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Finance and Economics Discussion Series: 2009-36 Screen Reader version ^♣

The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market

Daniel Covitz, Nellie Liang, and Gustavo Suarez

August 18, 2009

Figure 1A: The market for asset-backed commercial paper (ABCP): aggregate amount of paper outstanding and overnight spreads
Series Description	Asset-backed commercial paper outstanding
3-Jan	1118
10-Jan	1115
17-Jan	1098
24-Jan	1094
31-Jan	1085
7-Feb	1092
14-Feb	1103
21-Feb	1096
28-Feb	1090
7-Mar	1096
14-Mar	1101
21-Mar	1094
28-Mar	1098
4-Apr	1099
11-Apr	1109
18-Apr	1093
25-Apr	1104
2-May	1124
9-May	1139
16-May	1147
23-May	1138
30-May	1141
6-Jun	1161
13-Jun	1164
20-Jun	1163
27-Jun	1170
4-Jul	1176
11-Jul	1186
18-Jul	1178
25-Jul	1188
1-Aug	1198
8-Aug	1211
15-Aug	1161
22-Aug	1089
29-Aug	1011
5-Sep	985
12-Sep	970
19-Sep	955
26-Sep	950
3-Oct	953
10-Oct	948
17-Oct	926
24-Oct	925
31-Oct	917
7-Nov	901
14-Nov	896
21-Nov	871
28-Nov	863
5-Dec	855
12-Dec	853
19-Dec	831
26-Dec	830

Return to Figure 1, Panel A

Figure 1B: The market for asset-backed commercial paper (ABCP): aggregate amount of paper outstanding and overnight spreads
Date	Overnight asset-backed commercial paper spread
2-Jan	0.0899999999999999
3-Jan	0.0300000000000002
4-Jan	0.0199999999999996
5-Jan	0.00999999999999979
8-Jan	0.0199999999999996
9-Jan	0.00999999999999979
10-Jan	0
11-Jan	0
12-Jan	0.00999999999999979
16-Jan	0.0599999999999996
17-Jan	0.00999999999999979
18-Jan	0.00999999999999979
19-Jan	-0.00999999999999979
22-Jan	0
23-Jan	0
24-Jan	-0.0199999999999996
25-Jan	0
26-Jan	0.00999999999999979
29-Jan	0.00999999999999979
30-Jan	0
31-Jan	0.04
1-Feb	0.00999999999999979
2-Feb	0.00999999999999979
5-Feb	0.00999999999999979
6-Feb	0.00999999999999979
7-Feb	-0.00999999999999979
8-Feb	0.00999999999999979
9-Feb	0.00999999999999979
12-Feb	0.00999999999999979
13-Feb	0.00999999999999979
14-Feb	0.0199999999999996
15-Feb	0.0700000000000003
16-Feb	0.0199999999999996
20-Feb	0.0499999999999998
21-Feb	0.0300000000000002
22-Feb	0
23-Feb	0
26-Feb	0.0199999999999996
27-Feb	0.04
28-Feb	0.0800000000000001
1-Mar	0.0899999999999999
2-Mar	0.0499999999999998
5-Mar	0.0300000000000002
6-Mar	0.0499999999999998
7-Mar	0.0199999999999996
8-Mar	0.0199999999999996
9-Mar	0.0199999999999996
12-Mar	0.0199999999999996
13-Mar	0.0199999999999996
14-Mar	0.0499999999999998
15-Mar	0.11
16-Mar	0.0199999999999996
19-Mar	0.0199999999999996
20-Mar	0.0199999999999996
21-Mar	0.0199999999999996
22-Mar	0.0199999999999996
23-Mar	0.00999999999999979
26-Mar	0.0199999999999996
27-Mar	0.0199999999999996
28-Mar	0.0499999999999998
29-Mar	0.0700000000000003
30-Mar	0.18
2-Apr	0.0899999999999999
3-Apr	0.0300000000000002
4-Apr	0.04
5-Apr	0.04
6-Apr	0.13
9-Apr	0.0800000000000001
10-Apr	0.0700000000000003
11-Apr	0.0599999999999996
12-Apr	0.0499999999999998
13-Apr	0.04
16-Apr	0.0700000000000003
17-Apr	0.0700000000000003
18-Apr	0.00999999999999979
19-Apr	-0.00999999999999979
20-Apr	-0.00999999999999979
23-Apr	0.00999999999999979
24-Apr	0
25-Apr	0.00999999999999979
26-Apr	0.00999999999999979
27-Apr	0.0199999999999996
30-Apr	0.0700000000000003
1-May	0.0599999999999996
2-May	0.00999999999999979
3-May	0.00999999999999979
4-May	0.00999999999999979
7-May	0.0199999999999996
8-May	0.00999999999999979
9-May	0.00999999999999979
10-May	0
11-May	0
14-May	0.0199999999999996
15-May	0.0700000000000003
16-May	0.0199999999999996
17-May	0.0199999999999996
18-May	0.0199999999999996
21-May	0.0199999999999996
22-May	0.00999999999999979
23-May	0.00999999999999979
24-May	0.00999999999999979
25-May	0.0199999999999996
29-May	0.0499999999999998
30-May	0.0499999999999998
31-May	0.0800000000000001
1-Jun	0.0700000000000003
4-Jun	0.0300000000000002
5-Jun	0.0199999999999996
6-Jun	0.0199999999999996
7-Jun	0.0300000000000002
8-Jun	0.0300000000000002
11-Jun	0.0300000000000002
12-Jun	0.0300000000000002
13-Jun	0.0499999999999998
14-Jun	0.0700000000000003
15-Jun	0.0899999999999999
18-Jun	0.0300000000000002
19-Jun	0.0199999999999996
20-Jun	0.00999999999999979
21-Jun	0.0300000000000002
22-Jun	0.0199999999999996
25-Jun	0.04
26-Jun	0.0700000000000003
27-Jun	0.0899999999999999
28-Jun	0.12
29-Jun	0.16
2-Jul	0.0999999999999996
3-Jul	0.0499999999999998
5-Jul	0.04
6-Jul	0.0300000000000002
9-Jul	0.0300000000000002
10-Jul	0.00999999999999979
11-Jul	0.00999999999999979
12-Jul	0.0199999999999996
13-Jul	0.0199999999999996
16-Jul	0.0800000000000001
17-Jul	0.0199999999999996
18-Jul	0.0199999999999996
19-Jul	0.0199999999999996
20-Jul	0.0199999999999996
23-Jul	0.0300000000000002
24-Jul	0.0300000000000002
25-Jul	0.0300000000000002
26-Jul	0.0800000000000001
27-Jul	0.0899999999999999
30-Jul	0.13
31-Jul	0.14
1-Aug	0.11
2-Aug	0.11
3-Aug	0.0899999999999999
6-Aug	0.11
7-Aug	0.12
8-Aug	0.14
9-Aug	0.5
10-Aug	0.89
13-Aug	0.25
14-Aug	0.21
15-Aug	0.26
16-Aug	0.55
17-Aug	0.67
20-Aug	0.71
21-Aug	0.72
22-Aug	0.7
23-Aug	0.64
24-Aug	0.5
27-Aug	0.45
28-Aug	0.47
29-Aug	0.66
30-Aug	0.69
31-Aug	0.73
4-Sep	0.65
5-Sep	0.63
6-Sep	0.58
7-Sep	0.46
10-Sep	0.42
11-Sep	0.35
12-Sep	0.29
13-Sep	0.22
14-Sep	0.2
17-Sep	0.43
18-Sep	0.22
19-Sep	0.36
20-Sep	0.33
21-Sep	0.32
24-Sep	0.31
25-Sep	0.33
26-Sep	0.37
27-Sep	0.57
28-Sep	0.82
1-Oct	0.48
2-Oct	0.44
3-Oct	0.39
4-Oct	0.37
5-Oct	0.35
9-Oct	0.38
10-Oct	0.4
11-Oct	0.36
12-Oct	0.34
15-Oct	0.39
16-Oct	0.33
17-Oct	0.3
18-Oct	0.24
19-Oct	0.21
22-Oct	0.2
23-Oct	0.2
24-Oct	0.18
25-Oct	0.16
26-Oct	0.18
29-Oct	0.2
30-Oct	0.28
31-Oct	0.28
1-Nov	0.26
2-Nov	0.27
5-Nov	0.32
6-Nov	0.28
7-Nov	0.29
8-Nov	0.29
9-Nov	0.28
13-Nov	0.35
14-Nov	0.49
15-Nov	0.6
16-Nov	0.42
19-Nov	0.44
20-Nov	0.46
21-Nov	0.46
23-Nov	0.5
26-Nov	0.52
27-Nov	0.52
28-Nov	0.53
29-Nov	0.51
30-Nov	0.56
3-Dec	0.5
4-Dec	0.49
5-Dec	0.5
6-Dec	0.51
7-Dec	0.43
10-Dec	0.45
11-Dec	0.32
12-Dec	0.24
13-Dec	0.2
14-Dec	0.24
17-Dec	0.31
18-Dec	0.28
19-Dec	0.25
20-Dec	0.21
21-Dec	0.26
24-Dec	0.26
26-Dec	0.21
27-Dec	0.37
28-Dec	0.29
31-Dec	0.34

Return to Figure 1, Panel B

Figure 3: Risk spreads on overnight asset-backed commercial paper (ABCP) issues for selected program types
Date	Overnight spread for multi-seller programs	Overnight spread for securities arbitrage programs	Overnight spread for structured investment vehicles
2-Jan	0.09	0.10	0.07
3-Jan	0.03	0.04	0.01
4-Jan	0.02	0.03	0.01
5-Jan	0.02	0.02	0.01
8-Jan	0.02	0.02	0.01
9-Jan	0.01	0.01	0.00
10-Jan	0.00	0.00	-0.02
11-Jan	0.01	0.02	0.00
12-Jan	0.02	0.02	0.01
16-Jan	0.07	0.06	0.06
17-Jan	0.02	0.02	0.00
18-Jan	0.02	0.02	0.00
19-Jan	0.00	0.00	-0.01
22-Jan	0.01	0.01	0.01
23-Jan	0.00	0.01	0.00
24-Jan	-0.01	0.00	-0.02
25-Jan	0.00	0.00	0.00
26-Jan	0.01	0.02	0.01
29-Jan	0.01	0.03	0.01
30-Jan	0.00	0.01	-0.01
31-Jan	0.04	0.05	0.04
1-Feb	0.01	0.02	0.00
2-Feb	0.01	0.01	0.00
5-Feb	0.01	0.02	0.01
6-Feb	0.01	0.01	0.00
7-Feb	0.00	0.00	-0.01
8-Feb	0.00	0.01	-0.01
9-Feb	0.02	0.02	0.01
12-Feb	0.01	0.01	0.00
13-Feb	0.02	0.02	0.01
14-Feb	0.03	0.03	0.02
15-Feb	0.07	0.08	0.07
16-Feb	0.02	0.02	-5.25
20-Feb	0.05	0.04	0.04
21-Feb	0.02	0.21	0.02
22-Feb	0.01	0.02	-0.01
23-Feb	0.01	0.01	0.00
26-Feb	0.02	0.04	0.02
27-Feb	0.05	0.05	0.03
28-Feb	0.08	0.09	0.07
1-Mar	0.09	0.09	0.08
2-Mar	0.06	0.05	0.04
5-Mar	0.04	0.04	0.02
6-Mar	0.07	0.02	0.01
7-Mar	0.02	0.02	0.01
8-Mar	0.02	0.02	0.01
9-Mar	0.02	0.02	0.01
12-Mar	0.03	0.03	0.02
13-Mar	0.02	0.02	0.01
14-Mar	0.05	0.05	0.05
15-Mar	0.11	0.10	0.10
16-Mar	0.03	0.02	0.02
19-Mar	0.03	0.02	0.02
20-Mar	0.03	0.02	0.02
21-Mar	0.02	0.02	0.02
22-Mar	0.02	0.01	0.01
23-Mar	0.02	0.01	0.01
26-Mar	0.03	0.02	0.01
27-Mar	0.03	0.02	0.02
28-Mar	0.06	0.04	0.04
29-Mar	0.08	0.08	0.06
30-Mar	0.19	0.18	0.17
2-Apr	0.09	0.08	0.10
3-Apr	0.04	0.04	0.04
4-Apr	0.05	0.04	0.04
5-Apr	0.00	0.05	0.06
6-Apr	0.14
9-Apr	0.08	0.08	0.09
10-Apr	0.08	0.06	0.06
11-Apr	0.06	0.06	0.04
12-Apr	0.06	0.04	0.05
13-Apr	0.06	0.04	0.04
16-Apr	0.08	0.08	0.08
17-Apr	0.08	0.07	0.07
18-Apr	0.02	0.01	0.00
19-Apr	0.00	-0.01	-0.02
20-Apr	-0.01	0.00	-0.02
23-Apr	0.01	0.01	0.00
24-Apr	0.00	-0.01	0.00
25-Apr	0.01	0.01	0.00
26-Apr	0.01	0.01	0.00
27-Apr	0.02	0.02	0.00
30-Apr	0.08	0.08	0.06
1-May	0.06	0.05	0.04
2-May	0.01	0.02	0.01
3-May	0.01	0.02	0.01
4-May	0.01	0.01	0.02
7-May	0.03	0.03	0.03
8-May	0.01	0.01	0.00
9-May	0.00	0.01	-0.01
10-May	0.00	0.00	-0.01
11-May	0.00	0.00	-0.01
14-May	0.02	0.03	0.01
15-May	0.07	0.07	0.06
16-May	0.02	0.02	0.00
17-May	0.02	0.02	0.01
18-May	0.02	0.02	0.02
21-May	0.02	0.02	0.02
22-May	0.01	0.01	0.00
23-May	0.01	0.01	0.00
24-May	0.02	0.01	0.01
25-May	0.02	0.03	0.02
29-May	0.05	0.06	0.04
30-May	0.06	0.05	0.05
31-May	0.09	0.08	0.08
1-Jun	0.07	0.07	0.05
4-Jun	0.03	0.04	0.05
5-Jun	0.03	0.03	0.03
6-Jun	0.02	0.03	0.02
7-Jun	0.03	0.03	0.03
8-Jun	0.04	0.04	0.02
11-Jun	0.03	0.04	0.03
12-Jun	0.03	0.04	0.03
13-Jun	0.05	0.06	0.04
14-Jun	0.08	0.07	0.07
15-Jun	0.10	0.10	0.10
18-Jun	0.04	0.04	0.03
19-Jun	0.03	0.03	0.01
20-Jun	0.02	0.02	0.01
21-Jun	0.04	0.03	0.03
22-Jun	0.03	0.03	0.02
25-Jun	0.04	0.05	0.05
26-Jun	0.07	0.08	0.08
27-Jun	0.10	0.10	0.11
28-Jun	0.13	0.13	0.13
29-Jun	0.16	0.16	0.14
2-Jul	0.10	0.11	0.11
3-Jul	0.05	0.05	0.05
5-Jul	0.05	0.04	0.03
6-Jul	0.04	0.03	0.03
9-Jul	0.03	0.04	0.03
10-Jul	0.02	0.03	0.01
11-Jul	0.02	0.02	0.01
12-Jul	0.03	0.02	0.01
13-Jul	0.03	0.03	0.02
16-Jul	0.09	0.08	0.08
17-Jul	0.03	0.03	0.02
18-Jul	0.03	0.03	0.03
19-Jul	0.03	0.03	0.03
20-Jul	0.02	0.02	0.03
23-Jul	0.03	0.03	0.02
24-Jul	0.04	0.03	0.03
25-Jul	0.04	0.04	0.03
26-Jul	0.09	0.08	0.09
27-Jul	0.11	0.10	0.10
30-Jul	0.15	0.14	0.14
31-Jul	0.17	0.15	0.17
1-Aug	0.16	0.13	0.13
2-Aug	0.14	0.14	0.14
3-Aug	0.12	0.10	0.12
6-Aug	0.13	0.15	0.15
7-Aug	0.15	0.15	0.15
8-Aug	0.17	0.17	0.17
9-Aug	0.49	0.52	0.56
10-Aug	0.86	0.94	0.86
13-Aug	0.28	0.32	0.30
14-Aug	0.22	0.29	0.17
15-Aug	0.29	0.25	0.22
16-Aug	0.54	0.69	0.20
17-Aug	0.66	0.71	0.50
20-Aug	0.70	0.66	0.78
21-Aug	0.70	0.68	0.57
22-Aug	0.67	0.74	0.77
23-Aug	0.59	0.66	0.57
24-Aug	0.46	0.58	0.25
27-Aug	0.40	0.50	0.25
28-Aug	0.44	0.50	0.61
29-Aug	0.65	0.64	0.81
30-Aug	0.66	0.69	0.83
31-Aug	0.75	0.64	0.97
4-Sep	0.65	0.65	0.71
5-Sep	0.62	0.69	0.80
6-Sep	0.56	0.71	0.63
7-Sep	0.44	0.54	0.69
10-Sep	0.38	0.55	0.55
11-Sep	0.29	0.49	0.49
12-Sep	0.26	0.43	0.36
13-Sep	0.17	0.38	0.41
14-Sep	0.18	0.30	0.27
17-Sep	0.42	0.49	0.51
18-Sep	0.22	0.20	0.31
19-Sep	0.37	0.37	0.28
20-Sep	0.33	0.36	0.27
21-Sep	0.30	0.35	0.27
24-Sep	0.30	0.35	0.30
25-Sep	0.32	0.36	0.74
26-Sep	0.36	0.40	0.35
27-Sep	0.54	0.56	0.90
28-Sep	0.77	0.82	0.87
1-Oct	0.45	0.45	0.30
2-Oct	0.39	0.48	0.47
3-Oct	0.33	0.46	0.51
4-Oct	0.33	0.48	0.47
5-Oct	0.29	0.47	0.54
9-Oct	0.29	0.54
10-Oct	0.32	0.55
11-Oct	0.30	0.50	0.23
12-Oct	0.28	0.47	0.60
15-Oct	0.33	0.46	0.80
16-Oct	0.26	0.44	0.75
17-Oct	0.22	0.40	0.58
18-Oct	0.18	0.35	0.70
19-Oct	0.16	0.30	0.71
22-Oct	0.16	0.27	0.67
23-Oct	0.15	0.28	0.63
24-Oct	0.14	0.24	0.47
25-Oct	0.11	0.19	0.40
26-Oct	0.14	0.25	0.46
29-Oct	0.16	0.25	0.42
30-Oct	0.25	0.32	0.84
31-Oct	0.24	0.32	0.80
1-Nov	0.23	0.31	0.77
2-Nov	0.22	0.33	0.80
5-Nov	0.26	0.40	0.75
6-Nov	0.20	0.35	0.69
7-Nov	0.20	0.42	0.69
8-Nov	0.21	0.44	0.71
9-Nov	0.21	0.43	0.72
13-Nov	0.29	0.52	0.85
14-Nov	0.42	0.69	0.93
15-Nov	0.54	0.77	0.95
16-Nov	0.36	0.56	0.82
19-Nov	0.38	0.60	0.65
20-Nov	0.41	0.64
21-Nov	0.40	0.83
23-Nov	0.46	0.72
26-Nov	0.47	0.67	0.87
27-Nov	0.48	0.64
28-Nov	0.48	0.69	0.65
29-Nov	0.45	0.70
30-Nov	0.49	0.76
3-Dec	0.43	0.74	0.65
4-Dec	0.40	0.75	0.65
5-Dec	0.43	0.72
6-Dec	0.43	0.72
7-Dec	0.36	0.64	0.70
10-Dec	0.34	0.81	0.73
11-Dec	0.21	0.60	0.52
12-Dec	0.15	0.53	0.53
13-Dec	0.10	0.60	0.50
14-Dec	0.14	0.59	0.62
17-Dec	0.23	0.69	0.68
18-Dec	0.19	0.64
19-Dec	0.14	0.60
20-Dec	0.12	0.44
21-Dec	0.13	0.34
24-Dec	0.18	0.20	1.60
26-Dec	0.18	0.21
27-Dec	0.27	0.57
28-Dec	0.23	0.00
31-Dec	0.27	0.23

Return to Figure 3

Figure 4: Runs on asset-backed commercial paper (ABCP) programs in 2007
Date	Fraction of ABCP programs experiencing runs	Unconditional hazard of leaving the run state
3-Jan-07	1.59
10-Jan-07	2.87	20
17-Jan-07	2.54	44
24-Jan-07	3.48	25
31-Jan-07	3.47	27
7-Feb-07	4.10	18
14-Feb-07	4.10	23
21-Feb-07	4.10	31
28-Feb-07	3.47	38
7-Mar-07	5.00	18
14-Mar-07	3.75	38
21-Mar-07	3.74	17
28-Mar-07	2.80	25
4-Apr-07	4.33	0
11-Apr-07	3.09	50
18-Apr-07	4.62	20
25-Apr-07	6.46	27
2-May-07	4.31	48
9-May-07	4.60	36
16-May-07	4.89	33
23-May-07	5.50	31
30-May-07	3.96	50
6-Jun-07	4.22	31
13-Jun-07	4.49	29
20-Jun-07	4.18	27
27-Jun-07	4.15	36
4-Jul-07	4.44	14
11-Jul-07	4.44	20
18-Jul-07	5.00	33
25-Jul-07	6.47	18
1-Aug-07	9.38	23
8-Aug-07	13.74	25
15-Aug-07	19.59	21
22-Aug-07	24.27	10
29-Aug-07	26.16	7
5-Sep-07	29.07	10
12-Sep-07	32.27	10
19-Sep-07	32.27	13
26-Sep-07	33.43	7
3-Oct-07	33.24	10
10-Oct-07	33.53	8
17-Oct-07	33.82	9
24-Oct-07	34.39	8
31-Oct-07	35.26	5
7-Nov-07	37.86	2
14-Nov-07	37.46	6
21-Nov-07	39.94	4
28-Nov-07	37.36	12
5-Dec-07	39.94	2
12-Dec-07	39.83	5
19-Dec-07	40.00	3
26-Dec-07	40.86	2

Return to Figure 4

Figure 5: Aggregate variables related to stresses in the ABCP market
Date	Average fraction of issuance with maturity less than 10 days (percent)	1-month Libor-OIS spread (percentage points)	Return on the ABX.HE index, 2006:2, AAA tranche (percent)	Fraction of ABCP outstanding under default or extension (percent)
3-Jan	76.64527	0.0691601	0.0025002	0
10-Jan	63.14536	0.0647001	-0.0025001	0
17-Jan	59.60094	0.0635002	0	0.0175963
24-Jan	57.24398	0.0683002	0	0.0179018
31-Jan	67.38013	0.0691001	-0.0179816	0.022544
7-Feb	62.97981	0.0670004	0.0059924	0.0226733
14-Feb	66.58836	0.0657002	-0.1818497	0.0225029
21-Feb	62.92726	0.0644002	-0.0660706	0.0223689
28-Feb	65.48749	0.0654003	-0.4407517	0.0224006
7-Mar	65.5899	0.0653262	0.0482911	0.0633379
14-Mar	64.65561	0.0626001	0.120681	0.0810623
21-Mar	61.60477	0.0609001	0.0582561	0.0808323
28-Mar	64.5899	0.0598001	-0.0401551	0.0812352
4-Apr	70.75081	0.0646001	-0.0582456	0.0805253
11-Apr	65.14152	0.0628335	0	0.0806547
18-Apr	61.32437	0.0616001	0.0020162	0.079919
25-Apr	56.08178	0.0641003	0.0381776	0.0857453
2-May	68.34326	0.0617002	0	0.0846597
9-May	67.94075	0.0603751	-0.0200931	0.0830393
16-May	63.78008	0.0587002	0.0422024	0.0821735
23-May	63.23664	0.0604002	-0.0040223	0.0819235
30-May	66.77797	0.0578752	-0.0010037	0.1062366
6-Jun	73.47277	0.0541003	0.0170708	0.1057537
13-Jun	69.38423	0.0546002	-0.0020071	0.1038789
20-Jun	66.55405	0.0553001	-0.0140576	0.1037971
27-Jun	69.08192	0.0589001	-0.026104	0.1039137
4-Jul	77.89071	0.0639003	-0.0351619	0.1032909
11-Jul	68.59101	0.0627002	-0.3265809	0.1024459
18-Jul	63.86393	0.0627003	-2.006256	0.1023474
25-Jul	61.69028	0.0626002	-0.4650163	0.102453
1-Aug	76.04141	0.0782001	-2.034153	0.1017317
8-Aug	67.32022	0.0917	-3.27284	0.3169336
15-Aug	73.95187	0.490076	0.4275816	0.4249685
22-Aug	79.12775	0.5708499	0.036933	0.8034557
29-Aug	82.89533	0.524875	2.479802	1.513752
5-Sep	82.53397	0.7935499	0.3976519	1.836524
12-Sep	75.80957	0.9028261	1.919696	1.961957
19-Sep	74.62193	0.67615	0.531666	2.047657
26-Sep	72.78471	0.3989499	-1.229711	2.105156
3-Oct	76.78452	0.406926	0.2565141	2.151672
10-Oct	72.49879	0.4120326	-0.1045284	2.200148
17-Oct	74.26479	0.3532	-0.3618039	2.241351
24-Oct	74.27679	0.33875	-1.337512	2.328449
31-Oct	79.85427	0.2486501	-4.9947	2.415261
7-Nov	75.76515	0.2014761	-1.380093	2.438007
14-Nov	74.23382	0.2214725	-3.838767	2.489168
21-Nov	73.53313	0.3785761	-2.157046	2.527226
28-Nov	76.1333	0.4840652	-2.183583	2.589007
5-Dec	81.09621	1.061952	7.354074	2.600179
12-Dec	78.57087	1.037326	1.284825	2.638398
19-Dec	75.95754	0.8089076	-1.091184	2.851358

Return to Figure 5

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