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Subject: NeuroQuant Profiles (Oct 2nd, '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  /\
\/-  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  - \/
/\ Last Update: Sep 26th, '94                  This Update: Oct 2nd, '94 /\
\/                           Volume 1, Issue 7                           \/
 \-----------------------------------------------------------------------/
       | RESEARCH: The NEUROQUANT natural & artificial brain models.... |
        \--------------------------------------------------------------/
                 | For Information: Call Al or Nipun at (716)424-8170 |
                  \---------------------------------------------------/
  
/----------\
 THIS ISSUE
\----------/

	* Bad move on cancelling an alert on WSGC. It was a winner and we
	  missed it;

	* Profitable week:

	  	SMLS Straddle 	+68.22%
	        MOB Calls       +36.36%
		CS		+36.07%
		HL		+17.0%
		POT		+13.10%
		USS		+12.57%
		CYM		-0.77
		IIF		-6.67%
	
		2 losing positions out of a total of 22 open equity positions;

	* Models favor Toys, Paper, Natural Resources, Selected Technology
          issues;

	* Short term Bullish, Intermediate/Long term bearish on domestic
          markets. Short term Bullish on the US Dollar;

	* New Signals:

		NKE, BNYN, CSCO, PX, MOT, SLR, PHYSA, APC

		CSCO Jan 55 Calls, BNYN Oct 17 1/2 Calls, JNJ Oct 50 Calls,
                MOT Nov 55 Calls  

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

	"....E-mail is like a virtual couch, a way to try to tell
	 everything in the Joycean sense."

			- Ms. Avodah Offit
			  Psychiatrist & Sex Therapist
			  Virtualove@aol.com

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

	And lets try to say what we feel is everything right now:

	Breaking even is a worthy ambition. Losing money brings with it a 
plethora of wisdom for the student and is full of wealth. Winning is great and 
tilts the score favorably. But missing an opportunity, especially when you're 
on the right side beforehand and decide to cancel the trade is full of 
excruciating pain - it resonates a sick feeling in the stomach. Let's first 
talk about trades where we were wrong - you, the reader, can act as a virtual 
market therapist and aid us in becoming better students.

	Aaaah...Williams Sonoma (WSGC) - we had this as a stock alert on the 
issue dated 9/18/94 when it was at $30 (split adjusted). We were looking for 
a breakout on crossing around $30 1/4. Unfortunately we had a poor sell stop 
at $29 1/4. Market conditions were edgy and our own psychologies (one of us, 
actually) got the better of us. We decided to follow through and cancel the 
trade and attributed it to deteriorating market conditions. Starting Monday,
Williams Sonoma rallied to a new high and closed the week at a whopping $34
1/8, or a profit of 13.75% -- and we were not the beneficiaries! Pain. 
However, congratulations to a good friend on a major trading floor in New 
York who netted about 300%+ on the options. 

	And then, midweek came a time for unnecessary speculation. This time
on Sciclone Pharmaceuticals (SCLN) which was not featured in this forum.
Sciclone was trading at $8...the smart aleck, sometimes wayward system
outguesser trader that one of us sometimes is decided to take the plunge. In
at $8, and out at $7 1/8 for a loss of 11%. The trade was not one that was
backed by discipline and a plan of action - in fact, we did not even have a 
mental stop on it! We're just giving away money!

	The whole point of belief we're trying to convey to ourselves, and 
across: Be disciplined. Trading is not about betting and is definitely not a
battle between individuals. It truly is a battle amongst mental gremlins that
surreptiously reside in our heads and pop up every now and then to humble and
put us into place.

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

	If aliens thought they had it all figured out with regard to time
series predictions, they'd probably be prudent to pause and think about the 
action in the markets last week. Replete with fears, greed, confusion and 
consensus, it was one possessing action with no easily discernible technical 
deterministic overtones. 

	Uncertainty was (and still is) the key word, and perhaps so since the 
markets were first fixated on potential Fed action on Tuesday and then on trade
talks. We were right on the non-action of the Fed on Tuesday and may turn out
to be right in maintaining our stance that the Fed will likely act only after
looking at numbers that are due this coming week - we would be looking
for a 50 basis point hike but only after the Fed is able to size construction 
numbers, housing completion, inventories and the icing - the employment 
situation. We're sure people realize that expansions and recessions are caused 
by nothing more than "meddling". Tightening has never really caused a 
cushioned economic landing and loosening has never been able to smoothly
accomplish the contrary. With respect to the unemployment er.. employment 
numbers...well...our choice of words should get the feeling across.

	 And talking about diplomacy - its nature is is so uncertain these 
days that diplomats could very well play a board game to decide who gets 
what kind of crummy deal. And perhaps the same kind of techniques could be
successfully used to time markets in these periods of high frequency ergodic
behavior.

	Once again, the future of the markets will be determined by a rather
confusing interplay of factors. A dollar upside argument would likely run 
as follows: partial (perhaps, face saving) agreement on trade with Japan, 
upcoming German elections (investors to shy away from the Teutonic Mark),
and prevalent technical levels. On the flip side: elections at home, the 
decision by the G7 finance ministers this past weekend who showed satisfaction
at global economic growth (don't have plans to change current policies
of market surveillance and coordination), inflation concerns by IMF proposals 
to boost global reserves, local nervousness, and the deterioration of 
the president's popularity. Our view: the lack of G-7 actions and the existence 
of fixed income worries about a raise in rates should see short term upside 
action on the dollar. However, we think it'll move sideways from about the 
99.60 - 99.70 level. A move above 100 Yen is likely but we don't think it'll 
rally after that.

	Coming to technical numbers:

	The SP-500 Index (SPX, 462.71) remains at a very critical support 
region. The index was unable to move above the previously indicated band of 
resistance between 465-468. The closing level is a very critical one in terms 
of money flow. Weak support still exists at the 457-459 level, which coincides
with the 150-day moving average. The beginnings of new quarters have typically 
seen rallies in the index. On a purely technical basis, we think the index will
move above the 467 level and will fail to break the 470 level. Our critical
level on the downside remains at 459. Short-term bullish, intermediate and 
long-term bearish. We should see a retest of the April lows. On the SP-100
(OEX, 428.12), our critical levels remain at 431 on the upside and 426 on the 
downside. 

	The SP-Midcap (MID, 174.12) tested support at 171 on the 150 day moving
average and has bounced up by two points. We think earnings that are due should
likely provide some strength to this index. On the Russell-2000 (RUT, 256.12)
support at around the 252 level, resistance band between 259-262. We think
earnings will be intact on the small and midcap names - which may in turn 
provide short term buoyancy to the markets, economic numbers highly dependant.

	The December Gold contract settled $397.60, down $2 for the week.
On a technical basis we view this pullback as a positive. We expect the
Precious Metals Index (XAU, 133.40) to pullback to around the  128 level and
consolidate before moving higher. 

	The AMEX Oil Index (XOI, 260.36) is just below resistance at the 200
day moving average. Our models favor this on the upside.

	In groups, our models favor Toys, Paper, Natural Resources.
	
/-------------------------------\                        
 NEUROQUANT GLOBAL ASSET MANAGER
\-------------------------------/

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

	See last issue for recent changes in the asset allocation plan.
Funds of interest under our current asset allocation plan are:

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

	Last week was once again a good one:

	Potash (POT, $41) continues to make new highs - it remains strong and 
our year end projections remain above $50. US Surgical (USS, $26 7/8), which 
our models re-iterated an accumulation on weakness also remains resilient. 
We're projecting around $32 on USS...it should be able to move above the $28 - 
$28 1/2 level band of resistance. International Paper (IP, $78 1/2) was also 
strong, touching our first target of $80 during the week. We're projecting 
around $84 on this one. 

	Many signals were fulfilled last week. Our models continue to like 
Lam Research (LRCX, $40 1/8), Federal Express (FDX, $61 7/8), and Tribune
(TRB, $55 3/8). We were pleased that Tribune was down 3 points two days
after we reversed the long signal to a short.

	For new signals, please see the ALERT section of the issue.     

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

	The table below lists stocks that the NeuroQuant models picked as
having the best emerging outlook and potential for profits in the near
and intermediate term. The last column lists conditions under which our
technical criteria would be best satisfied for trade entry/exit, and whose
fulfilment would most likely warrant a trade by our models. All signals
with an "Attractive" rating are moved to the portfolio.
   
	Moved to Portfolio : SBUX, TRB WIN, LRCX, JR, GP, FDX, EMC
        Deletions          :
        Additions          : NKE, BNYN, CSCO, PX, PHSYA, SLR, MOT 
                  
*===========================================================================*
 Likely    Security        Profile          Technical Comments
 Position  & Ticker        & Date               & Alerts
*===========================================================================*

LONG      Nike Inc         $59 1/4          Crossing $59 5/8 
          NKE              10/2/94          Sell Stop $58 3/8
---------------------------------------------------------------------------- 
LONG      Banyan           $17 3/8          Crossing $18
          BNYN             10/2/94          Sell Stop $17 3/8
---------------------------------------------------------------------------- 
LONG      Cisco Systems    $27 3/8          Crossing $27 5/8
          CSCO             10/2/94          Sell Stop $25 3/4
---------------------------------------------------------------------------- 
LONG      Praxair Inc      $24 3/8          Crossing above $24 1/2  OR
          PX               10/2/94          Pullback to/Bounce from $23 5/8
                                            Sell Stop $22 5/8
---------------------------------------------------------------------------- 
LONG      Motorola         $52 3/4          Crossing $$53
          MOT              10/2/94          Sell Stop at $51 1/2
----------------------------------------------------------------------------
LONG      Solectron        $26 3/8          Crossing $26 5/8 OR
          SLR              10/2/94          Pullback to/Bounce from $25 5/8
                                            Sell Stop $25 1/4
----------------------------------------------------------------------------
SHORT     Pacific Hlth     $79 1/8          Crossing below $78 5/8
          PHSYA            10/2/94          Buy Stop $81
----------------------------------------------------------------------------
LONG      Boise Cascade    $30 1/4          Crossing $30 1/2
          BCC              9/23/94          SELL STOP $29 5/8
----------------------------------------------------------------------------


/-------------\
 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       Motorola Nov 55 C      $1 1/2            Model Attractive!
           MOTKK                  10/2/94
--------------------------------------------------------------------------
LONG       Banyan Oct 17 1/2 C    $7/8              ''       ''
           BNQJW                  10/2/94
--------------------------------------------------------------------------
LONG       Johnson & J Oct 50 C   $2 1/4            ''       ''
           JNJJJ                  10/2/94
--------------------------------------------------------------------------
LONG       Cisco Jan 30 C         $2                ''       ''
           CYQAF                  10/2/94
--------------------------------------------------------------------------

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

Starbucks         (S)$23        $23         +/-%          Buy Stop $24 1/8
SBUX              9/30/94       
----------------------------------------------------------------------------
Tribune Co.       (S)$55 3/4    $55 3/8     +0.67%        Buy Stop $56 1/2
TRB               9/27/94        
----------------------------------------------------------------------------
Winn Dixie        (S)$50 3/8    $50         +0.75%        Buy Stop $52
WIN               9/26/94        
----------------------------------------------------------------------------
Lam Research      $40 1/8       $40 1/4     +0.31%        Sell Stop $39
LRCX              9/30/94    
----------------------------------------------------------------------------
James River       $24 1/8       $24 1/4     +0.52%        Sell Stop $22 7/8
JR                9/28/94  
----------------------------------------------------------------------------
Georia Pacific    $75           $76 1/2     +2.0%         Sell Stop $73
GP                9/27/94 
----------------------------------------------------------------------------
Federal Express   $61 5/8       $61 7/8     +0.71%        Sell Stop $60
FDX               9/26/94                               
----------------------------------------------------------------------------
EMC Corp 	  $20           $20 1/8     +0.63%        Sell Stop $18 5/8   
EMC               9/28/94          
----------------------------------------------------------------------------
Biogen            (S)$54 1/2    $54 1/2     +/-%          Buy Stop $56
BGEN              9/19/94        
----------------------------------------------------------------------------
Hecla Mining      $11 3/4       $13 1/4     +17%          Sell Stop $12 1/2
HL                9/19/94                                 
----------------------------------------------------------------------------
TRW Inc.          (S)$72 3/4    $72 1/2     +0.34%        Buy Stop $73 1/2
TRW               9/20/94                 
----------------------------------------------------------------------------
Cyprus Minerals   $32 1/2       $31 1/4     -0.77%        Sell Stop $31 7/8
CYM               9/19/94                          
----------------------------------------------------------------------------
Mark IV Indus     $21 1/2       $22 3/4     +5.81%        Sell Stop $21 5/8
IV                9/12/94
----------------------------------------------------------------------------
Potash            $36 1/4       $41         +13.10%       Sell Stop $37 3/8
POT               9/12/94
----------------------------------------------------------------------------
Cracker Barrel    (S) $24 1/2   $23         +6.12%        Buy Stop $25 3/8
CBRL              9/6/94                    
----------------------------------------------------------------------------
American Xpress   $29 1/4       $30 3/8     +3.86%        Sell Stop $28 7/8
AXP               9/6/94                        
----------------------------------------------------------------------------
Int'l Paper       $74 5/8       $78 1/2     +5.19%        Sell Stop $76 5/8
IP                8/28/94              
---------------------------------------------------------------------------- 
US Surgical       L $23 7/8     $26 7/8     +12.57%       Sell Stop $23 7/8
USS               8/14/94                        
----------------------------------------------------------------------------
Cabletron Sys     L $35         $47 5/8     +36.07%       Long Term Buy
CS                6/17/94                               
----------------------------------------------------------------------------
Spectrum Signal   L $5          $5 1/4      +5.0%         Great Play!
Processing       '93 to 3/94 
SSPIF  
----------------------------------------------------------------------------
India Inv Fund    L $15         $14         -6.67%        Great Play!
Fund (Morgan St)  2/94                                    Models will buy on
                                                          weekness
----------------------------------------------------------------------------
Colossal          L $1.50Cdn    $1 1/2Cdn    +/-%         Hold!
Resources         7/93 - 1/94
CLP.V
----------------------------------------------------------------------------
                
/------------------------\
 OPEN POSITIONS - OPTIONS
\------------------------/

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

 Scimed Life             $2 1/2  
  Oct 40 Calls (SMQJH)   9/26/94          $4 5/8           +85%   
----------------------------------------------------------------------------
 Coca Cola      KOAJ     $1 3/4           $1 7/8           +6.85%
 Jan 50 Calls            9/26/94
----------------------------------------------------------------------------
 Mobil          MOBKP    $1 3/8           $1 7/8           +36.36%
 Nov 80 Calls            9/26/94          
----------------------------------------------------------------------------

/---------------------------------\
 RECENTLY CLOSED SIGNALS - EQUITY                                 
\---------------------------------/

	Equity signals closed during the past month were as follows:

============================================================================
Security          Ticker      Entry Price    Trade    Curr/Sold   %Change   
Name &  Ticker                and Date       Status   Price
============================================================================

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 
*========================================================================*

 Scimed Life
 Oct 40 Puts    SMQVH    $1 3/4           $7/8                 -22.22%
--------------------------------------------------------------------------
 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 ****************************

This  profile is not an  investment  advisory service,  and is meant  to be
used for informational/educational  purposes only. Research and information
has  been  obtained from sources  believed to  be reliable. No guarantee is
made  to  the  accuracy,  adequacy, or  completeness  of  the   information
presented above. The information above is not, and is  not to  be construed
as an offering, or solicitation for the  purchase or sale of  any security,
commodity, or derivative. Parties connected with, contributing  as editors,
or  writing as guests  for NeuroQuant  Profiles may from time to  time buy
or  sell securities  profiled in this publication either for themselves or 
for firms they are affiliated with, and their clients. NeuroQuant Profiles, 
its editors, or parties writing for, or contributing to NeuroQuant Profiles' 
research may not be held liable for any losses that may arise from trading. 
Option  positions  are inherently  risky and  may  not be  suitable for all 
investors. Investors  should  obtain annual  reports, mutual fund prospecti 
and  other documentation  prior to investing and should seek a professional
and  qualified  opinion of a  Registered  Investment  Adviser,  Registered 
      Representative, or Certified Financial Planner before investing. 
***************************************************************************
       Ph: (716)424-8170                   Fax: (716)272-0963/424-7714
***************************************************************************
