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SOYBEAN COMPLEX
Welcome to the
Table of Contents
Historical Soybean Complex Report
2009 Edition
Page
For Your
Information
Preface ...............................................................................................................2
Seasonal Pattern and Average Chart Explanation .............................................3
Strategy Sheet Explanation ................................................................................4
Soybeans
Soybean
Meal
Soybean
Oil
Product
& Crush
Spreads
Cash &
Basis
Copyright 1989-2009. Moore Research Center, Inc. No part of this publication may be
reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, facsimile, or any information storage and retrieval system,
without written permission. Retransmission by fax or other means which results in the
creation of an additional copy is unlawful.
Preface
Preface
Windows of Opportunity
From these seasonal patterns, one can derive a
seasonal approach to markets that is designed to
anticipate, enter, and capture recurrent price trends as
they emerge and exit before they are realized. Within
these patterns exist certain well-defined seasonal tops,
bottoms, and trends.
Moore Research Center, Inc. (MRCI) computer
programs have rigorously analyzed trends that have
recurred in the same direction during a similar period of
time in at least 80% of the last 15 years. The underlying
theory assumes that causal fundamental factors specific
to that time period have existed and may be influential
again, thus making each historically 80%-or-more
reliable strategy valid as a potential trading idea.
However, because past performance is not necessarily
indicative of future results, these strategies are not
recommendations.
Seasonal Patterns
Nearly all markets real estate, interest rates,
cash hogs, grain futures are affected by various
fundamental forces, many of which are seasonal in
nature. Such forces as weather, fiscal calendars,
Treasury refunding, and the specific characteristics of
futures contracts (such as delivery and expiration) tend
to recur and influence, to one degree or another, certain
markets every year. As any market or spread relationship responds to a series of annually recurring factors,
seasonal price patterns tend to evolve.
Daily seasonal patterns, both the 15- and most recent
5-year, are derived from and a composite of historical
daily price activity in the specific contract, spread, cash
market, or basis relationship under consideration. The
numerical index to the right quantifies the historical
tendency to reach a seasonal high (100) or low (0) at a
given time. In other words, the graph reaches 100 when
prices have most consistently been highest.
Weekly continuation charts are also contract-specific.
They are intended better to illustrate historical relative
value, turning points, and long-term trends for particular
trading, spread, hedging, and basis strategies.
Points on basis charts are plotted by subtracting the
futures price from the designated cash price, thereby
obtaining a cash quote of $2.00 under or $0.50 over
futures. Basis charts in this publication present seasonal
average basis levels.
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
substitutes for a similar transaction in the cash market, the relationship between cash and futures is of vital importance.
Charts in the Basis section portray an averaged difference between a designated cash price and a designated
futures contract price, commonly referred to as basis. Per industry standard, the daily futures closing price is
subtracted from the underlying cash price to determine chart points and cash quotes of $5.00 over or $0.20 under
futuresthe fluctuation of cash around futures. Because futures prices are the reference against which cash quotes are
made, futures prices are represented on the charts by the 0-line. [The chart itself consists of both the 15-year average
(the solid line) and its most recent 5-year average (the dotted line).] From these charts, one may discern not only the
degree to which basis typically widens/narrows at any given time of the year but also the rubber-band effect of the
delivery process.
20.00
15 Year
Pattern
0.00
-20.00
5 Year
Pattern
-40.00
-60.00
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
markets are designed to enable those involved in the commerce of the underlying commodity to manage their
Futures
risk of price fluctuation. Because commercial hedging is a purchase or sale in futures that temporarily
nique MRCI strategy sheets present each historically reliable seasonal trade or spread with a table of its relevant
Udetail.
Traders are encouraged to evaluate each strategy individually; some may be more speculative in nature than
others.
To detect a trade, MRCIs computer system scrutinizes the last 15 years (when available) of historical price data
for those trends recurrent, with a minimum reliability of 80%, during similar time windows. Those strategies are then
subjected to further criteria established for average profit and duration of time window. Once discovered and initially
evaluated, a trading strategy is outlined, its crucial data tabulated, and then presented in the format below for closer
analysis perspective on the third dimension, if you will.
(Please note: Special reports may contain certain strategies that may have commercial rather than speculative
application, for instance, those that duplicate/overlap other strategies or trade a spot month contract during delivery.
Strategy Explanation
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/03/08
01/03/07
01/03/06
01/03/05
01/05/04
01/03/03
01/03/02
01/03/01
01/03/00
01/04/99
01/05/98
01/03/97
01/03/96
01/03/95
01/03/94
Percentage Correct
ENTRY
PRICE
-123.00
30.50
6.50
17.50
-154.50
-51.25
8.00
0.25
14.75
10.50
-18.75
-31.00
-58.00
19.00
-61.50
87
EXIT
DATE
01/24/08
01/24/07
01/24/06
01/24/05
01/23/04
01/24/03
01/24/02
01/24/01
01/24/00
01/22/99
01/23/98
01/24/97
01/24/96
01/24/95
01/24/94
EXIT
PRICE
-34.00
36.25
21.25
18.25
-167.25
-37.00
8.25
5.50
19.00
11.75
-16.75
-57.00
-39.75
19.50
-48.50
PROFIT
PROFIT
AMOUNT
89.00
5.75
14.75
0.75
-12.75
14.25
0.25
5.25
4.25
1.25
2.00
-26.00
18.25
0.50
13.00
4450.00
287.50
737.50
37.50
-637.50
712.50
12.50
262.50
212.50
62.50
100.00
-1300.00
912.50
25.00
650.00
13.02
-19.38
8.70
650.96
-968.75
435.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/17/08
01/19/07
01/24/06
01/18/05
01/09/04
01/21/03
01/18/02
01/18/01
01/21/00
01/11/99
01/15/98
01/06/97
01/24/96
01/05/95
01/10/94
5100.00
312.50
737.50
100.00
687.50
937.50
100.00
262.50
250.00
87.50
287.50
87.50
912.50
75.00
650.00
Protective Stop
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/04/06
01/07/05
01/14/04
01/06/03
01/14/02
-12.50
-187.50
-987.50
-12.50
-112.50
01/04/00
01/13/99
01/22/98
01/17/97
-62.50
-125.00
-137.50
-1450.00
01/11/95
-50.00
(566)
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans (S)
Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Jan (F), Mar (H), May (K), Jul (N)..................................................................................... 6
Aug (Q), Sep (U), Nov (X) ................................................................................................... 8
Jan vs: Mar, May, Jul, Nov ............................................................................................... 10
Mar vs: May, Jul, Aug, Nov .............................................................................................. 12
May vs: Jul, Aug, Sep, Nov ............................................................................................... 14
Jul vs: Aug, Sep, Nov, Jan................................................................................................. 16
Aug vs: Sep, Nov, Jan, May .............................................................................................. 18
Sep vs: Nov, Jan, Mar, Jul ................................................................................................. 20
Nov vs: Jan, Mar, May, Jul ................................................................................................ 22
Nov vs: Red Nov ............................................................................................................ 24
STRATEGIES
Soybeans
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
1999
2000
2001
2002
2003
2004
1999
2000
2001
2002
2003
2004
Soybeans Weeklies
1600.00
1400.00
1200.00
1000.00
800.00
600.00
400.00
1998
1999
2000
2001
2002
2003
2004
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
1999
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
Soybeans Weeklies
1998
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
10
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
20.00
0.00
-20.00
-40.00
-60.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
11
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
12
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
-20.00
-40.00
-60.00
-80.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
13
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
14
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
50.00
0.00
-50.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
15
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
16
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
50.00
0.00
-50.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
17
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
18
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
100.00
50.00
0.00
-50.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
19
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
20
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
150.00
100.00
50.00
0.00
-50.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
21
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
22
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
20.00
0.00
-20.00
-40.00
-60.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
23
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2001
2002
2003
2004
2005
2006
2007
2008
1999
24
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
1/03
1/24
87
13
15
435
20/22
27
1/03
2/02
93
14
15
497
16/31
27
Buy Soybeans(CBOT)September
1/30
2/19
87
13
15
866
41/21
28
Buy Soybeans(CBOT)July
2/08
3/01
80
12
15
1457
66/22
28
2/08
3/26
87
13
15
461
10/48
29
Buy Soybeans(CBOT)September
2/10
2/18
87
13
15
464
52/9
29
2/22
3/27
80
12
15
836
24/35
30
3/07
3/27
80
12
15
587
28/21
30
3/30
4/07
87
13
15
425
47/9
31
10 Buy Soybeans(CBOT)July
4/08
5/03
80
12
15
689
27/26
31
11 Buy Soybeans(CBOT)November
4/16
5/18
87
13
15
823
25/33
32
12 Buy Soybeans(CBOT)January
4/28
5/18
80
12
15
1015
48/21
32
5/06
5/23
80
12
15
488
27/18
33
14 Sell Soybeans(CBOT)August
5/19
5/29
80
12
15
469
43/11
33
15 Buy Soybeans(CBOT)September
5/27
6/02
87
13
15
628
90/7
34
16 Buy Soybeans(CBOT)July
6/04
6/18
80
12
15
1234
82/15
34
6/11
7/10
87
13
15
618
21/30
35
18 Sell Soybeans(CBOT)November
6/18
8/05
87
13
15
2503
51/49
35
19 Sell Soybeans(CBOT)November
6/29
7/27
87
13
15
1713
59/29
36
25
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
7/12
7/30
100
15
15
1185
62/19
36
21 Sell Soybeans(CBOT)November
7/13
7/28
87
13
15
1799
112/16
37
22 Sell Soybeans(CBOT)September
7/13
8/08
93
14
15
2758
102/27
37
7/17
8/11
93
14
15
1094
42/26
38
24 Buy Soybeans(CBOT)March
8/20
9/01
80
12
15
718
55/13
38
25 Sell Soybeans(CBOT)November
9/02
10/02
80
12
15
1458
47/31
39
9/12
10/03
87
13
15
573
26/22
39
27 Sell Soybeans(CBOT)November
9/21
10/02
93
14
15
1246
104/12
40
10/04
12/19
80
12
15
389
5/77
40
29 Buy Soybeans(CBOT)January
10/06
12/26
80
12
15
2102
26/82
41
10/16
12/14
87
13
15
433
7/60
41
31 Buy Soybeans(CBOT)January
10/21
11/17
80
12
15
914
33/28
42
32 Buy Soybeans(CBOT)January
10/30
11/17
80
12
15
533
28/19
42
33 Buy Soybeans(CBOT)July
11/12
12/26
80
12
15
1258
28/45
43
34 Buy Soybeans(CBOT)January
12/18
12/24
93
14
15
454
65/7
43
12/26
2/03
93
14
15
544
14/40
44
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/03/08
01/03/07
01/03/06
01/03/05
01/05/04
01/03/03
01/03/02
01/03/01
01/03/00
01/04/99
01/05/98
01/03/97
01/03/96
01/03/95
01/03/94
Percentage Correct
ENTRY
PRICE
-123.00
30.50
6.50
17.50
-154.50
-51.25
8.00
0.25
14.75
10.50
-18.75
-31.00
-58.00
19.00
-61.50
87
EXIT
DATE
01/24/08
01/24/07
01/24/06
01/24/05
01/23/04
01/24/03
01/24/02
01/24/01
01/24/00
01/22/99
01/23/98
01/24/97
01/24/96
01/24/95
01/24/94
EXIT
PRICE
-34.00
36.25
21.25
18.25
-167.25
-37.00
8.25
5.50
19.00
11.75
-16.75
-57.00
-39.75
19.50
-48.50
PROFIT
PROFIT
AMOUNT
89.00
5.75
14.75
0.75
-12.75
14.25
0.25
5.25
4.25
1.25
2.00
-26.00
18.25
0.50
13.00
4450.00
287.50
737.50
37.50
-637.50
712.50
12.50
262.50
212.50
62.50
100.00
-1300.00
912.50
25.00
650.00
13.02
-19.38
8.70
650.96
-968.75
435.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/17/08
01/19/07
01/24/06
01/18/05
01/09/04
01/21/03
01/18/02
01/18/01
01/21/00
01/11/99
01/15/98
01/06/97
01/24/96
01/05/95
01/10/94
5100.00
312.50
737.50
100.00
687.50
937.50
100.00
262.50
250.00
87.50
287.50
87.50
912.50
75.00
650.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/04/06
01/07/05
01/14/04
01/06/03
01/14/02
-12.50
-187.50
-987.50
-12.50
-112.50
01/04/00
01/13/99
01/22/98
01/17/97
-62.50
-125.00
-137.50
-1450.00
01/11/95
-50.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/03/08
01/03/07
01/03/06
01/03/05
01/05/04
01/03/03
01/03/02
01/03/01
01/03/00
01/04/99
01/05/98
01/03/97
01/03/96
01/03/95
01/03/94
Percentage Correct
ENTRY
PRICE
-123.00
30.50
6.50
17.50
-154.50
-51.25
8.00
0.25
14.75
10.50
-18.75
-31.00
-58.00
19.00
-61.50
93
EXIT
DATE
02/01/08
02/02/07
02/02/06
02/02/05
02/02/04
01/31/03
02/01/02
02/02/01
02/02/00
02/02/99
02/02/98
01/31/97
02/02/96
02/02/95
02/02/94
EXIT
PRICE
-52.25
37.25
24.25
20.00
-152.50
-35.75
9.75
7.25
17.50
12.75
-12.50
-55.75
-32.50
20.00
-49.50
PROFIT
PROFIT
AMOUNT
70.75
6.75
17.75
2.50
2.00
15.50
1.75
7.00
2.75
2.25
6.25
-24.75
25.50
1.00
12.00
3537.50
337.50
887.50
125.00
100.00
775.00
87.50
350.00
137.50
112.50
312.50
-1237.50
1275.00
50.00
600.00
12.41
-24.75
9.93
620.54
-1237.50
496.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/17/08
01/29/07
02/01/06
02/01/05
01/09/04
01/21/03
01/18/02
02/01/01
01/21/00
01/29/99
02/02/98
01/06/97
02/02/96
01/05/95
01/28/94
5100.00
387.50
900.00
125.00
687.50
937.50
100.00
537.50
250.00
162.50
312.50
87.50
1275.00
75.00
900.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/04/06
01/07/05
01/14/04
01/06/03
01/14/02
-12.50
-187.50
-987.50
-12.50
-112.50
01/04/00
01/13/99
01/22/98
01/17/97
-62.50
-125.00
-137.50
-1450.00
01/11/95
-50.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
27
CONT
YEAR
Soybeans(CBOT)September
Contract Size: 5,000 bushels
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/30/08
01/30/07
01/30/06
01/31/05
01/30/04
01/30/03
01/30/02
01/30/01
01/31/00
02/01/99
01/30/98
01/30/97
01/30/96
01/30/95
01/31/94
Percentage Correct
BUY
PRICE
1257.00
761.50
623.00
522.00
731.00
542.00
437.50
469.50
528.50
517.75
664.25
708.25
720.50
568.25
659.75
87
EXIT
DATE
02/19/08
02/16/07
02/17/06
02/18/05
02/19/04
02/19/03
02/19/02
02/16/01
02/18/00
02/19/99
02/19/98
02/19/97
02/16/96
02/17/95
02/18/94
EXIT
PRICE
1384.50
804.00
624.50
561.75
745.00
542.50
447.00
458.75
535.50
493.00
665.00
732.75
734.50
579.00
662.75
PROFIT
PROFIT
AMOUNT
127.50
42.50
1.50
39.75
14.00
0.50
9.50
-10.75
7.00
-24.75
0.75
24.50
14.00
10.75
3.00
6375.00
2125.00
75.00
1987.50
700.00
25.00
475.00
-537.50
350.00
-1237.50
37.50
1225.00
700.00
537.50
150.00
22.71
-17.75
17.32
1135.58
-887.50
865.83
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/19/08
02/16/07
02/17/06
02/18/05
02/19/04
02/14/03
02/13/02
02/02/01
02/18/00
02/02/99
02/10/98
02/18/97
02/16/96
02/15/95
02/16/94
6375.00
2125.00
75.00
1987.50
700.00
300.00
550.00
575.00
350.00
337.50
1137.50
1337.50
700.00
575.00
400.00
WORST
EQUITY
DATE
01/31/07
02/07/06
02/04/05
02/04/04
02/07/03
02/01/02
02/13/01
02/03/00
02/19/99
02/17/98
02/03/97
02/05/96
01/31/95
02/07/94
WORST
EQUITY
AMOUNT
-175.00
-900.00
-487.50
-1225.00
-412.50
-100.00
-675.00
-400.00
-1237.50
-162.50
-412.50
-225.00
-62.50
-425.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)July
Contract Size: 5,000 bushels
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/08/08
02/08/07
02/08/06
02/08/05
02/09/04
02/10/03
02/08/02
02/08/01
02/08/00
02/08/99
02/09/98
02/10/97
02/08/96
02/08/95
02/08/94
Percentage Correct
BUY
PRICE
1368.00
773.50
602.50
510.75
829.25
561.00
437.50
464.00
518.75
517.50
699.50
739.00
737.75
569.25
681.00
80
EXIT
DATE
03/01/08
03/01/07
03/01/06
03/01/05
03/01/04
02/28/03
03/01/02
03/01/01
03/01/00
03/01/99
02/27/98
02/28/97
03/01/96
03/01/95
03/01/94
EXIT
PRICE
1546.00
776.25
602.00
617.50
944.50
574.25
455.50
467.75
520.75
471.25
663.75
792.00
754.00
573.50
687.25
PROFIT
PROFIT
AMOUNT
178.00
2.75
-0.50
106.75
115.25
13.25
18.00
3.75
2.00
-46.25
-35.75
53.00
16.25
4.25
6.25
8900.00
137.50
-25.00
5337.50
5762.50
662.50
900.00
187.50
100.00
-2312.50
-1787.50
2650.00
812.50
212.50
312.50
43.29
-27.50
29.13
2164.58
-1375.00
1456.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/01/08
02/22/07
02/17/06
02/28/05
03/01/04
02/27/03
03/01/02
03/01/01
02/18/00
8900.00
2087.50
1075.00
5712.50
5762.50
987.50
900.00
187.50
700.00
02/10/98
02/25/97
02/26/96
02/24/95
02/14/94
150.00
2725.00
1212.50
487.50
587.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/12/08
-937.50
02/23/06
-337.50
02/12/04
02/12/03
-1025.00
-12.50
02/26/01
02/25/00
02/26/99
02/24/98
-575.00
-250.00
-2562.50
-2000.00
02/12/96
-87.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
28
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/08/08
02/08/07
02/08/06
02/08/05
02/09/04
02/10/03
02/08/02
02/08/01
02/08/00
02/08/99
02/09/98
02/10/97
02/08/96
02/08/95
02/08/94
ENTRY
PRICE
37.50
-6.50
-3.50
-1.75
62.25
11.50
-1.00
0.75
-2.75
-1.00
13.50
24.50
15.25
-0.25
17.25
87
Percentage Correct
EXIT
DATE
03/26/08
03/26/07
03/24/06
03/24/05
03/26/04
03/26/03
03/26/02
03/26/01
03/24/00
03/26/99
03/26/98
03/26/97
03/26/96
03/24/95
03/25/94
EXIT
PRICE
PROFIT
46.00
-6.25
-3.00
16.00
109.00
23.50
3.50
3.75
-1.75
0.50
17.25
67.75
10.00
-2.25
20.00
PROFIT
AMOUNT
8.50
0.25
0.50
17.75
46.75
12.00
4.50
3.00
1.00
1.50
3.75
43.25
-5.25
-2.00
2.75
425.00
12.50
25.00
887.50
2337.50
600.00
225.00
150.00
50.00
75.00
187.50
2162.50
-262.50
-100.00
137.50
11.19
-3.63
9.22
559.62
-181.25
460.83
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/29/08
02/28/07
02/16/06
03/17/05
03/22/04
03/14/03
03/26/02
03/26/01
02/25/00
03/26/99
03/26/98
03/20/97
02/13/96
1125.00
150.00
250.00
1287.50
2962.50
600.00
225.00
150.00
187.50
75.00
187.50
2287.50
200.00
02/11/94
200.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/21/08
03/20/07
03/20/06
02/16/05
02/13/04
-650.00
-137.50
-50.00
-62.50
-287.50
02/15/02
02/13/01
02/11/00
02/26/99
02/25/98
-62.50
-12.50
-12.50
-150.00
-225.00
03/19/96
03/15/95
03/07/94
-500.00
-162.50
-237.50
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)September
Contract Size: 5,000 bushels
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/11/08
02/12/07
02/10/06
02/10/05
02/10/04
02/10/03
02/11/02
02/12/01
02/10/00
02/10/99
02/10/98
02/10/97
02/12/96
02/10/95
02/10/94
Percentage Correct
BUY
PRICE
1307.00
786.50
611.00
522.00
726.00
542.50
439.50
458.50
533.75
511.00
687.00
711.50
721.25
578.75
661.00
87
EXIT
DATE
02/15/08
02/16/07
02/17/06
02/18/05
02/18/04
02/18/03
02/15/02
02/16/01
02/18/00
02/18/99
02/18/98
02/18/97
02/16/96
02/17/95
02/18/94
EXIT
PRICE
1350.00
804.00
624.50
561.75
733.00
546.00
448.50
458.75
535.50
498.00
665.25
735.00
734.50
579.00
662.75
PROFIT
PROFIT
AMOUNT
43.00
17.50
13.50
39.75
7.00
3.50
9.00
0.25
1.75
-13.00
-21.75
23.50
13.25
0.25
1.75
2150.00
875.00
675.00
1987.50
350.00
175.00
450.00
12.50
87.50
-650.00
-1087.50
1175.00
662.50
12.50
87.50
13.38
-17.38
9.28
669.23
-868.75
464.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/15/08
02/16/07
02/17/06
02/18/05
02/17/04
02/14/03
02/13/02
02/16/01
02/18/00
2150.00
875.00
675.00
1987.50
475.00
275.00
450.00
12.50
87.50
02/18/97
02/16/96
02/15/95
02/16/94
1175.00
662.50
50.00
337.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/12/08
-550.00
02/14/06
-50.00
02/12/04
02/12/03
-300.00
-175.00
02/13/01
02/14/00
02/18/99
02/17/98
-125.00
-325.00
-650.00
-1300.00
02/13/96
02/13/95
-12.50
-100.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
29
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/22/08
02/22/07
02/22/06
02/22/05
02/23/04
02/24/03
02/22/02
02/22/01
02/22/00
02/22/99
02/23/98
02/24/97
02/22/96
02/22/95
02/22/94
Percentage Correct
ENTRY
PRICE
62.25
-22.50
-10.50
-7.25
183.00
45.50
-5.75
-2.25
-7.25
-12.00
16.00
75.25
14.25
-13.50
33.50
80
EXIT
DATE
03/27/08
03/27/07
03/27/06
03/24/05
03/26/04
03/27/03
03/27/02
03/27/01
03/27/00
03/26/99
03/27/98
03/27/97
03/27/96
03/27/95
03/25/94
EXIT
PRICE
134.00
-26.75
-16.00
30.00
235.50
58.75
1.00
0.50
-14.00
-11.50
20.25
144.00
17.50
-13.00
39.25
PROFIT
PROFIT
AMOUNT
71.75
-4.25
-5.50
37.25
52.50
13.25
6.75
2.75
-6.75
0.50
4.25
68.75
3.25
0.50
5.75
3587.50
-212.50
-275.00
1862.50
2625.00
662.50
337.50
137.50
-337.50
25.00
212.50
3437.50
162.50
25.00
287.50
22.27
-5.50
16.72
1113.54
-275.00
835.83
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/27/08
02/23/07
03/03/06
03/16/05
03/22/04
03/27/03
03/26/02
03/26/01
02/25/00
03/16/99
03/12/98
03/27/97
02/26/96
03/31/95
03/24/94
3587.50
37.50
12.50
2525.00
4062.50
662.50
375.00
150.00
75.00
100.00
400.00
3437.50
362.50
50.00
325.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/21/07
03/16/06
-287.50
-287.50
02/26/04
03/06/03
02/27/02
03/31/01
03/27/00
02/26/99
03/03/98
-462.50
-75.00
-75.00
-50.00
-337.50
-237.50
-175.00
03/19/96
03/14/95
03/08/94
-475.00
-75.00
-187.50
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/07/08
03/07/07
03/07/06
03/07/05
03/08/04
03/07/03
03/07/02
03/07/01
03/07/00
03/08/99
03/09/98
03/07/97
03/07/96
03/07/95
03/07/94
Percentage Correct
ENTRY
PRICE
97.25
-38.00
-24.00
5.50
187.50
47.00
-11.00
-8.50
-17.00
-22.25
12.75
105.50
-0.50
-24.75
29.00
80
EXIT
DATE
03/27/08
03/27/07
03/27/06
03/24/05
03/26/04
03/27/03
03/27/02
03/27/01
03/27/00
03/26/99
03/27/98
03/27/97
03/27/96
03/27/95
03/25/94
EXIT
PRICE
118.75
-42.75
-28.50
24.75
245.50
61.50
-1.50
-3.50
-24.50
-19.50
18.00
141.00
11.00
-23.75
38.00
PROFIT
PROFIT
AMOUNT
21.50
-4.75
-4.50
19.25
58.00
14.50
9.50
5.00
-7.50
2.75
5.25
35.50
11.50
1.00
9.00
1075.00
-237.50
-225.00
962.50
2900.00
725.00
475.00
250.00
-375.00
137.50
262.50
1775.00
575.00
50.00
450.00
16.06
-5.58
11.73
803.13
-279.17
586.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/27/08
1075.00
03/16/05
03/22/04
03/27/03
03/26/02
03/27/01
03/13/00
03/16/99
03/26/98
03/27/97
03/27/96
03/17/95
03/24/94
1625.00
4087.50
725.00
500.00
250.00
12.50
287.50
400.00
1775.00
575.00
50.00
500.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/18/08
03/21/07
03/24/06
-1512.50
-312.50
-275.00
03/08/02
03/08/01
03/27/00
-12.50
-125.00
-375.00
03/08/96
03/24/95
03/08/94
-150.00
-50.00
-37.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
30
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/31/08
03/30/07
03/30/06
03/30/05
03/30/04
03/31/03
04/01/02
03/30/01
03/30/00
03/30/99
03/30/98
03/31/97
04/01/96
03/30/95
03/30/94
Percentage Correct
ENTRY
PRICE
-107.75
43.75
27.75
-29.75
-258.75
-59.25
4.25
-0.50
22.00
21.25
-17.50
-162.75
-10.50
24.00
-40.00
87
EXIT
DATE
04/07/08
04/05/07
04/07/06
04/07/05
04/07/04
04/07/03
04/05/02
04/06/01
04/07/00
04/07/99
04/07/98
04/07/97
04/04/96
04/07/95
04/07/94
EXIT
PRICE
-40.00
44.25
31.00
-10.25
-230.00
-72.25
1.25
0.75
23.75
22.50
-16.00
-157.75
-4.50
27.50
-36.50
PROFIT
PROFIT
AMOUNT
67.75
0.50
3.25
19.50
28.75
-13.00
-3.00
1.25
1.75
1.25
1.50
5.00
6.00
3.50
3.50
3387.50
25.00
162.50
975.00
1437.50
-650.00
-150.00
62.50
87.50
62.50
75.00
250.00
300.00
175.00
175.00
11.04
-8.00
8.50
551.92
-400.00
425.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/07/08
04/04/07
03/31/06
04/07/05
04/06/04
3387.50
25.00
175.00
975.00
1437.50
04/03/01
04/05/00
04/05/99
04/07/98
04/04/97
04/04/96
04/07/95
04/05/94
250.00
187.50
137.50
75.00
787.50
300.00
175.00
350.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/02/07
-75.00
04/01/04
04/07/03
04/05/02
-237.50
-650.00
-150.00
04/02/98
04/02/97
-437.50
-1000.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)July
Contract Size: 5,000 bushels
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/08/08
04/09/07
04/10/06
04/08/05
04/08/04
04/08/03
04/08/02
04/09/01
04/10/00
04/08/99
04/08/98
04/08/97
04/08/96
04/10/95
04/08/94
Percentage Correct
BUY
PRICE
1268.75
766.50
569.00
619.50
989.00
599.50
460.75
445.75
544.00
486.00
633.25
853.50
790.75
596.25
656.50
80
EXIT
DATE
05/02/08
05/03/07
05/03/06
05/03/05
05/03/04
05/02/03
05/03/02
05/03/01
05/03/00
05/03/99
05/01/98
05/02/97
05/03/96
05/03/95
05/03/94
EXIT
PRICE
1304.50
747.75
605.50
625.50
1021.00
631.00
461.25
437.75
572.00
489.25
641.75
885.50
816.50
583.50
663.00
PROFIT
PROFIT
AMOUNT
35.75
-18.75
36.50
6.00
32.00
31.50
0.50
-8.00
28.00
3.25
8.50
32.00
25.75
-12.75
6.50
1787.50
-937.50
1825.00
300.00
1600.00
1575.00
25.00
-400.00
1400.00
162.50
425.00
1600.00
1287.50
-637.50
325.00
20.52
-13.17
13.78
1026.04
-658.33
689.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/15/08
6412.50
05/01/06
04/21/05
05/03/04
05/01/03
04/24/02
1887.50
1287.50
1600.00
1600.00
1125.00
05/03/00
04/20/99
04/21/98
04/30/97
04/25/96
04/11/95
04/29/94
1400.00
937.50
862.50
1675.00
2012.50
262.50
1000.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/24/07
-2012.50
04/18/05
04/21/04
04/11/03
04/15/02
04/25/01
04/28/00
04/29/99
04/13/98
04/11/97
04/16/96
04/27/95
04/15/94
-162.50
-2775.00
-25.00
-100.00
-1162.50
-237.50
-75.00
-250.00
-850.00
-425.00
-1050.00
-287.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
31
Soybeans(CBOT)November
Contract Size: 5,000 bushels
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/16/08
04/16/07
04/17/06
04/18/05
04/16/04
04/16/03
04/16/02
04/16/01
04/17/00
04/16/99
04/16/98
04/16/97
04/16/96
04/17/95
04/18/94
Percentage Correct
BUY
PRICE
1273.50
782.50
604.50
603.75
732.50
532.75
463.00
435.00
556.75
511.25
617.75
691.00
763.00
599.00
610.00
87
EXIT
DATE
05/16/08
05/18/07
05/18/06
05/18/05
05/18/04
05/16/03
05/17/02
05/18/01
05/18/00
05/18/99
05/18/98
05/16/97
05/17/96
05/18/95
05/18/94
EXIT
PRICE
1349.25
821.25
621.00
630.25
695.75
571.75
468.00
438.00
560.25
487.00
622.75
709.50
784.00
606.25
658.25
PROFIT
PROFIT
AMOUNT
75.75
38.75
16.50
26.50
-36.75
39.00
5.00
3.00
3.50
-24.25
5.00
18.50
21.00
7.25
48.25
3787.50
1937.50
825.00
1325.00
-1837.50
1950.00
250.00
150.00
175.00
-1212.50
250.00
925.00
1050.00
362.50
2412.50
23.69
-30.50
16.47
1184.62
-1525.00
823.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/16/08
05/16/07
05/12/06
04/21/05
05/05/04
05/16/03
04/24/02
05/17/01
05/03/00
04/20/99
05/07/98
05/09/97
04/23/96
05/18/95
05/18/94
3787.50
1937.50
1375.00
1387.50
2700.00
1950.00
350.00
162.50
1362.50
425.00
1012.50
975.00
1550.00
362.50
2412.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/01/08
04/24/07
04/21/06
-4012.50
-1462.50
-25.00
05/18/04
04/25/03
05/06/02
04/23/01
04/28/00
05/14/99
04/30/98
04/18/97
04/29/96
05/15/95
-1837.50
-100.00
-512.50
-800.00
-262.50
-1437.50
-37.50
-237.50
-275.00
-700.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)January
Contract Size: 5,000 bushels
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
04/28/08
04/30/07
04/28/06
04/28/05
04/28/04
04/28/03
04/29/02
04/30/01
04/28/00
04/28/99
04/28/98
04/28/97
04/29/96
04/28/95
04/28/94
Percentage Correct
BUY
PRICE
1210.25
779.50
627.00
621.25
730.50
534.50
462.25
444.50
559.25
513.50
632.00
696.00
763.00
605.50
632.00
80
EXIT
DATE
05/16/08
05/18/07
05/18/06
05/18/05
05/18/04
05/16/03
05/17/02
05/18/01
05/18/00
05/18/99
05/18/98
05/16/97
05/17/96
05/18/95
05/18/94
EXIT
PRICE
1361.75
830.50
629.50
632.25
697.00
574.25
471.75
447.50
565.75
497.25
630.00
714.00
789.50
612.00
662.50
PROFIT
PROFIT
AMOUNT
151.50
51.00
2.50
11.00
-33.50
39.75
9.50
3.00
6.50
-16.25
-2.00
18.00
26.50
6.50
30.50
7575.00
2550.00
125.00
550.00
-1675.00
1987.50
475.00
150.00
325.00
-812.50
-100.00
900.00
1325.00
325.00
1525.00
29.69
-17.25
20.30
1484.38
-862.50
1015.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/16/08
05/18/07
05/12/06
05/18/05
05/05/04
05/16/03
05/09/02
05/17/01
05/03/00
7575.00
2550.00
662.50
550.00
2650.00
1987.50
637.50
175.00
1625.00
05/07/98
05/09/97
05/16/96
05/02/95
05/18/94
625.00
987.50
1750.00
437.50
1525.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/01/08
05/08/07
05/08/06
05/13/05
05/18/04
-175.00
-25.00
-75.00
-400.00
-1675.00
05/06/02
05/10/01
-200.00
-625.00
05/14/99
05/01/98
-1062.50
-362.50
05/08/95
05/09/94
-575.00
-637.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
32
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/06/08
05/07/07
05/08/06
05/06/05
05/06/04
05/06/03
05/06/02
05/07/01
05/08/00
05/06/99
05/06/98
05/06/97
05/06/96
05/08/95
05/06/94
Percentage Correct
ENTRY
PRICE
-59.50
29.75
18.25
-15.00
-233.00
-72.00
-10.00
-8.25
10.75
12.25
-21.00
-190.75
-35.50
17.25
-49.25
80
EXIT
DATE
05/23/08
05/23/07
05/23/06
05/23/05
05/21/04
05/23/03
05/23/02
05/23/01
05/23/00
05/21/99
05/22/98
05/23/97
05/23/96
05/23/95
05/23/94
EXIT
PRICE
-14.50
30.00
24.00
-2.00
-188.50
-63.75
-20.25
-14.00
11.00
12.75
-22.25
-158.50
-33.00
18.25
-39.00
PROFIT
PROFIT
AMOUNT
45.00
0.25
5.75
13.00
44.50
8.25
-10.25
-5.75
0.25
0.50
-1.25
32.25
2.50
1.00
10.25
2250.00
12.50
287.50
650.00
2225.00
412.50
-512.50
-287.50
12.50
25.00
-62.50
1612.50
125.00
50.00
512.50
13.63
-5.75
9.75
681.25
-287.50
487.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/21/08
05/23/07
05/23/06
05/20/05
05/18/04
05/22/03
05/09/02
3275.00
12.50
287.50
650.00
2737.50
575.00
187.50
05/12/00
05/13/99
05/19/98
05/15/97
05/15/96
05/17/95
05/23/94
162.50
87.50
150.00
1925.00
475.00
87.50
512.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/08/08
05/16/07
-237.50
-62.50
05/11/04
05/13/03
05/22/02
05/23/01
05/19/00
05/19/99
05/12/98
-1725.00
-687.50
-525.00
-287.50
-25.00
-50.00
-200.00
05/08/96
05/22/95
05/11/94
-50.00
-62.50
-137.50
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)August
Contract Size: 5,000 bushels
CONT
YEAR
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/19/08
05/21/07
05/19/06
05/19/05
05/19/04
05/19/03
05/20/02
05/21/01
05/19/00
05/19/99
05/19/98
05/19/97
05/20/96
05/19/95
05/19/94
Percentage Correct
SELL
PRICE
1333.75
807.25
593.75
629.25
849.50
632.75
486.50
438.00
557.00
474.25
628.75
837.50
805.00
587.50
689.50
80
EXIT
DATE
05/29/08
05/29/07
05/26/06
05/27/05
05/28/04
05/29/03
05/29/02
05/29/01
05/26/00
05/28/99
05/29/98
05/29/97
05/29/96
05/26/95
05/27/94
EXIT
PRICE
1328.25
805.25
589.00
669.00
775.00
627.25
491.00
434.50
536.25
464.00
610.50
822.75
774.00
610.50
672.25
PROFIT
PROFIT
AMOUNT
5.50
2.00
4.75
-39.75
74.50
5.50
-4.50
3.50
20.75
10.25
18.25
14.75
31.00
-23.00
17.25
275.00
100.00
237.50
-1987.50
3725.00
275.00
-225.00
175.00
1037.50
512.50
912.50
737.50
1550.00
-1150.00
862.50
17.33
-22.42
9.38
866.67
-1120.83
469.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/22/08
05/22/07
05/22/06
275.00
350.00
250.00
05/28/04
05/28/03
05/24/02
05/29/01
05/25/00
05/24/99
05/27/98
05/27/97
05/29/96
3725.00
600.00
37.50
175.00
1375.00
800.00
925.00
2350.00
1550.00
05/26/94
975.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/28/08
05/25/07
-2100.00
-612.50
05/26/05
-2375.00
05/20/03
05/28/02
05/24/01
-350.00
-262.50
-237.50
05/20/98
-125.00
05/23/96
05/26/95
05/23/94
-137.50
-1150.00
-1937.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
33
Soybeans(CBOT)September
Contract Size: 5,000 bushels
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/27/08
05/29/07
05/30/06
05/27/05
05/27/04
05/27/03
05/28/02
05/29/01
05/30/00
05/27/99
05/27/98
05/27/97
05/28/96
05/30/95
05/27/94
Percentage Correct
BUY
PRICE
1344.75
812.50
596.75
667.50
707.00
592.75
481.25
422.50
519.75
462.00
596.50
705.50
786.50
590.00
655.75
87
EXIT
DATE
06/02/08
06/01/07
06/02/06
06/02/05
06/02/04
06/02/03
05/31/02
06/01/01
06/02/00
06/02/99
06/02/98
06/02/97
05/31/96
06/02/95
06/02/94
EXIT
PRICE
1361.00
832.50
621.00
670.25
755.50
580.50
493.00
438.50
536.75
463.00
597.00
732.50
764.75
595.00
688.00
PROFIT
PROFIT
AMOUNT
16.25
20.00
24.25
2.75
48.50
-12.25
11.75
16.00
17.00
1.00
0.50
27.00
-21.75
5.00
32.25
812.50
1000.00
1212.50
137.50
2425.00
-612.50
587.50
800.00
850.00
50.00
25.00
1350.00
-1087.50
250.00
1612.50
17.10
-17.00
12.55
854.81
-850.00
627.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/28/08
06/01/07
06/02/06
06/01/05
06/01/04
875.00
1000.00
1212.50
1050.00
2850.00
05/31/02
06/01/01
06/02/00
05/28/99
06/02/98
05/30/97
587.50
800.00
850.00
225.00
25.00
1350.00
06/01/95
06/02/94
425.00
1612.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/29/08
-1137.50
05/31/06
-187.50
06/02/03
05/29/02
05/30/01
-612.50
-75.00
-125.00
06/01/98
-187.50
05/29/96
-1400.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)July
Contract Size: 5,000 bushels
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/04/08
06/04/07
06/05/06
06/06/05
06/04/04
06/04/03
06/04/02
06/04/01
06/05/00
06/04/99
06/04/98
06/04/97
06/04/96
06/05/95
06/06/94
Percentage Correct
BUY
PRICE
1389.00
815.75
603.25
677.75
838.50
615.25
509.75
453.00
529.25
464.50
618.75
830.00
769.75
583.50
659.25
80
EXIT
DATE
06/18/08
06/18/07
06/16/06
06/17/05
06/18/04
06/18/03
06/18/02
06/18/01
06/16/00
06/18/99
06/18/98
06/18/97
06/18/96
06/16/95
06/17/94
EXIT
PRICE
1556.00
855.25
600.25
724.00
872.00
629.00
493.00
464.00
504.75
474.75
631.00
832.50
791.00
589.00
711.00
PROFIT
PROFIT
AMOUNT
167.00
39.50
-3.00
46.25
33.50
13.75
-16.75
11.00
-24.50
10.25
12.25
2.50
21.25
5.50
51.75
8350.00
1975.00
-150.00
2312.50
1675.00
687.50
-837.50
550.00
-1225.00
512.50
612.50
125.00
1062.50
275.00
2587.50
34.54
-14.75
24.68
1727.08
-737.50
1234.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/13/08
06/18/07
8550.00
1975.00
06/17/05
06/15/04
06/10/03
06/05/02
06/13/01
06/06/00
06/18/99
06/18/98
06/13/97
06/10/96
06/15/95
06/17/94
2312.50
2275.00
912.50
200.00
1050.00
62.50
512.50
612.50
1225.00
1062.50
437.50
2587.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/09/06
06/10/05
-875.00
-575.00
06/13/03
06/18/02
-37.50
-837.50
06/16/00
06/17/99
06/11/98
06/09/97
06/05/96
06/12/95
-1225.00
-75.00
-500.00
-950.00
-212.50
-512.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
34
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/11/08
06/11/07
06/12/06
06/13/05
06/14/04
06/11/03
06/11/02
06/11/01
06/12/00
06/11/99
06/11/98
06/11/97
06/11/96
06/12/95
06/13/94
Percentage Correct
ENTRY
PRICE
10.25
-25.50
-21.75
-11.50
124.25
47.75
19.00
12.50
-2.25
-8.50
18.25
109.00
29.50
-13.75
23.75
87
EXIT
DATE
07/10/08
07/10/07
07/10/06
07/08/05
07/09/04
07/10/03
07/10/02
07/10/01
07/10/00
07/09/99
07/10/98
07/10/97
07/10/96
07/10/95
07/08/94
EXIT
PRICE
13.50
-27.00
-21.50
-10.00
167.75
72.75
36.00
6.50
7.00
0.50
37.25
149.75
34.50
-8.25
37.50
PROFIT
PROFIT
AMOUNT
3.25
-1.50
0.25
1.50
43.50
25.00
17.00
-6.00
9.25
9.00
19.00
40.75
5.00
5.50
13.75
162.50
-75.00
12.50
75.00
2175.00
1250.00
850.00
-300.00
462.50
450.00
950.00
2037.50
250.00
275.00
687.50
14.83
-3.75
12.35
741.35
-187.50
617.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/13/08
925.00
06/27/06
07/01/05
07/09/04
07/10/03
07/09/02
06/20/01
06/26/00
07/09/99
07/10/98
07/10/97
07/10/96
07/10/95
07/08/94
162.50
75.00
2175.00
1250.00
850.00
150.00
1012.50
450.00
950.00
2037.50
250.00
275.00
687.50
WORST
EQUITY
DATE
07/02/08
06/25/07
06/13/06
06/24/05
06/29/04
06/12/03
06/25/02
07/10/01
06/13/00
06/30/99
06/26/98
07/02/97
06/25/96
06/13/95
06/17/94
WORST
EQUITY
AMOUNT
-37.50
-75.00
-12.50
-300.00
-925.00
-12.50
-187.50
-300.00
-12.50
-87.50
-475.00
-1212.50
-312.50
-25.00
-525.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)November
Contract Size: 5,000 bushels
CONT
YEAR
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/18/08
06/18/07
06/19/06
06/20/05
06/18/04
06/18/03
06/18/02
06/18/01
06/19/00
06/18/99
06/18/98
06/18/97
06/18/96
06/19/95
06/20/94
Percentage Correct
SELL
PRICE
1543.00
889.00
611.00
757.50
666.00
574.00
470.75
444.50
495.75
480.50
599.00
668.50
758.50
626.50
665.00
87
EXIT
DATE
08/05/08
08/03/07
08/04/06
08/05/05
08/05/04
08/05/03
08/05/02
08/03/01
08/04/00
08/05/99
08/05/98
08/05/97
08/05/96
08/04/95
08/05/94
EXIT
PRICE
1269.00
861.00
597.00
669.00
571.25
512.75
535.00
485.50
449.75
480.25
541.25
634.50
734.75
597.25
560.25
PROFIT
PROFIT
AMOUNT
274.00
28.00
14.00
88.50
94.75
61.25
-64.25
-41.00
46.00
0.25
57.75
34.00
23.75
29.25
104.75
13700.00
1400.00
700.00
4425.00
4737.50
3062.50
-3212.50
-2050.00
2300.00
12.50
2887.50
1700.00
1187.50
1462.50
5237.50
65.87
-52.63
50.07
3293.27
-2631.25
2503.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/05/08
06/22/07
08/01/06
06/30/05
08/04/04
07/31/03
06/20/02
06/25/01
07/17/00
07/09/99
08/05/98
07/07/97
07/26/96
06/30/95
08/04/94
13700.00
2912.50
862.50
4562.50
5450.00
3250.00
175.00
662.50
2362.50
3450.00
2887.50
4212.50
1612.50
1575.00
5512.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/03/08
07/13/07
07/06/06
06/24/05
06/25/04
-4400.00
-2987.50
-1212.50
-412.50
-2175.00
07/22/02
07/12/01
-4212.50
-4000.00
08/04/99
06/24/98
-687.50
-2775.00
07/12/96
07/17/95
-2525.00
-1425.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
35
Soybeans(CBOT)November
Contract Size: 5,000 bushels
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/30/08
06/29/07
06/29/06
06/29/05
06/29/04
06/30/03
07/01/02
06/29/01
06/29/00
06/29/99
06/29/98
06/30/97
07/01/96
06/29/95
06/29/94
Percentage Correct
SELL
PRICE
1574.00
881.75
609.50
689.00
699.75
552.50
518.75
464.00
491.75
456.25
606.00
617.50
754.75
599.00
635.00
87
EXIT
DATE
07/25/08
07/27/07
07/27/06
07/27/05
07/27/04
07/25/03
07/26/02
07/27/01
07/27/00
07/27/99
07/27/98
07/25/97
07/26/96
07/27/95
07/27/94
EXIT
PRICE
1386.50
840.50
595.00
686.50
597.00
514.75
515.25
513.25
462.50
435.25
566.00
601.25
726.25
635.25
560.50
PROFIT
PROFIT
AMOUNT
187.50
41.25
14.50
2.50
102.75
37.75
3.50
-49.25
29.25
21.00
40.00
16.25
28.50
-36.25
74.50
9375.00
2062.50
725.00
125.00
5137.50
1887.50
175.00
-2462.50
1462.50
1050.00
2000.00
812.50
1425.00
-1812.50
3725.00
46.10
-42.75
34.25
2304.81
-2137.50
1712.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/24/08
07/25/07
07/27/06
06/30/05
07/22/04
07/23/03
07/08/02
10050.00
2125.00
725.00
1137.50
5300.00
2112.50
562.50
07/17/00
07/09/99
07/24/98
07/07/97
07/26/96
06/30/95
07/21/94
2162.50
2237.50
2075.00
1662.50
1425.00
200.00
3912.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/03/08
07/13/07
07/06/06
07/15/05
-2850.00
-3350.00
-1287.50
-2125.00
07/01/03
07/22/02
07/12/01
-325.00
-1812.50
-3025.00
07/23/99
07/08/98
07/15/97
07/12/96
07/17/95
-1262.50
-625.00
-406.25
-2712.50
-2800.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
07/14/08
07/12/07
07/12/06
07/12/05
07/12/04
07/14/03
07/12/02
07/12/01
07/12/00
07/12/99
07/13/98
07/14/97
07/12/96
07/12/95
07/12/94
Percentage Correct
ENTRY
PRICE
2.25
49.25
40.00
4.25
-136.00
-65.00
-37.25
0.50
9.25
14.25
-25.25
-145.00
-22.25
21.25
-21.25
100
EXIT
DATE
07/30/08
07/30/07
07/28/06
07/29/05
07/30/04
07/30/03
07/30/02
07/30/01
07/28/00
07/30/99
07/30/98
07/30/97
07/30/96
07/28/95
07/29/94
EXIT
PRICE
43.50
51.00
43.25
16.25
-14.00
-10.25
-21.00
4.50
28.75
17.00
-4.25
-111.00
-18.75
26.50
-7.00
PROFIT
PROFIT
AMOUNT
41.25
1.75
3.25
12.00
122.00
54.75
16.25
4.00
19.50
2.75
21.00
34.00
3.50
5.25
14.25
2062.50
87.50
162.50
600.00
6100.00
2737.50
812.50
200.00
975.00
137.50
1050.00
1700.00
175.00
262.50
712.50
23.70
1185.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/30/08
07/26/07
07/18/06
07/29/05
07/30/04
07/30/03
07/30/02
07/30/01
07/27/00
07/26/99
07/29/98
07/30/97
07/23/96
07/28/95
07/28/94
2062.50
237.50
237.50
600.00
6100.00
2737.50
812.50
200.00
1087.50
575.00
1062.50
1700.00
575.00
262.50
862.50
Winners
Losers
23.70
1185.00
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/15/08
07/13/07
-137.50
-12.50
07/15/05
-137.50
07/17/02
07/17/01
-575.00
-275.00
07/13/99
07/14/98
-62.50
-487.50
07/17/95
-100.00
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
36
Soybeans(CBOT)November
Contract Size: 5,000 bushels
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
Percentage Correct
SELL
PRICE
1559.00
948.75
622.00
725.00
641.25
529.25
533.25
522.75
460.25
419.75
596.50
621.75
808.75
626.25
583.00
87
EXIT
DATE
07/28/08
07/27/07
07/28/06
07/28/05
07/28/04
07/28/03
07/26/02
07/27/01
07/28/00
07/28/99
07/28/98
07/28/97
07/26/96
07/28/95
07/28/94
EXIT
PRICE
PROFIT
1396.00
840.50
598.00
698.25
575.75
524.50
515.25
513.25
456.25
428.75
567.25
619.25
726.25
634.50
564.00
PROFIT
AMOUNT
163.00
108.25
24.00
26.75
65.50
4.75
18.00
9.50
4.00
-9.00
29.25
2.50
82.50
-8.25
19.00
8150.00
5412.50
1200.00
1337.50
3275.00
237.50
900.00
475.00
200.00
-450.00
1462.50
125.00
4125.00
-412.50
950.00
42.85
-8.63
35.98
2142.31
-431.25
1799.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/24/08
07/25/07
07/27/06
07/21/05
07/28/04
07/23/03
07/26/02
07/20/01
07/17/00
07/16/99
07/24/98
07/21/97
07/26/96
9300.00
5475.00
1350.00
2275.00
3275.00
950.00
900.00
1825.00
587.50
125.00
1600.00
1237.50
4125.00
07/21/94
1312.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/14/06
07/15/05
07/14/04
-150.00
-325.00
-1350.00
07/22/02
07/17/01
07/21/00
07/23/99
07/17/98
07/15/97
-1087.50
-25.00
-462.50
-3087.50
-375.00
-193.75
07/17/95
-1437.50
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)September
Contract Size: 5,000 bushels
CONT
YEAR
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
Percentage Correct
SELL
PRICE
1568.50
931.25
607.75
716.75
656.50
555.50
547.50
524.00
455.75
418.25
608.50
674.00
822.25
620.75
597.25
93
EXIT
DATE
08/08/08
08/08/07
08/08/06
08/08/05
08/06/04
08/08/03
08/08/02
08/08/01
08/08/00
08/06/99
08/07/98
08/08/97
08/08/96
08/08/95
08/08/94
EXIT
PRICE
1177.00
862.00
562.50
664.25
569.25
524.00
545.50
510.50
444.25
477.00
532.75
672.50
767.75
597.25
570.75
PROFIT
PROFIT
AMOUNT
391.50
69.25
45.25
52.50
87.25
31.50
2.00
13.50
11.50
-58.75
75.75
1.50
54.50
23.50
26.50
19575.00
3462.50
2262.50
2625.00
4362.50
1575.00
100.00
675.00
575.00
-2937.50
3787.50
75.00
2725.00
1175.00
1325.00
63.29
-58.75
55.15
3164.29
-2937.50
2757.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/08/08
07/25/07
08/08/06
08/05/05
08/04/04
07/31/03
07/29/02
07/20/01
08/07/00
07/16/99
08/07/98
07/17/97
07/26/96
08/04/95
08/04/94
19575.00
5425.00
2262.50
2750.00
4550.00
1812.50
1400.00
1787.50
925.00
212.50
3787.50
1475.00
3962.50
1537.50
1812.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/14/06
07/15/05
07/14/04
-150.00
-387.50
-1250.00
07/22/02
07/17/01
07/21/00
08/04/99
07/17/98
07/31/97
-1150.00
-50.00
-250.00
-3462.50
-275.00
-550.00
07/17/95
-1425.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
37
ENTRY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
07/17/08
07/17/07
07/17/06
07/18/05
07/19/04
07/17/03
07/17/02
07/17/01
07/17/00
07/19/99
07/17/98
07/17/97
07/17/96
07/17/95
07/18/94
Percentage Correct
ENTRY
PRICE
-66.00
24.50
46.75
-87.75
-37.75
4.50
-29.50
-20.25
44.50
44.50
20.00
10.25
-72.00
-31.25
16.25
93
EXIT
DATE
08/11/08
08/10/07
08/11/06
08/11/05
08/11/04
08/11/03
08/09/02
08/10/01
08/11/00
08/11/99
08/11/98
08/11/97
08/09/96
08/11/95
08/11/94
EXIT
PRICE
12.00
27.75
57.00
-25.50
27.00
5.50
-26.75
-12.00
48.00
31.50
49.25
10.75
-60.00
17.25
33.25
PROFIT
PROFIT
AMOUNT
78.00
3.25
10.25
62.25
64.75
1.00
2.75
8.25
3.50
-13.00
29.25
0.50
12.00
48.50
17.00
3900.00
162.50
512.50
3112.50
3237.50
50.00
137.50
412.50
175.00
-650.00
1462.50
25.00
600.00
2425.00
850.00
24.38
-13.00
21.88
1218.75
-650.00
1094.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/08/08
07/23/07
08/10/06
08/11/05
08/10/04
07/31/03
07/29/02
07/20/01
08/04/00
07/20/99
08/10/98
07/23/97
07/26/96
08/11/95
08/11/94
4725.00
1112.50
550.00
3112.50
3262.50
675.00
1025.00
1100.00
300.00
12.50
1575.00
787.50
1700.00
2425.00
850.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
08/08/07
07/18/06
-212.50
-12.50
07/20/04
-12.50
07/22/02
-400.00
07/21/00
08/04/99
-100.00
-737.50
07/31/97
-1612.50
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)March
Contract Size: 5,000 bushels
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
08/20/08
08/20/07
08/21/06
08/22/05
08/20/04
08/20/03
08/20/02
08/20/01
08/21/00
08/20/99
08/20/98
08/20/97
08/20/96
08/21/95
08/22/94
Percentage Correct
BUY
PRICE
1330.50
852.75
584.25
629.25
597.50
577.25
536.75
496.00
492.25
490.25
556.25
623.25
788.25
632.25
584.50
80
EXIT
DATE
08/29/08
08/31/07
09/01/06
09/01/05
09/01/04
08/29/03
08/30/02
08/31/01
09/01/00
09/01/99
09/01/98
08/29/97
08/30/96
09/01/95
09/01/94
EXIT
PRICE
1353.75
907.50
576.25
622.75
649.75
585.50
547.25
499.25
522.25
505.50
539.25
635.25
806.50
645.00
591.00
PROFIT
PROFIT
AMOUNT
23.25
54.75
-8.00
-6.50
52.25
8.25
10.50
3.25
30.00
15.25
-17.00
12.00
18.25
12.75
6.50
1162.50
2737.50
-400.00
-325.00
2612.50
412.50
525.00
162.50
1500.00
762.50
-850.00
600.00
912.50
637.50
325.00
20.58
-10.50
14.37
1029.17
-525.00
718.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/21/08
08/30/07
08/23/06
08/23/05
09/01/04
08/29/03
08/30/02
08/21/01
08/31/00
09/01/99
2425.00
2875.00
250.00
87.50
2612.50
412.50
525.00
325.00
1575.00
762.50
08/27/97
08/27/96
09/01/95
08/24/94
662.50
912.50
637.50
475.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
08/28/06
08/25/05
-450.00
-925.00
08/26/03
-75.00
08/24/01
08/22/00
08/26/99
08/31/98
-375.00
-225.00
-275.00
-1225.00
08/24/95
-412.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
38
Soybeans(CBOT)November
Contract Size: 5,000 bushels
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/02/08
09/04/07
09/05/06
09/02/05
09/02/04
09/02/03
09/03/02
09/04/01
09/05/00
09/02/99
09/02/98
09/02/97
09/03/96
09/05/95
09/02/94
Percentage Correct
SELL
PRICE
1298.50
907.50
554.25
599.00
628.75
574.50
549.50
484.25
512.75
495.50
521.00
633.75
795.50
624.25
575.50
80
EXIT
DATE
10/02/08
10/02/07
10/02/06
09/30/05
10/01/04
10/02/03
10/02/02
10/02/01
10/02/00
10/01/99
10/02/98
10/02/97
10/02/96
10/02/95
09/30/94
EXIT
PRICE
1004.00
943.75
545.25
573.25
534.50
697.00
537.50
453.00
489.50
481.00
515.75
627.50
742.00
637.25
536.00
PROFIT
PROFIT
AMOUNT
294.50
-36.25
9.00
25.75
94.25
-122.50
12.00
31.25
23.25
14.50
5.25
6.25
53.50
-13.00
39.50
14725.00
-1812.50
450.00
1287.50
4712.50
-6125.00
600.00
1562.50
1162.50
725.00
262.50
312.50
2675.00
-650.00
1975.00
50.75
-57.25
29.15
2537.50
-2862.50
1457.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/02/08
09/06/07
09/12/06
09/27/05
09/24/04
14725.00
750.00
787.50
2075.00
5262.50
10/02/02
09/28/01
09/15/00
09/23/99
10/01/98
10/01/97
10/02/96
09/13/95
09/30/94
600.00
1650.00
1475.00
875.00
287.50
662.50
2675.00
87.50
1975.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/27/07
09/21/06
09/06/05
-5075.00
-187.50
-762.50
10/02/03
09/11/02
-6125.00
-1962.50
09/07/99
09/15/98
09/16/97
09/12/96
09/21/95
09/06/94
-1250.00
-662.50
-650.00
-950.00
-1975.00
-362.50
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)November
Contract Size: 5,000 bushels
CONT
YEAR
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/22/08
09/21/07
09/21/06
09/21/05
09/21/04
09/22/03
09/23/02
09/21/01
09/21/00
09/21/99
09/21/98
09/22/97
09/23/96
09/21/95
09/21/94
Percentage Correct
SELL
PRICE
1205.00
979.00
558.00
577.75
542.25
651.25
553.25
469.75
491.75
485.00
524.00
635.50
798.75
663.75
556.00
93
EXIT
DATE
10/02/08
10/02/07
10/02/06
09/30/05
10/01/04
10/02/03
10/02/02
10/02/01
10/02/00
10/01/99
10/02/98
10/02/97
10/02/96
10/02/95
09/30/94
EXIT
PRICE
1004.00
943.75
545.25
573.25
534.50
697.00
537.50
453.00
489.50
481.00
515.75
627.50
742.00
637.25
536.00
PROFIT
PROFIT
AMOUNT
201.00
35.25
12.75
4.50
7.75
-45.75
15.75
16.75
2.25
4.00
8.25
8.00
56.75
26.50
20.00
10050.00
1762.50
637.50
225.00
387.50
-2287.50
787.50
837.50
112.50
200.00
412.50
400.00
2837.50
1325.00
1000.00
29.96
-45.75
24.92
1498.21
-2287.50
1245.83
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/02/08
10/02/07
09/27/06
09/27/05
09/24/04
09/23/03
10/02/02
09/28/01
10/02/00
09/23/99
10/01/98
10/01/97
10/02/96
10/02/95
09/30/94
10050.00
1762.50
775.00
1012.50
937.50
12.50
787.50
925.00
112.50
350.00
437.50
750.00
2837.50
1325.00
1000.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/27/07
-1500.00
09/22/05
-137.50
10/02/03
09/26/02
-2287.50
-612.50
09/28/00
09/29/99
09/28/98
09/24/97
-325.00
-337.50
-412.50
-137.50
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
39
ENTRY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
09/12/08
09/12/07
09/12/06
09/12/05
09/13/04
09/12/03
09/12/02
09/13/01
09/12/00
09/13/99
09/14/98
09/12/97
09/12/96
09/12/95
09/12/94
Percentage Correct
ENTRY
PRICE
-15.00
-14.00
60.75
20.75
10.50
-83.00
-45.75
4.50
31.00
30.25
48.50
-1.75
-66.00
14.75
31.75
87
EXIT
DATE
10/03/08
10/03/07
10/03/06
10/03/05
10/01/04
10/03/03
10/03/02
10/03/01
10/03/00
10/01/99
10/02/98
10/03/97
10/03/96
10/03/95
10/03/94
EXIT
PRICE
37.50
-1.50
62.50
30.00
28.50
-107.25
-29.75
19.00
38.25
35.00
52.25
4.00
-29.25
10.25
49.50
PROFIT
PROFIT
AMOUNT
52.50
12.50
1.75
9.25
18.00
-24.25
16.00
14.50
7.25
4.75
3.75
5.75
36.75
-4.50
17.75
2625.00
625.00
87.50
462.50
900.00
-1212.50
800.00
725.00
362.50
237.50
187.50
287.50
1837.50
-225.00
887.50
15.42
-14.38
11.45
771.15
-718.75
572.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/02/08
10/02/07
09/29/06
09/27/05
09/30/04
09/16/03
10/03/02
09/28/01
09/18/00
09/15/99
09/17/98
09/30/97
10/02/96
09/13/95
10/03/94
2800.00
787.50
87.50
562.50
1075.00
625.00
800.00
875.00
475.00
325.00
325.00
612.50
1875.00
262.50
887.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/18/08
09/18/07
09/21/06
-650.00
-1362.50
-150.00
09/29/03
09/26/02
09/17/01
-1837.50
-75.00
-37.50
09/24/98
09/17/97
-125.00
-137.50
09/21/95
-800.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
10/06/08
10/04/07
10/04/06
10/04/05
10/04/04
10/06/03
10/04/02
10/04/01
10/04/00
10/04/99
10/05/98
10/06/97
10/04/96
10/04/95
10/04/94
Percentage Correct
ENTRY
PRICE
-17.50
22.25
-28.00
-10.75
-11.00
73.25
19.50
-6.75
-16.25
-13.50
-20.00
4.50
23.50
5.00
-21.50
80
EXIT
DATE
12/19/08
12/19/07
12/19/06
12/19/05
12/17/04
12/19/03
12/19/02
12/19/01
12/19/00
12/17/99
12/18/98
12/19/97
12/19/96
12/19/95
12/19/94
EXIT
PRICE
-26.00
58.75
-32.25
-9.00
-9.00
94.00
34.25
-8.00
-5.50
-11.50
-13.25
8.00
25.00
32.25
-18.25
PROFIT
PROFIT
AMOUNT
-8.50
36.50
-4.25
1.75
2.00
20.75
14.75
-1.25
10.75
2.00
6.75
3.50
1.50
27.25
3.25
-425.00
1825.00
-212.50
87.50
100.00
1037.50
737.50
-62.50
537.50
100.00
337.50
175.00
75.00
1362.50
162.50
10.90
-4.67
7.78
544.79
-233.33
389.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
11/21/08
12/17/07
11/08/06
10/12/05
10/11/04
10/29/03
11/06/02
10/05/01
12/12/00
11/10/99
11/12/98
11/11/97
10/08/96
12/19/95
11/15/94
275.00
2587.50
837.50
362.50
137.50
3112.50
1300.00
162.50
587.50
225.00
575.00
1137.50
187.50
1362.50
437.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/18/08
10/05/07
12/18/06
12/15/05
11/24/04
10/08/03
10/09/02
10/19/01
10/30/00
10/26/99
-500.00
-300.00
-225.00
-437.50
-525.00
-125.00
-162.50
-225.00
-312.50
-50.00
12/18/97
10/31/96
10/05/95
10/05/94
-12.50
-900.00
-75.00
-100.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
40
Soybeans(CBOT)January
Contract Size: 5,000 bushels
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
10/06/08
10/08/07
10/06/06
10/06/05
10/06/04
10/06/03
10/07/02
10/08/01
10/06/00
10/06/99
10/06/98
10/06/97
10/07/96
10/06/95
10/06/94
Percentage Correct
BUY
PRICE
938.50
942.00
577.75
576.50
534.00
685.75
544.75
461.50
495.75
499.25
532.75
649.25
742.25
650.75
541.50
80
EXIT
DATE
12/26/08
12/26/07
12/26/06
12/23/05
12/23/04
12/26/03
12/26/02
12/26/01
12/26/00
12/23/99
12/24/98
12/26/97
12/26/96
12/26/95
12/23/94
EXIT
PRICE
951.75
1220.75
671.50
613.00
550.50
792.00
565.75
428.25
505.25
467.00
548.00
689.25
701.75
730.50
567.50
PROFIT
PROFIT
AMOUNT
13.25
278.75
93.75
36.50
16.50
106.25
21.00
-33.25
9.50
-32.25
15.25
40.00
-40.50
79.75
26.00
662.50
13937.50
4687.50
1825.00
825.00
5312.50
1050.00
-1662.50
475.00
-1612.50
762.50
2000.00
-2025.00
3987.50
1300.00
61.38
-35.33
42.03
3068.75
-1766.67
2101.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/09/08
12/26/07
11/27/06
12/23/05
11/23/04
10/29/03
11/29/02
2850.00
13937.50
5512.50
1825.00
1362.50
5887.50
1700.00
12/19/00
10/12/99
11/30/98
11/07/97
10/09/96
12/19/95
11/28/94
800.00
550.00
3037.50
4512.50
162.50
4500.00
1600.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/05/08
-7750.00
10/10/06
11/29/05
11/05/04
10/08/03
10/09/02
10/22/01
10/27/00
12/13/99
-125.00
-1125.00
-1437.50
-187.50
-787.50
-1737.50
-1462.50
-2412.50
11/01/96
-3787.50
10/07/94
-200.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
10/16/08
10/16/07
10/16/06
10/17/05
10/18/04
10/16/03
10/16/02
10/16/01
10/16/00
10/18/99
10/16/98
10/16/97
10/16/96
10/16/95
10/17/94
Percentage Correct
ENTRY
PRICE
-10.25
27.00
-18.50
-0.50
-11.75
56.50
23.50
-5.75
-11.00
-6.75
-7.75
17.50
17.25
12.25
-11.25
87
EXIT
DATE
12/12/08
12/14/07
12/14/06
12/14/05
12/14/04
12/12/03
12/13/02
12/14/01
12/14/00
12/14/99
12/14/98
12/12/97
12/13/96
12/14/95
12/14/94
EXIT
PRICE
-10.25
86.75
-18.00
-8.75
-9.00
91.00
30.00
-5.00
-1.25
-5.75
-6.25
18.75
19.75
26.75
-8.25
PROFIT
PROFIT
AMOUNT
0.00
59.75
0.50
-8.25
2.75
34.50
6.50
0.75
9.75
1.00
1.50
1.25
2.50
14.50
3.00
0.00
2987.50
25.00
-412.50
137.50
1725.00
325.00
37.50
487.50
50.00
75.00
62.50
125.00
725.00
150.00
10.63
-4.13
8.67
531.73
-206.25
433.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
11/21/08
12/14/07
11/08/06
337.50
2987.50
625.00
10/19/04
11/17/03
11/06/02
11/09/01
12/12/00
11/30/99
11/12/98
11/11/97
10/23/96
12/14/95
11/23/94
450.00
2150.00
712.50
250.00
587.50
162.50
350.00
687.50
412.50
725.00
287.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/05/08
-150.00
12/01/06
11/29/05
11/24/04
-25.00
-437.50
-125.00
10/18/02
10/19/01
10/30/00
10/26/99
11/24/98
10/20/97
10/31/96
-62.50
-75.00
-162.50
-37.50
-12.50
-300.00
-362.50
11/03/94
-75.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
41
CONT
YEAR
Soybeans(CBOT)January
Contract Size: 5,000 bushels
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
10/21/08
10/22/07
10/23/06
10/21/05
10/21/04
10/21/03
10/21/02
10/22/01
10/23/00
10/21/99
10/21/98
10/21/97
10/21/96
10/23/95
10/21/94
Percentage Correct
BUY
PRICE
915.25
993.75
630.50
584.50
531.00
730.75
553.50
426.75
473.50
491.00
560.75
700.25
684.50
678.25
560.00
80
EXIT
DATE
11/17/08
11/16/07
11/17/06
11/17/05
11/17/04
11/17/03
11/15/02
11/16/01
11/17/00
11/17/99
11/17/98
11/17/97
11/15/96
11/17/95
11/17/94
EXIT
PRICE
906.50
1077.75
660.50
579.25
553.00
780.00
563.25
452.50
487.75
466.25
582.00
726.25
696.75
687.00
569.75
PROFIT
PROFIT
AMOUNT
-8.75
84.00
30.00
-5.25
22.00
49.25
9.75
25.75
14.25
-24.75
21.25
26.00
12.25
8.75
9.75
-437.50
4200.00
1500.00
-262.50
1100.00
2462.50
487.50
1287.50
712.50
-1237.50
1062.50
1300.00
612.50
437.50
487.50
26.08
-12.92
18.28
1304.17
-645.83
914.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
11/04/08
11/14/07
11/08/06
11/03/05
11/17/04
10/29/03
11/06/02
11/16/01
11/17/00
2187.50
4287.50
2375.00
862.50
1100.00
3637.50
1075.00
1287.50
712.50
11/12/98
11/07/97
10/28/96
11/06/95
11/09/94
1362.50
1962.50
950.00
712.50
600.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
10/22/08
-2525.00
10/31/05
11/05/04
-425.00
-1287.50
10/28/02
-362.50
10/27/00
11/12/99
10/26/98
10/30/97
11/01/96
10/27/95
10/31/94
-350.00
-1412.50
-100.00
-387.50
-900.00
-275.00
-300.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)January
Contract Size: 5,000 bushels
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
10/30/08
10/30/07
10/30/06
10/31/05
11/01/04
10/30/03
10/30/02
10/30/01
10/30/00
11/01/99
10/30/98
10/30/97
10/30/96
10/30/95
10/31/94
Percentage Correct
BUY
PRICE
943.00
1009.25
653.25
576.00
521.50
799.00
558.25
440.25
466.75
477.50
568.25
692.50
690.75
678.50
554.00
80
EXIT
DATE
11/17/08
11/16/07
11/17/06
11/17/05
11/17/04
11/17/03
11/15/02
11/16/01
11/17/00
11/17/99
11/17/98
11/17/97
11/15/96
11/17/95
11/17/94
EXIT
PRICE
906.50
1077.75
660.50
579.25
553.00
780.00
563.25
452.50
487.75
466.25
582.00
726.25
696.75
687.00
569.75
PROFIT
PROFIT
AMOUNT
-36.50
68.50
7.25
3.25
31.50
-19.00
5.00
12.25
21.00
-11.25
13.75
33.75
6.00
8.50
15.75
-1825.00
3425.00
362.50
162.50
1575.00
-950.00
250.00
612.50
1050.00
-562.50
687.50
1687.50
300.00
425.00
787.50
18.88
-22.25
10.65
943.75
-1112.50
532.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
11/04/08
11/14/07
11/08/06
11/03/05
11/17/04
800.00
3512.50
1237.50
1287.50
1575.00
11/06/02
11/16/01
11/17/00
11/04/99
11/12/98
11/07/97
11/15/96
11/06/95
11/09/94
837.50
612.50
1050.00
412.50
987.50
2350.00
300.00
700.00
900.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/13/08
11/01/07
10/31/06
-2450.00
-137.50
-450.00
11/05/04
11/07/03
-812.50
-2525.00
11/06/01
-212.50
11/12/99
11/03/98
-737.50
-412.50
11/01/96
11/15/95
-1212.50
-187.50
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
42
Soybeans(CBOT)July
Contract Size: 5,000 bushels
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
11/12/08
11/12/07
11/13/06
11/14/05
11/12/04
11/12/03
11/12/02
11/12/01
11/13/00
11/12/99
11/12/98
11/12/97
11/12/96
11/13/95
11/14/94
Percentage Correct
BUY
PRICE
923.00
1066.50
687.00
611.75
541.75
713.25
547.75
461.00
498.25
481.50
611.75
738.50
689.50
692.25
586.75
80
EXIT
DATE
12/26/08
12/26/07
12/26/06
12/23/05
12/23/04
12/26/03
12/26/02
12/26/01
12/26/00
12/23/99
12/24/98
12/26/97
12/26/96
12/26/95
12/23/94
EXIT
PRICE
978.75
1263.75
711.00
640.75
560.00
778.00
552.00
436.25
525.50
487.50
563.75
699.75
691.50
747.00
592.25
PROFIT
PROFIT
AMOUNT
55.75
197.25
24.00
29.00
18.25
64.75
4.25
-24.75
27.25
6.00
-48.00
-38.75
2.00
54.75
5.50
2787.50
9862.50
1200.00
1450.00
912.50
3237.50
212.50
-1237.50
1362.50
300.00
-2400.00
-1937.50
100.00
2737.50
275.00
40.73
-37.17
25.15
2036.46
-1858.33
1257.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
12/26/08
12/26/07
11/27/06
12/22/05
11/23/04
12/26/03
12/02/02
11/23/01
12/19/00
12/07/99
11/30/98
11/13/97
11/22/96
12/19/95
11/28/94
2787.50
9862.50
1575.00
1450.00
1775.00
3237.50
612.50
125.00
1775.00
887.50
275.00
125.00
1087.50
3062.50
437.50
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/05/08
-5900.00
11/16/06
11/29/05
12/09/04
11/24/03
11/15/02
12/26/01
-50.00
-1937.50
-250.00
-337.50
-187.50
-1237.50
12/16/99
12/23/98
12/23/97
12/10/96
11/15/95
12/01/94
-625.00
-2550.00
-2437.50
-550.00
-175.00
-450.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybeans(CBOT)January
Contract Size: 5,000 bushels
CONT
YEAR
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
12/18/08
12/18/07
12/18/06
12/19/05
12/20/04
12/18/03
12/18/02
12/18/01
12/18/00
12/20/99
12/18/98
12/18/97
12/18/96
12/18/95
12/19/94
Percentage Correct
BUY
PRICE
869.50
1149.75
648.00
608.50
550.00
759.50
560.25
432.00
509.75
458.50
547.25
677.50
704.00
733.75
559.50
93
EXIT
DATE
12/24/08
12/24/07
12/22/06
12/23/05
12/23/04
12/24/03
12/23/02
12/21/01
12/22/00
12/23/99
12/24/98
12/24/97
12/24/96
12/22/95
12/23/94
EXIT
PRICE
915.75
1181.00
659.50
613.00
550.50
759.75
572.75
435.50
510.25
467.00
548.00
686.75
707.00
729.75
567.50
PROFIT
PROFIT
AMOUNT
46.25
31.25
11.50
4.50
0.50
0.25
12.50
3.50
0.50
8.50
0.75
9.25
3.00
-4.00
8.00
2312.50
1562.50
575.00
225.00
25.00
12.50
625.00
175.00
25.00
425.00
37.50
462.50
150.00
-200.00
400.00
10.02
-4.00
9.08
500.89
-200.00
454.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
12/24/08
12/24/07
12/22/06
12/23/05
12/23/04
12/19/03
12/23/02
12/20/01
12/19/00
12/22/99
12/21/98
12/24/97
12/19/96
12/19/95
12/23/94
2312.50
1562.50
575.00
225.00
25.00
262.50
625.00
175.00
100.00
425.00
100.00
462.50
187.50
350.00
400.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/19/08
-62.50
12/20/05
12/22/04
12/23/03
-162.50
-187.50
-912.50
12/20/00
12/21/99
12/23/98
-87.50
-87.50
-187.50
12/23/96
12/21/95
-200.00
-775.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
43
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/26/07
12/26/06
12/27/05
12/27/04
12/26/03
12/26/02
12/26/01
12/26/00
12/27/99
12/28/98
12/26/97
12/26/96
12/26/95
12/27/94
12/27/93
Percentage Correct
ENTRY
PRICE
-113.00
43.50
12.00
19.75
-163.00
-51.75
11.75
11.25
21.50
17.75
-16.00
-37.75
-39.75
24.00
-61.00
93
EXIT
DATE
02/01/08
02/02/07
02/03/06
02/03/05
02/03/04
02/03/03
02/01/02
02/02/01
02/03/00
02/03/99
02/03/98
02/03/97
02/02/96
02/03/95
02/03/94
EXIT
PRICE
-33.25
53.00
35.75
21.75
-157.75
-43.00
13.00
15.50
25.75
18.75
-13.25
-57.00
-24.50
28.00
-40.25
PROFIT
PROFIT
AMOUNT
79.75
9.50
23.75
2.00
5.25
8.75
1.25
4.25
4.25
1.00
2.75
-19.25
15.25
4.00
20.75
3987.50
475.00
1187.50
100.00
262.50
437.50
62.50
212.50
212.50
50.00
137.50
-962.50
762.50
200.00
1037.50
13.04
-19.25
10.88
651.79
-962.50
544.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/17/08
01/29/07
02/01/06
01/03/05
01/09/04
01/21/03
01/22/02
02/01/01
01/20/00
01/11/99
01/06/98
01/06/97
02/02/96
01/05/95
01/25/94
5600.00
500.00
1262.50
175.00
725.00
800.00
162.50
350.00
337.50
50.00
425.00
412.50
762.50
325.00
1087.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/29/06
-37.50
01/20/05
01/22/04
01/02/03
01/14/02
12/28/00
01/04/00
01/13/99
01/22/98
01/17/97
01/02/96
-262.50
-575.00
-387.50
-75.00
-250.00
-25.00
-250.00
-175.00
-1125.00
-637.50
12/30/93
-75.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
44
Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Jan (F), Mar (H), May (K), Jul (N)................................................................................... 46
Aug (Q), Sep (U), Oct (V), Dec (Z) ................................................................................... 48
Jan vs: Mar, May, Jul, Oct ................................................................................................ 50
Mar vs: May, Jul, Aug, Oct ............................................................................................... 52
May vs: Jul, Aug, Sep, Oct ................................................................................................ 54
Jul vs: Aug, Sep, Oct, Dec................................................................................................. 56
Aug vs: Sep, Oct, Dec, Jan ................................................................................................ 58
Sep vs: Oct, Dec, Jan, May ................................................................................................ 60
Oct vs: Dec, Jan, Mar, May ............................................................................................... 62
Dec vs: Jan, Mar, May, Jul ................................................................................................ 64
STRATEGIES
Soybean Meal
45
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
46
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
47
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
48
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
49
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
50
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
30.0
20.0
10.0
0.0
-10.0
-20.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
51
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
52
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
53
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
54
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
30.0
20.0
10.0
0.0
-10.0
-20.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
55
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
56
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
60.0
40.0
20.0
0.0
-20.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
57
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
58
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
60.0
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
59
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
60
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
61
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
62
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
10.0
5.0
0.0
-5.0
-10.0
1999
2000
2001
2002
2003
2004
2005
2006
10.0
5.0
0.0
-5.0
-10.0
-15.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
63
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
64
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
10.0
5.0
0.0
-5.0
-10.0
1999
2000
2001
2002
2003
2004
2005
2006
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
65
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
2/01
2/19
87
13
15
550
29/19
67
2/22
3/29
100
15
15
471
13/37
67
2/22
4/30
87
13
15
757
11/69
68
3/07
6/19
93
14
15
1353
13/105
68
3/19
3/29
100
15
15
360
33/11
69
4/05
4/16
87
13
15
306
26/12
69
4/20
6/23
93
14
15
1091
17/65
70
4/28
5/18
87
13
15
777
37/21
70
5/23
7/10
87
13
15
553
11/49
71
6/04
6/19
80
12
15
903
56/16
71
6/29
7/21
87
13
15
789
34/23
72
7/06
7/13
87
13
15
483
60/8
72
7/13
8/08
93
14
15
1843
68/27
73
7/15
7/30
87
13
15
632
40/16
73
8/20
9/01
80
12
15
432
33/13
74
9/16
10/06
87
13
15
874
42/21
74
9/21
10/02
93
14
15
669
56/12
75
10/05
11/16
80
12
15
1067
25/43
75
10/07
11/06
93
14
15
452
15/31
76
10/22
11/17
87
13
15
589
22/27
76
11/09
1/17
80
12
15
902
13/70
77
12/18
12/26
93
14
15
600
67/9
77
* Caution: Trade exit is during delivery period. Longs may be subject to delivery.
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)September
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/01/08
02/01/07
02/01/06
02/01/05
02/02/04
02/03/03
02/01/02
02/01/01
02/01/00
02/01/99
02/02/98
02/03/97
02/01/96
02/01/95
02/01/94
Percentage Correct
BUY
PRICE
EXIT
DATE
344.00
220.40
189.30
157.50
220.70
161.00
145.60
161.70
167.50
135.00
197.80
221.00
233.50
165.10
191.10
87
02/19/08
02/16/07
02/17/06
02/18/05
02/19/04
02/19/03
02/19/02
02/16/01
02/18/00
02/19/99
02/19/98
02/19/97
02/16/96
02/17/95
02/18/94
EXIT
PRICE
364.00
239.30
190.10
174.00
233.50
163.90
147.30
157.10
174.10
135.20
188.30
233.80
233.70
166.10
193.30
PROFIT
PROFIT
AMOUNT
20.00
18.90
0.80
16.50
12.80
2.90
1.70
-4.60
6.60
0.20
-9.50
12.80
0.20
1.00
2.20
2000.00
1890.00
80.00
1650.00
1280.00
290.00
170.00
-460.00
660.00
20.00
-950.00
1280.00
20.00
100.00
220.00
7.43
-7.05
5.50
743.08
-705.00
550.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/19/08
02/16/07
02/03/06
02/17/05
02/19/04
02/14/03
02/13/02
02/02/01
02/18/00
02/05/99
02/10/98
02/18/97
02/16/96
02/10/95
02/11/94
2000.00
1890.00
240.00
1700.00
1280.00
510.00
290.00
310.00
660.00
450.00
60.00
1400.00
20.00
140.00
370.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/07/06
02/04/05
02/12/04
02/07/03
-580.00
-250.00
-340.00
-190.00
02/16/01
02/03/00
02/16/99
02/17/98
02/06/97
02/12/96
02/03/95
02/02/94
-460.00
-220.00
-170.00
-1030.00
-60.00
-700.00
-20.00
-60.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/22/08
02/22/07
02/22/06
02/22/05
02/23/04
02/24/03
02/22/02
02/22/01
02/22/00
02/22/99
02/23/98
02/24/97
02/22/96
02/22/95
02/22/94
ENTRY
PRICE
Percentage Correct
18.69
-3.20
-0.50
-1.19
48.00
10.70
1.50
2.09
0.00
-2.80
-2.59
19.50
4.69
-3.60
2.30
100
EXIT
DATE
03/28/08
03/29/07
03/29/06
03/29/05
03/29/04
03/28/03
03/28/02
03/29/01
03/29/00
03/29/99
03/27/98
03/27/97
03/29/96
03/29/95
03/29/94
EXIT
PRICE
42.00
-2.50
-0.29
5.59
61.19
13.10
2.09
3.09
0.10
-2.29
-1.29
38.50
5.09
-3.39
3.29
PROFIT
PROFIT
AMOUNT
23.30
0.70
0.20
6.80
13.20
2.40
0.60
1.00
0.10
0.50
1.30
19.00
0.40
0.20
1.00
2330.00
70.00
20.00
680.00
1320.00
240.00
60.00
100.00
10.00
50.00
130.00
1900.00
40.00
20.00
100.00
4.71
471.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/27/08
03/05/07
02/28/06
03/16/05
03/22/04
02/26/03
03/27/02
03/26/01
03/09/00
03/26/99
03/13/98
03/20/97
02/26/96
03/27/95
03/16/94
2480.00
120.00
30.00
790.00
1550.00
340.00
160.00
110.00
50.00
90.00
170.00
2080.00
180.00
60.00
180.00
Winners
Losers
4.71
471.33
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/02/07
03/20/06
-30.00
-120.00
03/02/04
03/06/03
03/06/02
03/13/01
03/23/00
03/08/99
02/24/98
-500.00
-30.00
-30.00
-50.00
-100.00
-130.00
-50.00
03/20/96
02/27/95
-420.00
-30.00
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
67
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/22/08
02/22/07
02/22/06
02/22/05
02/23/04
02/24/03
02/22/02
02/22/01
02/22/00
02/22/99
02/23/98
02/24/97
02/22/96
02/22/95
02/22/94
ENTRY
PRICE
24.60
-7.40
-3.70
-6.00
63.40
15.79
0.79
2.90
-2.69
-7.09
-7.59
27.30
4.69
-9.20
3.90
87
Percentage Correct
EXIT
DATE
04/30/08
04/30/07
04/28/06
04/29/05
04/30/04
04/30/03
04/30/02
04/30/01
04/28/00
04/30/99
04/30/98
04/30/97
04/30/96
04/28/95
04/29/94
EXIT
PRICE
40.69
-9.39
-5.10
1.00
85.09
29.80
8.09
6.29
-1.50
-7.09
-4.59
66.40
6.70
-9.09
5.90
PROFIT
PROFIT
AMOUNT
16.10
-2.00
-1.40
7.00
21.70
14.00
7.30
3.40
1.20
0.00
3.00
39.10
2.00
0.10
2.00
1610.00
-200.00
-140.00
700.00
2170.00
1400.00
730.00
340.00
120.00
0.00
300.00
3910.00
200.00
10.00
200.00
8.99
-1.70
7.57
899.23
-170.00
756.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/28/08
03/31/07
03/29/06
03/30/05
04/02/04
04/30/03
04/24/02
04/20/01
04/27/00
04/13/99
04/17/98
04/02/97
04/26/96
04/03/95
04/25/94
3070.00
60.00
40.00
1220.00
2860.00
1400.00
930.00
520.00
160.00
130.00
410.00
4280.00
540.00
230.00
310.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/17/07
03/21/06
-310.00
-140.00
02/26/04
-590.00
02/25/02
03/14/01
03/31/00
03/05/99
03/31/98
-30.00
-90.00
-130.00
-190.00
-60.00
03/20/96
04/26/95
03/03/94
-520.00
-70.00
-40.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)July
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/07/08
03/07/07
03/07/06
03/07/05
03/08/04
03/07/03
03/07/02
03/07/01
03/07/00
03/08/99
03/09/98
03/07/97
03/07/96
03/07/95
03/07/94
Percentage Correct
BUY
PRICE
353.80
227.70
177.10
185.90
276.30
170.60
154.70
158.50
166.90
132.00
183.10
261.80
236.30
165.10
192.00
93
EXIT
DATE
06/19/08
06/19/07
06/19/06
06/17/05
06/18/04
06/19/03
06/19/02
06/19/01
06/19/00
06/18/99
06/19/98
06/19/97
06/19/96
06/19/95
06/17/94
EXIT
PRICE
419.50
229.70
177.90
229.00
283.00
189.50
165.20
168.30
170.80
142.40
171.00
273.90
242.20
176.40
206.00
PROFIT
PROFIT
AMOUNT
65.70
2.00
0.80
43.10
6.70
18.90
10.50
9.80
3.90
10.40
-12.10
12.10
5.90
11.30
14.00
6570.00
200.00
80.00
4310.00
670.00
1890.00
1050.00
980.00
390.00
1040.00
-1210.00
1210.00
590.00
1130.00
1400.00
15.36
-12.10
13.53
1536.43
-1210.00
1353.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/19/08
06/18/07
06/02/06
06/17/05
04/02/04
05/14/03
06/05/02
06/13/01
05/10/00
06/18/99
6570.00
1010.00
830.00
4310.00
5820.00
2630.00
1520.00
1430.00
2090.00
1040.00
05/09/97
04/22/96
05/22/95
05/23/94
3250.00
2470.00
1440.00
1530.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/20/08
04/24/07
04/10/06
04/04/05
06/03/04
03/24/03
04/11/02
03/30/01
-3930.00
-3100.00
-610.00
-80.00
-2180.00
-320.00
-130.00
-1440.00
05/27/99
06/11/98
-350.00
-3050.00
03/19/96
03/10/95
04/04/94
-840.00
-150.00
-640.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
68
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/19/08
03/19/07
03/20/06
03/21/05
03/19/04
03/19/03
03/19/02
03/19/01
03/20/00
03/19/99
03/19/98
03/19/97
03/19/96
03/20/95
03/21/94
Percentage Correct
ENTRY
PRICE
24.19
-11.09
-6.29
0.30
72.19
18.00
3.70
3.90
-2.50
-5.40
-6.00
48.39
-3.59
-9.70
4.00
100
EXIT
DATE
03/28/08
03/29/07
03/29/06
03/29/05
03/29/04
03/28/03
03/28/02
03/29/01
03/29/00
03/29/99
03/27/98
03/27/97
03/29/96
03/29/95
03/29/94
EXIT
PRICE
47.30
-10.40
-3.50
4.09
74.19
19.50
3.80
8.29
-1.00
-4.50
-5.59
52.00
5.09
-9.39
4.19
PROFIT
PROFIT
AMOUNT
23.10
0.70
2.80
3.80
2.00
1.50
0.10
4.40
1.50
0.90
0.40
3.60
8.70
0.30
0.20
2310.00
70.00
280.00
380.00
200.00
150.00
10.00
440.00
150.00
90.00
40.00
360.00
870.00
30.00
20.00
3.60
360.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/28/08
03/29/07
03/29/06
03/29/05
03/22/04
03/27/03
03/25/02
03/29/01
03/29/00
03/29/99
03/26/98
03/20/97
03/29/96
03/27/95
03/25/94
2310.00
70.00
280.00
380.00
410.00
180.00
240.00
440.00
150.00
90.00
110.00
470.00
870.00
60.00
30.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/27/07
-10.00
03/22/05
03/24/04
03/24/03
03/20/02
-20.00
-170.00
-100.00
-0.00
03/27/00
03/23/99
03/20/98
-40.00
-30.00
-60.00
03/23/95
03/22/94
-30.00
-60.00
15
0
15
Winners
Losers
3.60
360.00
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)December
Contract Size: 100 tons
CONT
YEAR
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/07/08
04/05/07
04/05/06
04/05/05
04/05/04
04/07/03
04/05/02
04/05/01
04/05/00
04/05/99
04/06/98
04/07/97
04/08/96
04/05/95
04/05/94
Percentage Correct
SELL
PRICE
303.00
227.90
179.40
185.60
239.80
154.00
151.90
145.70
175.60
146.10
169.00
221.60
248.60
183.80
182.80
87
EXIT
DATE
04/16/08
04/16/07
04/13/06
04/15/05
04/16/04
04/16/03
04/16/02
04/16/01
04/14/00
04/16/99
04/16/98
04/16/97
04/16/96
04/13/95
04/15/94
EXIT
PRICE
305.00
215.70
179.30
184.30
224.70
157.60
151.70
144.80
172.20
142.70
168.10
218.20
242.80
180.90
180.90
PROFIT
PROFIT
AMOUNT
-2.00
12.20
0.10
1.30
15.10
-3.60
0.20
0.90
3.40
3.40
0.90
3.40
5.80
2.90
1.90
-200.00
1220.00
10.00
130.00
1510.00
-360.00
20.00
90.00
340.00
340.00
90.00
340.00
580.00
290.00
190.00
3.96
-2.80
3.06
396.15
-280.00
306.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/08/08
04/13/07
04/10/06
04/15/05
04/15/04
360.00
1310.00
390.00
130.00
1940.00
04/11/02
04/10/01
04/11/00
04/12/99
04/14/98
04/16/97
04/16/96
04/13/95
04/14/94
380.00
90.00
440.00
410.00
650.00
340.00
580.00
290.00
220.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/09/08
-850.00
04/07/05
04/07/04
04/15/03
-280.00
-290.00
-370.00
04/09/01
-60.00
04/10/97
04/12/96
04/11/95
-200.00
-300.00
-180.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
69
Soybean Meal(CBOT)July
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/21/08
04/20/07
04/20/06
04/20/05
04/20/04
04/21/03
04/22/02
04/20/01
04/20/00
04/20/99
04/20/98
04/21/97
04/22/96
04/20/95
04/20/94
Percentage Correct
BUY
PRICE
341.30
202.10
172.80
195.30
295.70
187.60
159.10
150.90
170.10
136.20
160.50
267.80
261.00
169.60
188.40
93
EXIT
DATE
06/23/08
06/22/07
06/23/06
06/23/05
06/23/04
06/23/03
06/21/02
06/22/01
06/23/00
06/23/99
06/23/98
06/23/97
06/21/96
06/23/95
06/23/94
EXIT
PRICE
404.00
217.40
176.50
228.40
304.60
190.60
166.40
163.70
170.20
138.50
175.30
273.70
246.80
174.10
191.80
PROFIT
PROFIT
AMOUNT
62.70
15.30
3.70
33.10
8.90
3.00
7.30
12.80
0.10
2.30
14.80
5.90
-14.20
4.50
3.40
6270.00
1530.00
370.00
3310.00
890.00
300.00
730.00
1280.00
10.00
230.00
1480.00
590.00
-1420.00
450.00
340.00
12.70
-14.20
10.91
1270.00
-1420.00
1090.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/19/08
06/18/07
06/02/06
06/20/05
05/11/04
05/14/03
06/05/02
06/13/01
05/10/00
06/18/99
06/23/98
05/09/97
7820.00
3570.00
1260.00
3710.00
3230.00
930.00
1080.00
2190.00
1770.00
620.00
1480.00
2650.00
05/22/95
05/23/94
990.00
1890.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/06/08
04/24/07
05/23/06
05/13/05
06/03/04
04/23/03
05/10/02
04/25/01
06/20/00
05/27/99
06/11/98
06/09/97
06/12/96
04/27/95
05/13/94
-1350.00
-540.00
-100.00
-590.00
-4120.00
-620.00
-290.00
-490.00
-100.00
-770.00
-790.00
-300.00
-2710.00
-300.00
-210.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)December
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/28/08
04/30/07
04/28/06
04/28/05
04/28/04
04/28/03
04/29/02
04/30/01
04/28/00
04/28/99
04/28/98
04/28/97
04/29/96
04/28/95
04/28/94
Percentage Correct
BUY
PRICE
289.50
208.20
178.80
192.30
226.30
157.90
150.80
146.90
172.90
139.20
166.60
217.40
238.20
176.40
184.90
87
EXIT
DATE
05/16/08
05/18/07
05/18/06
05/18/05
05/18/04
05/16/03
05/17/02
05/18/01
05/18/00
05/18/99
05/18/98
05/16/97
05/17/96
05/18/95
05/18/94
EXIT
PRICE
332.70
221.30
181.70
196.30
222.40
167.70
154.60
151.90
182.00
141.30
164.20
231.10
245.70
182.60
187.30
PROFIT
PROFIT
AMOUNT
43.20
13.10
2.90
4.00
-3.90
9.80
3.80
5.00
9.10
2.10
-2.40
13.70
7.50
6.20
2.40
4320.00
1310.00
290.00
400.00
-390.00
980.00
380.00
500.00
910.00
210.00
-240.00
1370.00
750.00
620.00
240.00
9.45
-3.15
7.77
944.62
-315.00
776.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/16/08
05/16/07
05/09/06
05/18/05
05/05/04
05/05/03
05/15/02
05/17/01
05/12/00
05/18/99
05/06/98
05/16/97
05/16/96
05/18/95
05/18/94
4320.00
1440.00
550.00
400.00
2530.00
1220.00
390.00
560.00
1600.00
210.00
160.00
1370.00
1050.00
620.00
240.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/04/05
05/18/04
-360.00
-390.00
05/02/02
05/10/01
-100.00
-160.00
05/07/99
05/12/98
04/29/97
-140.00
-700.00
-40.00
05/08/95
05/13/94
-110.00
-600.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
70
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/23/08
05/23/07
05/23/06
05/23/05
05/24/04
05/23/03
05/23/02
05/23/01
05/23/00
05/24/99
05/26/98
05/23/97
05/23/96
05/23/95
05/23/94
Percentage Correct
ENTRY
PRICE
6.69
-9.00
-7.79
1.70
43.50
17.39
9.79
6.10
0.19
-9.60
-7.19
49.60
3.59
-11.69
2.80
87
EXIT
DATE
07/10/08
07/10/07
07/10/06
07/08/05
07/09/04
07/10/03
07/10/02
07/10/01
07/10/00
07/09/99
07/10/98
07/10/97
07/10/96
07/10/95
07/08/94
EXIT
PRICE
9.80
-12.29
-6.89
0.50
83.19
23.69
18.09
6.79
6.69
-4.89
1.59
53.00
7.10
-11.00
3.60
PROFIT
PROFIT
AMOUNT
3.10
-3.30
0.90
-1.20
39.70
6.30
8.30
0.70
6.50
4.70
8.80
3.40
3.50
0.70
0.80
310.00
-330.00
90.00
-120.00
3970.00
630.00
830.00
70.00
650.00
470.00
880.00
340.00
350.00
70.00
80.00
6.72
-2.25
5.53
672.31
-225.00
552.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/13/08
06/11/07
06/23/06
06/03/05
07/06/04
07/10/03
07/09/02
06/08/01
06/26/00
07/06/99
07/10/98
05/29/97
06/27/96
06/27/95
06/27/94
1300.00
220.00
240.00
190.00
4760.00
630.00
880.00
450.00
670.00
500.00
880.00
350.00
550.00
290.00
80.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/29/08
06/29/07
07/03/06
06/24/05
06/03/04
06/12/03
-240.00
-480.00
-80.00
-470.00
-900.00
-430.00
05/26/00
-40.00
07/02/97
05/29/96
-1680.00
-150.00
06/17/94
-250.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)July
Contract Size: 100 tons
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/04/08
06/04/07
06/05/06
06/06/05
06/04/04
06/04/03
06/04/02
06/04/01
06/05/00
06/04/99
06/04/98
06/04/97
06/04/96
06/05/95
06/06/94
Percentage Correct
BUY
PRICE
360.00
220.40
183.90
215.20
263.70
186.70
169.20
164.70
180.30
134.80
155.00
273.10
237.90
172.10
192.40
80
EXIT
DATE
06/19/08
06/19/07
06/19/06
06/17/05
06/18/04
06/19/03
06/19/02
06/19/01
06/19/00
06/18/99
06/19/98
06/19/97
06/19/96
06/19/95
06/17/94
EXIT
PRICE
419.50
229.70
177.90
229.00
283.00
189.50
165.20
168.30
170.80
142.40
171.00
273.90
242.20
176.40
206.00
PROFIT
PROFIT
AMOUNT
59.50
9.30
-6.00
13.80
19.30
2.80
-4.00
3.60
-9.50
7.60
16.00
0.80
4.30
4.30
13.60
5950.00
930.00
-600.00
1380.00
1930.00
280.00
-400.00
360.00
-950.00
760.00
1600.00
80.00
430.00
430.00
1360.00
12.91
-6.50
9.03
1290.83
-650.00
902.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/19/08
06/18/07
5950.00
1740.00
06/17/05
06/15/04
06/10/03
06/05/02
06/13/01
06/06/00
06/18/99
06/19/98
06/13/97
06/18/96
06/19/95
06/17/94
1380.00
1950.00
790.00
70.00
810.00
50.00
760.00
1600.00
800.00
700.00
430.00
1360.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/09/06
06/08/05
-730.00
-410.00
06/14/02
-450.00
06/19/00
-950.00
06/11/98
06/09/97
06/12/96
06/12/95
06/07/94
-240.00
-830.00
-400.00
-190.00
-150.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
71
Soybean Meal(CBOT)December
Contract Size: 100 tons
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/30/08
06/29/07
06/29/06
06/29/05
06/29/04
06/30/03
07/01/02
06/29/01
06/29/00
06/29/99
06/29/98
06/30/97
07/01/96
06/29/95
06/29/94
Percentage Correct
SELL
PRICE
412.00
240.50
177.30
213.30
218.70
165.40
171.10
162.30
158.40
136.10
161.80
200.60
236.90
178.80
189.20
87
EXIT
DATE
07/21/08
07/20/07
07/21/06
07/21/05
07/21/04
07/21/03
07/19/02
07/20/01
07/21/00
07/21/99
07/21/98
07/21/97
07/19/96
07/21/95
07/21/94
EXIT
PRICE
PROFIT
365.30
234.70
170.40
211.60
189.80
156.40
169.80
162.00
153.40
140.20
155.00
193.70
233.70
195.20
172.80
PROFIT
AMOUNT
46.70
5.80
6.90
1.70
28.90
9.00
1.30
0.30
5.00
-4.10
6.80
6.90
3.20
-16.40
16.40
4670.00
580.00
690.00
170.00
2890.00
900.00
130.00
30.00
500.00
-410.00
680.00
690.00
320.00
-1640.00
1640.00
10.68
-10.25
7.89
1068.46
-1025.00
789.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/21/08
07/17/07
07/21/06
06/30/05
07/21/04
07/18/03
07/08/02
07/20/01
07/17/00
07/09/99
07/14/98
07/02/97
07/05/96
4670.00
970.00
690.00
680.00
2890.00
1030.00
530.00
30.00
1230.00
1330.00
1040.00
1330.00
590.00
07/20/94
1640.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/03/08
07/13/07
07/03/06
07/15/05
-1700.00
-2500.00
-540.00
-1490.00
07/01/03
07/16/02
07/12/01
-100.00
-120.00
-1230.00
07/21/99
06/30/98
07/14/97
07/12/96
07/17/95
-410.00
-440.00
-160.00
-1680.00
-1820.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)August
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/07/08
07/06/07
07/06/06
07/06/05
07/06/04
07/07/03
07/08/02
07/06/01
07/06/00
07/06/99
07/06/98
07/07/97
07/08/96
07/06/95
07/06/94
Percentage Correct
BUY
PRICE
425.70
235.10
176.50
216.40
294.70
182.80
181.10
170.80
159.90
125.90
160.20
226.40
240.30
175.90
184.60
87
EXIT
DATE
07/11/08
07/13/07
07/13/06
07/13/05
07/13/04
07/11/03
07/12/02
07/13/01
07/13/00
07/13/99
07/13/98
07/11/97
07/12/96
07/13/95
07/13/94
EXIT
PRICE
445.90
255.60
172.10
221.20
266.00
185.20
184.50
176.90
161.40
127.20
163.80
245.60
259.70
179.00
184.70
PROFIT
PROFIT
AMOUNT
20.20
20.50
-4.40
4.80
-28.70
2.40
3.40
6.10
1.50
1.30
3.60
19.20
19.40
3.10
0.10
2020.00
2050.00
-440.00
480.00
-2870.00
240.00
340.00
610.00
150.00
130.00
360.00
1920.00
1940.00
310.00
10.00
8.12
-16.55
4.83
812.31
-1655.00
483.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/11/08
07/13/07
2020.00
2050.00
07/13/05
480.00
07/09/03
07/11/02
07/12/01
07/07/00
07/13/99
07/08/98
07/11/97
07/12/96
07/12/95
07/11/94
310.00
370.00
900.00
170.00
130.00
690.00
1920.00
1940.00
320.00
200.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/08/08
-790.00
07/13/06
07/08/05
07/13/04
07/08/03
-440.00
-540.00
-2870.00
-60.00
07/09/99
-350.00
07/07/95
07/12/94
-70.00
-50.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
72
Soybean Meal(CBOT)September
Contract Size: 100 tons
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
Percentage Correct
SELL
PRICE
EXIT
DATE
429.70
258.50
173.40
221.70
234.80
174.10
179.60
174.70
155.90
125.90
159.40
230.10
256.40
180.90
182.90
93
08/08/08
08/08/07
08/08/06
08/08/05
08/06/04
08/08/03
08/08/02
08/08/01
08/08/00
08/06/99
08/07/98
08/08/97
08/08/96
08/08/95
08/08/94
EXIT
PRICE
319.80
232.10
159.30
209.60
181.20
162.60
174.90
169.70
147.10
144.40
137.50
229.70
243.60
176.80
173.30
PROFIT
PROFIT
AMOUNT
109.90
26.40
14.10
12.10
53.60
11.50
4.70
5.00
8.80
-18.50
21.90
0.40
12.80
4.10
9.60
10990.00
2640.00
1410.00
1210.00
5360.00
1150.00
470.00
500.00
880.00
-1850.00
2190.00
40.00
1280.00
410.00
960.00
21.06
-18.50
18.43
2106.43
-1850.00
1842.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/08/08
07/30/07
08/08/06
08/05/05
08/04/04
08/06/03
07/29/02
07/20/01
08/07/00
07/16/99
08/07/98
07/17/97
07/26/96
08/04/95
08/04/94
10990.00
4240.00
1410.00
1290.00
5540.00
1360.00
1320.00
780.00
990.00
200.00
2190.00
1080.00
1850.00
640.00
1070.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/15/05
07/14/04
-480.00
-420.00
07/22/02
-390.00
08/04/99
07/17/98
08/06/97
-2080.00
-580.00
-460.00
07/17/95
-1080.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
07/15/08
07/16/07
07/17/06
07/15/05
07/15/04
07/15/03
07/15/02
07/16/01
07/17/00
07/15/99
07/15/98
07/15/97
07/15/96
07/17/95
07/15/94
Percentage Correct
ENTRY
PRICE
-15.30
14.50
7.40
-1.69
-50.30
-22.90
-21.00
-5.50
-8.50
6.10
-5.09
-53.20
-6.50
10.09
-2.50
87
EXIT
DATE
07/30/08
07/30/07
07/28/06
07/29/05
07/30/04
07/30/03
07/30/02
07/30/01
07/28/00
07/30/99
07/30/98
07/30/97
07/30/96
07/28/95
07/29/94
EXIT
PRICE
5.00
16.79
9.69
-0.20
-18.19
-8.20
-10.80
-11.40
1.59
7.80
-1.40
-50.40
-13.00
12.60
0.50
PROFIT
PROFIT
AMOUNT
20.30
2.30
2.30
1.50
32.10
14.70
10.20
-5.90
10.10
1.70
3.70
2.80
-6.50
2.50
3.00
2030.00
230.00
230.00
150.00
3210.00
1470.00
1020.00
-590.00
1010.00
170.00
370.00
280.00
-650.00
250.00
300.00
8.25
-6.20
6.32
824.62
-620.00
632.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/30/08
07/24/07
07/28/06
07/28/05
07/29/04
07/30/03
07/30/02
2030.00
270.00
230.00
240.00
3420.00
1470.00
1020.00
07/21/00
07/23/99
07/29/98
07/30/97
1100.00
440.00
680.00
280.00
07/28/95
07/27/94
250.00
350.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/19/06
07/22/05
-20.00
-190.00
07/16/02
07/26/01
-30.00
-650.00
07/21/98
07/25/97
07/26/96
07/20/95
07/19/94
-420.00
-680.00
-710.00
-160.00
-80.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
73
CONT
YEAR
Soybean Meal(CBOT)March
Contract Size: 100 tons
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
08/20/08
08/20/07
08/21/06
08/22/05
08/20/04
08/20/03
08/20/02
08/20/01
08/21/00
08/20/99
08/20/98
08/20/97
08/20/96
08/21/95
08/22/94
Percentage Correct
BUY
PRICE
359.80
232.30
165.70
195.50
179.50
181.00
165.30
162.00
159.50
146.50
144.40
194.00
242.50
186.50
176.80
80
EXIT
DATE
08/29/08
08/31/07
09/01/06
09/01/05
09/01/04
08/29/03
08/30/02
08/31/01
09/01/00
09/01/99
09/01/98
08/29/97
08/30/96
09/01/95
09/01/94
EXIT
PRICE
364.90
251.30
166.00
190.50
186.70
183.40
168.40
167.10
171.50
151.20
141.50
196.90
248.00
192.90
175.80
PROFIT
PROFIT
AMOUNT
5.10
19.00
0.30
-5.00
7.20
2.40
3.10
5.10
12.00
4.70
-2.90
2.90
5.50
6.40
-1.00
510.00
1900.00
30.00
-500.00
720.00
240.00
310.00
510.00
1200.00
470.00
-290.00
290.00
550.00
640.00
-100.00
6.14
-2.97
4.32
614.17
-296.67
432.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/26/08
08/30/07
08/24/06
08/23/05
08/25/04
08/25/03
08/27/02
08/31/01
08/31/00
09/01/99
1460.00
2020.00
280.00
20.00
840.00
490.00
350.00
510.00
1350.00
470.00
08/27/97
08/29/96
09/01/95
08/24/94
480.00
780.00
640.00
140.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
08/22/06
08/31/05
08/27/04
-80.00
-640.00
-60.00
08/28/01
08/22/00
08/30/99
08/28/98
-110.00
-200.00
-200.00
-670.00
08/21/96
08/24/95
08/29/94
-50.00
-60.00
-260.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)December
Contract Size: 100 tons
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/16/08
09/17/07
09/18/06
09/16/05
09/16/04
09/16/03
09/16/02
09/17/01
09/18/00
09/16/99
09/16/98
09/16/97
09/16/96
09/18/95
09/16/94
Percentage Correct
SELL
PRICE
319.50
269.70
165.10
176.60
165.70
184.40
183.40
169.10
168.70
149.90
131.50
213.10
254.70
203.80
165.90
87
EXIT
DATE
10/06/08
10/05/07
10/06/06
10/06/05
10/06/04
10/06/03
10/04/02
10/05/01
10/06/00
10/06/99
10/06/98
10/06/97
10/04/96
10/06/95
10/06/94
EXIT
PRICE
249.90
265.40
167.80
167.30
156.70
201.10
170.40
163.80
167.90
149.80
130.20
203.60
241.40
193.60
161.10
PROFIT
PROFIT
AMOUNT
69.60
4.30
-2.70
9.30
9.00
-16.70
13.00
5.30
0.80
0.10
1.30
9.50
13.30
10.20
4.80
6960.00
430.00
-270.00
930.00
900.00
-1670.00
1300.00
530.00
80.00
10.00
130.00
950.00
1330.00
1020.00
480.00
11.58
-9.70
8.74
1157.69
-970.00
874.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/06/08
10/05/07
09/27/06
10/05/05
10/05/04
6960.00
430.00
360.00
1050.00
940.00
10/03/02
09/28/01
09/19/00
09/23/99
09/18/98
09/30/97
10/04/96
10/02/95
10/06/94
1420.00
970.00
250.00
450.00
320.00
1610.00
1330.00
1090.00
480.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/24/08
09/27/07
10/05/06
-1300.00
-1910.00
-450.00
10/02/03
09/18/02
-1990.00
-120.00
09/28/00
09/30/99
09/28/98
-290.00
-240.00
-240.00
09/26/96
-410.00
09/21/94
-150.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
74
Soybean Meal(CBOT)May
Contract Size: 100 tons
SELL
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
09/22/08
09/21/07
09/21/06
09/21/05
09/21/04
09/22/03
09/23/02
09/21/01
09/21/00
09/21/99
09/21/98
09/22/97
09/23/96
09/21/95
09/21/94
Percentage Correct
SELL
PRICE
338.50
281.40
173.00
180.40
170.50
189.50
175.70
159.70
170.00
152.50
140.80
196.80
250.60
206.40
173.80
93
EXIT
DATE
10/02/08
10/02/07
10/02/06
09/30/05
10/01/04
10/02/03
10/02/02
10/02/01
10/02/00
10/01/99
10/02/98
10/02/97
10/02/96
10/02/95
09/30/94
EXIT
PRICE
285.60
274.40
169.10
176.40
168.20
197.90
171.20
158.60
169.30
151.60
139.50
193.40
238.50
196.20
169.40
PROFIT
PROFIT
AMOUNT
52.90
7.00
3.90
4.00
2.30
-8.40
4.50
1.10
0.70
0.90
1.30
3.40
12.10
10.20
4.40
5290.00
700.00
390.00
400.00
230.00
-840.00
450.00
110.00
70.00
90.00
130.00
340.00
1210.00
1020.00
440.00
7.76
-8.40
6.69
776.43
-840.00
668.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/02/08
10/02/07
09/27/06
09/29/05
09/30/04
09/23/03
10/02/02
09/28/01
10/02/00
09/23/99
10/02/98
10/01/97
10/02/96
10/02/95
09/30/94
5290.00
700.00
560.00
490.00
410.00
250.00
450.00
330.00
70.00
280.00
130.00
540.00
1210.00
1020.00
440.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/24/08
09/27/07
-520.00
-1060.00
10/02/03
09/24/02
-840.00
-210.00
09/28/00
09/30/99
09/28/98
09/24/97
-210.00
-180.00
-320.00
-50.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)December
Contract Size: 100 tons
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
10/06/08
10/05/07
10/05/06
10/05/05
10/05/04
10/06/03
10/07/02
10/05/01
10/05/00
10/05/99
10/05/98
10/06/97
10/07/96
10/05/95
10/05/94
Percentage Correct
BUY
PRICE
249.90
265.40
169.60
166.10
156.30
201.10
171.00
163.80
168.90
148.90
128.90
203.60
243.10
193.60
162.70
80
EXIT
DATE
11/14/08
11/16/07
11/16/06
11/16/05
11/16/04
11/14/03
11/15/02
11/16/01
11/16/00
11/16/99
11/16/98
11/14/97
11/15/96
11/16/95
11/16/94
EXIT
PRICE
265.50
292.30
190.00
173.40
156.40
242.70
164.40
165.60
169.80
150.50
148.20
231.50
234.30
209.60
158.80
PROFIT
PROFIT
AMOUNT
15.60
26.90
20.40
7.30
0.10
41.60
-6.60
1.80
0.90
1.60
19.30
27.90
-8.80
16.00
-3.90
1560.00
2690.00
2040.00
730.00
10.00
4160.00
-660.00
180.00
90.00
160.00
1930.00
2790.00
-880.00
1600.00
-390.00
14.95
-6.43
10.67
1495.00
-643.33
1067.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/30/08
11/15/07
11/08/06
11/11/05
10/11/04
11/03/03
10/21/02
10/08/01
11/06/00
10/13/99
11/12/98
11/07/97
10/09/96
11/02/95
10/24/94
3340.00
2810.00
3140.00
1560.00
700.00
5440.00
140.00
290.00
570.00
800.00
2400.00
4140.00
210.00
1730.00
200.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
10/15/08
10/08/07
10/10/06
-540.00
-490.00
-280.00
11/05/04
-930.00
11/12/02
10/22/01
10/13/00
10/28/99
-770.00
-760.00
-620.00
-250.00
11/01/96
-2690.00
11/03/94
-420.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
75
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
10/07/08
10/08/07
10/09/06
10/07/05
10/07/04
10/07/03
10/07/02
10/08/01
10/09/00
10/07/99
10/07/98
10/07/97
10/07/96
10/09/95
10/07/94
Percentage Correct
ENTRY
PRICE
-13.09
-8.30
-7.59
-10.00
-10.09
8.00
-1.80
6.79
-2.09
-4.00
-15.19
2.80
7.59
-5.40
-10.59
93
EXIT
DATE
11/06/08
11/06/07
11/06/06
11/04/05
11/05/04
11/06/03
11/06/02
11/06/01
11/06/00
11/05/99
11/06/98
11/06/97
11/06/96
11/06/95
11/04/94
EXIT
PRICE
-10.50
-3.00
-4.90
-8.60
-9.19
19.79
3.69
12.79
3.69
1.59
-13.90
16.19
13.20
-1.19
-14.89
PROFIT
PROFIT
AMOUNT
2.60
5.30
2.70
1.40
0.90
11.80
5.50
6.00
5.80
5.60
1.30
13.40
5.60
4.20
-4.30
260.00
530.00
270.00
140.00
90.00
1180.00
550.00
600.00
580.00
560.00
130.00
1340.00
560.00
420.00
-430.00
5.15
-4.30
4.52
515.00
-430.00
452.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/23/08
11/06/07
11/03/06
11/03/05
10/20/04
10/23/03
11/04/02
11/06/01
10/31/00
11/05/99
10/19/98
11/06/97
11/06/96
10/30/95
10/11/94
710.00
530.00
330.00
190.00
300.00
2670.00
610.00
600.00
620.00
560.00
210.00
1340.00
560.00
530.00
80.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
10/09/08
-80.00
10/12/06
10/19/05
-40.00
-90.00
10/09/02
10/15/01
-40.00
-170.00
10/22/99
10/14/98
10/22/97
-200.00
-10.00
-140.00
10/11/95
11/04/94
-20.00
-430.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)December
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
10/22/08
10/22/07
10/23/06
10/24/05
10/22/04
10/22/03
10/22/02
10/22/01
10/23/00
10/22/99
10/22/98
10/22/97
10/22/96
10/23/95
10/24/94
Percentage Correct
BUY
PRICE
257.30
275.70
182.90
169.90
156.40
232.50
170.10
156.20
167.30
147.40
140.20
223.10
225.20
207.40
164.70
87
EXIT
DATE
11/17/08
11/16/07
11/17/06
11/17/05
11/17/04
11/17/03
11/15/02
11/16/01
11/17/00
11/17/99
11/17/98
11/17/97
11/15/96
11/17/95
11/17/94
EXIT
PRICE
271.30
292.30
190.40
174.80
157.80
240.20
164.40
165.60
175.80
148.40
148.30
231.40
234.30
211.20
158.40
PROFIT
PROFIT
AMOUNT
14.00
16.60
7.50
4.90
1.40
7.70
-5.70
9.40
8.50
1.00
8.10
8.30
9.10
3.80
-6.30
1400.00
1660.00
750.00
490.00
140.00
770.00
-570.00
940.00
850.00
100.00
810.00
830.00
910.00
380.00
-630.00
7.72
-6.00
5.89
771.54
-600.00
588.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/30/08
11/15/07
11/08/06
11/11/05
10/25/04
11/03/03
10/23/02
11/15/01
11/17/00
11/05/99
11/12/98
11/07/97
11/15/96
11/17/95
2600.00
1780.00
1810.00
1180.00
200.00
2300.00
80.00
940.00
850.00
730.00
1270.00
2190.00
910.00
380.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/01/07
-360.00
10/28/05
11/05/04
-110.00
-940.00
11/12/02
-680.00
11/10/00
10/28/99
10/23/98
10/28/97
11/01/96
10/27/95
11/17/94
-200.00
-100.00
-140.00
-170.00
-900.00
-220.00
-630.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
76
Soybean Meal(CBOT)July
Contract Size: 100 tons
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
11/09/07
11/09/06
11/09/05
11/09/04
11/10/03
11/11/02
11/09/01
11/09/00
11/09/99
11/09/98
11/10/97
11/11/96
11/09/95
11/09/94
11/09/93
Percentage Correct
BUY
PRICE
286.70
205.20
182.80
158.40
221.10
164.00
151.20
167.00
151.20
158.10
221.50
208.00
211.70
175.10
198.70
80
EXIT
DATE
01/17/08
01/17/07
01/17/06
01/14/05
01/16/04
01/17/03
01/17/02
01/17/01
01/14/00
01/15/99
01/16/98
01/17/97
01/17/96
01/17/95
01/17/94
EXIT
PRICE
PROFIT
355.50
222.20
185.20
158.80
255.90
164.40
156.30
170.20
161.40
136.60
194.60
233.10
235.70
166.40
199.70
PROFIT
AMOUNT
68.80
17.00
2.40
0.40
34.80
0.40
5.10
3.20
10.20
-21.50
-26.90
25.10
24.00
-8.70
1.00
6880.00
1700.00
240.00
40.00
3480.00
40.00
510.00
320.00
1020.00
-2150.00
-2690.00
2510.00
2400.00
-870.00
100.00
16.03
-19.03
9.02
1603.33
-1903.33
902.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/15/08
01/17/07
12/23/05
11/23/04
01/16/04
01/07/03
01/16/02
12/22/00
01/14/00
11/12/98
11/11/97
01/17/97
01/03/96
8100.00
1700.00
2230.00
1370.00
3480.00
550.00
580.00
1760.00
1020.00
720.00
520.00
2510.00
3110.00
11/10/93
1000.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/12/07
12/06/06
11/29/05
-170.00
-1070.00
-690.00
11/25/03
01/13/03
01/02/02
11/10/00
11/18/99
01/15/99
01/16/98
12/10/96
11/14/95
01/05/95
01/11/94
-630.00
-360.00
-940.00
-130.00
-740.00
-2150.00
-2690.00
-70.00
-210.00
-1070.00
-50.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Meal(CBOT)January
Contract Size: 100 tons
CONT
YEAR
BUY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
12/18/08
12/18/07
12/18/06
12/19/05
12/20/04
12/18/03
12/18/02
12/18/01
12/18/00
12/20/99
12/18/98
12/18/97
12/18/96
12/18/95
12/19/94
Percentage Correct
BUY
PRICE
266.30
322.50
184.90
198.60
160.10
227.10
163.30
147.80
191.90
146.50
144.20
206.00
228.10
233.90
157.70
93
EXIT
DATE
12/26/08
12/26/07
12/26/06
12/23/05
12/23/04
12/26/03
12/26/02
12/26/01
12/26/00
12/23/99
12/24/98
12/26/97
12/26/96
12/26/95
12/23/94
EXIT
PRICE
297.70
337.70
188.40
203.40
161.40
246.70
165.20
149.00
194.60
147.40
144.50
210.20
230.90
231.90
159.90
PROFIT
PROFIT
AMOUNT
31.40
15.20
3.50
4.80
1.30
19.60
1.90
1.20
2.70
0.90
0.30
4.20
2.80
-2.00
2.20
3140.00
1520.00
350.00
480.00
130.00
1960.00
190.00
120.00
270.00
90.00
30.00
420.00
280.00
-200.00
220.00
6.57
-2.00
6.00
657.14
-200.00
600.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
12/26/08
12/26/07
12/26/06
12/22/05
12/23/04
12/26/03
12/23/02
12/20/01
12/22/00
12/22/99
12/21/98
12/24/97
12/24/96
12/19/95
12/21/94
3140.00
1520.00
350.00
500.00
130.00
1960.00
550.00
350.00
410.00
140.00
40.00
420.00
480.00
80.00
500.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/20/06
12/20/05
12/22/04
12/23/03
-20.00
-80.00
-110.00
-370.00
12/21/99
12/22/98
-70.00
-130.00
12/21/95
-510.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
77
Personal Notes
78
Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Jan (F), Mar (H), May (K), Jul (N)................................................................................... 80
Aug (Q), Sep (U), Oct (V), Dec (Z) ................................................................................... 82
Jan vs: Mar, May, Jul, Oct ................................................................................................ 84
Mar vs: May, Jul, Aug, Oct ............................................................................................... 86
May vs: Jul, Aug, Sep, Oct ................................................................................................ 88
Jul vs: Aug, Sep, Oct, Dec................................................................................................. 90
Aug vs: Sep, Oct, Dec, Jan ................................................................................................ 92
Sep vs: Oct, Dec, Jan, May ................................................................................................ 94
Oct vs: Dec, Jan, Mar, May ............................................................................................... 96
Dec vs: Jan, Mar, May, Jul ................................................................................................ 98
STRATEGIES
Soybean Oil
79
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
80
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
1999
2000
2001
2002
2003
2004
1999
2000
2001
2002
2003
2004
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
1998
1999
2000
2001
2002
2003
2004
81
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
82
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
1999
2000
2001
2002
2003
2004
1999
2000
2001
2002
2003
2004
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
1998
1999
2000
2001
2002
2003
2004
83
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
84
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
1.00
0.50
0.00
-0.50
-1.00
-1.50
-2.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
85
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
86
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
87
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
88
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
1.00
0.00
-1.00
-2.00
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
89
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
90
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
1.00
0.50
0.00
-0.50
-1.00
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
2.00
1.00
0.00
-1.00
-2.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
91
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
92
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
3.00
2.00
1.00
0.00
-1.00
-2.00
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
93
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
94
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
3.00
2.00
1.00
0.00
-1.00
-2.00
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
95
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
96
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
1.00
0.50
0.00
-0.50
-1.00
-1.50
-2.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
2006
97
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
98
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
2006
1.00
0.50
0.00
-0.50
-1.00
-1.50
-2.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
99
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
1/29
3/16
93
14
15
919
20/47
101
2/08
2/26
87
13
15
595
31/19
101
2/13
2/22
87
13
15
414
41/10
102
2/15
3/03
80
12
15
738
41/18
102
4/08
4/20
80
12
15
466
36/13
103
4/29
6/29
93
14
15
416
7/62
103
5/03
7/28
100
15
15
308
4/87
104
5/07
6/03
93
14
15
282
10/28
104
6/07
8/16
87
13
15
1206
17/71
105
7/13
7/27
100
15
15
765
51/15
105
7/13
8/17
87
13
15
1149
32/36
106
7/13
10/08
80
12
15
1464
17/88
106
9/21
10/03
80
12
15
557
43/13
107
10/31
11/17
80
12
15
383
21/18
107
12/02
1/28
100
15
15
264
5/58
108
12/24
4/11
93
14
15
1023
9/110
108
12/26
4/01
100
15
15
230
2/97
109
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Oil(CBOT)July
Contract Size: 60,000 lbs
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/29/08
01/29/07
01/30/06
01/31/05
01/29/04
01/29/03
01/29/02
01/29/01
01/31/00
01/29/99
01/29/98
01/29/97
01/29/96
01/30/95
01/31/94
BUY
PRICE
54.59
29.75
22.90
19.67
28.79
20.31
15.71
15.31
17.14
22.09
25.79
24.88
24.58
25.39
28.50
93
Percentage Correct
EXIT
DATE
03/14/08
03/16/07
03/16/06
03/16/05
03/16/04
03/14/03
03/15/02
03/16/01
03/16/00
03/16/99
03/16/98
03/14/97
03/15/96
03/16/95
03/16/94
EXIT
PRICE
61.32
31.24
23.84
24.39
33.50
20.89
17.31
16.46
17.30
19.14
27.34
25.76
24.93
25.98
28.98
PROFIT
PROFIT
AMOUNT
6.73
1.49
0.94
4.72
4.71
0.58
1.60
1.15
0.16
-2.95
1.55
0.88
0.35
0.59
0.48
4038.00
894.00
564.00
2832.00
2826.00
348.00
960.00
690.00
96.00
-1770.00
930.00
528.00
210.00
354.00
288.00
1.85
-2.95
1.53
1111.29
-1770.00
919.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/03/08
02/26/07
03/03/06
03/15/05
03/01/04
02/04/03
03/15/02
03/13/01
03/14/00
10038.00
1200.00
1422.00
2862.00
3318.00
456.00
960.00
882.00
150.00
02/20/98
03/10/97
02/12/96
03/06/95
03/01/94
1122.00
1110.00
420.00
1122.00
300.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/01/06
02/03/05
-150.00
-240.00
02/12/03
01/31/02
02/13/01
02/28/00
03/05/99
-198.00
-66.00
-90.00
-690.00
-2520.00
02/14/97
03/04/96
02/01/95
02/08/94
-258.00
-240.00
-126.00
-492.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Oil(CBOT)March
Contract Size: 60,000 lbs
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/08/08
02/08/07
02/08/06
02/08/05
02/09/04
02/10/03
02/08/02
02/08/01
02/08/00
02/08/99
02/09/98
02/10/97
02/08/96
02/08/95
02/08/94
BUY
PRICE
Percentage Correct
55.42
30.43
22.15
19.17
31.46
20.31
15.33
14.41
15.76
21.41
26.46
23.87
24.17
26.66
27.83
87
EXIT
DATE
02/26/08
02/26/07
02/24/06
02/25/05
02/26/04
02/26/03
02/26/02
02/26/01
02/25/00
02/26/99
02/26/98
02/26/97
02/26/96
02/24/95
02/25/94
EXIT
PRICE
64.27
30.71
22.96
22.54
34.05
20.51
15.53
14.67
15.37
17.62
26.58
23.89
24.49
27.64
28.89
PROFIT
PROFIT
AMOUNT
8.85
0.28
0.81
3.37
2.59
0.20
0.20
0.26
-0.39
-3.79
0.12
0.02
0.32
0.98
1.06
5310.00
168.00
486.00
2022.00
1554.00
120.00
120.00
156.00
-234.00
-2274.00
72.00
12.00
192.00
588.00
636.00
1.47
-2.09
0.99
879.69
-1254.00
595.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/26/08
02/26/07
02/17/06
02/25/05
02/24/04
02/20/03
02/20/02
02/21/01
02/10/00
5310.00
168.00
708.00
2022.00
1584.00
228.00
372.00
354.00
126.00
02/20/98
02/25/97
02/12/96
02/15/95
02/25/94
330.00
96.00
222.00
732.00
636.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/11/08
02/14/07
02/14/06
02/09/05
02/18/04
02/12/03
02/11/02
-72.00
-450.00
-66.00
-12.00
-24.00
-330.00
-24.00
02/25/00
02/26/99
02/17/98
02/14/97
02/16/96
-234.00
-2274.00
-150.00
-120.00
-6.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
101
Soybean Oil(CBOT)March
Contract Size: 60,000 lbs
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/13/08
02/13/07
02/13/06
02/14/05
02/13/04
02/13/03
02/13/02
02/13/01
02/14/00
02/16/99
02/13/98
02/13/97
02/13/96
02/13/95
02/14/94
BUY
PRICE
56.26
30.01
22.22
19.97
31.72
20.00
15.66
14.41
15.59
20.42
26.54
23.84
24.44
27.30
28.44
87
Percentage Correct
EXIT
DATE
02/22/08
02/22/07
02/22/06
02/22/05
02/20/04
02/21/03
02/22/02
02/22/01
02/22/00
02/22/99
02/20/98
02/21/97
02/22/96
02/22/95
02/22/94
EXIT
PRICE
PROFIT
62.30
30.32
22.75
21.75
32.93
20.67
15.69
14.82
15.82
18.89
27.01
23.97
24.46
27.24
28.54
PROFIT
AMOUNT
6.04
0.31
0.53
1.78
1.21
0.67
0.03
0.41
0.23
-1.53
0.47
0.13
0.02
-0.06
0.10
3624.00
186.00
318.00
1068.00
726.00
402.00
18.00
246.00
138.00
-918.00
282.00
78.00
12.00
-36.00
60.00
0.92
-0.80
0.69
550.62
-477.00
413.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/22/08
02/22/07
02/17/06
02/22/05
02/20/04
02/20/03
02/20/02
02/21/01
02/22/00
3624.00
186.00
666.00
1068.00
726.00
414.00
174.00
354.00
138.00
02/20/98
02/20/97
02/22/96
02/15/95
02/22/94
282.00
102.00
12.00
348.00
60.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/14/07
02/14/06
02/16/05
02/18/04
-198.00
-108.00
-246.00
-180.00
02/14/02
-156.00
02/15/00
02/22/99
02/17/98
02/14/97
02/16/96
02/22/95
02/15/94
-72.00
-918.00
-198.00
-102.00
-168.00
-36.00
-252.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Oil(CBOT)October
Contract Size: 60,000 lbs
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/15/08
02/15/07
02/15/06
02/15/05
02/17/04
02/18/03
02/15/02
02/15/01
02/15/00
02/16/99
02/17/98
02/18/97
02/15/96
02/15/95
02/15/94
BUY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
59.87
31.20
23.47
20.05
27.65
20.12
16.27
15.70
16.61
21.20
26.63
25.05
25.60
25.52
26.45
80
EXIT
DATE
03/03/08
03/02/07
03/03/06
03/03/05
03/03/04
03/03/03
03/01/02
03/02/01
03/03/00
03/03/99
03/03/98
03/03/97
03/01/96
03/03/95
03/03/94
EXIT
PRICE
71.65
31.26
25.67
22.85
29.60
20.17
16.65
16.88
17.16
19.05
26.40
25.61
24.71
25.55
26.63
PROFIT
PROFIT
AMOUNT
11.78
0.06
2.20
2.80
1.95
0.05
0.38
1.18
0.55
-2.15
-0.23
0.56
-0.89
0.03
0.18
7068.00
36.00
1320.00
1680.00
1170.00
30.00
228.00
708.00
330.00
-1290.00
-138.00
336.00
-534.00
18.00
108.00
1.81
-1.09
1.23
1086.00
-654.00
738.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/03/08
02/26/07
03/03/06
02/28/05
03/01/04
02/27/03
02/20/02
03/01/01
03/03/00
7068.00
666.00
1320.00
1872.00
1680.00
78.00
252.00
810.00
330.00
02/18/98
03/03/97
02/26/96
02/24/95
03/01/94
282.00
336.00
90.00
72.00
402.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/20/07
-42.00
02/16/05
02/18/04
02/24/03
02/28/02
-30.00
-90.00
-240.00
-114.00
02/28/00
02/26/99
03/03/98
02/24/97
03/01/96
02/17/95
-108.00
-1626.00
-138.00
-66.00
-534.00
-222.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
102
Soybean Oil(CBOT)July
Contract Size: 60,000 lbs
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/08/08
04/09/07
04/10/06
04/08/05
04/08/04
04/08/03
04/08/02
04/09/01
04/10/00
04/08/99
04/08/98
04/08/97
04/08/96
04/10/95
04/08/94
BUY
PRICE
56.57
32.67
23.08
22.49
31.78
22.50
16.65
15.86
18.13
18.77
27.43
24.35
26.31
25.74
27.28
80
Percentage Correct
EXIT
DATE
04/18/08
04/20/07
04/20/06
04/20/05
04/20/04
04/17/03
04/19/02
04/20/01
04/20/00
04/20/99
04/20/98
04/18/97
04/19/96
04/20/95
04/20/94
EXIT
PRICE
61.74
32.90
24.52
22.87
31.98
22.13
17.18
14.96
18.94
20.37
28.94
24.82
26.70
25.04
28.17
PROFIT
PROFIT
AMOUNT
5.17
0.23
1.44
0.38
0.20
-0.37
0.53
-0.90
0.81
1.60
1.51
0.47
0.39
-0.70
0.89
3102.00
138.00
864.00
228.00
120.00
-222.00
318.00
-540.00
486.00
960.00
906.00
282.00
234.00
-420.00
534.00
1.14
-0.66
0.78
681.00
-394.00
466.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/15/08
04/13/07
04/20/06
04/19/05
04/14/04
4020.00
540.00
864.00
354.00
600.00
04/19/02
318.00
04/19/00
04/20/99
04/20/98
04/18/97
04/10/96
04/11/95
04/20/94
486.00
960.00
906.00
282.00
474.00
108.00
534.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/18/07
04/13/06
04/18/05
04/12/04
04/16/03
04/15/02
04/20/01
04/11/00
-612.00
-54.00
-24.00
-384.00
-306.00
-24.00
-540.00
-42.00
04/11/97
04/16/96
04/18/95
04/15/94
-72.00
-48.00
-546.00
-90.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/29/08
04/30/07
05/01/06
04/29/05
04/29/04
04/29/03
04/29/02
04/30/01
05/01/00
04/29/99
04/29/98
04/29/97
04/29/96
05/01/95
04/29/94
ENTRY
PRICE
Percentage Correct
1.00
1.00
0.92
-0.07
-6.57
-1.10
0.64
0.71
0.85
0.64
-0.32
0.39
0.53
-0.60
-2.87
93
EXIT
DATE
06/27/08
06/29/07
06/29/06
06/29/05
06/29/04
06/27/03
06/28/02
06/29/01
06/29/00
06/29/99
06/29/98
06/27/97
06/28/96
06/29/95
06/29/94
EXIT
PRICE
1.79
1.27
1.07
0.53
-3.25
-0.62
0.58
0.77
0.93
0.67
0.78
0.58
0.97
-0.26
-0.26
PROFIT
PROFIT
AMOUNT
0.79
0.27
0.14
0.60
3.32
0.48
-0.06
0.07
0.08
0.04
1.10
0.19
0.43
0.33
2.61
474.00
162.00
84.00
360.00
1992.00
288.00
-36.00
42.00
48.00
24.00
660.00
114.00
258.00
198.00
1566.00
0.75
-0.06
0.69
447.86
-36.00
415.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/18/08
06/19/07
06/22/06
06/24/05
06/03/04
06/12/03
04/30/02
06/08/01
06/06/00
05/26/99
06/26/98
06/10/97
06/28/96
05/19/95
06/29/94
480.00
246.00
120.00
420.00
2268.00
504.00
6.00
42.00
102.00
60.00
696.00
228.00
258.00
378.00
1566.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/02/05
-12.00
06/14/02
05/14/01
06/26/00
05/04/99
05/08/98
05/05/97
-120.00
-30.00
-48.00
-36.00
-126.00
-102.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
103
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/05/08
05/03/07
05/03/06
05/03/05
05/03/04
05/05/03
05/03/02
05/03/01
05/03/00
05/03/99
05/04/98
05/05/97
05/03/96
05/03/95
05/03/94
ENTRY
PRICE
0.84
0.93
0.76
-0.10
-4.41
-0.78
0.48
0.57
0.69
0.49
-0.49
0.14
0.58
-0.34
-2.33
100
Percentage Correct
EXIT
DATE
07/28/08
07/27/07
07/28/06
07/28/05
07/28/04
07/28/03
07/26/02
07/27/01
07/28/00
07/28/99
07/28/98
07/28/97
07/26/96
07/28/95
07/28/94
EXIT
PRICE
1.30
1.06
0.91
0.32
-1.76
-0.60
0.50
0.67
0.81
0.53
0.56
0.50
0.78
-0.30
-0.60
PROFIT
PROFIT
AMOUNT
0.46
0.12
0.16
0.42
2.66
0.18
0.02
0.11
0.13
0.05
1.05
0.37
0.20
0.04
1.73
276.00
72.00
96.00
252.00
1596.00
108.00
12.00
66.00
78.00
30.00
630.00
222.00
120.00
24.00
1038.00
0.51
308.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/18/08
06/19/07
07/12/06
06/24/05
07/28/04
06/12/03
05/10/02
07/17/01
07/19/00
05/26/99
06/26/98
06/04/97
07/12/96
05/19/95
06/29/94
372.00
120.00
138.00
420.00
1596.00
294.00
18.00
120.00
84.00
54.00
660.00
246.00
162.00
222.00
1182.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/26/06
-12.00
07/09/04
07/11/03
06/14/02
05/08/01
06/26/00
07/06/99
05/08/98
07/11/97
05/08/96
06/21/95
05/04/94
-132.00
-240.00
-72.00
-18.00
-42.00
-36.00
-60.00
-30.00
-66.00
-18.00
-42.00
15
0
15
Winners
Losers
0.51
308.00
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/07/08
05/07/07
05/08/06
05/09/05
05/07/04
05/07/03
05/07/02
05/07/01
05/08/00
05/07/99
05/07/98
05/07/97
05/07/96
05/08/95
05/09/94
ENTRY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
1.23
1.24
0.94
-0.07
-5.71
-0.78
0.62
0.70
0.89
0.66
-0.39
0.44
0.66
-0.15
-2.76
93
EXIT
DATE
06/03/08
06/01/07
06/02/06
06/03/05
06/03/04
06/03/03
06/03/02
06/01/01
06/02/00
06/03/99
06/03/98
06/03/97
06/03/96
06/02/95
06/03/94
EXIT
PRICE
1.66
1.28
1.10
0.51
-2.78
-0.41
0.46
0.73
0.97
0.69
0.14
0.66
0.78
-0.14
-1.12
PROFIT
PROFIT
AMOUNT
0.43
0.04
0.16
0.59
2.93
0.37
-0.16
0.03
0.09
0.03
0.54
0.23
0.12
0.01
1.63
258.00
24.00
96.00
354.00
1758.00
222.00
-96.00
18.00
54.00
18.00
324.00
138.00
72.00
6.00
978.00
0.51
-0.16
0.47
308.57
-96.00
281.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/03/08
05/29/07
05/31/06
06/03/05
06/03/04
06/02/03
258.00
54.00
96.00
354.00
1758.00
264.00
05/25/01
06/02/00
05/26/99
06/02/98
06/03/97
05/22/96
05/19/95
06/03/94
36.00
54.00
48.00
342.00
138.00
114.00
108.00
978.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/09/07
-42.00
05/13/03
06/03/02
05/14/01
05/19/00
05/11/99
05/08/98
-156.00
-96.00
-24.00
-0.00
-12.00
-84.00
05/08/96
05/26/95
-24.00
-78.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
104
Soybean Oil(CBOT)September
Contract Size: 60,000 lbs
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/09/08
06/07/07
06/07/06
06/07/05
06/07/04
06/09/03
06/07/02
06/07/01
06/07/00
06/07/99
06/08/98
06/09/97
06/07/96
06/07/95
06/07/94
SELL
PRICE
65.00
36.86
25.37
23.28
27.31
22.04
18.60
15.43
16.71
17.56
25.98
23.64
26.58
26.47
27.11
87
Percentage Correct
EXIT
DATE
08/15/08
08/16/07
08/16/06
08/16/05
08/16/04
08/15/03
08/16/02
08/16/01
08/16/00
08/16/99
08/14/98
08/15/97
08/16/96
08/16/95
08/16/94
EXIT
PRICE
50.04
34.50
25.15
22.29
22.90
19.40
21.08
18.49
15.55
16.63
23.93
22.48
25.11
26.18
24.07
PROFIT
PROFIT
AMOUNT
14.96
2.36
0.22
0.99
4.41
2.64
-2.48
-3.06
1.16
0.93
2.05
1.16
1.47
0.29
3.04
8976.00
1416.00
132.00
594.00
2646.00
1584.00
-1488.00
-1836.00
696.00
558.00
1230.00
696.00
882.00
174.00
1824.00
2.74
-2.77
2.01
1646.77
-1662.00
1205.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/12/08
08/16/07
06/19/06
08/16/05
08/04/04
08/05/03
06/20/02
06/25/01
08/07/00
07/28/99
08/10/98
07/25/97
07/26/96
06/12/95
08/03/94
9018.00
1416.00
480.00
594.00
3474.00
1638.00
426.00
228.00
906.00
1608.00
1656.00
1218.00
1434.00
780.00
1962.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/02/08
07/13/07
07/11/06
06/24/05
06/24/04
06/19/03
08/15/02
08/13/01
06/21/00
06/11/99
06/10/98
06/13/97
06/10/96
07/17/95
06/17/94
-2016.00
-864.00
-1392.00
-1842.00
-96.00
-444.00
-1536.00
-2322.00
-204.00
-18.00
-288.00
-36.00
-276.00
-1056.00
-570.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Oil(CBOT)August
Contract Size: 60,000 lbs
CONT
YEAR
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
SELL
PRICE
Percentage Correct
63.79
37.97
27.21
25.43
26.42
21.46
19.91
18.32
15.62
15.15
25.37
22.43
26.39
27.64
24.69
100
EXIT
DATE
07/25/08
07/27/07
07/27/06
07/27/05
07/27/04
07/25/03
07/26/02
07/27/01
07/27/00
07/27/99
07/27/98
07/25/97
07/26/96
07/27/95
07/27/94
EXIT
PRICE
59.17
36.76
25.87
24.31
24.24
20.16
19.30
18.15
15.37
15.08
23.91
21.42
23.97
27.03
23.93
PROFIT
PROFIT
AMOUNT
4.62
1.21
1.34
1.12
2.18
1.30
0.61
0.17
0.25
0.07
1.46
1.01
2.42
0.61
0.76
2772.00
726.00
804.00
672.00
1308.00
780.00
366.00
102.00
150.00
42.00
876.00
606.00
1452.00
366.00
456.00
1.28
765.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/23/08
07/26/07
07/27/06
07/21/05
07/27/04
07/24/03
07/26/02
07/20/01
07/26/00
07/27/99
07/24/98
07/25/97
07/26/96
07/19/95
07/27/94
3144.00
828.00
804.00
672.00
1308.00
780.00
366.00
582.00
198.00
42.00
966.00
606.00
1452.00
366.00
456.00
Winners
Losers
1.28
765.20
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/16/08
-180.00
07/14/06
07/18/05
07/14/04
-108.00
-66.00
-6.00
07/22/02
07/17/01
-108.00
-222.00
07/23/99
-648.00
07/15/97
-216.00
07/17/95
07/18/94
-384.00
-96.00
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
105
Soybean Oil(CBOT)September
Contract Size: 60,000 lbs
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
SELL
PRICE
64.15
38.30
27.46
25.52
25.43
21.27
19.99
18.47
15.82
15.29
25.56
22.56
26.58
27.58
24.58
87
Percentage Correct
EXIT
DATE
08/15/08
08/17/07
08/17/06
08/17/05
08/17/04
08/15/03
08/16/02
08/17/01
08/17/00
08/17/99
08/17/98
08/15/97
08/16/96
08/17/95
08/17/94
EXIT
PRICE
PROFIT
50.04
35.39
24.86
22.60
23.26
19.40
21.08
18.45
15.33
16.96
24.17
22.48
25.11
26.43
24.27
PROFIT
AMOUNT
14.11
2.91
2.60
2.92
2.17
1.87
-1.09
0.02
0.49
-1.67
1.39
0.08
1.47
1.15
0.31
8466.00
1746.00
1560.00
1752.00
1302.00
1122.00
-654.00
12.00
294.00
-1002.00
834.00
48.00
882.00
690.00
186.00
2.42
-1.38
1.92
1453.38
-828.00
1149.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/12/08
08/16/07
08/17/06
08/16/05
08/04/04
08/05/03
07/29/02
07/20/01
08/07/00
07/28/99
08/10/98
07/25/97
07/26/96
08/04/95
08/03/94
8508.00
2280.00
1560.00
1938.00
2346.00
1176.00
420.00
588.00
372.00
246.00
1404.00
570.00
1434.00
894.00
444.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/16/08
-186.00
07/14/06
07/18/05
07/14/04
-108.00
-66.00
-144.00
08/15/02
08/13/01
07/21/00
08/10/99
-702.00
-498.00
-6.00
-1212.00
07/15/97
-222.00
07/17/95
07/18/94
-390.00
-96.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Oil(CBOT)January
Contract Size: 60,000 lbs
SELL
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
SELL
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
65.70
39.33
28.35
25.77
22.70
20.35
20.42
19.17
16.72
15.91
26.05
22.75
27.30
27.25
23.63
80
EXIT
DATE
10/08/08
10/08/07
10/06/06
10/07/05
10/08/04
10/08/03
10/08/02
10/08/01
10/06/00
10/08/99
10/08/98
10/08/97
10/08/96
10/06/95
10/07/94
EXIT
PRICE
40.31
39.01
24.60
23.92
20.78
24.83
19.55
15.46
15.76
17.27
24.48
24.38
24.04
27.12
23.30
PROFIT
PROFIT
AMOUNT
25.39
0.32
3.75
1.85
1.92
-4.48
0.87
3.71
0.96
-1.36
1.57
-1.63
3.26
0.13
0.33
15234.00
192.00
2250.00
1110.00
1152.00
-2688.00
522.00
2226.00
576.00
-816.00
942.00
-978.00
1956.00
78.00
198.00
3.67
-2.49
2.44
2203.00
-1494.00
1463.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/08/08
08/16/07
10/03/06
09/16/05
07/30/04
07/31/03
10/04/02
10/08/01
10/06/00
07/28/99
08/07/98
07/25/97
10/04/96
09/05/95
07/20/94
15234.00
2418.00
2562.00
2046.00
1260.00
858.00
564.00
2226.00
576.00
186.00
1506.00
420.00
2040.00
912.00
324.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/16/08
09/27/07
07/14/06
07/14/05
09/01/04
10/02/03
08/15/02
08/13/01
09/05/00
09/13/99
-198.00
-882.00
-150.00
-60.00
-1830.00
-3006.00
-486.00
-480.00
-6.00
-1746.00
10/06/97
-1098.00
07/17/95
09/12/94
-330.00
-1320.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
106
Soybean Oil(CBOT)December
Contract Size: 60,000 lbs
SELL
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/22/08
09/21/07
09/21/06
09/21/05
09/21/04
09/22/03
09/23/02
09/21/01
09/21/00
09/21/99
09/21/98
09/22/97
09/23/96
09/21/95
09/21/94
SELL
PRICE
50.03
39.52
24.70
23.21
21.71
23.87
19.65
16.68
15.62
17.03
25.72
24.02
25.57
26.79
24.57
80
Percentage Correct
EXIT
DATE
10/03/08
10/03/07
10/03/06
10/03/05
10/01/04
10/03/03
10/03/02
10/03/01
10/03/00
10/01/99
10/02/98
10/03/97
10/03/96
10/03/95
10/03/94
EXIT
PRICE
PROFIT
42.50
38.70
23.67
24.65
20.90
24.80
19.51
15.30
15.58
16.59
24.02
24.13
23.89
26.68
23.84
PROFIT
AMOUNT
7.53
0.82
1.03
-1.44
0.81
-0.93
0.14
1.38
0.04
0.44
1.70
-0.11
1.68
0.11
0.73
4518.00
492.00
618.00
-864.00
486.00
-558.00
84.00
828.00
24.00
264.00
1020.00
-66.00
1008.00
66.00
438.00
1.37
-0.83
0.93
820.50
-496.00
557.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/03/08
10/02/07
10/03/06
09/27/05
09/24/04
09/26/03
10/02/02
10/03/01
09/25/00
10/01/99
10/01/98
09/29/97
10/03/96
09/22/95
10/03/94
4518.00
552.00
618.00
558.00
618.00
126.00
90.00
828.00
24.00
264.00
1044.00
168.00
1008.00
282.00
438.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/27/07
-498.00
10/03/05
-864.00
10/02/03
09/26/02
09/24/01
09/28/00
09/29/99
-930.00
-366.00
-78.00
-198.00
-18.00
10/03/97
-66.00
09/29/95
09/26/94
-66.00
-300.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Soybean Oil(CBOT)December
Contract Size: 60,000 lbs
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
10/31/08
10/31/07
10/31/06
10/31/05
11/01/04
10/31/03
10/31/02
10/31/01
10/31/00
11/01/99
11/02/98
10/31/97
10/31/96
10/31/95
10/31/94
BUY
PRICE
Percentage Correct
33.60
42.31
26.83
22.86
21.18
26.09
21.84
15.51
14.62
16.12
24.39
25.22
22.59
26.61
25.66
80
EXIT
DATE
11/17/08
11/16/07
11/17/06
11/17/05
11/17/04
11/17/03
11/15/02
11/16/01
11/17/00
11/17/99
11/17/98
11/17/97
11/15/96
11/17/95
11/17/94
EXIT
PRICE
32.32
44.82
28.28
22.16
21.61
27.50
22.36
15.87
15.18
16.13
24.70
26.29
23.53
25.51
28.75
PROFIT
PROFIT
AMOUNT
-1.28
2.51
1.45
-0.70
0.43
1.41
0.52
0.36
0.56
0.01
0.31
1.07
0.94
-1.10
3.09
-768.00
1506.00
870.00
-420.00
258.00
846.00
312.00
216.00
336.00
6.00
186.00
642.00
564.00
-660.00
1854.00
1.06
-1.03
0.64
633.00
-616.00
383.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
11/04/08
11/09/07
11/14/06
11/03/05
11/17/04
11/17/03
11/11/02
11/13/01
11/15/00
11/08/99
11/06/98
11/13/97
11/15/96
11/03/95
11/17/94
1422.00
1662.00
1098.00
402.00
258.00
846.00
492.00
408.00
414.00
60.00
402.00
888.00
564.00
90.00
1854.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/17/08
11/01/07
-768.00
-144.00
11/17/05
11/04/04
11/07/03
-420.00
-780.00
-564.00
11/12/99
11/03/98
-216.00
-30.00
11/14/95
-744.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
107
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/03/07
12/04/06
12/02/05
12/02/04
12/02/03
12/02/02
12/03/01
12/04/00
12/02/99
12/02/98
12/02/97
12/02/96
12/04/95
12/02/94
12/02/93
ENTRY
PRICE
-0.95
0.50
0.62
0.14
-3.50
-1.55
0.37
0.75
0.62
0.30
-0.37
0.64
0.42
-1.75
-2.11
100
Percentage Correct
EXIT
DATE
01/28/08
01/26/07
01/27/06
01/28/05
01/28/04
01/28/03
01/28/02
01/26/01
01/28/00
01/28/99
01/28/98
01/28/97
01/26/96
01/27/95
01/28/94
EXIT
PRICE
0.66
1.00
0.78
0.25
-2.25
-0.53
0.56
0.94
0.76
0.37
-0.07
0.76
0.73
-1.39
-1.85
PROFIT
PROFIT
AMOUNT
1.61
0.50
0.15
0.12
1.25
1.02
0.19
0.19
0.14
0.07
0.31
0.12
0.31
0.36
0.26
966.00
300.00
90.00
72.00
750.00
612.00
114.00
114.00
84.00
42.00
186.00
72.00
186.00
216.00
156.00
0.44
264.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/17/08
12/29/06
12/28/05
01/18/05
01/28/04
01/16/03
12/31/01
12/26/00
01/28/00
12/30/98
01/28/98
01/22/97
01/19/96
01/16/95
01/28/94
1272.00
366.00
120.00
96.00
750.00
714.00
144.00
168.00
84.00
138.00
186.00
90.00
258.00
486.00
156.00
WORST
EQUITY
DATE
12/30/05
12/28/04
-150.00
-246.00
12/11/98
12/29/97
12/06/96
12/20/95
12/29/94
01/14/94
-78.00
-156.00
-174.00
-54.00
-138.00
-618.00
15
0
15
Winners
Losers
0.44
264.00
WORST
EQUITY
AMOUNT
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/26/07
12/26/06
12/27/05
12/27/04
12/26/03
12/26/02
12/26/01
12/26/00
12/27/99
12/28/98
12/26/97
12/26/96
12/26/95
12/27/94
12/27/93
ENTRY
PRICE
Percentage Correct
Average Profit on Winning Trades
0.39
0.75
0.60
-0.13
-1.38
-0.67
0.40
0.51
0.55
0.35
-0.17
0.52
0.38
-1.50
-2.17
100
EXIT
DATE
04/01/08
03/30/07
03/31/06
04/01/05
04/01/04
04/01/03
04/01/02
03/30/01
03/31/00
04/01/99
04/01/98
04/01/97
04/01/96
03/31/95
03/31/94
EXIT
PRICE
1.62
0.97
0.94
-0.10
-1.17
-0.16
0.48
0.64
0.72
0.52
-0.10
0.69
0.60
-0.58
-0.89
PROFIT
PROFIT
AMOUNT
1.23
0.22
0.33
0.03
0.22
0.50
0.07
0.12
0.16
0.17
0.08
0.18
0.23
0.91
1.29
738.00
132.00
198.00
18.00
132.00
300.00
42.00
72.00
96.00
102.00
48.00
108.00
138.00
546.00
774.00
0.38
229.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/01/08
03/09/07
03/31/06
02/03/05
03/26/04
02/11/03
03/18/02
12/29/00
03/31/00
03/04/99
02/13/98
03/27/97
02/27/96
03/16/95
03/08/94
738.00
162.00
198.00
276.00
252.00
474.00
72.00
150.00
96.00
144.00
270.00
186.00
240.00
582.00
906.00
Winners
Losers
0.38
229.60
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/27/07
01/11/07
12/30/05
03/17/05
02/20/04
-102.00
-24.00
-210.00
-126.00
-870.00
01/15/02
-24.00
01/18/00
01/19/99
03/13/98
01/03/97
-24.00
-84.00
-216.00
-90.00
12/30/94
12/28/93
-150.00
-12.00
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
108
Soybean Oil(CBOT)September
Contract Size: 60,000 lbs
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/24/07
12/26/06
12/27/05
12/27/04
12/24/03
12/26/02
12/26/01
12/26/00
12/27/99
12/24/98
12/24/97
12/24/96
12/26/95
12/27/94
12/27/93
BUY
PRICE
Percentage Correct
48.90
30.60
22.20
21.40
25.75
20.70
16.22
15.95
17.00
24.05
25.30
24.16
26.35
25.55
26.40
93
EXIT
DATE
04/11/08
04/11/07
04/11/06
04/11/05
04/08/04
04/11/03
04/11/02
04/11/01
04/11/00
04/09/99
04/09/98
04/11/97
04/11/96
04/11/95
04/11/94
EXIT
PRICE
61.22
33.74
23.73
22.46
30.97
21.73
16.99
16.01
18.39
19.16
27.73
24.52
27.12
25.68
26.65
PROFIT
PROFIT
AMOUNT
12.32
3.14
1.53
1.06
5.22
1.03
0.77
0.06
1.39
-4.89
2.43
0.36
0.77
0.13
0.25
7392.00
1884.00
918.00
636.00
3132.00
618.00
462.00
36.00
834.00
-2934.00
1458.00
216.00
462.00
78.00
150.00
2.18
-4.89
1.70
1305.43
-2934.00
1022.80
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/03/08
03/29/07
03/03/06
03/15/05
03/23/04
04/08/03
03/15/02
03/13/01
04/03/00
01/08/99
04/09/98
03/10/97
04/10/96
03/06/95
03/23/94
13710.00
1938.00
1992.00
1602.00
4590.00
762.00
780.00
696.00
1296.00
180.00
1458.00
1680.00
636.00
690.00
1170.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/10/07
12/28/05
02/03/05
-780.00
-78.00
-1194.00
02/12/03
01/28/02
02/08/01
02/28/00
03/05/99
01/08/98
12/30/96
03/01/96
01/20/95
-450.00
-252.00
-276.00
-438.00
-3546.00
-240.00
-96.00
-1080.00
-780.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
109
Personal Notes
110
Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Soyoil as Percentage of Product Value = (BO*.11)/(SM*.022 + BO*.11)
Jan, Mar, May, Jul............................................................................................................. 112
Aug, Sep, Oct, Dec ........................................................................................................... 114
Products (Soyoil/Soymeal) = BO - SM
Jan, Mar, May, Jul............................................................................................................. 116
Aug, Sep, Oct, Dec ........................................................................................................... 118
Crush [(11 Soymeal + 9 Soyoil)/10 Soybeans] = (SM*.022 + BO*.11) - S
Jan, Mar, May, Jul............................................................................................................. 120
Aug, Sep, Nov/Oct, Nov/Dec ........................................................................................... 122
STRATEGIES
111
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
112
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
30.0%
28.0%
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
113
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
114
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
50.0%
45.0%
40.0%
35.0%
30.0%
1999
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
115
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
116
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
$5000
$0
$-5000
$-10000
$-15000
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
$5000
$0
$-5000
$-10000
$-15000
$-20000
1999
2000
2001
2002
2003
2004
2005
2006
117
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
118
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
$8000
$6000
$4000
$2000
$0
$-2000
$-4000
$-6000
$-8000
$-10000
$-12000
1999
2000
2001
2002
2003
2004
2005
2006
119
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
120
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
20.00
10.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
121
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
122
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
20.00
10.00
1999
2000
2001
2002
2003
2004
2005
2000
2001
2002
2003
2004
2005
123
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
1/12
2/18
93
14
15
2028
55/37
127
1/20
2/06
80
12
15
1585
93/17
127
1/28
3/19
93
14
15
853
16/52
128
1/29
3/01
87
13
15
1090
33/33
128
2/18
2/28
80
12
15
1148
104/11
129
2/20
2/28
80
12
15
1785
223/8
129
2/28
3/16
93
14
15
1886
111/17
130
2/28
4/26
100
15
15
3653
63/58
130
3/07
4/19
100
15
15
2648
62/43
131
3/11
4/26
93
14
15
3802
83/46
131
3/12
3/27
93
14
15
1545
103/15
132
3/12
5/06
100
15
15
2537
46/55
132
3/16
3/29
87
13
15
2315
178/13
133
4/08
4/23
80
12
15
1564
98/16
133
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
4/12
4/26
93
14
15
1731
124/14
134
4/27
5/18
93
14
15
687
31/22
134
4/27
5/19
93
14
15
673
29/23
135
4/27
6/27
93
14
15
3159
51/62
135
4/29
6/24
100
15
15
1341
24/57
136
4/30
6/10
93
14
15
1447
34/42
136
5/22
6/07
87
13
15
1818
114/16
137
5/27
6/18
87
13
15
1419
62/23
137
5/28
6/15
93
14
15
1617
85/19
138
5/28
6/18
93
14
15
716
33/22
138
6/03
6/13
100
15
15
971
88/11
139
6/07
6/24
87
13
15
1863
110/17
139
7/01
8/07
87
13
15
1314
35/38
140
7/13
8/07
87
13
15
1722
66/26
140
7/13
8/07
87
13
15
1040
40/26
141
7/14
7/21
80
12
15
2367
338/7
141
7/15
7/29
93
14
15
845
56/15
142
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
125
Seasonal
Strategy
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Average
Profit
Ave PPD/
Days
Pg
No
8/12
8/24
80
12
15
2819
235/12
142
8/29
9/07
87
13
15
1562
174/9
143
9/20
10/12
80
12
15
1245
54/23
143
10/02
10/12
87
13
15
1272
116/11
144
11/05
11/29
80
12
15
373
15/25
144
11/27
1/16
87
13
15
1155
23/51
145
12/03
12/24
93
14
15
910
41/22
145
12/29
2/26
80
12
15
947
16/60
146
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/14/08
01/12/07
01/12/06
01/12/05
01/12/04
01/13/03
01/14/02
01/12/01
01/12/00
01/12/99
01/12/98
01/13/97
01/12/96
01/12/95
01/12/94
Percentage Correct
ENTRY
PRICE
-89.45
-68.98
-63.27
-44.59
-56.10
-44.29
-59.89
-61.60
-36.03
-35.38
-58.54
-62.11
-63.43
-65.67
-62.12
93
EXIT
DATE
02/15/08
02/16/07
02/17/06
02/18/05
02/18/04
02/18/03
02/15/02
02/16/01
02/18/00
02/18/99
02/18/98
02/18/97
02/16/96
02/17/95
02/18/94
EXIT
PRICE
-83.57
-65.37
-62.29
-47.95
-54.97
-35.69
-54.45
-57.22
-32.92
-25.26
-55.19
-55.68
-62.11
-63.52
-56.05
PROFIT
PROFIT
AMOUNT
5.88
3.61
0.98
-3.36
1.13
8.60
5.44
4.38
3.11
10.12
3.35
6.43
1.32
2.15
6.07
3468.00
1898.00
657.00
-1633.00
602.00
4337.00
2699.00
2164.00
1530.00
4733.00
1917.00
3144.00
681.00
1122.00
3101.00
2289.50
-1633.00
2028.00
2289.50
-1633.00
2028.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/31/08
02/16/07
02/10/06
01/31/05
01/13/04
01/29/03
02/15/02
02/01/01
02/04/00
02/18/99
02/11/98
02/14/97
01/17/96
02/17/95
02/08/94
13.63
3.61
4.86
1.72
4.03
8.81
5.44
5.99
5.43
10.12
7.35
8.80
2.38
2.15
7.31
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/07/08
01/17/07
01/27/06
02/11/05
01/29/04
-3.34
-3.34
-0.92
-4.91
-1.94
01/30/02
-0.59
01/21/98
-2.73
01/25/96
01/20/95
-5.12
-3.07
+,
14
1
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/22/08
01/22/07
01/20/06
01/20/05
01/20/04
01/21/03
01/22/02
01/22/01
01/20/00
01/20/99
01/20/98
01/20/97
01/22/96
01/20/95
01/20/94
Percentage Correct
ENTRY
PRICE
-70.16
-65.40
-60.76
-41.49
-64.40
-34.26
-73.38
-75.78
-29.98
-18.26
-39.73
-42.12
-45.90
-91.67
-55.89
80
EXIT
DATE
02/06/08
02/06/07
02/06/06
02/04/05
02/06/04
02/06/03
02/06/02
02/06/01
02/04/00
02/05/99
02/06/98
02/06/97
02/06/96
02/06/95
02/04/94
EXIT
PRICE
-62.22
-64.58
-59.47
-37.30
-62.22
-32.38
-67.99
-62.87
-26.46
-21.18
-31.75
-43.96
-43.39
-83.98
-62.61
PROFIT
PROFIT
AMOUNT
7.94
0.82
1.29
4.19
2.18
1.88
5.39
12.91
3.52
-2.92
7.98
-1.84
2.51
7.69
-6.72
4318.00
516.00
774.00
2043.00
1233.00
956.00
2664.00
6486.00
1714.00
-1641.00
4028.00
-967.00
1295.00
3882.00
-3520.00
2492.42
-2042.67
1585.40
2492.42
-2042.67
1585.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/06/08
01/31/07
02/02/06
01/31/05
01/22/04
01/24/03
01/25/02
02/05/01
02/03/00
01/21/99
02/05/98
01/27/97
02/02/96
02/03/95
7.94
5.88
3.13
4.92
4.33
3.65
5.83
14.76
4.08
1.51
10.99
0.09
3.60
7.79
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/27/06
-2.62
01/26/04
01/31/03
-5.06
-3.11
01/23/01
-0.14
02/05/99
01/27/98
02/03/97
01/26/96
01/30/95
02/04/94
-2.92
-0.50
-2.57
-2.46
-0.85
-6.72
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
127
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/28/08
01/29/07
01/30/06
01/28/05
01/28/04
01/28/03
01/28/02
01/29/01
01/28/00
01/28/99
01/28/98
01/28/97
01/29/96
01/30/95
01/28/94
Percentage Correct
ENTRY
PRICE
29380
15475
11780
10303
14570
11238
7100
7345
10015
12628
14325
14175
13300
11770
14580
93
EXIT
DATE
03/19/08
03/19/07
03/17/06
03/18/05
03/19/04
03/19/03
03/19/02
03/19/01
03/17/00
03/19/99
03/19/98
03/19/97
03/19/96
03/17/95
03/18/94
EXIT
PRICE
31780
16293
11813
12985
18575
11320
7910
7598
10088
11160
15423
15263
13313
12583
14670
PROFIT
AMOUNT
2400.00
817.50
32.50
2682.50
4005.00
82.50
810.00
252.50
72.50
-1467.50
1097.50
1087.50
12.50
812.50
90.00
BEST
EQUITY
DATE
03/03/08
02/26/07
03/03/06
03/17/05
03/19/04
03/19/03
03/15/02
03/08/01
03/17/00
9940.00
1185.00
1177.50
3377.50
4005.00
82.50
995.00
557.50
72.50
03/11/98
03/11/97
02/26/96
03/06/95
02/01/94
1137.50
1875.00
670.00
1190.00
227.50
1018.21
-1467.50
852.50
BEST
EQUITY
AMOUNT
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/01/06
02/02/05
01/29/04
02/12/03
-300.00
-212.50
-15.00
-367.50
02/13/01
02/25/00
03/05/99
01/30/98
01/31/97
03/08/96
01/31/95
03/04/94
-360.00
-915.00
-2157.50
-275.00
-317.50
-115.00
-15.00
-485.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/29/08
01/29/07
01/30/06
01/31/05
01/29/04
01/29/03
01/29/02
01/29/01
01/31/00
01/29/99
01/29/98
01/29/97
01/29/96
01/30/95
01/31/94
Percentage Correct
ENTRY
PRICE
29930
15353
11723
10345
15118
11103
7155
7293
9725
12713
14445
14045
13283
11800
14983
87
EXIT
DATE
02/29/08
03/31/07
03/31/06
03/31/05
03/01/04
03/31/03
03/31/02
03/31/01
03/01/00
03/31/99
03/31/98
03/31/97
03/01/96
03/31/95
03/31/94
EXIT
PRICE
38830
15763
12340
12345
19065
11320
7465
7757
9170
10593
15018
14745
13323
12605
15023
PROFIT
AMOUNT
8900.00
410.00
617.50
2000.00
3947.50
217.50
310.00
465.00
-555.00
-2120.00
572.50
700.00
40.00
805.00
40.00
1463.46
-1337.50
1090.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/29/08
02/26/07
02/28/06
02/28/05
03/01/04
02/04/03
02/20/02
03/31/01
02/01/00
8900.00
1270.00
635.00
2345.00
3947.50
252.50
497.50
465.00
12.50
02/10/98
03/31/97
02/26/96
02/24/95
02/01/94
1020.00
700.00
727.50
860.00
62.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/01/06
02/02/05
02/02/04
02/12/03
01/31/02
02/13/01
02/25/00
02/26/99
01/30/98
02/03/97
-252.50
-272.50
-102.50
-185.00
-82.50
-347.50
-647.50
-2150.00
-132.50
-255.00
02/07/94
-500.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
128
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/19/08
02/20/07
02/21/06
02/18/05
02/18/04
02/18/03
02/19/02
02/20/01
02/18/00
02/18/99
02/18/98
02/18/97
02/20/96
02/21/95
02/18/94
Percentage Correct
ENTRY
PRICE
38620
7026
6234
1956
6600
3792
60
-3510
-5030
9364
11730
-2162
-636
12488
10750
80
EXIT
DATE
02/28/08
02/28/07
02/28/06
02/28/05
02/27/04
02/28/03
02/28/02
02/28/01
02/28/00
02/26/99
02/27/98
02/28/97
02/28/96
02/28/95
02/28/94
EXIT
PRICE
PROFIT
AMOUNT
49420
8870
7990
4476
6750
4360
-1152
-810
-4134
7102
11840
-1872
-2962
12720
11902
10800.00
1844.00
1756.00
2520.00
150.00
568.00
-1212.00
2700.00
896.00
-2262.00
110.00
290.00
-2326.00
232.00
1152.00
BEST
EQUITY
DATE
02/28/08
02/26/07
02/28/06
02/28/05
02/23/04
02/20/03
10800.00
2504.00
1756.00
2520.00
650.00
724.00
02/28/01
02/23/00
02/23/99
02/20/98
02/28/97
2700.00
1366.00
286.00
260.00
290.00
02/24/95
02/28/94
772.00
1152.00
1918.17
-1933.33
1147.87
BEST
EQUITY
AMOUNT
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/25/04
02/25/03
02/27/02
-300.00
-392.00
-1644.00
02/26/99
02/19/98
02/25/97
02/28/96
02/23/95
-2262.00
-250.00
-758.00
-2326.00
-196.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/20/08
02/20/07
02/21/06
02/22/05
02/20/04
02/20/03
02/20/02
02/20/01
02/22/00
02/22/99
02/20/98
02/20/97
02/20/96
02/21/95
02/22/94
Percentage Correct
ENTRY
PRICE
-62.61
-62.91
-62.49
-48.35
-63.67
-39.03
-63.53
-66.08
-29.74
-17.37
-30.54
-48.79
-46.32
-84.52
-64.16
80
EXIT
DATE
02/28/08
02/28/07
02/28/06
02/28/05
02/27/04
02/28/03
02/28/02
02/28/01
02/28/00
02/26/99
02/27/98
02/28/97
02/28/96
02/28/95
02/28/94
EXIT
PRICE
-54.15
-53.18
-62.48
-42.52
-49.37
-42.85
-68.93
-59.32
-28.82
-11.37
-30.32
-46.10
-40.26
-84.24
-64.26
PROFIT
PROFIT
AMOUNT
8.46
9.73
0.01
5.83
14.30
-3.82
-5.40
6.76
0.92
6.00
0.22
2.69
6.06
0.28
-0.10
4807.00
4921.00
59.00
3062.00
7276.00
-1902.00
-2769.00
3464.00
411.00
2873.00
95.00
1366.00
2986.00
145.00
-19.00
2622.08
-1563.33
1785.00
2622.08
-1563.33
1785.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/28/08
02/28/07
02/24/06
02/24/05
02/27/04
02/24/03
8.46
9.73
1.08
8.28
14.30
0.67
02/27/01
02/25/00
02/25/99
02/25/98
02/26/97
02/28/96
02/22/95
02/23/94
6.82
2.81
8.88
4.69
6.11
6.06
1.38
2.53
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
02/23/06
-0.68
02/26/03
02/28/02
02/21/01
-7.07
-5.40
-1.34
02/24/95
02/28/94
-2.74
-0.10
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
129
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/28/08
02/28/07
02/28/06
02/28/05
03/01/04
02/28/03
02/28/02
02/28/01
02/28/00
03/01/99
03/02/98
02/28/97
02/28/96
02/28/95
02/28/94
Percentage Correct
ENTRY
PRICE
88.17
54.21
51.10
45.07
81.30
42.98
53.24
53.37
26.06
14.69
50.36
62.19
57.32
59.99
64.80
93
EXIT
DATE
03/14/08
03/16/07
03/16/06
03/16/05
03/16/04
03/14/03
03/15/02
03/16/01
03/16/00
03/16/99
03/16/98
03/14/97
03/15/96
03/16/95
03/16/94
EXIT
PRICE
98.97
59.11
55.39
50.57
85.30
48.70
55.37
58.07
27.32
19.26
46.01
64.79
63.58
63.18
65.40
PROFIT
PROFIT
AMOUNT
10.80
4.90
4.29
5.50
4.00
5.72
2.13
4.70
1.26
4.57
-4.35
2.60
6.26
3.19
0.60
6040.00
2435.00
2193.00
2732.00
2070.00
2853.00
912.00
2341.00
499.00
2195.00
-2175.00
1229.00
3128.00
1561.00
282.00
2176.43
-2175.00
1886.33
2176.43
-2175.00
1886.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/04/08
03/02/07
03/02/06
03/15/05
03/05/04
03/14/03
03/15/02
03/15/01
03/13/00
03/16/99
03/04/98
03/10/97
03/15/96
03/14/95
03/02/94
17.33
7.70
5.58
6.68
5.33
5.72
2.13
5.20
3.44
4.57
0.84
3.03
6.26
4.90
1.67
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/12/08
-1.27
03/01/05
03/02/04
03/03/03
03/04/02
-0.09
-4.00
-1.76
-1.34
03/01/00
03/03/99
03/11/98
03/12/97
03/05/96
03/01/95
03/14/94
-1.52
-0.49
-6.90
-1.49
-0.67
-0.40
-2.27
14
1
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
02/28/08
02/28/07
02/28/06
02/28/05
03/01/04
02/28/03
02/28/02
02/28/01
02/28/00
03/01/99
03/02/98
02/28/97
02/28/96
02/28/95
02/28/94
Percentage Correct
ENTRY
PRICE
88.17
54.21
51.10
45.07
81.30
42.98
53.24
53.37
26.06
14.69
50.36
62.19
57.32
59.99
64.80
100
EXIT
DATE
04/25/08
04/26/07
04/26/06
04/26/05
04/26/04
04/25/03
04/26/02
04/26/01
04/26/00
04/26/99
04/24/98
04/25/97
04/26/96
04/26/95
04/26/94
EXIT
PRICE
92.50
59.45
61.96
49.05
87.08
49.28
61.33
59.64
28.25
18.99
54.02
87.40
69.01
63.79
72.77
PROFIT
PROFIT
AMOUNT
4.33
5.24
10.86
3.98
5.78
6.30
8.09
6.27
2.19
4.30
3.66
25.21
11.69
3.80
7.97
2972.00
2452.00
5328.00
2055.00
3128.00
3070.00
3943.00
3257.00
840.00
1977.00
1633.00
12569.00
5620.00
1919.00
4034.00
3653.13
0.00
3653.13
3653.13
0.00
3653.13
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/28/08
03/02/07
04/21/06
03/15/05
04/01/04
04/17/03
04/25/02
04/06/01
04/24/00
03/16/99
04/24/98
04/25/97
04/25/96
04/04/95
04/18/94
18.98
7.70
11.72
6.68
21.70
10.10
10.36
9.39
3.78
4.57
3.66
25.21
12.27
7.40
9.07
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/19/08
-15.92
04/13/05
03/02/04
03/03/03
03/28/02
-0.68
-4.00
-1.76
-2.44
04/03/00
04/01/99
04/08/98
03/19/97
03/05/96
03/01/95
03/14/94
-4.17
-1.30
-8.63
-1.78
-0.67
-0.40
-2.27
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
130
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/07/08
03/07/07
03/07/06
03/07/05
03/08/04
03/07/03
03/07/02
03/07/01
03/07/00
03/08/99
03/09/98
03/07/97
03/07/96
03/07/95
03/07/94
Percentage Correct
ENTRY
PRICE
89.35
58.57
56.12
46.53
79.00
46.07
52.44
57.71
25.46
16.49
45.31
64.75
57.18
62.83
63.68
100
EXIT
DATE
04/18/08
04/19/07
04/19/06
04/19/05
04/19/04
04/17/03
04/19/02
04/19/01
04/19/00
04/19/99
04/17/98
04/18/97
04/19/96
04/19/95
04/19/94
EXIT
PRICE
89.60
58.60
58.77
49.15
90.74
53.08
62.30
61.01
25.63
17.18
46.50
86.28
64.98
64.09
73.59
PROFIT
PROFIT
AMOUNT
0.25
0.03
2.65
2.62
11.74
7.01
9.86
3.30
0.17
0.69
1.19
21.53
7.80
1.26
9.91
290.00
-133.00
1348.00
1298.00
5949.00
3379.00
4873.00
1794.00
-153.00
232.00
471.00
10901.00
3683.00
782.00
5002.00
2647.73
0.00
2647.73
2647.73
0.00
2647.73
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/28/08
04/11/07
04/19/06
03/15/05
04/01/04
04/17/03
04/10/02
04/06/01
03/13/00
03/16/99
03/17/98
04/18/97
04/18/96
04/04/95
04/18/94
17.80
2.29
2.65
5.22
24.00
7.01
10.24
5.05
4.04
2.77
1.62
21.53
12.16
4.56
10.19
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/19/08
03/22/07
03/09/06
04/13/05
-17.10
-3.17
-3.00
-2.14
03/28/02
03/08/01
04/03/00
04/01/99
04/08/98
03/19/97
-1.64
-3.03
-3.57
-3.10
-3.58
-4.34
03/08/95
03/14/94
-0.86
-1.15
15
0
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/11/08
03/12/07
03/13/06
03/11/05
03/11/04
03/11/03
03/11/02
03/12/01
03/13/00
03/11/99
03/11/98
03/11/97
03/11/96
03/13/95
03/11/94
Percentage Correct
ENTRY
PRICE
89.67
66.63
57.84
49.61
89.87
45.02
56.29
61.40
33.32
19.89
39.79
54.68
61.64
69.79
65.16
93
EXIT
DATE
04/25/08
04/26/07
04/26/06
04/26/05
04/26/04
04/25/03
04/26/02
04/26/01
04/26/00
04/26/99
04/24/98
04/25/97
04/26/96
04/26/95
04/26/94
EXIT
PRICE
93.68
69.47
68.00
50.28
124.82
47.79
63.54
64.91
32.77
24.36
47.10
77.22
69.09
69.93
71.83
PROFIT
PROFIT
AMOUNT
4.01
2.84
10.16
0.67
34.95
2.77
7.25
3.51
-0.55
4.47
7.31
22.54
7.45
0.14
6.67
2458.00
1271.00
4966.00
433.00
17606.00
1314.00
3622.00
1905.00
-441.00
2092.00
3470.00
11373.00
3430.00
214.00
3323.00
4105.50
-441.00
3802.40
4105.50
-441.00
3802.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/25/08
04/11/07
04/21/06
03/15/05
04/15/04
03/28/03
04/10/02
04/06/01
03/14/00
04/26/99
04/20/98
04/04/97
04/26/96
04/06/95
04/04/94
20.41
3.81
10.91
3.30
50.39
3.51
10.80
6.73
1.35
4.47
7.81
27.43
7.45
5.05
7.34
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/19/08
03/14/07
03/30/06
03/31/05
-26.17
-2.45
-0.07
-9.16
03/13/03
03/28/02
03/14/01
04/12/00
04/01/99
04/03/98
03/12/97
03/20/96
04/19/95
03/14/94
-0.80
-2.24
-0.08
-4.94
-1.21
-1.43
-1.81
-2.75
-2.14
-1.05
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
131
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/12/08
03/12/07
03/13/06
03/14/05
03/12/04
03/12/03
03/12/02
03/12/01
03/13/00
03/12/99
03/12/98
03/12/97
03/12/96
03/13/95
03/14/94
Percentage Correct
ENTRY
PRICE
85.03
68.85
60.99
49.10
54.68
42.33
59.69
60.74
37.64
27.19
49.88
52.45
63.11
68.20
57.03
93
EXIT
DATE
03/27/08
03/27/07
03/27/06
03/24/05
03/26/04
03/27/03
03/27/02
03/27/01
03/27/00
03/26/99
03/27/98
03/27/97
03/27/96
03/27/95
03/25/94
EXIT
PRICE
97.20
69.80
62.34
49.95
65.20
44.34
60.68
65.17
33.27
27.26
50.59
58.42
65.64
70.28
62.52
PROFIT
PROFIT
AMOUNT
12.17
0.95
1.35
0.85
10.52
2.01
0.99
4.43
-4.37
0.07
0.71
5.97
2.53
2.08
5.49
6573.00
383.00
768.00
518.00
5193.00
943.00
543.00
2225.00
-2285.00
-91.00
359.00
3058.00
1164.00
1119.00
2710.00
1818.93
-2285.00
1545.33
1818.93
-2285.00
1545.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/14/08
03/27/07
03/16/06
03/15/05
03/23/04
03/21/03
03/26/02
03/27/01
03/17/00
03/17/99
03/19/98
03/27/97
03/22/96
03/20/95
03/25/94
13.28
0.95
2.54
2.54
14.49
2.99
2.31
4.43
0.28
1.08
1.50
5.97
3.98
2.66
5.49
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/20/08
03/23/07
-13.60
-1.30
03/18/05
03/15/04
-3.44
-0.49
03/13/02
-1.18
03/24/00
03/18/99
03/25/98
03/19/97
03/14/96
-5.07
-2.83
-2.38
-0.29
-0.65
14
1
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/12/08
03/12/07
03/13/06
03/14/05
03/12/04
03/12/03
03/12/02
03/12/01
03/13/00
03/12/99
03/12/98
03/12/97
03/12/96
03/13/95
03/14/94
Percentage Correct
ENTRY
PRICE
85.03
68.85
60.99
49.10
54.68
42.33
59.69
60.74
37.64
27.19
49.88
52.45
63.11
68.20
57.03
100
EXIT
DATE
05/06/08
05/04/07
05/05/06
05/06/05
05/06/04
05/06/03
05/06/02
05/04/01
05/05/00
05/06/99
05/06/98
05/06/97
05/06/96
05/05/95
05/06/94
EXIT
PRICE
90.07
68.99
69.51
52.60
65.09
44.42
62.71
66.12
40.04
30.93
51.40
67.98
69.40
70.66
63.31
PROFIT
PROFIT
AMOUNT
5.04
0.14
8.52
3.50
10.41
2.09
3.02
5.38
2.40
3.74
1.52
15.53
6.29
2.46
6.28
3015.00
-135.00
4097.00
1738.00
5323.00
934.00
1583.00
2879.00
1055.00
1793.00
527.00
7841.00
2800.00
1361.00
3247.00
2537.20
0.00
2537.20
2537.20
0.00
2537.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/28/08
04/11/07
05/01/06
05/06/05
04/01/04
04/17/03
04/10/02
05/03/01
05/05/00
05/06/99
04/24/98
04/30/97
04/25/96
04/06/95
05/05/94
15.30
4.55
11.18
3.50
14.99
4.92
5.96
7.05
2.40
3.74
5.90
19.06
8.79
4.41
8.72
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/20/08
03/23/07
04/12/06
04/12/05
03/15/04
04/24/03
03/28/02
-13.60
-1.30
-0.05
-3.95
-0.49
-0.82
-4.60
04/12/00
04/01/99
04/13/98
03/19/97
03/14/96
03/31/95
-5.47
-5.00
-3.86
-0.29
-0.65
-1.30
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
132
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
03/17/08
03/16/07
03/16/06
03/16/05
03/16/04
03/17/03
03/18/02
03/16/01
03/16/00
03/16/99
03/16/98
03/17/97
03/18/96
03/16/95
03/16/94
Percentage Correct
ENTRY
PRICE
53.77
64.57
62.30
27.53
44.89
39.06
61.34
64.87
34.84
16.95
22.44
33.55
46.61
72.58
58.67
87
EXIT
DATE
03/28/08
03/29/07
03/29/06
03/29/05
03/29/04
03/28/03
03/28/02
03/29/01
03/29/00
03/29/99
03/27/98
03/27/97
03/29/96
03/29/95
03/29/94
EXIT
PRICE
90.59
65.34
63.31
38.09
46.19
37.98
57.47
72.14
35.63
20.01
22.91
35.56
52.55
76.26
59.25
PROFIT
PROFIT
AMOUNT
36.82
0.77
1.01
10.56
1.30
-1.08
-3.87
7.27
0.79
3.06
0.47
2.01
5.94
3.68
0.58
18768.00
165.00
551.00
5408.00
668.00
-603.00
-1941.00
3644.00
310.00
1460.00
216.00
1010.00
2895.00
1863.00
317.00
2867.31
-1272.00
2315.40
2867.31
-1272.00
2315.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/25/08
03/28/07
03/29/06
03/24/05
03/26/04
03/21/03
03/25/02
03/29/01
03/23/00
03/29/99
03/26/98
03/20/97
03/29/96
03/27/95
03/25/94
45.36
1.45
1.01
10.65
6.36
0.41
3.28
7.27
2.18
3.06
1.64
3.58
5.94
7.70
1.05
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/19/08
03/26/07
03/21/06
-6.83
-1.04
-3.40
03/19/04
03/26/03
03/28/02
-2.44
-5.15
-3.87
03/27/00
-0.50
03/25/98
03/18/97
03/27/96
-1.45
-0.72
-1.32
03/17/94
-0.41
13
2
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/08/08
04/09/07
04/10/06
04/08/05
04/08/04
04/08/03
04/08/02
04/09/01
04/10/00
04/08/99
04/08/98
04/08/97
04/08/96
04/10/95
04/08/94
Percentage Correct
ENTRY
PRICE
39170
15694
7434
2784
-1314
6846
158
-490
-930
6900
15780
-6154
-2384
9910
10720
80
EXIT
DATE
04/23/08
04/23/07
04/21/06
04/22/05
04/23/04
04/23/03
04/23/02
04/23/01
04/20/00
04/23/99
04/23/98
04/23/97
04/23/96
04/21/95
04/22/94
EXIT
PRICE
46320
18334
10954
1926
600
5170
210
-1256
590
9638
18810
-3308
-2280
10624
11258
PROFIT
AMOUNT
7150.00
2640.00
3520.00
-858.00
1914.00
-1676.00
52.00
-766.00
1520.00
2738.00
3030.00
2846.00
104.00
714.00
538.00
2230.50
-1100.00
1564.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/15/08
04/13/07
04/21/06
04/15/05
04/20/04
8834.00
3342.00
3520.00
506.00
2218.00
04/11/02
484.00
04/19/00
04/22/99
04/22/98
04/21/97
04/10/96
04/21/95
04/20/94
1592.00
3140.00
3724.00
2894.00
1022.00
714.00
1136.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/17/06
04/22/05
-1220.00
-858.00
04/22/03
04/16/02
04/20/01
-2430.00
-204.00
-970.00
04/09/99
-92.00
04/10/97
-376.00
04/12/95
-132.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
133
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/14/08
04/12/07
04/12/06
04/12/05
04/12/04
04/14/03
04/12/02
04/12/01
04/12/00
04/12/99
04/13/98
04/14/97
04/12/96
04/12/95
04/12/94
Percentage Correct
ENTRY
PRICE
84.59
69.98
60.94
45.15
62.66
43.54
62.73
64.12
32.17
24.72
46.02
61.46
68.82
69.87
60.57
93
EXIT
DATE
04/25/08
04/26/07
04/26/06
04/26/05
04/26/04
04/25/03
04/26/02
04/26/01
04/26/00
04/26/99
04/24/98
04/25/97
04/26/96
04/26/95
04/26/94
EXIT
PRICE
92.72
71.44
68.67
48.61
62.99
42.68
63.75
64.59
35.62
29.11
55.78
69.58
71.10
70.17
62.87
PROFIT
PROFIT
AMOUNT
8.13
1.46
7.73
3.46
0.33
-0.86
1.02
0.47
3.45
4.39
9.76
8.12
2.28
0.30
2.30
4342.00
773.00
3651.00
1724.00
211.00
-390.00
523.00
282.00
1709.00
2084.00
4724.00
3973.00
1099.00
170.00
1085.00
1882.14
-390.00
1730.67
1882.14
-390.00
1730.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/23/08
04/19/07
04/21/06
04/25/05
04/23/04
04/17/03
04/19/02
04/19/01
04/24/00
04/26/99
04/24/98
04/21/97
04/25/96
04/17/95
04/18/94
12.17
1.82
8.59
6.88
5.65
3.71
2.32
0.74
5.70
4.39
9.76
9.14
3.08
2.13
2.63
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/24/07
-1.42
04/24/03
04/23/02
04/17/01
-2.03
-1.66
-2.44
04/19/96
04/24/95
-1.53
-1.54
14
1
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/28/08
04/27/07
04/27/06
04/27/05
04/27/04
04/28/03
04/29/02
04/27/01
04/27/00
04/27/99
04/27/98
04/28/97
04/29/96
04/27/95
04/28/94
Percentage Correct
ENTRY
PRICE
26523
17326
14425
17801
21985
15274
12818
11914
16424
12579
14202
22625
22036
14093
15731
93
EXIT
DATE
05/16/08
05/18/07
05/18/06
05/18/05
05/18/04
05/16/03
05/17/02
05/18/01
05/18/00
05/18/99
05/18/98
05/16/97
05/17/96
05/18/95
05/18/94
EXIT
PRICE
30463
18954
14961
18054
20417
16296
13264
12738
17116
12913
14380
23051
23200
14468
15790
PROFIT
AMOUNT
3939.50
1628.00
536.00
253.00
-1568.00
1022.00
446.50
823.50
691.50
333.50
178.50
426.00
1163.50
375.00
59.00
848.25
-1568.00
687.17
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/16/08
05/16/07
05/09/06
05/18/05
05/05/04
05/05/03
05/15/02
05/18/01
05/12/00
05/18/99
05/06/98
05/07/97
05/16/96
05/18/95
05/18/94
3939.50
1898.00
1011.00
253.00
2200.00
1191.50
490.00
823.50
1435.50
333.50
356.50
607.50
1541.50
375.00
59.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/13/05
05/18/04
-817.50
-1568.00
05/03/02
-54.50
04/28/00
05/07/99
05/11/98
-196.00
-81.50
-567.00
05/09/95
05/13/94
-105.00
-796.50
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
134
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/28/08
04/27/07
04/27/06
04/27/05
04/27/04
04/28/03
04/29/02
04/27/01
04/27/00
04/27/99
04/27/98
04/28/97
04/29/96
04/27/95
04/28/94
Percentage Correct
ENTRY
PRICE
EXIT
DATE
-6250
50
1792
5928
6416
3336
5012
5000
6160
1332
-782
7312
7434
2206
2696
93
05/19/08
05/18/07
05/19/06
05/19/05
05/19/04
05/19/03
05/17/02
05/18/01
05/19/00
05/19/99
05/19/98
05/19/97
05/17/96
05/19/95
05/19/94
EXIT
PRICE
-3746
216
2356
6140
7190
3502
5100
6076
7580
2580
-746
9240
7908
2640
1700
PROFIT
AMOUNT
2504.00
166.00
564.00
212.00
774.00
166.00
88.00
1076.00
1420.00
1248.00
36.00
1928.00
474.00
434.00
-996.00
BEST
EQUITY
DATE
05/15/08
05/16/07
05/09/06
05/18/05
05/05/04
05/05/03
05/15/02
05/18/01
05/12/00
05/17/99
04/28/98
05/16/97
05/15/96
05/17/95
792.14
-996.00
672.93
BEST
EQUITY
AMOUNT
2616.00
576.00
1050.00
226.00
2316.00
1074.00
218.00
1076.00
1778.00
1432.00
222.00
2078.00
698.00
564.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/09/08
05/11/07
-4.00
-256.00
05/09/05
04/29/04
05/15/03
05/10/02
-828.00
-316.00
-324.00
-188.00
04/28/00
-162.00
05/11/98
-1074.00
05/02/96
05/01/95
05/16/94
-314.00
-518.00
-1258.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/28/08
04/27/07
04/27/06
04/27/05
04/27/04
04/28/03
04/29/02
04/27/01
04/27/00
04/27/99
04/27/98
04/28/97
04/29/96
04/27/95
04/28/94
Percentage Correct
ENTRY
PRICE
-38164
-20570
-11790
-1706
290
-2266
2008
2862
2178
-9604
-20154
10038
808
-12166
-13088
93
EXIT
DATE
06/27/08
06/27/07
06/27/06
06/27/05
06/25/04
06/27/03
06/27/02
06/27/01
06/27/00
06/25/99
06/26/98
06/27/97
06/27/96
06/27/95
06/27/94
EXIT
PRICE
-32446
-19348
-10632
-1056
8968
-438
2894
6230
5316
-3364
-12534
12480
3428
-14420
-9024
PROFIT
AMOUNT
5718.00
1222.00
1158.00
650.00
8678.00
1828.00
886.00
3368.00
3138.00
6240.00
7620.00
2442.00
2620.00
-2254.00
4064.00
3545.14
-2254.00
3158.53
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/19/08
06/13/07
06/19/06
06/14/05
06/25/04
05/02/03
06/27/02
05/25/01
05/31/00
06/18/99
06/24/98
05/19/97
06/26/96
05/17/95
06/15/94
6648.00
3804.00
3810.00
4036.00
8678.00
2326.00
886.00
4224.00
4596.00
7988.00
9534.00
5482.00
2628.00
1870.00
4170.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/21/08
05/11/07
-9186.00
-972.00
05/09/05
-2122.00
05/15/03
05/28/02
-1514.00
-2036.00
04/28/00
-388.00
05/11/98
-1778.00
05/29/96
06/21/95
05/18/94
-1540.00
-3180.00
-2918.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
135
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/29/08
04/30/07
05/01/06
04/29/05
04/29/04
04/29/03
04/29/02
04/30/01
05/01/00
04/29/99
04/29/98
04/29/97
04/29/96
05/01/95
04/29/94
Percentage Correct
ENTRY
PRICE
-1392
-382
2372
5754
10458
6068
5936
6146
6986
1544
-1216
12714
8546
880
1760
100
EXIT
DATE
06/24/08
06/22/07
06/23/06
06/24/05
06/24/04
06/24/03
06/24/02
06/22/01
06/23/00
06/24/99
06/24/98
06/24/97
06/24/96
06/23/95
06/24/94
EXIT
PRICE
2270
902
2878
7430
12960
6104
6088
7406
7342
3446
2460
13652
9116
922
3312
PROFIT
AMOUNT
3662.00
1284.00
506.00
1676.00
2502.00
36.00
152.00
1260.00
356.00
1902.00
3676.00
938.00
570.00
42.00
1552.00
BEST
EQUITY
DATE
06/19/08
06/20/07
06/02/06
06/14/05
05/11/04
05/02/03
05/16/02
06/08/01
05/12/00
06/18/99
06/24/98
05/19/97
06/21/96
05/23/95
06/15/94
1340.93
BEST
EQUITY
AMOUNT
4870.00
2516.00
910.00
2386.00
2854.00
502.00
416.00
1910.00
1276.00
2664.00
3676.00
2186.00
672.00
1498.00
2124.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/21/08
05/11/07
05/23/06
05/09/05
05/28/04
05/15/03
05/28/02
-3308.00
-72.00
-450.00
-600.00
-1808.00
-848.00
-472.00
06/20/00
05/04/99
05/11/98
06/09/97
05/29/96
06/21/95
05/16/94
-42.00
-100.00
-888.00
-172.00
-920.00
-192.00
-650.00
15
0
15
Winners
Losers
1340.93
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
04/30/08
04/30/07
05/01/06
05/02/05
04/30/04
04/30/03
04/30/02
04/30/01
05/01/00
04/30/99
04/30/98
04/30/97
04/30/96
05/01/95
05/02/94
Percentage Correct
ENTRY
PRICE
-46512
-20964
-11598
-1810
-2834
-5046
-444
580
1588
-8394
-17914
-2414
-2714
-11280
-9984
93
EXIT
DATE
06/10/08
06/08/07
06/09/06
06/10/05
06/10/04
06/10/03
06/10/02
06/08/01
06/09/00
06/10/99
06/10/98
06/10/97
06/10/96
06/09/95
06/10/94
EXIT
PRICE
-43092
-19516
-10214
888
-2788
-3964
-2350
2574
3236
-3644
-17316
186
-2442
-10314
-9274
PROFIT
AMOUNT
3420.00
1448.00
1384.00
2698.00
46.00
1082.00
-1906.00
1994.00
1648.00
4750.00
598.00
2600.00
272.00
966.00
710.00
1686.86
-1906.00
1447.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/04/08
05/07/07
06/08/06
06/10/05
05/05/04
05/05/03
05/06/02
05/16/01
05/12/00
06/09/99
06/01/98
05/20/97
05/15/96
05/17/95
06/06/94
3642.00
1520.00
2242.00
2698.00
4050.00
1356.00
376.00
2176.00
3126.00
4760.00
2984.00
4750.00
1934.00
2738.00
1320.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/23/08
05/11/07
05/11/06
05/09/05
-5196.00
-776.00
-882.00
-2112.00
05/15/03
06/06/02
-2582.00
-3436.00
05/04/99
05/12/98
-108.00
-2564.00
05/02/96
-536.00
05/18/94
-3226.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
136
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/22/08
05/22/07
05/22/06
05/23/05
05/24/04
05/22/03
05/22/02
05/22/01
05/22/00
05/24/99
05/22/98
05/22/97
05/22/96
05/22/95
05/23/94
Percentage Correct
ENTRY
PRICE
-87.27
-66.99
-72.26
-46.97
-69.08
-49.64
-66.17
-67.81
-39.16
-28.85
-43.81
-69.78
-65.07
-81.27
-66.74
87
EXIT
DATE
06/06/08
06/07/07
06/07/06
06/07/05
06/07/04
06/06/03
06/07/02
06/07/01
06/07/00
06/07/99
06/05/98
06/06/97
06/07/96
06/07/95
06/07/94
EXIT
PRICE
-67.83
-61.70
-71.69
-45.12
-58.72
-48.09
-68.02
-67.15
-40.71
-28.25
-34.19
-67.30
-63.50
-80.44
-63.85
PROFIT
PROFIT
AMOUNT
19.44
5.29
0.57
1.85
10.36
1.55
-1.85
0.66
-1.55
0.60
9.62
2.48
1.57
0.83
2.89
9997.00
2797.00
292.00
994.00
5228.00
745.00
-869.00
381.00
-861.00
289.00
4689.00
1241.00
726.00
447.00
1178.00
2231.08
-865.00
1818.27
2231.08
-865.00
1818.27
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/05/08
06/05/07
05/30/06
05/24/05
06/07/04
05/27/03
34.60
6.31
1.32
2.61
10.36
1.85
06/07/01
05/23/00
06/02/99
06/05/98
06/04/97
05/29/96
05/31/95
05/25/94
0.66
0.84
1.23
9.62
4.61
4.50
5.15
5.19
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/23/07
06/06/06
05/27/05
06/01/04
05/30/03
05/31/02
05/31/01
05/31/00
05/28/99
-0.66
-2.51
-2.45
-2.17
-1.71
-3.54
-4.84
-3.49
-1.06
05/28/97
-11.22
05/26/95
06/06/94
-0.12
-0.98
13
2
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/27/08
05/29/07
05/30/06
05/27/05
05/27/04
05/27/03
05/28/02
05/29/01
05/30/00
05/27/99
05/27/98
05/27/97
05/28/96
05/30/95
05/27/94
Percentage Correct
ENTRY
PRICE
30068
18767
13935
19432
24552
18229
13907
13119
16334
12255
15059
27589
23767
13328
16948
87
EXIT
DATE
06/18/08
06/18/07
06/16/06
06/17/05
06/18/04
06/18/03
06/18/02
06/18/01
06/16/00
06/18/99
06/18/98
06/18/97
06/18/96
06/16/95
06/17/94
EXIT
PRICE
38524
21109
15097
21152
27112
17884
13934
14236
15368
13706
16358
27783
23956
13676
18672
PROFIT
AMOUNT
8456.50
2341.50
1161.50
1720.50
2560.00
-345.00
27.50
1117.50
-966.50
1451.00
1299.50
194.50
189.00
348.50
1724.00
1737.81
-655.75
1418.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/18/08
06/18/07
06/02/06
06/17/05
06/15/04
06/10/03
06/05/02
06/13/01
06/06/00
06/18/99
06/18/98
05/30/97
06/18/96
06/15/95
06/17/94
8456.50
2341.50
1257.00
1720.50
3244.00
84.00
549.00
1317.50
327.00
1451.00
1299.50
2168.50
189.00
511.00
1724.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/29/08
-110.00
05/31/06
-56.00
06/03/04
06/03/03
-992.00
-730.50
05/30/01
06/16/00
-123.50
-966.50
06/11/98
06/09/97
05/29/96
-209.00
-976.50
-1001.00
06/07/94
-237.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
137
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
05/28/08
05/29/07
05/30/06
05/31/05
05/28/04
05/28/03
05/28/02
05/29/01
05/30/00
05/28/99
05/28/98
05/28/97
05/28/96
05/30/95
05/31/94
Percentage Correct
ENTRY
PRICE
-44204
-20576
-11502
1072
-190
-2132
-808
4576
5896
-6216
-16350
8868
-10
-12764
-10474
93
EXIT
DATE
06/13/08
06/15/07
06/15/06
06/15/05
06/15/04
06/13/03
06/14/02
06/15/01
06/15/00
06/15/99
06/15/98
06/13/97
06/14/96
06/15/95
06/15/94
EXIT
PRICE
-38196
-17676
-8942
1124
5106
-1978
-484
5882
3998
-3422
-15160
9070
824
-11930
-8782
PROFIT
AMOUNT
6008.00
2900.00
2560.00
52.00
5296.00
154.00
324.00
1306.00
-1898.00
2794.00
1190.00
202.00
834.00
834.00
1692.00
BEST
EQUITY
DATE
06/04/08
06/13/07
06/08/06
06/14/05
06/15/04
06/11/03
06/13/02
06/15/01
05/31/00
06/15/99
06/01/98
05/30/97
06/04/96
06/12/95
06/15/94
1867.57
-1898.00
1616.53
BEST
EQUITY
AMOUNT
7128.00
3644.00
2932.00
1326.00
5296.00
1158.00
1536.00
1306.00
276.00
2794.00
1330.00
1964.00
882.00
1810.00
1692.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/31/07
-368.00
06/01/05
-336.00
06/04/03
06/06/02
06/01/01
06/15/00
-418.00
-166.00
-600.00
-1898.00
06/10/98
06/09/97
05/29/96
06/07/95
06/02/94
-1198.00
-1540.00
-1044.00
-58.00
-932.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
05/28/08
05/29/07
05/30/06
05/31/05
05/28/04
05/28/03
05/28/02
05/29/01
05/30/00
05/28/99
05/28/98
05/28/97
05/28/96
05/30/95
05/31/94
Percentage Correct
ENTRY
PRICE
-5324
158
1780
7442
6220
3962
3890
5418
6946
2510
118
6760
7450
2280
3670
93
EXIT
DATE
06/18/08
06/18/07
06/16/06
06/17/05
06/18/04
06/18/03
06/18/02
06/18/01
06/16/00
06/18/99
06/18/98
06/18/97
06/18/96
06/16/95
06/17/94
EXIT
PRICE
-788
1932
3108
7830
6300
3988
4156
5966
5522
4006
748
6820
7500
2798
4128
PROFIT
AMOUNT
4536.00
1774.00
1328.00
388.00
80.00
26.00
266.00
548.00
-1424.00
1496.00
630.00
60.00
50.00
518.00
458.00
868.43
-1424.00
715.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/18/08
06/18/07
06/16/06
06/14/05
06/01/04
06/11/03
06/13/02
06/12/01
06/06/00
06/18/99
06/17/98
05/30/97
06/18/96
06/12/95
06/15/94
4536.00
1774.00
1328.00
656.00
1300.00
908.00
452.00
596.00
142.00
1496.00
728.00
644.00
50.00
850.00
510.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/31/07
-86.00
06/02/05
06/14/04
06/02/03
06/05/02
05/30/01
06/16/00
-530.00
-472.00
-52.00
-268.00
-220.00
-1424.00
06/10/98
-772.00
06/12/96
-760.00
06/07/94
-498.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
138
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/03/08
06/04/07
06/05/06
06/03/05
06/03/04
06/03/03
06/03/02
06/04/01
06/05/00
06/03/99
06/03/98
06/03/97
06/03/96
06/05/95
06/03/94
Percentage Correct
ENTRY
PRICE
-40472
-20270
-8760
1730
680
-1762
564
5940
6324
-4254
-15678
13690
326
-12326
-10504
100
EXIT
DATE
06/13/08
06/13/07
06/13/06
06/13/05
06/10/04
06/13/03
06/13/02
06/13/01
06/13/00
06/11/99
06/12/98
06/13/97
06/13/96
06/13/95
06/13/94
EXIT
PRICE
PROFIT
AMOUNT
-37302
-16766
-8666
1962
4166
-1726
1652
6768
6362
-3902
-15608
14226
594
-12146
-9820
3170.00
3504.00
94.00
232.00
3486.00
36.00
1088.00
828.00
38.00
352.00
70.00
536.00
268.00
180.00
684.00
BEST
EQUITY
DATE
06/04/08
06/13/07
06/08/06
06/13/05
06/10/04
06/11/03
06/13/02
06/08/01
06/06/00
06/09/99
06/05/98
06/13/97
06/04/96
06/12/95
06/13/94
971.07
BEST
EQUITY
AMOUNT
3626.00
3504.00
410.00
232.00
3486.00
982.00
1088.00
1118.00
244.00
998.00
466.00
536.00
1030.00
826.00
684.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/09/08
06/05/07
06/09/06
06/08/05
-1068.00
-296.00
-668.00
-874.00
06/04/03
06/06/02
-516.00
-418.00
06/12/00
-604.00
06/10/98
06/09/97
06/12/96
06/07/95
06/09/94
-906.00
-2544.00
-436.00
-1164.00
-392.00
15
0
15
Winners
Losers
971.07
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
06/09/08
06/07/07
06/07/06
06/07/05
06/07/04
06/09/03
06/07/02
06/07/01
06/07/00
06/07/99
06/08/98
06/09/97
06/07/96
06/07/95
06/07/94
Percentage Correct
ENTRY
PRICE
75.03
62.69
75.17
48.14
72.61
36.89
65.06
71.97
43.62
20.76
16.09
31.06
42.37
78.60
59.57
87
EXIT
DATE
06/24/08
06/22/07
06/23/06
06/24/05
06/24/04
06/24/03
06/24/02
06/22/01
06/23/00
06/24/99
06/24/98
06/24/97
06/24/96
06/23/95
06/24/94
EXIT
PRICE
71.20
63.40
77.57
52.33
103.72
39.44
65.10
68.98
47.57
25.74
17.59
36.82
43.44
82.79
59.59
PROFIT
PROFIT
AMOUNT
-3.83
0.71
2.40
4.19
31.11
2.55
0.04
-2.99
3.95
4.98
1.50
5.76
1.07
4.19
0.02
-1795.00
515.00
1233.00
1796.00
15514.00
1249.00
56.00
-1478.00
1995.00
2535.00
733.00
2934.00
612.00
2002.00
46.00
2401.54
-1636.50
1863.13
2401.54
-1636.50
1863.13
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
06/16/08
06/14/07
06/23/06
06/15/05
06/24/04
06/24/03
06/19/02
06/11/01
06/21/00
06/24/99
06/11/98
06/16/97
06/24/96
06/23/95
06/08/94
4.58
2.00
2.40
6.78
31.11
2.55
2.28
1.88
6.31
4.98
4.86
6.22
1.07
4.19
1.56
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/23/08
06/20/07
06/20/06
-9.24
-1.51
-5.99
06/15/04
06/18/03
06/11/02
06/19/01
-2.24
-1.83
-0.98
-6.61
06/09/99
06/23/98
-1.10
-1.42
06/13/96
06/15/95
06/20/94
-5.88
-1.66
-4.34
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
139
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/01/08
07/02/07
07/03/06
07/01/05
07/01/04
07/01/03
07/01/02
07/02/01
07/03/00
07/01/99
07/01/98
07/01/97
07/01/96
07/03/95
07/01/94
Percentage Correct
ENTRY
PRICE
-39472
-22094
-15101
-19558
-18705
-14720
-14562
-13834
-13715
-12612
-14655
-16329
-21958
-14535
-15422
87
EXIT
DATE
08/07/08
08/07/07
08/07/06
08/05/05
08/06/04
08/07/03
08/07/02
08/07/01
08/07/00
08/06/99
08/07/98
08/07/97
08/07/96
08/07/95
08/05/94
EXIT
PRICE
-30030
-20512
-12936
-19098
-15404
-14279
-14345
-13450
-12846
-13950
-12686
-18093
-21953
-14379
-13595
PROFIT
AMOUNT
9442.00
1582.00
2164.50
460.00
3301.50
441.00
216.50
383.50
869.50
-1338.50
1969.50
-1764.00
5.00
156.00
1827.00
BEST
EQUITY
DATE
08/06/08
07/30/07
08/07/06
07/22/05
08/06/04
07/18/03
07/29/02
08/03/01
07/17/00
07/09/99
08/05/98
07/07/97
07/05/96
07/07/95
08/05/94
1755.23
-1551.25
1314.37
BEST
EQUITY
AMOUNT
9932.00
2800.00
2164.50
463.00
3301.50
1002.00
1195.50
634.50
1004.00
1642.50
2016.50
406.50
799.50
303.00
1827.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/11/08
07/13/07
-716.00
-1938.00
07/15/05
07/14/04
07/02/03
07/22/02
07/12/01
07/05/00
08/04/99
07/17/98
08/01/97
07/15/96
07/17/95
-1537.00
-523.50
-84.00
-864.50
-1039.50
-39.00
-1643.00
-479.00
-2802.00
-2148.00
-1391.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
Percentage Correct
ENTRY
PRICE
-39935
-23583
-13912
-20526
-17567
-15013
-15381
-15118
-13296
-11739
-15089
-20164
-25165
-14490
-15115
87
EXIT
DATE
08/07/08
08/07/07
08/07/06
08/05/05
08/06/04
08/07/03
08/07/02
08/07/01
08/07/00
08/06/99
08/07/98
08/07/97
08/07/96
08/07/95
08/05/94
EXIT
PRICE
-30363
-20180
-12577
-18874
-14981
-14239
-15478
-14070
-12743
-13944
-12682
-19956
-22764
-13848
-13565
PROFIT
AMOUNT
9572.00
3402.50
1335.00
1652.00
2586.50
774.50
-96.50
1048.50
553.00
-2205.50
2407.50
208.00
2400.50
641.50
1549.50
2163.92
-1151.00
1721.93
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/06/08
07/30/07
08/07/06
08/05/05
08/06/04
07/18/03
07/29/02
08/02/01
08/01/00
07/16/99
08/07/98
07/17/97
08/05/96
08/04/95
08/05/94
10262.00
4628.50
1335.00
1652.00
2586.50
845.00
980.00
1415.00
574.50
284.50
2407.50
1265.00
2548.50
643.50
1549.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/14/06
07/15/05
07/14/04
-42.00
-327.50
-1106.00
07/22/02
-1024.00
07/21/00
08/04/99
07/17/98
08/01/97
-244.00
-2442.50
-707.00
-655.50
07/17/95
-1035.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
140
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/13/07
07/13/06
07/13/05
07/13/04
07/14/03
07/15/02
07/13/01
07/13/00
07/13/99
07/13/98
07/14/97
07/15/96
07/13/95
07/13/94
Percentage Correct
ENTRY
PRICE
-36430
-20888
-13460
-13880
-11823
-10513
-9603
-8868
-7873
-8248
-14195
-10868
-15268
-12683
-11090
87
EXIT
DATE
08/07/08
08/07/07
08/07/06
08/05/05
08/06/04
08/07/03
08/07/02
08/07/01
08/07/00
08/06/99
08/07/98
08/07/97
08/07/96
08/07/95
08/05/94
EXIT
PRICE
-28680
-19778
-12640
-12570
-10818
-10055
-9885
-8730
-7678
-9290
-12658
-10575
-13933
-11925
-10873
PROFIT
AMOUNT
7750.00
1110.00
820.00
1310.00
1005.00
457.50
-282.50
137.50
195.00
-1042.50
1537.50
292.50
1335.00
757.50
217.50
BEST
EQUITY
DATE
08/06/08
07/25/07
08/07/06
08/05/05
08/04/04
07/31/03
07/29/02
08/03/01
08/07/00
07/28/99
08/07/98
07/25/97
07/26/96
08/07/95
07/27/94
1301.92
-662.50
1040.00
BEST
EQUITY
AMOUNT
8010.00
1325.00
820.00
1310.00
1152.50
712.50
372.50
782.50
195.00
200.00
1537.50
465.00
1815.00
757.50
585.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/14/06
07/14/05
07/14/04
-130.00
-120.00
-570.00
07/22/02
07/17/01
07/24/00
08/04/99
-617.50
-305.00
-292.50
-1285.00
07/31/97
-512.50
07/17/95
07/15/94
-367.50
-37.50
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/15/08
07/16/07
07/17/06
07/15/05
07/15/04
07/15/03
07/15/02
07/16/01
07/17/00
07/15/99
07/15/98
07/15/97
07/15/96
07/17/95
07/15/94
Percentage Correct
ENTRY
PRICE
-34920
-20018
-12610
-13380
-12120
-11053
-9780
-8450
-7215
-8645
-14865
-13579
-16070
-13278
-12373
93
EXIT
DATE
07/29/08
07/27/07
07/28/06
07/29/05
07/29/04
07/29/03
07/29/02
07/27/01
07/28/00
07/29/99
07/29/98
07/29/97
07/29/96
07/28/95
07/29/94
EXIT
PRICE
-31563
-19415
-12445
-12348
-11215
-9965
-9618
-7905
-7310
-8473
-14308
-12720
-14083
-12605
-11708
PROFIT
AMOUNT
3357.50
602.50
165.00
1032.50
905.00
1087.50
162.50
545.00
-95.00
172.50
557.50
858.75
1987.50
672.50
665.00
912.23
-95.00
845.08
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/29/08
07/25/07
07/27/06
07/22/05
07/22/04
07/29/03
07/29/02
07/20/01
07/18/00
07/28/99
07/24/98
07/22/97
07/26/96
07/19/95
07/21/94
3357.50
767.50
430.00
1177.50
1145.00
1087.50
162.50
680.00
80.00
410.00
930.00
1386.25
2117.50
812.50
1012.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/16/08
07/19/07
-810.00
-32.50
07/18/05
07/26/04
-62.50
-150.00
07/22/02
07/17/01
07/21/00
07/23/99
07/17/98
-807.50
-460.00
-367.50
-735.00
-127.50
07/18/94
-92.50
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
141
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
07/14/08
07/16/07
07/14/06
07/14/05
07/14/04
07/14/03
07/15/02
07/16/01
07/14/00
07/14/99
07/14/98
07/14/97
07/15/96
07/14/95
07/14/94
Percentage Correct
ENTRY
PRICE
76.47
56.32
77.13
51.76
101.78
46.20
60.85
63.20
56.76
24.12
0.34
28.51
20.55
82.37
62.01
80
EXIT
DATE
07/21/08
07/20/07
07/21/06
07/21/05
07/21/04
07/21/03
07/19/02
07/20/01
07/21/00
07/21/99
07/21/98
07/21/97
07/19/96
07/21/95
07/21/94
EXIT
PRICE
78.91
57.58
77.17
65.63
94.95
54.18
49.99
69.51
51.03
25.82
17.16
41.56
37.14
84.77
71.67
PROFIT
PROFIT
AMOUNT
2.44
1.26
0.04
13.87
-6.83
7.98
-10.86
6.31
-5.73
1.70
16.82
13.05
16.59
2.40
9.66
1608.00
604.00
142.00
7054.00
-3311.00
4093.00
-5419.00
3220.00
-2873.00
752.00
8501.00
6584.00
8464.00
1225.00
4860.00
3925.58
-3867.67
2366.93
3925.58
-3867.67
2366.93
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/18/08
07/17/07
07/21/06
07/21/05
07/19/04
07/18/03
8.38
4.89
0.04
13.87
12.20
11.17
07/20/01
07/18/00
07/21/99
07/21/98
07/21/97
07/19/96
07/19/95
07/21/94
6.31
0.56
1.70
16.82
13.05
16.59
2.58
9.66
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/16/08
-0.24
07/19/06
-4.42
07/21/04
-6.83
07/18/02
07/17/01
07/21/00
07/15/99
-12.45
-0.83
-5.73
-1.62
07/15/94
-2.04
12
3
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
08/12/08
08/13/07
08/14/06
08/12/05
08/12/04
08/12/03
08/12/02
08/13/01
08/14/00
08/12/99
08/12/98
08/12/97
08/12/96
08/14/95
08/12/94
Percentage Correct
ENTRY
PRICE
80.27
58.11
73.50
54.37
74.29
46.72
52.40
77.03
47.03
23.40
26.60
85.62
37.45
85.22
76.16
80
EXIT
DATE
08/22/08
08/24/07
08/24/06
08/24/05
08/24/04
08/22/03
08/23/02
08/24/01
08/24/00
08/24/99
08/24/98
08/22/97
08/23/96
08/24/95
08/24/94
EXIT
PRICE
67.31
60.26
79.24
59.26
92.58
54.17
68.62
74.61
56.35
26.65
27.93
118.29
38.47
82.25
77.75
PROFIT
PROFIT
AMOUNT
-12.96
2.15
5.74
4.89
18.29
7.45
16.22
-2.42
9.32
3.25
1.33
32.67
1.02
-2.97
1.59
-6898.00
1144.00
2879.00
2468.00
8970.00
3684.00
8041.00
-1012.00
4675.00
1559.00
609.00
16257.00
614.00
-1463.00
756.00
4304.67
-3124.33
2818.87
4304.67
-3124.33
2818.87
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/13/08
08/16/07
08/23/06
08/24/05
08/20/04
08/21/03
08/22/02
08/16/01
08/24/00
08/20/99
08/14/98
08/22/97
08/20/96
1.50
3.50
6.31
4.89
30.01
12.56
18.46
2.89
9.32
5.20
2.02
32.67
4.35
08/22/94
3.18
Winners
Losers
Total Trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
08/21/08
08/15/07
-23.17
-1.71
08/16/05
-1.99
08/22/01
-5.84
08/19/98
08/13/97
08/14/96
08/23/95
-1.52
-2.79
-5.42
-3.61
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
142
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
08/29/08
08/29/07
08/29/06
08/29/05
08/30/04
08/29/03
08/29/02
08/29/01
08/29/00
08/30/99
08/31/98
08/29/97
08/29/96
08/29/95
08/29/94
Percentage Correct
ENTRY
PRICE
59.80
66.14
80.62
54.88
47.97
43.94
56.21
68.54
47.49
29.78
40.04
85.54
47.16
82.25
78.89
87
EXIT
DATE
09/05/08
09/07/07
09/07/06
09/07/05
09/07/04
09/05/03
09/06/02
09/07/01
09/07/00
09/07/99
09/04/98
09/05/97
09/06/96
09/07/95
09/07/94
EXIT
PRICE
80.19
71.44
82.17
58.92
51.31
44.26
56.66
70.68
49.00
26.64
41.95
92.21
48.87
78.64
82.36
PROFIT
PROFIT
AMOUNT
20.39
5.30
1.55
4.04
3.34
0.32
0.45
2.14
1.51
-3.14
1.91
6.67
1.71
-3.61
3.47
10726.00
2558.00
800.00
1987.00
1746.00
179.00
202.00
1160.00
793.00
-1640.00
878.00
3368.00
816.00
-1780.00
1637.00
2065.38
-1710.00
1562.00
2065.38
-1710.00
1562.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
09/05/08
09/07/07
09/05/06
09/02/05
09/07/04
09/03/03
08/30/02
08/31/01
08/31/00
08/31/99
09/04/98
09/05/97
09/06/96
20.39
5.30
3.35
6.45
3.34
0.44
1.40
4.81
2.57
1.25
1.91
6.67
1.71
09/07/94
3.47
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
08/30/07
08/30/06
-1.07
-0.02
09/02/04
09/02/03
09/05/02
-1.98
-0.13
-3.29
09/07/99
-3.14
09/02/97
08/30/96
09/05/95
08/31/94
-1.98
-1.04
-5.25
-1.00
13
2
15
Winners
Losers
Total Trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/22/08
09/20/07
09/20/06
09/20/05
09/20/04
09/22/03
09/20/02
09/20/01
09/20/00
09/20/99
09/21/98
09/22/97
09/20/96
09/20/95
09/20/94
Percentage Correct
ENTRY
PRICE
-24454
-15652
-10958
-5820
-6236
-4206
288
3412
5310
-1130
-20316
-1776
4996
-7454
-11192
80
EXIT
DATE
10/10/08
10/12/07
10/12/06
10/12/05
10/12/04
10/10/03
10/11/02
10/12/01
10/12/00
10/12/99
10/12/98
10/10/97
10/11/96
10/12/95
10/12/94
EXIT
PRICE
-15922
-15374
-10142
-8362
-4884
-4098
-1514
5106
5644
856
-15352
1092
6002
-8626
-10944
PROFIT
AMOUNT
8532.00
278.00
816.00
-2542.00
1352.00
108.00
-1802.00
1694.00
334.00
1986.00
4964.00
2868.00
1006.00
-1172.00
248.00
2015.50
-1838.67
1244.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/10/08
09/26/07
10/05/06
8532.00
1440.00
1570.00
10/12/04
09/29/03
1352.00
908.00
10/08/01
09/25/00
10/12/99
10/09/98
10/10/97
09/26/96
2496.00
806.00
1986.00
5322.00
2868.00
1782.00
10/04/94
1456.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
10/05/07
09/28/06
10/05/05
10/05/04
10/07/03
10/09/02
09/25/01
-1522.00
-268.00
-4448.00
-592.00
-930.00
-1996.00
-1320.00
09/23/99
-48.00
09/30/97
-1790.00
10/06/95
09/26/94
-2534.00
-894.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
143
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
10/02/08
10/02/07
10/02/06
10/03/05
10/04/04
10/02/03
10/02/02
10/02/01
10/02/00
10/04/99
10/02/98
10/02/97
10/02/96
10/02/95
10/03/94
Percentage Correct
ENTRY
PRICE
-22824
-15740
-10392
-10210
-5578
-4896
-1180
4510
5606
-162
-17496
-2970
5526
-9498
-10292
87
EXIT
DATE
10/10/08
10/12/07
10/12/06
10/12/05
10/12/04
10/10/03
10/11/02
10/12/01
10/12/00
10/12/99
10/12/98
10/10/97
10/11/96
10/12/95
10/12/94
EXIT
PRICE
-15922
-15374
-10142
-8362
-4884
-4098
-1514
5106
5644
856
-15352
1092
6002
-8626
-10944
PROFIT
AMOUNT
6902.00
366.00
250.00
1848.00
694.00
798.00
-334.00
596.00
38.00
1018.00
2144.00
4062.00
476.00
872.00
-652.00
BEST
EQUITY
DATE
10/10/08
10/03/07
10/05/06
10/12/05
10/12/04
10/09/03
10/07/02
10/08/01
10/03/00
10/12/99
10/09/98
10/10/97
10/10/96
10/12/95
10/04/94
1543.38
-493.00
1271.87
BEST
EQUITY
AMOUNT
6902.00
440.00
1004.00
1848.00
694.00
938.00
280.00
1398.00
390.00
1018.00
2502.00
4062.00
694.00
872.00
556.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
10/05/07
10/09/06
10/05/05
10/05/04
10/07/03
10/09/02
-1434.00
-570.00
-58.00
-1250.00
-240.00
-528.00
10/06/99
10/05/98
10/06/97
-766.00
-536.00
-122.00
10/06/95
10/12/94
-490.00
-652.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
ENTRY
DATE
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
11/05/08
11/05/07
11/06/06
11/07/05
11/05/04
11/05/03
11/05/02
11/05/01
11/06/00
11/05/99
11/05/98
11/05/97
11/05/96
11/06/95
11/07/94
Percentage Correct
ENTRY
PRICE
18520
23190
13498
11610
10393
14230
11548
6193
6968
8815
13875
12898
12138
13495
12070
80
EXIT
DATE
11/28/08
11/29/07
11/29/06
11/29/05
11/29/04
11/28/03
11/29/02
11/29/01
11/29/00
11/29/99
11/27/98
11/28/97
11/29/96
11/29/95
11/29/94
EXIT
PRICE
18720
25340
14503
10620
11155
15023
12198
6645
6118
8835
14493
13073
12708
13050
12548
PROFIT
AMOUNT
200.00
2150.00
1005.00
-990.00
762.50
792.50
650.00
452.50
-850.00
20.00
617.50
175.00
570.00
-445.00
477.50
656.04
-761.67
372.50
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
11/10/08
11/23/07
11/27/06
11/09/05
11/17/04
11/17/03
11/29/02
11/23/01
11/08/00
11/08/99
11/27/98
11/13/97
11/27/96
1190.00
2402.50
1092.50
255.00
1307.50
840.00
650.00
600.00
162.50
115.00
617.50
855.00
665.00
11/29/94
477.50
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/20/08
-1570.00
11/10/06
11/29/05
11/08/04
11/07/03
11/08/02
11/06/01
11/29/00
11/10/99
11/13/98
11/20/97
11/11/96
11/27/95
11/11/94
-42.50
-990.00
-77.50
-515.00
-62.50
-212.50
-850.00
-325.00
-37.50
-247.50
-197.50
-630.00
-47.50
(484)
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
144
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
11/27/07
11/27/06
11/28/05
11/29/04
11/28/03
11/27/02
11/27/01
11/27/00
11/29/99
11/27/98
11/28/97
11/27/96
11/27/95
11/28/94
11/29/93
Percentage Correct
ENTRY
PRICE
-25648
-13502
-4484
-4898
-3020
-6934
296
9404
-1280
-16518
-2580
1476
-3200
-15726
-7286
87
EXIT
DATE
01/16/08
01/16/07
01/13/06
01/14/05
01/16/04
01/16/03
01/16/02
01/16/01
01/14/00
01/15/99
01/16/98
01/16/97
01/16/96
01/16/95
01/14/94
EXIT
PRICE
-25534
-10202
-2666
-4374
-1616
-3736
4550
9478
2324
-15212
-5890
2870
3924
-15622
-14864
PROFIT
AMOUNT
114.00
3300.00
1818.00
524.00
1404.00
3198.00
4254.00
74.00
3604.00
1306.00
-3310.00
1394.00
7124.00
104.00
-7578.00
BEST
EQUITY
DATE
12/14/07
01/16/07
12/27/05
01/11/05
12/26/03
01/06/03
01/16/02
12/29/00
01/14/00
12/30/98
12/08/97
01/16/97
01/16/96
12/21/94
12/01/93
2170.62
-5444.00
1155.33
BEST
EQUITY
AMOUNT
7756.00
3300.00
6880.00
1992.00
3260.00
3804.00
4254.00
1768.00
3604.00
3442.00
1412.00
1394.00
7124.00
1392.00
858.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/04/06
12/05/05
12/28/04
12/15/03
11/29/02
01/07/02
12/07/00
11/30/99
-2222.00
-268.00
-1618.00
-1756.00
-456.00
-986.00
-482.00
-318.00
01/09/98
12/09/96
-3448.00
-1660.00
12/30/94
01/14/94
-3800.00
-7578.00
(1502)
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
12/03/08
12/03/07
12/04/06
12/05/05
12/03/04
12/03/03
12/03/02
12/03/01
12/04/00
12/03/99
12/03/98
12/03/97
12/03/96
12/04/95
12/05/94
Percentage Correct
ENTRY
PRICE
6322
1800
966
4394
3280
6706
3766
5270
9772
4954
342
7060
8900
6492
-1444
93
EXIT
DATE
12/24/08
12/24/07
12/22/06
12/23/05
12/23/04
12/24/03
12/23/02
12/21/01
12/22/00
12/23/99
12/24/98
12/24/97
12/24/96
12/22/95
12/23/94
EXIT
PRICE
10004
4444
1638
7572
3528
6972
3788
5716
10594
5086
566
6194
9466
8012
-1344
PROFIT
AMOUNT
3682.00
2644.00
672.00
3178.00
248.00
266.00
22.00
446.00
822.00
132.00
224.00
-866.00
566.00
1520.00
100.00
1037.29
-866.00
910.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
12/24/08
12/14/07
12/14/06
12/23/05
12/13/04
12/24/03
12/23/02
12/20/01
12/22/00
12/20/99
12/21/98
12/08/97
12/24/96
12/18/95
12/21/94
3682.00
3058.00
920.00
3178.00
1168.00
266.00
22.00
542.00
822.00
288.00
240.00
730.00
566.00
1682.00
1292.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/10/08
-32.00
12/23/03
12/06/02
12/06/01
12/07/00
12/15/99
12/15/98
12/19/97
12/09/96
-812.00
-612.00
-310.00
-188.00
-58.00
-612.00
-1446.00
-988.00
(1184)
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
145
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/31/07
12/29/06
12/29/05
12/29/04
12/29/03
12/30/02
12/31/01
12/29/00
12/29/99
12/29/98
12/29/97
12/30/96
12/29/95
12/29/94
12/29/93
Percentage Correct
ENTRY
PRICE
27043
15173
10658
11185
15010
11403
6732
6528
8693
13085
13810
12565
13578
12373
15100
80
EXIT
DATE
02/26/08
02/26/07
02/24/06
02/25/05
02/26/04
02/26/03
02/26/02
02/26/01
02/25/00
02/26/99
02/26/98
02/26/97
02/26/96
02/24/95
02/25/94
EXIT
PRICE
36218
16178
11313
12055
18750
10793
6788
6663
8720
10338
14998
13568
13718
12390
14648
PROFIT
AMOUNT
9175.00
1005.00
655.00
870.00
3740.00
-610.00
55.00
135.00
27.50
-2747.50
1187.50
1002.50
140.00
17.50
-452.50
1500.83
-1270.00
946.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/26/08
02/26/07
01/04/06
02/25/05
02/26/04
01/08/03
01/08/02
02/05/01
01/27/00
01/08/99
02/19/98
01/16/97
01/03/96
02/15/95
01/13/94
9175.00
1005.00
1265.00
870.00
3740.00
557.50
477.50
305.00
977.50
505.00
1422.50
1317.50
432.50
187.50
815.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/10/07
01/19/06
02/03/05
12/30/03
02/12/03
01/28/02
01/19/01
01/03/00
02/26/99
12/31/97
-1105.00
-247.50
-1155.00
-152.50
-680.00
-512.50
-630.00
-137.50
-2747.50
-147.50
01/29/96
01/20/95
02/08/94
-487.50
-877.50
-965.00
(1231)
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
146
Page
SEASONAL PATTERNS & WEEKLY CONTINUATION CHARTS
Cash
Soybeans, Soymeal, Soyoil ............................................................................................... 148
Basis
Soybeans: Cash vs: Jan, Mar, May, Jul ......................................................................... 150
Soybeans: Cash vs: Aug, Sep, Nov ............................................................................... 152
Soybean Meal: Cash vs: Jan, Mar, May, Jul ................................................................. 154
Soybean Meal: Cash vs: Aug, Sep, Oct, Dec ................................................................ 156
Soybean Oil: Cash vs: Jan, Mar, May, Jul .................................................................... 158
Soybean Oil: Cash vs: Aug, Sep, Oct, Dec ................................................................... 160
147
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Cash
Sep
148
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005
2006
2007
2008
2005
2006
2007
2008
400.00
300.00
200.00
100.00
1998
1999
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
Cash
1998
149
20.00
15 Year
Pattern
0.00
-20.00
5 Year
Pattern
-40.00
-60.00
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
20.00
15 Year
Pattern
0.00
-20.00
5 Year
Pattern
-40.00
-60.00
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
20.00
15 Year
Pattern
0.00
-20.00
5 Year
Pattern
-40.00
-60.00
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Soybean Basis
-10.00
15 Year
Pattern
-20.00
-30.00
-40.00
5 Year
Pattern
-50.00
-60.00
-70.00
Aug
150
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
50.00
Soybean Basis
0.00
-50.00
-100.00
-150.00
1999
2000
2001
2002
2003
2004
2005
2006
151
-10.00
-20.00
-30.00
5 Year
Pattern
-40.00
-50.00
-60.00
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
-20.00
-40.00
-60.00
5 Year
Pattern
-80.00
-100.00
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
20.00
15 Year
Pattern
0.00
-20.00
5 Year
Pattern
-40.00
-60.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Soybean Basis
Dec
152
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2001
2002
2003
2004
2005
2006
Soybean Basis
1999
153
30.0
15 Year
Pattern
20.0
10.0
5 Year
Pattern
0.0
-10.0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
30.0
15 Year
Pattern
20.0
10.0
5 Year
Pattern
0.0
-10.0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
30.0
15 Year
Pattern
20.0
10.0
5 Year
Pattern
0.0
-10.0
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
5.0
15 Year
Pattern
0.0
-5.0
5 Year
Pattern
-10.0
-15.0
Aug
154
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2006
2007
2008
2006
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0
1999
2000
2001
2002
2003
2004
2005
155
10.0
15 Year
Pattern
5.0
0.0
5 Year
Pattern
-5.0
-10.0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
10.0
5.0
0.0
5 Year
Pattern
-5.0
-10.0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
15.0
10.0
5.0
5 Year
Pattern
0.0
-5.0
-10.0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
30.0
15 Year
Pattern
20.0
10.0
5 Year
Pattern
0.0
-10.0
Jan
156
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
-20.0
-40.0
1999
2000
2001
2002
2003
2004
2005
2006
157
Soybean Oil: crd Decatur Ill - Jan Soybean Oil(CBOT) 15 Year Average(94-08)
1.50
1.00
15 Year
Pattern
0.50
0.00
5 Year
Pattern
-0.50
-1.00
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Soybean Oil: crd Decatur Ill - Mar Soybean Oil(CBOT) 15 Year Average(94-08)
1.50
1.00
15 Year
Pattern
0.50
0.00
5 Year
Pattern
-0.50
-1.00
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Soybean Oil: crd Decatur Ill - May Soybean Oil(CBOT) 15 Year Average(94-08)
1.00
0.50
15 Year
Pattern
0.00
5 Year
Pattern
-0.50
-1.00
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Soybean Oil: crd Decatur Ill - Jul Soybean Oil(CBOT) 15 Year Average(94-08)
0.20
0.00
-0.20
15 Year
Pattern
-0.40
-0.60
-0.80
5 Year
Pattern
-1.00
-1.20
Aug
158
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
4.00
2.00
0.00
-2.00
-4.00
-6.00
1999
2000
2001
2002
2003
2004
2005
2006
159
Soybean Oil: crd Decatur Ill - Aug Soybean Oil(CBOT) 15 Year Average(94-08)
0.20
0.00
-0.20
15 Year
Pattern
-0.40
-0.60
-0.80
5 Year
Pattern
-1.00
-1.20
-1.40
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Soybean Oil: crd Decatur Ill - Sep Soybean Oil(CBOT) 15 Year Average(94-08)
0.20
0.00
-0.20
15 Year
Pattern
-0.40
-0.60
-0.80
5 Year
Pattern
-1.00
-1.20
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Soybean Oil: crd Decatur Ill - Oct Soybean Oil(CBOT) 15 Year Average(94-08)
0.40
0.20
0.00
15 Year
Pattern
-0.20
-0.40
-0.60
5 Year
Pattern
-0.80
-1.00
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Soybean Oil: crd Decatur Ill - Dec Soybean Oil(CBOT) 15 Year Average(94-08)
0.40
0.20
0.00
15 Year
Pattern
-0.20
-0.40
-0.60
5 Year
Pattern
-0.80
-1.00
-1.20
Jan
160
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2000
2001
2002
2003
2004
2005
2006
2007
2008
2007
2008
2007
2008
2007
2008
2000
2001
2002
2003
2004
2005
2006
2000
2001
2002
2003
2004
2005
2006
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1999
2000
2001
2002
2003
2004
2005
2006
161
Personal Notes
162
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
1/03
1/24
87
13
15
1/03
2/02
93
14
1/12
2/18
93
14
1/20
2/06
80
1/28
3/19
1/29
8
9
Average
Profit
Ave PPD/
Days
Pg
No
435
20/22
27
15
497
16/31
27
15
2028
55/37
127
12
15
1585
93/17
127
93
14
15
853
16/52
128
3/01
87
13
15
1090
33/33
128
1/29
3/16
93
14
15
919
20/47
101
Buy Soybeans(CBOT)September
1/30
2/19
87
13
15
866
41/21
28
2/01
2/19
87
13
15
550
29/19
67
10 Buy Soybeans(CBOT)July
2/08
3/01
80
12
15
1457
66/22
28
2/08
3/26
87
13
15
461
10/48
29
2/08
2/26
87
13
15
595
31/19
101
13 Buy Soybeans(CBOT)September
2/10
2/18
87
13
15
464
52/9
29
2/13
2/22
87
13
15
414
41/10
102
2/15
3/03
80
12
15
738
41/18
102
2/18
2/28
80
12
15
1148
104/11
129
2/20
2/28
80
12
15
1785
223/8
129
2/22
3/27
80
12
15
836
24/35
30
163
Chronological Summary
Chronological Summary
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
2/22
3/29
100
15
15
4/08
4/20
80
12
2/22
4/30
87
13
2/28
3/16
93
2/28
4/26
3/07
Average
Profit
Ave PPD/
Days
Pg
No
471
13/37
67
15
466
36/13
103
15
757
11/69
68
14
15
1886
111/17
130
100
15
15
3653
63/58
130
3/27
80
12
15
587
28/21
30
3/07
6/19
93
14
15
1353
13/105
68
3/07
4/19
100
15
15
2648
62/43
131
3/11
4/26
93
14
15
3802
83/46
131
3/12
3/27
93
14
15
1545
103/15
132
3/12
5/06
100
15
15
2537
46/55
132
3/16
3/29
87
13
15
2315
178/13
133
3/19
3/29
100
15
15
360
33/11
69
3/30
4/07
87
13
15
425
47/9
31
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
4/05
4/16
87
13
15
34 Buy Soybeans(CBOT)July
4/08
5/03
80
12
4/08
4/23
80
12
4/12
4/26
93
37 Buy Soybeans(CBOT)November
4/16
5/18
4/20
Average
Profit
Ave PPD/
Days
Pg
No
306
26/12
69
15
689
27/26
31
15
1564
98/16
133
14
15
1731
124/14
134
87
13
15
823
25/33
32
6/23
93
14
15
1091
17/65
70
4/27
5/18
93
14
15
687
31/22
134
4/27
5/19
93
14
15
673
29/23
135
4/27
6/27
93
14
15
3159
51/62
135
42 Buy Soybeans(CBOT)January
4/28
5/18
80
12
15
1015
48/21
32
4/28
5/18
87
13
15
777
37/21
70
4/29
6/29
93
14
15
416
7/62
103
4/29
6/24
100
15
15
1341
24/57
136
4/30
6/10
93
14
15
1447
34/42
136
5/03
7/28
100
15
15
308
4/87
104
5/06
5/23
80
12
15
488
27/18
33
5/07
6/03
93
14
15
282
10/28
104
50 Sell Soybeans(CBOT)August
5/19
5/29
80
12
15
469
43/11
33
6/07
8/16
87
13
15
1206
17/71
105
165
Chronological Summary
Chronological Summary
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
5/22
6/07
87
13
15
5/23
7/10
87
13
54 Buy Soybeans(CBOT)September
5/27
6/02
87
13
5/27
6/18
87
5/28
6/15
5/28
Average
Profit
Ave PPD/
Days
Pg
No
1818
114/16
137
15
553
11/49
71
15
628
90/7
34
13
15
1419
62/23
137
93
14
15
1617
85/19
138
6/18
93
14
15
716
33/22
138
6/03
6/13
100
15
15
971
88/11
139
59 Buy Soybeans(CBOT)July
6/04
6/18
80
12
15
1234
82/15
34
6/04
6/19
80
12
15
903
56/16
71
6/07
6/24
87
13
15
1863
110/17
139
6/11
7/10
87
13
15
618
21/30
35
63 Sell Soybeans(CBOT)November
6/18
8/05
87
13
15
2503
51/49
35
64 Sell Soybeans(CBOT)November
6/29
7/27
87
13
15
1713
59/29
36
6/29
7/21
87
13
15
789
34/23
72
7/01
8/07
87
13
15
1314
35/38
140
7/06
7/13
87
13
15
483
60/8
72
7/12
7/30
100
15
15
1185
62/19
36
69 Sell Soybeans(CBOT)November
7/13
7/28
87
13
15
1799
112/16
37
70 Sell Soybeans(CBOT)September
7/13
8/08
93
14
15
2758
102/27
37
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
7/13
7/27
100
15
15
7/13
8/17
87
13
7/13
10/08
80
12
7/13
8/07
87
7/13
8/07
7/13
Average
Profit
Ave PPD/
Days
Pg
No
765
51/15
105
15
1149
32/36
106
15
1464
17/88
106
13
15
1722
66/26
140
87
13
15
1040
40/26
141
8/08
93
14
15
1843
68/27
73
7/14
7/21
80
12
15
2367
338/7
141
7/15
7/30
87
13
15
632
40/16
73
7/15
7/29
93
14
15
845
56/15
142
7/17
8/11
93
14
15
1094
42/26
38
8/12
8/24
80
12
15
2819
235/12
142
82 Buy Soybeans(CBOT)March
8/20
9/01
80
12
15
718
55/13
38
8/20
9/01
80
12
15
432
33/13
74
8/29
9/07
87
13
15
1562
174/9
143
85 Sell Soybeans(CBOT)November
9/02
10/02
80
12
15
1458
47/31
39
9/12
10/03
87
13
15
573
26/22
39
9/16
10/06
87
13
15
874
42/21
74
9/20
10/12
80
12
15
1245
54/23
143
89 Sell Soybeans(CBOT)November
9/21
10/02
93
14
15
1246
104/12
40
167
Chronological Summary
Chronological Summary
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
9/21
10/02
93
14
15
9/21
10/03
80
12
10/02
10/12
87
13
10/04
12/19
80
10/05
11/16
95 Buy Soybeans(CBOT)January
10/06
Average
Profit
Ave PPD/
Days
Pg
No
669
56/12
75
15
557
43/13
107
15
1272
116/11
144
12
15
389
5/77
40
80
12
15
1067
25/43
75
12/26
80
12
15
2102
26/82
41
10/07
11/06
93
14
15
452
15/31
76
10/16
12/14
87
13
15
433
7/60
41
98 Buy Soybeans(CBOT)January
10/21
11/17
80
12
15
914
33/28
42
10/22
11/17
87
13
15
589
22/27
76
10/30
11/17
80
12
15
533
28/19
42
10/31
11/17
80
12
15
383
21/18
107
11/09
1/17
80
12
15
902
13/70
77
11/12
12/26
80
12
15
1258
28/45
43
11/05
11/29
80
12
15
373
15/25
144
11/27
1/16
87
13
15
1155
23/51
145
12/02
1/28
100
15
15
264
5/58
108
12/03
12/24
93
14
15
910
41/22
145
12/18
12/24
93
14
15
454
65/7
43
12/18
12/26
93
14
15
600
67/9
77
12/24
4/11
93
14
15
1023
9/110
108
Entry
Date
Exit
Date
Win
Pct
12/26
2/03
93
14
15
12/26
4/01
100
15
12/29
2/26
80
12
Average
Profit
Ave PPD/
Days
Pg
No
544
14/40
44
15
230
2/97
109
15
947
16/60
146
169
Chronological Summary
* Caution: Trade exit is during delivery period. Longs may be subject to delivery.
Personal Notes
170
MRCI Staff
President:
Steve Moore
swm@mrci.com
Research Director:
Nick Colley
nac@mrci.com
Editor:
Jerry Toepke
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Operations Manager:
Melissa Moore
melissa@mrci.com
Sales Representives
Rachel Heinze
rachel@mrci.com
Trading Assistant
Mary Hatfield
mary@mrci.com
173
Mailed
12 Issues/1 Year
6 Issues/6 Months
3 Issues/3 Months
Back Issue
Extra Copy/Per Mth
Online
$499
299
169
45
19
$379
219
129
1 Year
6 Months
3 Months
1 Months
Both
Total
$799
469
269
135
99
55
19
U.S. funds please. International shipments are an additional $15.00 per month (except Canada). Express shipment costs subject to destination.
Shipping & Handling is an additional $5.00 per report. ($15 for Intl Air Mail).
Express International shipment costs subject to destination.
Price
$124
49
149
149
69
89
89
49
69
89
89
89
89
149
149
69
Shipping
* All new subscriptions are set to auto-renew unless paid by check/money order, Paypal, or otherwise specified by the customer. This
prevents your subscription access from accidentally expiring. We will automatically bill your credit card 1-week before your
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Prices and rates current as of April, 2008 and are subject to change without notice.
THERE IS RISK OF FINANCIAL LOSS IN FUTURES TRADING.
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174
Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contracts value is required to trade, it is possible to lose more than the
amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade
because they cannot expect to profit on every trade.
All references to options refer to options on futures.
The Globe Logo, CME, Chicago Mercantile Exchange, CME Group, Globex and CME EOS Trader are trademarks of Chicago Mercantile Exchange Inc. CBOT is the trademark of the Board of Trade of the City of Chicago.
NYMEX is a trademark of New York Mercantile Exchange, Inc.
The information within this document has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this document, CME Group
assumes no responsibility for any errors or omissions. Additionally, any examples in this document are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the
results of actual market experience.
All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and CME Group rules. Current rules should be consulted in all cases concerning contract specifications.
Copyright 2008 CME Group. All rights reserved.
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