| The first quarter of this year was the 18th time since 1982 that the Standard & Poor’s 500 index has gained 10 percent or more. In all but two of the previous cases, the S&P rose in the following quarter: |
| Quarter S&P percentage gain Next quarter |
| 4Q 1982 16.8 +8.8 |
| 4Q 1985 16 +13.1 |
| 1Q 1986 13.1 +5 |
| 1Q 1987 20.5 +4.2 |
| 1Q 1991 13.6 -1.1 |
| 2Q 1997 16.9 +7 |
| 1Q 1998 13.5 +2.9 |
| 4Q 1998 20.9 +4.7 |
| 4Q 1999 14.5 +2 |
| 4Q 2001 10.3 -0.06 |
| 2Q 2003 14.9 +2.2 |
| 4Q 2003 11.6 +1.3 |
| 2Q 2009 15.2 +15 |
| 3Q 2009 15 +5.5 |
| 3Q 2010 10.7 +10.2 |
| 4Q 2010 10.2 +5.4 |
| 4Q 2011 11.2 +12 |
| 1Q 2012 +12 ? |
| ___ |
| Source: FactSet, other sources. |