in market volatility, measured by
the VIX, as compared to non-election years.
High volatility indicates greater worry over
the future, which the unknown outcome of
elections increases. It is important to
remember, however, that elections and
volatility are constant companions. Greater
worry about the future increases volatility,
but elections themselves create worry over
uncertain outcomes. Election cycles
function on creating worry and
dissatisfaction, which increases fear about
the future. Historically, after the ballots
have been counted and the new political
order is set, investors fear the future less
and volatility falls.

QTD
3.24
3.38
6.60
3.11
3.25
-2.44
-1.63
3.21

2.1

Thought of the Week

Key Rates
2-yr U.S. Treasuries
10-yr U.S. Treasuries
30-yr U.S. Treasuries
10-yr German Bund
3-mo. LIBOR
3-mo. EURIBOR
6-mo. CD rate
30-yr fixed mortgage
Prime Rate

Index Characteristics

1 week
0.77
1.10
0.01
0.46
0.98
-1.01
-2.79
0.11

1.7

Wholesale trade
Initial jobless claims
Retail Sales
Consumer sentiment
Business inventories
JOLTS survey
Federal Budget

Fixed Income
U.S. Aggregate
U.S. Corporates
Municipals (10yr)
High Yield

Index Returns (%)

Level
2032
17574
2916
627.04
626.67
1799
987.65
4633

Consumer
Staples

Equities
S&P 500
Dow Jones 30
Russell 2000
Russell 1000 Growth
Russell 1000 Value
MSCI EAFE
MSCI EM
NASDAQ

25.2

The Week Ahead

Weekly Data Center

Utilities

ISM mfg. 59.0 & non-mfg. 57.1

PMI mfg. & services 55.9 & 57.1
Light vehicle sales 16.3 M
International trade balance -$43.0 B
Factory orders down 0.6% MoM
ADP employment up 230k
Unemployment down to 5.8%
Initial claims 278k
3Q productivity up 2.0%
Payrolls up 214k

1 week

YTD

The Week in Review

November 10, 2014

0.8

Weekly Market Recap

Weekly Market Recap

Chart of the Week: Source: CBOE, Factset, J.P. Morgan Asset Management.
Thought of the week: Source: CBOE, Factset, J.P. Morgan Asset Management.
Equity Price Levels and Returns: All returns represent total return for stated period. Index: S&P 500; provided by:
Standard & Poors. Index: Dow Jones Industrial 30 (The Dow Jones is a price-weighted index composing of 30
widely-traded blue chip stocks.) ; provided by: S&P Dow Jones Indices LLC. Index: Russell 2000; provided by:
Russell Investments. Index: Russell 1000 Growth; provided by: Russell Investments. Index: Russell 1000 Value;
provided by: Russell Investments. Index: MSCI EAFE; provided by: MSCI gross official pricing. Index: MSCI EM;
provided by: MSCI gross official pricing. Index: Nasdaq Composite; provided by: NASDAQ OMX Group.
MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the
developed stock markets of Europe, Australasia, and the Far East.
Bond Returns: All returns represent total return. Index: Barclays US Aggregate; provided by: Barclays Capital.
Index: Barclays Investment Grade Credit; provided by: Barclays Capital. Index: Barclays Municipal Bond 10 Yr;
provided by: Barclays Capital. Index: Barclays Capital High Yield Index; provided by: Barclays Capital.
Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet; 30 Year Treasury, FactSet; 10 Year
German Bund, FactSet. 3 Month LIBOR, British Bankers Association; 3 Month EURIBOR, European Banking
Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage, Mortgage Bankers Association (MBA); Prime Rate:
Federal Reserve.
Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline, FactSet; Natural Gas, FactSet; Silver, FactSet;
Copper, FactSet; Corn, FactSet. Dow Jones UBS Commodity Index, S&P Dow Jones Indicies LLC.
Currency: Dollar per Pound, FactSet; Dollar per Euro, FactSet; Yen per Dollar, FactSet.
S&P Index Characteristics: Dividend yield provided by FactSet Pricing database. Fwd. P/E is a bottom-up weighted
harmonic average using First Call Mean estimates for the "Next 12 Months" (NTM) period. Market cap is a bottomup weighted average based on share information from Compustat and price information from FactSet's Pricing
database as provided by Standard & Poor's.
MSCI Index Characteristics: Dividend yield provided by FactSet Pricing database. Fwd. P/E is a bottom-up
weighted harmonic average for the "Next 12 Months" (NTM) period. Market cap is a bottom- up weighted average
based on share information from MSCI and Price information from FactSet's Pricing database as provided by
MSCI.

November 10, 2014

dividends. The Index used from L to R, top to bottom are: Russell 1000 Value Index (Measures the performance of
those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), S&P 500
Index (Index represents the 500 Large Cap portion of the stock market, and is comprised of 500 stocks as
selected by the S&P Index Committee), Russell 1000 Growth Index (Measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value
Index (Measures the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower
forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities
in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap
companies with higher price-to-book ratios and higher forecasted growth values), Russell 2000 Value Index
(Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower
forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the
Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell 2000 companies with
higher price-to-book ratios and higher forecasted growth values).
Past performance does not guarantee future results.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Opinions and estimates offered constitute our judgment and are subject to change without notice, as are
statements of financial market trends, which are based on current market conditions. We believe the information
provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an
offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may
not be suitable for all investors. This material has been prepared for informational purposes only, and is not
intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns
are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained
herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a
recommendation.
The price of equity securities may rise or fall because of changes in the broad market or changes in a company's
financial condition, sometimes rapidly or unpredictably. International investing involves a greater degree of risk
and increased volatility. There is no guarantee that companies that can issue dividends will declare, continue to
pay, or increase dividends. Investments in commodities may have greater volatility than investments in
traditional securities, particularly if the instruments involve leverage.
JPMorgan Distribution Services, Inc., member of FINRA/SIPC.

Russell 1000 Value Index, Russell 1000 Growth Index, and Russell 2000 Index Characteristics: Trailing P/E is
provided directly by Russell. Fwd. P/E is a bottom-up weighted harmonic average using First Call Mean estimates
for the "Next 12 Months" (NTM) period. Market cap is a bottom-up weighted average based on share information
from Compustat and price information from FactSet's Pricing database as provided by Russell.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase
& Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital
Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. and JPMorgan Asset
Management (Canada) Inc.

Sector Returns: Sectors are based on the GICS methodology. Return data are calculated by FactSet using
constituents and weights as provided by Standard & Poors. Returns are cumulative total return for stated period,
including reinvestment of dividends.

JPMorgan Chase & Co., November 2014.

Style Returns: Style box returns based on Russell Indexes with the exception of the Large-Cap Blend box, which
reflects the S&P 500 Index. All values are cumulative total return for stated period including the reinvestment of

Unless otherwise stated, all data is as of November 7, 2014 or as of most recently available.