Reference Portfolio as of 06/03/10 10th of March

The system has been whipsawed and is designed to prefer to take a small loss than to let positions run against it. Therefore the portfolio is closed again waiting for better conditions, with accelerating market internal, increasing number of open trades and better technical configuration. We've had so far a difficult market for traders (or trading automation systems) as most of the moves these last two years have been followed by 68% (fibonacci) retracements and therefore as soon as the system either gets in, or worse makes some money and starts leveraging, we've been shaken out early. Graphical representations of NAV & Market Expo, of Open Trades and a table of P2T are given after. We also make the worse P2T since the account started (12,85%).

Undoubtedly, it's been a much easier environment for investors who have been running a slow bull market for most of 2004 and 2005.

Here's where we stand and NAV is down to 11 408 521 USD:

Actions
CLOSE POSITION LONG - Security: AMKOR TECHNOLOGY (AMKR) NB: 101290 Close rule: GC
CLOSE POSITION LONG - Security: WESCO INTL (WCC) NB: 16353 Close rule: GC
CLOSE POSITION LONG - Security: AMER SCIENCE (ASEI.O) NB: 11166 Close rule: GC
CLOSE POSITION LONG - Security: SBA COMMS CORP (SBAC) NB: 42116 Close rule: GC
CLOSE POSITION LONG - Security: E TRADE GROUP (ET) NB: 37560 Close rule: GC
CLOSE POSITION LONG - Security: INFORMATICA (INFA) NB: 59882 Close rule: GC
CLOSE POSITION LONG - Security: ADAPTEC (ADPT) NB: 146925 Close rule: GC
CLOSE POSITION LONG - Security: TELLABS (TLAB) NB: 65047 Close rule: GC
CLOSE POSITION LONG - Security: KFX (KFX) NB: 45923 Close rule: GC
CLOSE POSITION LONG - Security: InterDigital Communication (IDCC) NB: 35818 Close rule: GC
CLOSE POSITION LONG - Security: NetEase.com, Inc. (NTES) NB: 10967 Close rule: GC

Account general informations
NAV: 11 408 521,55
Market Expo: 0,00
Open Positions: 0

Actual portfolio (included today actions)
Nothing

The slowdown in the market is visible on this graph of the Potential Open Trades:










The graphical display of the NAV and other information is given hereunder:









P2T Table:















Stay tuned !