1st Choice Next Day Trades Using a 1.0 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  
-----------------------------------------------------------------------------------------------------------  
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