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+====== PMM Backtesting Results ======
+This is a discussion of the back testing for the [[:trading_strategies:decisionpoint_price_momentum_model]].  DecisionPoint did most of this backtesting during most of the 1990s, which was mostly a period of bull market conditions. Using the PMM, we back tested data on 32 of the Fidelity Select Mutual Funds from the beginning of January 1990 to the end of January 1998 - a little over seven years.
+We have included SELL Signals for information only, to show how much of a decline may be missed as well as to illustrate the futility of investing against the primary market trend. Since these mutual funds cannot be shorted, the SELL Signal results are not part of our signal performance calculations.
+===== Results =====
+  Total BUY Signals: 165
+  Total Profitable: 105 Signals lasting 625 days w/average profit of 56.0%
+  Total at a Loss: 60 Signals lasting 98 days w/average loss of -7.0%
+  Average one BUY Signal per fund every 15 months.
+  The Average BUY Signal lasted 433 days w/average profit of 33.1%
+  Total SELL Signals: 144
+  Total Profitable: 18 lasting 199 days w/average profit of 6.7%
+  Total at a Loss: 126 lasting 75 days w/average loss of -7.2%
+  The Average SELL Signal lasted 92 days w/average loss of -5.4%
+===== Test Parameters =====
+The model requires a beginning signal assumption, so we assumed that all funds tested would begin on a BUY Signal. Open and closing prices for each signal were assumed to be the closing NAV on the day the signal was generated. The effects of transaction fees, taxes, or compounding were not considered in the calculations. Some of the signals were still open at the end of the back test period and may not ultimately close as high as they were at the end of the test.
+The data used were adjusted for distributions to insure a consistent relationship for determining gains and losses. We freely admit that changing these assumptions and parameters could substantially change the results. We made some quick choices so that we could get some idea of how the Model performs.
+===== Conclusions =====
+We reached certain conclusions from this back testing, as well as from our observations of the performance of the Momentum Model in real time over a period of several years.
+The Model does very well with securities and market indexes that trend in a relatively orderly fashion. Volatility tends to result in loss-producing whipsaws. Consequently, the Model works best on market indexes and mutual funds where the volatility of individual stocks is attenuated by being averaged in with a large group of stocks. This is even the case with sector groups like technology, computers, etc. Performance of the Model on market indexes and mutual funds is approximately 50% to 70% better than on individual stocks.
+The back testing was performed over a period when the broad market was in a secular bull market. As a result, the SELL Signals were routinely unprofitable, while BUY Signals were routinely profitable.
+It is our observation based on the historical charts of these funds that virtually no sector can be expected to perform well in the face of a bear market. There will, of course, exceptions, and our Model will let profitable positions run even in the event of a bear market.
+Our overall conclusion is that following the Momentum Model BUY Signals during a bull market (going to cash during SELL Signals) should keep one in the market when a position is performing well, and take one out of the position when the fund (sector) experiences a serious correction. This should allow for profitable exposure when warranted, and substantial reduction of risk.
+**CAVEAT:** We cannot guarantee that following this strategy will result in future profits or protect from future loss. It is entirely possible that substantially different market conditions will sabotage the mechanical model, so it is imperative to understand how it works and what its weaknesses and strengths are. Models are great for screening candidates, but a real human brain must be responsible for ultimately putting actual money at risk.
+===== Backtesting Signals =====
+Below are the individual signals resulting from the back testing. We have listed the BUY Signals first, since they are the most relevant. Next we list the SELL Signals, and, finally, all signals shown in the sequence they were actually generated. In this last group, please note how the more volatile sectors funds experience periods of unprofitable whipsaw.
+We show two results, the highest profit (or least loss) and the "Last" profit (loss) at the time the position was closed. This demonstrates in many cases how judicious use of charts and other analysis could allow exiting at a much higher profit than the Model captures on a mechanical basis.
+<html>
+<pre>
+BUY SIGNALS SORTED BY FUND BY SIGNAL DATE
+                      Start      End         High    Last
+Name        SIGNAL     Date     Date Days     P/L     P/L
+Air Transprt   BUY 10/16/90 04/07/92  539   68.1%   46.3%
+Air Transprt   BUY 11/30/92 03/31/94  487   42.1%   25.8%
+Air Transprt   BUY 08/26/94 09/28/94   33    0.7%   -9.6%
+Air Transprt   BUY 02/11/95 07/03/96  508   63.8%   47.3%
+Air Transprt   BUY 11/18/96 02/27/97  101    5.9%   -4.8%
+Air Transprt   BUY 04/09/97 01/30/98  296   36.1%   36.1%
+Amer Gold      BUY 10/16/90 01/23/91   99   10.0%   -1.9%
+Amer Gold      BUY 06/06/91 08/22/91   77    6.5%   -4.7%
+Amer Gold      BUY 10/18/91 12/16/91   59    1.3%   -9.2%
+Amer Gold      BUY 01/16/92 03/06/92   50    0.8%   -9.5%
+Amer Gold      BUY 06/08/92 08/12/92   65   11.7%   -1.3%
+Amer Gold      BUY 09/15/92 11/09/92   55    2.6%  -10.9%
+Amer Gold      BUY 02/09/93 09/10/93  214   62.2%   28.1%
+Amer Gold      BUY 09/21/93 04/14/94  205   27.3%    9.0%
+Amer Gold      BUY 05/23/94 08/11/94   80   -1.9%  -10.2%
+Amer Gold      BUY 09/06/94 11/04/94   59    7.0%   -4.5%
+Amer Gold      BUY 03/28/95 10/17/95  203   17.1%    4.0%
+Amer Gold      BUY 11/10/95 07/23/96  255   44.7%   19.9%
+Amer Gold      BUY 08/20/96 11/29/96  101    3.3%   -9.8%
+Amer Gold      BUY 02/20/97 03/25/97   33    2.8%   -8.0%
+Amer Gold      BUY 09/30/97 10/24/97   24    0.4%  -18.6%
+Automotive     BUY 10/16/90 10/01/92  716  104.9%   82.3%
+Automotive     BUY 11/12/92 03/31/94  505   52.9%   36.7%
+Automotive     BUY 05/16/95 12/22/97  950   52.2%   36.6%
+Biotech        BUY 10/16/90 03/26/92  527  136.1%   89.2%
+Biotech        BUY 06/03/92 02/12/93  254    8.9%   -3.8%
+Biotech        BUY 05/20/93 03/28/94  313   14.0%    1.4%
+Biotech        BUY 03/23/95 07/09/96  473   38.4%   24.0%
+Biotech        BUY 09/25/96 04/01/97  188    8.9%   -2.9%
+Biotech        BUY 05/13/97 01/30/98  262   28.3%   21.1%
+Brokerage      BUY 10/16/90 04/07/92  539  115.8%   79.0%
+Brokerage      BUY 07/31/92 03/25/94  603   70.3%   51.2%
+Brokerage      BUY 07/15/94 11/18/94  126   -0.5%  -11.5%
+Brokerage      BUY 04/11/95 01/30/98 1024  149.0%  143.3%
+Chemical       BUY 10/16/90 01/30/98 2663  291.7%  278.7%
+Computers      BUY 10/16/90 06/24/91  251   92.2%   54.1%
+Computers      BUY 07/19/91 10/24/91   97    6.7%   -4.6%
+Computers      BUY 12/26/91 04/27/92  123   21.0%    2.7%
+Computers      BUY 05/08/92 06/16/92   39   -0.8%  -11.8%
+Computers      BUY 08/03/92 08/21/92   18   -3.5%  -10.1%
+Computers      BUY 09/11/92 06/20/94  648   79.6%   50.4%
+Computers      BUY 08/10/94 12/16/95  493   89.8%   53.6%
+Computers      BUY 02/01/96 03/22/96   49    6.7%   -5.0%
+Computers      BUY 04/24/96 07/10/96   77    3.9%   -9.1%
+Computers      BUY 08/07/96 03/17/97  222   37.2%   16.5%
+Computers      BUY 05/02/97 10/24/97  175   37.6%    9.1%
+Computers      BUY 11/17/97 12/10/97   23    0.3%  -12.4%
+Const/Housng   BUY 10/16/90 08/21/92  675   94.6%   73.4%
+Const/Housng   BUY 11/12/92 04/15/94  520   44.7%   29.0%
+Const/Housng   BUY 02/24/95 01/30/98 1070   81.7%   81.7%
+Defnc/Aerosp   BUY 10/16/90 06/03/92  596   35.6%   22.0%
+Defnc/Aerosp   BUY 12/08/92 07/15/96 1315  101.2%   80.9%
+Defnc/Aerosp   BUY 09/26/96 12/17/97  447   47.7%   25.0%
+Defnc/Aerosp   BUY 01/27/98 01/30/98    3    2.6%    2.6%
+Electronics    BUY 10/16/90 07/02/91  259   70.2%   39.5%
+Electronics    BUY 08/14/91 10/02/91   49    1.9%  -10.4%
+Electronics    BUY 10/16/91 11/22/91   37    4.1%   -6.5%
+Electronics    BUY 12/30/91 06/16/92  169   21.6%    0.3%
+Electronics    BUY 08/03/92 06/20/94  687   87.0%   62.1%
+Electronics    BUY 08/16/94 12/13/95  484   97.0%   57.6%
+Electronics    BUY 01/24/96 06/25/96  152   11.2%   -0.4%
+Electronics    BUY 08/02/96 10/24/97  448   87.5%   46.8%
+Electronics    BUY 11/04/97 11/11/97    7    1.0%   -9.4%
+Energy         BUY 10/16/90 01/08/91   84    2.1%   -8.6%
+Energy         BUY 07/31/91 12/06/91  128    4.4%   -6.4%
+Energy         BUY 05/22/92 11/24/93  552   27.2%   13.5%
+Energy         BUY 01/06/94 03/31/94   84    2.8%   -8.3%
+Energy         BUY 04/25/94 01/10/95  260    3.3%   -7.2%
+Energy         BUY 04/20/95 02/26/97  677   47.4%   30.8%
+Energy         BUY 05/12/97 11/28/97  200   23.8%    7.3%
+Energy Svcs    BUY 10/16/90 11/19/90   34    5.2%   -6.3%
+Energy Svcs    BUY 02/06/91 06/11/91  125    9.7%   -1.5%
+Energy Svcs    BUY 05/22/92 07/07/92   46    3.3%   -8.2%
+Energy Svcs    BUY 08/07/92 12/07/92  122    7.6%   -3.9%
+Energy Svcs    BUY 02/03/93 11/17/93  288   36.1%   21.8%
+Energy Svcs    BUY 05/26/94 12/07/94  195    8.8%   -2.2%
+Energy Svcs    BUY 03/08/95 10/24/95  230   22.4%    9.5%
+Energy Svcs    BUY 12/01/95 12/19/97  748  191.0%  119.9%
+Energy Svcs    BUY 12/31/97 01/05/98    5   -1.9%  -11.1%
+Envir Svcs     BUY 10/16/90 06/21/91  248   37.3%   21.3%
+Envir Svcs     BUY 12/31/91 03/27/92   87   10.8%   -0.4%
+Envir Svcs     BUY 11/05/92 03/30/94  511   11.0%   -0.5%
+Envir Svcs     BUY 03/23/95 07/12/96  476   40.1%   24.0%
+Envir Svcs     BUY 09/24/96 04/24/97  212    8.0%   -3.4%
+Envir Svcs     BUY 05/30/97 01/08/98  223   19.8%    6.4%
+Financl Svcs   BUY 10/16/90 11/16/94 1493  239.1%  204.4%
+Financl Svcs   BUY 02/06/95 01/30/98 1088  121.5%  121.5%
+Food & Ag      BUY 10/16/90 01/30/98 2663  209.4%  202.6%
+Health Care    BUY 10/16/90 04/01/92  533  106.2%   72.5%
+Health Care    BUY 09/14/92 10/01/92   17   -0.3%  -10.6%
+Health Care    BUY 11/27/92 01/18/93   52    0.6%   -9.5%
+Health Care    BUY 09/02/93 01/30/98 1611  166.8%  166.8%
+Home Finance   BUY 10/16/90 11/03/94 1480  349.5%  303.6%
+Home Finance   BUY 02/03/95 01/30/98 1091  154.6%  144.3%
+Indust Equip   BUY 10/16/90 07/01/92  624   56.7%   40.6%
+Indust Equip   BUY 12/08/92 04/19/94  498   56.9%   39.9%
+Indust Equip   BUY 08/25/94 11/11/97 1173  106.0%   79.8%
+Indust Matls   BUY 10/16/90 10/01/92  716   69.3%   51.7%
+Indust Matls   BUY 12/01/92 11/22/94  722   36.3%   21.9%
+Indust Matls   BUY 02/15/95 10/11/95  238   16.4%    4.5%
+Indust Matls   BUY 11/22/95 07/15/96  235    5.7%   -5.0%
+Indust Matls   BUY 10/03/96 12/10/97  433   17.5%    4.7%
+Insurance      BUY 10/16/90 11/18/93 1130  128.3%  104.7%
+Insurance      BUY 09/08/94 01/30/98 1239  113.8%  113.5%
+Leisure        BUY 10/16/90 04/18/94 1281  148.0%  122.4%
+Leisure        BUY 02/11/95 01/30/98 1084   85.2%   85.2%
+Medical Del    BUY 10/16/90 04/06/92  538  133.8%   93.4%
+Medical Del    BUY 07/16/92 09/24/92   70    4.0%  -10.0%
+Medical Del    BUY 11/11/92 02/12/93   93    3.8%  -10.0%
+Medical Del    BUY 07/14/93 07/10/96 1092   91.5%   70.9%
+Medical Del    BUY 09/04/96 10/24/97  415   28.1%   12.7%
+Medical Del    BUY 11/05/97 01/30/98   86    1.0%   -1.5%
+Multimedia     BUY 10/16/90 06/21/91  248   48.6%   33.5%
+Multimedia     BUY 09/20/91 03/31/94  924   91.7%   71.3%
+Multimedia     BUY 08/18/94 07/12/96  693   43.9%   27.4%
+Multimedia     BUY 09/26/96 04/18/97  204    1.0%   -9.9%
+Multimedia     BUY 05/20/97 01/30/98  255   30.8%   30.8%
+Paper/Forest   BUY 10/16/90 12/10/91  420   59.6%   42.9%
+Paper/Forest   BUY 12/30/91 06/17/92  170   17.0%    4.5%
+Paper/Forest   BUY 10/29/92 03/28/94  516   37.0%   21.2%
+Paper/Forest   BUY 06/13/94 11/21/94  161   18.9%    3.4%
+Paper/Forest   BUY 01/09/95 12/16/95  341   25.1%   11.6%
+Paper/Forest   BUY 04/16/96 07/23/96   98    1.2%   -9.4%
+Paper/Forest   BUY 09/17/96 10/24/97  402   27.3%   13.9%
+Paper/Forest   BUY 01/29/98 01/30/98    1    1.4%    1.4%
+Prec Metals    BUY 10/16/90 01/23/91   99    8.5%   -2.4%
+Prec Metals    BUY 06/03/91 08/21/91   79   12.0%   -0.9%
+Prec Metals    BUY 10/21/91 11/01/91   11    0.7%  -10.9%
+Prec Metals    BUY 11/19/91 12/19/91   30    4.9%   -5.7%
+Prec Metals    BUY 01/20/92 02/21/92   32   -0.6%  -11.1%
+Prec Metals    BUY 06/15/92 08/11/92   57    1.6%   -8.9%
+Prec Metals    BUY 02/10/93 09/07/93  210   68.8%   28.8%
+Prec Metals    BUY 09/21/93 04/08/94  199   34.4%    9.6%
+Prec Metals    BUY 05/23/94 11/22/94  183   20.0%    3.9%
+Prec Metals    BUY 03/31/95 10/19/95  202    9.5%   -1.9%
+Prec Metals    BUY 11/10/95 06/26/96  228   28.8%   12.2%
+Prec Metals    BUY 02/20/97 03/25/97   33    2.5%   -8.8%
+Reg Banks      BUY 10/16/90 11/03/93 1115  230.2%  196.9%
+Reg Banks      BUY 01/31/94 11/18/94  291    6.5%   -4.3%
+Reg Banks      BUY 03/30/95 01/30/98 1036  125.3%  119.6%
+Retailing      BUY 10/16/90 06/17/92  610  125.9%  101.6%
+Retailing      BUY 10/16/92 07/12/96 1365   61.4%   41.3%
+Retailing      BUY 08/14/96 01/30/98  534   47.7%   47.5%
+Softwr/Compt   BUY 10/16/90 11/25/91  405   94.4%   69.0%
+Softwr/Compt   BUY 12/27/91 06/16/92  172   23.0%    7.6%
+Softwr/Compt   BUY 07/29/92 03/29/94  609   56.6%   40.7%
+Softwr/Compt   BUY 08/26/94 01/08/96  500   51.2%   35.1%
+Softwr/Compt   BUY 02/09/96 07/11/96  152   10.6%   -0.6%
+Softwr/Compt   BUY 09/13/96 03/18/97  186   13.9%    1.0%
+Softwr/Compt   BUY 05/02/97 10/24/97  175   23.7%    8.2%
+Softwr/Compt   BUY 11/20/97 12/11/97   21    2.3%  -10.7%
+Softwr/Compt   BUY 01/29/98 01/30/98    1    3.1%    3.1%
+Technology     BUY 10/16/90 04/07/92  539  129.9%   97.8%
+Technology     BUY 09/14/92 04/15/94  579   56.5%   36.5%
+Technology     BUY 08/16/94 12/16/95  487   59.9%   38.9%
+Technology     BUY 02/05/96 07/05/96  150    5.7%   -5.1%
+Technology     BUY 09/13/96 03/27/97  195   20.5%    8.3%
+Technology     BUY 05/02/97 10/24/97  175   31.1%    3.7%
+Technology     BUY 11/04/97 11/11/97    7    0.8%  -10.9%
+Telecomm       BUY 10/16/90 03/29/94 1261  132.0%  105.4%
+Telecomm       BUY 09/15/94 04/24/97  951   32.4%   18.4%
+Telecomm       BUY 05/05/97 01/30/98  270   35.4%   35.4%
+Transport      BUY 10/16/90 01/30/98 2663  379.3%  352.7%
+Utilities      BUY 10/16/90 03/29/94 1261   64.8%   47.6%
+Utilities      BUY 06/22/95 01/30/98  952   67.6%   67.6%
+Average                               433   49.1%   33.1%
+Total BUY Signals: 165 Signals averaging 433 days w/average profit of 33.1%
+Total Profitable:  105 Signals averaging 625 days w/average profit of 56.0%
+Total at a Loss:    60 Signals averaging 98 days w/average loss of -7.0%
+Average BUY Signal per fund per year = 0.7
+</pre>
+<pre>
+SELL SIGNALS SORTED BY FUND BY SIGNAL DATE
+                      Start      End         High    Last
+Name        SIGNAL     Date     Date Days     P/L     P/L
+Air Transprt  SELL 04/08/92 11/27/92  233    6.4%   -3.0%
+Air Transprt  SELL 04/04/94 08/25/94  143    7.1%   -2.5%
+Air Transprt  SELL 09/29/94 02/09/95  133    9.2%   -0.9%
+Air Transprt  SELL 07/05/96 11/15/96  133   15.7%    6.1%
+Air Transprt  SELL 02/28/97 04/08/97   39   -1.0%  -10.1%
+Amer Gold     SELL 01/24/91 06/05/91  132    5.3%   -9.8%
+Amer Gold     SELL 08/23/91 10/17/91   55    7.2%   -4.2%
+Amer Gold     SELL 12/17/91 01/15/92   29    0.4%  -12.3%
+Amer Gold     SELL 03/09/92 06/05/92   88   10.0%   -1.4%
+Amer Gold     SELL 08/13/92 09/14/92   32   -2.1%  -10.8%
+Amer Gold     SELL 11/10/92 02/08/93   90    3.9%   -7.8%
+Amer Gold     SELL 09/13/93 09/20/93    7   -1.5%  -10.9%
+Amer Gold     SELL 04/15/94 05/20/94   35    5.3%   -5.0%
+Amer Gold     SELL 08/12/94 09/02/94   21    0.5%  -10.3%
+Amer Gold     SELL 11/07/94 03/27/95  140   16.6%    5.8%
+Amer Gold     SELL 10/18/95 11/09/95   22    6.6%   -3.9%
+Amer Gold     SELL 07/24/96 08/19/96   26    0.5%   -9.7%
+Amer Gold     SELL 12/02/96 02/19/97   79    4.5%   -8.1%
+Amer Gold     SELL 03/26/97 09/29/97  187   23.0%    7.3%
+Amer Gold     SELL 10/27/97 01/30/98   95   29.9%   12.7%
+Automotive    SELL 10/02/92 11/11/92   40    3.0%   -6.9%
+Automotive    SELL 04/04/94 05/15/95  406   12.0%    3.1%
+Automotive    SELL 12/23/97 01/30/98   38    1.7%   -5.1%
+Biotech       SELL 03/27/92 06/02/92   67   13.9%    1.1%
+Biotech       SELL 02/16/93 05/19/93   92   11.0%   -0.5%
+Biotech       SELL 03/29/94 03/22/95  358    9.2%    0.0%
+Biotech       SELL 07/10/96 09/24/96   76    4.7%   -5.2%
+Biotech       SELL 04/02/97 05/12/97   40    3.8%   -5.9%
+Brokerage     SELL 04/08/92 07/30/92  113    5.7%   -4.9%
+Brokerage     SELL 03/28/94 07/14/94  108    6.5%   -3.2%
+Brokerage     SELL 11/21/94 04/10/95  140    3.1%   -6.8%
+Computers     SELL 06/25/91 07/18/91   23    0.3%  -10.0%
+Computers     SELL 10/25/91 12/24/91   60    4.4%   -6.0%
+Computers     SELL 04/28/92 05/07/92    9   -0.6%  -10.3%
+Computers     SELL 06/17/92 07/31/92   44    6.8%   -4.3%
+Computers     SELL 08/24/92 09/10/92   17   -1.2%  -10.8%
+Computers     SELL 06/21/94 08/09/94   49    1.4%   -8.9%
+Computers     SELL 12/18/95 01/31/96   44    4.1%   -5.7%
+Computers     SELL 03/25/96 04/23/96   29    0.1%  -11.2%
+Computers     SELL 07/11/96 08/06/96   26    4.5%   -5.6%
+Computers     SELL 03/18/97 05/01/97   44    3.6%  -10.0%
+Computers     SELL 10/27/97 11/14/97   18    4.1%   -5.5%
+Computers     SELL 12/11/97 01/30/98   50    9.2%   -8.2%
+Const/Housng  SELL 08/24/92 11/11/92   79    0.3%  -10.2%
+Const/Housng  SELL 04/18/94 02/23/95  311   13.2%    4.4%
+Defnc/Aerosp  SELL 06/04/92 12/07/92  186    4.7%   -4.8%
+Defnc/Aerosp  SELL 07/16/96 09/25/96   71    0.3%  -10.0%
+Defnc/Aerosp  SELL 12/18/97 01/26/98   39    2.8%   -7.1%
+Electronics   SELL 07/03/91 08/13/91   41   -0.5%  -10.2%
+Electronics   SELL 10/03/91 10/15/91   12    1.4%   -9.3%
+Electronics   SELL 11/25/91 12/27/91   32   -0.2%  -12.0%
+Electronics   SELL 06/17/92 07/31/92   44    3.8%   -6.5%
+Electronics   SELL 06/21/94 08/15/94   55    0.7%   -9.4%
+Electronics   SELL 12/14/95 01/23/96   40    4.2%   -7.3%
+Electronics   SELL 06/26/96 08/01/96   36    7.3%   -3.1%
+Electronics   SELL 10/27/97 11/03/97    7   -2.9%  -10.8%
+Electronics   SELL 11/12/97 01/30/98   79    9.8%   -0.3%
+Energy        SELL 01/09/91 07/30/91  202    4.7%   -6.7%
+Energy        SELL 12/09/91 05/21/92  164    5.3%   -4.6%
+Energy        SELL 11/26/93 01/05/94   40    5.2%   -4.8%
+Energy        SELL 04/04/94 04/22/94   18   -2.5%  -10.1%
+Energy        SELL 01/11/95 04/19/95   98    0.2%  -10.6%
+Energy        SELL 02/27/97 05/09/97   71    1.9%   -9.1%
+Energy        SELL 12/01/97 01/30/98   60    8.3%    2.5%
+Energy Svcs   SELL 11/20/90 02/05/91   77    9.0%   -5.5%
+Energy Svcs   SELL 06/12/91 05/21/92  344   28.6%   17.9%
+Energy Svcs   SELL 07/08/92 08/06/92   29   -0.5%  -10.2%
+Energy Svcs   SELL 12/08/92 02/02/93   56    4.4%   -5.7%
+Energy Svcs   SELL 11/18/93 05/25/94  188   14.4%    4.9%
+Energy Svcs   SELL 12/08/94 03/07/95   89   -0.1%  -10.3%
+Energy Svcs   SELL 10/25/95 11/30/95   36    4.2%   -5.7%
+Energy Svcs   SELL 12/22/97 12/30/97    8    3.3%  -10.0%
+Energy Svcs   SELL 01/06/98 01/30/98   24   11.7%    3.4%
+Envir Svcs    SELL 06/24/91 12/30/91  189    7.6%   -1.8%
+Envir Svcs    SELL 03/30/92 11/04/92  219   13.5%    4.1%
+Envir Svcs    SELL 03/31/94 03/22/95  356   10.6%    1.5%
+Envir Svcs    SELL 07/15/96 09/23/96   70    3.5%   -6.2%
+Envir Svcs    SELL 04/25/97 05/29/97   34   -0.5%  -10.2%
+Envir Svcs    SELL 01/09/98 01/30/98   21    0.5%   -0.6%
+Financl Svcs  SELL 11/17/94 02/03/95   78    3.4%   -6.3%
+Health Care   SELL 04/02/92 09/11/92  162    8.5%   -1.0%
+Health Care   SELL 10/02/92 11/25/92   54    1.2%   -8.9%
+Health Care   SELL 01/19/93 09/01/93  225   11.9%    1.6%
+Home Finance  SELL 11/04/94 02/02/95   90    7.0%   -2.8%
+Indust Equip  SELL 07/02/92 12/07/92  158    5.1%   -4.7%
+Indust Equip  SELL 04/20/94 08/24/94  126    3.5%   -6.4%
+Indust Equip  SELL 11/12/97 01/30/98   79    4.2%   -2.1%
+Indust Matls  SELL 10/02/92 11/30/92   59    2.6%   -7.2%
+Indust Matls  SELL 11/23/94 02/14/95   83   -0.6%  -10.3%
+Indust Matls  SELL 10/12/95 11/21/95   40    4.3%   -7.2%
+Indust Matls  SELL 07/16/96 10/02/96   78    0.2%   -9.9%
+Indust Matls  SELL 12/11/97 01/30/98   50    5.3%   -4.2%
+Insurance     SELL 11/19/93 09/07/94  292    5.4%   -4.3%
+Leisure       SELL 04/19/94 02/09/95  296    2.1%   -7.7%
+Medical Del   SELL 04/07/92 07/15/92   99   10.7%    0.0%
+Medical Del   SELL 09/25/92 11/10/92   46    5.4%   -8.2%
+Medical Del   SELL 02/16/93 07/13/93  147   10.8%   -1.3%
+Medical Del   SELL 07/11/96 09/03/96   54    2.3%   -7.6%
+Medical Del   SELL 10/27/97 11/04/97    8   -5.0%  -10.2%
+Multimedia    SELL 06/24/91 09/19/91   87    0.8%  -10.4%
+Multimedia    SELL 04/04/94 08/17/94  135    1.9%   -8.3%
+Multimedia    SELL 07/15/96 09/25/96   72    2.6%   -7.5%
+Multimedia    SELL 04/21/97 05/19/97   28   -0.3%  -11.0%
+Paper/Forest  SELL 12/11/91 12/27/91   16    0.0%  -10.0%
+Paper/Forest  SELL 06/18/92 10/28/92  132    6.9%   -2.9%
+Paper/Forest  SELL 03/29/94 06/10/94   73    5.7%   -4.5%
+Paper/Forest  SELL 11/22/94 01/06/95   45    0.9%   -9.6%
+Paper/Forest  SELL 12/18/95 04/15/96  118   -0.2%  -10.1%
+Paper/Forest  SELL 07/24/96 09/16/96   54   -0.5%  -10.0%
+Paper/Forest  SELL 10/27/97 01/28/98   93    8.2%   -1.7%
+Prec Metals   SELL 01/24/91 05/31/91  127    2.6%  -11.4%
+Prec Metals   SELL 08/22/91 10/18/91   57    5.1%   -5.2%
+Prec Metals   SELL 11/04/91 11/18/91   14   -6.2%  -10.4%
+Prec Metals   SELL 12/20/91 01/17/92   28   -0.5%  -11.6%
+Prec Metals   SELL 02/24/92 06/12/92  109   10.0%   -1.1%
+Prec Metals   SELL 08/12/92 02/09/93  181   17.4%   -0.1%
+Prec Metals   SELL 09/08/93 09/20/93   12    2.9%  -10.0%
+Prec Metals   SELL 04/11/94 05/20/94   39    1.1%   -9.6%
+Prec Metals   SELL 11/23/94 03/30/95  127   14.9%    2.6%
+Prec Metals   SELL 10/20/95 11/09/95   20    5.2%   -4.9%
+Prec Metals   SELL 06/27/96 02/19/97  237   13.3%    1.9%
+Prec Metals   SELL 03/26/97 01/30/98  310   51.0%   37.6%
+Reg Banks     SELL 11/04/93 01/28/94   85    1.2%   -8.9%
+Reg Banks     SELL 11/21/94 03/29/95  128    1.4%   -8.9%
+Retailing     SELL 06/18/92 10/15/92  119    1.3%   -9.2%
+Retailing     SELL 07/15/96 08/13/96   29    1.5%   -9.0%
+Softwr/Compt  SELL 11/26/91 12/26/91   30    0.9%   -9.7%
+Softwr/Compt  SELL 06/17/92 07/28/92   41    5.2%   -6.0%
+Softwr/Compt  SELL 03/30/94 08/25/94  148   15.4%    2.3%
+Softwr/Compt  SELL 01/09/96 02/08/96   30    1.5%   -8.4%
+Softwr/Compt  SELL 07/12/96 09/12/96   62    3.5%   -8.1%
+Softwr/Compt  SELL 03/19/97 05/01/97   43    1.6%  -11.7%
+Softwr/Compt  SELL 10/27/97 11/19/97   23   -2.1%  -10.3%
+Softwr/Compt  SELL 12/12/97 01/28/98   47    1.8%   -8.3%
+Technology    SELL 04/08/92 09/11/92  156    6.8%   -3.3%
+Technology    SELL 04/18/94 08/15/94  119    5.0%   -4.7%
+Technology    SELL 12/18/95 02/02/96   46    3.1%   -8.5%
+Technology    SELL 07/08/96 09/12/96   66    8.9%   -2.3%
+Technology    SELL 03/31/97 05/01/97   31    1.8%  -10.7%
+Technology    SELL 10/27/97 11/03/97    7   -3.4%  -10.7%
+Technology    SELL 11/12/97 01/30/98   79    5.8%   -9.0%
+Telecomm      SELL 03/30/94 09/14/94  168    1.1%   -9.4%
+Telecomm      SELL 04/25/97 05/02/97    7   -1.0%  -10.6%
+Utilities     SELL 03/30/94 06/21/95  448    2.0%   -8.0%
+Average                                92    5.1%   -5.4%
+Total SELL Signals: 144
+Total Profitable: 18 lasting 199 days w/average profit of 6.7%
+Total at a Loss: 126 lasting 75 days w/average loss of -7.2%
+</pre>
+<pre>
+BUY and SELL SIGNALS SORTED by FUND by SIGNAL DATE
+                      Start      End         High    Last
+Name        SIGNAL     Date     Date Days     P/L     P/L
+Air Transprt   BUY 10/16/90 04/07/92  539   68.1%   46.3%
+Air Transprt  SELL 04/08/92 11/27/92  233    6.4%   -3.0%
+Air Transprt   BUY 11/30/92 03/31/94  487   42.1%   25.8%
+Air Transprt  SELL 04/04/94 08/25/94  143    7.1%   -2.5%
+Air Transprt   BUY 08/26/94 09/28/94   33    0.7%   -9.6%
+Air Transprt  SELL 09/29/94 02/09/95  133    9.2%   -0.9%
+Air Transprt   BUY 02/11/95 07/03/96  508   63.8%   47.3%
+Air Transprt  SELL 07/05/96 11/15/96  133   15.7%    6.1%
+Air Transprt   BUY 11/18/96 02/27/97  101    5.9%   -4.8%
+Air Transprt  SELL 02/28/97 04/08/97   39   -1.0%  -10.1%
+Air Transprt   BUY 04/09/97 01/30/98  296   36.1%   36.1%
+Amer Gold      BUY 10/16/90 01/23/91   99   10.0%   -1.9%
+Amer Gold     SELL 01/24/91 06/05/91  132    5.3%   -9.8%
+Amer Gold      BUY 06/06/91 08/22/91   77    6.5%   -4.7%
+Amer Gold     SELL 08/23/91 10/17/91   55    7.2%   -4.2%
+Amer Gold      BUY 10/18/91 12/16/91   59    1.3%   -9.2%
+Amer Gold     SELL 12/17/91 01/15/92   29    0.4%  -12.3%
+Amer Gold      BUY 01/16/92 03/06/92   50    0.8%   -9.5%
+Amer Gold     SELL 03/09/92 06/05/92   88   10.0%   -1.4%
+Amer Gold      BUY 06/08/92 08/12/92   65   11.7%   -1.3%
+Amer Gold     SELL 08/13/92 09/14/92   32   -2.1%  -10.8%
+Amer Gold      BUY 09/15/92 11/09/92   55    2.6%  -10.9%
+Amer Gold     SELL 11/10/92 02/08/93   90    3.9%   -7.8%
+Amer Gold      BUY 02/09/93 09/10/93  214   62.2%   28.1%
+Amer Gold     SELL 09/13/93 09/20/93    7   -1.5%  -10.9%
+Amer Gold      BUY 09/21/93 04/14/94  205   27.3%    9.0%
+Amer Gold     SELL 04/15/94 05/20/94   35    5.3%   -5.0%
+Amer Gold      BUY 05/23/94 08/11/94   80   -1.9%  -10.2%
+Amer Gold     SELL 08/12/94 09/02/94   21    0.5%  -10.3%
+Amer Gold      BUY 09/06/94 11/04/94   59    7.0%   -4.5%
+Amer Gold     SELL 11/07/94 03/27/95  140   16.6%    5.8%
+Amer Gold      BUY 03/28/95 10/17/95  203   17.1%    4.0%
+Amer Gold     SELL 10/18/95 11/09/95   22    6.6%   -3.9%
+Amer Gold      BUY 11/10/95 07/23/96  255   44.7%   19.9%
+Amer Gold     SELL 07/24/96 08/19/96   26    0.5%   -9.7%
+Amer Gold      BUY 08/20/96 11/29/96  101    3.3%   -9.8%
+Amer Gold     SELL 12/02/96 02/19/97   79    4.5%   -8.1%
+Amer Gold      BUY 02/20/97 03/25/97   33    2.8%   -8.0%
+Amer Gold     SELL 03/26/97 09/29/97  187   23.0%    7.3%
+Amer Gold      BUY 09/30/97 10/24/97   24    0.4%  -18.6%
+Amer Gold     SELL 10/27/97 01/30/98   95   29.9%   12.7%
+Automotive     BUY 10/16/90 10/01/92  716  104.9%   82.3%
+Automotive    SELL 10/02/92 11/11/92   40    3.0%   -6.9%
+Automotive     BUY 11/12/92 03/31/94  505   52.9%   36.7%
+Automotive    SELL 04/04/94 05/15/95  406   12.0%    3.1%
+Automotive     BUY 05/16/95 12/22/97  950   52.2%   36.6%
+Automotive    SELL 12/23/97 01/30/98   38    1.7%   -5.1%
+Biotech        BUY 10/16/90 03/26/92  527  136.1%   89.2%
+Biotech       SELL 03/27/92 06/02/92   67   13.9%    1.1%
+Biotech        BUY 06/03/92 02/12/93  254    8.9%   -3.8%
+Biotech       SELL 02/16/93 05/19/93   92   11.0%   -0.5%
+Biotech        BUY 05/20/93 03/28/94  313   14.0%    1.4%
+Biotech       SELL 03/29/94 03/22/95  358    9.2%    0.0%
+Biotech        BUY 03/23/95 07/09/96  473   38.4%   24.0%
+Biotech       SELL 07/10/96 09/24/96   76    4.7%   -5.2%
+Biotech        BUY 09/25/96 04/01/97  188    8.9%   -2.9%
+Biotech       SELL 04/02/97 05/12/97   40    3.8%   -5.9%
+Biotech        BUY 05/13/97 01/30/98  262   28.3%   21.1%
+Brokerage      BUY 10/16/90 04/07/92  539  115.8%   79.0%
+Brokerage     SELL 04/08/92 07/30/92  113    5.7%   -4.9%
+Brokerage      BUY 07/31/92 03/25/94  603   70.3%   51.2%
+Brokerage     SELL 03/28/94 07/14/94  108    6.5%   -3.2%
+Brokerage      BUY 07/15/94 11/18/94  126   -0.5%  -11.5%
+Brokerage     SELL 11/21/94 04/10/95  140    3.1%   -6.8%
+Brokerage      BUY 04/11/95 01/30/98 1024  149.0%  143.3%
+Chemical       BUY 10/16/90 01/30/98 2663  291.7%  278.7%
+Computers      BUY 10/16/90 06/24/91  251   92.2%   54.1%
+Computers     SELL 06/25/91 07/18/91   23    0.3%  -10.0%
+Computers      BUY 07/19/91 10/24/91   97    6.7%   -4.6%
+Computers     SELL 10/25/91 12/24/91   60    4.4%   -6.0%
+Computers      BUY 12/26/91 04/27/92  123   21.0%    2.7%
+Computers     SELL 04/28/92 05/07/92    9   -0.6%  -10.3%
+Computers      BUY 05/08/92 06/16/92   39   -0.8%  -11.8%
+Computers     SELL 06/17/92 07/31/92   44    6.8%   -4.3%
+Computers      BUY 08/03/92 08/21/92   18   -3.5%  -10.1%
+Computers     SELL 08/24/92 09/10/92   17   -1.2%  -10.8%
+Computers      BUY 09/11/92 06/20/94  648   79.6%   50.4%
+Computers     SELL 06/21/94 08/09/94   49    1.4%   -8.9%
+Computers      BUY 08/10/94 12/16/95  493   89.8%   53.6%
+Computers     SELL 12/18/95 01/31/96   44    4.1%   -5.7%
+Computers      BUY 02/01/96 03/22/96   49    6.7%   -5.0%
+Computers     SELL 03/25/96 04/23/96   29    0.1%  -11.2%
+Computers      BUY 04/24/96 07/10/96   77    3.9%   -9.1%
+Computers     SELL 07/11/96 08/06/96   26    4.5%   -5.6%
+Computers      BUY 08/07/96 03/17/97  222   37.2%   16.5%
+Computers     SELL 03/18/97 05/01/97   44    3.6%  -10.0%
+Computers      BUY 05/02/97 10/24/97  175   37.6%    9.1%
+Computers     SELL 10/27/97 11/14/97   18    4.1%   -5.5%
+Computers      BUY 11/17/97 12/10/97   23    0.3%  -12.4%
+Computers     SELL 12/11/97 01/30/98   50    9.2%   -8.2%
+Const/Housng   BUY 10/16/90 08/21/92  675   94.6%   73.4%
+Const/Housng  SELL 08/24/92 11/11/92   79    0.3%  -10.2%
+Const/Housng   BUY 11/12/92 04/15/94  520   44.7%   29.0%
+Const/Housng  SELL 04/18/94 02/23/95  311   13.2%    4.4%
+Const/Housng   BUY 02/24/95 01/30/98 1070   81.7%   81.7%
+Defnc/Aerosp   BUY 10/16/90 06/03/92  596   35.6%   22.0%
+Defnc/Aerosp  SELL 06/04/92 12/07/92  186    4.7%   -4.8%
+Defnc/Aerosp   BUY 12/08/92 07/15/96 1315  101.2%   80.9%
+Defnc/Aerosp  SELL 07/16/96 09/25/96   71    0.3%  -10.0%
+Defnc/Aerosp   BUY 09/26/96 12/17/97  447   47.7%   25.0%
+Defnc/Aerosp  SELL 12/18/97 01/26/98   39    2.8%   -7.1%
+Defnc/Aerosp   BUY 01/27/98 01/30/98    3    2.6%    2.6%
+Electronics    BUY 10/16/90 07/02/91  259   70.2%   39.5%
+Electronics   SELL 07/03/91 08/13/91   41   -0.5%  -10.2%
+Electronics    BUY 08/14/91 10/02/91   49    1.9%  -10.4%
+Electronics   SELL 10/03/91 10/15/91   12    1.4%   -9.3%
+Electronics    BUY 10/16/91 11/22/91   37    4.1%   -6.5%
+Electronics   SELL 11/25/91 12/27/91   32   -0.2%  -12.0%
+Electronics    BUY 12/30/91 06/16/92  169   21.6%    0.3%
+Electronics   SELL 06/17/92 07/31/92   44    3.8%   -6.5%
+Electronics    BUY 08/03/92 06/20/94  687   87.0%   62.1%
+Electronics   SELL 06/21/94 08/15/94   55    0.7%   -9.4%
+Electronics    BUY 08/16/94 12/13/95  484   97.0%   57.6%
+Electronics   SELL 12/14/95 01/23/96   40    4.2%   -7.3%
+Electronics    BUY 01/24/96 06/25/96  152   11.2%   -0.4%
+Electronics   SELL 06/26/96 08/01/96   36    7.3%   -3.1%
+Electronics    BUY 08/02/96 10/24/97  448   87.5%   46.8%
+Electronics   SELL 10/27/97 11/03/97    7   -2.9%  -10.8%
+Electronics    BUY 11/04/97 11/11/97    7    1.0%   -9.4%
+Electronics   SELL 11/12/97 01/30/98   79    9.8%   -0.3%
+Energy         BUY 10/16/90 01/08/91   84    2.1%   -8.6%
+Energy        SELL 01/09/91 07/30/91  202    4.7%   -6.7%
+Energy         BUY 07/31/91 12/06/91  128    4.4%   -6.4%
+Energy        SELL 12/09/91 05/21/92  164    5.3%   -4.6%
+Energy         BUY 05/22/92 11/24/93  552   27.2%   13.5%
+Energy        SELL 11/26/93 01/05/94   40    5.2%   -4.8%
+Energy         BUY 01/06/94 03/31/94   84    2.8%   -8.3%
+Energy        SELL 04/04/94 04/22/94   18   -2.5%  -10.1%
+Energy         BUY 04/25/94 01/10/95  260    3.3%   -7.2%
+Energy        SELL 01/11/95 04/19/95   98    0.2%  -10.6%
+Energy         BUY 04/20/95 02/26/97  677   47.4%   30.8%
+Energy        SELL 02/27/97 05/09/97   71    1.9%   -9.1%
+Energy         BUY 05/12/97 11/28/97  200   23.8%    7.3%
+Energy        SELL 12/01/97 01/30/98   60    8.3%    2.5%
+Energy Svcs    BUY 10/16/90 11/19/90   34    5.2%   -6.3%
+Energy Svcs   SELL 11/20/90 02/05/91   77    9.0%   -5.5%
+Energy Svcs    BUY 02/06/91 06/11/91  125    9.7%   -1.5%
+Energy Svcs   SELL 06/12/91 05/21/92  344   28.6%   17.9%
+Energy Svcs    BUY 05/22/92 07/07/92   46    3.3%   -8.2%
+Energy Svcs   SELL 07/08/92 08/06/92   29   -0.5%  -10.2%
+Energy Svcs    BUY 08/07/92 12/07/92  122    7.6%   -3.9%
+Energy Svcs   SELL 12/08/92 02/02/93   56    4.4%   -5.7%
+Energy Svcs    BUY 02/03/93 11/17/93  288   36.1%   21.8%
+Energy Svcs   SELL 11/18/93 05/25/94  188   14.4%    4.9%
+Energy Svcs    BUY 05/26/94 12/07/94  195    8.8%   -2.2%
+Energy Svcs   SELL 12/08/94 03/07/95   89   -0.1%  -10.3%
+Energy Svcs    BUY 03/08/95 10/24/95  230   22.4%    9.5%
+Energy Svcs   SELL 10/25/95 11/30/95   36    4.2%   -5.7%
+Energy Svcs    BUY 12/01/95 12/19/97  748  191.0%  119.9%
+Energy Svcs   SELL 12/22/97 12/30/97    8    3.3%  -10.0%
+Energy Svcs    BUY 12/31/97 01/05/98    5   -1.9%  -11.1%
+Energy Svcs   SELL 01/06/98 01/30/98   24   11.7%    3.4%
+Envir Svcs     BUY 10/16/90 06/21/91  248   37.3%   21.3%
+Envir Svcs    SELL 06/24/91 12/30/91  189    7.6%   -1.8%
+Envir Svcs     BUY 12/31/91 03/27/92   87   10.8%   -0.4%
+Envir Svcs    SELL 03/30/92 11/04/92  219   13.5%    4.1%
+Envir Svcs     BUY 11/05/92 03/30/94  511   11.0%   -0.5%
+Envir Svcs    SELL 03/31/94 03/22/95  356   10.6%    1.5%
+Envir Svcs     BUY 03/23/95 07/12/96  476   40.1%   24.0%
+Envir Svcs    SELL 07/15/96 09/23/96   70    3.5%   -6.2%
+Envir Svcs     BUY 09/24/96 04/24/97  212    8.0%   -3.4%
+Envir Svcs    SELL 04/25/97 05/29/97   34   -0.5%  -10.2%
+Envir Svcs     BUY 05/30/97 01/08/98  223   19.8%    6.4%
+Envir Svcs    SELL 01/09/98 01/30/98   21    0.5%   -0.6%
+Financl Svcs   BUY 10/16/90 11/16/94 1493  239.1%  204.4%
+Financl Svcs  SELL 11/17/94 02/03/95   78    3.4%   -6.3%
+Financl Svcs   BUY 02/06/95 01/30/98 1088  121.5%  121.5%
+Food & Ag      BUY 10/16/90 01/30/98 2663  209.4%  202.6%
+Health Care    BUY 10/16/90 04/01/92  533  106.2%   72.5%
+Health Care   SELL 04/02/92 09/11/92  162    8.5%   -1.0%
+Health Care    BUY 09/14/92 10/01/92   17   -0.3%  -10.6%
+Health Care   SELL 10/02/92 11/25/92   54    1.2%   -8.9%
+Health Care    BUY 11/27/92 01/18/93   52    0.6%   -9.5%
+Health Care   SELL 01/19/93 09/01/93  225   11.9%    1.6%
+Health Care    BUY 09/02/93 01/30/98 1611  166.8%  166.8%
+Home Finance   BUY 10/16/90 11/03/94 1480  349.5%  303.6%
+Home Finance  SELL 11/04/94 02/02/95   90    7.0%   -2.8%
+Home Finance   BUY 02/03/95 01/30/98 1091  154.6%  144.3%
+Indust Equip   BUY 10/16/90 07/01/92  624   56.7%   40.6%
+Indust Equip  SELL 07/02/92 12/07/92  158    5.1%   -4.7%
+Indust Equip   BUY 12/08/92 04/19/94  498   56.9%   39.9%
+Indust Equip  SELL 04/20/94 08/24/94  126    3.5%   -6.4%
+Indust Equip   BUY 08/25/94 11/11/97 1173  106.0%   79.8%
+Indust Equip  SELL 11/12/97 01/30/98   79    4.2%   -2.1%
+Indust Matls   BUY 10/16/90 10/01/92  716   69.3%   51.7%
+Indust Matls  SELL 10/02/92 11/30/92   59    2.6%   -7.2%
+Indust Matls   BUY 12/01/92 11/22/94  722   36.3%   21.9%
+Indust Matls  SELL 11/23/94 02/14/95   83   -0.6%  -10.3%
+Indust Matls   BUY 02/15/95 10/11/95  238   16.4%    4.5%
+Indust Matls  SELL 10/12/95 11/21/95   40    4.3%   -7.2%
+Indust Matls   BUY 11/22/95 07/15/96  235    5.7%   -5.0%
+Indust Matls  SELL 07/16/96 10/02/96   78    0.2%   -9.9%
+Indust Matls   BUY 10/03/96 12/10/97  433   17.5%    4.7%
+Indust Matls  SELL 12/11/97 01/30/98   50    5.3%   -4.2%
+Insurance      BUY 10/16/90 11/18/93 1130  128.3%  104.7%
+Insurance     SELL 11/19/93 09/07/94  292    5.4%   -4.3%
+Insurance      BUY 09/08/94 01/30/98 1239  113.8%  113.5%
+Leisure        BUY 10/16/90 04/18/94 1281  148.0%  122.4%
+Leisure       SELL 04/19/94 02/09/95  296    2.1%   -7.7%
+Leisure        BUY 02/11/95 01/30/98 1084   85.2%   85.2%
+Medical Del    BUY 10/16/90 04/06/92  538  133.8%   93.4%
+Medical Del   SELL 04/07/92 07/15/92   99   10.7%    0.0%
+Medical Del    BUY 07/16/92 09/24/92   70    4.0%  -10.0%
+Medical Del   SELL 09/25/92 11/10/92   46    5.4%   -8.2%
+Medical Del    BUY 11/11/92 02/12/93   93    3.8%  -10.0%
+Medical Del   SELL 02/16/93 07/13/93  147   10.8%   -1.3%
+Medical Del    BUY 07/14/93 07/10/96 1092   91.5%   70.9%
+Medical Del   SELL 07/11/96 09/03/96   54    2.3%   -7.6%
+Medical Del    BUY 09/04/96 10/24/97  415   28.1%   12.7%
+Medical Del   SELL 10/27/97 11/04/97    8   -5.0%  -10.2%
+Medical Del    BUY 11/05/97 01/30/98   86    1.0%   -1.5%
+Multimedia     BUY 10/16/90 06/21/91  248   48.6%   33.5%
+Multimedia    SELL 06/24/91 09/19/91   87    0.8%  -10.4%
+Multimedia     BUY 09/20/91 03/31/94  924   91.7%   71.3%
+Multimedia    SELL 04/04/94 08/17/94  135    1.9%   -8.3%
+Multimedia     BUY 08/18/94 07/12/96  693   43.9%   27.4%
+Multimedia    SELL 07/15/96 09/25/96   72    2.6%   -7.5%
+Multimedia     BUY 09/26/96 04/18/97  204    1.0%   -9.9%
+Multimedia    SELL 04/21/97 05/19/97   28   -0.3%  -11.0%
+Multimedia     BUY 05/20/97 01/30/98  255   30.8%   30.8%
+Paper/Forest   BUY 10/16/90 12/10/91  420   59.6%   42.9%
+Paper/Forest  SELL 12/11/91 12/27/91   16    0.0%  -10.0%
+Paper/Forest   BUY 12/30/91 06/17/92  170   17.0%    4.5%
+Paper/Forest  SELL 06/18/92 10/28/92  132    6.9%   -2.9%
+Paper/Forest   BUY 10/29/92 03/28/94  516   37.0%   21.2%
+Paper/Forest  SELL 03/29/94 06/10/94   73    5.7%   -4.5%
+Paper/Forest   BUY 06/13/94 11/21/94  161   18.9%    3.4%
+Paper/Forest  SELL 11/22/94 01/06/95   45    0.9%   -9.6%
+Paper/Forest   BUY 01/09/95 12/16/95  341   25.1%   11.6%
+Paper/Forest  SELL 12/18/95 04/15/96  118   -0.2%  -10.1%
+Paper/Forest   BUY 04/16/96 07/23/96   98    1.2%   -9.4%
+Paper/Forest  SELL 07/24/96 09/16/96   54   -0.5%  -10.0%
+Paper/Forest   BUY 09/17/96 10/24/97  402   27.3%   13.9%
+Paper/Forest  SELL 10/27/97 01/28/98   93    8.2%   -1.7%
+Paper/Forest   BUY 01/29/98 01/30/98    1    1.4%    1.4%
+Prec Metals    BUY 10/16/90 01/23/91   99    8.5%   -2.4%
+Prec Metals   SELL 01/24/91 05/31/91  127    2.6%  -11.4%
+Prec Metals    BUY 06/03/91 08/21/91   79   12.0%   -0.9%
+Prec Metals   SELL 08/22/91 10/18/91   57    5.1%   -5.2%
+Prec Metals    BUY 10/21/91 11/01/91   11    0.7%  -10.9%
+Prec Metals   SELL 11/04/91 11/18/91   14   -6.2%  -10.4%
+Prec Metals    BUY 11/19/91 12/19/91   30    4.9%   -5.7%
+Prec Metals   SELL 12/20/91 01/17/92   28   -0.5%  -11.6%
+Prec Metals    BUY 01/20/92 02/21/92   32   -0.6%  -11.1%
+Prec Metals   SELL 02/24/92 06/12/92  109   10.0%   -1.1%
+Prec Metals    BUY 06/15/92 08/11/92   57    1.6%   -8.9%
+Prec Metals   SELL 08/12/92 02/09/93  181   17.4%   -0.1%
+Prec Metals    BUY 02/10/93 09/07/93  210   68.8%   28.8%
+Prec Metals   SELL 09/08/93 09/20/93   12    2.9%  -10.0%
+Prec Metals    BUY 09/21/93 04/08/94  199   34.4%    9.6%
+Prec Metals   SELL 04/11/94 05/20/94   39    1.1%   -9.6%
+Prec Metals    BUY 05/23/94 11/22/94  183   20.0%    3.9%
+Prec Metals   SELL 11/23/94 03/30/95  127   14.9%    2.6%
+Prec Metals    BUY 03/31/95 10/19/95  202    9.5%   -1.9%
+Prec Metals   SELL 10/20/95 11/09/95   20    5.2%   -4.9%
+Prec Metals    BUY 11/10/95 06/26/96  228   28.8%   12.2%
+Prec Metals   SELL 06/27/96 02/19/97  237   13.3%    1.9%
+Prec Metals    BUY 02/20/97 03/25/97   33    2.5%   -8.8%
+Prec Metals   SELL 03/26/97 01/30/98  310   51.0%   37.6%
+Reg Banks      BUY 10/16/90 11/03/93 1115  230.2%  196.9%
+Reg Banks     SELL 11/04/93 01/28/94   85    1.2%   -8.9%
+Reg Banks      BUY 01/31/94 11/18/94  291    6.5%   -4.3%
+Reg Banks     SELL 11/21/94 03/29/95  128    1.4%   -8.9%
+Reg Banks      BUY 03/30/95 01/30/98 1036  125.3%  119.6%
+Retailing      BUY 10/16/90 06/17/92  610  125.9%  101.6%
+Retailing     SELL 06/18/92 10/15/92  119    1.3%   -9.2%
+Retailing      BUY 10/16/92 07/12/96 1365   61.4%   41.3%
+Retailing     SELL 07/15/96 08/13/96   29    1.5%   -9.0%
+Retailing      BUY 08/14/96 01/30/98  534   47.7%   47.5%
+Softwr/Compt   BUY 10/16/90 11/25/91  405   94.4%   69.0%
+Softwr/Compt  SELL 11/26/91 12/26/91   30    0.9%   -9.7%
+Softwr/Compt   BUY 12/27/91 06/16/92  172   23.0%    7.6%
+Softwr/Compt  SELL 06/17/92 07/28/92   41    5.2%   -6.0%
+Softwr/Compt   BUY 07/29/92 03/29/94  609   56.6%   40.7%
+Softwr/Compt  SELL 03/30/94 08/25/94  148   15.4%    2.3%
+Softwr/Compt   BUY 08/26/94 01/08/96  500   51.2%   35.1%
+Softwr/Compt  SELL 01/09/96 02/08/96   30    1.5%   -8.4%
+Softwr/Compt   BUY 02/09/96 07/11/96  152   10.6%   -0.6%
+Softwr/Compt  SELL 07/12/96 09/12/96   62    3.5%   -8.1%
+Softwr/Compt   BUY 09/13/96 03/18/97  186   13.9%    1.0%
+Softwr/Compt  SELL 03/19/97 05/01/97   43    1.6%  -11.7%
+Softwr/Compt   BUY 05/02/97 10/24/97  175   23.7%    8.2%
+Softwr/Compt  SELL 10/27/97 11/19/97   23   -2.1%  -10.3%
+Softwr/Compt   BUY 11/20/97 12/11/97   21    2.3%  -10.7%
+Softwr/Compt  SELL 12/12/97 01/28/98   47    1.8%   -8.3%
+Softwr/Compt   BUY 01/29/98 01/30/98    1    3.1%    3.1%
+Technology     BUY 10/16/90 04/07/92  539  129.9%   97.8%
+Technology    SELL 04/08/92 09/11/92  156    6.8%   -3.3%
+Technology     BUY 09/14/92 04/15/94  579   56.5%   36.5%
+Technology    SELL 04/18/94 08/15/94  119    5.0%   -4.7%
+Technology     BUY 08/16/94 12/16/95  487   59.9%   38.9%
+Technology    SELL 12/18/95 02/02/96   46    3.1%   -8.5%
+Technology     BUY 02/05/96 07/05/96  150    5.7%   -5.1%
+Technology    SELL 07/08/96 09/12/96   66    8.9%   -2.3%
+Technology     BUY 09/13/96 03/27/97  195   20.5%    8.3%
+Technology    SELL 03/31/97 05/01/97   31    1.8%  -10.7%
+Technology     BUY 05/02/97 10/24/97  175   31.1%    3.7%
+Technology    SELL 10/27/97 11/03/97    7   -3.4%  -10.7%
+Technology     BUY 11/04/97 11/11/97    7    0.8%  -10.9%
+Technology    SELL 11/12/97 01/30/98   79    5.8%   -9.0%
+Telecomm       BUY 10/16/90 03/29/94 1261  132.0%  105.4%
+Telecomm      SELL 03/30/94 09/14/94  168    1.1%   -9.4%
+Telecomm       BUY 09/15/94 04/24/97  951   32.4%   18.4%
+Telecomm      SELL 04/25/97 05/02/97    7   -1.0%  -10.6%
+Telecomm       BUY 05/05/97 01/30/98  270   35.4%   35.4%
+Transport      BUY 10/16/90 01/30/98 2663  379.3%  352.7%
+Utilities      BUY 10/16/90 03/29/94 1261   64.8%   47.6%
+Utilities     SELL 03/30/94 06/21/95  448    2.0%   -8.0%
+Utilities      BUY 06/22/95 01/30/98  952   67.6%   67.6%
+</pre>
+</html>