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Subject: NeuroQuant Profiles (1/29/95)
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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: Jan 28th, '95                Last Update: Jan 21st, '95  /\
\/                           Volume 2, Issue 4                           \/ 
 \-----------------------------------------------------------------------/
       | RESEARCH: The NEUROQUANT natural & artificial brain models.... /
        \--------------------------------------------------------------/
                 | For Information: Call Al Vinjamur at (716)272-0963 /
                  \--------------------------------------------------/

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

	* OPEN EQUITY POSITIONS

		Open Positions : 17
		Losing         : 3
		Hit Rate       : 82.36%	
	
			SSPIF	-21.41%
			IIF	-18.69%
			EMN	-1.06%
	       		OKEN	+0.4%
	       		XLNX	+1.02%
	      		AHP	+2.14%
	      		CSCO	+2.36%
	       		MU	+2.86%
	       		NVLS	+4.01%
	       		AXP	+4.31%
	       		KO	+4.48%
	       		FRE	+5.12%
	       		MO	+5.75%
	       		TNCR	+6.53%
	       		DELL	+9.55%
	       		ABF	+10.56%
	       		CLP.V	+96.6%
		        
	* OPEN OPTION POSITIONS

                        UIS	-50%
			IBM	-18.28%
			AMER	-39%
			OEX	+9.87%
			MO	+91.9%
			SPX	+152.26%
				
	* CLOSED LAST WEEK

                	HL	-10.96%
			MSFT	-3.35%
			FDX	+13.11%
			PRGS	+45.20%
			SPX Spr +80.27%

			 
/---------\
 QUOTABLES
\---------/
	
	Notwithstanding any other provision of law, no trade benefit
	shall be extended to any country by reason of the extension
	of any trade benefit to another country under a trade agreement
	entered into under paragraph (1) with other such country.

		  Part of the Trade Bill in the Senate, Section 4602
	
/------------\
 NET THOUGHTS
\------------/

	Are discretionary traders the ones who have the Zen, the true essence 
of trading in their psyches? While the investment world has been gravitating
towards system trading and more recently, "Rocket Science"-based trading there
is a peculiar quality shared by intermediate term trading systems that one 
cannot but help notice: most intermediate-term systems are about a week or
two early on their picks, and due to volatility, the majority of trades usually 
go against the trader when executed: for instance, technology stocks that 
showed up as shorts the week before last took about two weeks to break. The
group got killed on Jan 25th when Compaq (CPQ) released their earnings. We'd
bet that most system traders who had technology issues as shorts had to undergo 
pain for the past two weeks before being relieved by the eventual breakdown.

        But like most problems, systems that are early bring with them their
own peculiar gifts that could be harnessed profitably: trading systems that are 
early may offer an institution's discretionary traders a lot of time to work 
around system-based trades in the short term to yield quick profits in the 
volatility compressions and expansions that usually occurs in prices before 
the system's projected "big" move. However, this does not come without 
enormous logistical challenges - that of being able to integrate a firm's 
system-based trading with discretionary trading. Or being able to enjoy 
the best of both worlds without creating a lot of dissonance of purpose in the 
process.

	While discipline and emotional control are important to all of trading,
it's our philosophical contention (once again, contrary to popular belief!) that
the ability to subjectively step back and question a "methodological system of
trading" brings the system trader closer to the Zen of trading as it gives the 
system-generated trade a degree of fluidness...and the system some Tao nature, 
if you will...we'll go one step further and argue that there is no "fixed" 
system that will work time and time again - they have to be able to adapt to
change. Remember that the market is the ultimate moving target!
   
	In the end, systems don't matter...it's the ability to change and 
being able to go with the flow that really makes it happen...we need to learn 
how to take it on the chin, not be afraid to on the fly and run....any takers!?
                                             
/------------\
 MARKET SCOPE
\------------/

	Lights, Camera, Action!
	
	The Federal Reserve's Open Market Committee meeting this Tuesday and
Wednesday will be the highlight the coming week and Alan Greenspan will be
the star. We think the Federal Reserve will raise rates by 50 basis points but
there seems to be a good chance of them waiting to see what December's economic
numbers look like. 

	While GDP and other data released last week suggest that growth 
continues to be robust with low inflation it is our stance that we've not 
really seen all of the inflation numbers yet...in fact, we might never see it,
even close to its pristine state as long as we keep to indicators that have 
not been updated in the past 20 years or so (The Index of Prices received by 
farmers was last updated in 1971, the weights in the Consumer Price Index was 
last updated by a survey in 1982-83). A lot has changed since then and in the 
technology age growth can be strong, capacity utilization high and the 
antediluvean measures of inflation may not say anyting as long as there is a 
positive exploitation of technological resources (the trend is so, we believe) 
- you may not have price pressures moving in because the productivity gained 
in using technology can potentially offset the costs that would otherwise have 
been passed on to the consumer. With this scenario, we'd need to be looking at 
a potential pre-cursor of wage pressures - the shortage of skilled workers 
that lead to a distribution of jobs...and the Beige book makes note of this! 

	In any case, we do believe that inflation numbers have not fully 
revealed themselves yet and Friday's inversion of the T-Bill and EuroDollar
spread is a cause for concern. On an intermediate term basis and to remain on 
the wary side of things, we do believe that it is not too prudent to be very 
happy and gung-ho if there is a rally in bonds. On a short term trading basis, 
exploit the hysteria to the fullest!
        
	On an intermarket technical basis, short term movement in stock indices
should be susceptible to noise from external factors: the Fed and the passage 
of the Mexico aid package, for instance. As such, scenarios for potential 
action in the markets can be laid out on only a purely technical basis based 
on intermarket relationships of bonds, the commodity and currency markets and 
in particular, sector moves within stock indices:

	Overall probably intermarket scenario for the near term and AT THE
CURRENT TIME calls for stability in the commodity markets with a holding of 
the 230-231 level in the Commodity Research Bureau Index (CRB, 234.01), a 
reversal or weakness in bonds with the Lehman Brothers T-Bond Index 
(SLCP, 1187.57) to hold below the 1190 level, an upmove in the US dollar with 
the US Dollar index to move towards the 89-90 level, and stock indices to be 
extremely sensitive to the magnitude of movement in the fixed income and 
currency markets, and more so to action and sentiment in certain sectors like 
the Technology group and Cyclicals.

	The Commodity Research Bureau Index (CRB, 234.01) broke down on Friday
with the breakdown in Gold. The fact that bonds rallied while commodities
weakened fits perfectly with the normal intermarket relationship. Look for
support at the 230-231 level to hold on the index. 
    
	T-Bond Futures (CBT, 101-09) closed the week higher. A large percentage
of the move was concentrated in intermediate term maturities where yields 
dropped by about 30 basis points. For the near term expect bonds to reverse 
direction. 

	The US Dollar Index (UDX, 87.62) is at a band of resistance at the
current time, but technical conditions seem to be improving for a potential
move upwards. Convergence of the 200 day and the 50 day moving averages in
the near term will cause a band of resistance between the 89-90 level.

	The Amex Computer Technology Index (XCI, 163.55) sits on support on 
the 50 day moving average and just above a trendline of the same period. While 
the sector can reverse directions very quickly, a break of 161.50 should 
likely cause panic selling. 

	The way in which the Dow Industrials (3857.99) have not been able
to break resistance around the 3870 level and hold on a closing basis is a 
cause of concern for other equity indices: the SP-500 (SPX, 470.39) sits just 
below a band of resistance between 471-473. A break of 469 will likely confirm 
our suspicion of a reversal in trend to the downside while a break of the 
472.5 level should likely move the index to the 475 level. 

	Watch out for Fed action, a rich array of economic numbers, the
bickering on the Mexico aid package, reports of the first meeting of the 
World Trade Organization in Geneva and of course, politicians talking about
how they could "change" the system....

	In short, volatility is rampant..flow with it.
        
/-------------------------------\
 NEUROQUANT GLOBAL ASSET MANAGER
\-------------------------------/

	For 1995, we have changed the allocations of the GLOBAL ASSET
MANAGER to be more flexible in seeking opportunties around the world. Model
asset allocation is based on using no-load mutual funds and some attractive 
closed-end funds in different asset classes. Returns will not be posted unless
there is a change in allocation or instrument. Our current allocation is:
 
*===========================================================================*
         CLASS/DESCRIPTION     ALLOCATION    PRICE (Inception: Jan 22, '95)
*===========================================================================*

 STOCKS
 ------
  Fidelity Equity-Income II 	  5%	  	$17.75
  Scudder Global Small Co.  	  5%            $14.73
  India Fund*               	  8%            $10.25
  Chile Fund*               	  7%            $45.12

 BONDS
 -----
  Dreyfus Short/Intrmdt Govt. 	  19%		$10.56
  Scudder International Bond       6%           $11.20
 
 OTHER
 -----
  Lexington Gold Fund         	   4%		$5.93
  T. Rowe Price New Era       	   6%           $20.26

 CASH
 ----
  Money Market Funds		  40%		

/----------------------\
 THE JEWEL OF THE EAST
\----------------------/

	Don't get caught up with the crowd that thinks all emerging markets
are bad - they are geographically challenged! 

	Step up to the plate and bat...if "Curry" were a fruit it would now 
be ripe: 
	
	Unlike Mexico or China (both darlings of yesteryears) India has a 
true democracy - in fact, it is the largest democracy in the world. Growth
has not been overheated and is definitely not thriving on pure foreign 
investment. India with foreign currency reserves of around $20 Billion 
(compared to $1 Billion in 1991) should not be prone to current account 
deficit problems that have plagued countries like Mexico, Spain and 
Italy. With good half yearly results (fiscal year ends during March) and
with inflation at around the 7% level, corporate profits should see a boost.
With a P/E of around 25 and an expected two year EPS growth of over 25%, with 
plenty of raw talent available to increase productivity, valuations are, 
we believe more than fair. 
 
	The Bombay Stock Exchange Sensitive Index (SENSEX) is currently off 
more than 15% since its peak of just over 4600 in September '94. With the 
expectation of a budget that will likely balance out core indian businesses 
as well as please those who are into foreign colloboration we expect a 
turn-around in the Indian market in the near term.
 
	Commerce Secretary Ron Brown's January trip to India with 25 
executives from top firms in the US saw deals worth more than $4 Billion 
signed. The old ways have now become antediluvean - the government continues
to open more sectors to privatization and foreign colloboration. 

	Hey, if Defense Secretary William Perry can sign a military cooperation
pact, you, dear reader, can definitely not be tunnel-visioned and think
"South". We're sure you'll dig up some more facts, arm yourself with a plan 
and think "Curry".

/------------\   
 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 that would 
satisfy 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. The signals below are meant only to alert you and is
not to be construed as "recommendations". Consult an RIA or Broker for advice.

        New Alerts          : EK, ABT, ITGI, HD, TEP, CSCO
        Moved to Portfolio  : MO, AHP, NVLS, CSCO, TNCR  
        Conditions Not Hit  : NVAL 

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

  LONG    Eastman Kodak       $48 7/8           Earnings due! Crossing $49
          EK                  1/29/95           Sell Stop $47 7/8
----------------------------------------------------------------------------
  LONG    Abbot Labs          $34 1/4           Crossing $34 5/8
          ABT                 1/29/95           Sell Stop $33 5/8
----------------------------------------------------------------------------
  LONG    Investment Tech Grp $6 1/4            Crossing $6 3/8
          ITGI                1/29/95           Sell Stop $5 7/8
----------------------------------------------------------------------------
  LONG    Home Depot          $47 3/4           Crossing $48
          HD                  1/29/95           Sell Stop $46 1/2
----------------------------------------------------------------------------
  LONG    Tucson Elec Pwr     $3 5/8            Crossing $4
          TEP                 1/29/95           Sell Stop $3
----------------------------------------------------------------------------
  SHORT   Cisco               $33 7/8           Crossing down $33 3/8
          CSCO                1/29/95           Buy Stop $34 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
*==========================================================================*

  SHORT      SPX Feb 470C (BN)      $4 5/8           SPX at 470.39
  SHORT      SPX Feb 470P (NN)      $3 3/4           Credit of $3.92
  LONG       SPX Feb 475C (BO)      $2 1/4          
  LONG       SPX Feb 465P (NM)      $2 1/4 
---------------------------------------------------------------------------
  SHORT      Telmex Feb 35 Calls    $1               TMX at $32 3/4
  LONG       Telmex Jan 96 30 Calls $6 7/8      
--------------------------------------------------------------------------- 
  LONG       Amgen Feb 65C          $5/8             Amgen at $61 3/8
             AMQBN
---------------------------------------------------------------------------
  SHORT      Intel March 70C (CN)   $3 1/2           Intel at $71
  LONG       Intel March 75C (BO)   $1 3/8           Credit of $2 1/8
--------------------------------------------------------------------------- 
     
/-----------------------\
 OPEN PORTFOLIO - EQUITY
\-----------------------/

        List contains stock signals that are currently being kept open by 
our models. All of them were featured in the EQUITY ALERTS section and were 
opened when indicated technical conditions were fulfilled. Percentage returns 
are calculated on the basis of last reported prices.

	Open Positions   : 17 		Hit Rate: 82.36% (Change: +11.76%)
	Losing Positions : 3

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

Amer Home Products  $66 1/4      $67 7/8      +2.14%      Sell Stop $67
AHP                 1/23/95   
-----------------------------------------------------------------------------
(S) Novellus        $46 5/8      $44 7/8      +4.01%      Buy Stop $45 5/8
NVLS                1/23/95    
-----------------------------------------------------------------------------
(S) Cisco Systems   $34 5/8      $33 7/8      +2.36%      Buy Stop $34 5/8
CSCO                1/23/95    
-----------------------------------------------------------------------------
Tencor Instr        $35 5/8      $38          +6.53%      Taking Profits!
TNCR                1/23/95
-----------------------------------------------------------------------------
Philip Morris      $57 3/8       $60 5/8      +5.75%      Sell Stop $60
MO                 1/23/95     
-----------------------------------------------------------------------------
Fedrl Hm Mrtg      $52 5/8       $55 3/8      +5.12%      Sell Stop $54
FRE                1/16/95                               
-----------------------------------------------------------------------------
Coca Cola          $50 1/8       $52 3/8      +4.48%      Sell Stop $50
KO                 1/16/95                               
-----------------------------------------------------------------------------
(S) Dell Computer  $45 7/8       $41 7/8      +9.55%      Taking Profits! 
DELL               1/20/95                               
-----------------------------------------------------------------------------
(S) Micron Tech    $46 5/8       $45 3/8      +2.86%      Buy Stop $46 1/2   
MU                 1/18/95                               
-----------------------------------------------------------------------------
(S) Xilinx         $60 7/8       $60 1/4      +1.02%      Buy Stop $62 
XLNX               1/20/95                                
-----------------------------------------------------------------------------
Eastman Chemical   $51 5/8       $51 1/8      -1.06%      Sell Stop $49 1/2
EMN                12/21/94      
----------------------------------------------------------------------------
American Express   $29           $30 1/4      +4.31%      Taking Profits!
AXP                12/12/94
-----------------------------------------------------------------------------
Airborne Freight   $20 1/8       $22 1/4      +10.56%     Sell Stop $21 7/8
ABF                12/2/94
-----------------------------------------------------------------------------
(S) Old Kent Fin   $31 1/4       $31 1/8      +0.4%       Buy Stop $32
OKEN               11/22/94     
-----------------------------------------------------------------------------
India Inv Fund     $13 3/8       $10 7/8      -18.69%     Averaged by buying 
Fund (Morgan St)   2/94 & 12/94                           at $11 3/4       
-----------------------------------------------------------------------------
Spectrum Signal    $4 5/8        $3 5/8       -21.41%     Averaged by buying
Processing  SSPIF  '93 to 12/94                           at $4 3/8 
-----------------------------------------------------------------------------
Colossal           $1.50Cdn      $2.75        +83.33%     Taking Profits! 
Resources   CLP.V  7/93 - 1/94                          
-----------------------------------------------------------------------------
                                                        
/------------------------\
 OPEN POSITIONS - OPTIONS
\------------------------/

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

IBM Feb 75 C (BO)        $1 1/4               $3/4               -40%
IBM Feb 75 P (NO)        $2 5/8 (1/23/95)     $3 1/4             +21.72%
                                                              NET: -18.28%
-----------------------------------------------------------------------------
Unisys Feb 10C (BB)      $1/4  (1/23/95)      $1/8               -50%
-----------------------------------------------------------------------------
(S) OEX Feb 430C (BF)    $6                   $7  (1/25/94)      -14.28%
OEX Feb 425P (NE)        $3 1/2               $2  (1/25/95)      -42.85%
OEX Feb 440C (BH)        $1   (1/23/95)       $1 5/8             +67%
                                                              NET: +9.87%
-----------------------------------------------------------------------------
(S) SPX Feb 465C (BM)    $6                   $7 1/8 (1/25/95)   -15.73%
(S) SPX Feb 465P (NM)    $6                   $2 1/4             +166.66%
SPX Feb 460P (NL)        $3                   $1 5/8 (1/25/95)   -44.33%
SPX Feb 470C (BN)        $3 (1/23/95)         $4 3/8             +45.66%
                                                              NET: +152.26% 
-----------------------------------------------------------------------------
(S) America On-Line (DJ) $5 1/8               $7                 - 37.6%  
April 50C                12/18/94        
-----------------------------------------------------------------------------
Phillip Morris (MOBL)    $7/8                 $1 5/8             +91.9%
-----------------------------------------------------------------------------
                                                                           
/---------------------------------\
 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
============================================================================
                                                    
Microsoft          $63 1/8         $61                 -3.35%
MSFT               1/16/95         1/25/95  
-----------------------------------------------------------------------------
Hecla Mining       $10 5/8         $9 1/2              -10.96%
HL                 11/15/94        1/27/95   
------------------------------------------------------------------------------
Progress Sware     $34             $49 3/8             +45.20% 
PRGS               11/21/94        1/27/95  
------------------------------------------------------------------------------
Federal Express    $54 3/8         $61 1/2             +13.11%
FDX                12/12/94        1/27/95
------------------------------------------------------------------------------
National Gypsum    $34             $41 3/8             +21.67% 
NGCO               11/15/94        1/25/95                       
------------------------------------------------------------------------------
(S) CheeseCake     $16 1/8         $15 1/4             +5.70%   
CAKE               11/21/94        1/17/95
------------------------------------------------------------------------------
Procter & Gamble   $62 3/8         $61 3/8             +/-0.0%  
PG                 12/13/94   
------------------------------------------------------------------------------
Motorola           $55 1/2         $62 1/8             +11.92%  
MOT                12/12/94        1/18/95
------------------------------------------------------------------------------
Caterpillar        $57 1/2         $56 1/2             -1.73%
CAT                1/17/95         1/19/95 
-----------------------------------------------------------------------------
Cabletron          $43 1/2         $44 7/8             +3.14%    
CS                 12/12/94        12/23/94
------------------------------------------------------------------------------
Taiwan Fund        $26 1/2         $28                 +5.66% 
TWN                11/9/94         1/3/95
------------------------------------------------------------------------------
Stein Mart Inc.    $14 3/4         $14                 -5.08%    
SMRT               12/2/94         12/20/94
------------------------------------------------------------------------------
Chiron             $75 1/4         $80                 +6.31%
CHIR               12/19/94        12/27/94
----------------------------------------------------------------------------
(S)Micron Tech.    $41 1/2         $43                 -3.48%
MU                 12/12/94        12/21/94
------------------------------------------------------------------------------

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

(S) SPX Mar 460C (CL)    $12 1/4           $13 1/4 (1/24/95)    -8.18% 
SPX Jan 460C (AL)        $5 7/8            $10 (1/17/95)        +70.35% 
(S) SPX Mar 460P (OL)    $10 7/8           $5 1/2 (1/20/95)     +49.40% 
SPX Jan 455P (MK)        $4 3/8 } 12/18    $3 (12/27/94)        -31.3%
                                                                -------
                                                                +80.27%
----------------------------------------------------------------------------
Glaxo Jan 22 1/2 Calls   $1/4            $0                  -100%
GLXAX                    10/17/94        1/20/95
-----------------------------------------------------------------------------
SPX Jan 460C (AL)        $5 7/8            $10 (1/17/95)     +70.35% }39.05% 
SPX Jan 455P (MK)        $4 3/8 } 12/18    $3 (12/27/94)     -31.3%  }
----------------------------------------------------------------------------


*************************** 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. Prices indicate are representative and commissions are not
represented in the P/L numbers. 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 prospectuses and  other documentation  prior to investing and should 
seek the  professional  and  qualified  opinion of a  Registered  Investment  
Adviser, Registered Representative, or Certified Financial Planner before 
                            investing.
***************************************************************************
                           Ph: (716)272-0963                   
***************************************************************************


