Accessible version of figures

Figure 1: Exchange Value of Dollar and Portfolio Return Differential

Date	Performance of a portfolio long stocks with high foreign sales and short stocks with low foreign sales	Major nomial dollar index (indexed to 100 on Jan 2, 2013)
3-Jan-13	0.52	100.00
4-Jan-13	0.00	100.52
7-Jan-13	0.06	100.24
8-Jan-13	0.01	100.33
9-Jan-13	0.21	100.40
10-Jan-13	0.44	99.90
11-Jan-13	0.59	99.64
14-Jan-13	0.72	99.65
15-Jan-13	0.37	99.64
16-Jan-13	0.67	99.84
17-Jan-13	0.46	99.86
18-Jan-13	0.29	100.44
22-Jan-13	-0.09	100.15
23-Jan-13	0.01	100.28
24-Jan-13	-0.30	100.52
25-Jan-13	-0.07	100.62
28-Jan-13	0.01	100.59
29-Jan-13	-0.08	100.30
30-Jan-13	0.08	100.10
31-Jan-13	0.13	99.92
1-Feb-13	0.28	99.84
4-Feb-13	0.17	100.31
5-Feb-13	0.18	100.36
6-Feb-13	0.07	100.51
7-Feb-13	0.00	101.00
8-Feb-13	-0.02	100.99
11-Feb-13	0.04	101.18
12-Feb-13	-0.16	100.90
13-Feb-13	-0.22	100.96
14-Feb-13	-0.18	101.25
15-Feb-13	-0.30	101.45
19-Feb-13	-0.18	101.53
20-Feb-13	-0.04	101.86
21-Feb-13	-0.05	102.34
22-Feb-13	0.13	102.63
25-Feb-13	-0.15	102.82
26-Feb-13	-0.19	102.89
27-Feb-13	-0.30	102.73
28-Feb-13	-0.43	102.97
1-Mar-13	-0.75	103.57
4-Mar-13	-1.03	103.54
5-Mar-13	-0.89	103.42
6-Mar-13	-0.50	103.68
7-Mar-13	-0.38	103.52
8-Mar-13	-0.92	104.06
11-Mar-13	-0.83	103.98
12-Mar-13	-0.86	103.88
13-Mar-13	-1.14	104.17
14-Mar-13	-0.87	104.00
15-Mar-13	-0.97	103.24
18-Mar-13	-1.38	103.64
19-Mar-13	-1.29	104.01
20-Mar-13	-1.56	103.90
21-Mar-13	-2.06	103.77
22-Mar-13	-2.11	103.36
25-Mar-13	-2.68	103.74
26-Mar-13	-2.50	103.64
27-Mar-13	-2.55	103.97
28-Mar-13	-2.40	103.61
1-Apr-13	-2.32	103.45
2-Apr-13	-2.41	103.53
3-Apr-13	-2.12	103.35
4-Apr-13	-2.41	103.91
5-Apr-13	-2.71	103.50
8-Apr-13	-2.94	103.98
9-Apr-13	-2.44	103.55
10-Apr-13	-2.06	103.70
11-Apr-13	-2.48	103.27
12-Apr-13	-3.09	103.40
15-Apr-13	-2.87	103.57
16-Apr-13	-2.66	103.41
17-Apr-13	-2.79	103.88
18-Apr-13	-3.18	103.87
19-Apr-13	-4.64	104.11
22-Apr-13	-4.67	104.17
23-Apr-13	-4.50	104.36
24-Apr-13	-4.18	104.46
25-Apr-13	-4.86	104.09
26-Apr-13	-5.12	103.65
29-Apr-13	-4.84	103.34
30-Apr-13	-5.19	102.73
1-May-13	-5.14	102.64
2-May-13	-5.32	103.22
3-May-13	-5.44	103.21
6-May-13	-5.71	103.44
7-May-13	-5.95	103.32
8-May-13	-5.83	102.86
9-May-13	-5.92	103.21
10-May-13	-6.23	104.63
13-May-13	-6.31	104.54
14-May-13	-6.64	104.81
15-May-13	-6.57	105.36
16-May-13	-6.01	105.08
17-May-13	-5.95	105.94
20-May-13	-5.58	105.66
21-May-13	-5.81	105.52
22-May-13	-5.53	106.19
23-May-13	-5.77	105.45
24-May-13	-5.79	105.44
28-May-13	-5.71	106.03
29-May-13	-5.34	105.51
30-May-13	-5.36	104.95
31-May-13	-5.42	105.21
3-Jun-13	-4.70	104.24
4-Jun-13	-4.46	104.74
5-Jun-13	-4.31	104.49
6-Jun-13	-5.17	103.26
7-Jun-13	-5.34	103.16
10-Jun-13	-5.30	103.43
11-Jun-13	-5.34	102.92
12-Jun-13	-5.19	102.33
13-Jun-13	-5.34	102.17
14-Jun-13	-5.53	102.13
17-Jun-13	-5.12	102.22
18-Jun-13	-5.28	102.21
19-Jun-13	-5.61	102.11
20-Jun-13	-5.58	104.06
21-Jun-13	-5.86	104.60
24-Jun-13	-6.12	104.88
25-Jun-13	-6.31	104.88
26-Jun-13	-6.58	104.95
27-Jun-13	-7.06	105.20
28-Jun-13	-7.70	105.50
1-Jul-13	-7.84	105.31
2-Jul-13	-8.17	105.76
3-Jul-13	-8.22	105.64
5-Jul-13	-8.23	106.81
8-Jul-13	-8.77	106.73
9-Jul-13	-8.71	106.96
10-Jul-13	-8.70	106.42
11-Jul-13	-8.86	105.01
12-Jul-13	-9.14	105.14
15-Jul-13	-9.09	105.36
16-Jul-13	-9.01	104.72
17-Jul-13	-8.95	105.01
18-Jul-13	-9.37	105.16
19-Jul-13	-9.02	104.72
22-Jul-13	-9.07	104.26
23-Jul-13	-8.66	104.14
24-Jul-13	-8.12	104.17
25-Jul-13	-8.10	104.01
26-Jul-13	-8.23	103.64
29-Jul-13	-8.16	103.52
30-Jul-13	-7.70	103.76
31-Jul-13	-8.18	103.82
1-Aug-13	-8.63	104.41
2-Aug-13	-8.72	104.24
5-Aug-13	-8.95	104.19
6-Aug-13	-8.42	103.86
7-Aug-13	-8.25	103.55
8-Aug-13	-8.20	102.97
9-Aug-13	-7.91	103.05
12-Aug-13	-7.80	103.18
13-Aug-13	-7.37	103.88
14-Aug-13	-7.05	103.73
15-Aug-13	-6.66	103.70
16-Aug-13	-6.53	103.42
19-Aug-13	-6.31	103.35
20-Aug-13	-7.29	103.07
21-Aug-13	-7.06	103.59
22-Aug-13	-7.47	104.01
23-Aug-13	-7.44	103.91
26-Aug-13	-7.86	104.01
27-Aug-13	-7.79	103.73
28-Aug-13	-7.74	103.96
29-Aug-13	-8.18	104.58
30-Aug-13	-7.82	104.75
3-Sep-13	-7.91	104.91
4-Sep-13	-7.78	104.54
5-Sep-13	-7.66	105.05
6-Sep-13	-7.53	104.34
9-Sep-13	-7.56	103.96
10-Sep-13	-7.58	104.04
11-Sep-13	-7.66	103.76
12-Sep-13	-7.90	103.52
13-Sep-13	-8.10	103.74
16-Sep-13	-8.12	103.27
17-Sep-13	-8.38	103.20
18-Sep-13	-7.93	103.24
19-Sep-13	-8.15	102.38
20-Sep-13	-8.20	102.58
23-Sep-13	-7.82	102.46
24-Sep-13	-7.80	102.61
25-Sep-13	-7.74	102.41
26-Sep-13	-8.18	102.76
27-Sep-13	-8.52	102.35
30-Sep-13	-9.01	102.28
1-Oct-13	-9.81	102.35
2-Oct-13	-9.73	102.04
3-Oct-13	-9.64	101.83
4-Oct-13	-9.70	102.05
7-Oct-13	-9.61	102.05
8-Oct-13	-9.31	102.06
9-Oct-13	-9.07	102.62
10-Oct-13	-9.30	102.64
11-Oct-13	-9.69	102.64
15-Oct-13	-9.67	102.82
16-Oct-13	-10.00	102.84
17-Oct-13	-10.56	101.74
18-Oct-13	-10.68	101.63
21-Oct-13	-10.55	101.80
22-Oct-13	-10.67	101.37
23-Oct-13	-11.00	101.53
24-Oct-13	-11.46	101.58
25-Oct-13	-11.43	101.75
28-Oct-13	-11.49	101.82
29-Oct-13	-11.32	102.01
30-Oct-13	-10.88	102.03
31-Oct-13	-10.91	102.53
1-Nov-13	-10.83	103.12
4-Nov-13	-11.27	102.88
5-Nov-13	-11.24	103.08
6-Nov-13	-10.40	102.78
7-Nov-13	-9.52	103.31
8-Nov-13	-9.51	103.72
12-Nov-13	-9.55	103.72
13-Nov-13	-9.84	103.41
14-Nov-13	-10.18	103.53
15-Nov-13	-10.06	103.39
18-Nov-13	-9.72	103.12
19-Nov-13	-9.64	103.23
20-Nov-13	-9.43	103.40
21-Nov-13	-9.73	103.71
22-Nov-13	-10.23	103.57
25-Nov-13	-10.53	103.88
26-Nov-13	-11.00	103.63
27-Nov-13	-10.95	103.85
29-Nov-13	-10.93	103.68
2-Dec-13	-10.72	104.06
3-Dec-13	-10.79	103.81
4-Dec-13	-10.53	104.16
5-Dec-13	-10.59	103.52
6-Dec-13	-10.10	103.67
9-Dec-13	-10.17	103.52
10-Dec-13	-10.30	103.23
11-Dec-13	-10.49	103.06
12-Dec-13	-11.08	103.53
13-Dec-13	-11.11	103.50
16-Dec-13	-11.08	103.27
17-Dec-13	-10.80	103.39
18-Dec-13	-11.07	103.46
19-Dec-13	-10.88	104.07
20-Dec-13	-11.47	104.02
23-Dec-13	-11.79	103.70
24-Dec-13	-11.97	103.86
26-Dec-13	-12.10	103.96
27-Dec-13	-11.87	103.86
30-Dec-13	-11.93	103.48
31-Dec-13	-11.85	103.61
2-Jan-14	-12.21	103.98
3-Jan-14	-12.14	104.06
6-Jan-14	-11.82	104.10
7-Jan-14	-11.99	104.45
8-Jan-14	-12.26	104.78
9-Jan-14	-12.30	104.88
10-Jan-14	-12.70	104.66
13-Jan-14	-11.61	104.48
14-Jan-14	-11.62	104.60
15-Jan-14	-11.56	105.03
16-Jan-14	-11.42	105.06
17-Jan-14	-11.76	105.26
21-Jan-14	-11.63	105.23
22-Jan-14	-12.35	105.52
23-Jan-14	-12.86	105.12
24-Jan-14	-12.85	104.79
27-Jan-14	-12.74	104.81
28-Jan-14	-13.19	105.09
29-Jan-14	-12.93	104.99
30-Jan-14	-13.25	105.59
31-Jan-14	-13.85	105.53
3-Feb-14	-12.98	105.19
4-Feb-14	-12.93	105.24
5-Feb-14	-12.71	105.29
6-Feb-14	-12.71	104.94
7-Feb-14	-12.63	104.83
10-Feb-14	-12.28	104.78
11-Feb-14	-12.34	104.70
12-Feb-14	-12.50	104.74
13-Feb-14	-12.36	104.39
14-Feb-14	-12.05	104.20
18-Feb-14	-12.63	104.00
19-Feb-14	-12.37	104.24
20-Feb-14	-12.83	104.70
21-Feb-14	-12.99	104.74
24-Feb-14	-13.01	104.39
25-Feb-14	-13.25	104.38
26-Feb-14	-13.40	104.81
27-Feb-14	-13.83	104.62
28-Feb-14	-13.93	104.13
3-Mar-14	-14.50	104.21
4-Mar-14	-14.87	104.54
5-Mar-14	-14.81	104.33
6-Mar-14	-14.46	103.80
7-Mar-14	-14.43	104.14
10-Mar-14	-14.33	104.19
11-Mar-14	-14.05	104.17
12-Mar-14	-14.09	104.12
13-Mar-14	-14.05	103.68
14-Mar-14	-14.59	103.69
17-Mar-14	-14.12	103.58
18-Mar-14	-14.09	103.71
19-Mar-14	-14.16	103.98
20-Mar-14	-14.14	104.82
21-Mar-14	-13.69	104.65
24-Mar-14	-13.12	104.69
25-Mar-14	-11.70	104.60
26-Mar-14	-11.54	104.43
27-Mar-14	-11.39	104.22
28-Mar-14	-11.51	104.40
31-Mar-14	-11.70	104.25
1-Apr-14	-12.12	104.20
2-Apr-14	-12.45	104.42
3-Apr-14	-12.15	104.67
4-Apr-14	-11.60	104.41
7-Apr-14	-10.70	104.18
8-Apr-14	-10.43	103.61
9-Apr-14	-10.44	103.46
10-Apr-14	-9.97	103.15
11-Apr-14	-9.74	103.31
14-Apr-14	-9.66	103.60
15-Apr-14	-9.31	103.70
16-Apr-14	-9.41	103.87
17-Apr-14	-9.67	103.74
21-Apr-14	-9.92	104.02
22-Apr-14	-10.78	103.96
23-Apr-14	-10.31	103.94
24-Apr-14	-9.97	103.88
25-Apr-14	-9.65	103.85
28-Apr-14	-9.31	103.86
29-Apr-14	-9.63	103.80
30-Apr-14	-9.71	103.46
1-May-14	-10.23	103.51
2-May-14	-10.90	103.57
5-May-14	-10.89	103.41
6-May-14	-10.62	102.94
7-May-14	-10.14	103.01
8-May-14	-9.83	103.05
9-May-14	-10.13	103.58
12-May-14	-10.38	103.60
13-May-14	-9.81	103.80
14-May-14	-9.57	103.71
15-May-14	-10.00	103.69
16-May-14	-10.55	103.68
19-May-14	-10.47	103.58
20-May-14	-10.05	103.74
21-May-14	-10.12	104.02
22-May-14	-10.62	103.98
23-May-14	-10.62	104.03
27-May-14	-10.71	104.11
28-May-14	-10.64	104.16
29-May-14	-10.78	103.98
30-May-14	-10.89	103.98
2-Jun-14	-10.90	104.28
3-Jun-14	-10.67	104.29
4-Jun-14	-11.06	104.40
5-Jun-14	-10.92	104.32
6-Jun-14	-11.34	104.25
9-Jun-14	-10.50	104.34
10-Jun-14	-10.41	104.50
11-Jun-14	-10.35	104.30
12-Jun-14	-10.37	104.12
13-Jun-14	-10.32	104.27
16-Jun-14	-10.62	103.97
17-Jun-14	-10.83	104.18
18-Jun-14	-10.84	104.17
19-Jun-14	-10.98	103.76
20-Jun-14	-11.10	103.78
23-Jun-14	-11.12	103.60
24-Jun-14	-11.35	103.71
25-Jun-14	-11.50	103.42
26-Jun-14	-11.71	103.44
27-Jun-14	-12.03	103.24
30-Jun-14	-12.03	102.97
1-Jul-14	-12.02	102.93
2-Jul-14	-11.87	103.10
3-Jul-14	-11.92	103.29
7-Jul-14	-10.94	103.34
8-Jul-14	-10.64	103.28
9-Jul-14	-11.01	103.18
10-Jul-14	-10.76	103.23
11-Jul-14	-10.79	103.44
14-Jul-14	-10.47	103.42
15-Jul-14	-10.34	103.69
16-Jul-14	-10.36	103.81
17-Jul-14	-10.92	103.76
18-Jul-14	-11.01	103.79
21-Jul-14	-10.95	103.76
22-Jul-14	-11.29	103.99
23-Jul-14	-11.63	103.98
24-Jul-14	-12.13	104.06
25-Jul-14	-12.03	104.39
28-Jul-14	-12.06	104.31
29-Jul-14	-13.02	104.65
30-Jul-14	-13.97	105.10
31-Jul-14	-13.69	104.99
1-Aug-14	-13.47	104.89
4-Aug-14	-13.85	104.96
5-Aug-14	-13.93	105.31
6-Aug-14	-12.90	105.16
7-Aug-14	-12.78	105.08
8-Aug-14	-13.23	105.09
11-Aug-14	-13.40	105.08
12-Aug-14	-13.39	105.20
13-Aug-14	-12.96	105.22
14-Aug-14	-13.57	105.11
15-Aug-14	-13.50	105.01
18-Aug-14	-13.38	105.10
19-Aug-14	-13.57	105.46
20-Aug-14	-13.66	105.71
21-Aug-14	-13.31	105.81
22-Aug-14	-13.65	106.01
25-Aug-14	-13.93	106.19
26-Aug-14	-14.26	106.20
27-Aug-14	-14.36	105.98
28-Aug-14	-14.45	105.89
29-Aug-14	-14.74	106.03
2-Sep-14	-15.09	106.56
3-Sep-14	-15.40	106.34
4-Sep-14	-15.56	107.15
5-Sep-14	-15.82	107.10
8-Sep-14	-16.02	107.48
9-Sep-14	-15.98	108.02
10-Sep-14	-15.74	107.94
11-Sep-14	-16.17	108.05
12-Sep-14	-16.24	108.18
15-Sep-14	-15.89	108.12
16-Sep-14	-16.09	107.75
17-Sep-14	-16.26	107.83
18-Sep-14	-16.10	108.13
19-Sep-14	-16.49	108.57
22-Sep-14	-15.57	108.70
23-Sep-14	-15.08	108.73
24-Sep-14	-15.66	109.10
25-Sep-14	-15.97	109.31
26-Sep-14	-15.93	109.85
29-Sep-14	-16.25	109.73
30-Sep-14	-15.89	110.27
1-Oct-14	-15.75	110.15
2-Oct-14	-16.04	109.71
3-Oct-14	-17.03	111.01
6-Oct-14	-16.54	110.33
7-Oct-14	-16.83	110.05
8-Oct-14	-16.90	109.89
9-Oct-14	-16.39	109.68
10-Oct-14	-16.81	109.95
14-Oct-14	-16.84	109.99
15-Oct-14	-17.05	109.49
16-Oct-14	-17.71	109.22
17-Oct-14	-18.13	109.50
20-Oct-14	-18.92	109.46
21-Oct-14	-19.50	109.49
22-Oct-14	-19.04	109.88
23-Oct-14	-19.16	110.09
24-Oct-14	-19.30	109.89
27-Oct-14	-19.64	109.79
28-Oct-14	-19.85	109.49
29-Oct-14	-19.56	109.31
30-Oct-14	-20.05	110.22
31-Oct-14	-19.89	111.35
3-Nov-14	-19.90	111.98
4-Nov-14	-19.30	111.85
5-Nov-14	-19.06	112.28
6-Nov-14	-19.96	112.82
7-Nov-14	-20.02	112.58
10-Nov-14	-19.74	112.52
12-Nov-14	-20.01	112.30
13-Nov-14	-19.99	112.50
14-Nov-14	-19.77	112.44
17-Nov-14	-19.77	112.67
18-Nov-14	-19.34	112.35
19-Nov-14	-19.63	112.61
20-Nov-14	-19.62	112.65
21-Nov-14	-19.09	112.87
24-Nov-14	-19.58	112.97
25-Nov-14	-19.69	112.71
26-Nov-14	-19.65	112.40
28-Nov-14	-20.02	113.48
1-Dec-14	-19.52	112.89
2-Dec-14	-19.48	113.69
3-Dec-14	-19.32	114.01
4-Dec-14	-19.13	113.51
5-Dec-14	-19.34	114.52
8-Dec-14	-19.76	114.65
9-Dec-14	-19.31	113.64
10-Dec-14	-19.09	113.73
11-Dec-14	-19.86	114.14
12-Dec-14	-20.42	113.62
15-Dec-14	-20.71	113.94
16-Dec-14	-20.74	113.68
17-Dec-14	-21.32	114.21
18-Dec-14	-20.93	114.76
19-Dec-14	-20.90	115.24
22-Dec-14	-20.66	115.27
23-Dec-14	-21.17	115.71
24-Dec-14	-21.30	115.61
26-Dec-14	-21.26	115.61
29-Dec-14	-21.95	115.69
30-Dec-14	-22.12	115.35
31-Dec-14	-22.45	115.76
2-Jan-15	-22.25	116.70
5-Jan-15	-22.02	117.28
6-Jan-15	-21.72	117.05
7-Jan-15	-22.63	117.99
8-Jan-15	-22.82	117.86
9-Jan-15	-22.61	117.74
12-Jan-15	-23.10	117.89
13-Jan-15	-23.38	118.14
14-Jan-15	-23.09	117.79
15-Jan-15	-23.28	117.97
16-Jan-15	-24.26	118.30
20-Jan-15	-23.40	118.73
21-Jan-15	-23.57	119.35
22-Jan-15	-23.86	120.10
23-Jan-15	-24.21	120.87
26-Jan-15	-25.39	121.03
27-Jan-15	-26.68	120.50
28-Jan-15	-25.20	120.80
29-Jan-15	-24.65	121.85
30-Jan-15	-23.56	121.99
2-Feb-15	-23.77	121.39
3-Feb-15	-24.90	120.50
4-Feb-15	-25.65	120.92
5-Feb-15	-25.44	120.39
6-Feb-15	-26.51	121.44
9-Feb-15	-26.02	121.23
10-Feb-15	-25.92	121.55
11-Feb-15	-25.75	122.16
12-Feb-15	-25.81	120.84
13-Feb-15	-25.49	120.80
17-Feb-15	-25.39	120.78
18-Feb-15	-25.37	121.22
19-Feb-15	-25.27	121.02
20-Feb-15	-25.86	121.13
23-Feb-15	-25.57	121.49
24-Feb-15	-25.62	121.79
25-Feb-15	-26.10	120.88
26-Feb-15	-25.48	121.91
27-Feb-15	-25.61	122.05
2-Mar-15	-25.48	122.29
3-Mar-15	-25.57	121.82
4-Mar-15	-25.63	122.56
5-Mar-15	-26.04	123.13
6-Mar-15	-25.90	124.51
9-Mar-15	-25.70	124.53
10-Mar-15	-25.88	125.37
11-Mar-15	-26.71	126.57
12-Mar-15	-27.82	126.09
13-Mar-15	-28.04	126.97
16-Mar-15	-28.44	126.60
17-Mar-15	-28.61	126.53
18-Mar-15	-28.33	126.29
19-Mar-15	-29.00	126.26
20-Mar-15	-29.30	124.67
23-Mar-15	-28.61	123.63
24-Mar-15	-28.51	123.72
25-Mar-15	-28.73	123.27
26-Mar-15	-28.46	123.46
27-Mar-15	-29.04	123.93
30-Mar-15	-28.92	124.89
31-Mar-15	-29.09	125.18
1-Apr-15	-29.44	124.80
2-Apr-15	-30.24	124.24
6-Apr-15	-29.78	122.98
7-Apr-15	-29.58	124.16
8-Apr-15	-30.56	124.21
9-Apr-15	-30.17	125.34
10-Apr-15	-29.62	125.83
13-Apr-15	-29.52	125.96
14-Apr-15	-29.43	124.83
15-Apr-15	-28.90	124.91
16-Apr-15	-29.06	123.45
17-Apr-15	-28.38	123.29
20-Apr-15	-28.21	123.39
21-Apr-15	-28.94	123.61
22-Apr-15	-28.23	123.77
23-Apr-15	-29.01	123.01
24-Apr-15	-29.12	122.53
27-Apr-15	-27.56	122.24
28-Apr-15	-27.48	121.42
29-Apr-15	-26.33	120.16
30-Apr-15	-26.25	121.08
1-May-15	-25.89	121.33
4-May-15	-26.25	121.30
5-May-15	-25.64	120.78
6-May-15	-25.94	119.76
7-May-15	-26.20	120.53
8-May-15	-26.05	120.44
11-May-15	-26.08	120.93
12-May-15	-26.21	120.00
13-May-15	-25.46	119.08
14-May-15	-24.84	119.24
15-May-15	-25.53	119.09
18-May-15	-25.99	119.98
19-May-15	-25.81	121.35
20-May-15	-25.56	121.79
21-May-15	-25.69	121.40
22-May-15	-25.61	122.31
26-May-15	-25.88	123.81
27-May-15	-25.59	124.10
28-May-15	-25.16	124.06
29-May-15	-24.97	123.63
1-Jun-15	-25.01	124.45
2-Jun-15	-25.09	122.85
3-Jun-15	-25.78	122.13
4-Jun-15	-25.85	122.43
5-Jun-15	-26.13	123.48
8-Jun-15	-25.98	122.64
9-Jun-15	-25.79	121.82
10-Jun-15	-25.47	121.22
11-Jun-15	-26.01	121.86
12-Jun-15	-26.22	121.47
15-Jun-15	-26.49	121.63
16-Jun-15	-26.47	121.73
17-Jun-15	-26.60	121.75
18-Jun-15	-27.33	120.34
19-Jun-15	-28.03	120.83
22-Jun-15	-28.13	120.82
23-Jun-15	-28.50	121.93
24-Jun-15	-27.77	122.39
25-Jun-15	-28.46	121.98
26-Jun-15	-29.03	122.27
29-Jun-15	-28.52	121.92
30-Jun-15	-28.87	122.29
1-Jul-15	-29.30	123.14
2-Jul-15	-29.30	123.19
6-Jul-15	-29.80	123.36
7-Jul-15	-30.63	124.37
8-Jul-15	-30.45	123.56
9-Jul-15	-31.30	123.90
10-Jul-15	-31.82	123.44
13-Jul-15	-30.67	124.28
14-Jul-15	-30.60	124.19
15-Jul-15	-30.38	125.08

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Figure 2: Revisions to S&P 500 Year-Ahead Earnings per Share

Month	3 month moving average revision to year-ahead earnings of S&P 500 firms with low international exposure	3 month moving average revision to year-ahead earnings of S&P 500 firms with high international exposure
14-Mar	-0.21	-0.62
14-Apr	-0.13	-0.52
14-May	-0.06	0.22
14-Jun	-0.08	0.36
14-Jul	-0.03	0.30
14-Aug	-0.05	0.01
14-Sep	0.01	-0.08
14-Oct	-0.22	-0.20
14-Nov	-0.37	-0.56
14-Dec	-0.35	-0.61
15-Jan	-0.25	-0.59
15-Feb	-0.26	-0.91
15-Mar	-0.37	-1.03
15-Apr	-0.50	-1.04
15-May	-0.41	-0.63
15-Jun	-0.37	-0.50

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