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Market & Economic Brief

November 19, 2008

WORLD MARKETS
After attempting a rally earlier in the month, U.S. stocks broke recent support levels and established fresh lows. Commodities and World REITs have also found new lows. Many international stock markets are still maintaining previous support levels. Intermediate term U.S. treasuries continue to rally in a flight to quality. The near term bias has again turned negative for stocks.

WORLD ECONOMY
The weekly leading and monthly coincident indexes we follow continue to weaken, suggesting more trouble ahead for the U.S. economy. Many European countries continue to report deteriorating economic conditions as well. China reported a dip in October retail sales but consumer spending has held up better than many other parts of their economy.

INFLATION DATA
Producer costs fell a record 2.8% in October, led by a huge decline in energy prices. Future inflation indicators we track also continue to decline.

U.S. RESIDENTIAL HOUSING
The Nat’l Association of Home Builders fell to its lowest level since 1985 in November. Home prices declined in 4 out of 5 cities during Q3. The FDIC has proposed using $24 bil. of the TARP funds to help stem foreclosures. The leading home price index we track rose slightly for August (the latest data available). Additional increases may signal a bottom in housing prices.

Academically Sound and Institutionally Supported

Listed below you will find a partial list of links to websites for institutions that provide support services to Dightman Capital Group. No company listed has a ownership interest in Dightman Capital Group.

Fidelity Institutional Wealth Services — (fiws.fidelity.com)
With nearly $1.6 trillion in total managed assets, Fidelity Investments is one of the worlds largest providers of financial services and investment resources for individual and institutional investors. Fidelity is committed to continuous improvement, state-of-the-art technology, and peerless customer service.

Barclays Global Investors — iShares (http://www.ishares.com/)
For over 35 years, Barclays Global Investors has been at the forefront of developing innovative investment ideas built on a sound investment philosophy that applies science and technology to the investment process. They focus on the three dimensions of performance: Return, Risk, and cost offering clients Total Performance Management.

State Street Global Advisors — (www.ssgafunds.com/)
State Street Global Advisors is an acknowledged leader in institutional investing with $2.0 trillion in assets under management. The world's largest institutional asset manager and leader in several other investment rankings , SSgA is also the investment management arm of State Street Corporation, one of the world's largest custodians. Leveraging these combined strengths permits us to focus single-mindedly on delivering competitive investment strategies and integrated solutions to our clients worldwide, across virtually every asset class, capitalization range, region, and style.

Research Affiliates — RAFI (http://www.researchaffiliates.com/)
Research Affiliates is a research-intensive firm that strives to be the preeminent source of innovative products that add value for the global investment community. They are committed to research that results in superior investment products, and bringing innovative products to the marketplace through strategic affiliates with some of the world’s leading financial institutions.

Powershares — Xchange Traded Funds (http://www.powershares.com/)
Powershares is “Leading the Intelligent ETF Revolution,” providing investment advisers with exceptional asset management tools and market exposure through the replication of enhanced indexes. Powershares delivers this sophisticated asset management in one of the more benefit rich investment vehicles available today, the exchange-traded fund.

WisdomTree — (http://www.wisdomtree.com/)
WisdomTree Investments has created the first family of fundamentally weighted dividend indexes that cover all major market capitalizations both domestically and internationally.