Asset Management The Scorecard

1 The Scorecard Weekly Commentary Current Rates 3mo T-Bill Prime Rate 6mo T-Bill 3mo LIBOR 1yr T-Bill 5yr CD 5yr T-Bond 10yr Municipals 10yr T-Bond Corp: Inv. Grade 30yr T-Bond Corp: High Yield TED Spread 30yr Mortgage Fxd Past performance may not be a reliable guide to future performance. Data is provided by Bloomberg and prepared by Stringer Asset Management LLC. Please refer to the disclosures on the following page. November 19, 2018 Treasury Yield Curve Fixed Income Indicators Globally equities were mixed last week with and developed market equities generally down while emerging markets were up. REITs and materials led the S&P 500 Index sectors. Investment grade domestic bonds gained while high yield bonds declined with equities. Oil and MLPs also declined while gold gained 1% and copper was up 4%.

2 With 92% of the S&P 500 Index s companies having reported Q3 2018 results, earnings are up over last year on higher revenue according to FactSet. Earnings reports from 20 of the S&P 500 Index s companies will be released this week. Additionally, this week is relatively light for economic reports with Thanksgiving on Thursday. Monday brings the NAHB Housing Market Index. Reports on building permits and housing starts are re-leased on Tuesday. We will see mortgage applications, weekly jobless claims, durable goods orders, and the University of Michigan Consumer Sentiment Survey on Wednesday. Finally, Friday brings manufacturing and services PMI reports for the and the euro zone. Weekly Market Snapshot STRINGER Asset Management Recent Performance (%) Recent Performance (%) Index Prior Close 1-Wk 1-Mo 3-Mos YTD 1-Yr Index Prior Close 1-Wk 1-Mo 3-Mos YTD 1-Yr DJ Industrial Average 25, S&P 500 Utilities S&P 500 2, MSCI EAFE 1, NASDAQ Composite 7, MSCI EM Russell 1000 Growth 1, (FTSE 100) 7, Russell 1000 Value 1, Germany (DAX) 11, Russell 2000 1, Hong Kong (Hang Seng) 26, S&P 500 Cons Disc Japan (Nikkei 225) 21, S&P 500 Cons Staples Barclays Aggregate 2, S&P 500 Energy S&P Nat AMT-Free Muni S&P 500 Financials Barclays US Corp.

3 HY 1, S&P 500 Health Care 1, Alerian MLP S&P 500 Industrials Crude Oil WTI (USD/bbl) S&P 500 Info Tech 1, Gasoline (USD/gal) S&P 500 Materials Gold Spot (USD/troy oz) 1, S&P 500 Real Estate Copper Spot (USD/lb) S&P 500 Telecom DB Long US Dollar Index Stringer Asset Management , LLC | Email: | Phone: 901-800-2956 % % % % % % % % %3M1YR2YR5YR10YR30 YRHundreds11 /16 /2 018 1 Month Ago 3 Months Ago 1 Year Ago 2 Weekly Economic Calendar Stringer Asset Management , LLC | Email: | Phone: 901-800-2956 STRINGER Asset Management The Scorecard Event Time (EST) Period Survey Prior Monday, November 19 NAHB Housing Market Index 9:00 AM Nov 67 68 Tuesday, November 20 Housing Starts 7:30 AM Oct 1,225k 1,201k Housing Starts MoM 7:30 AM Oct Building Permits 7:30 AM Oct 1,260k 1,241k Building Permits MoM 7:30 AM Oct Wednesday, November 21 MBA Mortgage Applications 6:00 AM 16-Nov -- Durable Goods Orders 7:30 AM Oct P Durables Ex Transportation 7:30 AM Oct P Cap Goods Orders Nondef Ex Air 7:30 AM Oct P Cap Goods Ship Nondef Ex Air 7:30 AM Oct P -- Initial Jobless Claims 7:30 AM 17-Nov 215k 216k Continuing Claims 7:30 AM 10-Nov 1,652k 1,676k Event Time (EST) Period Survey Prior Wednesday, November 21 (continued) Bloomberg Consumer Comfort 8:45 AM 18-Nov -- Bloomberg Economic Expectations 8:45 AM Nov -- Leading Index 9:00 AM Oct Existing Home Sales 9:00 AM Oct Existing Home Sales MoM 9:00 AM Oct U.

4 Of Mich. Sentiment 9:00 AM Nov F U. of Mich. Current Conditions 9:00 AM Nov F -- U. of Mich. Expectations 9:00 AM Nov F -- U. of Mich. 1 Yr Inflation 9:00 AM Nov F -- U. of Mich. 5-10 Yr Inflation 9:00 AM Nov F -- Friday, November 23 Markit US Manufacturing PMI 8:45 AM Nov P Markit US Services PMI 8:45 AM Nov P Markit US Composite PMI 8:45 AM Nov P -- Any forecasts, figures, opinions or investment techniques and strategies explained are Stringer Asset Management LLC s as of the date of publication. They are considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect to error or omission is accepted. They are subject to change without reference or notification. The views contained herein are not be taken as an advice or a recommendation to buy or sell any investment and the material should not be relied upon as containing sufficient information to support an investment decision. The views and opinions expressed are soley those of the original authors and other contribu-tors.

5 It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. The perfor-mance quoted is based on indices that are unmanaged; you cannot directly invest into an index. Past performance may not be a reliable guide to future performance. Current performance may be higher or lower than the performance quoted. Data is provided by Bloomberg and prepared by Stringer Asset Management LLC and has not been verified or audited by an independent accountant. Benchmark Definitions: The DJ Industrial Average Index is a price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. The S&P 500 Index is a capitalization-weighted index of 500 stocks. The Index is designed to measure performance of a broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

6 The NASDAQ Composite Index is a broad-based capitalization-weighted index of all NASDAQ National Market & Small Cap stocks. The Russell 1000 Growth Index is a measure of the large-capitalization growth sector of the equity market. The Index is capitalization-weighted and con-sists of those companies, or portion of a company, with higher price-to-book ratios and higher forecasted growth within the Russell 1000 Index. The Russell 1000 Value Index is a measure of the large-capitalization value sector of the equity market. The Index is capitalization-weighted and consists of those companies, or portion of a company, with lower price-to-book ratios and lower forecasted growth within the Russell 1000 Index. The Russell 2000 Index is a measure of the small-capitalization sector of the equity market. The Index is capitalization-weighted and consists of the 2,000 smallest companies in the Russell 3000 Index. The S&P 500 Consumer Discretionary Index is capitalization-weighted and is designed to measure the consumer discretionary sector of the S&P 500 Index.

7 The S&P 500 Consumer Staples Index is capitalization-weighted and is designed to measure the consumer staples sector of the S&P 500 Index. The S&P 500 Energy Index is capitalization-weighted and is designed to measure the energy sector of the S&P 500 Index. The S&P 500 Financials Index is capitalization-weighted and is de-signed to measure the financial sector of the S&P 500 Index. The S&P 500 Health Care Index is capitalization-weighted and is designed to measure the health care sector of the S&P 500 Index. The S&P 500 Industrials Index is capitalization-weighted and is designed to measure the industrial sector of the S&P 500 Index. The S&P 500 Information Technology Index is capitalization-weighted and is designed to measure the information technology sector of the S&P 500 Index. The S&P 500 Materials Index is capitalization-weighted and is designed to measure the materials sector of the S&P 500 Index. The S&P 500 Real Estate Index is capitalization-weighted and is designed to measure the real estate sector of the S&P 500 Index.

8 The S&P 500 Telecommunication Services Index is capitalization-weighted and is designed to measure the telecommunication services sector of the S&P 500 Index. The S&P 500 Utilities Index is capitalization-weighted and is designed to measure the utilities sector of the S&P 500 Index. The MSCI EAFE Index has been developed by MSCI Inc. as an equity benchmark for international stock perfor-mance. The Index is capitalization-weighted and aims to capture 85% of the (publicly available) total market capitalization of Europe, Australasia and the Far East. Component companies are adjusted for available float and must meet objective criteria for inclusion to the Index, taking into consideration unavailable strategic shareholdings and limitations to foreign ownership. The MSCI Emerging Markets Index has been developed by MSCI Inc. as an equity benchmark for international stock performance. The Index is capitalization-weighted and aims to capture 85% of the (publicly available) total market capitalization of developing countries.

9 Component companies are adjusted for available float and must meet objective criteria for inclusion to the Index, taking into consideration unavailable strategic shareholdings and limitations to foreign ownership. The FTSE 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. The Deutsche Borse AG German Stock Index (DAX) measures the total return of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. The Hang Seng Index is a capitalization-weighted index of selected companies from the Stock Exchange of Hong Kong. Nikkei 225 Index is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Barclays Aggregate Bond Index provides a measure of the investment grade bond market, which includes investment grade Government bonds, investment grade corporate bonds, mortgage pass-through securities and Asset -backed securities that are publicly offered for sale in the United States.

10 The securities in the Index must have at least 1 year remaining to maturity. In addition, the securities must be denominated in US dollars and must be fixed rate, nonconvertible and taxable. The S&P National AMT-Free Municipal Bond Index provides a measure of the performance of the investment-grade segment of the municipal bond market. The Index includes municipal bonds from issuers that are primarily state or local governments or agencies (including the Commonwealth of Puerto Rico and territories such as the Virgin Islands and Guam) such that the interest on the bond is exempt from federal income taxes and the federal alternative minimum tax (AMT) as determined by the Index Provider. The Barclays Corporate High Yield Bond Index provides a measure of the performance of fixed-rate, publicly issued, non-investment grade debt of securities having a maximum quality rating of Ba1 as determined by Moody s Investors Service. The Alerian MLP Index is a capitalization-weighted index that measures 50 energy Master Limited Partnerships.