Simulating 100 shares per trade with allowance for $0.07 per share commission and no slippage.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

HOW THE RESULS WERE OBTAINED:
THE SIMULATED RETURNS LOOKED AT A UNIVERSE OF OVER 6000 STOCKS. THE DATA WAS OBTAINED FROM OUTSIDE SOURCES WHICH WE BELIEVE ARE RELIABLE BUT WE CANNOT ASSURE THEIR COMPLETE ACCURACY. THE TESTS WERE RUN ON AN OPEN-TO-OPEN BASIS. SEVEN CENT COMMISSIONS WERE CHARGED AND CASH BALANCES ASSUMED 3 MONTH T-BILL RATES. ANY DIVIDENDS RECEIVED ALONG THE WAY WERE NOT INCLUDED IN THE TEST RESULTS.

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