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Subject: N E U R O Q U A N T  P R O F I L E S (Sept 5th, '94)
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  /---------------------------------------------------------------------\
\/                                                                       \/
/\               "N E U R O Q U A N T   P R O F I L E S"                 /\
\/               .......................................                 \/
/\  Market prediction through the  application of emerging technologies  /\
\/-  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  - \/
/\ Last Update: Aug 27th, '94                 This Update: Sept 5th, '94 /\
\/                           Volume 1, Issue 5                           \/
 \-----------------------------------------------------------------------/
      | RESEARCH: The NEUROQUANT natural & artificial brain models.... |
       \--------------------------------------------------------------/
                   | For Info: Call Al or Nipun at (716)424-8170 |
                    \-------------------------------------------/

/----------\
 THIS ISSUE
\----------/

	* Models are closing out most profitable positions with likely 
          market exposure verging on neutral;
 
        * Recent divergent closing action in the S&P cash-futures raise
          flags. Expect volatility -- watch out for August PPI;

	* Allocations on the NeuroQuant Global Asset Manager have changed.
          US Growth Equities exposure down by 5% and cash boosted to 14%.
          Taking profits in emerging growth funds (especially India);

	* OPTION PROFITS!!!
		
		Deere & Co		+138.46%
		LoneStar Steakhouse     +200%
		Merck			+488.24%
		Chiron			+397.24%
		Glaxo			+374.0%

/---------\                        
 QUOTABLES
\---------/

	The less you bet,
	The more you lose,
	When you win....

		- Craps Dealer
                  Caesar's World, Atlantic City

	PS: ....and if you ever listened and followed what they said, you 
            shouldn't ever wonder why they always make money....

/------------\
 NET THOUGHTS
\------------/

	We cannot but be drawn to those words by the Craps dealer for it
may, much like the sacred Hindu syllable 'Om' for holistic matters, be the 
all encompassing sacred mantra for trading matters. We can only assign 
superlatives to the Craps dealer's statement - try omniscient, omnipotent, 
omnipervasive...and we can stomp on the Lexicon but we still won't do enough
justice. Now, look Heaven-ward and repeat a thousand and one times: 'Trading 
is not and should never be confused with betting - don't ever bet, don't 
ever play....'. Now, we should know because there's an inside joke about one
of us here that is guilty of an infamous IBM headlong bet on the short side, 
and recently, too!!

	Incidentally, Gambling (remember, it is not trading!) began in ancient
Egypt where men and women used four sided 'Astragali' made from animal bones. 
And the first treatise on Gambling came from the Roman emperor, Claudius. And 
the puzzle that was the precursor of probability theory was posed by a 
Renaissance Rake, Chevalier De Mere. He asked, "What's likelier: Rolling at 
least one six in four throws of a single die, or rolling at least one double 
six in twenty four throws of a pair of dice?". The Mere-man reasoned that the 
average number of successful rolls were the same for both gambles using some 
simple math but found that he lost more often on the second gamble. The Rake 
went to Blaise Pascal with the problem and the rest became History. Pascal 
and Pierre De Fermat eventually worked out Probability Theory via mail, as it 
existed in those days.

	And from those humble beginnings came modern day modelling problems, 
long nights spent in front of a Nippon originated non-stationary phospher blip,
and worries about gambles not going the right way - the bitter reality paving 
the path for the widespread and disturbing usage of a new genre of four letter 
words of the likes of CALL, SWAP, CAPS, VEGA, PERC....what you may...by 
innocent college graduated, young malleable minds. And for their sake we 
plead some genius come to the rescue with another four letter word - SGUT. 
Only this time around, we hope that it won't be another tall obfuscated 
claim of a "Superb Grand Unified Thoery" that claims to explain it all and 
yields 100% results 100% of the time. And if this system is not on sale at 
the 7-11 for, oh, say a $1000 dollars payable by VISA/MC, we in return will
dress up as Santa Claus and have weights on Wall Street concoct a grandiose
plan to have Mr. Eisner build an amusement park that could stretch from Park 
Avenue, through the Village, and all the way down to Battery Park and beyond...
....and Mr. Eisner with these powerhouses can comfortably pursue his 
acquisition of some green roofed Boitech company (we won't be surprised if it 
happens) in addition to CBS and Hilda's Candy Store.

	And we can stop worrying and fuming over inconsequential things like 
Random Walks, Dependency lengths, Stationarity, Pareto-Levy distributions, 
AR-Residuals, Leptokeurtocity and those other common things. Financial markets 
will end, economic bickering will come to a halt, and Physicists can dust 
their smashers and re-unite with their nerd packs to once again worry about 
Quarks and their varied flavors. And we'll be on our way to Utopia with 
good 'ol John Lenon, a happy camper reminescing his visionary "Give Peace a
Chance" work from six feet under.....Utopia! 

	Reality check!

/------------\
 MARKET SCOPE
\------------/

	While non-farm payrolls rose by a weaker than expected number, a
jump in hourly earnings and manufacturing jobs renewed inflation worries 
in FI-ville. The long bond yield closed up at 7.49%. Traders will very 
likely undergo another test of nerves while waiting for August PPI. 

	At the risk of making this sound like an excuse for a quick pseudo
macro analysis: the dollar remains weak (as we've been harping and predicting) 
and should continue to show weakness in the weeks ahead against the Deutsche 
Mark, Swiss Franc, and the Japanese Yen. The matter might be of serious 
concern since there has been an enormous amount of complacency with the recent
bounce of the greenback among forex traders who've taken the recent calm in 
the fixed income markets as a positive, which we've attributed (last issue) 
as a move that has been fueled by 'euphoria' and short covering. The recent 
failure of trade talks is also a flag as it might potentially lead to sanction 
moves. Japanese investors are not likely to want to retain the role of world 
banker anymore because of the bruises handed by the first round of weakness 
in the dollar, while US investors would not want to be punished to hold the 
US dollar and would likely look for opportunities off-shore (Finland, India, 
Vietnam...) thereby worsening the situation. And this is all compounded by the 
slow but steady rearing of heads in inflation numbers reported in this country.
All of which translates to weakness.

	In a week, we've again turned from "cautiously bullish" to "neutral
and bearish". A lot is dependent on the PPI numbers due this Friday. While
there may be enough technical and psychological fuel for the markets to 
rise in the short term, we think it'll do otherwise in a more protracted
time-frame. In all, we still favor a very cautionary stance especially if 
there are a large number of open positions on the long side. 

	For a quick run down of some numbers:

	The industrials (DJIA, 3916) are at a band of resistance as indicated
last issue (3930 to 3955). On the flip side the DJIA has weak support around
3880 down to 3850. A break of these level on the downside should have us see
3750 on the index. The transports (DJTI, 1627) and has still not broken out
from the 1630 level we indicated last issue. While we expect a sideways range
to hold (between 1640 - 1620) we do think there's a downside bias. The 
utilities (DJUI, 184.55) have slowly been moving down. A break of support at 
around the 174-177 level should have us see lower levels.

	The S&P-500 (SPX, 470.99) did not move above the 478 level which we
had indicated as the lower band of resistance. In fact, we saw a high of 
475.49 on the index. We are at a very crucial juncture at this point in time
as the index closed at a point where it could see a lot of volatility in
money flow. Our band of levels are as follows: 478, 482 on the upside, and 
472, 467, 464, 462, 458, and 454 on the downside. The SP-100 index (OEX,
430.83) is also at a key point. A break of 428.20 - 429 should set us up for 
a good move on the downside.

	The Russell-2000 (RUT, 256.19) has rallied on with the markets in an
impressive manner. The index just hit a pronounced resistance band and came
back down towards a support area. If the 252-254 band is broken we should see
a good amount of weakness. The Amex Major Market (XMI, 398.84) Index moved 
down lower on Friday by 1.83 points. We should find some support at around
the 396 level. A break of that will set us up for a move on the downside.
The Value Line (VAL, 292.47) index is just beginning to turn down. We do 
think there will be a break in this, too, perhaps down to the 288 level.

	While we feel that there is a predominant bearish sentiment that has
re-surfaced, there is a lot of uncertainty in the markets with August PPI
around the corner and also another Treasury auction. A lot is dependent on 
these numbers, bonds, and the performance of the US dollar.....

	The US Dollar Index (UDX, 88.56) tried to break through some resistance
on short covering at around the 90.34 level but failed to follow through. We
expect to see weakness in this index in the near term. The Amex Computer
Technology Index (XCI, 149.53) is showing weakness after its phenomenal run
in the past few sessions. It is at a support area at the current time - we
are inclined to believe that this will be broken; expect weakness in this 
group. The precious metals (XAU, 119.08) show a very interesting chart. They
are at a resistance area. A break of around 122 with good underlying conditions
should take us to around a minor high at 127.84. Be on the watch for these
indices.

	Because of the uncertainty in the markets our research suggest we
take a sideline stance until conditions become clearer. We do have trades
listed in the tables below but we would be very cautionary and quick to move
out if broader conditions deteriorate.

/----------------------------------\                        
 NEUROQUANT GLOBAL ASSET ALLOCATOR
\----------------------------------/

	Changes in the Asset Allocater include a 50% reduction of exposure 
in US Equities-Growth (now 5% from 10%) and a subsequent shift into cash 
which would increase cash levels from 9% to 14%.

	The NeuroQuant Global Asset Allocator uses 10 asset classes and 
is a program that is for conservative investors seeking a return of
12 - 15% annually with a Beta of 0.35. This Beta roughly translates to
about a third of the risk of the equity markets. Such a portfolio can be
easily constructed using no-load mutual funds. 

	US Equities (Growth)     5% (e.g., Invesco Dynamics)
	US Equities (Value)     15% (e.g., Fidelity Value)
	US Govt. Bonds           5% (e.g., TRowe Price US Long Term
	International Equities  13% (e.g., TRowe International Stk)
				 5% (e.g., Lexington Worldwide Emerging Mkts.)
	International Bonds     10% (e.g., TRowe Price International Bond)
	Utilities                5% (e.g., Fidelity Utilities Income)
	Precious Metals          6% (e.g., Invesco Gold)
	High-Yield Bonds        14% (e.g., Fidelity Capital Income)
	Real Estate              8% (e.g., Columbia Real Estate Fund)
	Cash                     14% (money market funds)

	We'd like to draw your attention to the Rydex Ursa Fund which we 
had profiled in a previous issue, and which was more recently featured in 
BusinessWeek. The fund tries to maintain a Beta of -1. This allows the fund 
to be up when the market goes down and vice versa. Based in Bethesda, MD 
they can be reached toll-free at (800)820-0888. Please read the prospectus 
carefully and consult your financial adviser before investing. 
       
/---------------------\
 SIGNAL OUTLOOK/REVIEW
\---------------------/

	As explained above, our market views causes us to liquidate many 
trades, all of them profitably! Our technical models suggest taking partial 
profits on Cabletron systems (CS, $104 1/4, +19.14%) - the stock should 
still remain favorably placed for the long term.

	We have SELL signal alerts on the following:

		Welfleet 		(WFLT, $23, +14.31%)	
		Silicon Graphics 	(SGI, $25 3/8, +16.86%)
		Ivax 			(IVX, $30 3/8, +15.54%)	
		Lotus 			(LOTS, $40 3/4, +25.38%)
		Chiron 			(CHIR, $68 1/2, +27.44%)    

	On new signals, we profile Biogen (BGEN, $49), and Cracker Barrell 
(CBRL, $24 3/4) as short positions. With regards to Biogen, we'd like to 
draw your special attention to the fact that there are a lot of analysts 
who think it [Biogen] is a good buy at these levels. Our research indicates 
otherwise. Cracker Barrel has already gotten hit in the recent past. We 
think it will show further weakness.

	On the long side, our models like EMC Corp (EMC, $17 7/8), American
Express (AXP, $29), Central Coop Bank (CEBK, $17 3/4), Cyprus Minerals 
(CYM, $32), and Caesars World (CAW, $45 7/8). 

	For all the newly profiled positions above please refer to the 
following section (STOCK ALERTS) to get the exact technical rundown that 
would warrant a trade by our models.

/------------\
 STOCK ALERTS
\------------/

	The table below lists stocks that the NeuroQuant models picked as
having the best emerging outlook and potential for profits in the near
and intermediate term. The last column lists conditions under which our
technical criteria would be best satisfied for trade entry/exit, and whose
fulfilment would most likely warrant a trade by our models.

Additions	   : BGEN, CBRL (shorts)
                     CAW, EMC, AXP, CEBK, CYM
 
Deletions	   : DFI, WFSL, INGR 

SELL Alerts on Portfolio   : WFLT, CHIR, IVX, LOTS, SGI, CS (Partial)

Entered into Portfolio     : DELL, IP
                    
*===========================================================================*
 Likely    Security      Profile          Current    Technical Comments
 Position  & Ticker      & Date           Price      & Alerts
*===========================================================================*

SHORT     Biogen           $49            $49        Watch Out! There are a
          BGEN             9/5/94                    lot of analysts who think
                                                     this is a good stock to 
                                                     own. Our own research
                                                     picks this as a short. 
                                                     SEE OPTIONS
                                                     Crossing down $48 1/2
                                                     BUY STOP at $51 1/2
----------------------------------------------------------------------------
SHORT     Cracker Barrel   $24 3/4        $24 3/4    Crossing below $24 1/2
          CBRL             9/5/94                    BUY STOP at $25 1/2
----------------------------------------------------------------------------
LONG      Caesars World    $45 7/8        $45 7/8    Crossing above $46 1/8
          CAW              9/5/94                    SELL STOP at $45
----------------------------------------------------------------------------
LONG      EMC Corp         $17 7/8        $17 7/8    Crossing above $18 1/8
          EMC              9/5/94                    SELL STOP at $16 5/8
----------------------------------------------------------------------------
LONG      American Xpress  $29            $29        Crossing above $29 1/4
          AXP              9/5/94                    SELL STOP at $28
----------------------------------------------------------------------------
LONG      Centrl Coop Bnk  $17 3/4        $17 3/4    Crossing above $18 1/8
          CEBK             9/5/94                    SELL STOP at $17 1/4
----------------------------------------------------------------------------
LONG      Cyprus Minerals  $32            $32        Crossing $32 1/2
          CYM              9/5/94                    SELL STOP at $30 7/8
----------------------------------------------------------------------------
LONG      Walmart          $24 3/4        $24 1/2    Crossing above $25 1/8
          WMT              8/28/94                   SELL STOP at $23 3/8 
----------------------------------------------------------------------------

/-------------\
 OPTION ALERTS 
\-------------/

	Listed below are options that we feel offer or continue to offer a 
potential for substantial profit. However, since conditions may change
rapidly the trade scenario contained below may quickly become outdated and
the stance of our models may be modified. All option positions that are 
to be opened, or are open need to be tracked carefully. It would be very 
difficult to have exact entry/exit points on new options that are featured.
This table is meant to alert you to potential situations in the options
markets. Most important, options may not be suitable for all investors. 
We usually favor those options termed as "Attractive".

==========================================================================
Likely     Option Series          Profile Price     Technical Comments
Position   & Ticker                  Date              & Alerts
==========================================================================

LONG       Dell Cmptr Oct 30 P     $1 15/16         Attractive!
           DLQVF                   9/5/94
--------------------------------------------------------------------------
LONG       Biogen Oct 45 P         $2 5/8           Attractive!
           BGQVI                   9/5/94
--------------------------------------------------------------------------
LONG       Telmex Oct 60 P         $1 3/4           Attractive!
           TMXVL                   9/5/94
--------------------------------------------------------------------------
LONG       Motorola Sept 50 P      $1/2             Attractive! 
           MOTUJ                   9/5/94
--------------------------------------------------------------------------
LONG       Mckesson Oct 105 C      $1 1/2           A long shot...
           MCKJA                   9/5/94
--------------------------------------------------------------------------
LONG       Northrop Sept 45 C      $3/4             Be very nimble...
           NOCII                   9/5/94           
--------------------------------------------------------------------------
LONG	   S&P 500 Oct 465 P       $4 1/2           Market uncertainty 
           SPXVM                   9/5/94           is rampant!
--------------------------------------------------------------------------
LONG       S&P 500 Sept 465 P      $1 3/8           Just a long shot idea!
           SPXUM                   9/5/94          
--------------------------------------------------------------------------
LONG       S&P 100 Sept 430 P      $1 5/8           Just a long shot idea!
           OEXUF                   9/5/94
--------------------------------------------------------------------------
LONG       Major Mkt Index         $3 1/2
           Sept 400 P              9/5/94
           XMIUT
--------------------------------------------------------------------------
LONG       Prec Metals Index       $3 5/8           
           Sept 120 C                              
           XAUID                 
--------------------------------------------------------------------------
                                                            
/-------------------------------\
 CURRENT/PAST OPTION PERFORMANCE
\-------------------------------/
                 
*========================================================================*
 Option        Ticker    Signal Price    Curr/Sell Price      %Change
 Series                  Date                Status 
*========================================================================*

 Lotus Corp     LOQIG    $1 5/8           $5 3/4               +252.76%
 Sept 35C                7/29/94          *OPEN*
-------------------------------------------------------------------------
 US Surgical    USJE     $1 5/8           $2                   +22.70%        
 Oct 25 Calls            8/19/94          *OPEN*
-------------------------------------------------------------------------
 Merrill Lynch  MERIH    $3/4             $7/8                 +16%
 Sept 40 Calls           8/28/94          *OPEN*       
-------------------------------------------------------------------------
 Apple Cmptr    AAQIG    $1 1/2           $0.93                -38%
 Sept 35 Calls           8/28/94          *OPEN*
-------------------------------------------------------------------------
 American Pwr   PWQID    $3/4             $5/8                 -16.67% 
 Sept 20C                8/19/94          9/01/94
-------------------------------------------------------------------------
 Deere & Co     DEIM     $3 1/4           $7 3/4               +138.46% 
 Sept 65C                8/19/94          9/1/94
-------------------------------------------------------------------------
 Xilinx         XLQJJ    $1 15/16         $1 1/2               -22.68%
 Oct 50 Calls            8/28/94          8/30/94
-------------------------------------------------------------------------
 Lonestar       LQSIE    $1/2             $1 1/2               +200%
 Steakhouse              8/28/94          8/29/94
 Sept 25 Calls           
-------------------------------------------------------------------------
 Chiron         CIQIL    $1 13/16         $9                   +397.24% 
 Sept 60C                8/19/94          9/2/94
-------------------------------------------------------------------------
 Glaxo          GLXIW    $0.81            $1 15/16             +139.51% 
 Sept 17 1/2C            7/30/94          9/2/94
-------------------------------------------------------------------------
 Merck          MRKIF    $0.68            $4                   +488.24%
 Sept 30C                8/7/94           9/1/94
-------------------------------------------------------------------------
 Glaxo          GLXHW    $1/2             $2 3/8               +374 %
 Aug 17 1/2C             7/30/94          8/19/94
-------------------------------------------------------------------------
 Merck          MRQHF    $0.43            $4                   +830.23%
 Aug 30C                 7/29/94          8/19/94
-------------------------------------------------------------------------
 Newbridge      NNQHE    $3 1/2           $6 3/4               +92.8%
 Aug 25C                 7/30/94
-------------------------------------------------------------------------
 Caterpillar    CATTA    $3/4             $5/8                 -12.5%
 Aug 105P	         7/11/94               
-------------------------------------------------------------------------
 Cabletron      CSGT     $1 3/4           $9 3/4               +457.14%
 July 100C	         7/11/94          7/13/94
-------------------------------------------------------------------------
 SP-500         SPXGJ    $1               $3 1/2               +250.0%
 July 450C	         7/11/94          X:7/15/94
-------------------------------------------------------------------------
 XAU            XAUSJ    $6 3/8           $2.0                 -68.6%
 July 115P	         6/17/94          7/5/94
-------------------------------------------------------------------------
 SP-500         SPXSK    $2 3/4           $7 7/8               +168.68%
 July 455P	         6/16/94          7/7/94
-------------------------------------------------------------------------
 CPQ            CPQQT    $2               $3 3/8               +68.50%
 May 100P                5/3 - 5/5/94     5/10/94
-------------------------------------------------------------------------
 CPQ May        CPQQT    $2 3/4           $7 1/2               +172.00%
 May 100P	         5/11/94)         5/13/94
-------------------------------------------------------------------------
 MSFT           MSQRK    $1 5/8           $2 1/4               +38.04%
 June 55P	         6/2 - 6/10/94
-------------------------------------------------------------------------
 CPQ June       CPQFG    $1/8             $0                   -100 %
 June 35C	         6/8 - 6/15
-------------------------------------------------------------------------
 
/----------------------------\
 EQUITY PORTFOLIO PERFORMANCE                                  
\----------------------------/

	Following are the stocks that are in the model portfolio. They were
all added after they were profiled, and after technical conditions listed in
the STOCK TRACKING section were fulfilled. Trade entries/exits are all made
on the Monday following the profile.

============================================================================
Security          Ticker      Entry Price   Trade    Curr/Sold   %Change   
Name                          and Date       Status   Price
============================================================================
Dell Computer      DELL       S $32 1/2       Open     $32 5/8    -0.40%
                              8/28/94
----------------------------------------------------------------------------
International Ppr  IP         L $74 5/8       Open     $75 5/8    +1.34%
                              8/28/94
---------------------------------------------------------------------------- 
Deere & Co         DE         L $65 7/8       Open     $72 7/8    +10.63%
                              8/18/94
----------------------------------------------------------------------------
Welfleet           WFLT       L $20 1/8       Open     $23        +14.31%
Communications                8/16/94
----------------------------------------------------------------------------
US Surgical        USS        L $23 7/8       Open     $25 1/8    +5.24%
                              8/14/94
----------------------------------------------------------------------------
American Power     APCC       L $17 1/4       Open     $18 3/4    +8.70%
Conversion                    8/14/94
----------------------------------------------------------------------------
Silicon Grph       SGI        L $21 1/2       Open     $25 3/8    +16.84
                              7/30/94
----------------------------------------------------------------------------
Ivax               IVX        L $17 5/8       Open     $20 3/8    +15.54%
			      8/7/94
----------------------------------------------------------------------------
Mirage Resorts     MIR        L $18 1/8       Open     $20 1/8    +11.04%
                              7/30/94   
----------------------------------------------------------------------------
Lotus Devp         LOTS       L $32 1/2       Open     $40 3/4    +25.38%
                              7/30/94
----------------------------------------------------------------------------
Chiron             CHIR       L $53 3/4       Open     $68 1/2    +27.44%
                              7/30/94
----------------------------------------------------------------------------
Cabletron          CS         L $87 1/2       Open     $104 1/4   +19.14%
Systems                       6/17/94
----------------------------------------------------------------------------
Spectrum Signal    SSPIF      L $5            Open     $5 7/8     +17.4% 
Processing                    '93 to 3/94
----------------------------------------------------------------------------
India Investment   IIF        L $15           Open     $14 7/8    -0.87%
Fund (Morgan St)              2/94
----------------------------------------------------------------------------
Colossal           CLP.V      L $1.50Cdn      Open     $1.85Cdn   +23.33%
Resources                     7/93 - 1/94
----------------------------------------------------------------------------
Becton Dickenson   BDX        L $42 1/8       Closed   $43 3/4    +3.87%
                              7/30/94         9/1/94
----------------------------------------------------------------------------
NL Industries      NL         S $11 3/4       Closed   $9 3/4     +20.51%
                              7/22/94         8/31/94
----------------------------------------------------------------------------
Newbridge          NNCXF      L $34 5/8       Closed   $32        -7.59%
Networks                      6/17/94         8/31/94
----------------------------------------------------------------------------
Mercer Intl        MERCS      L $12 1/4       Closed   $11 3/8    -7.1 %
                              8/14 -          8/19/94
----------------------------------------------------------------------------
Atlantic Rchfld    ARC        L $106 5/8      Closed   $104 3/8   -2.0 %
                              7/30/94         8/19/94
----------------------------------------------------------------------------
Mercer Intl        MERCS      L $7 7/8        Closed   $9 3/8     +19.19%
                              4/14/94         6/21/94
----------------------------------------------------------------------------
Helionetics        ZAP        L $3 7/16       Closed   $3 1/4     -5.52%
                              6/21/94
----------------------------------------------------------------------------
Solar              SL.V       L $1.23Cdn      Closed   $2.90      +135.77%
Pharmaceuticals               8/93-9/93       4/25/94
----------------------------------------------------------------------------
Newbridge          NNCXF      L $47 3/4       Closed   $53        +10%
Networks                      4/26/94         5/5/94
----------------------------------------------------------------------------
Telefonos de       TMX        L $49           Closed   $74 1/8    +51.27%
Mexico                        11/09/93        2/16/94
----------------------------------------------------------------------------
Interdigital       IDC        L $3 1/2        Closed   $5 1/8     +46.29%
                              4/21/94         4/29/94
----------------------------------------------------------------------------
Motorola           MOT        L $86 1/4       Closed   $107       +24.06%
                              12/20/93        3/15/94
----------------------------------------------------------------------------
Telefonos de       TMX        S $73 3/8       Closed   $59.0      +24.36%
Mexico                        2/10/94         4/25/94
----------------------------------------------------------------------------
Adobe Systems      ADBE       S 33 1/2        Closed   $26 1/4    +21.64%
                              3/14/94         4/5/94
----------------------------------------------------------------------------
Gupta Corp         GPTA       S $30 1/4       Closed   $25 3/4    +14.88%
                              3/3/94          4/4/94
----------------------------------------------------------------------------
Casino &           CACS       L $7 3/4        Closed   $8 5/8     +11.87%
Credit Services               12/13/93        3/28/94
----------------------------------------------------------------------------
Zoom Telephonics   ZOOM       L $10 1/2       Closed   $11 3/4    + 11.9%
                              12/13/93        4/26/94 
----------------------------------------------------------------------------
BioPharmaceutics   BPH        L $1 15/16      Closed   $1 5/8     -13.92%
                              10/14/93        4/4/94
----------------------------------------------------------------------------
Synoptics         SNPX        L $25           Closed   $21 3/8    -14.52%
Communications                12/08/93        3/25/94
----------------------------------------------------------------------------

*************************** D I S C L A I M E R ****************************

This  profile is not an  investment  advisory service,  and is meant  to be
used for informational/educational  purposes only. Research and information
has  been  obtained from sources  believed to  be reliable. No guarantee is
made  to  the  accuracy,  adequacy, or  completeness  of  the   information
presented above. The information above is not, and is  not to  be construed
as an offering, or solicitation for the  purchase or sale of  any security,
commodity, or derivative. Parties connected with, contributing  as editors,
or  writing as guests  for NeuroQuant  Profiles may from time to  time buy
or  sell securities  profiled in this publication either for themselves or 
for firms they are affiliated with, and their clients. NeuroQuant Profiles, 
its editors, or parties writing for, or contributing to NeuroQuant Profiles' 
research may not be held liable for any losses that may arise from trading. 
Option  positions  are inherently  risky and  may  not be  suitable for all 
investors. Investors  should  obtain annual  reports, mutual fund prospecti 
and  other documentation  prior to investing and should seek a professional
and  qualified  opinion of a  Registered  Investment  Adviser,  Registered 
      Representative, or Certified Financial Planner before investing. 
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