Quantext produces Bellwether analysis of a range of market sectors.  These reports are available directly from Quantext.  Please contact us for details.  A brief description of recent reports is provided below.  We show tables with the firms in each report as well as the incremental annual return by rating class.  The incremental annual return is the average additional return per year beyond the annual average return.  In the case of a STRONG rating, for example, if the bellwether patterns are robust, this should be large and positive.  Averaging across companies, it is also reasonable to expect that the average incremental return following a NEUTRAL rating should be close to zero.    Bellwether Outlook for Large Pharmaceutical Firms June 2003 23 Pages This report uses the Bellwether model to generate outlooks and ratings for a number of the largest pharmaceutical firms.  The analysis demonstrates that there are robust bellwether relationships in this industry sector that allow for consistent predictability.  The analysis and current ratings are provided for these firms.  This sector is predictable out to twelve months.  The average annual incremental returns for each rating for the last ten years (with rating determined from Bellwether pattern) are quite large: The bellwether relationships for all of these firms are highly statistically significant.  The average incremental return for the twelve months following a STRONG rating is +9.9%, although there is considerable variability between firms.  The incremental annual return following a WEAK rating averages -11.5% for thes firms.    Bellwether Outlook for Dow Utilities Components June 2003 25 Pages This report uses the Bellwether model to generate outlooks and ratings for the firms that make up the Dow Utilities index.  The report includes current ratings which provide an outlook for the performance of the stock of these companies from one to twelve months out.  All of these firms demonstrate very strong bellwether relationships which allow for a robust forecast of future performance.  The average annual incremental return for these firms following a rating of STRONG, NEUTRAL, or WEAK are shown below: These utility firms show strong bellwether patterns that are all highly statistically significant.  Eleven of these firms have bellwether patterns that are significant at better than 0.1%.  The bellwether patterns explain 20-25% of the total monthly variability in returns on these firms over the past ten years.  For a number of these firms, the difference in annual return following a STRONG rating exceeds annual return following a WEAK rating by more than 20% per year.