View from the Observation Deck

1. The S&P 500 closed July 2012 with a dividend yield of 2.07%. The purpose of today's blog is to identify various S&P 500 sectors with dividend yields in the vicinity of the S&P 500.
2. In addition to dividend yields, we have provided Bloomberg's estimates for 2013 earnings growth rates and where each respective sector's price level stands relative to its 10-year high.   
3. Once the calendar rolls from June to July, investors begin to turn their attention to next year's earnings estimates.
4. There are six sectors in the chart with dividend yields ranging from 2.07% (S&P 500 Energy Index) to 2.77% (S&P 500 Consumer Discretionary Index).
5. All six sectors have positive 2013 earnings growth estimates. They range from 7.95% (S&P 500 Health Care Index) to 22.67% (S&P 500 Materials Index).
6. All  six sectors are trading below their respective 10-year highs, but some clearly standout. They range from 0.36% (S&P 500 Consumer Staples Index) to 62.34% (S&P 500 Banks Index).
7. The sector that best matches its price level with its 2013 estimated earnings growth rate is materials. The S&P 500 Materials Index closed July 23.06% below its 10-year high and has a 22.67% 2013 estimated earnings growth rate.
8. For comparative purposes, the S&P 500 closed July 11.87% below its 10-year high and has a 11.74% 2013 estimated earnings growth rate.