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From: bkv2673@ritvax.isc.rit.edu
Subject: NeuroQuant Profiles (10/23/94)
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Date: Mon, 24 Oct 1994 00:55:31 GMT
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  /---------------------------------------------------------------------\
\/                                                       (tm)            \/
/\               "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  /\
\/-  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  - \/
/\ This Update: Oct 22th, '94                 Last Update: Oct 15th, '94 /\
\/                           Volume 1, Issue 13                          \/ 
 \-----------------------------------------------------------------------/
       | RESEARCH: The NEUROQUANT natural & artificial brain models.... /
        \--------------------------------------------------------------/
                 | For Information: Call Al or Nipun at (716)424-8170 /
                  \--------------------------------------------------/

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

	* There isn't anything like an unrealized loss on open positions:

		TL	-11.10%
		AKLM    -4.10%
		WSGC    -2.70%
   		CSCO    -0.45%
		
	* And you've not made profits until the register rings:

		TNCR	+13.38%
		GM	+12%
		CBRL	+11.25%
		TRB	+7.17%
		PHSYA	+6.32%
		BNYN	+5.30

	* Recently liquidated:

		SBUX	-9.78%
		WIN	-2.48%
		WSGC	-0.75%
		BGEN	+18.35%
		NKE	+5.55%
		EMC	+5.63%
	
		FTL	-92%
		CSCO	-18.75%
		MOB	+36.36%
		BNYN	+79.2%
		GM	+433%
 	
	* Signals: MU, ABF, CYM, LOTS, AMAT, AMX, AOC, ALTR, TMX	      
	
/---------\
 QUOTABLES
\---------/

	Anyone who claims to be intrigued by the "intellectual challenge"
	of the markets is not a trader. The markets are as intellectually
	challenging as a fist fight. In that light, the best advice I know
	of is to always cover your chin and jab on the run...trading is
	an exercise of self-mastery and endurance.

			Ralph Vince
			Mathematics of Money Management
	
/------------\
 NET THOUGHTS
\------------/

	Congratulations to those who made good on signals last week. And 
thanks for all the mail, comments and questions about our models: The GM 
short trade, the Tencor long trade and the dollar did act in line with our 
stance: The GM short gained 14.84%, the GM Puts gained +433%, and the Tencor 
long gained +13%, and the Dollar hit a two year low against the Deutsche Mark 
and was fueled by a psychological scenario almost exactly as we had 
highlighted previously. Our models are not of the esoteric Greek type...STOP
RIGHT THERE!  Models are models and can sit and make projections all day long
but the markets will go wherever they want to...there's more to this than
adaptive technology....

	Our models are important to us but probably give us a 5% edge in the 
markets. While we spend a good deal of time trying to beat what our models 
have to say by constantly trying to re-work them, the major part of our 
efforts are used to rework ourselves. Lest you think we are a bunch of pompous 
narcissists: we spend an enormous amount of time finding limitations in 
ourselves. Sure, modified Statistics and Calculus with good domain knowledge 
can build good trading systems but what really matters and what really makes 
a good trader is the ability to pick up the phone and call in an order when 
things look their bleakest. Our most potent adversaries lie within ourselves. 
Trading systems and our mechanics of a follow-through on what they spit out 
act as mirrors of our perceptions, minds and nerves. To make this clearer 
let's talk about what we learnt (what faults we found in ourselves) in the 
monetarily rewarding General Motors short trade and the Tencor Instruments 
long trade.

	Lessons not learnt from every trade will make us tend towards going 
broke with a probability approaching certainty as the length of time 
approaches infinity. While we may not live till kingdom come we still like 
to take this seriously: Apart from the Nov 45 GM Puts (+433%) we looked at 
the Oct 45 GM Puts when they were selling at an $1/8. One of us here did buy 
the October 45 Puts but decided to sell out when they went to $1/2 - all done 
without looking at the bigger picture and in a hurry to take profits. And 
another knew GM to be a high confidence trade but did not even trade it on 
all portfolios - an action that has provoked deep spiralling thoughts not
about the models but about the self. The GM Puts hit a high of $4 on Friday,
closed at $3 5/8, a profit of over 2800%, a trade that turned out to be a
loser in a "perverse" way! And we're working on why we could not bear to 
ride winners, not be patient, and not see the big picture in terms of
potential profits...a losing trade in a perverse way but a highly profitable
lesson....
          
/------------\
 MARKET SCOPE
\------------/

	To win at the markets requires an egoless and quiet acceptance of 
what the markets have to say. And once the suspected resonation gets louder
we can go on board the wave that will hopefully make profits. This was exactly
the case with the recent weakness in the markets. In a way, a quiet symphony 
of undertones led to a crescendo. To review what we wrote and the factors we 
had underlined as being important a few issues ago: The trade talks did not 
really have any agreement of consequence (the US  produces more things of 
consequence than glass, you know!?) and deeper implications....the dollar, as 
we suspected was undergoing a false rally....causing a dramatic bearish shift 
in advisory sentiment...you had a weak divergence between the greenback and 
the bonds...bonds went higher and so did the dollar...myopia was high and the 
markets went higher...as we had written before, we did not expect the dollar 
to stage any phenomenal rally above the 100 Yen level...that did happen...and 
the divergence between the love triangle (bonds, dollar and the equity markets)
narrowed and action was more pronounced...the dollar weakened, bonds weakened 
and the equity markets followed...and amidst all this our models were confused 
last week as to the direction..only early Monday morning when the dollar 
weakened in Tokyo did we have any inkling and a confirmation of sorts of 
potential direction....so there...ain't that simple!? Ummmm...tch..tch...we 
wish!

	Broadly, what do we expect in the intermediate timeframe? The same 
scenario we had outlined last issue:

	We expect the US dollar to follow through a little on the downside
purely due to momentum and then to reverse and stage a comeback to the 
99-100 Yen level in the next few weeks (short covering). We expect the 
commodity markets to pullback and consolidate a little, giving smart money 
more opportunities to get on the express train. The fixed income markets to 
show divergence with the commodity markets and to rally which should carry the 
equity markets higher, probably to new highs - something we would view as
a blow out top. Come November, we expect the Fed to raise, commodity markets
to start the initial rally and a follow through would be the routing of the 
fixed income and equity markets. In short, we would view rallies as suspect
and would be cautionary...markets are very deceptive in these circumstances
and we would definitely not like to be caught on the wrong foot...caution
is king...it is prudent to respect risk and it is wise to be scared...

	The key to the immediate future direction of the equity markets as a
whole depends on the US dollar and the fixed income markets. The Lehman
Brothers T-Bond Index (LBTX, 1185.89) is still at a critical support level - 
probably helped by the late Friday upward move in bonds and the dollar, which 
we believe is pure short covering (see above). To support, the US Dollar
Index (UDX, 85.63) is at a multi-year low and was up 0.28 on Friday after
verifying some weak support at around the 84-85.5 level. We believe there will
be a short upsurge before new lows can be seen.
 
	The SP-500 (SPX, 464.89) tested a money-flow support level at around
463.89 but did not penetrate it on the downside to break further. The move
down in the past week just broke the 50 day moving average, which we had
indicated as an important support band. Some of our momentum based models
now indicate a move downwards down to the 459 level, if strong support at
462 is broken. The first few days of the week might see some short covering
pushing the index up above the important 465 level. Short term trend is up,
intermediate trend is down. The SP-100 (OEX, 430.92) now sits on the 50 day
moving average, which is the upper level of a support band betwwen 428 and
430. Like the SP-500, a break of $429 should likely have us find some support
at around the 426 level. A move up to 432+ should cause a reversal in trend
to the upside.

	The Nasdaq composites (NASD, 765.38) seem to have held well compared
to other indices. This should likely be the case as long as earnings are 
intact, which we believe will be. A break of 763 should take us down to the
758 level, which is critical support for the index. The Russell-2000 index
(RUT, 252.86) probably reflects the general direction of the markets (down)
well. The index penetrated two important support levels at once (50 day ema
and the 150 day ema) - this spells trouble if there is a follow through and
momentum should carry the index down to the 248 level, which is critical 
support. The Amex Major Market Index (XMI, 404.33) was down by 1.64 points on
Friday. Expect this to hold at/above the 400 level. We'll look for a vicious
downtrend here if other indices break down. 

	We expect the Commodities Rsearch Bureau (CRB, 231.28) to move down
and consolidate (see above scenario) before moving upwards. We expect suport
to hold between 227-229. On Precious Metals (XAU, 126.12), we expect a little 
bit of a pullback. We'll likely retest support at around 121 and then move 
sideways before moving upwards. We're still targeting 134 on the Index. The 
oils (XOI, 266.37) are at a support area, which we think will hold. Our 
intermediate term outlook for oils is positive.
	
	Off the American shores, we expect the French CAC-40 (CAC, 1842) to 
move down and break multi-year support at the 1833 level. The DAX-40 
(DAX, 2016) in Germany also looks weak, technically. Expect support at around
the 2000 level to be broken. Hong Kong looks weak too with the Hang Seng
(HKH, 9338.59) sitting on the 200 day ema. We expect strong support at around
the 9325-30 level - if broken we should see the index drop to around the 
9800 level. In London the Financial Times 30 (FTSE, 233.37) is also headed down
...we expect it to move down to the 225 level, which is support.

	Be wary of all markets....don't bet big....run like a jack-rabbit in
times of trading adversity!
  	
/-------------------------------\
 NEUROQUANT GLOBAL ASSET MANAGER
\-------------------------------/

        The NeuroQuant Global Asset Manager uses 10 asset classes and
is an example of a program 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)     13% (e.g., Fidelity Value)
        US Govt. Bonds           5% (e.g., TRowe Price US Long Term
        International Equities  10% (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         11% (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)

/---------------------\
 SIGNAL OUTLOOK/REVIEW
\---------------------/

	Thank the markets - once again, we're more right than wrong. Good
signal profits on equities: General Motors (GM, +12.0%), Pacific Healthcare 
(PHSYA, +6.32%), Cracker Barrel (CBRL, +11.25%), Tencor (TNCR, +13.38%) and
Tribune (TRB, +7.17%), which was changed from a long to a short.
	
	And talking about trade reversals, we are losing on Williams Sonoma
(WSGC, -2.70%). Williams Sonoma was first featured a long. Last week, we closed
the long position for a loss and then reversed direction. We follow a plan and
we intend to keep the short on as long as our exit points are not hit or
there is a change in what the stock's action is telling us.

	On new signals, we have Micron Technology (MU, $35 43/4), Airborne
Freight (ABF, $25 1/2), Cyprus Minerals (CYM, $29), Lotus (LOTS, $37 15/16),
Alumax (AMX, $31 1/2) as potential longs. On shorts, we have Altera 
(ALTR, $37 3/4), Aon Corp (AOC, $32 7/8) and Telmex (TMX, $61 1/8).   
   
/------------\
 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 technical
criteria would be best satisfied for trade entry/exit, and whose fulfilment
would most likely warrant a trade by our models. All signals with an
"Attractive" rating are moved to the portfolio.

        New Additions          : MU, ABF, CYM, LOTS, AMAT, AMX (long) 
                                 ALTR, TMX, AOC (short)
        Deletions              : ATML, PFE  (Entry not hit)
        Moved to Portfolio     : WSGC, GM, MSFT, NOV, AMD, TNCR, TL  

*===========================================================================*
Likely    Security          Profile          Technical Comments
Position  & Ticker          & Date               & Alerts
*===========================================================================*

Long      Novacare          $11              Crossing $11 1/8
          NOV                                Bounce up $10 3/8-1/2
                                             Sell Stop $9 7/8
----------------------------------------------------------------------------
Long      Micron Tech       $35 3/4          Breakout from $36 1/4
          MU                                 Sell Stop $34 1/2
----------------------------------------------------------------------------
Long      Airborne Freight  $25 1/2          Earnings due..IBES: $0.61
          ABF                                Breakout from $25 11/16
                                             Sell Stop 24 5/8
----------------------------------------------------------------------------
Long      Cyprus Minerals   $29              Crossing $29 3/8
          CYM                                Sell Stop $28 1/2
----------------------------------------------------------------------------
Long      Lotus Devp        $37 15/16        Crossing $38 1/8
          LOTS                               Sell Stop $36 3/8
----------------------------------------------------------------------------
Long      Applied Materials $47 5/8          Crossing $48 
          AMAT                               Sell Stop $45 3/8
----------------------------------------------------------------------------
Long      Alumax Inc        $31 1/2          Crossing $31 7/8    
          AMX                                Sell Stop $29 5/8
----------------------------------------------------------------------------
Short     Aon Corp          $32 7/8          Crossing below $32 3/8
          AOC                                Buy Stop $33 7/8
----------------------------------------------------------------------------
Short     Altera Corp       $37 3/4          Failure to cross $38 1/2
          ALTR                               Crossing below $37
                                             FIRM BUY STOP $38 11/16
----------------------------------------------------------------------------
Short     TelMex            $61 1/8          Crossing below $60
          TMX                                Buy Stop $63
----------------------------------------------------------------------------

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

        Listed below are options that we feel offer a potential for profit.
However, since conditions may change rapidly the trade scenario contained
below may quickly become outdated and the stance of our models may change.
All option positions that are to be opened, or are open need to be tracked
carefully and as such may not be suitable to all investors. This is meant
only to alert you -- seek your adviser for decision making.

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

  Long       Toys R Us Dec 40C        $3/4             On TOY crossing $38
             TOYLH 
----------------------------------------------------------------------------
  Long       John & Jhnsn Nov 55C     $1               Attractive!
             JNJKK
----------------------------------------------------------------------------
  Long       Compaq Nov 35P (WG)      $9/16            Volatility xpected!
                    Nov 40C (KH)      $3/4
----------------------------------------------------------------------------
  
/-----------------------\
 OPEN PORTFOLIO - EQUITY
\-----------------------/

        Following are the stock signals that are currently being kept open
by our models. All of them were featured in the EQUITY ALERTS section. When
technical conditions indicated were fulfilled they were added into the
portfolio:

*============================================================================*
 Security          Entry Price   Curr Price   %Change     Technical
 Name &  Ticker    and Date                               Comments/Stops etc.
*============================================================================*

Williams Sonoma   (S) $32 3/4   $33 1/4      -2.70%        Buy Stop $34 7/8
WSGC              10/17/94      
------------------------------------------------------------------------------
General Motors    (S) $46 7/8   $41 1/4      +12.0%        Buy Stop $41 7/8
GM                10/17/94      
------------------------------------------------------------------------------
Pacific Hlth      (S) $79 1/8   $74 1/8      +6.32%        Buy Stop $75 1/4
PHSYA             10/3/94
------------------------------------------------------------------------------
Tribune Co.       (S) $55 3/4   $51 3/4      +7.17%        Buy Stop $52 3/8
TRB               9/27/94
------------------------------------------------------------------------------
TRW Inc.          (S) $72 3/4   $71 1/4      +2.06         Buy Stop $73 3/8
TRW               9/20/94
------------------------------------------------------------------------------
Cracker Barrel    (S) $24 1/2   $21 3/4      +11.25%       Buy Stop $22 1/2
CBRL              9/6/94
------------------------------------------------------------------------------
Tencor Instr.     $35 1/2       $40 1/4      +13.38%       Sell Stop $39 1/2
TNCR              10/17/95        
------------------------------------------------------------------------------
Telex-Chile       $20 5/8       $18 3/8      -11.10%       Taking losses!
TL                10/20/94                                 
------------------------------------------------------------------------------
American Barrick  $25 1/2       $25 5/8      -0.49%        Sell Stop $24 1/2
ABX               10/11/94
------------------------------------------------------------------------------
Callaway Golf     $35 5/8       $36 5/8      +2.8%         Sell Stop $35
ELY               10/10/94         
------------------------------------------------------------------------------
Advanced Micro    $23 1/8       $23 3/4      +2.70%        Sell Stop $22
AMD               10/17/94                  
------------------------------------------------------------------------------
Microsoft         $56 1/4       $59 3/8      +5.56%        Sell Stop $57 1/2
MSFT              10/18/94                         
------------------------------------------------------------------------------
Acclaim Ent       $18 1/4       $17 1/2      -4.10%        Sell Stop $16 7/8
AKLM              10/10/94                                                 
------------------------------------------------------------------------------
Chiron            $60 1/4       $62 3/4      +4.15%        Sell Stop $61 
CHIR              10/10/94                
------------------------------------------------------------------------------
Chrysler          $45 3/8       $45 5/8      +0.55%        Sell Stop $44 
C                 10/10/94         
------------------------------------------------------------------------------
Banyan            $16 1/2       $17 3/8      +5.30%        Sell Stop $16 1/2
BNYN              10/5/94    
------------------------------------------------------------------------------
Solectron         $25           $26          +4.0%         Sell Stop $24 1/2
SLR               10/5/94
------------------------------------------------------------------------------
Cisco Systems     $27 3/8       $27 1/4      -0.45%        Sell Stop $26 1/2
CSCO              10/2/94
------------------------------------------------------------------------------
Federal Express   $61 5/8       $63 5/8      +3.25%        Sell Stop $61
FDX               9/26/94                                 
------------------------------------------------------------------------------
Mark IV Indus     $21 1/2       $21 7/8      +1.74%        Sell Stop $20 7/8
IV                9/12/94
------------------------------------------------------------------------------
American Xpress   $29 1/4       $30 1/4      +3.41%        Sell Stop $28 1/2
AXP               9/6/94
------------------------------------------------------------------------------
US Surgical       L $23 7/8     $25 5/8      +7.33%        Sell Stop $24
USS               8/14/94
------------------------------------------------------------------------------
Spectrum Signal   L $5          $5           +-%           Great Play!
Processing       '93 to 3/94
SSPIF
------------------------------------------------------------------------------
India Inv Fund    L $15         $14 1/2      -3.33%        Great Play!
Fund (Morgan St)  2/94                                     Models will buy on
                                                           weakness
------------------------------------------------------------------------------
Colossal          L $1.50Cdn    $1.58 Cdn    +5.33%        Hold!
Resources         7/93 - 1/94
CLP.V
------------------------------------------------------------------------------

/------------------------\
 OPEN POSITIONS - OPTIONS
\------------------------/

============================================================================
Option                Signal Price       Current Price      %Change
Series                  Date
============================================================================
Glaxo Jan 22 1/2 Calls $1/4               $1/4             +-%
GLXAX                  10/17/94
----------------------------------------------------------------------------
Intel Nov 60 Calls     $1 7/8             $2 1/8           +13.33%
INQKL                  10/17/94
----------------------------------------------------------------------------
Coca Cola Jan 50 C     $1 3/4             $2 5/8           +52.85%
KOAJ                   9/26/94
----------------------------------------------------------------------------
                                                          
/---------------------------------\
 RECENTLY CLOSED SIGNALS - EQUITY
\---------------------------------/

        Equity signals closed during the past month were as follows:

============================================================================
Security           Entry Price     Closing            %Change
Name &  Ticker     and Date        Price/Date
============================================================================

Starbucks          (S) $23         $25 1/4             -9.78%       
SBUX               9/30/94         10/21/94
----------------------------------------------------------------------------
Winn Dixie         (S) $50 3/8     $51 5/8             -2.48% 
WIN                9/26/94         10/17/94
----------------------------------------------------------------------------
Biogen             (S) $54 1/2     $44 1/2             +18.35%
BGEN               9/19/94         10/17/94                         
----------------------------------------------------------------------------
Williams Sonoma    $33             $32 3/4             -0.75%
WSGC               10/10/94        10/17/94 
----------------------------------------------------------------------------
Nike Inc           $58 1/2         $61 3/4             +5.55%
NKE                10/5/94         10/17/94
----------------------------------------------------------------------------
EMC Corp           $20             $21 1/8             +5.63%
EMC                9/28/94         10/17/94
----------------------------------------------------------------------------
Georgia Pacific    $75             $73                 -2.0%
GP                 9/27/94         10/6/94
----------------------------------------------------------------------------
Hecla Mining       $11 3/4         $13                 +10.6%
HL                 9/19/94         10/6/94
----------------------------------------------------------------------------
Motorola           $52 3/4         $49                 -6.16%
MOT                10/2/94         10/5/94
----------------------------------------------------------------------------
James River        $24 1/8         $22 7/8             -5.18%
JR                 9/28/94         10/5/94
----------------------------------------------------------------------------
Cabletron Sys      L $35           $47                 +34.28%
CS                 6/17/94         10/4/94
----------------------------------------------------------------------------
Int'l Paper        $74 5/8         $78                 +4.45%
IP                 8/28/94         10/4/94
----------------------------------------------------------------------------
Potash             $36 1/4         $40                 +10.34%
POT                9/12/94         10/4/94
----------------------------------------------------------------------------
Lam Research       $40 1/8         $39 3/4             -0.9%
LRCX               9/30/94         10/4/94
----------------------------------------------------------------------------
Cyprus Minerals    $32 1/2         $30 1/2             -6.15%
CYM                9/19/94         10/3/94
----------------------------------------------------------------------------
American Power     APCC       L $17 1/4       Closed   $21 1/4    +23.19%
Conversion                    8/14/94         9/23/94
----------------------------------------------------------------------------
Caesars World      CAW        L $45 7/8       Closed   $45 1/2    -3.0%
                              9/5/94          9/20/94
----------------------------------------------------------------------------
Deere & Co         DE         L $65 7/8       Closed   $72 1/2    +10%
                              8/18/94         9/21/94
----------------------------------------------------------------------------
Mirage Resorts     MIR        L $18 1/8       Closed   $21        +15.89%
                              7/30/94         9/23/94
----------------------------------------------------------------------------
Whirlpool          WHR        S $53 3/4       Closed   $50        +6.98%
                              9/12/94         9/23/94
----------------------------------------------------------------------------
Walmart            WMT        L $25 1/8       Closed   $23 5/8    -5.97%
                              9/12/94         9/21/94
----------------------------------------------------------------------------
Dell Computer      DELL       S $32 1/2       Closed   $34 1/2    -6.15%
                              8/29/94         9/15/94
----------------------------------------------------------------------------
Silicon Grph       SGI        L $21 1/2       Closed   $25 1/8    +17.0%
                              7/30/94         9/6/94
----------------------------------------------------------------------------
Ivax Corp.         IVX        L $17 5/8       Closed   $20 1/4    +15%
                              8/7/94          9/6/94
----------------------------------------------------------------------------
Lotus Devp         LOTS       L $32 1/2       Closed   $42 1/8    +30%
                              7/30/94         9/6/94
----------------------------------------------------------------------------
Chiron             CHIR       L $53 3/4       Closed   $69 3/4    +29.77%
                              7/30/94         9/6/94
----------------------------------------------------------------------------
Welfleet           WFLT       L $20 1/8       Closed   $22 3/4    +13.07%
Communications                8/16/94         9/6/94
----------------------------------------------------------------------------
Becton Dickenson   BDX        L $42 1/8       Closed   $43 3/4    +3.87%
                              7/30/94         9/1/94
----------------------------------------------------------------------------

/------------------------------\
 RECENTLY CLOSED OPTION SIGNALS
\------------------------------/

        These are our records of signals that were featured in the past. All
options were rated 'Attractive' before the model verified a trade.

*========================================================================*
 Option        Ticker    Signal Price    Curr/Sell Price      %Change
 Series                  Date                Status
*========================================================================*

 Gnrl Mtrs Nov 45 Puts   $3/4             $4                   +433%
 GMWI                    10/17/94         10/21/94
----------------------------------------------------------------------------
 Fruit of Loom Oct 25 P  $3/4             $1/16                -92%
 FTLVE                   10/10/94         Expired
----------------------------------------------------------------------------
 Banyan Oct 17 1/2 C     $5/8             $1 1/8               +79.2%
 BNQJW                   10/4/94          10/19/94
----------------------------------------------------------------------------
 Cisco Jan 30 C          $2               $1 5/8               -18.75%
 CYQAF                   10/3/94          10/17/94
----------------------------------------------------------------------------
 Mobil Nov 80 C          $1 3/8           $1 7/8               +36.36%
 MOBKP                   9/26/94          10/21/94
----------------------------------------------------------------------------
 International Paper     1:1 Straddle                          +45.45%
  Oct 75 Calls IPJO      $2 1/4 10/10/94  $3 5/8 10/14/94    
  Oct 75 Puts  IPVO      $1/2   10/10/94  $3/8   10/12/94    
----------------------------------------------------------------------------
 Chrysler Oct 45 C       $1 1/4           $2 1/2               +80.0%
 CJI                     10/10/94         10/13/94
----------------------------------------------------------------------------
 American Barr Oct 25 C  $5/8             $1 1/8               +67.16%
 ABXJE                   10/10/94         10/13/94
----------------------------------------------------------------------------
 Scimed Life             1:1 Straddle                          +41.18%
  Oct 40 Calls SMQJH     $2 1/2 9/26/94   $5 1/8 10/13/94
  Oct 40 Puts  SMQVH     $1 3/4 9/26/94   $7/8   9/94     
----------------------------------------------------------------------------
 Motorola Nov 55 C       $1 1/2           $1                   -33.33%
 MOTKK                   10/2/94          10/4/94
--------------------------------------------------------------------------
 Johnson & J Oct 50 C    $2 1/4           $1 1/2               -33.33%
 JNJJJ                   10/2/94          10/4/94
--------------------------------------------------------------------------
 American Xprs  AXPAG    $1 1/8           $15/16               -28%
 Jan 35 Calls            9/19/94          9/23/94
--------------------------------------------------------------------------
 Hecla Mng      HLLV     $1               $1 9/16              +56.25%
 Dec 12 1/2 Calls        9/19/94          9/23/94
--------------------------------------------------------------------------
 Oracle         ORQJI    $2 1/8           $2 1/8               -/+%
 Oct 45 Calls            9/21/94          9/21/94
--------------------------------------------------------------------------
 McKesson       MCKJA    $1 1/2           $1 1/4               -16.67%
 Oct 105 Calls           9/5/94           9/19/94
--------------------------------------------------------------------------
 S&P 500        SPXUM    $1 3/8           $1 7/8               +36.5%
 Sept 465 Puts           9/5/94           9/12/94
--------------------------------------------------------------------------
 S&P 100        OEXUF    $1 5/8           $1                   -38.65%
 Sept 430 Puts           9/5/94           9/13/94
--------------------------------------------------------------------------
 S&P 500        SPXVM    $4 1/2           $5 7/8               +30.44%
 Oct 465 Puts            9/5/94           9/13/94
--------------------------------------------------------------------------
 Major Mkt      XMIUT    $3 1/2           $2                   -42.86%
 Sept 400 Puts           9/5/94           9/13/94
-------------------------------------------------------------------------
 Dell Cmptr     DLQVF    $1 15/16         $1 1/8               -41.94%
 Oct 30 P                9/5/94           9/13/94
--------------------------------------------------------------------------
 Biogen         BGQVI    $2 5/8           $1 1/2               -14.45%
 Oct 45 P                9/5/94           9/14/94
--------------------------------------------------------------------------
 US Surgical    USSJE    $1 5/8           $3                   +85.05%
 Oct 25 Calls            8/19/94          9/13/94
-------------------------------------------------------------------------
 Prec Met Indx  XAUID    $3 5/8           $4 5/8               +27.21%
 Sept 120 C              9/5/94           9/7/94
--------------------------------------------------------------------------
 Lotus Corp     LOQIG    $1 5/8           $8                   +390.80%
 Sept 35 Calls           7/29/94          9/9/94
-------------------------------------------------------------------------
 Merrill Lynch  MERIH    $3/4             $5/8                 -10%
 Sept 40 Calls           8/28/94          9/6/94
-------------------------------------------------------------------------
 Apple Cmptr    AAQIG    $1 1/2           $1                   -33.3%
 Sept 35 Calls           8/28/94          9/6/94
-------------------------------------------------------------------------
 Telmex         TMXVL    $1 3/4           $1 1/8               -36%
 Oct 60 P                9/5/94           9/6/94
--------------------------------------------------------------------------
 Motorola       MOTUJ    $1/2             $1/4                 -50%
 Sept 50 P               9/5/94           9/6/94
--------------------------------------------------------------------------
 American Pwr   PWQID    $3/4             $5/8                 -16.67%
 Sept 20C                8/19/94          9/6/94
-------------------------------------------------------------------------
 Deere & Co     DEIM     $3 1/4           $7 3/4               +138.46%
 Sept 65C                8/19/94          9/1/94
-------------------------------------------------------------------------

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