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Subject: NeuroQuant Profiles (Dec 17th, '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: Dec 17th, '94               Last Update: Dec 10th, '94   /\
\/                           Volume 1, Issue 21                          \/ 
 \-----------------------------------------------------------------------/
       | RESEARCH: The NEUROQUANT natural & artificial brain models.... /
        \--------------------------------------------------------------/
                 | For Information: Call Al Vinjamur at (716)272-0963 /
                  \--------------------------------------------------/

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

	* Closed Last Week:

			AKLM	-10.75%
			WDC	-5.90%
			CC	-2.66%
			DOLR	-1.12%
			HD	+2.42%
			PLAY	+14.53%

		#1 Short Put, Long Call & Put with credit of $3 3/8

			S 	SPX Jan 445P	+216.44%
			L	SPX Dec 450C	+224%
			L	OEX Dec 415C	+18.5%

				Net: +458.94%

		#2 Long Call, Long Put

			OEX Dec 420C	+383.3%
			OEX Dec 415P	-50%
			
				Net: +333.3%

	* Open Positions
     

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

	It is hard to predict, especially the future.

				Niels Bohr	

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

	We've received a lot of mail regarding the technologies we rely on to
make our weekly picks. We've even received calls from major brokerage firms
with offers of funding to do colloborative research and trading. Thank you...
we're not in a hurry...not right now...we're flattered. Technology is not the
grand solution that will yield profits. Truth is that the whole thing is a 
perpetual game that can be profitable only when there is a delicate balance 
between psychology, mental make-up, ego/risk control and the desire to develop 
technology to make the whole process of achieving a higher score easier. This 
is a perpetual journey into abysmal depths of ignorance (you learn something 
every day) and you're only as good as your last trade and have to keep at it 
if you're to remain profitable. Forget trades of the past and take from 'em 
lessons for the future. Chip away anything that impedes performance until 
you're at the essence of trading... 

	With regards to the kind of technologies we make use of: we're not
completely quantitative. We're rather be pioneers of a style of trading we
call "NeuroQuantitative" - we can't really pin down what exactly it is since
definitions only restrict. For the most part, we sincerely hope it is and will 
remain a positive trending balance of the qualities we highlighted above. 

	Our tools include Neural Networks, Mechanical Variant Feedback Models
with proprietary indicators that have been built by borrowing ideas from many
different places, some from Chaos Theory - for a start, check out Edgar Peters'
book, "Fractal Market Analysis" by Wiley. Our neural nets are built using 
NeuroShell2 with the Market Indicator, Batch Processor and NeuroWindows add on 
by Ward Systems Group - if you want to explore this technology we recommend 
WSG's products and services....call them at (301)662-7950 for more information.
  
	Tech talk apart...hey, it's Christmas! It's the season to give the 
gifts of Myrrh, Frankincense and Gold. Even though Gold is the most expensive 
of this lot, we recommend gifts of gold to alleviate the suffering of investors
who thought inflation would be more of a problem than it really is, at least 
as recognized by the markets. This includes people like us who have been wrong 
on gold for the past several weeks - See! Over-reliance on Technology also 
hurts!

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

	In last week's profile, we wrote about inverse dynamics and flattening
to happen on the yield curve which turned out as expected. Yields rose at the 
lower maturities (prices fell) and yields decreased (prices roseg) at the 
upper end maturities. We're glad that we were on the 'right side of the market'
this past week...going into Tuesday, we were expecting a reversal but market
action did not confirm suspicions and our model readings shifted to 'Strongly
Bullish' from 'Neutral-Bullish' with the short term and intermediate tren
confirming each other. Going into this week, this is our outlook as it is
at the time of writing:

	We still maintain our previous stance of the unlikeliness of the 
Federal Reserve raising rates this Tuesday. With economic numbers at the
retail level that could be argued as good because of seasonal adjustment, we
do think there will be a hike of 50 basis points come January - February. With
the overall yield curve little changed from last week, except for a wild swing
as expected on the short side (which we think is more of a post-stabilization 
dynamic after the Orange County phenomena) we think rates on both ends of the
yield curve will tend towards stability at their current levels for the short
term. However, we do expect further flattening action to occur in the next 
two-three weeks. Whether there is another Orange county type phenomena in the 
pipeline is unknown, but if there is, all of what is written in this paragraph 
will turn out wrong.   

	With Triple Witching noise and the massive gains that ensued in the
equity markets our short term horizon sensitive models have been thrown off.
On Friday alone, NYSE volume soared to 481.3 Million shares - the third highest
on record (the others were Oct 19, 1987 and the session that followed). Like
previous action this year, analysis of breadth shows that volume has been 
concentrated in certain sectors, which does not really make us comfortable in 
taking a stance at the time of writing. We'd be comfortable by being 
"Cautiously Bullish" especially since expiration insulated indices did not 
confirm action on the Big board - the Nasdaq Composite (NASDX, 729.07) moved 
lower by 1.61, the AMEX Composite (AMXCX, 426.23) moved up by 0.21 points,
while the Russell 2000 (RUTX, 241) dropped by 0.21 points. For the most part, 
expect the markets to concentrate on Tuesday's Fed meeting and pullback during 
the early part of the week and then to either have a range bound action or a 
move upwards...Fed action and statements highly dependent. 
 
	The Dow Jones Industrials (DJIA, 3807.19) surged 113+ points for the 
week closing at its highest since Nov 18th. As previously stated, we don't 
think this action is a sign of true strength as the gain is tied to program
trading. Resistance around 3820-3830 and support at around 3770-3790. The
Transports (DJTI, 1416.14) have shown some renewed signs of life by closing
the week with a 35.17 (+2.55%) weekly gain. Expect this action to hold and be 
tied down strongly to the movement in the Industrials. The Utilities 
(DJU, 182.24) also moved up by 2.90 points (+1.62%) higher for the week...we
also expect this action to hold.
	
	The SP-500 (SPX, 458.80) moved by 11.84 (+2.65%) for the week in an 
efficient manner (the gain was in one direction without respite, for the most 
part). The underlying action on option contracts on the index have made the
level which we're at a very important flow-of-fund level. Expect support 
around the 455-456 level and resistance around the 460 level. We expect the
SPX to show short term compressions/expansions of volatility and would expect
a trading range action between the two bands of support and resistance. If 
the Federal Reserve does not act on Tuesday we'd expect the newly created
SP SmallCap Index (SMCPX, 90.14) to outperform the other averages.
    
	With the Fed phenomena (Tuesday) that will have a say on the 2 Year
and 5 Year T-Bill auctions, Jobless Claims (Thursday), and Consumer Spending/
Durable Good Orders (Friday) on the horizon, we remain "Cautiously Bullish"
and yours truly, NeuroQuants.
 
/-------------------------------\
 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         9% (e.g., Fidelity Capital Income)
        Real Estate              8% (e.g., Columbia Real Estate Fund)
        Cash                    19% (money market funds)

	We continue to favor holding a diversified portfolio as opposed to 
making large asset allocation bets.

/------------\   
 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 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 immediately.

        New Alerts             : EMN, CHIR, AMER, CAH, HHC 
        Moved to Portfolio     : MU, AXP, MOT, PG, CS, CC, FDX  
        Deletions              : None

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

  Long     Eastman Chemical   $51 1/8           Crossing $51 1/2
	   EMN                12/18/94          Sell Stop $50 3/8
----------------------------------------------------------------------------
  Long     Chiron             $75               Crossing $75 3/8
           CHIR               12/18/94          Sell Stop $74
----------------------------------------------------------------------------
  Short    America Online     $48               Crossing down $47 7/8
           AMER               12/18/94          Buy Stop $48 3/4
----------------------------------------------------------------------------
  Short    Cardinal Health    $42 5/8           Crossing down $42 1/2 
           CAH                                  Buy Stop $44 7/8
----------------------------------------------------------------------------
  Short    Horizon Healthcare $27 1/2           Crossing down $27 3/8
           HHC                                  Buy Stop $28 1/2
----------------------------------------------------------------------------
                                                   
/-------------\
 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
*==========================================================================*

  SHORT      SPX Mar 460C           $12 1/4         FOR TRADERS! SPX @458.79
  SHORT      SPX Mar 460P           $10 7/8         Credit +$23 1/8
  LONG       SPX Jan 460C           $5 7/8          Debit  -$10 1/8
  LONG       SPX Jan 455P           $4 3/8 }12/18   Position Credit +$13 1/4
----------------------------------------------------------------------------
  SHORT      America On-Line        $5 1/8          NAKED WRITE! TRADERS ONLY! 
             April 50C              12/18/94        Credit +$5 1/8
----------------------------------------------------------------------------
  LONG       SPX Jan 460C           $5 7/8          Volatility, your friend!
  LONG       SPX Jan 455P           $4 3/8          $2 1/8 Point Loss Stop
----------------------------------------------------------------------------
  LONG       Broderbund Jan 35P     $1 1/4          Watch em!
                                    12/18/94
----------------------------------------------------------------------------

/-----------------------\
 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.
*============================================================================*

(S)Micron Tech.    $41 1/2       $40 3/4      +1.82%    Buy Stop $43   
MU                 12/12/94     
------------------------------------------------------------------------------
Federal Express    $54 3/8       $57 3/8      +5.52%    Sell Stop $53 1/4 
FDX                12/12/94    
------------------------------------------------------------------------------
American Express   $29           $29 3/8      +1.29%    Sell Stop $28     
AXP                12/12/94
------------------------------------------------------------------------------
Motorola           $55 1/2       $56 1/4      +1.35%    Sell Stop 54 3/8  
MOT                12/12/94    
------------------------------------------------------------------------------
Procter & Gamble   $62 3/8       $62 1/4      -0.20%    Sell Stop $61 3/8
PG                 12/13/94   
------------------------------------------------------------------------------
Cabletron          $43 1/2       $45 7/8      +5.46%    Sell Stop $44 7/8
CS                 12/12/94    
------------------------------------------------------------------------------
Airborne Freight   $20 1/8       $19 7/8      +1.24%    Sell Stop $19
ABF                12/2/94
------------------------------------------------------------------------------
Stein Mart Inc.    $14 3/4       $14 1/4      -3.38%    Sell Stop $14
SMRT
------------------------------------------------------------------------------
Kansas City South  $31 1/2       $32 1/2      +3.17%    Sell Stop $31
KSU                11/30/94
------------------------------------------------------------------------------
(S) CheeseCake     $16 1/8       $15 1/2      +4%       Buy Stop $16 1/8
CAKE               11/21/94      
------------------------------------------------------------------------------
(S) Old Kent Fin   $31 1/4       $29 7/8      +4.4%     Buy Stop $31 7/8
OKEN               11/22/94     
------------------------------------------------------------------------------
Progress Sware     $34           $37 1/4      +9.55%    Sell Stop $36 1/2
PRGS               11/21/94    
------------------------------------------------------------------------------
National Gypsum    $34           $43          +26.47%   Rumors there's a
NGCO               11/15/94                             higher offer!
------------------------------------------------------------------------------
Hecla Mining       $10 5/8       $9 3/4       -8.23%    Sell Stop $9 1/2
HL                 11/15/94         
------------------------------------------------------------------------------
Taiwan Fund        $26 1/2       $28 5/8      +8.02%    Sell Stop $26 3/4
TWN                11/9/94
------------------------------------------------------------------------------
India Inv Fund     L $13 3/8     $12 1/8      -9.35%    Averaged by buying 
Fund (Morgan St)   2/94 & 12/94                         at $11 3/4       
------------------------------------------------------------------------------
Spectrum Signal    $4 5/8        $4           -13.51%   Averaged by buying
Processing  SSPIF  '93 to 12/94                         at $4 3/8 
------------------------------------------------------------------------------
Colossal           $1.50Cdn      $2.40 Cdn    +60%      Holding! 
Resources   CLP.V  7/93 - 1/94                          
------------------------------------------------------------------------------
                                                        
/------------------------\
 OPEN POSITIONS - OPTIONS
\------------------------/

*============================================================================*
 Option                Signal Price       Current Price      %Change
 Series                  Date
*============================================================================*

Glaxo Jan 22 1/2 Calls   $1/4             $1/8               -50%
GLXAX                    10/17/94
-----------------------------------------------------------------------------

                                                          
/---------------------------------\
 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
============================================================================

(S) Players Int'l  $21 1/2         $18 3/8             +14.53%   Buy Stop Hit
PLAY               12/2/94         12/14/94
-----------------------------------------------------------------------------
(S) Dollar General $28 3/16        $28 1/2             -1.12%    Buy Stop Hit
DOLR               12/2/94         12/12/94  
-----------------------------------------------------------------------------
Acclaim Ent.       $15 1/8         $13 1/2             -10.75%   Sell Stop Hit
AKLM               12/2/94         12/13/94
-----------------------------------------------------------------------------
Western Digital    $18             $16 15/16           -5.90%    Sell Stop Hit
WDC                11/28/94        12/12/94
-----------------------------------------------------------------------------
(S) Home Depot     $46 1/2         $45 3/8             +2.42%    Buy  Stop Hit
HD                 11/21/94        12/14/94
-----------------------------------------------------------------------------
Circuit City       $23 1/2         $22 7/8             -2.66%    Sell Stop Hit
CC                 12/12/94        12/14/94
------------------------------------------------------------------------------
Mark IV Indus      $21 1/2         $19 7/8             -7.58%   
IV                 9/12/94         12/6/94
------------------------------------------------------------------------------
Altera             S $38 1/4       $37                 +3.37%   
ALTR               11/17/94        12/09/94    
------------------------------------------------------------------------------
(S) Starbucks      $28             $26 3/4             +4.46%     
SBUX               11/21/94        11/29/94
------------------------------------------------------------------------------
Lam Resrch         (S) $43 1/4     $38                 +12.14%    
LRCX               11/7/94         12/2/94
----------------------------------------------------------------------------
Coca Cola Femsa    (S) $31 1/2     $29 3/8             +6.75%   
KOF                10/31/94        11/28/94
---------------------------------------------------------------------------- 
Aon Corp           (S) $32 3/8     $31                 +4.25%    
AOC                10/24/94        11/28/94
-----------------------------------------------------------------------------
TRW Inc.           (S) $72 3/4     $64 3/8             +11.51%   
TRW                9/20/94         11/28/94
------------------------------------------------------------------------------
American Barrick   $23 1/2         $21                 -10.64%
ABX                11/5/94         11/23/94         
-----------------------------------------------------------------------------
Sybase             (S) $49         $42                 +16.66%   
SYBS               11/7/94         11/22/94               
-----------------------------------------------------------------------------
Brinker Intl       $22             $18                 -18.18%     
EAT                11/15/94        11/22/94
-----------------------------------------------------------------------------
Phelps Dodge       $57 3/8         $56 1/2             -1.5%   
PD                 11/15/94        11/22/94      
-----------------------------------------------------------------------------
GAP Stores         $33 3/8         $37 1/4             +11.62%  
GPS                11/1/94         11/17/94 
----------------------------------------------------------------------------
Pan Amer Bevrg     (S) $34 3/8     $35 1/8             -2.18%
PB                 10/31/94        11/17/94 
----------------------------------------------------------------------------
Charles Schwab     (S) $35 3/4     $33 5/8             +6.17%    
SCH                11/2/94         11/16/94
------------------------------------------------------------------------------
Williams Sonoma    (S) $32 3/4     $30 7/8             +6.09%    
WSGC               10/17/94        11/15/94
------------------------------------------------------------------------------
General Motors     (S) $46 7/8     $39 3/4             +17.91%   
GM                 10/17/94        11/16/94
------------------------------------------------------------------------------
Tribune Co.        (S) $55 3/4     $52 1/4             +6.69%    
TRB                9/27/94         11/16/94
------------------------------------------------------------------------------
MapInfo            $23 1/2         $22                 -6.38%
MAPS               11/7/94         11/11/94
----------------------------------------------------------------------------
Amgen              S $55 1/2       $56 5/8             -2.10%
AMGN               10/31/94        11/9/94
----------------------------------------------------------------------------
Electronic Arts    $22 1/4         $19 1/2             -12.35%   
ERTS               10/31/94        11/10/94               
----------------------------------------------------------------------------
Potash             $35             $31 3/4             -9.28%
POT                11/01/94        11/8/94
----------------------------------------------------------------------------
Pacific Hlth       (S) $79 1/8     $69                 +14.66%  
PHSYA              10/3/94         11/8/94
------------------------------------------------------------------------------
Acclaim Ent        $18 1/4         $16                 -12.3%    
AKLM               10/10/94        11/11/94             
------------------------------------------------------------------------------
Cypress SemiCond   $20 1/4         $22 1/2             +11.11% 
CY                 11/1/94         11/9/94
----------------------------------------------------------------------------
Micron Tech        $36 1/4         $41 3/4             +15.17%
MU                 10/22/94        11/9/94               
-----------------------------------------------------------------------------
Lotus Devp         $37 15/16       $38                 +0.18%  
LOTS               10/28/94        11/11/94                    
-----------------------------------------------------------------------------
TelMex             (S) $61 1/8     $54                 +11.33% 
TMX                10/24/94        11/10/94                     
-----------------------------------------------------------------------------
Advanced Micro     $23 1/8         $26                 +12.45%
AMD                10/17/94        11/8/94         
------------------------------------------------------------------------------
Microsoft          $56 1/4         $62 1/4             +10.66%
MSFT               10/18/94        11/11/94                
------------------------------------------------------------------------------
Chrysler           $45 3/8         $46 1/8             +1.65% 
C                  10/10/94        11/10/94
------------------------------------------------------------------------------
Banyan             $16 1/2         $17 15/16           +8.66%
BNYN               10/5/94         11/11/94
------------------------------------------------------------------------------
Solectron          $25             $26                 +4%
SLR                10/5/94         11/11/94                     
-----------------------------------------------------------------------------
Cisco Systems      $27 3/8         $32 5/8             +19.36%
CSCO               10/2/94         11/11/94
------------------------------------------------------------------------------
American Xpress    $29 1/4         $31                 +5.98%
AXP                9/6/94          11/11/94
------------------------------------------------------------------------------
Callaway Golf      $35 5/8         $38                 +6.53%
ELY                10/10/94        11/11/94 
------------------------------------------------------------------------------
Applied Materials  $47 5/8         $51 3/8             +7.76% 
AMAT               10/24/94        11/02/94            
-----------------------------------------------------------------------------
Cracker Barrel     (S) $24 1/2     $21 1/2             +13.93%   
CBRL               9/6/94          11/3/94
------------------------------------------------------------------------------
Tencor Instr.      $35 1/2         $45 3/4             +28.87%
TNCR               10/17/95        11/2/94 
------------------------------------------------------------------------------
Chiron             $60 1/4         $63 5/8             +5.67%    
CHIR               10/10/94        11/2/94         
------------------------------------------------------------------------------
Federal Express    $61 5/8         $61                 -1.08%
FDX                9/26/94         10/31/94                         
------------------------------------------------------------------------------
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
----------------------------------------------------------------------------
Amer Pwr Conv      $17 1/4         $21 1/4             +23.19%
APCC               8/14/94         9/23/94
----------------------------------------------------------------------------
Caesars World      $45 7/8         $45 1/2             -3.0%
CAW                9/5/94          9/20/94
----------------------------------------------------------------------------
Deere & Co         $65 7/8         $72 1/2             +10%
DE                 8/18/94         9/21/94
----------------------------------------------------------------------------
Mirage Resorts     $18 1/8         $21                 +15.89%
MIR                7/30/94         9/23/94
----------------------------------------------------------------------------
Whirlpool          S $53 3/4       $50                 +6.98%
WHR                9/12/94         9/23/94
----------------------------------------------------------------------------
Walmart            $25 1/8         $23 5/8             -5.97%
WMT                9/12/94         9/21/94
----------------------------------------------------------------------------
Dell Computer      S $32 1/2       $34 1/2             -6.15%
DELL               8/29/94         9/15/94
----------------------------------------------------------------------------
Silicon Grph       $21 1/2         $25 1/8             +17.0%
SGI                7/30/94         9/6/94
----------------------------------------------------------------------------
Ivax Corp.         $17 5/8         $20 1/4             +15%
IVX                8/7/94          9/6/94
----------------------------------------------------------------------------
Lotus Devp         $32 1/2         $42 1/8             +30%
LOTS               7/30/94         9/6/94
----------------------------------------------------------------------------
Chiron             $53 3/4         $69 3/4             +29.77%
CHIR               7/30/94         9/6/94
----------------------------------------------------------------------------
Welfleet           $20 1/8         $22 3/4             +13.07%
WFLT               8/16/94         9/6/94
----------------------------------------------------------------------------
Becton Dickenson   $42 1/8         $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      Sell Price      %Change
 Series                  Date                
*========================================================================*

Micron Dec 45C (MULH)    $1 3/4            $1                -42.85%
                         12/12/94          12/16/94     This was a hedge!
---------------------------------------------------------------------------
Fedex Dec 55C (LK)       $3/4              $2 5/8            +256%
                         12/12/94          12/16/94
---------------------------------------------------------------------------
(S) SPX Jan 445P (MI)    $7 1/8            $2 1/4            +216.44%
SPX Dec 450C (LJ)        $1 3/4            $5 5/8            +224%
OEX Dec 415P (XC)        $2                $2 3/8 } 12/13    +18.5%
                         12/12/94    Adj for Credit +$3 3/8  Net: +458.94%
---------------------------------------------------------------------------
OEX Dec 420C (OEXLD)     $2                $9 5/8            +383.3% 
OEX Dec 415P (OEXXC)     $2                $1     }12/13     -50.0%
                         12/12/94                            Net:  +333.33%
---------------------------------------------------------------------------
Amgen Dec 55 P           $9/16            $2                 +257.14%
AMQXK                    12/2/94          12/9/94
---------------------------------------------------------------------------
Amer Barr Dec 22 1/2 C   $1/2             $0                 -100%
ABXLX                    11/28/94
---------------------------------------------------------------------------
Toys R Us Dec 40C        $3/4             $0                 -100%
TOYLH                    10/23/94
---------------------------------------------------------------------------
Royal Dutch Dec 110 C    $9/16            $0                 -100%
RDLB                     12/2/94
-----------------------------------------------------------------------------
Deere Dec 65 C           $1               $1 1/2             +50%
DELM                     12/2/94          12/5/94
----------------------------------------------------------------------------
Broderbund Dec 35 P      $7/8             $2 1/8             +171.79%
BDQXG                    12/2/94          12/8/94
----------------------------------------------------------------------------
SPX Dec 450P SPXXJ       $3 1/8 } 12/2    $9 1/2 } 12/8/94   +204.48%
SPX Dec 455C SPXLK       $3 7/8 } 12/2    $8     } 12/9/94   +106.71%
----------------------------------------------------------------------------
TelMex Jan 55 Calls      $2 5/16          $2                 -13.41%
TMXAK                                     12/6/94
---------------------------------------------------------------------------
Oracle Dec 40C (LH)      $2               $2 1/4             +12.5%
ORQLH                    11/28/94         12/6/94
---------------------------------------------------------------------------
Initial Credit $3 3/4    11/28/94      11/30/94      

S SPX Dec 450C (LJ)      $8            $8               $0            0%
S SPX Dec 450P (XJ)      $5            $3 7/8          +$1 1/8   +29.19%
L OEX Dec 425C (LE)      $4            $5              +$1       +25.00%
L SPX Dec 445P (XI)      $2 3/4        $2 1/8          -$5/8     -22.90%
L SPX Dec 460C (LL)      $2 1/2        $3 3/4          +$1/2     +50.00%

            % Gain with all positions of equal size  : +81.29%
            Actual % gain taking credit into account : +53.33%    
            Initial credit was $3 3/4. Came out with $5 3/4 
---------------------------------------------------------------------------
SPX Dec 460C (LL)        $2 7/8 } 11/28  $2 12/2        Cost   $7.13
SPX Dec 455P (XK)        $4 1/4 } 11/30  $7 12/2        Return $1.88
                                                        Net    +26.38%
---------------------------------------------------------------------------
S SPX Jan 460C (AL)      $13 1/8       $5 1/8  (11/23/94)   +156.25% }
L SPX Dec 465C (LM)      $5 3/4        $4 7/8  (11/21/94)   -15.30%  } +378.38%
L OEX Dec 430P (XF)      $5 3/8        $18 1/8 (11/23/94)   +237.43% }

                       on 11/21/94     * OEX adjusted for credit of +$2
----------------------------------------------------------------------------
L SPX Dec 465C (LM)      $5 3/4        $4 7/8   (11/21/94)  -15.30%  } +197.07%
L SPX Dec 455P (XK)      $4 1/8        $12 7/8  (11/23/94)  +212.37% }
----------------------------------------------------------------------------
S Home Depot Dec 45C    $2 3/4            $2 3/8           +16.0%
L            Dec 50C    $1/4              $1/4             +/- 0%
             LI & LJ    11/12/94     
---------------------------------------------------------------------------
SPX Nov 460 P           $1/2              $1               +100%
SPXWL                   11/16/94          11/17/94
---------------------------------------------------------------------------
Nordstrom  Nov 45P (WI)  $3/8             $1/4             -100%  
           Nov 50C (KJ)  $1               $3/16            -100%
----------------------------------------------------------------------------
Gap Stores Nov 35P (WG)  $3/8             $1/8             -100%  } -76%
           Nov 40C (KH)  $1/4             $0.31            +24%   }
----------------------------------------------------------------------------
IBM Jan 80 C           $2 1/8             $1 5/8           -26.86%
IBMAP                  10/29/94           10/13/94
----------------------------------------------------------------------------
Motorola Nov 60 C      $15/16             $1 5/8           -15.22%
MOTKL                  10/29/94           11/3/94
----------------------------------------------------------------------------
Lotus Nov 40 C         $1 3/8             $2               +45.9%
LOQKH                  10/29/94
----------------------------------------------------------------------------
John & Jhnsn Nov 55C   $1                 $3/4             -25%
JNJKK                  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%
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
 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
-------------------------------------------------------------------------

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

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Adviser, Registered Representative, or Certified Financial Planner before 
                            investing.
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