“MONEY IN MOTION”

TECHNICAL ANALYSIS & RESEARCH

A division of Oppenheimer Asset Management Inc.

September 7, 2010

C.B. Worth – “Money In Motion”

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Carter Braxton Worth

Chief Market Technician
(212) 667-4324
Oppenheimer Asset Management Inc. 200 Park Avenue New York, NY 10166 Tel: 800-221-5588 Fax: 212-667-4959
carter.worth@opco.com
TECHNICAL ANALYSIS

The Bulls out there right now are looking at the market and basically thinking this:

S&P 500

Source: Oppenheimer Asset Mgmt and Thomson Reuters

The Bears out there see things this way:

S&P 500

Source: Oppenheimer Asset Mgmt and Thomson Reuters

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 TECHNICAL ANALYSIS

The “market-is-fair-money/dead-money” crowd (we ourselves are of this view) see the market like this:

S&P 500

Source: Oppenheimer Asset Mgmt and Thomson Reuters

So what to do?

We’d say just let the “market” worry about itself for now. Don’t bother with the imponderable. Instead, spend
the remainder of the year in search of winners—winners due to a winning story, or a winning chart pattern, or
winning valuation, or winning yield in this low-yield/no-yield environment… winners (short or long) that offer
something beyond the impossible/imponderable subject of whether equities as an asset class in the autumn
of 2010 are a good buy or not.

As chartists, we confine the search for winners to charts.

On the pages that follow we’ve singled stocks that, by our work, are winners.

Group 1 is composed of stocks judged to be in the throes of “Bearish-to-Bullish” Reversals… whose

bottoming-out formations are well defined and imply meaningfully higher prices in the weeks/months ahead.

Group 2 is composed of “Conventional” Buys… stocks at or just below well-defined intermediate tops
toying with the prospects of breakout-type moves above said tops.

Group 3 is composed of SELLs (of all types) with the majority of the names being: 1) stocks in the throes of
“Bullish-to-Bearish” Reversals (stocks judged to have taken on “rollover” casts); and 2) “Rallies to
Difficult Levels (heretofore weak stocks that have rallied hard of late and now are back up to levels where
overhead supply comes into play and/or are back up to a declining smoothing mechanism (the 150-day
moving average).

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TECHNICAL ANALYSIS

Group 1 is composed of stocks judged to be in the throes of “Bearish-to-Bullish” Reversals… whose

bottoming-out formations are well defined and imply meaningfully higher prices in the weeks/months ahead.

Stocks that look/act like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

That look/act like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

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 TECHNICAL ANALYSIS

And like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

Group 1 (BUYs)

PRICE MRKT CAP

PER SHR (MILS)

ALEXZA PHARMACEUTIC ALXA 3.02 PHARMACEUTICALS 180.000

ALLEGHENY ENERGY AYE 23.72 ELECTRIC UTILITIES 4022.000
ALLETE ALE 36.79 ELECTRIC UTILITIES 1304.000
APPROACHES RESOURCES AREX 9.05 OIL & GAS-EXPL/PROD 191.000
ASSURANT AIZ 38.72 INSURANCE-MULTI-LINE 4330.000

ASTRONICS ATRO 16.64 AEROSPACE/DEFENSE 180.000

CARACO PHARM LABS CPD 5.29 PHARMACEUTICALS 207.000
CELERA CRA 7.01 BIOTECHNOLOGY 575.000
CERADYNE CRDN 24.16 AEROSPACE/DEFENSE 615.000
CH ENERGY GROUP CHG 42.68 MULTI-UTILITIES 675.000

CLEAN HARBORS CLH 62.80 SERVICES-ENVIRONMNTL 1650.000

COLEMAN CABLE CCIX 5.98 ELECTRICAL COMPONENT 104.000
COLFAX CFX 13.73 MACHINERY INDUSTRIAL 596.000
CONOCOPHILLIPS COP 55.05 OIL & GAS-INTEGRATED 81932.000
COSTAR GROUP CSGP 44.02 RESEARCH & CONSLTING 911.000

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TECHNICAL ANALYSIS

CROWN MEDIA HLDGS CRWN 2.42 BROADCASTING 254.000

DAKTRONICS DAKT 9.89 ELECTRONIC EQUIPMENT 406.000
DIME COMMUNITY BANC DCOM 12.77 THRIFTS&MORTGAGE FIN 441.000
EMERGENT BIOSOLUTION EBS 18.92 BIOTECHNOLOGY 587.000
ENSTAR GROUP ESGR 72.29 REINSURANCE 1000.000

EPIQ SYSTEMS EPIQ 12.39 APPLICATION SOFTWARE 454.000

ESCO TECHNOLOGIES ESE 33.96 HEAVY ELECT EQUIPMNT 898.000
FERRO FOE 11.86 CHEMS-SPECIALTY 1022.000
FIRST BUSEY BUSE 4.55 REGIONAL BANKS 302.000
FIRST FIN'L INDIANA THFF 29.88 REGIONAL BANKS 392.000

FIRST MERCHANTS FRME 8.18 REGIONAL BANKS 209.000

FURMANITE FRM 4.59 CONSTRU & ENGINEER 187.000
GLIMCHER REALTY TR GRT 6.32 RETAIL REITS 434.000
GLOBALSTAR GSAT 1.65 WIRELSS TELECOM SVC 472.000
GT SOLAR INTL SOLR 8.78 ELECTRICAL COMPONENT 1317.000

HACKETT GROUP (THE) HCKT 4.11 IT CONSULTING & SVC 172.000

JAKKS PACIFIC JAKK 15.54 LEISURE PRODUCTS 434.000
LACLEDE GROUP HLDG LG 34.40 GAS UTILITIES 766.000
LEXINGTON REALTY TR LXP 7.18 OFFICE REITS 960.000
MARSH & MCLENNAN MMC 24.58 INSURANCE-BROKERS 13304.000

MARTEK BIOSCIENCES MATK 21.95 BIOTECHNOLOGY 731.000

MEDICINES CO MDCO 11.89 PHARMACEUTICALS 634.000
METROPCS COMM PCS 9.53 WIRELSS TELECOM SVC 3366.000
MORGANS HOTEL GROUP MHGC 7.00 HOTEL/RESORT/CRUISE 211.000
OSIRIS THERAPEUTICS OSIR 6.94 BIOTECHNOLOGY 228.000

PIEDMONT NATURAL GAS PNY 28.08 GAS UTILITIES 2014.000

POWERWAVE TECH PWAV 1.91 COMMUNICATIONS EQUIP 254.000
REGENCY CENTERS REG 39.34 RETAIL REITS 3218.000
S.Y. BANCORP SYBT 24.81 REGIONAL BANKS 340.000
SEQUENOM INC SQNM 6.20 LIFE SCIENCE TOOLS 465.000

TEEKAY TANKERS TNK 11.95 OIL & GAS-STORAGE 325.000

TITAN INT'L TWI 11.68 MACHINERY CONST/FARM 413.000
UNITED FIRE & CASLTY UFCS 21.83 INSURANCE-PROP/CAS 576.000
WARREN RESOURCES WRES 3.44 OIL & GAS-EXPL/PROD 244.000
WINTHROP REALTY TR FUR 13.88 DIVERSIFIED REITS 295.000

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 TECHNICAL ANALYSIS

Group 2 is composed of “Conventional” Buys… stocks at or just below well-defined intermediate tops
toying with the prospects of breakout-type moves above said tops. Stocks that look/act like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

That look/act like

Source: Oppenheimer Asset Mgmt and Thomson Reuters

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TECHNICAL ANALYSIS

And like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

Group 2 (BUYs)

PRICE MRKT CAP

PER SHR (MILS)

ACE ACE 55.24 INSURANCE-PROP/CAS 18591.000

ALEXANDER & BALDWIN ALEX 35.43 MARINE 1457.000
ALKERMES ALKS 14.24 BIOTECHNOLOGY 1354.000
AMER CAMPUS COMM ACC 30.96 RESIDENTIAL REITS 2066.000
AMER SAFETY INSR HLD ASI 16.34 INSURANCE-PROP/CAS 168.000

AMTRUST FINANCIAL AFSI 14.23 INSURANCE-PROP/CAS 846.000

ANDERSONS ANDE 37.51 FOOD DISTRIBUTORS 690.000
ATMOS ENERGY ATO 29.14 GAS UTILITIES 2714.000
AVISTA AVA 21.21 MULTI-UTILITIES 1164.000
BANCORP RHODE ISLAND BARI 29.50 REGIONAL BANKS 138.000

BEMIS BMS 30.72 PAPER PACKAGING 3350.000

BRISTOL-MYERS SQUIBB BMY 26.58 PHARMACEUTICALS 45709.000
BROWN & BROWN BRO 19.84 INSURANCE-BROKERS 2820.000
CAI INTERNATIONAL CAP 14.86 TRUCKING 266.000
CARDTRONICS CATM 14.67 CONSUMER FINANCE 616.000

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 TECHNICAL ANALYSIS

CATO CATO 24.98 RETAIL-APPAREL 739.000

CEVA CEVA 12.77 SEMICONDUCTORS 271.000
CLOROX CLX 66.15 HOUSEHOLD PRODUCTS 9317.000
DISCOVERY COMM A DISCA 40.18 BROADCASTING 11423.000
DTS DTSI 37.65 ELECTRONIC COMPONENT 655.000

ECOLAB ECL 49.41 CHEMS-SPECIALTY 11531.000

EPLUS PLUS 18.81 APPLICATION SOFTWARE 152.000
FMC FMC 65.26 CHEMS-DIVERSE 4744.000
GENESEE & WYOMING GWR 42.63 RAILROADS 1745.000
GEO GROUP (THE) GEO 22.88 SECURITY & ALARM SER 1481.000

HEINZ (H.J.) HNZ 46.42 PACKAGED FOODS/MEATS 14680.000

HUMANA HUM 51.08 HC-MANAGED CARE 8694.000
II-VI IIVI 35.87 ELECTRICAL COMPONENT 1104.000
ILLUMINA ILMN 44.61 LIFE SCIENCE TOOLS 5544.000
INTEGRYS ENERGY GRP TEG 50.21 MULTI-UTILITIES 3867.000

INTERFACE IFSIA 14.00 SERVICES-OFFICE/SUPP 888.000

INTERNET BRANDS INET 10.88 INTRNET SOFTWR & SVC 504.000
JONES LANG LASALLE JLL 81.05 REAL ESTATE SERVICES 3407.000
KBR KBR 24.43 CONSTRU & ENGINEER 3923.000
KIMBERLY-CLARK KMB 66.18 HOUSEHOLD PRODUCTS 27397.000

KRAFT FOODS KFT 30.58 PACKAGED FOODS/MEATS 53316.000

LORILLARD LO 80.70 TOBACCO 12335.000
MEAD JOHNSON NUTRITI MJN 55.14 PACKAGED FOODS/MEATS 11277.000
MENTOR GRAPHICS MENT 9.84 APPLICATION SOFTWARE 1051.000
MGE ENERGY MGEE 37.67 ELECTRIC UTILITIES 871.000

NEW JERSEY RESOURCES NJR 38.21 GAS UTILITIES 1578.000

NICOR GAS 44.34 GAS UTILITIES 2007.000
NV ENERGY NVE 13.21 ELECTRIC UTILITIES 3104.000
SAUL CENTERS BFS 43.71 RETAIL REITS 781.000
SCANA SCG 40.56 MULTI-UTILITIES 5111.000

SOVRAN SELF STORAGE SSS 39.29 SPECIALIZED REITS 1084.000

TALEO TLEO 27.49 APPLICATION SOFTWARE 1066.000
TERREMARK WORLDWIDE TMRK 8.93 INTRNET SOFTWR & SVC 587.000
TRACTOR SUPPLY TSCO 36.31 SPECIALTY STORES 2639.000
UDR UDR 21.90 RESIDENTIAL REITS 3552.000

UNDER ARMOUR UA 38.35 APPAREL & ACCESSORY 1944.000

UNIFI UFI 4.44 APPAREL & ACCESSORY 267.000
UNISOURCE ENERGY UNS 33.40 ELECTRIC UTILITIES 1205.000
VARIAN MEDICAL SYS VAR 56.18 HC-EQUIPMENT 6940.000
VORNADO REALTY TRUST VNO 87.41 DIVERSIFIED REITS 15901.000

WATSON PHARM WPI 44.61 PHARMACEUTICALS 5557.000

WORLD ACCEPTANCE WRLD 43.90 CONSUMER FINANCE 692.000
YUM! BRANDS YUM 44.35 RESTAURANTS 20731.000
ZIX ZIXI 2.76 INTRNET SOFTWR & SVC 177.000

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TECHNICAL ANALYSIS

Group 3 is composed of SELLs (of all types) with the majority of the names being stocks in the throes of
“Bullish-to-Bearish” Reversals (stocks judged to have taken on “rollover” casts) that look/act like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

That look/act like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

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 TECHNICAL ANALYSIS

And like this:

Source: Oppenheimer Asset Mgmt and Thomson Reuters

Group 3 (SELLs)

PRICE MRKT CAP

PER SHR (MILS)

AECOM TECHNOLOGY ACM 23.28 CONSTRU & ENGINEER 2670.000

AMER GREETINGS AM 20.81 HOUSEWARES & SPECS 823.000
AMERICAN EXPRESS AXP 41.80 CONSUMER FINANCE 50213.000
AMERISOURCEBERGEN ABC 28.08 HC-DISTRIBUTORS 7933.000
ANSYS ANSS 40.66 APPLICATION SOFTWARE 3680.000

APAC CUSTOMER SVCS APAC 5.18 DIVERSIFIED SUPP SER 273.000

APOLLO INVESTMENT AINV 10.29 ASSET MANAGEMENT 1995.000
ARTHROCARE ARTC 27.30 HC-EQUIPMENT 737.000
AUXILIUM PHARMA AUXL 27.48 PHARMACEUTICALS 1309.000
AVERY DENNISON AVY 34.89 SERVICES-OFFICE/SUPP 3853.000

BANK MUTUAL BKMU 5.25 THRIFTS&MORTGAGE FIN 239.000

BANK OF HAWAII BOH 46.78 REGIONAL BANKS 2247.000
BARNES & NOBLE BKS 16.36 SPECIALTY STORES 942.000
BELDEN BDC 24.52 ELECTRICAL COMPONENT 1146.000
BIG LOTS BIG 33.15 GENERAL MERCHANDISE 2665.000

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TECHNICAL ANALYSIS

BLACKBAUD BLKB 21.67 APPLICATION SOFTWARE 971.000

BLUE NILE NILE 43.06 RETAIL-INTERNET 625.000
CAL DIVE INT'L DVR 4.65 OIL & GAS-EQUIP/SVC 438.000
CAPITAL ONE FIN'L COF 40.69 CONSUMER FINANCE 18576.000
CARNIVAL CCL 34.67 HOTEL/RESORT/CRUISE 21441.000

CAVIUM NETWORKS CAVM 25.27 SEMICONDUCTORS 1130.000

CERNER CERN 77.48 HEALTH CARE TECH 6369.000
CITY NAT'L CYN 51.81 REGIONAL BANKS 2690.000
COHEN & STEERS CNS 20.86 ASSET MANAGEMENT 889.000
COLUMBIA BANKING COLB 18.93 REGIONAL BANKS 744.000

COMERICA CMA 36.93 DIVERSIFIED BANKS 6512.000

CSG SYSTEMS INT'L CSGS 19.59 SERVICES-DATA PROC 667.000
DIAMOND FOODS DMND 40.47 PACKAGED FOODS/MEATS 883.000
DIGI INT'L DGII 7.89 COMMUNICATIONS EQUIP 197.000
DOLLAR FINANCIAL DLLR 19.99 CONSUMER FINANCE 487.000

DSW DSW 24.19 RETAIL-APPAREL 1068.000

ELECTRO SCIENTIFIC ESIO 11.27 ELECTRONIC EQUIPMENT 311.000
EMCOR GROUP EME 24.46 CONSTRU & ENGINEER 1622.000
ENERGEN EGN 45.08 GAS UTILITIES 3240.000
ENTEGRIS ENTG 4.25 SEMICONDUCTOR EQUIP 561.000

EVERCORE PARTNERS EVR 28.67 INV BANK & BROKERAGE 482.000

EVOLUTION PETROLEUM EPM 5.05 OIL & GAS-EXPL/PROD 137.000
EXPRESS SCRIPTS ESRX 44.08 HC-SERVICES 24160.000
EZCORP EZPW 19.33 CONSUMER FINANCE 950.000
FULLER (H.B.) FUL 20.61 CHEMS-SPECIALTY 1008.000

GENTEX GNTX 18.67 AUTO PARTS & EQUIP 2604.000

GLOBAL CROSSING GLBC 13.63 INTEG TELECOM SVC 824.000
GOLDMAN SACHS GROUP GS 147.29 INV BANK & BROKERAGE 75823.000
GSI COMMERCE GSIC 23.74 INTRNET SOFTWR & SVC 1575.000
HERCULES TECHNOLOY HTGC 9.49 ASSET MANAGEMENT 344.000

HIBBETT SPORTS HIBB 24.42 SPECIALTY STORES 705.000

HNI HNI 26.65 SERVICES-OFFICE/SUPP 1205.000
HOSPIRA HSP 54.30 HC-EQUIPMENT 9008.000
HUGHES COMMUNICATION HUGH 24.75 COMMUNICATIONS EQUIP 541.000
INSITUFORM TECH INSU 22.21 CONSTRU & ENGINEER 871.000

INT'L PAPER IP 22.39 PAPER PRODUCTS 9775.000

INTUITIVE SURGICAL ISRG 281.18 HC-EQUIPMENT 11013.000
LAM RESEARCH LRCX 37.93 SEMICONDUCTOR EQUIP 4799.000
LAMAR ADVERTISING LAMR 30.01 ADVERTISING 2769.000
LEGG MASON LM 27.93 ASSET MANAGEMENT 4319.000

LINCOLN NAT'L LNC 26.09 INSURANCE-LIFE/HLTH 7892.000

MAXIMUS MMS 56.46 IT CONSULTING & SVC 986.000
MCKESSON MCK 59.95 HC-DISTRIBUTORS 16270.000
MEADWESTVACO MWV 23.34 PAPER PRODUCTS 3988.000
MEDQUIST MEDQ 7.71 HEALTH CARE TECH 290.000

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 TECHNICAL ANALYSIS

MSC INDUSTRL DIRECT MSM 49.03 TRADE COS & DISTR 3102.000
NETLOGIC MICROSYS NETL 24.97 SEMICONDUCTORS 1586.000
NEWFIELD EXPLORATION NFX 51.16 OIL & GAS-EXPL/PROD 6825.000
NU SKIN ENTERPRISES NUS 27.00 PERSONAL PRODUCTS 1694.000
ORTHOFIX INT'L N.V. OFIX 28.55 HC-EQUIPMENT 504.000

OSHKOSH OSK 26.75 MACHINERY CONST/FARM 2401.000

PLANTRONICS PLT 28.87 COMMUNICATIONS EQUIP 1411.000
POLO RALPH LAUREN RL 81.09 APPAREL & ACCESSORY 7962.000
PRIDE INT'L PDE 26.40 OIL & GAS-DRILLING 4636.000
PRINCIPAL FIN'L GP PFG 25.56 INSURANCE-LIFE/HLTH 8172.000

PSS WORLD MEDICAL PSSI 19.11 HC-DISTRIBUTORS 1092.000

RADIOSHACK RSH 19.52 RETAIL-COMP/ELECTRN 2447.000
RENT-A-CENTER RCII 21.99 RETAIL-COMP/ELECTRN 1447.000
ROSETTA RESOURCES ROSE 21.02 OIL & GAS-EXPL/PROD 1108.000
ROYAL CARIBBEAN CRSE RCL 28.27 HOTEL/RESORT/CRUISE 6082.000

SAKS SKS 8.11 DEPARTMENT STORES 1305.000

SCIENTIFIC GAMES SGMS 10.68 CASINOS & GAMING 1005.000
SILICON LABORATORIES SLAB 39.91 SEMICONDUCTORS 1836.000
SMITHFIELD FOODS SFD 16.72 PACKAGED FOODS/MEATS 2773.000
SONIC SONC 7.89 RESTAURANTS 483.000

ST JUDE MEDICAL STJ 35.92 HC-EQUIPMENT 11738.000

STARBUCKS SBUX 25.07 RESTAURANTS 18680.000
SVB FINANCIAL GROUP SIVB 40.70 REGIONAL BANKS 1699.000
T. ROWE PRICE GRP TROW 48.09 ASSET MANAGEMENT 12482.000
TEMPLE-INLAND TIN 19.18 PAPER PACKAGING 2063.000

UNITED STATIONERS USTR 50.05 SERVICES-OFFICE/SUPP 1211.000

UNIVERSAL ELECTRONCS UEIC 20.33 CONSUMER ELECTRONICS 278.000
WHOLE FOODS MARKET WFMI 36.66 RETAIL-FOOD 6285.000
XYRATEX XRTX 13.94 COMPU STORAGE/PERIPH 408.000
YAHOO YHOO 13.62 INTRNET SOFTWR & SVC 18865.000

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TECHNICAL ANALYSIS

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 TECHNICAL ANALYSIS

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