1st Choice Next Day Trades Using a 2.0 Beta S&P 500 Index Fund              
  January 1987 Through December 2004  
  S&P 500 1ST 1ST 1ST  
  CLOSE CHOICE CHOICE CHOICE  
DATE VALUE POSITION GAIN VALUE  
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1/2/1987 246.45 Buy   $246.45  
3/10/1987 290.31 Sell 35.59% $334.17  
3/12/1987 289.89 Buy 0.29% $335.14  
3/19/1987 298.17 Sell 5.71% $354.28  
4/27/1987 282.51 Cash 10.50% $391.50
4/30/1987 288.03 Buy 0.08% $391.80
5/4/1987 295.34 Sell 5.08% $411.69
6/17/1987 305.69 Buy -7.01% $382.83
7/28/1987 315.65 Sell 6.52% $407.78
10/27/1987 233.28 Cash 52.19% $620.60
11/3/1987 248.96 Sell 0.15% $621.55
11/18/1987 240.05 Buy 7.16% $666.04
     
1987 S&P 500: +0.3%                     1st Choice Timing: +186.1%
     
2/26/1988 267.82 Sell 23.14% $820.14
3/14/1988 266.13 Buy 1.26% $830.49
11/2/1988 279.2 Sell 9.82% $912.06
11/18/1988 266.22 Buy 9.30% $996.87
     
1988 S&P 500: +12.4%                   1st Choice Timing: +53.6%
     
8/4/1989 349.41 Sell 62.50% $1,619.88
8/9/1989 348.25 Buy 0.66% $1,630.64
8/31/1989 353.73 Sell 3.15% $1,681.95
9/8/1989 347.66 Buy 3.43% $1,739.68
10/11/1989 355.39 Sell 4.45% $1,817.04
10/26/1989 335.06 Cash 11.44% $2,024.93
10/31/1989 341.2 Buy 0.10% $2,026.97
11/3/1989 332.61 Sell -5.04% $1,924.91
11/20/1989 339.59 Buy -4.20% $1,844.12
     
1989 S&P 500: +27.3%                   1st Choice Timing: +84.1%
     
4/11/1990 344.34 Sell 2.80% $1,895.70
4/20/1990 331.05 Buy 7.72% $2,042.04
7/17/1990 364.22 Sell 20.04% $2,451.25
9/6/1990 323.4 Buy 22.42% $3,000.69
9/11/1990 322.54 Sell -0.53% $2,984.73
10/1/1990 315.21 Buy 4.55% $3,120.40  
10/19/1990 314.76 Sell -0.29% $3,111.49  
10/26/1990 301.88 Buy 8.18% $3,366.13  
11/2/1990 314.59 Sell 8.42% $3,649.58  
11/19/1990 315.31 Buy -0.46% $3,632.87  
     
1990 S&P 500: -6.6%                      1st Choice Timing: +99.4%  
     
1/4/1991 315.44 Sell 0.08% $3,635.87  
1/14/1991 313.73 Buy 1.08% $3,675.29  
5/9/1991 375.74 Sell 39.53% $5,128.16  
6/25/1991 371.59 Buy 2.21% $5,241.44  
     
1991 S&P 500: +26.3%                   1st Choice Timing: +64.1%  
     
2/25/1992 415.35 Sell 23.55% $6,475.95  
3/12/1992 405.84 Cash 4.58% $6,772.50  
3/19/1992 411.3 Sell 0.09% $6,778.36  
4/13/1992 412.39 Buy -0.53% $6,742.43  
4/15/1992 416.05 Sell 1.78% $6,862.11  
4/27/1992 409.11 Buy 3.34% $7,091.04  
5/4/1992 416.84 Sell 3.78% $7,359.01  
6/23/1992 403.83 Buy 6.24% $7,818.37  
     
1992 S&P 500: +4.5%                      1st Choice Timing: +38.7%  
     
3/19/1993 448.88 Sell 22.31% $9,562.76  
4/8/1993 448.37 Buy 0.23% $9,584.49  
7/16/1993 446.03 Sell -1.04% $9,484.45  
8/11/1993 448.96 Buy -1.31% $9,359.84  
11/2/1993 463.02 Sell 6.26% $9,946.08  
11/18/1993 462.6 Buy 0.18% $9,964.13  
     
1993 S&P 500: +7.1%                      1st Choice Timing +11.9%  
     
3/22/1994 468.54 Sell 2.57% $10,220.02  
4/8/1994 449.87 Buy 7.97% $11,034.49  
9/14/1994 474.81 Sell 11.09% $12,257.96  
10/26/1994 465.85 Cash 3.77% $12,720.59  
11/2/1994 467.91 Sell 0.11% $12,734.71  
11/18/1994 458.3 Cash 4.11% $13,257.81  
11/21/1994 450.09 Buy 0.02% $13,260.93  
     
1994 S&P 500: -1.5%                      1st Choice Timing: +36.2%  
     
9/22/1995 581.81 Sell 58.53% $21,022.61  
10/26/1995 579.7 Cash 0.73% $21,175.09  
11/2/1995 590.57 Sell 0.12% $21,199.77  
11/7/1995 591.71 Buy -0.39% $21,117.92  
     
1995 S&P 500: +34.1%                    1st Choice Timing: +65.5%  
     
3/19/1996 649.98 Sell 19.70% $25,277.19  
4/11/1996 636.71 Buy 4.08% $26,309.31  
6/10/1996 670.97 Sell 10.76% $29,140.60  
6/25/1996 664.39 Buy 1.96% $29,712.14  
6/27/1996 670.63 Cash 1.88% $30,270.26  
7/5/1996 652.54 Buy 0.11% $30,303.65  
7/8/1996 654.75 Cash 0.68% $30,508.92  
7/16/1996 634.07 Buy 0.13% $30,549.75  
7/17/1996 643.56 Sell 2.99% $31,464.21  
7/29/1996 635.26 Buy 2.58% $32,275.80  
8/8/1996 662.1 Sell 8.45% $35,003.13  
9/30/1996 689.08 Buy -8.15% $32,150.43  
10/9/1996 694.61 Sell 1.61% $32,666.46  
10/28/1996 701.5 Buy -1.98% $32,018.40  
11/4/1996 714.14 Sell 3.60% $33,172.25  
11/14/1996 737.62 Buy -6.58% $30,990.93  
12/27/1996 753.85 Cash 4.40% $32,354.73  
12/31/1996 737.01 Buy 0.04% $32,368.63  
     
1996 S&P 500: +20.3%                    1st Choice Timing: +41.7%  
     
3/19/1997 782.65 Sell 12.39% $36,377.54  
4/25/1997 772.96 Cash 2.48% $37,278.32  
5/1/1997 812.97 Buy 0.09% $37,311.73  
5/2/1997 830.24 Sell 4.25% $38,896.96  
5/5/1997 827.76 Buy 0.60% $39,129.34  
7/25/1997 936.45 Sell 26.26% $49,405.18  
8/15/1997 912.49 Buy 5.12% $51,933.35  
12/5/1997 982.37 Cash 15.32% $59,887.63  
12/12/1997 963.39 Buy 0.11% $59,955.43  
     
1997 S&P 500: +31.0%                   1st Choice Timing: +87.9%  
     
1/5/1998 966.58 Sell 0.66% $60,352.48  
1/9/1998 939.21 Buy 5.66% $63,770.40  
2/2/1998 1005.99 Sell 14.22% $72,838.84  
2/10/1998 1020.01 Buy -2.79% $70,808.59  
4/16/1998 1122.72 Sell 20.14% $85,068.74  
4/27/1998 1085.11 Cash 6.70% $90,768.18  
5/4/1998 1115.65 Sell 0.11% $90,867.19  
6/25/1998 1133.2 Buy -3.15% $88,008.38  
6/26/1998 1138.49 Cash 0.93% $88,830.07  
6/30/1998 1148.56 Buy 0.04% $88,868.80  
7/8/1998 1158.56 Cash 1.74% $90,416.28  
7/9/1998 1164.33 Buy 0.02% $90,436.03  
7/16/1998 1186.75 Sell 3.85% $93,918.86  
8/7/1998 1083.14 Buy 17.46% $110,318.16  
8/17/1998 1101.2 Sell 3.33% $113,996.98  
9/1/1998 990.48 Buy 20.11% $136,920.59  
     
1998 S&P 500: +26.7%                   1st Choice Timing: +233.6%  
     
1/4/1999 1244.78 Cash 51.35% $207,227.75  
1/5/1999 1272.34 Sell 0.02% $207,268.36  
1/12/1999 1234.4 Cash 5.96% $219,629.44  
1/13/1999 1212.19 Buy 0.02% $219,671.25  
2/12/1999 1241.87 Sell 4.90% $230,428.41  
4/27/1999 1350.91 Buy -17.56% $189,963.75  
5/4/1999 1347.31 Sell -0.53% $188,951.30  
6/3/1999 1327.75 Buy 2.90% $194,437.64  
6/22/1999 1333.06 Sell 0.80% $195,992.86  
6/25/1999 1331.35 Buy 0.26% $196,495.70  
7/2/1999 1388.12 Cash 8.53% $213,253.23  
7/6/1999 1395.86 Buy 0.02% $213,297.08  
7/8/1999 1403.28 Cash 1.06% $215,564.75  
7/13/1999 1398.17 Buy 0.06% $215,697.19  
7/16/1999 1407.65 Sell 1.36% $218,622.16  
7/23/1999 1347.7 Buy 8.52% $237,243.84  
8/17/1999 1332.84 Sell -2.21% $232,012.06  
8/18/1999 1323.59 Buy 1.39% $235,232.42  
8/24/1999 1381.79 Sell 8.79% $255,919.41  
9/15/1999 1318.48 Buy 9.16% $279,370.53  
11/12/1999 1394.39 Sell 11.51% $311,539.44  
11/18/1999 1422 Buy -3.96% $299,202.00  
12/15/1999 1418.78 Cash -0.45% $297,846.97  
     
1999 S&P 500: +19.5%                   1st Choice Timing: +47.2%  
     
1/4/2000 1402.11 Sell 0.31% $298,764.09  
1/12/2000 1449.68 Cash -6.79% $278,491.47  
1/19/2000 1445.57 Sell 0.09% $278,748.34  
1/27/2000 1360.16 Buy 11.82% $311,687.44  
5/2/2000 1415.1 Sell 8.08% $336,866.97  
5/5/2000 1424.17 Buy -1.28% $332,548.69  
6/2/2000 1467.63 Sell 6.10% $352,844.78  
6/27/2000 1454.82 Buy 1.75% $359,004.31  
7/17/2000 1493.74 Sell 5.35% $378,212.81  
9/21/2000 1448.72 Buy 6.03% $401,010.81  
11/2/2000 1426.69 Sell -3.04% $388,814.84  
11/20/2000 1347.35 Buy 11.12% $432,059.78  
     
2000 S&P 500: -10.1%                    1st Choice Timing: +38.8%  
     
2/13/2001 1315.92 Sell -4.67% $411,902.28  
3/12/2001 1197.66 Buy 17.97% $485,936.53  
3/19/2001 1142.62 Sell -9.19% $441,272.81  
4/6/2001 1137.59 Buy 0.88% $445,157.94  
4/18/2001 1253.7 Sell 20.41% $536,029.50  
4/25/2001 1234.52 Buy 3.06% $552,430.56  
5/10/2001 1245.67 Sell 1.81% $562,409.50  
6/26/2001 1211.07 Buy 5.56% $593,652.81  
7/17/2001 1207.71 Sell -0.55% $590,358.75  
9/21/2001 1003.45 Buy 33.83% $790,053.44  
10/10/2001 1097.43 Sell 18.73% $938,041.38  
10/26/2001 1078.3 Buy 3.49% $970,744.56  
     
2001 S&P 500: -13.0%                    1st Choice Timing: +164.4%  
     
1/3/2002 1172.51 Sell 17.47% $1,140,370.50  
1/14/2002 1146.19 Buy 4.49% $1,191,567.75  
1/18/2002 1119.31 Sell -4.69% $1,135,679.62  
3/7/2002 1164.31 Buy -8.04% $1,044,363.38  
3/19/2002 1151.85 Sell -2.14% $1,022,010.50  
4/25/2002 1076.32 Buy 13.11% $1,156,042.62  
5/23/2002 1083.82 Sell 1.39% $1,172,153.62  
6/25/2002 973.53 Buy 20.35% $1,410,711.12  
8/7/2002 905.46 Sell -13.98% $1,213,435.00  
10/28/2002 882.15 Buy 5.15% $1,275,911.88  
11/4/2002 915.39 Sell 7.54% $1,372,066.25  
11/18/2002 896.74 Buy 4.07% $1,427,974.75  
12/10/2002 904.96 Cash 1.83% $1,454,154.00  
12/20/2002 897.38 Buy 0.04% $1,454,765.88  
     
2002 S&P 500: -23.4%                    1st Choice Timing: +27.5%  
     
1/3/2003 929.01 Sell 7.05% $1,557,318.25  
1/13/2003 931.66 Buy -0.57% $1,548,433.88  
1/16/2003 901.78 Cash -6.41% $1,449,112.00  
1/17/2003 887.62 Sell 0.01% $1,449,185.00  
3/12/2003 831.9 Buy 12.55% $1,631,129.00  
3/17/2003 866.45 Cash 8.31% $1,766,615.25  
3/19/2003 875.67 Sell 0.01% $1,766,784.88  
3/28/2003 848.18 Buy 6.28% $1,877,714.62  
7/22/2003 988.61 Sell 33.11% $2,499,487.00  
10/1/2003 1020.24 Buy -6.40% $2,339,547.75  
12/11/2003 1074.14 Cash 10.57% $2,586,747.75  
     
2003 S&P 500: +26.4%                   1st Choice Timing: +85.2%  
     
1/5/2004 1123.67 Sell 0.06% $2,588,353.50  
1/12/2004 1121.22 Cash 0.44% $2,599,641.00  
1/16/2004 1138.77 Sell 0.02% $2,600,061.00  
1/30/2004 1135.26 Buy 0.62% $2,616,089.25  
2/6/2004 1139.81 Sell 0.80% $2,637,059.50  
2/20/2004 1140.99 Buy -0.21% $2,631,599.75  
3/5/2004 1147.21 Sell 1.09% $2,660,291.50  
3/12/2004 1104.49 Buy 7.45% $2,858,420.25  
3/15/2004 1110.7 Cash 1.12% $2,890,563.00  
3/18/2004 1109.78 Buy 0.01% $2,890,920.25  
4/2/2004 1150.57 Sell 7.35% $3,103,431.50  
4/27/2004 1122.41 Cash 4.89% $3,255,343.00  
5/4/2004 1121.53 Sell 0.02% $3,256,037.00  
5/21/2004 1095.41 Buy 4.66% $3,407,700.75  
5/24/2004 1113.05 Sell 3.22% $3,517,453.00  
6/25/2004 1133.35 Cash -3.65% $3,389,149.50  
7/6/2004 1118.33 Buy 0.04% $3,390,367.00  
7/8/2004 1112.81 Cash -0.99% $3,356,898.50  
7/13/2004 1111.47 Buy 0.02% $3,357,497.25  
7/16/2004 1100.9 Sell -1.90% $3,293,638.50  
7/29/2004 1101.72 Buy -0.15% $3,288,732.25  
8/26/2004 1107.77 Sell 1.10% $3,324,852.00  
10/11/2004 1121.84 Buy -2.54% $3,240,393.25  
12/31/2004 1202.08 Buy 14.31% $3,703,933.75  
           
2004 S&P 500: +9.0%                   1st Choice Timing: +45.3%  
     
Trades:                    172 (77.33% Winners) 9.55/year  
Largest Gain:            +62.50%  
Largest Loss:            -17.56%  
Total Gain:            +1375417.58%      
Comp. Ann. Ret.:      +70.59%      
Percent Invested:        97.20%      
Percent long:              66.40%      
Percent short:             30.81%      
     
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