============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

=====================================================================
FORECAST Report 1: DIFFERENTIAL SIGNALS (as of the Close on 07/23/10)
=====================================================================

*** The MTI value for the next trading day is:  1.3390.
*** Since this value is > 1.0, the two Partially Hedged portfolios ({QQQQ/SPY}
*** and {QQQQ/DIA}) should drop the hedging ETF (SPY or DIA), and QQQQ should
*** be traded in accordance with the QQQQ Voted Signal:
***
*** The QQQQ Voted Signal is now: BUY

Fully-Hedged and Partially-Hedged ({}) Portfolios
=================================================
Note: All 2-equity ETF portfolios shown in this Report are fully hedged,
except for the two portfolios that are enclosed in curly braces ({}). By
'fully hedged' we mean that at all times one ETF is held Long while the other
is Shorted. The two special portfolios shown in braces, {QQQQ/DIA} and
{QQQQ/SPY} are 'partially' hedged and are traded according to the following
strategy:

   Rule 1: When the MTI value is <= 1.0, then full hedging is performed
           using the indicated equity Ratio, and following the indicated
           pair of signals (OLD SIG and NEW SIG). Thus, for low MTI regions
           there is NO difference between the 31 fully hedged portfolios,
           and the 2 partially hedged ones -- in the way that they are
           set up and managed.
   Rule 2: When the MTI value is > 1.0, and the QQQQ signal is a BUY or a
           SHORT, then QQQQ is traded exclusively and will be Long or Short,
           respectively, and will utilize 100% of allocated funds. In this
           situation the Signal that is to be used for QQQQ is our standard
           Voted Signal (see Forecast Report 3 or the ALLVOTES.TXT report).
           If the QQQQ signal is CASH ($$$$), however, it is slightly better
           to go ahead and hedge anyway -- rather than cashing out altogether.
           So, in this fairly rare case we perform full hedging (as in Rule 1)
           despite the high MTI value.


   The Actual and Back-Tested performance figures shown in this Report for
   these two Partially Hedged portfolios assume that Rule 1 and Rule 2 are
   followed completely. Nonetheless, the following trading variations may
   be useful:

   Variation 1: When in a high MTI region, the trader may optionally reimpose
           the hedge (as though the MTI were <= 1.0) if the QQQQ signal is a
           SHORT. This is a more conservative way to implement the portfolio.
           The same might be done at any time if the trader suspects that
           the market might 'tank'. To reimpose the 'hedge', of course, the
           second ETF (DIA or SPY) has to be added to the QQQQ trade, and the
           current 'differential signal' (NEW SIG) must be used to set up the
           pair -- and not the QQQQ Voted Signal. Thus a possible 100% Short
           of QQQQ 'might' get converted into a 60% Long on QQQQ and a 40%
           Short on DIA, for example.

   Variation 2: Instead of buying and shorting QQQQ and DIA (or SPY), the
           trader may consider using the 2x ETF equivalents from Proshares:
           (a) buying QLD instead of QQQQ, (b) buying QID instead of shorting
           QQQQ, (c) buying DDM instead of DIA, (d) buying DXD instead of
           shorting DIA, (e) buying SSO instead of SPY, and (f) buying SDS
           instead of shorting SPY. This procedure is actually necessary for
           Cash accounts that do not permit shorting.

   Note 1: Because of the IRS' Wash Rule, if one of these hedging strategies
           is implemented in a taxable account, we recommend that you
           cease using this method by Thanksgiving (late November), and then
           either stay in cash, or switch to a totally different trading
           strategy that doesn't utilize QQQQ, DIA, SPY, QLD, QID, SDS, SSO,
           or any equivalent equities.  This will ensure that all losses
           that are necessarily incurred as part of the hedging process can
           be fully deducted from the gains in the current trading year.

   Note 2: Because of the IRS' Settling Rules, if one of these hedging
           strategies is implemented in a Cash account (e.g., IRA), we
           recommend that you subdivide your available funds into three
           piles (sometimes two will work most of the time, and at other
           times four may be needed), and only trade the portfolio with
           one money 'pile' at a time. By keeping some of your money in
           Cash you provide time for previous trades to 'settle', so that
           the proceeds are ready when you need them again. Because only
           a portion (say, one-third) of your funds may be 'active' at any
           given time, this is another reason to utilize the 2x ETFs
           (QLD, QID, DDM, DXD, SDS, SSO) in order to boost potential
           gains back up to reasonable levels (i.e., by achieving a
           leveraging effect).



The material in this Report has been gathered from 33 different Tracking
Reports, each of which corresponds to one of our Differential Signals. This
extract, however, is based upon what we feel is an 'optimal' equity ratio
(RATIO) between the two ETFs. You should consult the appropriate Tracking
Reports if you believe that there is a better equity RATIO for your trading
objectives.

*** Important Note: The REC (Recommendation) field has 4 possible values:

    blank = Provided for Informational Purposes Only
    *     = Possibly OK for trading
    **    = Probably BETTER for trading
    ***   = Probably BEST for trading

These REC values are a function of the G/d (Annualized Gain divided by the
Drawdown) and the Trading Accuracy of the hedged pair -- as determined by
back-testing. Poorer performing pairs are shown so that they may provide
clues as to the relative strength of different market segments.  We will
be doing more with these more marginal differential signals in the future.


Actual Hedging Portfolio Performance (6/24/09 - Present)
========================================================
The figures below are for the tracking period from 6/24/09 - Present
... EXCEPT for the last three lines that show QQQQ/DIA performance. The
    tracking period for QQQQ and DIA began on 10/16/08.  There are three
    separate QQQQ/DIA Hedging Portfolios, and these are tracked in three
    separate Tracking Reports.

    Report 1: TRKQQ-DW.TXT   Use of QQQQ and DIA, either Long or Short
    Report 2: TRKQQDW1.TXT   Use of QQQQ/PSQ and DIA/DOG (1x ETFs, always Long)
    Report 3: TRKQQDW2.TXT   Use of QLD/QID and DDM/DXD (2x ETFs, always Long)


Key:

REC       Recommendation (*=OK, **=Better, ***=Best)

{...}     The curly braces indicate that the portfolio is Partially Hedged,
          that is, hedging occurs only when the MTI (Market Timing Indicator)
          value is <= 1.0 (or when QQQQ has a CASH signal). See the discussion
          at the top of this Report that relates to our two Partially Hedged
          portfolios {QQQQ/DIA} and {QQQQ/SPY}.

OLD SIG   The OLD (previous) differential Signal (the one used to generate the
            DAYGAIN, TOTGAIN, ANNGAIN, MAXdraw, and G/d figures.

NEW SIG   The NEW (latest) differential Signal (for the next trading day)
            A '+/-' signal means that the first ETF of the Pair is LONG, and
                    the second ETF of the Pair should be Shorted.
            A '-/+' signal means that the first ETF of the Pair should be
                    shorted, and the second ETF of the Pair should be Long.

RATIO     The percentage of ETF #1: The percentage of ETF #2
            See the appropriate Tracking Report to determine if a different
            equity RATIO might be better for your trading objectives, i.e.,
            other Ratios might produce higher annualized gains (but with
            increased drawdowns).

DAYGAIN   The percentage gain/loss for the last trading day (based on
             the previous day's signal (SIG-prev)
TOTGAIN   The total percentage gain/loss since the start of tracking
ANNGAIN   The projected 'annualized' percentage gain (based upon Actual data)
MAXdraw   The Actual maximum drawdown over the tracking interval
G/d       The Reward/Risk Ratio (Annualized Gain divided by Max Drawdown)

*** Important Note 1: The ANNGAIN, MAXdraw, and G/d figures are based on the
currently available Actual data, and thus will probably not be indicative of
long-term values -- at least until more Actual data has been accumulated. Use
the back-tested values in the following Table to get a better idea of what
'might' be true over longer periods.

*** Important Note 2: If you are following one of the two 'Partially Hedged'
portfolios ({QQQQ/SPY} OR {QQQQ/DIA}), remember that the OLD SIG and NEW SIG
fields are NOT applicable if the current MTI (Market Timing Indicator) value
is > 1.0; instead, you must trade JUST QQQQ (with 100% of available funds),
and in accordance with the QQQQ Voted Signal (see Report 3 in this Forecast).



              OLD   NEW  equity   <---- ACTUAL performance based on OLD SIG --->
REC ETF pair  SIG   SIG  RATIO    DAYGAIN   TOTGAIN   ANNGAIN   MAXdraw    G/d
=== ========  ===   ===  =====    =======   =======   =======   =======   ======
    The following Hedging portfolios have been tracked since 6/24/09:
    The first two portfolios (in {} brackets) are Partially Hedged:
***{QQQQ/DIA} +/-        60:40      1.30%     8.01%     7.37%   -12.59%     0.59
*  {QQQQ/SPY} +/-        60:40      1.30%     0.25%     0.23%   -13.20%     0.02

*** IYW /DIA  +/- > -/+  55:45      0.12%     3.39%     3.13%    -4.35%     0.72
    XLK /DIA  +/-        50:50     -0.07%    -5.69%    -5.26%    -7.24%    -0.73
*   QQQQ/SPY  +/-        60:40      0.36%     6.87%     6.33%    -3.67%     1.72
    QQQQ/IWM  +/-        60:40     -0.41%    -4.01%    -3.71%    -5.93%    -0.63
**  QQQQ/GLD  +/- > -/+  55:45      1.10%    -1.36%    -1.26%    -9.18%    -0.14
*** QQQQ/XLF  +/-        55:45      0.28%    -2.55%    -2.36%    -9.27%    -0.25
*   QQQQ/XLE  +/- > -/+  65:35      0.59%    -0.30%    -0.27%    -9.16%    -0.03
*** QQQQ/XLP  +/-        55:45      0.26%    -6.81%    -6.30%   -13.68%    -0.46
*** QQQQ/XLU  +/-        65:35      0.82%     3.61%     3.33%    -9.33%     0.36
    SPY /DIA  +/-        60:40      0.17%     1.85%     1.71%    -6.15%     0.28
*   SMH /DIA  +/-        55:45     -0.04%    -4.89%    -4.52%   -11.30%    -0.40
    SMH /IBB  +/-        55:45     -0.05%     3.93%     3.62%   -10.11%     0.36
    SMH /IYJ  +/-        55:45     -0.50%   -10.44%    -9.67%   -15.08%    -0.64
    SMH /SWH  +/-        65:35      0.15%    -0.08%    -0.08%   -15.39%     0.00
*   SMH /IWM  +/-        55:45     -0.87%    -5.02%    -4.64%   -11.94%    -0.39
    SMH /SPY  +/-        55:45      0.00%   -10.79%   -10.00%   -17.64%    -0.57
    SMH /XLF  +/-        55:45      0.03%    -4.95%    -4.58%   -14.70%    -0.31
*** SMH /XLP  +/-        55:45      0.02%    -3.63%    -3.36%    -9.31%    -0.36
*** IWM /DIA  +/-        55:45      1.12%    18.56%    17.02%    -6.83%     2.49
    IWM /SPY  +/- > -/+  60:40      1.36%    29.98%    27.38%    -3.42%     8.01
    IWM /QQQ  +/-        65:35      1.47%    19.81%    18.15%    -7.02%     2.59
    IWM /SMH  +/-        65:35      1.63%    -0.26%    -0.24%   -11.69%    -0.02
    XLF /SPY  +/- > -/+  50:50     -0.04%    -5.94%    -5.49%    -8.91%    -0.62
    XLF /DIA  +/- > -/+  55:45      0.02%    -1.47%    -1.36%   -13.56%    -0.10
    XLF /IWM  +/- > -/+  60:40     -0.60%    -1.23%    -1.13%   -11.08%    -0.10
    XLF /GLD  -/+ > +/-  55:45     -0.92%   -12.89%   -11.96%   -21.98%    -0.54
    XLE /SPY  +/-        55:45     -0.08%    -5.75%    -5.32%    -7.97%    -0.67
    XLE /DIA  +/-        60:40     -0.03%    -1.37%    -1.26%   -14.04%    -0.09
    XLE /IWM  +/-        65:35     -0.57%   -13.99%   -12.98%   -18.24%    -0.71
**  XLE /GLD  +/-        65:35      0.76%   -14.66%   -13.61%   -23.00%    -0.59

    For 273 days of tracking ...
    Averages (all pairs):           0.20%    -1.00%    -0.96%   -11.04%     0.27
    Averages ("*" pairs):           0.01%    -0.84%    -0.77%    -9.02%     0.23
    Averages ("**" pairs):          0.93%    -8.01%    -7.43%   -16.09%    -0.36
    Averages ("***" pairs):         0.44%     2.10%     1.91%    -8.80%     0.42

    The following QQQQ/DIA portfolios have been tracked since 10/16/08:
*** QQQQ/DIA  +/-        55:45      0.20%    25.51%    13.73%    -2.99%     4.60
**  QQQQ/DIA  +/-        55:45      0.18%    27.66%    14.83%    -3.45%     4.30
**  QQQQ/DIA  +/-        55:45      0.45%    40.77%    21.36%    -6.40%     3.34


Back-Tested Hedging Portfolio Performance
=========================================
Use the Tracking File (Section II) to explore other RATIOs. The back-tested
data shown is for the single equity ratio indicated by RATIO. Note that other
RATIOs may fit better with your trading objectives: producing higher potential
annualized yields ... although with larger maximum drawdowns. By the same
token, you may prefer a RATIO that is more conservative, and thus may result
in a lower drawdown.

Key:

REC       Recommendation (*=OK, **=Better, ***=Best)

{...}     The curly braces indicate that the portfolio is Partially Hedged,
          that is, hedging occurs only when the MTI (Market Timing Indicator)
          value is <= 1.0 (or when QQQQ has a CASH signal). See the discussion
          at the top of this Report that relates to our two Partially Hedged
          portfolios {QQQQ/DIA} and {QQQQ/SPY}.

RATIO     The percentage of ETF #1: The percentage of ETF #2
ANNGAIN   The back-tested 'annualized' percentage gain
MAXdraw   The back-tested maximum drawdown (8/16/02-present)
G/d       The Reward/Risk Ratio (Annualized Gain divided by Max Drawdown)
TradeAcc  The back-tested average accuracy per Trade

                            equity   <------ Based on Back-Testing ------>
REC ETF Pair    Track File  RATIO    ANNGAIN   MAXdraw    G/d     TradeAcc
=== ========  ============  =====    =======   =======   ======   ========
***{QQQQ/DIA} SSSQQ-DW.TXT  60:40     91.49%    -7.84%    11.67     80.52%
*  {QQQQ/SPY} SSSQQ-SP.TXT  60:40     88.37%    -9.39%     9.41     78.51%

*** IYW /DIA  TRKYW-DW.TXT  55:45     46.90%    -3.73%    12.58     80.18%
    XLK /DIA  TRKXL-DW.TXT  50:50     25.36%    -3.41%     7.44     83.01%
*   QQQQ/SPY  TRKQQ-SP.TXT  60:40     42.13%    -4.61%     9.14     79.34%
    QQQQ/IWM  TRKQQ-RU.TXT  60:40     25.99%    -5.25%     4.95     69.09%
**  QQQQ/GLD  TRKQQ-AU.TXT  55:45     84.01%    -7.79%    10.79     75.34%
*** QQQQ/XLF  TRKQQ-FN.TXT  55:45     60.00%    -4.77%    12.59     83.02%
*   QQQQ/XLE  TRKQQ-LE.TXT  65:35     57.73%    -6.07%     9.51     74.67%
*** QQQQ/XLP  TRKQQ-LP.TXT  55:45     57.00%    -4.48%    12.72     81.74%
*** QQQQ/XLU  TRKQQ-LU.TXT  65:35     75.54%    -6.57%    11.50     80.55%
    SPY /DIA  TRKSP-DW.TXT  60:40     14.27%    -5.77%     2.47     71.43%
*   SMH /DIA  TRKSM-DW.TXT  55:45     60.14%    -6.56%     9.16     78.63%
    SMH /IBB  TRKSM-BB.TXT  55:45     56.15%    -7.77%     7.22     81.27%
    SMH /IYJ  TRKSM-YJ.TXT  55:45     52.26%    -6.95%     7.52     78.78%
    SMH /SWH  TRKSM-SW.TXT  65:35     80.72%    -7.50%    10.77     78.48%
*   SMH /IWM  TRKSM-RU.TXT  55:45     55.66%    -6.29%     8.84     82.15%
    SMH /SPY  TRKSM-SP.TXT  55:45     51.43%    -8.07%     6.37     80.19%
    SMH /XLF  TRKSM-FN.TXT  55:45     66.54%    -8.25%     8.06     81.07%
*** SMH /XLP  TRKSM-LP.TXT  55:45    100.75%    -5.83%    17.28     81.20%
*** IWM /DIA  TRKRU-DW.TXT  55:45     43.71%    -2.91%    15.03     81.33%
    IWM /SPY  TRKRU-SP.TXT  60:40     46.17%    -5.49%     8.40     76.48%
    IWM /QQQ  TRKRU-NQ.TXT  65:35     38.35%    -6.69%     5.73     74.17%
    IWM /SMH  TRKRU-SM.TXT  65:35     26.54%   -19.04%     1.39     69.42%
    XLF /SPY  TRKFN-SP.TXT  50:50     40.01%    -6.58%     6.08     77.16%
    XLF /DIA  TRKFN-DW.TXT  55:45     43.60%    -8.49%     5.13     75.54%
    XLF /IWM  TRKFN-RU.TXT  60:40     55.87%    -7.96%     7.01     71.70%
    XLF /GLD  TRKFN-AU.TXT  55:45     95.11%   -15.64%     6.08     74.00%
    XLE /SPY  TRKLE-SP.TXT  55:45     41.31%    -7.64%     5.40     80.36%
    XLE /DIA  TRKLE-DW.TXT  60:40     60.43%    -8.42%     7.17     79.95%
    XLE /IWM  TRKLE-RU.TXT  65:35     49.92%    -8.98%     5.56     72.63%
**  XLE /GLD  TRKLE-AU.TXT  65:35     86.82%    -8.26%    10.51     75.34%
*** QQQQ/DIA  TRKQQ-DW.TXT  55:45     38.34%    -2.84%    13.49     81.09%
**  QQQQ/DIA  TRKQQDW1.TXT  55:45     34.86%    -3.09%    11.27     75.85%
**  QQQQ/DIA  TRKQQDW2.TXT  55:45     72.35%    -5.78%    12.53     71.98%

===============
END OF REPORT 1
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

=======================================================================
FORECAST Report 2: Selected TRADING PAIRS (as of the Close on 07/23/10)
=======================================================================

The material in this Report has been extracted from the TRKPAIRS.TXT Report,
which itself works with 20 ETF pairs that have been pulled from the much larger
STKPAIRS.TXT Report.  Unlike our various Differential Signals, these Trading
Pairs are bought or shorted in accordance with our Voted signals (see the
ALLVOTES.TXT Report), and thus they may be both Long, both Short, or one may
be Long while the other is Short.

The Equity Ratio has been empirically determined to produce the best G/d
ratio for the pair of ETFs. All of the data shown is Back-Tested EXCEPT for
the Actual TotGain% field which shows the amount of gain or loss that would
have been achieved if the pair of ETFs, at the equity ratio shown, had been
traded in accordance with our published Voted Signals (see the TRKVOTEB.TXT
Report) since 9/4/08.


KEY:
====
NEW SIG          The Voted Signals (Class "B") for the equity pair for the
                   next trading day (see ALLVOTES.TXT Report):
                         +  ==> Go Long
                         -  ==> Go Short
                         $  ==> Stay in Cash
Best G/d         This value is the ratio of back-tested annualized gain
                   (Best AnnGain%) to back-tested maximum drawdown
                   (Best MaxDraw%). The largest G/d values correspond to an
                   'optimal' equity ratio.
Best AnnGain%     Back-tested (theoretical) annualized gain.
Best MaxDraw%     Back-tested (theoretical) maximum drawdown.
Actual TotGain%   The ACTUAL gain (based upon our published TimerTrac monitored
                    signals since 9/4/08.


Optimal Equity Ratios (Based on back-tested Gain/draw figures)
==============================================================
ETF1/ETF2   NEW    Equity   Best      Best       Best      Actual
portfolio   SIG    Ratio     G/d    AnnGain%   MaxDraw%   TotGain%
---------   ---    -----    -----   --------   --------   --------
DIA/IWM     +/+    45-55    31.87    209.82%     -6.58%     47.42%
DIA/QQQQ    +/+     5-95    37.75    259.17%     -6.87%    -14.96%
DIA/SMH     +/+    10-90    42.60    358.56%     -8.42%      7.28%
DIA/SPY     +/+    55-45    26.88    159.25%     -5.92%      4.66%
IWM/IWZ     +/+    40-60    30.65    206.23%     -6.73%    107.28%
IWM/IYY     +/+    25-75    30.05    195.00%     -6.49%     20.60%
IWM/QQQQ    +/+    15-85    39.91    266.41%     -6.68%     -5.82%
IWM/SMH     +/+    45-55    48.88    332.86%     -6.81%     36.30%
IWM/VTI     +/+    95- 5    25.26    260.96%    -10.33%     76.82%
QQQQ/IBB    +/+    80-20    43.57    255.05%     -5.85%      3.21%
QQQQ/IWV    +/+    90-10    41.32    250.29%     -6.06%     -6.28%
QQQQ/IWW    +/+    95- 5    37.55    257.28%     -6.85%    -12.88%
QQQQ/MDY    +/+    70-30    40.12    257.87%     -6.43%     -2.63%
IBB/IWZ     +/+    80-20    38.15    201.31%     -5.28%    126.29%
IBB/IYJ     +/+    75-25    39.04    218.19%     -5.59%    144.40%
IBB/IYW     +/+    55-45    49.62    235.06%     -4.74%     76.75%
IBB/MDY     +/+    80-20    38.66    215.00%     -5.56%    105.36%
IBB/VTI     +/+    80-20    38.84    203.70%     -5.24%    117.49%
IWW/IYW     +/+     5-95    31.64    256.37%     -8.10%     28.04%
IWV/SWH     +/+    70-30    25.45    156.40%     -6.14%    123.42%


===============
END OF REPORT 2
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

==============================================================
FORECAST Report 3: Voted Signals (as of the Close on 07/23/10)
==============================================================

*** Note: This is a summary report. Please consult the larger report
ALLVOTES.TXT for more complete information, including both Actual performance
data and additional back-tested data.


Section I. Special Signals
==========================

This first Section summarizes the official (Class "B") signals for some
major ETFs, and the 2x Long and Short (or 3x Long and Short) equivalent
ETFs are shown for reference purposes.  The "Raw" (or Class "A") signal
is shown for the sake of comparison, but the Class "B" signal is almost
always more accurate.


       Official   "Raw"
       Class "B" Class "A"  2x Long   2x Short
ETF     Signal    Signal      ETF       ETF
===    ========  ========  ========  ==========
QQQQ     BUY       BUY        QLD       QID
SPY      BUY       BUY        SSO       SDS
DIA      BUY       BUY        DDM       DXD
IWM      BUY       BUY        UWM       TWM
MDY      BUY       BUY        MVV       MZZ
SMH      BUY       BUY        USD       SSG
VTI      BUY       BUY        ---       ---
IYY      BUY       BUY        ---       ---
FAS      BUY       BUY        ---       FAZ (3x)
UYG      BUY       BUY        ---       SKF (2x)
ERX      BUY       BUY        ---       ERY (3x)
BGU      BUY       BUY        ---       BGZ (3x)
TNA      BUY       BUY        ---       TZA (3x)


Section II. All Voted Signals
=============================

This second Section lists all 140 Voted Signals in alphabetical order, giving
both the current ("official" = Class "B") signal and the previous signal. If
there has been a change in the signal, then the symbols "<<<<" are used to
highlight the signal change.

Actual Performance data (over #days):

#days -- This is the total number of days for which actual performance data
         is available (see the appropriate Tracking Report for complete
         information, e.g., TRKVOTEB.TXT).

Total Gain% -- The total (compounded) gain reflecting the actual performance
         of Long/Short/Cash trades over the period #days.

Annualized Gain% -- The equivalent annual gain% if the Total Gain% value is
         projected to a full trading year.


Back-tested data (over a 7 years period) is also shown to help suggest trades
that may be more profitable:

G/d -- This is the back-tested annualized Gain divided by the back-tested maximum
      drawdown observed for the equity. High G/d ratios are better than low ones,
      either because higher gains might be expected, or because the drawdowns
      will be lower.

Accuracy -- This is the back-tested trading accuracy for the equity, and there
      is no guarantee, of course, that future actual trading accuracies will
      be as high.


                               Actual Performance         Back-Tested Performance
                            ========================      =======================
         New         Prev    #     Total  Annualized      (8/16/02 -> present)
Equity  Signal      Signal  days   Gain%     Gain%          G/d       Accuracy    Company Name
======  ======      ======  ==== ======== ==========      ======      ========    ============
AA       BUY         BUY     305   14.98%     12.22%        5.37       81.65%     Alcoa Inc
AAPL     BUY         BUY     428   94.29%     47.85%        8.13       84.04%     Apple Inc
ADBE     BUY         BUY     428   63.96%     33.79%        7.85       83.10%     Adobe Systems Inc
ADP      BUY         BUY     305  -13.49%    -11.28%        8.87       79.62%     Automatic Data Processing Inc.
ADSK     BUY         BUY     399   80.86%     45.39%        7.62       83.41%     Autodesk Inc
AKAM     BUY         BUY     305   30.53%     24.63%        2.05       82.73%     Akamai Technologies Inc
ALTR     BUY         BUY     399    0.99%      0.62%        9.22       79.75%     Altera Corp
AMAT     BUY         BUY     399  -27.51%    -18.39%        6.55       84.01%     Applied Materials Inc
AMGN     SHORT <<<<  BUY     428   19.95%     11.31%        6.96       83.69%     Amgen Inc
AMZN     BUY         BUY     428   47.82%     25.87%        5.37       83.36%     Amazon.Com Inc
APOL     BUY         BUY     399    2.60%      1.64%        5.67       82.12%     Apollo Group Inc Cl A
ATVI     SHORT <<<<  BUY     428   51.82%     27.87%        5.58       83.69%     Activision Blizzard` Inc
AXP      BUY         BUY     428  161.21%     76.00%        6.35       83.25%     American Express Co
BA       BUY         BUY     428   36.88%     20.30%        9.80       82.38%     Boeing Co
BAC      BUY         BUY     428  -55.64%    -38.04%        2.82       78.99%     Bank Of America Corp
BBBY     BUY         BUY     399   35.91%     21.39%        5.47       83.12%     Bed Bath & Beyond Inc
BGU      BUY         BUY     305  -37.65%    -32.31%        6.05       83.68%     Direxion Large Cap Bull 3x Share
BIIB     BUY         BUY     399   17.99%     11.01%        4.66       83.48%     Biogen Idec Inc
BRCM     BUY         BUY     399  -35.35%    -24.08%        4.68       83.99%     Broadcom Corp Cl A
C        BUY         BUY     305  -35.52%    -30.41%        2.27       81.68%     Citigroup
CA       BUY         BUY     399  -29.73%    -19.98%        5.56       79.81%     CA Inc
CAT      BUY         BUY     428   34.13%     18.88%        6.57       83.56%     Caterpillar Inc
CELG     BUY         BUY     428   25.79%     14.46%        5.48       83.52%     Celgene Corp
CEPH     BUY         BUY     399  -10.51%     -6.77%        7.93       83.39%     Cephalon Inc
CERN     BUY         BUY     239   22.55%     23.92%        1.69       77.87%     Cerner Corp
CHKP     BUY         BUY     305   25.08%     20.31%        7.72       83.88%     Check Point Software Technologie
CHRW     BUY         BUY     399   28.15%     16.96%        6.34       83.25%     C.H. Robinson Worldwide
CMCSA    BUY         BUY     428   28.04%     15.66%        6.04       74.02%     Comcast Corp Cl A
COST     BUY         BUY     399  -26.09%    -17.38%       10.56       83.45%     Costco Wholesale Corp
CSCO     SHORT <<<<  BUY     428   24.38%     13.70%       10.63       84.07%     Cisco Systems Inc
CTAS     BUY         BUY     399   23.46%     14.24%        7.91       81.24%     Cintas Corp
CTSH     BUY         BUY     399   36.40%     21.66%        7.13       80.47%     Cognizant Tech Sol Cp A
CTXS     BUY         BUY     399   47.60%     27.88%        7.01       81.83%     Citrix Systems Inc
CVX      BUY         BUY     428    3.89%      2.27%        7.22       82.49%     Chevron Corp
DD       BUY         BUY     428   -2.91%     -1.73%       10.08       84.04%     E. I. du Pont de Nemours and Co
DELL     SHORT <<<<  BUY     399   30.46%     18.29%        6.42       76.89%     Dell Inc
DIA      BUY         BUY     475   15.69%      8.04%       16.34       86.46%     DIAMONDS Trust Series ETF
DIS      BUY         BUY     305   -6.40%     -5.32%        7.02       83.44%     The Walt Disney Company
DISH     BUY         BUY     239   -3.82%     -4.02%        7.79       83.26%     Dish Network Corp Cl A
DTV      BUY         BUY     428   63.56%     33.60%        6.51       81.54%     The DIRECTV Group` Inc.
EBAY     BUY         BUY     428   18.72%     10.63%        7.92       84.08%     Ebay Inc
ERTS     BUY         BUY     399  -37.28%    -25.52%        6.46       83.39%     Electronic Arts Inc
ERX      BUY         BUY     305  -41.99%    -36.23%        2.74       83.72%     Direxion Energy Bull 3x Shares
ESRX     $$$$  <<<<  BUY     428   27.16%     15.19%        5.92       82.68%     Express Scripts Inc
EXPD     BUY         BUY     399  -19.44%    -12.76%        6.16       81.70%     Expeditors International of Wash
FAS      BUY         BUY     305  -41.42%    -35.72%        2.63       84.46%     Direxion Financial Bull 3x Share
FAST     BUY         BUY     399   78.86%     44.37%        6.30       81.71%     Fastenal Company
FISV     BUY         BUY     399   29.81%     17.92%        9.12       83.97%     Fiserv Inc
FLEX     BUY         BUY     239   10.31%     10.90%        4.28       81.62%     Flextronics Internat Ltd
FLIR     BUY         BUY     399   25.94%     15.68%        6.71       83.52%     Flir Systems Inc
GE       BUY         BUY     305  -22.17%    -18.70%        8.20       84.24%     General Electric Co
GENZ     BUY         BUY     428  -10.73%     -6.47%        9.26       83.55%     Genzyme Corporation
GILD     BUY         BUY     428    3.03%      1.77%        5.53       83.02%     Gilead Sciences Inc
GRMN     BUY         BUY     399  155.80%     80.98%        5.06       84.02%     Garmin Ltd
HANS     BUY         BUY     239  -38.18%    -39.78%        3.41       83.12%     Hansen Natural Corp
HD       BUY         BUY     305  -26.81%    -22.73%        4.80       80.81%     Home Depot Inc
HOLX     $$$$  <<<<  BUY     239    9.35%      9.88%        6.58       82.66%     Hologic Inc
HPQ      BUY         BUY     428  -16.39%    -10.00%        5.84       83.06%     Hewlett-Packard Co
HSIC     SHORT <<<<  BUY     239   -7.96%     -8.37%        9.03       83.53%     Henry Schein Inc
IACI     SHORT <<<<  BUY     239    3.75%      3.96%        6.38       81.31%     IAC/Interactive Corp
IBB      BUY         BUY     475  124.00%     53.40%       12.54       83.86%     iShares Nasdaq Biotechnology Ind
IBM      BUY         BUY     428   35.84%     19.76%       11.09       83.64%     International Business Machines
ILMN     BUY         BUY     239   18.54%     19.64%        4.37       83.18%     Illumina Inc
INFY     BUY         BUY     239   25.54%     27.11%        6.19       80.26%     Infosys Technologies Limited ADS
INTC     BUY         BUY     428   19.90%     11.28%        4.81       82.09%     Intel Corp
INTU     BUY         BUY     399   18.23%     11.15%        7.41       84.22%     Intuit Inc
ISRG     BUY         BUY     399    5.39%      3.37%        5.58       81.82%     Intuitive Surgical Inc
IWM      BUY         BUY     475   75.57%     34.80%        8.32       85.98%     iShares Russell 2000 Index Fund
IWV      BUY         BUY     475  143.14%     60.22%       16.46       84.59%     iShares Russell 3000 Index Fund
IWW      BUY         BUY     475   77.09%     35.42%        9.06       85.62%     iShares Russell 3000 Value Index
IWZ      BUY         BUY     475  122.33%     52.79%       16.25       84.66%     iShares Russell 3000 Growth Inde
IXN      BUY         BUY     475  -37.57%    -22.12%       10.68       81.91%     iShares S&P Global Technology Se
IYJ      BUY         BUY     475  194.91%     77.49%       10.61       83.54%     iShares Dow Jones US Industrial
IYW      BUY         BUY     475   25.31%     12.71%       11.09       84.72%     iShares Dow Jones US Technology
IYY      BUY         BUY     475    5.01%      2.63%       14.90       89.08%     iShares Dow Jones US Total Marke
IYZ      BUY         BUY     475   52.73%     25.19%       10.04       81.71%     iShares Dow Jones US Telecommuni
JBHT     BUY         BUY     239   15.57%     16.48%        7.09       82.26%     JB Hunt Transport Services
JNJ      $$$$  <<<<  BUY     428   10.35%      5.97%       15.53       83.53%     Johnson & Johnson
JNPR     BUY         BUY     399    2.24%      1.41%        5.56       84.32%     Juniper Networks
JOYG     BUY         BUY     239    9.09%      9.61%        3.34       83.03%     Joy Global Inc
JPM      SHORT <<<<  BUY     428   -2.63%     -1.56%        5.78       82.83%     JPMorgan Chase and Co
KFT      BUY         BUY     428   11.90%      6.84%       10.43       84.04%     Kraft Foods Inc
KLAC     BUY         BUY     399  -19.12%    -12.54%        6.09       82.65%     Kla-Tencor Corp
KO       BUY         BUY     428    6.89%      4.00%       12.58       84.28%     Coca-Cola Co
LIFE     BUY         BUY     239   15.57%     16.48%        7.62       83.63%     Life Technologies Corporation
LLTC     BUY         BUY     399   -7.32%     -4.69%        8.64       82.68%     Linear Technology Corp
LOGI     BUY         BUY     239    9.19%      9.72%        2.48       84.19%     Logitech Intl Sa Ord
LRCX     BUY         BUY     305  -38.87%    -33.42%        4.77       83.45%     Lam Research Corp
MCD      SHORT <<<<  BUY     428    8.89%      5.14%        7.96       83.83%     McDonalds Corp
MCHP     BUY         BUY     239  -18.54%    -19.45%        5.67       82.90%     Microchip Technology Inc
MDY      BUY         BUY     475   34.25%     16.92%       12.36       84.69%     SPDRs S&P Midcap Trust Series ET
MICC     BUY         BUY     399   -9.24%     -5.94%        2.20       80.68%     Millicom Intl Cellular Sa
MMM      BUY         BUY     428   41.77%     22.82%       11.75       83.33%     3M Company
MRK      BUY         BUY     428   61.32%     32.52%        7.14       83.49%     Merck & Co
MRVL     SHORT <<<<  BUY     399  -50.61%    -35.95%        3.43       83.40%     Marvell Technology Group
MSFT     BUY         BUY     428   59.57%     31.67%        9.94       80.64%     Microsoft Corp
NTAP     BUY         BUY     399   30.01%     18.03%        6.02       82.07%     Netapp Inc
NVDA     BUY         BUY     399  -53.68%    -38.49%        3.05       81.61%     NVIDIA Corporation
NWSA     BUY         BUY     239   13.10%     13.86%        4.98       79.75%     News Corp Inc Cl A
ORCL     BUY         BUY     428   83.96%     43.17%        8.55       83.97%     Oracle Corporation
ORLY     BUY         BUY     239  -16.18%    -16.98%        5.39       82.72%     O'reilly Automotive Inc
PAYX     BUY         BUY     399   17.39%     10.66%        6.80       81.53%     Paychex Inc
PCAR     BUY         BUY     399  -22.90%    -15.15%        9.35       82.04%     Paccar Inc
PDCO     BUY         BUY     239  -26.24%    -27.45%        5.04       80.31%     Patterson Companies Inc
PFE      BUY         BUY     305    2.43%      2.01%        8.89       81.17%     Pfizer Inc
PG       BUY         BUY     428    7.13%      4.14%       13.46       83.73%     Procter & Gamble Co
PPDI     BUY         BUY     239   25.30%     26.84%        5.13       79.25%     Pharmaceutical Prod Dev
QCOM     BUY         BUY     428  115.25%     57.05%        8.14       83.31%     Qualcomm Inc
QQQQ     BUY         BUY     475  -16.49%     -9.12%       11.88       83.53%     PowerShares QQQTrust Ser 1
RF       BUY         BUY     305  -17.81%    -14.96%        1.12       75.43%     Regions Financial Corp
RIMM     SHORT <<<<  BUY     428   67.69%     35.58%        4.59       84.05%     Research In Motion Ltd
ROST     BUY         BUY     239   -0.58%     -0.61%        8.07       83.47%     Ross Stores Inc
RYAAY    SHORT <<<<  BUY     239   18.84%     19.96%        6.21       79.68%     Ryanair Hldgs Plc Adr
SBUX     $$$$  <<<<  BUY     399  -20.82%    -13.71%        8.22       83.86%     Starbucks Corporation
SIAL     BUY         BUY     399   22.37%     13.60%        8.24       83.64%     Sigma-Aldrich Corp
SMH      BUY         BUY     475    5.45%      2.85%        8.99       84.00%     HOLDRS Semiconductor ETF
SPLS     BUY         BUY     399   -4.20%     -2.67%        6.61       82.08%     Staples Inc
SPY      BUY         BUY     475   -9.04%     -4.90%        6.64       85.94%     SPDRs S&P 500 Trust Series ETF
SRCL     BUY         BUY     399   -1.49%     -0.95%        7.40       83.77%     Stericycle Inc
STLD     BUY         BUY                                    3.51       79.15%     Steel Dynamics Inc
SWH      BUY         BUY     475   73.17%     33.82%        8.62       82.54%     HOLDRS Software ETF
SYMC     BUY         BUY     428   62.25%     32.97%        4.36       82.71%     Symantec Corp
T        SHORT <<<<  BUY     305  -26.54%    -22.50%        9.35       82.35%     AT&T Inc
TEVA     SHORT <<<<  BUY     428   31.09%     17.28%        6.84       84.27%     Teva Pharm Ind
TNA      BUY         BUY     305  -25.53%    -21.61%        3.99       88.99%     Direxion Small Cap Bull 3x Share
URBN     BUY         BUY                                    5.02       80.03%     Urban Outfitters Inc
UTX      BUY         BUY     428   47.00%     25.46%       11.06       84.36%     United Technologies Corp
UYG      BUY         BUY     305  -41.01%    -35.35%        3.37       83.21%     ProShares Ultra Financials
VRSN     BUY         BUY     305    6.56%      5.39%        5.90       82.65%     Verisign Inc
VRTX     BUY         BUY     399   -5.25%     -3.35%        5.37       82.68%     Vertex Pharmaceuticals
VTI      BUY         BUY     475   82.11%     37.44%       11.03       85.68%     Vanguard Total Stock Mkt Etf
VZ       BUY         BUY     428   -9.57%     -5.75%        6.44       83.08%     Verizon Communications
WFC      BUY         BUY     305   29.98%     24.19%        4.62       76.73%     Wells Fargo & Company
WMT      SHORT <<<<  BUY     428   51.72%     27.82%        9.23       84.15%     Wal-Mart Stores Inc
XLE      BUY         BUY     475   87.42%     39.55%        6.55       82.04%     SPDRs Select Sector Energy ETF
XLF      SHORT <<<<  BUY     475  169.75%     69.29%        6.78       83.70%     SPDRs Select Sector Financial ET
XLK      BUY         BUY     475   14.11%      7.25%        8.35       83.46%     SPDRs Select Sector Technology E
XLNX     BUY         BUY     399    9.38%      5.83%        8.08       82.89%     Xilinx Inc
XOM      BUY         BUY     428  -30.96%    -19.60%       11.79       82.64%     Exxon Mobil Corporation
XRAY     BUY         BUY     399   23.08%     14.01%       10.07       81.77%     Dentsply Internat Inc
YHOO     BUY         BUY     399   10.50%      6.51%        5.75       83.94%     Yahoo! Inc

===============
END OF REPORT 3
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

========================================================================
FORECAST Report 4: New Signals of Interest (as of the Close on 07/23/10)
========================================================================

This Report consists of 6 subreports:

4.1   Possible Trades for Next Market Day

      This subreport lists all of our 'picks' for the next trading day,
      broken down into 7 categories based upon our Signal Type.

4.2   New Signal Type 1 PAIRS (Sorted by Portfolio G/d Value)

      This subreport takes all of the Signal Type 1 equities from subreport
      4.1 and groups them into Trading Pairs, sorted by the back-tested value
      for the G/d parameter (annualized Gain divided by maximum drawdown) that
      characterizes the Trading Pair.

4.3   Daily Results for Trades (Committed Based on QQQQ Signal)

      This subreport shows the actual gains and losses for the trades identified
      on the previous day's 4.1 subreport. This shows us how well our 'picks'
      actually performed TODAY.

4.4   Daily Results for Signal Type 1 PAIRS Trades

      This subreport shows the actual gains and losses for the Trading Pairs
      identified on the previous day's 4.2 subreport. This shows us how well
      our Trading Pair 'picks' actually performed TODAY.

4.5   Global Statistics for All Trades Grouped by Signal Types

      This subreport shows the actual gains and losses for our 'picks' since
      our tracking began on 7/17/09. Statistics are maintained separately
      for each Signal Type. In other words, this subreport is essentially a
      synopsis of all of the previous 4.3 subreports since the inception of
      tracking.

4.6   Global Statistics for All Pairs Trades Grouped by G/d Range

      This subreport shows the actual gains and losses for our Signal Type 1
      Trading Pairs since our tracking began on 7/17/09. All Trading Pairs
      are derived from our highly accurate Type 1 signals, and statistics
      are maintained for Long-only pairs (BUY/BUY), Short-only pairs (SHORT/
      SHORT), and Hedged pairs (BUY/SHORT or SHORT/BUY). For each category
      separate statistics are shown for key G/d ranges.


Subreport 4.1:
==============
The following lines have been extracted from the SELECTOR.HTM Report, and
they show Signals that may represent profitable trading opportunities for
the next market day.

This Report is based upon looking for agreement between our 3 fundamental
types of signals:

(1) VoteS = Voted Signals (see ALLVOTES.TXT): Our short-term signals
(2) GrailS = Grail System Signals: Our intermediate-term signals
(3) Preprocessor Signals (see NEWPICKS.TXT): Our longer-term signals

If the Preprocessor's acquistion date field is followed by a '+++', this means
that the Preprocessor has just bought (or Shorted) the equity.

You should closely examine all equities listed here, and you should Chart them
and look for corroborating technical patterns before making trades. The basic
idea behind this report is to try to identify possible trades that may have
the most profit potential, but this should be confirmed by Charting.

If the signal in the VoteS column is shown in parentheses, then there is no
Voted Signal for the equity, and instead the 'Consensus' signal is shown. The
Consensus Signal will be the Preprocessor's signal for new trades (marked by
'+++' following the acquisition date field), and it will be the Grail System
signal otherwise.

Key:
====
T    The TYPE of the "pick":

       1 --> Voted Signal is in agreement with the Grail System signal and
             the Preprocessor signal.
       2 --> Voted Signal is in agreement with the Grail System signal, but
             is NOT confirmed by the Preprocessor signal.
       3 --> Voted Signal is in agreement with the Preprocessor signal, but
             is NOT confirmed by the Grail System signal.
       4 --> Voted Signal is NOT confirmed by either the Grail System signal
             or the Preprocesor signal.
       5 --> Preprocessor "New Pick" that is confirmed by the Grail System
             signal.
       6 --> Preprocessor "New Pick" that is unconfirmed.
       7 --> Preprocessor Signal (BUY) that is confirmed by the Grail System.


G/d  The Ratio of the 'back-tested' annualized gain (G) to the 'back-tested'
     maximum drawdown (d). Prospective trades will larger G/d values 'should'
     be better trades. This is not a guarantee, however. If an equity doesn't
     like 'healthy' at the market Open, it would be better to pick an alternate
     that looks better, even if its back-tested G/d value is lower.

Long Qual  This is an experimental value, and it comes out of our Generalized
           Candlestick neural network. It is desirable to have a large positive
           number if we have a BUY, and a large negative number if we have a
           SHORT.



                   4.1  Possible Trades for Next Market Day
                   ========================================

Note: Our procedure is to only act on BUY signals if our QQQQ Voted Signal is
a BUY, and to SHORT only if the QQQQ signal had been a SHORT. We suggest that
no trading be done if the QQQQ signal is Cash ($$$$).

The candidate trades are grouped by their Signal Type (1, 2, 3, ... 7), and
within each Signal Type grouping, stocks are ordered by increasing G/d value,
thus suggesting the best theoretical ranking. Remember, however, that what is
more important is how the equity 'looks' at the Open; don't blindly trade based
strictly on the G/d value.

*** NOTE 1: The "VoteS" column thus contains the official signal. If the value
is NOT in parentheses then it is the actual Voted Signal -- and we NEVER go
against this signal. If the value is in parentheses, e.g., (BUY), then there
is no Voted Signal available; instead, this is the Consensus signal between
the Grail System models and the Preprocessor. So, in all cases, the VoteS
column defines the direction of the trade.

*** NOTE 2: We gather trading statistics assuming that Protective Stops are
used to prevent unnecessary losses. The Stop values used are:

Long  -3.00%  (We sell the equity if it drops below the Open price by more than
               this value)
Short +3.00%  (We cover the Short if the price rises above the Open price by
               more than this value)

*** NOTE 3: Within Signal Types 1-4, if the Preprocessor signal has the '+++'
(New Trade) flag, then that equity might be a better trade than those that
have not just been picked up by the Preprocessor.


                                                             Long
T Eqty G/d  VoteS   GrailS       Preprocessor Signal         Qual  Company Name
= ==== ==== =====   ======   ==============================  ===== ================================
1 VRTX 58.8 BUY      BUY     (BUY      061110       -5.95%)   2.09 Vertex Pharmaceuticals
1 AAPL 51.2 BUY      BUY     (BUY      061410        1.70%)  -0.05 Apple Inc
1 EBAY 42.2 BUY      BUY     (BUY      070810        5.87%)  -0.46 Ebay Inc
1 SMH  41.6 BUY      BUY     (BUY      061110        3.80%)   0.19 HOLDRS Semiconductor ETF
1 BRCM 40.2 BUY      BUY     (BUY      062810       10.57%)  -1.18 Broadcom Corp Cl A
1 NVDA 38.4 BUY      BUY     (BUY      070710       -3.00%)   5.96 NVIDIA Corporation
1 QQQQ 37.8 BUY      BUY     (BUY      071210        2.06%)   0.15 PowerShares QQQTrust Ser 1
1 ORCL 37.4 BUY      BUY     (BUY      060810       12.39%)  -0.01 Oracle Corporation
1 IYW  32.8 BUY      BUY     (BUY      060210        0.50%)   4.71 iShares Dow Jones US Technology
1 IBB  31.0 BUY      BUY     (BUY      061410       -2.79%)   2.23 iShares Nasdaq Biotechnology Ind
1 MDY  30.9 BUY      BUY     (BUY      060210       -0.29%)   0.11 SPDRs S&P Midcap Trust Series ET
1 XLNX 29.9 BUY      BUY     (BUY      063010       15.64%)   2.30 Xilinx Inc
1 CELG 29.5 BUY      BUY     (BUY      071310        1.23%)  -0.01 Celgene Corp
1 IYY  28.9 BUY      BUY     (BUY      070810        3.01%)   4.97 iShares Dow Jones US Total Marke
1 GENZ 28.8 BUY      BUY     (BUY      071910       22.23%)   3.63 Genzyme Corporation
1 CHKP 27.8 BUY      BUY     (BUY      060910       12.79%)   1.22 Check Point Software Technologie
1 UTX  26.1 BUY      BUY     (BUY      060210        4.56%)  -0.53 United Technologies Corp
1 DIA  26.0 BUY      BUY     (BUY      061110        1.20%)   0.31 DIAMONDS Trust Series ETF
1 UYG  25.4 BUY      BUY     (BUY      070910        0.58%)   2.31 ProShares Ultra Financials
1 IWM  25.4 BUY      BUY     (BUY      061410       -1.44%)  -0.01 iShares Russell 2000 Index Fund
1 QCOM 25.2 BUY      BUY     (BUY      051710        5.56%)  -2.19 Qualcomm Inc
1 LLTC 24.1 BUY      BUY     (BUY      061110       15.35%)   1.46 Linear Technology Corp
1 HPQ  23.8 BUY      BUY     (BUY      061010       -0.28%)   0.38 Hewlett-Packard Co
1 XLK  23.0 BUY      BUY     (BUY      061010        3.79%)   0.17 SPDRs Select Sector Technology E
1 AXP  22.3 BUY      BUY     (BUY      061010       13.42%)  -1.09 American Express Co
1 DISH 22.2 BUY      BUY     (BUY      070810        5.15%)  -1.33 Dish Network Corp Cl A
1 IWV  22.2 BUY      BUY     (BUY      060210       -0.53%)   4.30 iShares Russell 3000 Index Fund
1 JBHT 20.8 BUY      BUY     (BUY      060210        3.62%)  -0.06 JB Hunt Transport Services
1 AA   19.9 BUY      BUY     (BUY      052710       -6.28%)   2.21 Alcoa Inc
1 CA   19.4 BUY      BUY     (BUY      052710       -3.63%)   0.62 CA Inc
1 INTC 19.2 BUY      BUY     (BUY      061110        3.53%)   0.06 Intel Corp
1 INFY 19.1 BUY      BUY     (BUY      072210        1.06%)   0.08 Infosys Technologies Limited ADS
1 IYZ  19.0 BUY      BUY     (BUY      060910        4.46%)   2.00 iShares Dow Jones US Telecommuni
1 LIFE 18.2 BUY      BUY     (BUY      062510       -7.15%)  -3.17 Life Technologies Corporation
1 BBBY 16.7 BUY      BUY     (BUY      070710        4.79%)  -0.98 Bed Bath & Beyond Inc
1 GE   16.1 BUY      BUY     (BUY      061610       -0.95%)  -3.88 General Electric Co
1 SPLS 14.6 BUY      BUY     (BUY      070110        4.00%)   0.54 Staples Inc
1 BA   14.2 BUY      BUY     (BUY      060210        4.99%)  -0.07 Boeing Co
1 SYMC 14.2 BUY      BUY     (BUY      060810        7.73%)   0.27 Symantec Corp
1 PAYX 13.9 BUY      BUY     (BUY      060210       -7.72%)  -0.12 Paychex Inc
1 HD   13.6 BUY      BUY     (BUY      071310       -0.88%)   0.48 Home Depot Inc
1 DIS  13.1 BUY      BUY     (BUY      061010        1.28%)   0.16 The Walt Disney Company
1 SPY  13.0 BUY      BUY     (BUY      061110       -0.16%)   0.19 SPDRs S&P 500 Trust Series ETF
1 INTU 12.6 BUY      BUY     (BUY      062510        6.47%)  -1.58 Intuit Inc
1 ERTS 11.6 BUY      BUY     (BUY      052710       -4.51%)   1.07 Electronic Arts Inc
1 ORLY 11.6 BUY      BUY     (BUY      062510       -0.22%)  -0.80 O'reilly Automotive Inc
1 IWW  11.6 BUY      BUY     (BUY      062510        1.05%)   2.98 iShares Russell 3000 Value Index
1 XLE  11.4 BUY      BUY     (BUY      070710        2.61%)   0.09 SPDRs Select Sector Energy ETF
1 PPDI 10.0 BUY      BUY     (BUY      060910        7.97%)   0.28 Pharmaceutical Prod Dev
1 CERN  3.5 BUY      BUY     (BUY      061010       -3.62%)  -0.96 Cerner Corp

2 NTAP 41.8 BUY      BUY     (short?                      )  -0.40 Netapp Inc
2 AMZN 40.9 BUY      BUY     (short?                      )   0.29 Amazon.Com Inc
2 ILMN 40.1 BUY      BUY     (short?                      )  -0.43 Illumina Inc
2 VRSN 39.4 BUY      BUY     (short?                      )  -0.02 Verisign Inc
2 GRMN 36.1 BUY      BUY     (short?                      )   3.10 Garmin Ltd
2 LRCX 36.0 BUY      BUY     (short?                      )  -0.30 Lam Research Corp
2 JNPR 35.8 BUY      BUY     (short?                      )   1.40 Juniper Networks
2 AMAT 33.4 BUY      BUY     (short?                      )  -0.26 Applied Materials Inc
2 CTSH 33.0 BUY      BUY     (short?                      )  -0.85 Cognizant Tech Sol Cp A
2 AKAM 32.6 BUY      BUY     (short?                      )  -0.42 Akamai Technologies Inc
2 ISRG 32.0 BUY      BUY     (short?                      )  -3.86 Intuitive Surgical Inc
2 IYJ  30.9 BUY      BUY     (short?                      )   1.34 iShares Dow Jones US Industrial
2 HANS 30.6 BUY      BUY     (short?                      )   5.59 Hansen Natural Corp
2 ALTR 29.4 BUY      BUY     (short?                      )  -0.50 Altera Corp
2 JOYG 29.1 BUY      BUY     (short?                      )  -0.20 Joy Global Inc
2 FISV 28.5 BUY      BUY     (short?                      )  -0.63 Fiserv Inc
2 IWZ  28.1 BUY      BUY     (short?                      )   3.16 iShares Russell 3000 Growth Inde
2 IXN  27.7 BUY      BUY     (short?                      )   1.81 iShares S&P Global Technology Se
2 CTXS 27.0 BUY      BUY     (short?                      )  -1.02 Citrix Systems Inc
2 ADSK 26.9 BUY      BUY     (short?                      )   1.31 Autodesk Inc
2 APOL 26.7 BUY      BUY     (short?                      )   6.12 Apollo Group Inc Cl A
2 MICC 26.5 BUY      BUY     (short?                      )   5.79 Millicom Intl Cellular Sa
2 CAT  26.0 BUY      BUY     (short?                      )  -3.76 Caterpillar Inc
2 COST 25.8 BUY      BUY     (short?                      )   0.24 Costco Wholesale Corp
2 FLIR 25.4 BUY      BUY     (short?                      )   0.19 Flir Systems Inc
2 DD   25.3 BUY      BUY     (short?                      )  -0.52 E. I. du Pont de Nemours and Co
2 CTAS 22.8 BUY      BUY     (short?                      )   0.24 Cintas Corp
2 VTI  22.7 BUY      BUY     (short?                      )   0.10 Vanguard Total Stock Mkt Etf
2 SWH  22.3 BUY      BUY     (short?                      )   1.65 HOLDRS Software ETF
2 KLAC 22.0 BUY      BUY     (short?                      )   0.30 Kla-Tencor Corp
2 ROST 21.3 BUY      BUY     (short?                      )  -0.23 Ross Stores Inc
2 ADBE 21.2 BUY      BUY     (short?                      )   1.73 Adobe Systems Inc
2 GILD 20.6 BUY      BUY     (short?                      )   0.48 Gilead Sciences Inc
2 EXPD 20.0 BUY      BUY     (short?                      )   0.76 Expeditors International of Wash
2 MCHP 19.9 BUY      BUY     (short?                      )  -0.05 Microchip Technology Inc
2 FAST 19.7 BUY      BUY     (short?                      )   0.17 Fastenal Company
2 XOM  19.3 BUY      BUY     (short?                      )   0.19 Exxon Mobil Corporation
2 C    19.0 BUY      BUY     (short?                      )   0.52 Citigroup
2 PCAR 18.2 BUY      BUY     (short?                      )   0.80 Paccar Inc
2 FLEX 18.1 BUY      BUY     (short?                      )  -3.88 Flextronics Internat Ltd
2 CMCSA17.5 BUY      BUY     (short?                      )   1.99 Comcast Corp Cl A
2 MMM  17.4 BUY      BUY     (short?                      )   0.03 3M Company
2 WFC  17.2 BUY      BUY     (short?                      )   1.02 Wells Fargo & Company
2 KO   15.9 BUY      BUY     (short?                      )  -0.02 Coca-Cola Co
2 XRAY 15.2 BUY      BUY     (short?                      )   0.46 Dentsply Internat Inc
2 BAC  14.8 BUY      BUY     (short?                      )   0.16 Bank Of America Corp
2 SRCL 14.2 BUY      BUY     (short?                      )  -1.17 Stericycle Inc
2 CVX  14.1 BUY      BUY     (short?                      )   0.36 Chevron Corp
2 KFT  14.0 BUY      BUY     (short?                      )   0.24 Kraft Foods Inc
2 DTV  13.1 BUY      BUY     (short?                      )  -0.40 The DIRECTV Group` Inc.
2 CHRW 12.2 BUY      BUY     (short?                      )   2.08 C.H. Robinson Worldwide
2 MSFT 11.4 BUY      BUY     (short?                      )   0.13 Microsoft Corp
2 NWSA  NaN BUY      BUY     (short?                      )  -0.44 News Corp Inc Cl A
2 PG   13.1 BUY      BUY     (short?                      )   0.17 Procter & Gamble Co
2 PFE  12.6 BUY      BUY     (short?                      )  -0.04 Pfizer Inc
2 SIAL 11.6 BUY      BUY     (short?                      )   4.16 Sigma-Aldrich Corp
2 IBM  11.6 BUY      BUY     (short?                      )  -3.49 International Business Machines
2 VZ   10.2 BUY      BUY     (short?                      )   1.00 Verizon Communications
2 ADP   9.9 BUY      BUY     (short?                      )   0.21 Automatic Data Processing Inc.
2 LOGI  8.1 BUY      BUY     (short?                      )   0.01 Logitech Intl Sa Ord
2 PDCO  4.9 BUY      BUY     (short?                      )   0.42 Patterson Companies Inc
2 RF    4.5 BUY      BUY     (short?                      )   1.93 Regions Financial Corp
2 ERX   3.4 BUY      BUY     (short?                      )   0.55 Direxion Energy Bull 3x Shares
2 FAS   3.2 BUY      BUY     (short?                      )  -3.91 Direxion Financial Bull 3x Share
2 BGU   1.6 BUY      BUY     (short?                      )   4.78 Direxion Large Cap Bull 3x Share
2 TNA   1.2 BUY      BUY     (short?                      )  -2.95 Direxion Small Cap Bull 3x Share

3 IACI 27.4 SHORT    BUY     (short?                      )   0.33 IAC/Interactive Corp
3 RYAAY26.9 SHORT    BUY     (short?                      )   0.12 Ryanair Hldgs Plc Adr
3 CSCO 24.8 SHORT    BUY     (short?                      )   0.12 Cisco Systems Inc
3 T    18.0 SHORT    BUY     (short?                      )   0.44 AT&T Inc
3 XLF  17.8 SHORT    BUY     (short?                      )   0.05 SPDRs Select Sector Financial ET
3 WMT  14.8 SHORT    BUY     (short?                      )  -0.01 Wal-Mart Stores Inc

4 YHOO 41.3 BUY      SHORT   (short?                      )   1.67 Yahoo! Inc
4 DELL 26.2 SHORT    BUY     (BUY      061110        1.58%)   0.01 Dell Inc
4 JPM  17.7 SHORT    BUY     (BUY      060210       -0.05%)  -0.15 JPMorgan Chase and Co
4 MRK  17.1 BUY      SHORT   (short?                      )   0.34 Merck & Co

5 URI  47.4 (BUY)    BUY     (BUY      072310+++     0.00%)  -2.15 United Rentals Inc
5 INFA 30.7 (BUY)    BUY     (BUY      072310+++     0.00%)   1.41 Informatica Corporation
5 AFFX 25.5 (BUY)    BUY     (BUY      072310+++     0.00%)  -0.76 Affymetrix Inc
5 THOR 22.6 (BUY)    BUY     (BUY      072310+++     0.00%)  -0.02 Thoratec Corporation
5 HAS  14.0 (BUY)    BUY     (BUY      072310+++     0.00%)  -0.57 Hasbro Inc
5 RKH  12.6 (BUY)    BUY     (BUY      072310+++     0.00%)  -0.23 HOLDRS Regional Bank ETF

6 AEM       (BUY)            (BUY      072310+++     0.00%)   0.58 Agnico-Eagle Mines Ltd
6 CMLS      (BUY)            (BUY      072310+++     0.00%)  -3.97 Cumulus Media Inc
6 CPWM      (BUY)            (BUY      072310+++     0.00%)  -3.90 Cost Plus Inc California
6 HL        (BUY)            (BUY      072310+++     0.00%)   4.06 Hecla Mining Co
6 MGAM      (BUY)            (BUY      072310+++     0.00%)   3.67 Multimedia Games Inc
6 SRDX      (BUY)            (BUY      072310+++     0.00%)  -1.27 Surmodics Inc

7 IWP  86.9 (BUY)    BUY     (BUY      061110       -0.61%)   1.64 iShares Russell MidCap Growth In
7 JDSU 79.9 (BUY)    BUY     (BUY      070710        8.42%)  -3.79 JDS Uniphase Corp
7 IWO  78.3 (BUY)    BUY     (BUY      061010        3.48%)   3.28 iShares Russell 2000 Growth Inde
7 IGN  78.2 (BUY)    BUY     (BUY      061710        3.48%)   2.08 iShares S&P GSTI Networking Inde
7 VECO 74.8 (BUY)    BUY     (BUY      070110       22.12%)  -3.39 Veeco Instruments Inc
7 IJS  68.1 (BUY)    BUY     (BUY      061010        2.42%)   2.13 iShares S&P SmallCap 600/Barra V
7 BBY  67.3 (BUY)    BUY     (BUY      072210        2.23%)   3.28 Best Buy Co Inc
7 TMW  66.5 (BUY)    BUY     (BUY      071310        0.74%)   3.35 SPDR DJ Wilshire Tot Market
7 SNDK 63.0 (BUY)    BUY     (BUY      070710       -6.79%)   0.37 Sandisk Corp
7 MTK  59.7 (BUY)    BUY     (BUY      070210        7.94%)   5.11 SPDR Morgan Stanley Technology E
7 HOT  58.2 (BUY)    BUY     (BUY      070710        9.71%)  -3.96 Starwood Hotels & Resorts Worldw
7 COH  57.6 (BUY)    BUY     (BUY      071310        1.25%)   2.41 Coach Inc
7 IJK  56.7 (BUY)    BUY     (BUY      052710       -0.43%)   1.82 iShares S&P MidCap 400/Barra Gro
7 ANSS 56.6 (BUY)    BUY     (BUY      112309       11.07%)  -2.93 Ansys Inc
7 AMD  56.4 (BUY)    BUY     (BUY      071210        3.03%)   4.05 Advanced Micro Devices
7 EWW  55.9 (BUY)    BUY     (BUY      070610        5.75%)   2.56 iShares MSCI Mexico Index Fund E
7 PNRA 54.8 (BUY)    BUY     (BUY      060810       -5.64%)  -0.59 Panera Bread Co Cl A
7 DRIV 53.2 (BUY)    BUY     (BUY      052110        4.64%)  -3.78 Digital River Inc
7 DSG  52.9 (BUY)    BUY     (BUY      060210       -1.24%)   1.76 SPDR DJ Wilshire Small Cap Growt
7 COL  52.7 (BUY)    BUY     (BUY      060210       -3.55%)  -0.13 Rockwell Collins Inc
7 BMC  52.5 (BUY)    BUY     (BUY      070910        5.12%)  -3.17 Bmc Software Inc
7 EWZ  51.1 (BUY)    BUY     (BUY      060810        9.54%)  -0.22 iShares MSCI Brazil Index Fund E
7 ADI  51.0 (BUY)    BUY     (BUY      071210        3.94%)  -0.10 Analog Devices Inc
7 PBR  50.3 (BUY)    BUY     (BUY      062510        0.19%)   0.31 Petroleo Brasileiro S.A. Petrobr
7 CCK  49.9 (BUY)    BUY     (BUY      070610       14.02%)  -3.13 Crown Holdings Inc
7 EWD  48.8 (BUY)    BUY     (BUY      052710       13.80%)   2.92 iShares MSCI Sweden Index Fund E
7 TUES 48.3 (BUY)    BUY     (BUY      070810        2.84%)   1.55 Tuesday Morning Corp
7 RHI  48.1 (BUY)    BUY     (BUY      071910        9.74%)   1.86 Robert Half Internat
7 XLB  47.2 (BUY)    BUY     (BUY      061010        6.77%)  -0.70 SPDRs Select Sector Materials ET
7 X    46.6 (BUY)    BUY     (BUY      070710       19.24%)  -3.86 US Steel Corp
7 ERJ  46.2 (BUY)    BUY     (BUY      052710        9.17%)  -3.35 Embraer-Empresa Brasileira de Ae
7 EWG  45.6 (BUY)    BUY     (BUY      061410        3.77%)   1.22 iShares MSCI Germany Index Fund
7 PCLN 45.1 (BUY)    BUY     (BUY      061010       27.77%)  -2.22 Priceline.com Inc
7 LEN  44.1 (BUY)    BUY     (BUY      061110       -5.80%)   4.82 Lennar Corp Cl A
7 HHH  44.0 (BUY)    BUY     (BUY      052110       -1.58%)   0.35 HOLDRS Internet ETF
7 CRA  43.8 (BUY)    BUY     (BUY      070210        3.94%)  -3.33 Celera Corporation
7 PETM 43.6 (BUY)    BUY     (BUY      070710        2.96%)  -0.32 Petsmart Inc
7 INCY 43.5 (BUY)    BUY     (BUY      070210       15.22%)   1.77 Incyte Corp
7 EWN  42.9 (BUY)    BUY     (BUY      052710        8.70%)   0.07 iShares MSCI Netherlands Index F
7 FLS  42.8 (BUY)    BUY     (BUY      071910        8.74%)  -0.65 Flowserve Corp
7 AMKR 42.3 (BUY)    BUY     (BUY      070710        6.50%)  -1.22 Amkor Technology Inc
7 QSFT 42.3 (BUY)    BUY     (BUY      070810        4.12%)  -0.31 Quest Software Inc
7 JOSB 42.2 (BUY)    BUY     (BUY      052410        7.25%)   0.09 Jos A Bank Clothiers
7 MANH 41.4 (BUY)    BUY     (BUY      050510       -1.22%)  -3.94 Manhattan Associates Inc
7 BHE  41.3 (BUY)    BUY     (BUY      071310        4.02%)   0.60 Benchmark Electronics
7 MOGA 41.3 (BUY)    BUY     (BUY      062310        9.42%)  -2.35 Moog Inc
7 SNPS 40.9 (BUY)    BUY     (BUY      011310       -0.05%)   0.16 Synopsys Inc
7 ATMI 40.5 (BUY)    BUY     (BUY      052710       -3.98%)   1.28 Atmi Inc
7 IJH  40.5 (BUY)    BUY     (BUY      052610        0.28%)   4.05 iShares S&P MidCap 400 Index Fun
7 RSH  40.4 (BUY)    BUY     (BUY      051210       -1.80%)  -3.96 Radioshack Corp
7 BDC  40.1 (BUY)    BUY     (BUY      070910        3.26%)   5.44 Belden` Inc.
7 MOLX 40.0 (BUY)    BUY     (BUY      061410       -1.92%)  -0.65 Molex Inc
7 JCOM 39.9 (BUY)    BUY     (BUY      060210        1.72%)   4.42 J2 Global Communications
7 PWR  39.9 (BUY)    BUY     (BUY      060210        6.53%)  -0.40 Quanta Services Inc
7 CSGP 39.7 (BUY)    BUY     (BUY      070810       13.12%)  -3.89 Costar Group Inc
7 NICE 39.2 (BUY)    BUY     (BUY      070810        2.51%)   0.70 Nice-Systems Ltd Adr
7 NUAN 39.2 (BUY)    BUY     (BUY      071210        6.40%)  -2.48 Nuance Communications Inc
7 CTV  38.6 (BUY)    BUY     (BUY      071310        4.76%)   2.08 Commscope Inc
7 CHL  38.0 (BUY)    BUY     (BUY      110409        6.61%)   0.19 China Mobile Limited ADS
7 EWA  37.9 (BUY)    BUY     (BUY      061110        1.00%)   5.21 iShares MSCI Australia Index Fun
7 OII  37.8 (BUY)    BUY     (BUY      062510        3.55%)  -0.02 Oceaneering Internat
7 BZH  37.6 (BUY)    BUY     (BUY      070910       12.85%)  -2.90 Beazer Homes Usa
7 AMR  37.4 (BUY)    BUY     (BUY      063010        1.92%)   2.38 AMR Corporation
7 RCL  36.8 (BUY)    BUY     (BUY      071310       13.52%)   2.20 Royal Caribbean Cruises
7 AEO  36.2 (BUY)    BUY     (BUY      061010       -2.35%)   5.68 American Eagle Outfitter
7 STLD 36.1 (BUY)    BUY     (BUY      052710       -0.34%)  -1.53 Steel Dynamics Inc
7 IYG  36.0 (BUY)    BUY     (BUY      061610       -2.75%)   5.55 iShares Dow Jones US Financial S
7 BBOX 35.9 (BUY)    BUY     (BUY      070810        9.12%)   0.32 Black Box Corp
7 CWTR 35.9 (BUY)    BUY     (BUY      071310        0.26%)  -0.77 Coldwater Creek Inc
7 IOO  35.9 (BUY)    BUY     (BUY      070210        7.77%)   0.83 iShares S&P Global 100 Index Fun
7 EMC  35.5 (BUY)    BUY     (BUY      060810       11.78%)  -0.45 Emc Corp
7 EWL  35.4 (BUY)    BUY     (BUY      060210        5.27%)   3.24 iShares MSCI Switzerland Index F
7 ATW  35.2 (BUY)    BUY     (BUY      062510        6.05%)  -0.62 Atwood Oceanics Inc
7 TKR  35.2 (BUY)    BUY     (BUY      060210        5.40%)  -2.78 Timken Co
7 ICF  35.0 (BUY)    BUY     (BUY      060910        3.65%)   3.96 iShares Cohen & Steers Realty Ma
7 ARRS 34.6 (BUY)    BUY     (BUY      060310        9.07%)  -3.88 Arris Group Inc
7 SHAW 34.5 (BUY)    BUY     (BUY      051210      -11.27%)  -0.37 Shaw Group Inc (The)
7 ING  34.3 (BUY)    BUY     (BUY      060210       12.28%)  -2.63 ING Group N.V.
7 ZQK  34.3 (BUY)    BUY     (BUY      070710       12.91%)  -3.80 Quiksilver Inc
7 MFE  34.2 (BUY)    BUY     (BUY      062810        2.51%)   1.35 McAfee Inc
7 NATI 34.2 (BUY)    BUY     (BUY      071910        4.58%)  -0.25 National Instruments Cp
7 FICO 34.1 (BUY)    BUY     (BUY      072210        4.62%)   1.19 Fair Isaac Inc
7 AEG  33.8 (BUY)    BUY     (BUY      070710        1.38%)   1.43 AEGON N.V.
7 CYMI 33.7 (BUY)    BUY     (BUY      070110       13.25%)   1.74 Cymer Inc
7 IJJ  33.7 (BUY)    BUY     (BUY      061010        1.83%)   1.53 iShares S&P MidCap 400/Barra Val
7 NKTR 33.3 (BUY)    BUY     (BUY      062310        4.49%)  -3.97 Nektar Therapeutics
7 IYM  33.2 (BUY)    BUY     (BUY      061110        1.73%)   1.34 iShares Dow Jones US Basic Mater
7 DSV  33.1 (BUY)    BUY     (BUY      052710       -2.90%)   4.86 SPDR DJ Wilshire Small Cap Value
7 ZRAN 33.0 (BUY)    BUY     (BUY      070710        5.96%)   2.22 Zoran Corp
7 MDR  32.4 (BUY)    BUY     (BUY      070210       10.45%)  -2.70 Mcdermott Internat Inc
7 ERIC 32.1 (BUY)    BUY     (BUY      052710       11.35%)  -0.01 LM Ericsson Telephone Company
7 AYE  32.0 (BUY)    BUY     (BUY      062410       10.43%)  -0.83 Allegheny Energy Inc
7 AVT  31.8 (BUY)    BUY     (BUY      061110       -4.94%)  -0.49 Avnet Inc
7 LPX  31.8 (BUY)    BUY     (BUY      070710       14.18%)  -3.95 Louisiana-Pacific Corp
7 IDCC 31.7 (BUY)    BUY     (BUY      051710        0.74%)   3.51 Interdigital Commun Cp
7 IEV  31.4 (BUY)    BUY     (BUY      062310        6.87%)   1.96 iShares S&P Europe 350 Index Fun
7 ELG  31.3 (BUY)    BUY     (BUY      060810        3.36%)   0.89 SPDR DJ Wilshire Large Cap Growt
7 IWS  31.3 (BUY)    BUY     (BUY      061110       -1.02%)   5.25 iShares Russell MidCap Value Ind
7 PKX  31.2 (BUY)    BUY     (BUY      061410       13.69%)  -0.39 POSCO ADS
7 HSC  31.1 (BUY)    BUY     (BUY      061410        1.67%)  -2.85 Harsco Corp
7 CPRT 30.7 (BUY)    BUY     (BUY      062510        0.69%)  -0.06 Copart Inc
7 EWT  30.6 (BUY)    BUY     (BUY      051310        1.48%)   5.59 iShares MSCI Taiwan Index Fund E
7 PCP  30.6 (BUY)    BUY     (BUY      070710        9.13%)  -2.19 Precision Castparts Corp
7 SEE  30.5 (BUY)    BUY     (BUY      032610        6.38%)   2.30 Sealed Air Corp
7 MEE  30.4 (BUY)    BUY     (BUY      070610       14.13%)   2.29 Massey Energy Company
7 AVX  30.3 (BUY)    BUY     (BUY      052710       -2.57%)  -3.64 Avx Corp
7 TER  30.3 (BUY)    BUY     (BUY      070610        6.84%)  -0.04 Teradyne Inc
7 MKSI 30.1 (BUY)    BUY     (BUY      070710        8.23%)  -3.38 Mks Instruments Inc
7 CHK  30.0 (BUY)    BUY     (BUY      070710        0.69%)   0.13 Chesapeake Energy Corp
7 ELX  29.9 (BUY)    BUY     (BUY      070710       -2.99%)   2.20 Emulex Corp
7 CSC  29.8 (BUY)    BUY     (BUY      070710        3.02%)   0.03 Computer Sciences Corp
7 HAL  29.8 (BUY)    BUY     (BUY      063010       21.20%)  -0.32 Halliburton Co
7 NCR  29.8 (BUY)    BUY     (BUY      062310        9.98%)  -3.99 Ncr Corp
7 SIVB 29.7 (BUY)    BUY     (BUY      061010        6.94%)  -0.05 SVB Financial Group
7 TBI  29.4 (BUY)    BUY     (BUY      062310       12.35%)  -3.61 TrueBlue` Inc.
7 ROP  29.1 (BUY)    BUY     (BUY      062310        5.33%)   1.08 Roper Industries Inc
7 CY   29.0 (BUY)    BUY     (BUY      062510        4.29%)   2.35 Cypress Semiconductor Cp
7 ACGY 28.6 (BUY)    BUY     (BUY      063010        3.37%)   0.53 Acergy S.A. Ads
7 NVLS 28.5 (BUY)    BUY     (BUY      070710        4.89%)  -0.73 Novellus Systems Inc
7 WPPGY28.1 (BUY)    BUY     (BUY      052710       10.11%)   0.28 WPP Group plc
7 PBY  28.0 (BUY)    BUY     (BUY      062310        6.07%)   2.25 Pep Boys Manny Moe&Jack
7 ELV  27.9 (BUY)    BUY     (BUY      061010        0.93%)   1.02 SPDR DJ Wilshire Large Cap Value
7 CIEN 27.8 (BUY)    BUY     (BUY      070710        1.28%)  -3.78 Ciena Corporation
7 SPW  27.8 (BUY)    BUY     (BUY      060210       -1.72%)  -0.09 Spx Corp
7 VSAT 27.7 (BUY)    BUY     (BUY      072110        1.66%)  -1.02 Viasat Inc
7 ETH  27.5 (BUY)    BUY     (BUY      071310       11.31%)   1.01 Ethan Allen Interiors
7 PLXS 27.0 (BUY)    BUY     (BUY      070610       13.28%)  -0.17 Plexus Corp
7 ACF  26.9 (BUY)    BUY     (BUY      060210       13.36%)  -1.09 Americredit Corp
7 IYC  26.7 (BUY)    BUY     (BUY      060210       -4.51%)   0.40 iShares Dow Jones US Consumer Se
7 RECN 26.7 (BUY)    BUY     (BUY      071510       -6.28%)   1.44 Rscs Connection
7 FMC  26.4 (BUY)    BUY     (BUY      052610        0.02%)  -0.21 Fmc Corp
7 ADTN 26.1 (BUY)    BUY     (BUY      052110       26.58%)  -0.10 Adtran Inc
7 HGSI 26.1 (BUY)    BUY     (BUY      072110        3.69%)  -3.99 Human Genome Sciences
7 EZU  26.0 (BUY)    BUY     (BUY      072210        1.72%)   2.08 iShares MSCI EMU Index Fund ETF
7 TKLC 26.0 (BUY)    BUY     (BUY      061410        0.07%)  -3.19 Tekelec
7 EWJ  25.8 (BUY)    BUY     (BUY      042910       -8.24%)   0.19 iShares MSCI Japan Index Fund ET
7 DGT  25.7 (BUY)    BUY     (BUY      072210        0.14%)   3.33 SPDR DJ Global Titans ETF
7 OIH  25.7 (BUY)    BUY     (BUY      063010        9.70%)   0.18 HOLDRS Oil Service ETF
7 ARW  25.6 (BUY)    BUY     (BUY      061110       -7.60%)   0.45 Arrow Electronics Inc
7 MMS  25.5 (BUY)    BUY     (BUY      060910        3.79%)  -1.20 Maximus Inc
7 TSO  25.3 (BUY)    BUY     (BUY      060310        3.79%)  -0.67 Tesoro Corp
7 PLAB 25.2 (BUY)    BUY     (BUY      070710        7.02%)  -0.38 Photronics Inc
7 VCLK 25.2 (BUY)    BUY     (BUY      072210        0.09%)  -3.59 Valueclick Inc
7 IWN  24.9 (BUY)    BUY     (BUY      061010        1.80%)   3.73 iShares Russell 2000 Value Index
7 HON  24.6 (BUY)    BUY     (BUY      060210        1.02%)  -0.05 Honeywell International
7 REGN 24.6 (BUY)    BUY     (BUY      070910        3.98%)  -3.68 Regeneron Pharm Inc
7 TV   24.6 (BUY)    BUY     (BUY      062510        3.42%)   0.32 Grupo Televisa Sa Gdr
7 IRF  24.5 (BUY)    BUY     (BUY      061110       -3.59%)   0.31 Internat Rectifier Corp
7 RMBS 24.4 (BUY)    BUY     (BUY      062110       -1.15%)  -0.79 Rambus Inc
7 TTEK 24.4 (BUY)    BUY     (BUY      062510      -10.50%)   2.97 Tetra Tech Inc
7 ANF  24.2 (BUY)    BUY     (BUY      063010       20.30%)   1.28 Abercrombie & Fitch Co
7 WHR  24.0 (BUY)    BUY     (BUY      070910       -6.10%)   2.84 Whirlpool Corp
7 CAR  23.6 (BUY)    BUY     (BUY      070710       12.34%)   0.09 Avis Budget Group Inc
7 AMX  23.5 (BUY)    BUY     (BUY      070210        5.37%)  -0.29 America Movil S A B De C V
7 IVE  23.5 (BUY)    BUY     (BUY      061010        1.22%)   5.24 iShares S&P 500/Barra Value Inde
7 IYH  23.5 (BUY)    BUY     (BUY      070810       -1.56%)   4.64 iShares Dow Jones US Healthcare
7 SKS  23.5 (BUY)    BUY     (BUY      071310        3.28%)  -0.55 Saks Holdings Inc
7 GCO  23.4 (BUY)    BUY     (BUY      062310        1.20%)  -2.87 Genesco Inc
7 NEWP 23.4 (BUY)    BUY     (BUY      070610       21.99%)  -3.93 Newport Corp
7 SKM  23.3 (BUY)    BUY     (BUY      070210        6.51%)   0.12 SK Telecom Co.` Ltd. ADS
7 STD  23.3 (BUY)    BUY     (BUY      063010       21.04%)   0.68 Banco Sntndr Cen Hsp Ads
7 WMS  23.1 (BUY)    BUY     (BUY      062310      -10.55%)  -0.42 Wms Industries Inc
7 APH  22.9 (BUY)    BUY     (BUY      051710       -0.31%)  -1.00 Amphenol Corp
7 EWQ  22.8 (BUY)    BUY     (BUY      060810       11.31%)   3.58 iShares MSCI France Index Fund E
7 SPF  22.8 (BUY)    BUY     (BUY      071310        2.97%)  -3.98 Standard Pacific Corp
7 NUE  22.7 (BUY)    BUY     (BUY      060210       -7.69%)  -1.42 Nucor Corp
7 RRC  22.6 (BUY)    BUY     (BUY      070810       -4.87%)  -3.94 Range Resources Corp
7 GPS  22.5 (BUY)    BUY     (BUY      061810      -14.37%)   0.26 Gap Inc
7 NOV  22.4 (BUY)    BUY     (BUY      070210       11.88%)   0.22 National Oilwell Varco Inc
7 TLAB 22.4 (BUY)    BUY     (BUY      062310       13.50%)   3.29 Tellabs Inc
7 BMRN 22.3 (BUY)    BUY     (BUY      063010        5.93%)  -3.47 Biomarin Pharmaceuticals
7 FLR  22.2 (BUY)    BUY     (BUY      060210        2.26%)  -3.77 Fluor Corp (New)
7 SMSC 22.2 (BUY)    BUY     (BUY      070910        0.73%)   4.53 Standard Microsystems Cp
7 WAT  22.1 (BUY)    BUY     (BUY      062510       -6.50%)   0.25 Waters Corp
7 EP   22.0 (BUY)    BUY     (BUY      070710        4.93%)  -0.41 El Paso Corp
7 EWP  21.9 (BUY)    BUY     (BUY      062510       14.70%)   2.61 iShares MSCI Spain Index Fund ET
7 NWS  21.9 (BUY)    BUY     (BUY      070810        5.41%)   0.16 News Corp Inc
7 DDS  21.8 (BUY)    BUY     (BUY      071310        4.80%)  -3.97 Dillard's Inc
7 IGW  21.8 (BUY)    BUY     (BUY      061010        6.42%)   5.55 iShares S&P GSTI Semiconductor I
7 STM  21.7 (BUY)    BUY     (BUY      070710        0.12%)  -3.99 STMicroelectronics NV ADR
7 DOW  21.6 (BUY)    BUY     (BUY      061010        4.10%)  -1.04 Dow Chemical Co
7 OI   21.6 (BUY)    BUY     (BUY      062310        5.67%)   3.11 Owens Illinois Inc
7 LLL  21.5 (BUY)    BUY     (BUY      071310        2.55%)   0.11 L-3 Communications Hldgs
7 XEL  21.5 (BUY)    BUY     (BUY      060210        8.43%)   0.29 Xcel Energy Inc
7 THQI 21.3 (BUY)    BUY     (BUY      071310        0.42%)  -3.70 Thq Inc
7 WBSN 21.3 (BUY)    BUY     (BUY      061110        3.66%)  -3.59 Websense Inc
7 WGO  21.3 (BUY)    BUY     (BUY      070710        8.31%)   5.23 Winnebago Industries Inc
7 DDM  20.9 (BUY)    BUY     (BUY      060210        2.05%)  -0.10 ProShares Ultra Dow30 ETF
7 SFY  20.9 (BUY)    BUY     (BUY      072010        4.82%)  -3.69 Swift Energy Co
7 ITMN 20.8 (BUY)    BUY     (BUY      062310       13.59%)  -3.89 Intermune Inc
7 URBN 20.8 (BUY)    BUY     (BUY      072210        1.42%)  -1.98 Urban Outfitters Inc
7 CR   20.5 (BUY)    BUY     (BUY      071310        9.63%)  -3.66 Crane Co
7 EFII 20.5 (BUY)    BUY     (BUY      070710       12.82%)   2.26 Electronics For Imaging
7 COLM 20.4 (BUY)    BUY     (BUY      060910       -0.94%)  -3.83 Columbia Sportswear Co
7 SPIL 20.4 (BUY)    BUY     (BUY      052710       -4.40%)   3.16 Siliconware Precision Industries
7 ENTG 20.2 (BUY)    BUY     (BUY      062810       18.69%)  -3.47 Entegris Inc
7 NSIT 20.2 (BUY)    BUY     (BUY      070710       13.65%)   0.08 Insight Enterprises Inc
7 BLUD 20.1 (BUY)    BUY     (BUY      060310       -3.36%)  -0.20 Immucor Inc
7 HAR  20.1 (BUY)    BUY     (BUY      070710       -0.63%)  -2.16 Harman Internat Ind Inc
7 KCG  20.1 (BUY)    BUY     (BUY      051210       -6.25%)   4.54 Knight Capital Group Inc Cl A
7 PLCE 20.0 (BUY)    BUY     (BUY      062310        0.77%)   0.82 Children's Place Rtl Str
7 CDNS 19.9 (BUY)    BUY     (BUY      062510        3.98%)   4.81 Cadence Design Systems
7 IVV  19.9 (BUY)    BUY     (BUY      070710        3.20%)   1.55 iShares S&P 500 Index Fund ETF
7 SLAB 19.9 (BUY)    BUY     (BUY      070910       -0.14%)   0.51 Silicon Laboratories Inc
7 KMX  19.8 (BUY)    BUY     (BUY      071910       11.59%)   1.46 Carmax Inc
7 EIX  19.7 (BUY)    BUY     (BUY      021810       -1.61%)   0.39 Edison International
7 EWO  19.5 (BUY)    BUY     (BUY      052710        4.23%)   4.55 iShares MSCI Austria Index Fund
7 FL   19.5 (BUY)    BUY     (BUY      062310        2.69%)   1.61 Foot Locker Inc
7 IJR  19.2 (BUY)    BUY     (BUY      060910        3.43%)   1.79 iShares S&P SmallCap 600 Index F
7 SCHW 19.0 (BUY)    BUY     (BUY      060210       -8.42%)  -0.17 Charles Schwab Corp
7 PENN 18.9 (BUY)    BUY     (BUY      062310        8.36%)   1.81 Penn National Gaming Inc
7 TSM  18.9 (BUY)    BUY     (BUY      062510        3.87%)   0.08 Taiwan Semiconductor Manufacturi
7 ODP  18.7 (BUY)    BUY     (BUY      070810        5.28%)   2.23 Office Depot Inc
7 CCMP 18.6 (BUY)    BUY     (BUY      070610       -2.87%)  -0.78 Cabot Microelectronics
7 MINI 18.4 (BUY)    BUY     (BUY      052110        9.46%)  -1.86 Mobile Mini Inc
7 NVR  18.2 (BUY)    BUY     (BUY      072010       -1.52%)   1.01 Nvr Inc
7 MEOH 18.0 (BUY)    BUY     (BUY      070110       16.57%)  -2.98 Methanex Corporation
7 TBL  18.0 (BUY)    BUY     (BUY      072010        6.52%)  -4.00 Timberland Co
7 LAD  17.9 (BUY)    BUY     (BUY      063010       30.76%)  -3.95 Lithia Motors Inc Cl A
7 EWS  17.8 (BUY)    BUY     (BUY      061110        6.52%)   3.32 iShares MSCI Singapore Index Fun
7 TWX  17.8 (BUY)    BUY     (BUY      070810        5.59%)  -0.71 Time Warner Inc
7 NOK  17.7 (BUY)    BUY     (BUY      061510        7.41%)  -0.87 Nokia Corp Ads
7 MTH  17.6 (BUY)    BUY     (BUY      062310        0.74%)  -3.99 Meritage Homes Corp
7 RPM  17.6 (BUY)    BUY     (BUY      052610       -3.36%)  -0.67 Rpm International
7 CBST 17.5 (BUY)    BUY     (BUY      070710        4.52%)   3.84 Cubist Pharmaceuticals
7 CSGS 17.4 (BUY)    BUY     (BUY      070710        5.75%)   1.33 CSG Systems Internat Inc
7 MAR  17.4 (BUY)    BUY     (BUY      070710        6.80%)   1.92 Marriott Internat Inc A
7 SMTC 17.3 (BUY)    BUY     (BUY      062310        2.35%)   1.99 Semtech Corp
7 CMS  17.2 (BUY)    BUY     (BUY      041910        1.26%)  -0.06 Cms Energy Corp
7 CVG  17.2 (BUY)    BUY     (BUY      061010        6.69%)  -2.99 Convergys Corp
7 THG  17.1 (BUY)    BUY     (BUY      060210        0.78%)   0.36 The Hanover Insurance Group Inc
7 FWRD 17.0 (BUY)    BUY     (BUY      051110        1.33%)  -3.89 Forward Air Corporation
7 RCII 16.8 (BUY)    BUY     (BUY      070710       10.28%)   3.31 Rent A Center Inc
7 RDC  16.8 (BUY)    BUY     (BUY      062510        6.92%)  -0.14 Rowan Companies Inc
7 MGM  16.7 (BUY)    BUY     (BUY      071310        0.96%)  -1.58 Mgm Resorts International
7 BIO  16.6 (BUY)    BUY     (BUY      070910        0.81%)   2.01 Bio-rad Laboratories Inc Cl A
7 ACXM 16.5 (BUY)    BUY     (BUY      070710        3.73%)   1.01 Acxiom Corp
7 CTB  16.4 (BUY)    BUY     (BUY      060210       17.56%)  -3.88 Cooper Tire & Rubber Co
7 DY   16.1 (BUY)    BUY     (BUY      070910        5.39%)   0.80 Dycom Industries Inc
7 JNS  16.0 (BUY)    BUY     (BUY      061510        3.38%)   2.09 Janus Capital Group Inc
7 RL   16.0 (BUY)    BUY     (BUY      070710        3.96%)   0.10 Polo Ralph Lauren Corp
7 ELY  15.9 (BUY)    BUY     (BUY      062810        8.35%)  -1.96 Callaway Golf Co
7 HUM  15.9 (BUY)    BUY     (BUY      062510       -4.42%)   0.33 Humana Inc
7 IWB  15.8 (BUY)    BUY     (BUY      071310        1.06%)   1.71 iShares Russell 1000 Index Fund
7 FLO  15.2 (BUY)    BUY     (BUY      061110       -3.06%)   0.48 Flowers Foods Inc
7 UTH  15.1 (BUY)    BUY     (BUY      052710        6.28%)    NaN HOLDRS Utilities ETF
7 CHS  14.9 (BUY)    BUY     (BUY      072210        1.59%)   4.66 Chico's Fas Inc
7 ACGL 14.6 (BUY)    BUY     (BUY      061110        4.65%)  -2.64 Arch Capital Group Ltd
7 IDU  14.5 (BUY)    BUY     (BUY      062510        5.65%)   3.81 iShares Dow Jones US Utilities S
7 TXN  14.4 (BUY)    BUY     (BUY      062310        3.17%)  -0.85 Texas Instruments Inc
7 ASCA 14.1 (BUY)    BUY     (BUY      070910       -2.07%)   3.62 Ameristar Casinos Inc
7 DLTR 14.1 (BUY)    BUY     (BUY      060910        5.22%)   0.19 Dollar Tree Stores Inc
7 EWM  14.1 (BUY)    BUY     (BUY      061010        6.27%)   3.64 iShares MSCI Malaysia Index Fund
7 VPHM 14.1 (BUY)    BUY     (BUY      060210       -5.73%)  -1.24 Viropharma Inc
7 USB  14.0 (BUY)    BUY     (BUY      061510        2.82%)   0.00 US Bancorp
7 RYL  13.7 (BUY)    BUY     (BUY      052510       -6.00%)   0.23 Ryland Group Inc. The
7 IYF  13.5 (BUY)    BUY     (BUY      061010        1.47%)   3.00 iShares Dow Jones US Financial S
7 TECH 13.5 (BUY)    BUY     (BUY      061410       -4.63%)   0.30 Techne Corp
7 WSM  12.7 (BUY)    BUY     (BUY      061510       -5.10%)   4.39 Williams Sonoma Inc
7 BID  12.6 (BUY)    BUY     (BUY      070810       12.59%)   1.88 Sotheby's Holding Cl A
7 IYE  12.6 (BUY)    BUY     (BUY      070710        2.73%)   2.89 iShares Dow Jones US Energy Sect
7 FCH  12.5 (BUY)    BUY     (BUY      070910        9.00%)  -3.99 Felcor Lodging Trust Inc
7 IYK  12.5 (BUY)    BUY     (BUY      052610        4.23%)   1.57 iShares Dow Jones US Consumer Go
7 PCG  12.5 (BUY)    BUY     (BUY      060210        6.37%)   0.01 PG &E Corporation.
7 AMTD 12.2 (BUY)    BUY     (BUY      071310       -0.06%)   2.24 TD Ameritrade Holding Corp
7 HP   12.1 (BUY)    BUY     (BUY      062310        2.76%)   0.26 Helmerich & Payne Inc
7 BK   12.0 (BUY)    BUY     (BUY      072210        1.06%)   0.16 The Bank of New York Mellon Corp
7 GLF  12.0 (BUY)    BUY     (BUY      052610        5.90%)  -3.68 Gulfmark Offshore Inc
7 COF  11.7 (BUY)    BUY     (BUY      061010        3.65%)   1.36 Capital One Financial Cp
7 SLGN 11.5 (BUY)    BUY     (BUY      072010        4.29%)  -3.07 Silgan Holdings Inc
7 LUV  11.1 (BUY)    BUY     (BUY      070710        3.87%)   0.18 Southwest Airlines Co
7 MTU  10.2 (BUY)    BUY     (BUY      061510       -0.64%)   0.15 Mitsubishi UFJ Financial Group`
7 PPH  10.1 (BUY)    BUY     (BUY      060310        0.90%)  -0.40 HOLDRS Pharmaceutical ETF
7 XLP   9.4 (BUY)    BUY     (BUY      050310       -1.59%)   0.28 SPDRs Select Sector Consumer Sta
7 RE    9.3 (BUY)    BUY     (BUY      042810       -8.41%)   0.14 Everest Re Group Ltd.
7 SII   9.0 (BUY)    BUY     (BUY      062510        3.82%)  -0.20 Smith Internat Inc
7 XLV   8.7 (BUY)    BUY     (BUY      071310       -2.37%)   0.68 SPDRs Select Sector Health Care
7 WDR   8.6 (BUY)    BUY     (BUY      061510       -3.25%)   5.54 Waddell & Reed Fncl Inc
7 BRO   8.2 (BUY)    BUY     (BUY      070710        4.34%)  -0.41 Brown & Brown
7 IGT   8.2 (BUY)    BUY     (BUY      072210        1.66%)   3.71 International Game Technology
7 IJT  **** (BUY)    BUY     (BUY      061010        3.58%)   1.36 iShares S&P SmallCap 600/Barra G
7 IVW  **** (BUY)    BUY     (BUY      060210        0.62%)   1.73 iShares S&P 500/Barra Growth Ind




          4.2  New Signal Type 1 PAIRS (Sorted by Portfolio G/d Value)
          ============================================================

The following Table shows all pairs of Signal Type 1 equities (fully confirmed
Voted Signals), and they are sorted in decreasing order of 'back-tested' G/d
(Annualized Gain% divided by Maximum Drawdown) value. The back-tested Annualized
Gain figure is shown also, although in actual trading this level of performance
will almost always be unattainable.  Also bear in mind that the back-tested
figures were derived by assuming that trades were always made at the market
Open; in our situation, we assume that the positions are exited at the
market Close -- removing the uncertainty and risk involved with holding
equities overnight.


This Table is being limited to Signal Type 1 PAIRS because this is our most
accurate timing signal, and this also helps keep the length of the Table from
growing excessively long; at times there might still be several hundred entries
in the Table. We are currently investigating the appropriateness of chopping
the Table off once the G/d values go below a prescribed threshhold, e.g., 30 or
40.


Remember that properly chosen pairs of equities will have a combined (portfolio)
drawdown that is LESS than the drawdown of either equity alone. The G/d value
for the portfolio (that is, both equities traded together in equal dollar
amounts), will similarly be better than the G/d values of the two equities
would suggest. This is because drawdowns tend to add like electrical resistances
in parallel (1/R = 1/R1 + 1/R2). Of course, back-tested information can only
serve as a general guide; in any specific situation, the stock market will do
whatever it wants to do.


Pairs selected from near the top of the list 'might' be expected to be more
profitable, either having potentially larger gains -- or lower than average draw-
downs. If it is desired to trade three equities, then simply find two high-ranked
pairs that have one equity in common; to select four equities, simply pick two
high-ranked pairs that have no common equity, etc.

Note that the following Table is broken up into three subtables: (1) LONG Pairs,
(2) Hedged Pairs, and (3) SHORT Pairs.  LONG Pairs have BUY signals for both
equities, while SHORT Pairs have SHORT signals for both equities. The HEDGED
Pairs will have one equity shown as a BUY, while the other one is a SHORT.
In general, we would prefer LONG Pairs if the market is moving upward (e.g.,
QQQQ signal is a BUY), SHORT Pairs if the market is moving downward (e.g.,
QQQQ Signal is a SHORT), and HEDGED Pairs when the market is choppy (e.g.,
QQQQ Signal is CASH).


*** IMPORTANT NOTE: In trading PAIRs, or more than two of these equities, the
same rules apply about Protective Stops; we currently set Stops for Longs with
the trigger level set at -3.0% below the Open (purchase) price, and our Short
Stops are similarly set at +3.0% above the Open (shorting) price.



                             Back-Tested
                          ================
Equity Pair   Signals       G/d   Ann.Gain
=========== ===========   ======  ========
(1) === LONG Pairs: BUY/BUY ===
BRCM /VRTX  BUY  /BUY      86.08   856.56%
AAPL /DISH  BUY  /BUY      68.21   405.72%
NVDA /VRTX  BUY  /BUY      67.79  1009.32%
NVDA /UYG   BUY  /BUY      67.71  1085.59%
AAPL /SMH   BUY  /BUY      67.66   475.34%
EBAY /ORCL  BUY  /BUY      67.10   416.12%
VRTX /XLNX  BUY  /BUY      66.70   675.13%
EBAY /VRTX  BUY  /BUY      66.50   672.61%
INTC /VRTX  BUY  /BUY      66.26   581.74%
VRTX /XLK   BUY  /BUY      65.64   494.57%
AAPL /VRTX  BUY  /BUY      64.66   743.09%
EBAY /SMH   BUY  /BUY      64.18   427.02%
AAPL /CHKP  BUY  /BUY      62.60   457.23%
IYW  /VRTX  BUY  /BUY      62.54   526.24%
ORCL /SMH   BUY  /BUY      62.46   383.52%
AXP  /VRTX  BUY  /BUY      62.24   641.66%
QQQQ /VRTX  BUY  /BUY      60.64   525.38%
ORCL /QQQQ  BUY  /BUY      59.46   316.66%
BRCM /NVDA  BUY  /BUY      59.28   887.55%
AAPL /IYW   BUY  /BUY      59.13   395.64%
IYW  /UTX   BUY  /BUY      59.12   245.30%
EBAY /QQQQ  BUY  /BUY      59.05   354.08%
SMH  /VRTX  BUY  /BUY      58.91   625.22%
AAPL /CELG  BUY  /BUY      58.66   515.24%
EBAY /IYW   BUY  /BUY      58.64   354.16%
AAPL /BRCM  BUY  /BUY      58.64   654.82%
AAPL /HPQ   BUY  /BUY      58.53   447.00%
CHKP /VRTX  BUY  /BUY      58.34   601.49%
UYG  /VRTX  BUY  /BUY      58.11  1040.00%
AAPL /NVDA  BUY  /BUY      57.39   780.32%
AAPL /QQQQ  BUY  /BUY      57.34   395.12%
JBHT /VRTX  BUY  /BUY      57.27   650.78%
AAPL /EBAY  BUY  /BUY      57.17   512.42%
EBAY /XLK   BUY  /BUY      56.71   331.19%
QCOM /VRTX  BUY  /BUY      56.35   599.47%
BRCM /UYG   BUY  /BUY      55.98   921.88%
AAPL /IWM   BUY  /BUY      55.93   395.92%
EBAY /GENZ  BUY  /BUY      55.10   354.94%
HPQ  /VRTX  BUY  /BUY      54.83   589.37%
AAPL /MDY   BUY  /BUY      54.72   376.33%
IYW  /ORCL  BUY  /BUY      54.63   316.40%
ORCL /VRTX  BUY  /BUY      54.17   609.57%
AAPL /ORCL  BUY  /BUY      54.15   460.85%
CELG /EBAY  BUY  /BUY      54.14   464.43%
SYMC /VRTX  BUY  /BUY      54.10   582.84%
MDY  /VRTX  BUY  /BUY      54.04   500.50%
SPLS /VRTX  BUY  /BUY      54.02   506.50%
BA   /VRTX  BUY  /BUY      54.02   495.83%
AAPL /UTX   BUY  /BUY      53.86   365.45%
CA   /VRTX  BUY  /BUY      53.82   540.81%
BA   /SMH   BUY  /BUY      53.66   307.71%
LLTC /VRTX  BUY  /BUY      53.63   516.69%
GENZ /SMH   BUY  /BUY      53.60   326.91%
JBHT /NVDA  BUY  /BUY      53.56   686.03%
BRCM /JBHT  BUY  /BUY      53.51   575.51%
CELG /VRTX  BUY  /BUY      53.27   670.73%
AAPL /XLK   BUY  /BUY      53.06   370.63%
INTU /VRTX  BUY  /BUY      52.84   494.71%
EBAY /XLNX  BUY  /BUY      52.84   462.66%
GE   /VRTX  BUY  /BUY      52.67   473.70%
DISH /VRTX  BUY  /BUY      52.53   536.29%
IBB  /VRTX  BUY  /BUY      52.43   472.82%
IBB  /SMH   BUY  /BUY      52.40   292.57%
GENZ /QQQQ  BUY  /BUY      52.29   267.50%
UTX  /VRTX  BUY  /BUY      52.27   486.68%
BRCM /XLNX  BUY  /BUY      52.09   592.85%
EBAY /IWM   BUY  /BUY      52.03   354.50%
AAPL /GENZ  BUY  /BUY      51.93   395.90%
NVDA /XLNX  BUY  /BUY      51.75   704.16%
AAPL /XLNX  BUY  /BUY      51.49   514.86%
AAPL /DIS   BUY  /BUY      51.34   332.75%
ORCL /QCOM  BUY  /BUY      51.31   365.57%
CELG /NVDA  BUY  /BUY      51.26   711.40%
EBAY /MDY   BUY  /BUY      51.18   336.53%
AAPL /UYG   BUY  /BUY      51.16   800.13%
DIA  /EBAY  BUY  /BUY      50.98   276.35%
IYY  /VRTX  BUY  /BUY      50.98   440.80%
CELG /ORCL  BUY  /BUY      50.86   418.10%
LIFE /VRTX  BUY  /BUY      50.70   505.36%
BRCM /CELG  BUY  /BUY      50.58   597.91%
EBAY /UTX   BUY  /BUY      50.38   326.63%
IWM  /VRTX  BUY  /BUY      50.32   525.31%
UTX  /XLNX  BUY  /BUY      50.29   328.62%
GENZ /VRTX  BUY  /BUY      50.08   523.95%
AAPL /IBB   BUY  /BUY      49.98   356.27%
CELG /XLNX  BUY  /BUY      49.79   466.33%
AAPL /CA    BUY  /BUY      49.78   410.36%
SMH  /XLNX  BUY  /BUY      49.76   426.56%
AAPL /LLTC  BUY  /BUY      49.52   389.18%
AAPL /IYY   BUY  /BUY      49.35   328.38%
EBAY /SPY   BUY  /BUY      49.21   289.08%
GENZ /IYW   BUY  /BUY      49.19   267.77%
CHKP /SMH   BUY  /BUY      49.17   378.71%
BRCM /IWM   BUY  /BUY      49.16   462.11%
EBAY /IBB   BUY  /BUY      49.10   318.02%
INTC /NVDA  BUY  /BUY      49.08   606.91%
EBAY /IYY   BUY  /BUY      49.07   292.98%
CHKP /EBAY  BUY  /BUY      49.04   411.13%
INFY /VRTX  BUY  /BUY      48.99   601.10%
EBAY /NVDA  BUY  /BUY      48.98   707.13%
... Remaining Pairs not Shown

(2) === Hedged Pairs: BUY/SHORT or SHORT/BUY ===
*** No PAIRS found in this Category

(3) === SHORT Pairs: SHORT/SHORT ===
*** No PAIRS found in this Category





        4.3  Daily Results for Trades (Committed Based on QQQQ Signal)
        ==============================================================

Result of Trade Signals generated on previous market day. Notice that BUYs
are only initiated if the QQQQ signal had been a BUY, and Shorts are only
initiated if the QQQQ signal had been a SHORT. No trades are attempted if
the QQQQ signal (the Voted Signal) had been Cash ($$$$).

*** NOTE: The following trades assume that Protective Stops are being used to
prevent unnecessary losses. The Stop values used are:

Long  -3.00%  (We sell the equity if it drops below the Open price by more than
               this value)
Short +3.00%  (We cover the Short if the price rises above the Open price by
               more than this value)

If the Stop is 'hit' during the day, you will see a Comment to that effect on
the far right side of the trading line, and the SELL or COVER price will be
forced to the Stop value -- and not the Close price for the day.


*** The Stock/ETF "Picks" were generated on:  072210
*** The QQQQ Voted Signal was calculated as:  BUY
*** "Day" Trades (Open-->Close) were made on: 072310

Type 1: Voted Signal (confirmed: Grail/Preproc)
Type 2: Voted Signal (confirmed: Grail System only)
Type 3: Voted Signal (confirmed: Preprocessor only)
Type 4: Voted Signal (unconfirmed)
Type 5: Preprocessor "New Pick" (confirmed: Grail)
Type 6: Preprocessor "New Pick" (unconfirmed)
Type 7: Grail System Signal (confirmed: Preproc)


Type: 1  TRADE: VRTX    BUY    GAIN:    1.16%  BUY   @  32.67  SELL  @  33.05
Type: 1  TRADE: AAPL    BUY    GAIN:    1.06%  BUY   @ 257.21  SELL  @ 259.94
Type: 1  TRADE: SMH     BUY    GAIN:    0.85%  BUY   @  28.20  SELL  @  28.44
Type: 1  TRADE: BRCM    BUY    GAIN:    1.10%  BUY   @  37.35  SELL  @  37.76
Type: 1  TRADE: XLNX    BUY    GAIN:    1.81%  BUY   @  28.68  SELL  @  29.20
Type: 1  TRADE: CELG    BUY    GAIN:    0.88%  BUY   @  52.29  SELL  @  52.75
Type: 1  TRADE: MRVL    BUY    GAIN:   -0.48%  BUY   @  16.55  SELL  @  16.47
Type: 1  TRADE: HOLX    BUY    GAIN:    0.07%  BUY   @  13.36  SELL  @  13.37
Type: 1  TRADE: DELL    BUY    GAIN:    1.27%  BUY   @  13.34  SELL  @  13.51
Type: 1  TRADE: GENZ    BUY    GAIN:   15.95%  BUY   @  53.92  SELL  @  62.52
Type: 1  TRADE: QCOM    BUY    GAIN:    0.13%  BUY   @  39.03  SELL  @  39.08
Type: 1  TRADE: HPQ     BUY    GAIN:    0.22%  BUY   @  46.05  SELL  @  46.15
Type: 1  TRADE: LIFE    BUY    GAIN:   -1.60%  BUY   @  47.54  SELL  @  46.78

Type: 2  TRADE: ILMN    BUY    GAIN:    0.02%  BUY   @  42.49  SELL  @  42.50
Type: 2  TRADE: LRCX    BUY    GAIN:    2.47%  BUY   @  41.28  SELL  @  42.30
Type: 2  TRADE: AMAT    BUY    GAIN:    1.05%  BUY   @  12.38  SELL  @  12.51
Type: 2  TRADE: AKAM    BUY    GAIN:    2.15%  BUY   @  44.10  SELL  @  45.05
Type: 2  TRADE: HANS    BUY    GAIN:    0.26%  BUY   @  42.90  SELL  @  43.01
Type: 2  TRADE: RYAAY   BUY    GAIN:    0.27%  BUY   @  30.12  SELL  @  30.20
Type: 2  TRADE: CAT     BUY    GAIN:    2.68%  BUY   @  67.50  SELL  @  69.31
Type: 2  TRADE: MICC    BUY    GAIN:    1.03%  BUY   @  91.61  SELL  @  92.55
Type: 2  TRADE: MCHP    BUY    GAIN:    1.22%  BUY   @  30.41  SELL  @  30.78
Type: 2  TRADE: FLEX    BUY    GAIN:   -3.00%  BUY   @   6.25  SELL  @   6.06  Protective Stop at:    6.06
Type: 2  TRADE: PCAR    BUY    GAIN:    0.94%  BUY   @  45.74  SELL  @  46.17
Type: 2  TRADE: T       BUY    GAIN:   -1.16%  BUY   @  25.84  SELL  @  25.54
Type: 2  TRADE: CMCSA   BUY    GAIN:    2.55%  BUY   @  18.84  SELL  @  19.32
Type: 2  TRADE: MMM     BUY    GAIN:    2.10%  BUY   @  84.40  SELL  @  86.17
Type: 2  TRADE: WFC     BUY    GAIN:    0.62%  BUY   @  27.25  SELL  @  27.42
Type: 2  TRADE: KO      BUY    GAIN:    0.85%  BUY   @  54.29  SELL  @  54.75
Type: 2  TRADE: HSIC    BUY    GAIN:    0.02%  BUY   @  52.51  SELL  @  52.52
Type: 2  TRADE: AMGN    BUY    GAIN:   -0.75%  BUY   @  53.15  SELL  @  52.75
Type: 2  TRADE: BIIB    BUY    GAIN:   -3.00%  BUY   @  55.88  SELL  @  54.20  Protective Stop at:   54.20
Type: 2  TRADE: TEVA    BUY    GAIN:   -3.00%  BUY   @  53.64  SELL  @  52.03  Protective Stop at:   52.03
Type: 2  TRADE: PFE     BUY    GAIN:   -1.02%  BUY   @  14.73  SELL  @  14.58
Type: 2  TRADE: IBM     BUY    GAIN:    0.81%  BUY   @ 127.35  SELL  @ 128.38
Type: 2  TRADE: VZ      BUY    GAIN:    0.79%  BUY   @  27.80  SELL  @  28.02
Type: 2  TRADE: PDCO    BUY    GAIN:    0.60%  BUY   @  26.79  SELL  @  26.95
Type: 2  TRADE: RF      BUY    GAIN:    1.84%  BUY   @   6.53  SELL  @   6.65

Type: 4  TRADE: MRK     BUY    GAIN:   -0.60%  BUY   @  35.08  SELL  @  34.87
Type: 4  TRADE: ESRX    BUY    GAIN:    1.77%  BUY   @  42.32  SELL  @  43.07
Type: 4  TRADE: JNJ     BUY    GAIN:    0.58%  BUY   @  57.30  SELL  @  57.63

Type: 5  TRADE: GAP     BUY    GAIN:   -3.00%  BUY   @   3.34  SELL  @   3.24  Protective Stop at:    3.24
Type: 5  TRADE: EZU     BUY    GAIN:    1.72%  BUY   @  32.01  SELL  @  32.56
Type: 5  TRADE: BK      BUY    GAIN:    1.06%  BUY   @  25.55  SELL  @  25.82

Type: 6  TRADE: ASGN    BUY    GAIN:    3.54%  BUY   @   4.80  SELL  @   4.97
Type: 6  TRADE: BVN     BUY    GAIN:   -0.83%  BUY   @  39.92  SELL  @  39.59

Type: 7  TRADE: OTEX    BUY    GAIN:   -3.00%  BUY   @  41.31  SELL  @  40.07  Protective Stop at:   40.07
Type: 7  TRADE: CCK     BUY    GAIN:    1.96%  BUY   @  27.51  SELL  @  28.05
Type: 7  TRADE: TEX     BUY    GAIN:    6.07%  BUY   @  19.93  SELL  @  21.14
Type: 7  TRADE: X       BUY    GAIN:    3.76%  BUY   @  47.13  SELL  @  48.90
Type: 7  TRADE: ASTE    BUY    GAIN:    2.42%  BUY   @  30.58  SELL  @  31.32
Type: 7  TRADE: EWG     BUY    GAIN:    1.23%  BUY   @  20.40  SELL  @  20.65
Type: 7  TRADE: AEIS    BUY    GAIN:    0.12%  BUY   @  17.17  SELL  @  17.19
Type: 7  TRADE: GLW     BUY    GAIN:   -0.66%  BUY   @  18.13  SELL  @  18.01
Type: 7  TRADE: EWN     BUY    GAIN:    0.46%  BUY   @  19.41  SELL  @  19.50
Type: 7  TRADE: BHE     BUY    GAIN:    3.22%  BUY   @  16.78  SELL  @  17.32
Type: 7  TRADE: RSH     BUY    GAIN:    2.68%  BUY   @  20.17  SELL  @  20.71
Type: 7  TRADE: TBH     BUY    GAIN:   -0.57%  BUY   @   5.26  SELL  @   5.23
Type: 7  TRADE: EWL     BUY    GAIN:    0.67%  BUY   @  21.02  SELL  @  21.16
Type: 7  TRADE: RCL     BUY    GAIN:    3.19%  BUY   @  27.25  SELL  @  28.12
Type: 7  TRADE: CNX     BUY    GAIN:    0.08%  BUY   @  38.99  SELL  @  39.02
Type: 7  TRADE: CTV     BUY    GAIN:    2.34%  BUY   @  26.04  SELL  @  26.65
Type: 7  TRADE: TKR     BUY    GAIN:    5.08%  BUY   @  29.33  SELL  @  30.82
Type: 7  TRADE: ING     BUY    GAIN:    2.72%  BUY   @   8.81  SELL  @   9.05
Type: 7  TRADE: EMC     BUY    GAIN:    1.71%  BUY   @  19.87  SELL  @  20.21
Type: 7  TRADE: DSV     BUY    GAIN:    1.10%  BUY   @  59.01  SELL  @  59.66
Type: 7  TRADE: NKTR    BUY    GAIN:    5.18%  BUY   @  12.17  SELL  @  12.80
Type: 7  TRADE: HSC     BUY    GAIN:    1.90%  BUY   @  26.29  SELL  @  26.79
Type: 7  TRADE: ZRAN    BUY    GAIN:    1.14%  BUY   @   9.67  SELL  @   9.78
Type: 7  TRADE: AEG     BUY    GAIN:    3.35%  BUY   @   5.67  SELL  @   5.86
Type: 7  TRADE: TNE     BUY    GAIN:   -1.04%  BUY   @  16.29  SELL  @  16.12
Type: 7  TRADE: ERIC    BUY    GAIN:    0.71%  BUY   @  11.20  SELL  @  11.28
Type: 7  TRADE: AVT     BUY    GAIN:    2.00%  BUY   @  25.47  SELL  @  25.98
Type: 7  TRADE: AVX     BUY    GAIN:    2.71%  BUY   @  13.27  SELL  @  13.63
Type: 7  TRADE: PCP     BUY    GAIN:    2.64%  BUY   @ 116.10  SELL  @ 119.17
Type: 7  TRADE: ACGY    BUY    GAIN:    1.72%  BUY   @  15.08  SELL  @  15.34
Type: 7  TRADE: CY      BUY    GAIN:    3.13%  BUY   @  10.85  SELL  @  11.19
Type: 7  TRADE: ROP     BUY    GAIN:    3.26%  BUY   @  60.05  SELL  @  62.01
Type: 7  TRADE: TBI     BUY    GAIN:    3.75%  BUY   @  12.80  SELL  @  13.28
Type: 7  TRADE: PBY     BUY    GAIN:    3.49%  BUY   @   9.46  SELL  @   9.79
Type: 7  TRADE: SPW     BUY    GAIN:    1.85%  BUY   @  57.22  SELL  @  58.28
Type: 7  TRADE: VSAT    BUY    GAIN:    1.74%  BUY   @  35.57  SELL  @  36.19
Type: 7  TRADE: ETH     BUY    GAIN:    2.87%  BUY   @  15.69  SELL  @  16.14
Type: 7  TRADE: HGSI    BUY    GAIN:   -3.00%  BUY   @  25.02  SELL  @  24.27  Protective Stop at:   24.27
Type: 7  TRADE: ARW     BUY    GAIN:    1.98%  BUY   @  23.25  SELL  @  23.71
Type: 7  TRADE: DTG     BUY    GAIN:    0.44%  BUY   @  47.36  SELL  @  47.57
Type: 7  TRADE: TSO     BUY    GAIN:    1.82%  BUY   @  12.09  SELL  @  12.31
Type: 7  TRADE: FCX     BUY    GAIN:    3.13%  BUY   @  68.92  SELL  @  71.08
Type: 7  TRADE: IRF     BUY    GAIN:    1.38%  BUY   @  19.63  SELL  @  19.90
Type: 7  TRADE: EWQ     BUY    GAIN:    1.14%  BUY   @  21.90  SELL  @  22.15
Type: 7  TRADE: IYH     BUY    GAIN:    0.33%  BUY   @  58.46  SELL  @  58.65
Type: 7  TRADE: APH     BUY    GAIN:    2.50%  BUY   @  44.00  SELL  @  45.10
Type: 7  TRADE: ICLR    BUY    GAIN:   -1.13%  BUY   @  27.39  SELL  @  27.08
Type: 7  TRADE: WHR     BUY    GAIN:   -0.16%  BUY   @  86.11  SELL  @  85.97
Type: 7  TRADE: ELN     BUY    GAIN:   -3.00%  BUY   @   4.90  SELL  @   4.75  Protective Stop at:    4.75
Type: 7  TRADE: TLAB    BUY    GAIN:    2.55%  BUY   @   7.46  SELL  @   7.65
Type: 7  TRADE: IGW     BUY    GAIN:    1.22%  BUY   @  47.52  SELL  @  48.10
Type: 7  TRADE: CR      BUY    GAIN:    4.99%  BUY   @  32.64  SELL  @  34.27
Type: 7  TRADE: SLAB    BUY    GAIN:    0.14%  BUY   @  42.49  SELL  @  42.55
Type: 7  TRADE: BDH     BUY    GAIN:   -0.26%  BUY   @  11.53  SELL  @  11.50
Type: 7  TRADE: BLUD    BUY    GAIN:    6.39%  BUY   @  18.14  SELL  @  19.30
Type: 7  TRADE: STM     BUY    GAIN:   -3.00%  BUY   @   8.39  SELL  @   8.14  Protective Stop at:    8.14
Type: 7  TRADE: COLM    BUY    GAIN:    4.51%  BUY   @  47.22  SELL  @  49.35
Type: 7  TRADE: EIX     BUY    GAIN:    0.24%  BUY   @  32.83  SELL  @  32.91
Type: 7  TRADE: SCHW    BUY    GAIN:    0.53%  BUY   @  15.14  SELL  @  15.22
Type: 7  TRADE: PENN    BUY    GAIN:    3.97%  BUY   @  26.18  SELL  @  27.22
Type: 7  TRADE: MEOH    BUY    GAIN:    1.90%  BUY   @  22.65  SELL  @  23.08
Type: 7  TRADE: CBST    BUY    GAIN:    2.55%  BUY   @  21.19  SELL  @  21.73
Type: 7  TRADE: FCS     BUY    GAIN:    2.29%  BUY   @  10.05  SELL  @  10.28
Type: 7  TRADE: SMTC    BUY    GAIN:    3.18%  BUY   @  17.31  SELL  @  17.86
Type: 7  TRADE: RCII    BUY    GAIN:    1.79%  BUY   @  22.35  SELL  @  22.75
Type: 7  TRADE: HUM     BUY    GAIN:   -0.13%  BUY   @  46.08  SELL  @  46.02
Type: 7  TRADE: ELY     BUY    GAIN:    5.04%  BUY   @   6.55  SELL  @   6.88
Type: 7  TRADE: QLGC    BUY    GAIN:   -3.00%  BUY   @  16.59  SELL  @  16.09  Protective Stop at:   16.09
Type: 7  TRADE: GVA     BUY    GAIN:    0.33%  BUY   @  24.04  SELL  @  24.12
Type: 7  TRADE: TXN     BUY    GAIN:    0.71%  BUY   @  25.20  SELL  @  25.38
Type: 7  TRADE: WSM     BUY    GAIN:    3.00%  BUY   @  26.04  SELL  @  26.82
Type: 7  TRADE: AMTD    BUY    GAIN:    1.54%  BUY   @  15.55  SELL  @  15.79
Type: 7  TRADE: LUV     BUY    GAIN:    1.37%  BUY   @  11.66  SELL  @  11.82
Type: 7  TRADE: PPH     BUY    GAIN:   -0.17%  BUY   @  59.72  SELL  @  59.62
Type: 7  TRADE: MTU     BUY    GAIN:    0.65%  BUY   @   4.63  SELL  @   4.66
Type: 7  TRADE: XLV     BUY    GAIN:   -0.04%  BUY   @  28.44  SELL  @  28.43
Type: 7  TRADE: WDR     BUY    GAIN:    1.24%  BUY   @  24.10  SELL  @  24.40

Avg. Gain (All):                        1.31%   #equities: 123
Avg. Gain (# 1):                        1.72%   #equities:  13
Avg. Gain (# 2):                        0.41%   #equities:  25
Avg. Gain (# 3):                        0.00%   #equities:   0
Avg. Gain (# 4):                        0.58%   #equities:   3
Avg. Gain (# 5):                       -0.07%   #equities:   3
Avg. Gain (# 6):                        1.36%   #equities:   2
Avg. Gain (# 7):                        1.61%   #equities:  77




              4.4  Daily Results for Signal Type 1 PAIRS Trades
              =================================================

The following Table shows the actual gain/loss for each of the Trading Pairs
that had been previously identified for the current day. When using Trading
Pairs, however, we 'always' make the trade, whether Long or Short, regardless
of what the QQQQ signal might have been. The reason for this is that Pairs
Trading 'should' be safer than trading individual equities, and additionally
we are interested in tracking the accuracy of Shorts and hedged trading pairs
(one Long and one Short), and these would not normally be tracked if we were
keying off the QQQQ signal (or some other Master Trading Switch).

The current statistics assume, however, that each Long trade is protected by
a Stop set -3% below the Open price, and that all Short trades are protected
by a Stop set +3% above the Open price.

In our current implementation, all Trading Pairs are constructed ONLY from
our Type 1 Signals (fully confirmed Voted Signals), and this is already
sufficient to produce a long list of candidate pairs.

The following Table is broken up into 3 subtables according to whether the
Trading Pair is a Long-only (BUY/BUY), Short-only (SHORT/SHORT), or Hedged
trade (BUY/SHORT or SHORT/BUY). An additional assumption is made that equal
dollar amounts are allocated to each equity so that their individual gains
and losses can be simply averaged. A future extension of this Pairs Trading
system will be to calculate more optimal equity ratios for each pair.


                                  Actual Day's Performance Data
                                  ==============================
                                    Pair            Individual
Equity Pair   Signals       G/d   Gain/Loss        Gains/Losses
=========== ===========   ======  =========       ==============
(1) === LONG Pairs: BUY/BUY ===
BRCM /VRTX  BUY  /BUY      86.08     1.13%          1.10%  1.16%
AAPL /SMH   BUY  /BUY      67.66     0.95%          1.06%  0.85%
VRTX /XLNX  BUY  /BUY      66.70     1.48%          1.16%  1.81%
AAPL /VRTX  BUY  /BUY      64.66     1.11%          1.06%  1.16%
DELL /VRTX  BUY  /BUY      61.83     1.21%          1.27%  1.16%
MRVL /VRTX  BUY  /BUY      61.72     0.34%         -0.48%  1.16%
SMH  /VRTX  BUY  /BUY      58.91     1.00%          0.85%  1.16%
AAPL /CELG  BUY  /BUY      58.66     0.97%          1.06%  0.88%
AAPL /BRCM  BUY  /BUY      58.64     1.08%          1.06%  1.10%
AAPL /HPQ   BUY  /BUY      58.53     0.64%          1.06%  0.22%
QCOM /VRTX  BUY  /BUY      56.35     0.64%          0.13%  1.16%
HPQ  /VRTX  BUY  /BUY      54.83     0.69%          0.22%  1.16%
AAPL /MRVL  BUY  /BUY      54.38     0.29%          1.06% -0.48%
CELG /HOLX  BUY  /BUY      53.69     0.47%          0.88%  0.07%
GENZ /SMH   BUY  /BUY      53.60     8.40%         15.95%  0.85%
HOLX /VRTX  BUY  /BUY      53.50     0.62%          0.07%  1.16%
CELG /VRTX  BUY  /BUY      53.27     1.02%          0.88%  1.16%
BRCM /XLNX  BUY  /BUY      52.09     1.45%          1.10%  1.81%
AAPL /GENZ  BUY  /BUY      51.93     8.51%          1.06% 15.95%
AAPL /XLNX  BUY  /BUY      51.49     1.43%          1.06%  1.81%
LIFE /VRTX  BUY  /BUY      50.70    -0.22%         -1.60%  1.16%
AAPL /DELL  BUY  /BUY      50.60     1.16%          1.06%  1.27%
BRCM /CELG  BUY  /BUY      50.58     0.99%          1.10%  0.88%
GENZ /VRTX  BUY  /BUY      50.08     8.56%         15.95%  1.16%
CELG /XLNX  BUY  /BUY      49.79     1.35%          0.88%  1.81%
SMH  /XLNX  BUY  /BUY      49.76     1.33%          0.85%  1.81%
DELL /QCOM  BUY  /BUY      49.41     0.70%          1.27%  0.13%
BRCM /HOLX  BUY  /BUY      49.29     0.59%          1.10%  0.07%
BRCM /MRVL  BUY  /BUY      49.12     0.31%          1.10% -0.48%
AAPL /HOLX  BUY  /BUY      48.83     0.56%          1.06%  0.07%
AAPL /QCOM  BUY  /BUY      48.31     0.59%          1.06%  0.13%
GENZ /HOLX  BUY  /BUY      47.64     8.01%         15.95%  0.07%
BRCM /QCOM  BUY  /BUY      47.39     0.62%          1.10%  0.13%
BRCM /SMH   BUY  /BUY      47.23     0.98%          1.10%  0.85%
HOLX /MRVL  BUY  /BUY      44.72    -0.20%          0.07% -0.48%
MRVL /XLNX  BUY  /BUY      44.64     0.66%         -0.48%  1.81%
GENZ /QCOM  BUY  /BUY      43.89     8.04%         15.95%  0.13%
CELG /SMH   BUY  /BUY      43.66     0.87%          0.88%  0.85%
DELL /SMH   BUY  /BUY      43.64     1.06%          1.27%  0.85%
AAPL /LIFE  BUY  /BUY      42.91    -0.27%          1.06% -1.60%
CELG /QCOM  BUY  /BUY      42.84     0.50%          0.88%  0.13%
BRCM /DELL  BUY  /BUY      42.59     1.18%          1.10%  1.27%
CELG /HPQ   BUY  /BUY      41.97     0.55%          0.88%  0.22%
HPQ  /XLNX  BUY  /BUY      41.85     1.01%          0.22%  1.81%
MRVL /SMH   BUY  /BUY      41.61     0.19%         -0.48%  0.85%
LIFE /XLNX  BUY  /BUY      41.55     0.10%         -1.60%  1.81%
CELG /MRVL  BUY  /BUY      40.80     0.20%          0.88% -0.48%
CELG /DELL  BUY  /BUY      40.54     1.08%          0.88%  1.27%
HOLX /HPQ   BUY  /BUY      40.49     0.14%          0.07%  0.22%
HOLX /QCOM  BUY  /BUY      40.24     0.10%          0.07%  0.13%
QCOM /SMH   BUY  /BUY      40.10     0.49%          0.13%  0.85%
DELL /HOLX  BUY  /BUY      39.76     0.67%          1.27%  0.07%
HPQ  /SMH   BUY  /BUY      39.59     0.54%          0.22%  0.85%
BRCM /HPQ   BUY  /BUY      39.40     0.66%          1.10%  0.22%
HOLX /SMH   BUY  /BUY      38.98     0.46%          0.07%  0.85%
HOLX /XLNX  BUY  /BUY      38.32     0.94%          0.07%  1.81%
BRCM /LIFE  BUY  /BUY      38.08    -0.25%          1.10% -1.60%
GENZ /MRVL  BUY  /BUY      37.93     7.74%         15.95% -0.48%
HPQ  /QCOM  BUY  /BUY      37.58     0.17%          0.22%  0.13%
CELG /LIFE  BUY  /BUY      37.52    -0.36%          0.88% -1.60%
DELL /LIFE  BUY  /BUY      37.40    -0.17%          1.27% -1.60%
DELL /XLNX  BUY  /BUY      37.39     1.54%          1.27%  1.81%
BRCM /GENZ  BUY  /BUY      37.34     8.52%          1.10% 15.95%
QCOM /XLNX  BUY  /BUY      37.16     0.97%          0.13%  1.81%
LIFE /SMH   BUY  /BUY      36.89    -0.38%         -1.60%  0.85%
GENZ /HPQ   BUY  /BUY      36.83     8.09%         15.95%  0.22%
DELL /MRVL  BUY  /BUY      36.79     0.39%          1.27% -0.48%
HPQ  /MRVL  BUY  /BUY      36.69    -0.13%          0.22% -0.48%
DELL /HPQ   BUY  /BUY      36.47     0.75%          1.27%  0.22%
GENZ /XLNX  BUY  /BUY      36.21     8.88%         15.95%  1.81%
GENZ /LIFE  BUY  /BUY      35.87     7.17%         15.95% -1.60%
HOLX /LIFE  BUY  /BUY      35.62    -0.76%          0.07% -1.60%
MRVL /QCOM  BUY  /BUY      35.24    -0.17%         -0.48%  0.13%
LIFE /MRVL  BUY  /BUY      34.79    -1.04%         -1.60% -0.48%
DELL /GENZ  BUY  /BUY      34.18     8.61%          1.27% 15.95%
CELG /GENZ  BUY  /BUY      33.49     8.41%          0.88% 15.95%
LIFE /QCOM  BUY  /BUY      31.58    -0.74%         -1.60%  0.13%
HPQ  /LIFE  BUY  /BUY      26.29    -0.69%          0.22% -1.60%

(2) === Hedged Pairs: BUY/SHORT or SHORT/BUY ===
*** No PAIRS found in this Category

(3) === SHORT Pairs: SHORT/SHORT ===
*** No PAIRS found in this Category





         4.5  Global Statistics for All Trades Grouped by Signal Types
         =============================================================

                H I S T O R I C A L   T R A C K I N G   D A T A
                            (since 7/17/09)


The following Report presents performance summaries based upon our published
history of stock/ETF daily 'picks', and separate data lines are shown for each
of the 7 types of signals that we are currently tracking.  This information
is being used to determine: (1) which of the 7 signal types produce the highest
G/d ratio (annualized gain divided by maximum drawdown), (2) whether SHORT
trades are equally as profitable as Long trades, and (3) whether the current
strategy of trading ONLY when the QQQQ Voted Signal is a BUY or a SHORT is an
effective strategy or not. In considering #3, it might be more profitable to
trade based upon MTI value, MSI (Market Strength Indicator) values, our
Generalized Japanese Candlestick neural networks, or something else...


KEY:
====
Note 1: The 'Avg. Gain per trade' takes into account ONLY those market days
when we actually make trades, i.e., when the QQQQ Voted Signal is a BUY or a
SHORT. These figures combine both the Long and Short trades, and separate values
for BUY and SHORT trades are shown in the adjacent two columns.

Note 2: The 'Avg. Gain per BUY' only looks at days when BUYs are made, and it
averages the net gain or loss made for all BUY trades on those days, and these
figures are maintained by Signal 'Type'. The idea is to compare the 'Avg. Gain
per BUY' value with the 'Avg. Gain per SHORT' value to see how well our BUY
profits compare to our Shorting profits -- for each of our 7 signal Types.
Corresponding to the 'Avg. Gain per BUY' is the 'Avg. Accuracy per BUY'. This
shows the percentage of BUY signals for that 'type' that produced winning
trades for the day.

Note 3: The 'Avg. Gain per SHORT' only looks at days when SHORTs are made, and
it averages the net gain or loss made for all SHORT trades on those days, and
these figures are maintained by Signal 'Type'. Corresponding to the 'Avg. Gain
per SHORT' is the 'Avg. Accuracy per SHORT'. This shows the percentage of SHORT
signals for that 'type' that produced winning trades for the day.

Note 4: The 'Total Gain' counts ALL market days, even those on which no trades
were made (QQQQ Voted Signal = Cash). Since we base all statistics upon buying
(or shorting) at the Open, and Selling (or Covering) at the Close price, we
are always in cash on the 'off days'. This gain is compounded, and is thus not
equal to the 'Avg. Gain per trade' multiplied by the '# of days trades were
made'.  Although these values don't account for commissions or slippage, they
represent the Actual percentage gains that might be realistically made if ALL
signals for the given TYPE were traded.

Note 5: The 'Annualized Gain' takes the 'Total Gain' values and annualizes
them to a full trading year. Since 'Total Gain' is maintained for all market
days -- even those days when we make no trades at all -- it is easy to
annualize.


        Average Gain per Trade/BUY/SHORT                         Trading Portfolio Performance
        =======================================================  ===================================
Signal  Avg. Gain  Avg. Gain  Avg. Acc.   Avg. Gain   Avg. Acc.       Total   Annualized    Maximum
Type    per trade   per BUY    per BUY    per SHORT   per SHORT       Gain       Gain       Drawdown
=====   =========  =========  ==========  =========  ==========    ========   ==========   =========
All       0.03%       0.06%      52.49%      -0.03%      47.82%       6.88%       6.77%     -11.72%

# 1       0.05%       0.07%      56.60%       0.01%      48.44%      11.62%      11.43%     -15.24%
# 2      -0.02%      -0.01%      53.88%      -0.05%      46.25%      -6.66%      -6.56%     -19.90%
# 3       0.02%       0.02%      49.52%       0.04%      50.00%       4.93%       4.85%     -11.28%
# 4       0.04%       0.06%      51.82%       0.00%      44.78%       8.86%       8.71%      -9.75%
# 5      -0.09%      -0.13%      47.62%      -0.01%      50.00%     -20.57%     -20.28%     -26.89%
# 6      -0.04%      -0.05%      46.79%      -0.03%       0.00%     -11.67%     -11.49%     -31.12%
# 7       0.04%       0.06%      53.89%       0.00%       0.00%       8.75%       8.61%     -15.35%

# of market days:  256;   # of days trades were made:  234




      4.6   Global Statistics for All Pairs Trades Grouped by G/d Range
      =================================================================

The purpose of this subreport is to track the actual performance of all of
the Trading Pairs generated since tracking was initiated on 7/17/09. The
Pairs are grouped into 3 categories: LONG-only Pairs (BUY/BUY), SHORT-only
Pairs (SHORT/SHORT), and Hedged Pairs (BUY/SHORT or SHORT/BUY). Within each
Pair category, there are 5 breakdowns determined by the back-tested G/d values
associated with each Pair (G/d = Annualized Gain divided by Maximum Drawdown):

   Top Pair Only        Only the top (largest G/d) pair is traded each day.
   All G/d Pairs        All pairs within that category are traded each day
   G/d >= 60.0          Only pairs having G/d values of 60.0 or greater are
                           traded each day.
   60.0 > G/d >= 40.0   Only pairs having G/d values between 40.0 and 60.0 are
                           traded each day.
   40.0 > G/d >= 20.0   Only pairs having G/d values between 20.0 and 40.0 are
                           traded each day.

Within each of the 5 G/d breakdowns within each of the three Trading Pair
categories, the number of historical trades is shown that were averaged
together.

Note that all trades were made with Protective Stops set at -3.0% for Longs
(Open price - 3.0%), and at +3.0% for Shorts (Open price + 3.0%).

At the present time our focus is on gathering data, and on learning which
types of Pairs Trades -- and which G/d value ranges -- produce the best
returns. We will eventually add the usual tracking parameters to this Table:
(a) total compounded gain, (b) annualized gain, and (c) maximum drawdown.


                    Avg.Gain   # trades
G/d Range           per trade  averaged
==================  =========  ========
(1) === LONG Pairs: BUY/BUY ===
Top Pair Only         -0.12%       128
All G/d Pairs         -0.01%      8993
G/d >= 60.0            0.01%       153
60.0 > G/d >= 40.0     0.07%      1945
40.0 > G/d >= 20.0    -0.03%      6181

(2) === Hedged Pairs: BUY/SHORT or SHORT/BUY ===
Top Pair Only         -0.03%       107
All G/d Pairs          0.00%      2515
G/d >= 60.0           -0.04%        30
60.0 > G/d >= 40.0    -0.03%       485
40.0 > G/d >= 20.0     0.00%      1747

(3) === SHORT Pairs: SHORT/SHORT ===
Top Pair Only          0.46%       173
All G/d Pairs          0.45%     44658
G/d >= 60.0            0.58%       428
60.0 > G/d >= 40.0     0.46%      8617
40.0 > G/d >= 20.0     0.43%     29231


===============
END OF REPORT 4
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

================================================================================
FORECAST Report 5: Intra-Day Tactics Using MOS/MCS (as of the Close on  7/24/10)
================================================================================

The following two Tables have been extracted from the Report predtabl.htm, and
they share the common theme of using "signatures", plus the current MTI value,
in an attempt to predict how 3 key ETFs will Close based upon the morning's
Open price, or will Open tomorrow based upon today's Close price.

The "signatures" are based upon the changes in the prices of QQQQ, SMH, and
DIA, and in that specific order. The MOS (Market Open Signature) depicts how
QQQQ, SMH, and SPY 'opened' in comparison to the previous day's Close, and
the MCS (Market Close Signature) depicts how QQQQ, SMH, and SPY 'closed' in
comparison to the current day's Open.  In Table I-A we use the MOS (which must
be determined at the market Open) to try to forecast what might be expected
to happen at the Close, and in Table I-B we look at the MCS (which we project
for the market Close) to try to forecast what might be expected to happen at
the next market Open.

The use of these Tables is still experimental, but the next logical step is
to use the probabilities to help decide whether to commit to a short-term
trade during the current day, or to keep a trade overnight.



                         Table I-A (extracted from predtabl.htm)
                         =======================================

Probabilities that QQQQ, SMH, and SPY will close higher based upon the MOS
(Market Open Signature) value.  The idea is to use historical values of the
MTI and MOS to determine the most likely outcome for QQQQ, SMH, and SPY
Closing prices.

MOS = (xyz) where x = '+' if QQQQ Opens higher than previous Close, otherwise '-'
                  y = '+' if SMH  Opens higher than previous Close, otherwise '-'
                  z = '+' if SPY  Opens higher than previous Close, otherwise '-'

Key:
====
CL>OP%    Probability that the ETF will Close higher than its Open price
CL>CL%    Probability that the ETF will Close higher than the Preceding Close price


MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (+++)   214    QQQQ    52.80%  69.63%
                      SMH    51.40%  64.95%
                      SPY    48.60%  70.09%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (++-)    25    QQQQ    72.00%  80.00%
                      SMH    68.00%  80.00%
                      SPY    80.00%  64.00%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (+-+)    41    QQQQ    48.78%  56.10%
                      SMH    48.78%  41.46%
                      SPY    48.78%  68.29%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (+--)    16    QQQQ    50.00%  75.00%
                      SMH    43.75%  43.75%
                      SPY    75.00%  56.25%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (-++)     9    QQQQ    88.89%  88.89%
                      SMH    66.67%  66.67%
                      SPY    77.78%  77.78%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (-+-)    36    QQQQ    58.33%  52.78%
                      SMH    52.78%  55.56%
                      SPY    69.44%  58.33%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (--+)    13    QQQQ    69.23%  69.23%
                      SMH    69.23%  61.54%
                      SPY    53.85%  61.54%

MTI   (MOS)  #cases   ETF    CL>OP%  CL>CL%
-------------------------------------------
1.34  (---)   168    QQQQ    58.33%  43.45%
                      SMH    55.36%  35.12%
                      SPY    62.50%  42.86%



                         Table I-B (extracted from predtabl.htm)
                         =======================================

Probabilities that QQQQ, SMH, and SPY will Open higher on the following trading
day based upon the MCS (Market Close Signature) value at today's Close -- and
at the current MTI (Market Timing Indicator) value.


MCS = (xyz) where x = '+' if QQQQ Closes higher than today's Open, otherwise '-'
                  y = '+' if SMH  Closes higher than today's Open, otherwise '-'
                  z = '+' if SPY  Closes higher than today's Open, otherwise '-'


Key:
====
OP>CL%    Probability that the ETF will Open higher than today's Close price.

There are two probabilities given that depend upon whether today's Close was
higher than today's Open (case 1), or today's Close was lower than today's
Open (case 2).

                   1:ETF Close > Open  2:ETF Close < Open
MTI   (MCS)   ETF  (#cases   OP%>CL%)  (#cases   OP%>CL%)
---------------------------------------------------------
1.34  (+++)  QQQQ      197    57.36%        21    47.62%
              SMH      198    54.55%        20    55.00%
              SPY      189    50.26%        29    48.28%
1.34  (++-)  QQQQ       22    59.09%         6    83.33%
              SMH       23    47.83%         5    80.00%
              SPY       12    41.67%        16    68.75%
1.34  (+-+)  QQQQ       35    48.57%        12    33.33%
              SMH       14    42.86%        33    48.48%
              SPY       37    43.24%        10    70.00%
1.34  (+--)  QQQQ       14    57.14%         6    83.33%
              SMH        4    25.00%        16    68.75%
              SPY        7    57.14%        13    61.54%
1.34  (-++)  QQQQ        3    66.67%        10    80.00%
              SMH       11    72.73%         2    50.00%
              SPY        9    88.89%         4    75.00%
1.34  (-+-)  QQQQ        1     0.00%        16    50.00%
              SMH       11    72.73%         6    33.33%
              SPY        1   100.00%        16    50.00%
1.34  (--+)  QQQQ        4    50.00%        29    48.28%
              SMH        3    33.33%        30    56.67%
              SPY       21    42.86%        12    41.67%
1.34  (---)  QQQQ       19    52.63%       127    62.99%
              SMH       17    58.82%       129    59.69%
              SPY       24    62.50%       122    65.57%

===============
END OF REPORT 5
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

===============================================================================
FORECAST Report 6: Primary Indicators and Signals (as of the Close on 07/23/10)
===============================================================================

The following Table shows all of our PRIMARY indicators, drawn from all
components of our System.

++/--/?? symbols are used to indicate whether the indicator (or CHANGE in the
indicator) is favorable for Longs (++), unfavorable for Longs (--), or
ambiguous (??). We utilize this Table to help us gauge the overall condition
of the market, and as a checklist to ensure that we don't overlook any
pertinent factor.

   Indicator      07/23/10             07/22/10
-----------------------------------------------------
?? MutFnd MFTI:   buy             <--  buy
?? MutFnd Score:  7.98            <--  7.75

?? GrailSys Buy%: 97.00%          <--  96.20%
?? 80+%Club Buy%: 96.26%          <--  96.19%

?? MTI (MktTim):  1.3390          <--  1.0624
?? MktColorCode:  BLUE            <--  ORANGE
?? LSI/SSI:       3.33/-0.38      <--  3.19/-0.36
?? TSI ("techs"): 22.9            <--  23.5

?? Preproc. TOT:  559             <--  557
?? Preproc. #L:   11              <--  21
?? Preproc. #S:   0               <--  0
?? #LongRawSigs:  5               <--  5

?? NN1 (1-day):   0.50%           <--  6.86%
?? NN3 (3-day):   -1.34%          <--  10.75%
?? NN8 (8-day):   2.03%           <--  19.31%
?? CNNI (avg.):   2.90%           <--  10.73%
?? QQQQ 5-day:    -----           <--  -----

?? Prudent A.V.:  ( 10,  0, 90)%  <--  (  0,  0,100)%
?? AllocVec #0:   ( 46,  0, 54)%  <--  ( 64,  0, 36)%
?? AllocVec #1:   ( 55, 45,  0)%  <--  ( 45, 55,  0)%
?? AllocVec #2:   ( 54, 46,  0)%  <--  ( 45, 55,  0)%
?? Recommended:   10-46% LONG     <--  0-64% LONG

?? Preproc. L/1:  1               <--  1
?? MRI Indicator: 0.32            <--  -0.22

?? PredTablSigs:  ?+/S            <--  **/S
?? PredTablQQQQ:  DN              <--  ??
?? PredTablSMH:   UP              <--  UP
?? PredTablSPY:   DN              <--  DN
?? PredTablDIA:   DN              <--  DN

++ VotedClA QQQQ: BUY             <--  BUY
++ VotedClA SPY:  BUY             <--  BUY
++ VotedClA DIA:  BUY             <--  BUY
++ VotedClA IWM:  BUY             <--  BUY
++ VotedClA MDY:  BUY             <--  BUY
++ VotedClA SMH:  BUY             <--  BUY
-- VotedClA XLK:  SHORT           <--  BUY
++ VotedClA IYW:  BUY             <--  BUY
++ VotedClA IXN:  BUY             <--  BUY
++ VotedClA IYY:  BUY             <--  BUY
++ VotedClA IYZ:  BUY             <--  BUY
++ VotedClA IWZ:  BUY             <--  BUY
++ VotedClA IWW:  BUY             <--  BUY
++ VotedClA IBB:  BUY             <--  BUY
++ VotedClA SWH:  BUY             <--  BUY

++ VotedClB QQQQ: BUY             <--  BUY
++ VotedClB SPY:  BUY             <--  BUY
++ VotedClB DIA:  BUY             <--  BUY
++ VotedClB IWM:  BUY             <--  BUY
++ VotedClB MDY:  BUY             <--  BUY
++ VotedClB SMH:  BUY             <--  BUY
++ VotedClB XLK:  BUY             <--  BUY
++ VotedClB IYW:  BUY             <--  BUY
++ VotedClB IXN:  BUY             <--  BUY
++ VotedClB IYY:  BUY             <--  BUY
++ VotedClB IYZ:  BUY             <--  BUY
++ VotedClB IWZ:  BUY             <--  BUY
++ VotedClB IWW:  BUY             <--  BUY
++ VotedClB IBB:  BUY             <--  BUY
++ VotedClB SWH:  BUY             <--  BUY

++ VotedClC QQQQ: BUY             <--  BUY
++ VotedClC SPY:  BUY             <--  BUY
++ VotedClC DIA:  BUY             <--  BUY
++ VotedClC IWM:  BUY             <--  BUY
++ VotedClC MDY:  BUY             <--  BUY
++ VotedClC SMH:  BUY             <--  BUY
?? VotedClC XLK:  $$$$            <--  BUY
++ VotedClC IYW:  BUY             <--  BUY
++ VotedClC IXN:  BUY             <--  BUY
++ VotedClC IYY:  BUY             <--  BUY
++ VotedClC IYZ:  BUY             <--  BUY
++ VotedClC IWZ:  BUY             <--  BUY
?? VotedClC IWW:  $$$$            <--  $$$$
?? VotedClC IBB:  $$$$            <--  $$$$
?? VotedClC SWH:  $$$$            <--  $$$$

?? $NQ-RU:        +/-             <--  +/-
?? $NQ-SP:        +/-             <--  +/-
?? $NQ-DW:        +/-             <--  +/-
?? $NQ-AU:        -/+ *Change*    <--  +/-

Definitions:
============
MutFnd MFTI    Mutual Fund Timing Indicator (BUY/SELL/HOLD)
MutFnd Score   (0=Hard Sell, 5=Hold, 10=Strong Buy)

GrailSys Buy%  Percentage of 1000 Grail System equities in the BUY state
80+%Club Buy%  Percentage of BUYS among Grail models with accuracies >= 80%

MTI (MktTim)   Market Timing Indicator (calculated by Preprocessor)
MktColorCode   Market Color Code (GREEN,BLUE,YELLOW,ORANGE,RED)
LSI/SSI        Long Strength Indicator/Short Strength Indicator
TSI ("techs")  Technical Strength Indicator ('tech' stocks)

Preproc. TOT   Preprocessor Value: Total # of equities held LONG
Preproc. #L    Preprocessor Value: # of new LONGs for tomorrow
Preproc. #S    Preprocessor Value: # of new SHORTs for tomorrow
#LongRawSigs   Preprocessor Value: # of 'Raw' (unvoted) Long Signals (0-10)

NN1 (1-day)    Neural Network: 1-day projection for QQQQ
NN3 (3-day)    Neural Network: 3-day projection for QQQQ
NN8 (8-day)    Neural Network: 8-day projection for QQQQ
CNNI (avg.)    Neural Network: Combined (avg.) n-day projection for QQQQ
QQQQ 5-day     QQQQ 5-day 'Weather Forecast'

Prudent A.V.   Prudent Asset Allocation Vector:    (%Long, 0,    %Cash)
AllocVec #0    Long/Cash Asset Allocation Vector:  (%Long, 0,    %Cash)
AllocVec #1    "Official" Asset Allocation Vector: (%Long,%Short,%Cash)
AllocVec #2    Aggressive Asset Allocation Vector: (%Long,%Short,    0)
Recommended    Recommended LONG% Allocation Range (Prudent to Aggressive)

Preproc. L/1   Preprocessor L/1 Portfolio: 0 if NO holding; 1 if FULL
MRI Indicator  MRI Indicator (negative values can portend major movements)

PredTablSigs   Prediction Table (PREDTABL) Class 1/2 QQQQ Signals
PredTablQQQQ   Prediction Table (PREDTABL) 'Probable' Direction of QQQQ (UP/DN)
PredTablSMH    Prediction Table (PREDTABL) 'Probable' Direction of SMH  (UP/DN)
PredTablSPY    Prediction Table (PREDTABL) 'Probable' Direction of SPY  (UP/DN)
PredTablDIA    Prediction Table (PREDTABL) 'Probable' Direction of DIA  (UP/DN)

VARPORT Buy%   VARPORTA-G (Intermediate-Term) portfolios: Max Long%
"H" Buy%       PORTSTAT (Grail System) portfolios: Avg Long% of "H" portfolios
"N" Buy%       PORTSTAT (Grail System) portfolios: Avg Long% of "N" portfolios
"C" Buy%       PORTSTAT (Grail System) portfolios: Avg Long% of "C" portfolios
"E" Buy%       PORTSTAT (Grail System) portfolios: Avg Long% of "E" portfolios
"U" Buy%       PORTSTAT (Grail System) portfolios: Avg Long% of "U" portfolios

VotedSigQQQQ   Voted QQQQ Signal (from voteqqqq.htm report)
$NQ-RU         Differential Signal (from diffhist.htm): QQQQ vs. IWM
$NQ-SP         Differential Signal (from diffhist.htm): QQQQ vs. SPY
$NQ-DW         Differential Signal (from diffhist.htm): QQQQ vs. DIA
$NQ-AU         Differential Signal (from diffhist.htm): QQQQ vs. GLD (Gold)



===============
END OF REPORT 6
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================

=============================================================================
FORECAST Report A: Portfolio/Strategy Directory (as of the Close on 07/23/10)
=============================================================================

The following Table organizes many of the more effective strategies supported
by the myriad reports of the Strategist Newsletter, and organizes them into
families and subfamilies of similar strategies. For each type of strategy,
the Directory points you to the Reports that are necessary to support that
strategy, and lists some examples of the 'best' specific strategy within
the subfamily. Symbolic names are used for families, subfamilies, and strategy
variations in order to facilitate future discussions and studies.

The 'top' strategy at the present time is considered to be E2PH:{QQQQ/DIA},
a high-performing, but conservative strategy that is fully hedged during weak
market conditions, and which trades QQQQ aggressively during strong market
conditions. E2PH:{QQQQ/SPY} runs a very close second in performance and safety.

Whenever it is clear that subscribers need further information in order to
choose the strategy that is best for them, or to actually 'run' the strategy,
then we will add more explanatory text -- or hyperlinks to more detailed
instructions. Please let us know what you need.


3 Fundamental Proprietary Techniques
====================================
The Schulenberg Stock Strategist System is constructed using 3 powerful and
unique mathematical modeling concepts:

1. MTI (Market Timing Indicator). The MTI is an accurate 'predictor' of the
strength of the market -- not just an estimate of its current strength, but
an indicator of short-term 'future' market strength. The MTI might also be
called the 'Market Temperature Indicator' because it is analogous to the
equations in Physics by which the temperature of a gas can be determined by
looking at the distribution of speeds (momenta) of gas molecults. Rather than
counting the number of molecules contained within various speed partitions,
however, we construct a spectrum of stock portfolios that vary in size, and
that have very special (and rather surprising) buy and sell rules. We then
gauge the temperature of the market by looking at the number of stocks that
are currently contained within each portfolio, as well as looking at the
overall 'curve' that is produced by looking across the spectrum of portfolios
from the smallest to the largest portfolios.

2. Generalized Japanese Candlestick Neural Networks. What we do here is to
convert the four prices for each day (Open, High, Low, Close) to a transformed
set of four dimensionless numbers -- rather than converting them directly to
Japanese candlesticks. We call this the RaDiSH Transform because the four
prices become the dimensionless and time-invariant R, D, S, and H parameters.
We then incorporate these 4 parameters with the previous 2 days of values,
throw in the recent time history of the MTI as well as some commodities
prices (gold, oil, etc.), and train a neural network to predict the price of
QQQQ 1 day in advance. What this effectively does is to find the Japanese
Candlestick patterns that actually have predictive power, and we obtain the
prediction -- without ever actually knowing what kind of a pattern had been
detected. Since the R, D, S, and H parameters are both dimensionless and
time-invariant, they produce neural networks that have predictive power not
only over QQQQ, but also over other stocks and ETFs -- and over wide ranges
of price histories.

3. Mutual Fund Timing Indicator. Our MFTI is constructed based upon our MTI
value, and it produces a mutual fund buy/sell signal that is not only highly
accurate, but that also switches (buy > sell, sell > buy) fairly infrequently.
Another proprietary idea, however, is that we develop a relative strength for
1000 different mutual funds by the following process:

    a. Determine the current composition of each mutual fund by finding the
       weighted sum of 5 ETFs (or key stocks) whose price history over the
       past N market days most closely matches the actual price history of
       the mutual fund. This is done by a Monte Carlo (Darwinian) process
       and it generates surprisingly good results -- generally developing
       decompositions into ETFs that match closely the stated 'objectives'
       of the mutual fund.

    b. Use the estimated composition of each mutual fund as a weighted sum
       of equities for which we have timing signals, and then calcule a net
       timing signal for the entire mutual fund.  The resulting timing
       information is contained within the MUTFUNDS.TXT report, and the
       decompositions can be provided upon request (because of the size of
       the decomposition report it is not included in the daily report archive).



I.   E1    Work with 1 ETF exclusively.
=======================================
Method: We use our Voted Signals for each ETF, and these take into account not
only the recent price history for a particular ETF, but also factor in the
Voted Signals for related ETFs -- and for the market as a whole.


      (1) E1LS   Trade 1 ETF both Long and Short (we have over 20 ETF signals)
                 Relevant Reports: TRKVOTEB.TXT, ALLVOTES.TXT
                 Tracked by TimerTrac(TM): QQQQ, SPY, DIA, SMH, MDY, IWM
  >>>            Favorites: E1LS:QQQQ, E1LS:IWM, E1LS:SMH
                 See Forecast Report 3 for 2x and 3x ETF equivalents
                   (QLD, QID, SSO, SDS, DDM, DXD, ...)
                 Stops/Exits: See TRKVOTEB.TXT

      (2) E1LO   Trade 1 ETF Long-Only (more conservative)
                 Relevant Reports: TRKVOTEB.TXT, ALLVOTES.TXT
  >>>            Favorites: E1LO:QQQQ, E1LO:IWM, E1LO:SMH
                 Stops/Exits: See TRKVOTEB.TXT


II.  E2    Work with 2 ETFs as a portfolio.
===========================================
Method (E2FH/E2PH): We construct a 'pseudo-ETF' whose price history is the
ratio of ETF1 to ETF2 (the quotient), and whose daily trading volume is the
harmonic mean of the two ETFs. We then generate a Voted Signal (utilizing
our MTI value and related Voted Signals) for this 'differential' ETF and
it accurately generates the BUY/SHORT or SHORT/BUY signals for the ETF pair.

Method (E2TP): We analyze all possible pairs of our 140 Voted Signals (this
is 9730 possible 2-equity portfolios), and we back-test all pairs over a
7 year trading history in order to determine the pairs that have the highest
G/d ratio (annualized gain divided by maximum drawdown). This analysis is
summarized in the STKPAIRS.TXT report. We then select the 20 best pairs of
ETFs, and we back-test these again, but this time varying the equity ratio
between the two ETFs in order to find the optimum percentages of ETF1 and
ETF2 that produce the maximal G/d ratio. This analysis is summarized in the
TRKPAIRS.TXT report.


      (1) E2FH   Trade 2 ETFs in a Fully Hedged fashion (ALL the time)
                 Relevant Reports: Forecast Report 1
  >>>            Favorites: E2FH:QQQQ/DIA, E2FH:QQQQ/SPY, E2FH:SMH/SPY
                 See Forecast Report 3 for 2x and 3x ETF equivalents
                   (QLD, QID, SSO, SDS, DDM, DXD, ...)

      (2) E2PH   Trade 2 ETFs in a Partially Hedged fashion
                 Relevant Reports: Forecast Report 1
  >>>            Favorites: E2PH:{QQQQ/DIA}, E2PH:{QQQQ/SPY}
                 See Forecast Report 3 for 2x and 3x ETF equivalents
                   (QLD, QID, SSO, SDS, DDM, DXD, ...)

      (3) E2TP   Trade 2 ETFs as a Trading Pair
                 Relevant Reports: Forecast Report 2, STKPAIRS.TXT,
                   TRKPAIRS.TXT, ALLVOTES.TXT
  >>>            Favorites: E2TP:IWM/SMH


III. En    Work with a portfolio of 'n' ETFs.
=============================================
      (1) En     Trade 'n' ETFs as a portfolio
                 Relevant Reports: Forecast Report 2, STKPAIRS.TXT,
                   TRKPAIRS.TXT, ALLVOTES.TXT
                 Method: Use Forecast Report 2 to construct portfolios
                   of 3 ETFs (by selecting two Trading Pairs with an ETF
                   in common) or 4 ETFs (by selecting two Trading Pairs
                   with no ETFs in common). Use the Equity Ratios for the
                   Trading Pairs to determine the overall portfolio equity
                   ratios. Construct portfolios of 5 or more ETFs in a
                   similar fashion. Trade the portfolio by following the
                   signals in the ALLVOTES.TXT Report.


IV.  S1    Work with a single stock.
====================================
Method: We use our Voted Signals for each stock, and these take into account not
only the recent price history for a particular stock, but also factor in the
Voted Signals for related stocks -- and for the market as a whole.

      (1) S1LS   Trade 1 stock both Long and Short (we have 120 stock signals)
                 Relevant Reports: ALLVOTES.TXT, TRKQSTKA.TXT, TKQ1STKA.TXT,
                   TKQ2STKA.TXT, TKQ3STKA.TXT, TRKDSTKA.TXT, TKM1STKA.TXT
  >>>            Favorites: S1LS:AMZN, S1LS:ATVI, S1LS:MSFT, S1LS:AAPL
                    also,   S1LS:FAS(FAZ). Use TKM1STKA.TXT for tracking of
                    FAS, and TRKQSTKA.TXT for AMZN, ATVI, MSFT, and AAPL
                 Stops/Exits: See appropriate tracking report, e.g.,
                   TRKQSTKA.TXT.

      (2) S1LO   Trade 1 stock Long-Only (more conservative)
                 Trade only on BUY signals
                 Stops/Exits: See appropriate tracking report, e.g.,
                   TRKQSTKA.TXT.

      (3) S1LOHZ Trade 1 stock Long-Only and only in the MTI High-Zone
                 (most conservative). Trade only on BUY signals and only if
                 the MTI is >= 1.0 (trading only on MTI > 1.0 signals would
                 result in protracted stays in Cash).
                 Stops/Exits: See appropriate tracking report, e.g.,
                   TRKQSTKA.TXT.


V.   S2    Work with a pair of stocks as a portfolio.
=====================================================
      (1) S2TP   Trade 2 stocks, both Long and Short, as a Trading Pair.
                 Relevant Reports: STKPAIRS.TXT, ALLVOTES.TXT
                 Good Candidates: S2TP:ALTR/JNPR, S2TP:ALTR/VRTX,
                   S2TP:JPM/LRCX, S2TP:AXP/NTAP, ...


VI.  Sn    Work with a portfolio of 'n' stocks.
===============================================
      (1) Sn     Trade 'n' stocks as a portfolio.
                 Relevant Reports: STKPAIRS.TXT, ALLVOTES.TXT
                 Method: Use STKPAIRS.TXTE Report to construct portfolios
                   of 3 stocks (by selecting two Trading Pairs with a stock
                   in common) or 4 stocks (by selecting two Trading Pairs
                   with no stocks in common). Use an even equity distribution
                   that assigns equal funds to each stock. Construct portfolios
                   of 5 or more stocks in a similar fashion.  Trade the
                   portfolio by following the signals in the ALLVOTES.TXT
                   Report.


VII.  Mutual Funds (see MUTFUNDS.TXT Report and keep an eye on the Mutual
                 Fund Timing Indicator, MFTI).
==============================================

===============
END OF REPORT A
===============
============ Forecast Reports ============
Report 1: Differential Signals
Report 2: Pairs Trading
Report 3: Voted Signals
Report 4: Day Trades
Report 5: Prediction Table
Report 6: Primary Indicators
Report A: Major Strategies
==========================================