^SPXAVG - ^SPX     5/13/04 to 6/1/05

Performance Summary All Trades

Total Net Profit

$3,871.00

Open Position P/L

$0.00

Gross Profit

$7,048.25

Gross Loss

-$3,177.26

Total # Trades

25.00

Percent Profitable

48.0%

Number Winning Trades

12

Number Losing Trades

13

Largest Winning Trade

$1,036.25

Largest Losing Trade

-$968.25

Average Winning Trade

$587.35

Average Losing Trade

-$244.40

Ratio Avg Win/Avg Loser

$2.40

Avg Trade (Win & Los)

$154.84

Max Consec. Winners

2

Max Consec. Losers

4

Avg # Bars in Winners

1

Avg # Bars in Losers

1

Max Intraday Draw Down

-$855.75

Profit Factor

2.22

Max # Contracts Held

25

Account Size Req

$855.75

Return On Act

595.00%

Performance Summary Long Trades

Total Net Profit

$2,111.01

Open Position P/L

$0.00

Gross Profit

$3,410.75

Gross Loss

-$1,299.75

Total # Trades

$12.00

Percent Profitable

58.3%

Number Winning Trades

7

Number Losing Trades

5

Largest Winning Trade

$859.50

Largest Losing Trade

-$630.50

Average Winning Trade

$487.25

Average Losing Trade

-$259.95

Ratio Avg Win/Avg Loser

1.87

Avg Trade (Win & Los)

$175.92

Max Consec. Winners

2

Max Consec. Losers

2

Avg # Bars in Winners

1

Avg # Bars in Losers

1

Max Intraday Draw Down

-$651.00

Profit Factor

2.62

Max # Contracts Held

25

Account Size Req

$651.00

Return On Act

324.00%

Performance Summary Short Trades

Total Net Profit

$1,759.99

Open Position P/L

$0.00

Gross Profit

$3,637.50

Gross Loss

-$1,877.51

Total # Trades

13

Percent Profitable

38.5%

Number Winning Trades

5

Number Losing Trades

8

Largest Winning Trade

$1,036.25

Largest Losing Trade

-$968.25

Average Winning Trade

$727.50

Average Losing Trade

-$234.69

Ratio Avg Win/Avg Loser

3.10

Avg Trade (Win & Los)

$135.38

Max Consec. Winners

2

Max Consec. Losers

4

Avg # Bars in Winners

1

Avg # Bars in Losers

1

Max Intraday Draw Down

-$855.75

Profit Factor

1.94

Max # Contracts Held

25

Account Size Req

$855.75

Return On Act

206.00%