S&P 500

NASDAQ 100

RUSSELL 2000

THE Signal

THE

Signal

+

Buy

Hold

THE Signal

THE

Signal

+

Buy

Hold

THE Signal

THE

Signal

+

Buy

Hold

Year

Long

Short

Long

Only

Long

Short

Long

Short

Long

Only

Long

Short

Long

Short

Long

Only

Long

Short

2000

15.2

8.2

21.4

-10.9

53.2

34.2

71.9

-36.8

54.3

29.5

70.4

-4.2

2001

64.6

21.2

114.4

-13.0

241

82.0

558.3

-32.7

79.4

30.3

145.2

1.0

2002

57.0

8.6

102.5

-23.4

99.5

21.7

192.6

-37.6

62.8

14.6

109.6

-21.6

2003

41.7

31.1

92.7

26.4

74.0

49.0

134.0

49.1

71.5

57.5

186.5

45.4

2004

(Live)

16.9

15.1

28.0

9.0

27.3

23.4

48.5

10.4

32.7

29.7

56.7

17.0

12.2

10.5

18.4

6.2

21.0

17.3

32.8

6.9

21.0

18.2

30.8

10.2

2005

6.0

5.0

12.5

3.0

3.7

3.9

13.0

1.5

14.4

12.5

29.0

3.3

2006

8.8

7.3

11.5

13.6

11.3

8.0

14.8

6.8

13.6

11.0

18.1

17.0

2007

6.5

6.5

5.6

3.5

17.7

17.7

22.3

18.7

5.0

5.0

3.8

-2.7

2008

0.9

0.9

2.5

-12.8

2.3

2.3

5.4

-11.9

1.2

1.2

2.3

-10.0

Annualized

(Live)

8.6%

7.6%

12.6%

2.9%

13.9%

12.2%

22.1%

4.9%

13.7%

11.9%

20.6%

3.9%

Cumulative

(Live)

39.1%

33.8%

60.9%

12.2%

68.2%

58.4%

121.9%

21.1%

66.9%

56.8%

111.6%

16.6%

Annualized

(2000-2007)

23.7%

11.9%

40.2%

-1.7%

47.4%

26.5%

85.6%

-7.9%

36.6%

21.5%

63.0%

3.7%

Cumulative

(2000-2007)

511%

160%

1,666%

-14%

2,611%

638%

19,125%

-51%

1.315%

424%

6,258%

37%

Cash %

55%

64%

55%

0%

55%

64%

55%

0%

55%

64%

55%

0%

Standard

Deviation

10.6%

7.3%

17.5%

14.0%

21.2%

15.9%

32.4%

29.8%

14.0%

10.9%

22.1%

19.0%

Max System

Drawdown

-7.3%

-6.2%

-8.6%

-49.2%

-21.2%

-13.5%

-21.2%

-82.9%

-9.4%

-7.5%

-10.4%

-46.0%