Analyst ratings can be an important tool when making investment decisions. From October 9, 2007 through March 9, 2009, analyst Buy ratings fell by 63% as a proportion of total recommendations, while Sell ratings exploded 384%. Even at the midpoint of this period (May 15, 2008), the equity market (as measured by the DJIA) was roughly 50% higher than the bottom (12,992 vs. 6,547). However, Buys were down 43% and Sells were up 347%. For three months within this period, a disconnect between ratings trends, the DJIA, and XLF emerged. While Buy ratings dropped and Sell ratings increased, the overall market (as represented by DJIA and XLF) rose.