1st Choice Next Day Trades Using a 1.0 Beta S&P 500 Index Fund

January 1987 Through December 2004

S&P 500

1ST

CHOICE

DATE

VALUE

POSITION

GAIN

VALUE

-----------------------------------------------------------------------------------------------------------

1/2/1987

246.45

Buy

$246.45

3/10/1987

290.31

Sell

17.80%

$290.31

3/12/1987

289.89

Buy

0.14%

$290.73

3/19/1987

298.17

Sell

2.86%

$299.03

4/27/1987

282.51

Cash

5.25%

$314.74

4/30/1987

288.03

Buy

0.08%

$314.98

5/4/1987

295.34

Sell

2.54%

$322.98

6/17/1987

305.69

Buy

-3.50%

$311.66

7/28/1987

315.65

Sell

3.26%

$321.81

10/27/1987

233.28

Cash

26.10%

$405.79

11/3/1987

248.96

Sell

0.15%

$406.41

11/18/1987

240.05

Buy

3.58%

$420.96

1987 S&P 500: +0.3% 1st Choice Timing: +75.8%

2/26/1988

267.82

Sell

11.57%

$469.65

3/14/1988

266.13

Buy

0.63%

$472.62

11/2/1988

279.2

Sell

4.91%

$495.83

11/18/1988

266.22

Buy

4.65%

$518.88

1988 S&P 500: +12.4% 1st Choice Timing: +24.9%

8/4/1989

349.41

Sell

31.25%

$681.02

8/9/1989

348.25

Buy

0.33%

$683.28

8/31/1989

353.73

Sell

1.57%

$694.04

9/8/1989

347.66

Buy

1.72%

$705.95

10/11/1989

355.39

Sell

2.22%

$721.64

10/26/1989

335.06

Cash

5.72%

$762.92

10/31/1989

341.2

Buy

0.10%

$763.69

11/3/1989

332.61

Sell

-2.52%

$744.47

11/20/1989

339.59

Buy

-2.10%

$728.84

1989 S&P 500: +27.3% 1st Choice Timing: +40.1%

4/11/1990

344.34

Sell

1.40%

$739.04

4/20/1990

331.05

Buy

3.86%

$767.56

7/17/1990

364.22

Sell

10.02%

$844.47

9/6/1990

323.4

Buy

11.21%

$939.11

9/11/1990

322.54

Sell

-0.27%

$936.62

10/1/1990

315.21

Buy

2.27%

$957.90

10/19/1990

314.76

Sell

-0.14%

$956.53

10/26/1990

301.88

Buy

4.09%

$995.67

11/2/1990

314.59

Sell

4.21%

$1,037.60

11/19/1990

315.31

Buy

-0.23%

$1,035.22

1990 S&P 500: -6.6% 1st Choice Timing: +42.9%

1/4/1991

315.44

Sell

0.04%

$1,035.65

1/14/1991

313.73

Buy

0.54%

$1,041.26

5/9/1991

375.74

Sell

19.77%

$1,247.07

6/25/1991

371.59

Buy

1.10%

$1,260.84

1991 S&P 500: +26.3% 1st Choice Timing: +30.5%

2/25/1992

415.35

Sell

11.78%

$1,409.33

3/12/1992

405.84

Cash

2.29%

$1,441.60

3/19/1992

411.3

Sell

0.09%

$1,442.84

4/13/1992

412.39

Buy

-0.27%

$1,439.02

4/15/1992

416.05

Sell

0.89%

$1,451.79

4/27/1992

409.11

Buy

1.67%

$1,476.01

5/4/1992

416.84

Sell

1.89%

$1,503.90

6/23/1992

403.83

Buy

3.12%

$1,550.84

1992 S&P 500: +4.5% 1st Choice Timing: +18.2%

3/19/1993

448.88

Sell

11.16%

$1,723.84

4/8/1993

448.37

Buy

0.11%

$1,725.80

7/16/1993

446.03

Sell

-0.52%

$1,716.79

8/11/1993

448.96

Buy

-0.66%

$1,705.52

11/2/1993

463.02

Sell

3.13%

$1,758.93

11/18/1993

462.6

Buy

0.09%

$1,760.52

1993 S&P 500: +7.1% 1st Choice Timing +6.1%

3/22/1994

468.54

Sell

1.28%

$1,783.13

4/8/1994

449.87

Buy

3.98%

$1,854.18

9/14/1994

474.81

Sell

5.54%

$1,956.97

10/26/1994

465.85

Cash

1.89%

$1,993.90

11/2/1994

467.91

Sell

0.11%

$1,996.12

11/18/1994

458.3

Cash

2.05%

$2,037.11

11/21/1994

450.09

Buy

0.02%

$2,037.59

1994 S&P 500: -1.5% 1st Choice Timing: +17.8%

9/22/1995

581.81

Sell

29.27%

$2,633.90

10/26/1995

579.7

Cash

0.36%

$2,643.45

11/2/1995

590.57

Sell

0.12%

$2,646.53

11/7/1995

591.71

Buy

-0.19%

$2,641.42

1995 S&P 500: +34.1% 1st Choice Timing: +32.2%

3/19/1996

649.98

Sell

9.85%

$2,901.54

4/11/1996

636.71

Buy

2.04%

$2,960.78

6/10/1996

670.97

Sell

5.38%

$3,120.09

6/25/1996

664.39

Buy

0.98%

$3,150.69

6/27/1996

670.63

Cash

0.94%

$3,180.28

7/5/1996

652.54

Buy

0.11%

$3,183.79

7/8/1996

654.75

Cash

0.34%

$3,194.57

7/16/1996

634.07

Buy

0.13%

$3,198.85

7/17/1996

643.56

Sell

1.50%

$3,246.73

7/29/1996

635.26

Buy

1.29%

$3,288.60

8/8/1996

662.1

Sell

4.23%

$3,427.54

9/30/1996

689.08

Buy

-4.07%

$3,287.87

10/9/1996

694.61

Sell

0.80%

$3,314.26

10/28/1996

701.5

Buy

-0.99%

$3,281.38

11/4/1996

714.14

Sell

1.80%

$3,340.51

11/14/1996

737.62

Buy

-3.29%

$3,230.68

12/27/1996

753.85

Cash

2.20%

$3,301.76

12/31/1996

737.01

Buy

0.04%

$3,303.18

1996 S&P 500: +20.3% 1st Choice Timing: +20.1%

3/19/1997

782.65

Sell

6.19%

$3,507.73

4/25/1997

772.96

Cash

1.24%

$3,551.16

5/1/1997

812.97

Buy

0.09%

$3,554.35

5/2/1997

830.24

Sell

2.12%

$3,629.85

5/5/1997

827.76

Buy

0.30%

$3,640.69

7/25/1997

936.45

Sell

13.13%

$4,118.74

8/15/1997

912.49

Buy

2.56%

$4,224.12

12/5/1997

982.37

Cash

7.66%

$4,547.61

12/12/1997

963.39

Buy

0.11%

$4,552.76

1997 S&P 500: +31.0% 1st Choice Timing: +38.8%

1/5/1998

966.58

Sell

0.33%

$4,567.84

1/9/1998

939.21

Buy

2.83%

$4,697.18

2/2/1998

1005.99

Sell

7.11%

$5,031.16

2/10/1998

1020.01

Buy

-1.39%

$4,961.04

4/16/1998

1122.72

Sell

10.07%

$5,460.59

4/27/1998

1085.11

Cash

3.35%

$5,643.52

5/4/1998

1115.65

Sell

0.11%

$5,649.67

6/25/1998

1133.2

Buy

-1.57%

$5,560.80

6/26/1998

1138.49

Cash

0.47%

$5,586.76

6/30/1998

1148.56

Buy

0.04%

$5,589.20

7/8/1998

1158.56

Cash

0.87%

$5,637.86

7/9/1998

1164.33

Buy

0.02%

$5,639.09

7/16/1998

1186.75

Sell

1.93%

$5,747.68

8/7/1998

1083.14

Buy

8.73%

$6,249.48

8/17/1998

1101.2

Sell

1.67%

$6,353.68

9/1/1998

990.48

Buy

10.05%

$6,992.51

1998 S&P 500: +26.7% 1st Choice Timing: +89.2%

1/4/1999

1244.78

Cash

25.67%

$8,787.80

1/5/1999

1272.34

Sell

0.02%

$8,789.52

1/12/1999

1234.4

Cash

2.98%

$9,051.62

1/13/1999

1212.19

Buy

0.02%

$9,053.34

2/12/1999

1241.87

Sell

2.45%

$9,275.01

4/27/1999

1350.91

Buy

-8.78%

$8,460.63

5/4/1999

1347.31

Sell

-0.27%

$8,438.09

6/3/1999

1327.75

Buy

1.45%

$8,560.59

6/22/1999

1333.06

Sell

0.40%

$8,594.83

6/25/1999

1331.35

Buy

0.13%

$8,605.85

7/2/1999

1388.12

Cash

4.26%

$8,972.81

7/6/1999

1395.86

Buy

0.02%

$8,974.66

7/8/1999

1403.28

Cash

0.53%

$9,022.37

7/13/1999

1398.17

Buy

0.06%

$9,027.91

7/16/1999

1407.65

Sell

0.68%

$9,089.12

7/23/1999

1347.7

Buy

4.26%

$9,476.22

8/17/1999

1332.84

Sell

-1.10%

$9,371.73

8/18/1999

1323.59

Buy

0.69%

$9,436.77

8/24/1999

1381.79

Sell

4.40%

$9,851.72

9/15/1999

1318.48

Buy

4.58%

$10,303.10

11/12/1999

1394.39

Sell

5.76%

$10,896.29

11/18/1999

1422

Buy

-1.98%

$10,680.53

12/15/1999

1418.78

Cash

-0.23%

$10,656.35

1999 S&P 500: +19.5% 1st Choice Timing: +23.1%

1/4/2000

1402.11

Sell

0.31%

$10,689.16

1/12/2000

1449.68

Cash

-3.39%

$10,326.50

1/19/2000

1445.57

Sell

0.09%

$10,336.03

1/27/2000

1360.16

Buy

5.91%

$10,946.72

5/2/2000

1415.1

Sell

4.04%

$11,388.89

5/5/2000

1424.17

Buy

-0.64%

$11,315.89

6/2/2000

1467.63

Sell

3.05%

$11,661.21

6/27/2000

1454.82

Buy

0.87%

$11,762.99

7/17/2000

1493.74

Sell

2.68%

$12,077.68

9/21/2000

1448.72

Buy

3.01%

$12,441.69

11/2/2000

1426.69

Sell

-1.52%

$12,252.49

11/20/2000

1347.35

Buy

5.56%

$12,933.87

2000 S&P 500: -10.1% 1st Choice Timing: +18.6%

2/13/2001

1315.92

Sell

-2.33%

$12,632.16

3/12/2001

1197.66

Buy

8.99%

$13,767.39

3/19/2001

1142.62

Sell

-4.60%

$13,134.70

4/6/2001

1137.59

Buy

0.44%

$13,192.52

4/18/2001

1253.7

Sell

10.21%

$14,539.03

4/25/2001

1234.52

Buy

1.53%

$14,761.46

5/10/2001

1245.67

Sell

0.90%

$14,894.78

6/26/2001

1211.07

Buy

2.78%

$15,308.50

7/17/2001

1207.71

Sell

-0.28%

$15,266.03

9/21/2001

1003.45

Buy

16.91%

$17,847.98

10/10/2001

1097.43

Sell

9.37%

$19,519.56

10/26/2001

1078.3

Buy

1.74%

$19,859.82

2001 S&P 500: -13.0% 1st Choice Timing: +66.8%

1/3/2002

1172.51

Sell

8.74%

$21,594.95

1/14/2002

1146.19

Buy

2.24%

$22,079.71

1/18/2002

1119.31

Sell

-2.35%

$21,561.91

3/7/2002

1164.31

Buy

-4.02%

$20,695.04

3/19/2002

1151.85

Sell

-1.07%

$20,473.57

4/25/2002

1076.32

Buy

6.56%

$21,816.08

5/23/2002

1083.82

Sell

0.70%

$21,968.10

6/25/2002

973.53

Buy

10.18%

$24,203.58

8/7/2002

905.46

Sell

-6.99%

$22,511.25

10/28/2002

882.15

Buy

2.57%

$23,090.78

11/4/2002

915.39

Sell

3.77%

$23,960.85

11/18/2002

896.74

Buy

2.04%

$24,449.03

12/10/2002

904.96

Cash

0.92%

$24,673.14

12/20/2002

897.38

Buy

0.04%

$24,683.52

2002 S&P 500: -23.4% 1st Choice Timing: +14.5%

1/3/2003

929.01

Sell

3.52%

$25,553.54

1/13/2003

931.66

Buy

-0.29%

$25,480.65

1/16/2003

901.78

Cash

-3.21%

$24,663.45

1/17/2003

887.62

Sell

0.01%

$24,664.69

3/12/2003

831.9

Buy

6.28%

$26,213.00

3/17/2003

866.45

Cash

4.15%

$27,301.67

3/19/2003

875.67

Sell

0.01%

$27,304.29

3/28/2003

848.18

Buy

3.14%

$28,161.45

7/22/2003

988.61

Sell

16.56%

$32,824.04

10/1/2003

1020.24

Buy

-3.20%

$31,773.85

12/11/2003

1074.14

Cash

5.28%

$33,452.49

2003 S&P 500: +26.4% 1st Choice Timing: +38.3%

1/5/2004

1123.67

Sell

0.06%

$33,473.25

1/12/2004

1121.22

Cash

0.22%

$33,546.24

1/16/2004

1138.77

Sell

0.02%

$33,551.66

1/30/2004

1135.26

Buy

0.31%

$33,655.07

2/6/2004

1139.81

Sell

0.40%

$33,789.96

2/20/2004

1140.99

Buy

-0.10%

$33,754.98

3/5/2004

1147.21

Sell

0.55%

$33,938.99

3/12/2004

1104.49

Buy

3.72%

$35,202.82

3/15/2004

1110.7

Cash

0.56%

$35,400.74

3/18/2004

1109.78

Buy

0.01%

$35,405.12

4/2/2004

1150.57

Sell

3.68%

$36,706.43

4/27/2004

1122.41

Cash

2.45%

$37,604.81

5/4/2004

1121.53

Sell

0.02%

$37,612.82

5/21/2004

1095.41

Buy

2.33%

$38,488.81

5/24/2004

1113.05

Sell

1.61%

$39,108.62

6/25/2004

1133.35

Cash

-1.82%

$38,395.36

7/6/2004

1118.33

Buy

0.04%

$38,409.15

7/8/2004

1112.81

Cash

-0.49%

$38,219.57

7/13/2004

1111.47

Buy

0.02%

$38,226.39

7/16/2004

1100.9

Sell

-0.95%

$37,862.86

7/29/2004

1101.72

Buy

-0.07%

$37,834.66

8/26/2004

1107.77

Sell

0.55%

$38,042.43

10/11/2004

1121.84

Buy

-1.27%

$37,559.24

12/31/2004

1202.08

Buy

7.15%

$40,245.68

2004 S&P 500: +9.0% 1st Choice Timing: +21.2%

Trades: 172 (77.33% Winners) 9.55/year

Largest Gain: +31.25%

Largest Loss: -8.78%

Total Gain: +16230.16%

Comp. Ann. Ret.: +32.71%

Percent Invested: 97.20%

Percent long: 66.40%

Percent short: 30.81%

Important Disclaimer