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_21170_image002.jpg)
| HOME PRICE EXPECTATIONS
SURVEY RESULTS: MAY 2010 |
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Estimated
Home Price Performance |
Cumulative |
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Panelist |
Title |
Affiliation |
Response Date |
Q1/Q4 |
2010 |
2011 |
2012 |
2013 |
2014 |
2010 |
2011 |
2012 |
2013 |
2014 |
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Esmael Adibi |
Director |
Chapman University |
5/7/2010 |
-0.50% |
2.50% |
4.00% |
7.00% |
5.00% |
4.00% |
2.50% |
6.60% |
14.06% |
19.77% |
24.56% |
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Ryan Atkinson |
Chief Market Analyst |
Balestra Capital Ltd |
5/5/2010 |
-1.00% |
-5.50% |
-4.00% |
-1.00% |
1.00% |
2.50% |
-5.50% |
-9.28% |
-10.19% |
-9.29% |
-7.02% |
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Bob Baur |
Chief Global Economist |
Principal Global Investors |
5/6/2010 |
0.00% |
0.00% |
2.00% |
2.00% |
3.00% |
3.00% |
0.00% |
2.00% |
4.04% |
7.16% |
10.38% |
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Nariman Behravesh |
Chief Economist |
IHS Global Insight |
5/14/2010 |
-1.10% |
-6.30% |
-1.70% |
7.00% |
6.00% |
5.30% |
-6.30% |
-7.89% |
-1.45% |
4.47% |
10.00% |
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David Berson |
Chief Economist |
PMI Group |
4/29/2010 |
-1.50% |
0.50% |
2.10% |
3.00% |
3.50% |
3.80% |
0.50% |
2.61% |
5.69% |
9.39% |
13.54% |
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Jay Brinkmann |
Chief Economist |
Mortgage Bankers Association |
5/14/2010 |
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Teunis Brosens |
Economist |
ING Financial Markets |
5/3/2010 |
-1.70% |
-1.80% |
2.00% |
3.30% |
3.70% |
3.90% |
-1.80% |
0.16% |
3.47% |
7.30% |
11.48% |
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John Brynjolfsson |
Chief Investment Officer |
Armored Wolf, LLC |
5/13/2010 |
2.50% |
-4.46% |
-7.69% |
-8.33% |
0.00% |
3.64% |
-4.46% |
-11.81% |
-19.15% |
-19.15% |
-16.21% |
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Joseph Carson |
Economist |
Alliance Bernstein |
4/29/2010 |
0.00% |
1.00% |
2.00% |
3.00% |
3.00% |
4.00% |
1.00% |
3.02% |
6.11% |
9.29% |
13.67% |
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Bill Cheney |
Chief Economist |
John Hancock Financial |
4/30/2010 |
0.00% |
-5.00% |
7.50% |
10.00% |
5.00% |
4.00% |
-5.00% |
2.13% |
12.34% |
17.95% |
22.67% |
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Christine Chmura / Xiaobing Shuai |
Chief Economist / Senior Economist |
Chmura Economics & Analytics |
5/14/2010 |
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Mike Cosgrove |
Economist |
The Econoclast |
5/14/2010 |
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Marsha Courchane |
Director, Financial Economics |
Charles River Associates |
4/29/2010 |
1.10% |
2.10% |
2.70% |
4.00% |
2.00% |
3.00% |
2.10% |
4.86% |
9.05% |
11.23% |
14.57% |
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Louis Crandall |
Chief Economist |
Wrightson ICAP LLC |
5/14/2010 |
-1.50% |
-2.00% |
0.00% |
3.00% |
5.00% |
5.00% |
-2.00% |
-2.00% |
0.94% |
5.99% |
11.29% |
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David Crowe |
Chief Economist |
National Association of Home Builders |
5/12/2010 |
-0.30% |
-1.00% |
1.00% |
2.50% |
3.50% |
4.00% |
-1.00% |
-0.01% |
2.49% |
6.08% |
10.32% |
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Paul Dales |
Economist |
Capital Economics Ltd |
4/29/2010 |
-1.50% |
-3.00% |
-2.00% |
0.00% |
3.00% |
4.50% |
-3.00% |
-4.94% |
-4.94% |
-2.09% |
2.32% |
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Michael Darda |
Chief Economist |
MKM Partners |
5/14/2010 |
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Richard DeKaser |
Chief Economist |
Woodley Park Research |
5/14/2010 |
0.30% |
1.30% |
2.90% |
3.10% |
3.30% |
4.50% |
1.30% |
4.24% |
7.47% |
11.02% |
16.01% |
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Conrad DeQuadros
/ John Ryding |
Senior Economist / Chief Economist |
RDQ Economics |
5/12/2010 |
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Rajeev Dhawan |
Director, Economic Forecasting Center |
Georgia State University |
4/29/2010 |
2.50% |
-0.50% |
2.50% |
4.60% |
4.00% |
5.00% |
-0.50% |
1.99% |
6.68% |
10.95% |
16.49% |
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David Downs |
Real Estate Finance Professor |
Virginia Commonwealth University |
5/6/2010 |
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Doug Duncan |
Chief Economist |
Fannie Mae |
5/14/2010 |
-1.40% |
-0.90% |
3.20% |
7.40% |
7.50% |
7.60% |
-0.90% |
2.27% |
9.84% |
18.08% |
27.05% |
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Robert Dye / Stuart Hoffman |
Senior Economist / Chief Economist |
PNC Financial Services |
5/13/2010 |
0.00% |
2.10% |
2.60% |
3.40% |
3.60% |
3.80% |
2.10% |
4.75% |
8.32% |
12.22% |
16.48% |
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Michael Englund |
Chief Economist |
Action Economics LLC |
5/6/2010 |
-1.60% |
-1.10% |
3.80% |
5.00% |
6.00% |
6.00% |
-1.10% |
2.66% |
7.79% |
14.26% |
21.11% |
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Brian Fabbri |
Chief Economist |
BNP Paribas |
4/30/2010 |
-0.20% |
-0.30% |
1.00% |
1.80% |
2.00% |
2.20% |
-0.30% |
0.70% |
2.51% |
4.56% |
6.86% |
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Christy Fields |
Director, Real Estate Consulting |
Pension Consulting Alliance, Inc. |
5/14/2010 |
-0.50% |
0.00% |
2.00% |
2.50% |
3.00% |
3.50% |
0.00% |
2.00% |
4.55% |
7.69% |
11.46% |
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Maria Fiorini Ramirez |
Chief Executive Officer |
MFR, Inc. |
5/12/2010 |
NA |
1.00% |
3.00% |
3.00% |
4.00% |
4.00% |
1.00% |
4.03% |
7.15% |
11.44% |
15.89% |
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William Goetzmann |
Director, Intnl Ctr for Finance, Yale SOM |
Yale University |
4/29/2010 |
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Ethan Harris |
Head of North America Economics |
B of A Merrill Lynch Research |
5/12/2010 |
-0.50% |
0.00% |
1.00% |
2.00% |
4.00% |
5.00% |
0.00% |
1.00% |
3.02% |
7.14% |
12.50% |
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Maury Harris |
Chief Economist |
UBS Securities |
5/13/2010 |
NA |
0.00% |
2.00% |
2.50% |
2.50% |
2.50% |
0.00% |
2.00% |
4.55% |
7.16% |
9.84% |
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Jay Hartzell |
Exec Director, Real Estate Finance & Investment Ctr |
University of Texas - Austin |
5/14/2010 |
0.80% |
2.00% |
3.00% |
3.50% |
4.00% |
5.00% |
2.00% |
5.06% |
8.74% |
13.09% |
18.74% |
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Jan Hatzius |
Chief US Economist |
Goldman Sachs |
5/14/2010 |
-1.50% |
-5.00% |
0.00% |
3.00% |
4.00% |
5.00% |
-5.00% |
-5.00% |
-2.15% |
1.76% |
6.85% |
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Donald Haurin |
Professor of Economics, Finance, and Public Policy |
Ohio State University |
5/13/2010 |
0.10% |
-1.70% |
0.10% |
2.20% |
3.60% |
2.40% |
-1.70% |
-1.60% |
0.56% |
4.18% |
6.68% |
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Andrea Heuson |
Professor of Finance |
University of Miami |
5/9/2010 |
3.00% |
1.00% |
2.00% |
3.50% |
3.75% |
4.00% |
1.00% |
3.02% |
6.63% |
10.62% |
15.05% |
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Derek Holt |
Capital Markets Researcher |
Scotia Capital |
4/30/2010 |
-1.00% |
0.00% |
-2.00% |
1.00% |
2.00% |
2.00% |
0.00% |
-2.00% |
-1.02% |
0.96% |
2.98% |
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Gene Huang |
Chief Economist |
FedEx |
4/29/2010 |
-1.30% |
0.30% |
1.50% |
2.50% |
2.70% |
3.00% |
0.30% |
1.80% |
4.35% |
7.17% |
10.38% |
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William Hummer |
Chief Economist |
Wayne Hummer Investments LLC |
5/14/2010 |
1.50% |
4.00% |
2.50% |
3.50% |
-2.00% |
3.80% |
4.00% |
6.60% |
10.33% |
8.12% |
12.23% |
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Ed Hyman |
Chairman |
ISI Group, Inc. |
5/13/2010 |
3.00% |
7.00% |
3.00% |
3.00% |
2.00% |
1.00% |
7.00% |
10.21% |
13.52% |
15.79% |
16.94% |
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Andrew Jakabovics |
Associate Director for Housing and Economics |
Center for American Progress |
5/14/2010 |
-0.20% |
0.80% |
1.20% |
2.00% |
2.20% |
2.20% |
0.80% |
2.01% |
4.05% |
6.34% |
8.68% |
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Dana Johnson |
Chief Economist |
Comerica Bank |
5/13/2010 |
NA |
2.50% |
4.50% |
5.00% |
5.50% |
6.00% |
2.50% |
7.11% |
12.47% |
18.65% |
25.77% |
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Stephen Kim |
Associate Portfolio Manager - Global Real Estate |
Alpine Mutual Funds |
4/29/2010 |
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James Kleckley |
Director, Bureau of Business Research |
East Carolina University |
5/6/2010 |
0.50% |
2.00% |
2.60% |
4.40% |
5.10% |
5.80% |
2.00% |
4.65% |
9.26% |
14.83% |
21.49% |
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Jack Kleinhenz |
Chief Economist |
Kleinhenz & Associates, Inc. |
5/14/2010 |
1.00% |
1.18% |
1.75% |
2.20% |
2.60% |
3.00% |
1.18% |
2.95% |
5.22% |
7.95% |
11.19% |
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Jeff Kleintop |
Chief Market Strategist |
LPL Financial Services |
4/29/2010 |
-1.00% |
-1.00% |
3.00% |
2.00% |
2.00% |
3.00% |
-1.00% |
1.97% |
4.01% |
6.09% |
9.27% |
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Joe LaVorgna |
Chief US Economist |
Deutsche Bank |
5/12/2010 |
1.50% |
2.50% |
5.00% |
5.00% |
10.00% |
10.00% |
2.50% |
7.63% |
13.01% |
24.31% |
36.74% |
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Ed Leamer |
Director, UCLA Anderson Forecast |
UCLA |
5/6/2010 |
-1.00% |
0.00% |
2.00% |
3.00% |
5.00% |
5.00% |
0.00% |
2.00% |
5.06% |
10.31% |
15.83% |
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Don Leavens |
Chief Economist |
NEMA Business Information Services |
5/13/2010 |
1.00% |
-2.00% |
0.20% |
2.80% |
4.80% |
5.20% |
-2.00% |
-1.80% |
0.95% |
5.79% |
11.29% |
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Guy LeBas |
Chief Fixed Income Strategist |
Janney Montgomery Scott LLC |
5/3/2010 |
-0.70% |
0.90% |
1.80% |
2.00% |
2.50% |
2.50% |
0.90% |
2.72% |
4.77% |
7.39% |
10.07% |
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Dean Maki |
Chief US Economist |
Barclays Capital |
5/14/2010 |
-1.50% |
0.44% |
4.50% |
5.50% |
6.00% |
6.00% |
0.44% |
4.96% |
10.73% |
17.38% |
24.42% |
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John Makin |
Principal |
Caxton Associates |
5/14/2010 |
-0.50% |
1.50% |
-1.00% |
3.00% |
4.00% |
8.00% |
1.50% |
0.49% |
3.50% |
7.64% |
16.25% |
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Chris Mayer |
Sr Vice Dean, Paul Milstein Professor of Real Estate |
Columbia Business School |
4/29/2010 |
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John McIlwain |
Sr Res Fellow, J. Ronald Terwilliger Chair for Housing |
Urban Land Institute |
5/14/2010 |
2.50% |
-3.50% |
1.00% |
2.00% |
2.50% |
2.50% |
-3.50% |
-2.54% |
-0.59% |
1.90% |
4.45% |
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James Meil |
Chief Economist |
Eaton Corporation |
5/12/2010 |
-1.10% |
0.20% |
2.30% |
3.70% |
3.30% |
2.40% |
0.20% |
2.50% |
6.30% |
9.81% |
12.44% |
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Robert Mellman |
Managing Director, US Economic Research |
J.P. Morgan Chase |
5/12/2010 |
0.00% |
-3.00% |
2.00% |
2.00% |
2.00% |
2.00% |
-3.00% |
-1.06% |
0.92% |
2.94% |
5.00% |
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Peter Morici |
Professor, Robert H. Smith School of Business |
University of Maryland |
4/29/2010 |
-1.40% |
-8.60% |
5.00% |
3.00% |
5.00% |
3.00% |
-8.60% |
-4.03% |
-1.15% |
3.79% |
6.91% |
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Joel Naroff |
President |
Naroff Economic Advisors Inc |
5/10/2010 |
1.30% |
2.90% |
3.80% |
4.30% |
4.60% |
5.80% |
2.90% |
6.81% |
11.40% |
16.53% |
23.29% |
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Mark Nielson |
Economist |
MacroEcon Global Advisors |
5/14/2010 |
0.255% |
1.20% |
1.47% |
2.65% |
2.83% |
3.70% |
1.20% |
2.69% |
5.41% |
8.39% |
12.40% |
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Frank Nothaft |
Chief Economist |
Freddie Mac |
5/14/2010 |
-0.80% |
-2.80% |
0.00% |
2.00% |
4.00% |
4.00% |
-2.80% |
-2.80% |
-0.86% |
3.11% |
7.23% |
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Jim O'Sullivan |
Global Chief Economist |
MF Global |
5/1/2010 |
-2.30% |
-1.00% |
3.00% |
4.00% |
5.00% |
5.00% |
-1.00% |
1.97% |
6.05% |
11.35% |
16.92% |
|
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Marc Pado |
US Market Strategist |
Cantor Fitzgerald |
5/14/2010 |
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|
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Gary Painter |
Director of Research, Lusk Center for Real Estate |
University of Southern California |
4/29/2010 |
0.00% |
0.00% |
0.00% |
3.00% |
3.00% |
5.00% |
0.00% |
0.00% |
3.00% |
6.09% |
11.39% |
|
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Michael Paslawskyj |
Regional Economist |
Federal Deposit Insurance Corporation |
5/14/2010 |
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Nicolas Perna |
Chief Economist |
Perna Associates |
5/14/2010 |
-1.30% |
-4.00% |
2.00% |
3.00% |
5.00% |
5.00% |
-4.00% |
-2.08% |
0.86% |
5.90% |
11.20% |
|
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Ed Pierzak |
Chief Inv Strategist - Property, N. America / Portfolio
Mgr |
Henderson Global Investors |
5/14/2010 |
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|
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Edward Pinto |
Mortgage Industry Expert |
Independent Consultant |
5/12/2010 |
-1.50% |
-4.00% |
0.00% |
2.00% |
4.00% |
5.00% |
-4.00% |
-4.00% |
-2.08% |
1.84% |
6.93% |
|
| |
Doug Poutasse |
Executive Director |
NCREIF |
5/13/2010 |
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|
|
|
|
|
|
|
|
| |
Macroeconomic Advisers |
Macroeconomic Advisers Team |
Macroeconomic Advisers, LLC |
5/14/2010 |
-1.40% |
-2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
-2.00% |
-0.04% |
1.96% |
4.00% |
6.08% |
|
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Dr. Lynn Reaser |
Chief Economist |
Point Loma Nazarene University |
5/14/2010 |
-1.00% |
1.00% |
2.00% |
2.50% |
4.00% |
6.00% |
1.00% |
3.02% |
5.60% |
9.82% |
16.41% |
|
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David Resler / Zach Pandl |
Chief Economist / VP/Economist |
Nomura Securities International, Inc. |
5/13/2010 |
-1.20% |
1.50% |
3.80% |
4.40% |
4.50% |
5.00% |
1.50% |
5.36% |
9.99% |
14.94% |
20.69% |
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Timothy Riddiough |
Professor, and Director of Center for Real Estate |
University of Wisconsin - Madison |
5/13/2010 |
2.00% |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
2.00% |
4.04% |
7.16% |
10.38% |
13.69% |
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Barry Ritholtz |
CEO |
FusionIQ |
5/14/2010 |
0.00% |
-2.00% |
-4.00% |
-5.00% |
2.00% |
4.00% |
-2.00% |
-5.92% |
-10.62% |
-8.84% |
-5.19% |
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Kenneth Rosen |
Chairman |
Rosen Consulting Group |
5/10/2010 |
0.50% |
2.30% |
4.70% |
4.50% |
4.00% |
4.10% |
2.30% |
7.11% |
11.93% |
16.41% |
21.18% |
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David Rosenberg |
Chief Economist & Strategist |
Gluskin Sheff + Associates |
5/14/2010 |
-1.40% |
-3.00% |
-2.20% |
-2.20% |
-2.00% |
-1.70% |
-3.00% |
-5.13% |
-7.22% |
-9.08% |
-10.62% |
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Chris Rupkey |
Chief Financial Economist |
Bank of Tokyo-Mitsubishi UFJ |
5/14/2010 |
-0.40% |
-1.50% |
2.50% |
1.00% |
3.00% |
5.00% |
-1.50% |
0.96% |
1.97% |
5.03% |
10.28% |
|
| |
Anthony Sanders |
Professor of Real Estate Finance |
George Mason University |
5/14/2010 |
2.20% |
-2.40% |
-6.20% |
-5.90% |
-3.20% |
-1.60% |
-2.40% |
-8.45% |
-13.85% |
-16.61% |
-17.94% |
|
| |
David Semmens |
U.S. Macro Economist |
Standard Chartered Bank |
5/12/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gary Shilling |
President |
A. Gary Shilling & Co. |
5/10/2010 |
-1.00% |
-11.00% |
-5.00% |
-3.00% |
0.00% |
0.00% |
-11.00% |
-15.45% |
-17.99% |
-17.99% |
-17.99% |
|
| |
John Silvia |
Chief Economist |
Wells Fargo Securities |
4/29/2010 |
-1.12% |
1.42% |
-2.00% |
-0.80% |
0.18% |
1.12% |
1.42% |
-0.61% |
-1.40% |
-1.23% |
-0.12% |
|
| |
Allen Sinai |
President,
CEO, Chief Global Economist & Strategist |
Decision Economics |
5/14/2010 |
-3.30% |
1.80% |
0.80% |
3.10% |
2.70% |
3.50% |
1.80% |
2.61% |
5.80% |
8.65% |
12.45% |
|
| |
James Smith |
Chief Economist |
Parsec Financial Management |
4/29/2010 |
3.30% |
3.20% |
4.60% |
4.10% |
4.30% |
4.20% |
3.20% |
7.95% |
12.37% |
17.21% |
22.13% |
|
| |
Sean Snaith |
Director, Institute for Economic Competitiveness |
University of Central Florida |
5/12/2010 |
1.20% |
1.00% |
2.80% |
3.30% |
3.50% |
2.90% |
1.00% |
3.83% |
7.25% |
11.01% |
14.23% |
|
| |
Susan Sterne |
Chief Economist |
Economic Analysis Associates, Inc. |
5/12/2010 |
-1.50% |
3.00% |
-2.00% |
1.00% |
2.00% |
4.00% |
3.00% |
0.94% |
1.95% |
3.99% |
8.15% |
|
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Rob Stevenson |
Managing Director |
Macquarie Securities |
5/7/2010 |
-0.50% |
0.75% |
1.50% |
2.00% |
2.00% |
1.50% |
0.75% |
2.26% |
4.31% |
6.39% |
7.99% |
|
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Thomas Swift |
Chief Economist |
American Chemistry Council |
5/4/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diane Swonk |
Chief Economist |
Mesirow Financial |
4/29/2010 |
-0.50% |
1.00% |
1.50% |
1.50% |
2.00% |
2.30% |
1.00% |
2.52% |
4.05% |
6.13% |
8.57% |
|
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Jeff Thredgold |
Chief Economist |
Thredgold Economic Associates |
5/14/2010 |
-1.50% |
-1.50% |
2.50% |
3.50% |
4.50% |
5.50% |
-1.50% |
0.96% |
4.50% |
9.20% |
15.20% |
|
| |
Bill Watkins |
Exec
Director, Economic Forecasting and Research Center |
California Lutheran University |
5/14/2010 |
-0.60% |
-0.10% |
2.50% |
2.70% |
3.20% |
3.50% |
-0.10% |
2.40% |
5.16% |
8.53% |
12.33% |
|
| |
Jeff Werling |
Executive Director, Inforum |
University of Maryland |
5/3/2010 |
0.70% |
3.60% |
4.60% |
5.10% |
4.50% |
3.70% |
3.60% |
8.37% |
13.89% |
19.02% |
23.42% |
|
| |
Brian Wesbury |
Chief Economist |
First Trust Advisors |
5/14/2010 |
-1.10% |
4.50% |
6.00% |
6.00% |
5.50% |
5.50% |
4.50% |
10.77% |
17.42% |
23.87% |
30.69% |
|
| |
Chris Whalen |
Managing Director and Co-Founder |
Institutional Risk Analytics |
5/11/2010 |
-2.50% |
-10.00% |
0.00% |
5.00% |
10.00% |
5.00% |
-10.00% |
-10.00% |
-5.50% |
3.95% |
9.15% |
|
| |
Lawrence Yun |
Chief Economist |
National Association of Realtors |
4/30/2010 |
-2.00% |
1.50% |
3.00% |
3.50% |
3.50% |
3.50% |
1.50% |
4.54% |
8.20% |
11.99% |
15.91% |
|
| |
Mark Zandi / Celia Chen |
Chief Economist / Senior Director |
Moody’s Analytics |
5/13/2010 |
-1.26% |
-3.11% |
-1.10% |
3.91% |
5.59% |
4.69% |
-3.11% |
-4.18% |
-0.43% |
5.14% |
10.07% |
|
| |
|
|
|
Average |
-0.35% |
-0.36% |
1.63% |
2.93% |
3.60% |
3.87% |
-0.36% |
1.30% |
4.36% |
8.17% |
12.43% |
|
| |
|
|
|
MoM Change |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
|
| |
|
May 2010 Survey Summary: |
|
Median |
-0.50% |
0.00% |
2.00% |
3.00% |
3.65% |
4.00% |
0.00% |
2.07% |
4.92% |
8.24% |
12.36% |
|
| |
|
|
High |
3.30% |
7.00% |
7.80% |
10.50% |
10.00% |
10.00% |
7.00% |
11.57% |
23.29% |
29.82% |
36.74% |
|
| |
|
|
|
Low |
-4.00% |
-11.00% |
-7.69% |
-8.33% |
-3.20% |
-1.70% |
-11.00% |
-15.45% |
-19.15% |
-19.15% |
-17.99% |
|
| |
|
|
|
Std Deviation |
1.42% |
2.99% |
2.59% |
2.66% |
2.06% |
1.88% |
2.99% |
4.80% |
6.85% |
8.23% |
9.61% |
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All survey data presented herein is based upon
expected performance of U.S. home prices as measured by the
S&P/Case-Shiller U.S. National Home Price Index (NSA). The non-cumulative annual data is
expressed on a Q4-over-preceding Q4 basis. |
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* Some panelists requested that their specific
responses be held in confidence. These appear as blank within the data
columns in the table above. Confidential individual responses are
incorporated into the summary statistics. |
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The
information in this report was collected from third parties and compiled by
MacroMarkets LLC. MacroMarkets makes
no representation as to the accuracy or completeness of the information
contained herein. MacroMarkets has no obligation to update, modify or amend
this report or to otherwise notify a recipient thereof in the event that any
forecast or estimate set forth herein changes or subsequently becomes
inaccurate. This report is provided for informational purposes only. It is
not an offer or a solicitation of an offer to buy or sell any financial
instruments. If this report is
reproduced, distributed or published by any third party for any purpose,
"MacroMarkets LLC (www.macromarkets.com)"must be noted as the
source within any such third party reproduction or publication. |
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