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From: bkv2673@vaxg.isc.rit.edu
Subject: NeuroQuant Profiles (10/29/94)
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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 29th, '94                 Last Update: Oct 23rd, '94 /\
\/                           Volume 1, Issue 14                          \/ 
 \-----------------------------------------------------------------------/
       | RESEARCH: The NEUROQUANT natural & artificial brain models.... /
        \--------------------------------------------------------------/
                 | For Information: Call Al Vinjamur at (716)424-8170 /
                  \--------------------------------------------------/

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

	* Closed:

		ABX	-3.92%
		TL      -8.05%

	* Losses Open:

		WSGC	-2.73%
		AKLM	-4.10%
		FDX	-0.68%
		SSPIF	-10%
		IIF	-6.66%

	* Salient Gains Open:

		TNCR	+30.98%
		GM	+16.10%
		TMX	+8.18%
		AMD	+14.05%
		SLR	+13%
		MSFT	+10.43%
		MU	+9.66%
		AMAT	+9.17%
		CSCO	+9.60%
		CHIR	+8.71%
		CBRL	+8.88%
		ELY	+8.41%
		BNYN	+7.57%
		PHSYA	+6.31%
		TRB	+6.72%
		C	+5.51%
		AXP	+5.98%
		LOTS	+3.30%

	* Options:

		GLX 	-28%
		CPQ 	+148.76%
		TOY 	+16.0%
		KO	+35.42%
		INTC	+60.42%

	* 28 Open Positions
		 5 Losers
		22 Profitable

	* New Signals
		AMGN, KOF, SCH, PB, GSSC, 
		POT, ERTS, KMT, GPS, CY, DUR, ADI
                                                                           
/---------\
 QUOTABLES
\---------/

	Fundamentally, currencies are not securities, although they are 
	actively traded. The largest participants, the central banks
	are not return maximizers. Therefore, their objectives are not
	necessarily those of rational investors. 
			
			- Edgar Peters
			  Fractal Market Analysis, 1994
 	
/------------\
 NET THOUGHTS
\------------/

	While Tencor Instruments (TNCR) has been a phenomenal performer
in the Gregorian year 1994 we'd lay our bets that the best performer of
the year 2000 would likely be a company that sells the 'Cyburger': a 
cybcurean's delight because it'll keep the kids quiet, the in-laws at peace 
and the wife happy. Plain and simple: all they have to do is to order the 
darn thing on television. That's fine and dandy for those of us who are 
gustatorially inclined, you say, but what about progress in an already wired 
world. Trading!?

	And folks, we seem to be moving rapidly towards full blown electronic 
trading. Instinet (owned by Reuters) and POSIT (a crossing network owned by
the Investment Technology Group) are starting to chip away at the specialist 
system as well as NASDAQ.  These electronic networks are starting to account 
for tens of millions of shares everyday. All the more reason since NASDAQ 
dealers are being investigated for collusion. Why should stocks that trade 
like water have a quarter point spread? For instance, the day Neutrogena got 
taken over by JNJ, several million shares traded at a half-point spread! 
Specialists are making it big but are also digging their own..... 

	For instance, this past Friday afternoon the US Surgical (USS) 
specialist decided to bunch all the stops (ostensibly at $23) after a small 
trade of 2500 shares went through at $23 1/8. The market was $23 1/8 bid and 
$23 5/8 offer, and he moved it to $21 1/2 bid and $23 offer! A nice yawning 
spread even though it wasn't quite the siesta Friday! After a total of about 
90000 shares traded at $22 1/4 rumor had it that the specialist was the 
buyer and that he had started selling the same block of shares on the way up. 
We need to have our heads examined if it is these people we entrust with the 
task of price continuity. Computer specialists (or should that be specialist 
computers?) please liberate us! 

	And now watch out for an interesting American Depositary Share (ADS) 
offering from Finland in the coming days...Kemira Oy is the name and 30 
million shares are expected at about $9 according to Merrill Lynch, the 
global coordinator of the offering. Kemira produces chemicals for water 
treatment and the pulp and paper industry - titanium dioxide pigments,
fertilizers, fibres and paints. The sector Kemira is in is very attractive
given the current global market environment. Please contact Merrill Lynch 
for the offering memorandum and further details.
      
/------------\
 MARKET SCOPE
\------------/
  
	We're glad the markets moved as we had expected. In the last
issue, we were looking for a move down and then a move up - both of which
happened almost to the exact technical levels we had pinned down....

    	So the dollar did gain strength across the board in Tokyo dealings 
on the nervous GDP night in Tokyo....so the GDP did come in at 3.4% and was 
better than expected....so the precious metals did take a breather and came 
down...so the bonds did rally on Friday taking yields down from 8.05% to 
7.95%...so we did have good earnings and the techs leading the way to short 
covering and lend fuel to the pre-disposed bullish market psychology to lift 
the averages to higher territory. Nice, very nice...it seems to fit with
some of the scenarios we've laid out in these virtual pages in the past three
issues. If you're confused as to what we said and did not read close enough
because you had to get that 9:28am trade in we'll quickly re-iterate our 
intermediate term scenario for the different variables that interplay in 
the direction of the markets: 

	They want to close the year on a higher note - it almost seems that
they're all stubborn children and will make any inventable excuse to lay 
claim to the extremely expensive DOW 4250 Christmas gift and the astrally
expensive and heady 500 SP-500 gift. If the market's fall has left you 
reverbrating with amnesiac shock this entire year and you don't remember the 
prevailing market psychology this time of the year last year: Everyone had a 
sudden change of profession and Joe on the street had suddenly attained 
gurudom in calling the markets; and the in-thing was to say that their "year 
end target on the DOW was 4250 and 500 on the SP-500". And the market, the 
cunning breathing thing it is might actually do just that by boosting indices 
and egos before showing its true desultory, slap the self-proclaimed guru
across the face self and blowing everyone out of the water...and the markets
always excel at that if people don't respect it.

	The respect and "pray to the markets" statement aside, the technical 
interplay of the markets seem to be setting us for a potential close at 
a new high. The dollar should likely rally overnight in Tokyo and foreign
markets tonight and should continue for the next few days...you'll likely have 
central bank assistance to squeeze those people who squeezed them last time 
around when intervention failed...the dollar's rise should have the precious 
metals and the commodities markets soften...and the fixed income markets should
move higher (all the more since traders are itching for 'em debt instruments
to go up)...to carry the equity markets higher. And come November 15th if
the Fed does not raise (who knows what plans lurk in the heart of the Fed?)
the bulls should come about and go on a long-needed (for the bulls, that is)
hedonistic binge...and when the true nature of the economic numbers are spelt
out in black and white and the Fed does raise rates, the smart ones would be
the ones who've really been the students all along (and never acted gurus!)
and went with what lessons the markets had to teach them. In short, respect
the markets and respect what risk it might surreptiously hide.

	The US Dollar should rally back to the 100 Yen level and should level
the score with the Deutsche Mark. On the Yen, expect a move upwards of the 
100 level, and perhaps the 101+ region. Bond yields should likely drop to 
around the 7.6% level giving equity markets fuel. The Lehman Brothers T-bond
index (LBTX, 186.35) gained 4.49 points on Friday. Expect the LBTX to move
to around the 1192 level before sideways action can likely be seen, something
which we would view as an important consolidation level.  

	On numbers, the SP-500 (SPX, 473.77) gained 7.92 points on Friday -
a day you would not want to have missed. The SPX, which stood at the 200 day
moving average going into Friday broke through the 50 day moving average in a
convincing manner and is about 10 odd points away from its all time intraday 
high of 482.23. Going into tomorrow (Monday), expect the SP-500 to show
continued strength with the other indices. Expect a rise to around the 480+
level before the week is over or during the dawn of the following, October's
employment numbers (due Thursday) depending. 

	The Dow Utilities (DJU, 181.65) have finally moved up. Support around
178-180, resistance around 185. Expect around 187 on this. The Dow Transports
(DJUT, 1536.77) also show signs of life. The transports are sitting just below
major resistance at around the 1540 level. Expect this to be broken on the
upside. The Industrials (DJI, 3930.66) closed just below a major resistance
band around the 3940 level, which we expect to be broken.

	Monday morning we'd look for an upside opening and a rally of around 
30+ points. The case would be the same for the SP-500 - expect this to move
up by about 2-3 points before noon.

/-------------------------------\
 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
\---------------------/

	Airborne Freight fell by $6 1/2 points on Monday morning and we
had that as a BUY....but we were happy that there was a trading imbalance
before the market opened because earnings were released and our technical 
levels for a buy did not get hit. Disaster averted and we thank the market 
gods.
	
	Tencor (TNCR, $46 1/2, +30.98%) and Telmex (TMX, $56 1/8, +8.90%) 
were huge winners. Tencor, if you did not not know makes those high tech 
devices that measure film thickness on wafers and micro contamination. Though 
our models initially picked it up at $22, we did not trade it there but 
watched it go to $35 1/2 before deciding to give in to the alluring company 
that does not seem to stop....going up!
                      
   
/------------\
 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 Alerts             : AMGN, KOF, SCH, PB, GSSC, POT, ERTS,
                                 KMT, GPS, CY, DUR, ADI
        Moved to Portfolio     : MU, LOTS, AMAT, AOC, TMX  
        Deletions              : NOV, CYM, ABF, AMX, ALTR (See Signal Review!)

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

 SHORT     Amgen            $56 3/4           Crossing down $56 1/2
           AMGN                               Buy Stop $58
----------------------------------------------------------------------------
 SHORT     Coca Cola Femsa  $31 1/2           Crossing down $31 1/4
           KOF                                Buy Stop $33
----------------------------------------------------------------------------
 SHORT     Charles Schwab   $36 1/8           Crossing down $35 7/8
           SCH                                Buy Stop $37 1/2
----------------------------------------------------------------------------
 SHORT     Pan Amer Bevrg   $34 3/8           Crossing below $34
           PB                                 Buy Stop $36
----------------------------------------------------------------------------
 SHORT     Grenada Sunburst $30 7/8           Crossing below $29 7/8
           GSSC                               Buy Stop $31 1/2
----------------------------------------------------------------------------
 LONG      Potash           $34 3/4           Crossing $35
           POT                                Sell Stop $32 1/2. Looking $40
----------------------------------------------------------------------------
 LONG      Electronic Arts  $22               Crossing $22 1/4
           ERTS                               Sell Stop $21
----------------------------------------------------------------------------
 LONG      Kennametal Inc   $29               Crossing above $29 1/2
           KMT                                Sell Stop $28 1/2
----------------------------------------------------------------------------
 LONG      GAP Stores       $33 1/8           Crossing $33 3/8
           GPS                                Sell Stop $31 7/8
----------------------------------------------------------------------------
 LONG      Cypress SemiCond $19 7/8           Crossing $20 1/4
           CY                                 Sell Stop $18 7/8
----------------------------------------------------------------------------
 LONG      Duracell         $43 1/4           Crossing $43 5/8
           DUR                                Sell Stop $42 1/2
----------------------------------------------------------------------------
 LONG      Analog Devices   $36 1/2           Crossing $36 7/8
           ADI                                Sell Stop $35 7/8
----------------------------------------------------------------------------
        
/-------------\
 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       IBM Jan 80 C           $2 1/8           Attractive!
             IBMAP                  10/29/94 
----------------------------------------------------------------------------
  LONG       Motorola Nov 60 C      $15/16           Attractive!
             MOTKL                  10/29/94  
----------------------------------------------------------------------------
  LONG       Lotus Nov 40 C         $1 3/8           Attractive!
             LOQKH                  10/29/94
----------------------------------------------------------------------------
  
/-----------------------\
 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.
*============================================================================*

Micron Tech        $36 1/4       $39 3/4      +9.66%    Sell Stop $38 5/8
MU                 10/22/94                             Projecting $42
-----------------------------------------------------------------------------
Lotus Devp         $37 15/16     $39 1/4      +3.30%    Sell Stop $38 1/2
LOTS               10/28/94                             Projecting $42
-----------------------------------------------------------------------------
Applied Materials  $47 5/8       $52          +9.17     Sell Stop $51 3/8
AMAT               10/24/94                             Projecting $54
-----------------------------------------------------------------------------
Aon Corp           (S) $32 3/8   $31 1/2      +2.76%    Buy Stop $32
AOC                10/24/94                             Projecting $29
-----------------------------------------------------------------------------
TelMex             (S) $61 1/8   $56 1/8      +8.90%    Buy Stop $56 3/4
TMX                10/24/94                             
-----------------------------------------------------------------------------
Williams Sonoma    (S) $32 3/4   $33 5/8      -2.73%    Buy Stop tightened $34
WSGC               10/17/94      
------------------------------------------------------------------------------
General Motors    (S) $46 7/8   $40 3/8       +16.10%   Buy Stop $41
GM                10/17/94      
------------------------------------------------------------------------------
Pacific Hlth      (S) $79 1/8   $74 1/4       +6.55%    Take Profits!
PHSYA             10/3/94
------------------------------------------------------------------------------
Tribune Co.       (S) $55 3/4   $52           +7.21%    Buy Stop $52 3/8
TRB               9/27/94
------------------------------------------------------------------------------
TRW Inc.          (S) $72 3/4   $70 7/8       +2.65%    Buy Stop $73 3/8
TRW               9/20/94
------------------------------------------------------------------------------
Cracker Barrel    (S) $24 1/2   $22 1/2       +8.88%    Take Profits!
CBRL              9/6/94
------------------------------------------------------------------------------
Advanced Micro    $23 1/8       $26 3/8       +14.05%   Sell Stop $25 3/4
AMD               10/17/94                  
------------------------------------------------------------------------------
Microsoft         $56 1/4       $62 1/8       +10.43%   Sell Stop $61 3/8
MSFT              10/18/94                         
------------------------------------------------------------------------------
Tencor Instr.     $35 1/2       $46 1/2       +30.98%   Sell Stop $45 7/8
TNCR              10/17/95        
------------------------------------------------------------------------------
Callaway Golf     $35 5/8       $38 3/8       +8.41%    Sell Stop $37 3/4
ELY               10/10/94         
------------------------------------------------------------------------------
Acclaim Ent       $18 1/4       $17 1/2       -4.10%    Sell Stop $16 5/8
AKLM              10/10/94                                                 
------------------------------------------------------------------------------
Chiron            $60 1/4       $65 1/2       +8.71%    Sell Stop $64 15/16
CHIR              10/10/94                
------------------------------------------------------------------------------
Chrysler          $45 3/8       $47 7/8       +5.51%    Sell Stop $47
C                 10/10/94         
------------------------------------------------------------------------------
Banyan            $16 1/2       $17 3/4       +7.57%    Sell Stop $17
BNYN              10/5/94    
------------------------------------------------------------------------------
Solectron         $25           $28 1/4       +13%      Sell Stop $27 5/8
SLR               10/5/94                               
------------------------------------------------------------------------------
Cisco Systems     $27 3/8       $30           +9.60%    Sell Stop $29
CSCO              10/2/94
------------------------------------------------------------------------------
Federal Express   $61 5/8       $61 1/4       -0.68%    Sell Stop $61
FDX               9/26/94                                 
------------------------------------------------------------------------------
Mark IV Indus     $21 1/2       $21 5/8       +0.79%    Sell Stop $21
IV                9/12/94
------------------------------------------------------------------------------
American Xpress   $29 1/4       $31           +5.98%    Sell Stop $29 5/8
AXP               9/6/94
------------------------------------------------------------------------------
Spectrum Signal   L $5          $4 1/2        -10%      Looking at $6
Processing       '93 to 3/94
SSPIF
------------------------------------------------------------------------------
India Inv Fund    L $15         $14           -6.66%    Models will buy on
Fund (Morgan St)  2/94                                  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
============================================================================
John & Jhnsn Nov 55C   $1                 $1               +/- 0%
JNJKK                  10/23/94              
----------------------------------------------------------------------------
Toys R Us Dec 40C      $3/4               $7/8             +16.0%
TOYLH                  10/23/94
----------------------------------------------------------------------------
Compaq Nov 35P (WG)    $9/16              $3/8             -33.9%
       Nov 40C (KH)    $3/4               $2 1/8           +182.66%
                                                           Net: +148.76%
----------------------------------------------------------------------------
Glaxo Jan 22 1/2 Calls $1/4               $3/16            -28%
GLXAX                  10/17/94
----------------------------------------------------------------------------
Intel Nov 60 Calls     $1 7/8             $3               +60.42%
INQKL                  10/17/94
----------------------------------------------------------------------------
Coca Cola Jan 50 C     $1 3/4             $3               +35.42%
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
============================================================================

Telex-Chile        $20 5/8         $19                 -8.07% 
TL                 10/20/94        10/28/94                         
------------------------------------------------------------------------------
US Surgical        L $23 7/8       $24                 +0.54%
USS                8/14/94         10/26/94
------------------------------------------------------------------------------
American Barrick   $25 1/2         $24 1/2             -3.92%   
ABX                10/11/94        10/27/94
------------------------------------------------------------------------------
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
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 Johnson & J Oct 50 C    $2 1/4           $1 1/2               -33.33%
 JNJJJ                   10/2/94          10/4/94
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 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
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 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
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 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
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 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
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 Motorola       MOTUJ    $1/2             $1/4                 -50%
 Sept 50 P               9/5/94           9/6/94
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 American Pwr   PWQID    $3/4             $5/8                 -16.67%
 Sept 20C                8/19/94          9/6/94
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 Deere & Co     DEIM     $3 1/4           $7 3/4               +138.46%
 Sept 65C                8/19/94          9/1/94
-------------------------------------------------------------------------

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