November 8, 2013

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VALUATION WARNING: Our models find that o er aluation is at le els t!"icall! seen #hen mar$et "ull%ac$s occur. O er alued stoc$s no# ma$e u" &'.(() of our stoc$s assigned a aluation and *(.+&) of those e,uities are calculated to %e o er alued %! -.) or more. ALL sectors are calculated to %e o er alued/'0 of them %! dou%le digits. MARKET OVERVIEW

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Se%#or Tal&'Mul# (Se%#or Conglomera#e"

Below, we present the latest data on leading Multi-Sector Conglomerates 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.

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Find out what Wall Street Investment and Media Professionals already know, ValuEngine offers sophisticated stock valuation and forecast research as well as a variety of portfolio screening and creation tools If you are reading this you should sign up for ValuEngine!s award"winning To 8ign U" for a stock valuation and forecast @REE TRIALE service ;lease 2lic$ DERE #$ $%&I'()I$#, *+ ,(F.EE ).I(&/

)ree *o!nloa+ ,or Rea+er"

(s a 0onus to our Free Weekly #ewsletter su0scri0ers, we are offering a F.EE ,$W#&$(, of one of our Stock .eports This week%s free download is for &C'() *)T*+,+&S*S -&*,.. &C'() *)T*+,+&S*S /.,., formerly 'merican +eal *state ,artners, /.,., is a diversified holding company engaged in a variety of businesses. Their businesses currently include investment management, metals, real estate and home fashion. &cahn *nterprises /.,. is a 0elaware master limited partnership. 1alu*ngine continues its ST+2)3 B45 recommendation on &C'() *)T*+,+&S for 6$# -##-$7. Based on the information we have gathered and our resulting research, we feel that &C'() *)T*+,+&S has the probability to 24T,*+82+M average market performance for the ne9t year. The company e9hibits 'TT+'CT&1* Momentum and Company Si:e. .ead our Summary .eport on Icahn Enterprises DERE.

W-a#." /o#
"" Valuations .each Very 1igh &evels
The 1alu*ngine 1aluation Model tracks more than ;$$$ 4S e<uities, '0+s, and foreign stock which trade on 4S e9changes. =hen *,S estimates are available for a given e<uity, our model calculates a level of mispricing or valuation percentage for that e<uity based on earnings estimates and what the stock should be worth if the market were totally rational and efficient--an academic e9ercise to be sure, but one which allows for useful comparisons between e<uities, sectors, and industries. 4sing our 1aluation Model, we can currently assign a 1* valuation calculation to more than >$$ stocks. =e combine all of the e<uities with a valuation calculation to track market valuation figures and use them as a metric for making calls about the overall state of the market. Two factors can lower these figures-- a market pullback, or a significant rise in *,S estimates. =henever we see overvaluation levels in e9cess of ? >@A for the overall universe and"or 67A for the overvalued by 6$A or more categories, we issue a valuation warning. =e issued our latest valuation warning on May ;th. 't that time, the SB, was at #>6@. 's of yesterday%s close, we now calculate that almost ;6A of stocks are overvalued and C7A of stocks are overvalued by 6$A or more. These are the highest readings we can recall. Combine this with the fact that '// sectors are now calculated to be overvalued--#@ of them by double-digit margins--and we find that the market is really getting overheated in relation to current earnings levels. =e thus remind investors once again that now is no time to get complacent. &n the past, overvaluation levels this high have correlated fairly well to market pull backs. 2f course, those figures were not posted in an era of D* on the part of the 8ed, and they were not posted in this sort of economic recovery. =e believe the recovery still has room to run barring some sort of self-inflicted budgetary nonsense from =ashington,. =e also believe that 8ed nominee 5ellen will pay more than lip service to the 8ed%s 2T(*+ mandate--employment. The market remains the only real game in town as far as returns go these days, and we are getting some &,2 mania reminiscent of a happier time as well. These factors should allow the bull to run further, but still, overvaluation in e9cess of ;$A is truly unprecedented. Investors are reminded to remain cautious against a move to the downside. Keep a close eye on the market, set some stop losses to preserve gains, and consider booking some profits. !ubscribers "et #$LL %CCE!! to our &arket an' !ector (verviews

The chart below tracks the valuation metrics from Eanuary 6$# until today.

This chart shows overall universe under and over valuation in e9cess of @$A vs the SB, @$$ from Eune 6$#6 to the present.

This chart shows overall universe under and over valuation in e9cess of @$A vs the SB, @$$ from March 6$$7 to the present.

&n addition to the overall valuation metrics, we see that on a sector basis '// sectors are calculated to be overvalued. &n the past, our Chief Market Strategist +ichard Suttmeier has used the sector valuation figures to buttress his macro market calls. This is another indicator that investors should consider implementing additional risk management tools and/or booking some profits.

))ValuEngine (warded %ES) $F )1E #E) 0y ((II

The 'merican 'ssociation of &ndividual &nvestors -''&&. was founded in #F7; by 0r. Eames Cloonan. &ts purpose is to distill current financial theory and academic knowledge in a manner which allows its members to beat the market. &n short, ''&&%s philosophy and membership base is a perfect match for 1alu*ngine%s various newsletters, website services, and other products. 1alu*ngine clients access proprietary stock valuation data on more than C$$$ 4S e<uities in addition to forecast and ratings for more than ;$$$ stocks. They can also purchase ready-made portfolios based on all of our data which are designed to fit a variety of investment styles and risk"reward profiles.

1alu*ngine is always searching for self-directed investors who recogni:e the value of our services--Gust like the members of ''&&, and for that reason we are proud to announce that we were recently selected one of ''&&%s HBest of the )et 6$# H website services for stock valuations. ''&& notes thatI =hile it is easy to find the current price of a stock, deciding whether the market is undervaluing or overvaluing the stock is a challenge. Stock valuation and ratings websites will typically offer an intrinsic value estimate based on future cash flows, growth rates, market conditions or a combination of several fundamental and risk factors. . . . The top valuation sites allow the user to specify underlying fundamental assumptions based on their own research. &t is important to note that in an era of free content, apps, and services, 1alu*ngine was the only fee-based service to win a stock valuation award from ''&&, and that this is not the first time we have been honored by ''&& for our services. 1alu*ngine has won HBest of the )etH for many years in-a-row. 1alu*ngine C*2 ,aul (enneman noted that Has a company 1alu*ngine%s founding principles-- to meld cutting-edge academic theory with the best =all St. real-world practices-- have always found favor with knowledgeable investors in search of obGective and agenda-free market research. So, we are pleased to be recogni:ed by ''&& for yet another year.H 1alu*ngine%s ''&& HBest of the )etH award for stock valuation comes on the heels of recent recognition from B)5 Eaywalk for HBest Stock Calls of D6 6$# .H

Su##me er Sa0"
""2ommentary and (nalysis from 2hief Market Strategist .ichard Suttmeier
If you have any co**ents or +uestions, sen' the* to Rsutt*eier,"*ail-co* .reasury /iel's #$-5ear---6.>$C. 0aily, monthly and semiannual value levels are 6.>> , 6.;6F and .667 with annual, weekly, <uarterly and annual risky levels at 6.C7>, 6. ;$, 6.6@6 and #.F;#.

Co**o'ities an' #ore0 Come9 3old J-# $>.@. 0aily, weekly and monthly value levels are !#6;7.>, !#6C;.6 and !##7#.; with <uarterly and annual risky levels at !#C @.>, !#@FF.F and !#;@6.#. )yme9 Crude 2il J -!FC. $. 0aily and weekly value levels are !F#.;> and !F#.F@ with monthly, semiannual, <uarterly and annual risky levels at !#$@.$C, !#$F.;C, !##C. > and !##@.6 . The *uro J -#. C#@. 0aily, monthly, annual, <uarterly and semiannual value levels are #. $ , #. C6;, #. 6@7, #.6;$@, #.67@> and #.6C77 with weekly and annual risky levels at #. F# and #.C6F@. &a1or In'ices 0aily 0owI -#@,@FC. Semiannual and annual value levels are #C,76C and #6,>F> with a daily pivot at #@,>;7, the )ov. 7 all-time high at #@,7F7.>;, and weekly, monthly, semiannual and <uarterly risky levels at #@,;77, #>,#>6, #>,CF$ and #>,77@. SB, @$$ J -#7C7.$. Semiannual and annual value levels are #>$>.F, #C$$.7 and # C;. with a semiannual and daily pivots at #7C .@ and #7>6.C, the 2ct. $ all-time high at #77@.66, and weekly, monthly and <uarterly risky levels at #7F#. , #;$6.$ and #;@ .;. )'S0'D J - ;@7. Semiannual and annual value levels are 7@F, >>; and 6;$> with a daily pivot at ;F , the 2ct. $ multi-year high at F>>.7#, and monthly, weekly and <uarterly risky levels at C$#C, C$6C and C$6@. )'S0'D #$$ -)0K. J - 6#. Semiannual and annual value levels are $C and 6C> with a daily pivot at @F, the 2ct. $ multi-year high at C$;.>7, and monthly, weekly and <uarterly risky levels at C6@, CC> and C77. 0ow Transports J ->FC#. 'nnual value levels are @F6@ and @C>F with monthly, semiannual and daily pivots at >F67, 7#$C and 7$#C, the )ov. C all time high at 7# #.;$, and weekly and <uarterly risky levels at 7#;> and 76$@.

+ussell 6$$$ J -#$7F.76. 'nnual value levels are ;>$.6@ and ;$F.@C with daily and semiannual pivot at #$;C.67 and #$;F.C6, the 2ct. $ all time high at ##6 .6>, and monthly, weekly and <uarterly risky levels at ## .#C, ##C@. C and ##> .6#. The S2K J -CF@.6$. My annual value level is ;.$ with a daily pivot at @$>.6C, the 2ct. # multi-year high at @#$.#7, and monthly, weekly, <uarterly and semiannual risky level at @#F.76, @6$.>C, @#C.;7 and @ .@>. 0ow 4tilitiesI -@$ .@>. My semiannual value level is C;#.F6 with a daily pivot at @$ .$F, and weekly, monthly, <uarterly, semiannual and annual risky levels at @#$.> , @#C.>6, @6$.@@, @6 . and @C$. 7.

!tock of the 2ay

2ne of the more popular features of +ichard Suttmeier%s Morning Briefing for investors is his stock of the day. &n every issue, Suttmeier highlights one stock and provides 1* data as well as his own proprietary technical data. (ere is today%s stock of the day from +ichard Suttmeier%s Morning Briefing )ewsletter. 0 + (orton -0(&. J -!#;.@6. 0.+. (orton, &nc., one of the largest homebuilders in the 4nited States, builds high <uality, single-family homes designed principally for the entry-level and move-up markets. 8ounded in #F7;, the company builds and sells homes with a geographic presence in the Midwest, Mid-'tlantic, Southeast, Southwest, and =estern regions of the 4nited States. The company also provides mortgage financing and title services.

'nalysis J 0 + (orton has a hold rating according to 1alu*ngine with fair value at !6$.6C which makes the stock 7.@A undervalued. The 1alu*ngine one-year price target is !#7.;$. The daily chart for 0 + (orton shows declining momentum with the stock below its 6#-day, @$-day and 6$$-day simple moving averages at !#;.F6, !#F.$7 and !6#.;;. My annual value level is !#>.$@ with monthly and semiannual risky levels at !6$.6#, !6$.; and !6#.#F.

+ichard Suttmeier has been a professional in the 4S Capital Markets since #F76 transferring his engineering skills to the trading and investment world. (e earned a Bachelor of &ndustrial *ngineering degree from 3eorgia &nstitute of Technology in #F>>, and a Master of Science, 2perations +esearch, Systems 'nalysis degree from Brooklyn ,olytechnic 4niversity in #F7$. 2ver the years +ichard appeared many times in the financial media, on networks such as C)BC, C)), C))fn, )ew 5ork #, Bloomberg T1 and radio, 8o9 Business, Business )ews )etwork in Canada, =all Street =eek with 8ortune, 5ahoo 8inance Breakout, and the Bill Ma:er +adio Show. &n 6$$6, he anchored his own show on 5ahoo 8inance 1ision called, HTraders% Club with +ichard Suttmeier.H +ichard has been fre<uently <uoted in 4S' Today, The )5 Times, =all Street Eournal, +euters, and The 0ow Eones )ewswires. +ichard has made numerous speaking appearances in recent years to groups such as the Market Technicians 'ssociations, the 'merican 'ssociation of &ndividual &nvestors, =ells 8argo 'dvisors, the *9ecutive 8orum at the )ational 'rts Club, and the &nvestors +oundtable of =ilmington )C.

#ow -$3 can take advantage of the same market and trading e4pertise as the financial media with .ichard Suttmeier!s Valu)rader Model Portfolio The 1aluTrader ,ortfolio )ewsletter is based on 1alu*ngine Chief Market Strategist +ichard Suttmeier%s proprietary market analytics. Suttmeier combines his technical analysis e9pertise with 1alu*ngine%s proprietary valuation, forecast, and ratings data for more than C$$$ e<uities trading on 4S markets to come up with a 6$ stock portfolio tailored to current market conditions. =ith 1aluTrader, subscribers access Suttmeier%s HBuy and TradeH strategy with a portfolio designed to function well in both up and down markets. *very edition of +ichard Suttmeier%s 1aluTrader model portfolio includes technical risk, pivot, and value levels, as well as critical 1alu*ngine data points-ratings, valuation, and forecast--for the current portfolio. =henever Suttmeier buys a new stock or sells a current holding, subscribers receive an email alert so that they can take advantage of Suttmeier%s proven market-timing e9pertise. The portfolio may include long as well as short positions according to Suttmeier%s read of the markets. 2lic$ DERE to 8ign U" for 2hief =ar$et 8trategist Richard 8uttmeierFs ValuTrader =odel ;ortfolio

=ith +ichard Suttmeier%s Morning Briefing, you get daily analysis of 4S Treasury 5ields, 3old, Crude 2il, and Currency *9change +ates-0ollar, 5en, ,ound, and *uro--as well as key technical indicators for the maGor e<uity averages.

0lick 2E4E to 6ign @p for 0hief Aarket 6trategist 4ichard 6uttmeier's Aorning 9riefing$

ValuEng ne1%om Tool" an+ Serv %e"

=e provide a variety of means for accessing 1alu*ngine market analysis and other content. 5ou can find us on some of the leading financial media websites as well as the more popular social media services. =hile our own website ValuEngine-co* provides access to lots of analysis--and you can always sign up to receive email daily and weekly bulletins HERE, some users prefer to download ,08 reports of content while others prefer to garner info while browsing the web. 2ur Chief Market Strategist +ichard Suttmeier is a prolific market observer and you can find his content in a variety of places. (is weekly column on 8orbes provides insights into his HBuy and TradeH strategy while his daily market analysis can be followed and accessed at Scribd, Twitter, and Minyanville. Senior *ditor Steve (ach re-posts ,08s and web-accessible copies of 0aily and =eekly 1alu*ngine bulletins at Seeking 'lpha and Scribd. &n most cases, you can receive notification of 1* content posting by Suttmeier and (ach by following the 1alu*ngine feed on twitter ?1alu*ngine. /inks for this content are provided below, you may also find these links on our website HERE In#ell gen# Inve"# ng ! #- R %-ar+ Su##me er Ar# %le" b0 R %-ar+ Su##me er 2 Ar# %le" b0 S#eve /a%3e# "-or#, # mel0 me""age" ,rom ValuEng ne In% *a l0 4ulle# n 5*)", Wee&l0 Ne!"le##er 5*)", an+ 5*) Re"ear%- Re6or#"