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Top two results with timing


Table 8.

Current Real-time Results
Buy & Sell Top Two Ranked Funds and Sell Short
Bottom Ranked Fund(s) using Market Timing
From May 31, 2006 to the Present

See footnotes below


Market

Price

$

%

weeks

*avg

cum%

cum%

Trend

Buy

Fund

Buy

Sell

Date

Gain

Gain

held

%Gain

Gain

SP500

SP500

up

5/31/2006

GLD

62.15

63.82

6/2/2006

1.67

2.7

0.3

2.7

1.3

1.2

1286

up

5/31/2006

OIH

150.60

157.20

6/2/2006

6.60

4.4

0.3

3.5

3.6

1.2

1286

down

6/9/2006

HHH

52.00

53.59

6/2/2006

1.59

3.0

1

3.3

6.6

-1.4

1252

up

6/9/2006

GLD

60.78

62.09

8/18/2006

1.31

2.2

10

3.0

7.8

2.5

1302

up

6/9/2006

OIH

142.80

145.10

7/14/2006

2.30

1.6

5

2.8

8.7

-2.7

1236

up

7/14/2006

RYURX

8.57

8.30

7/28/2006

-0.27

-3.2

2

1.8

6.9

0.7

1279

up

7/28/2006

XLU

34.01

34.45

10/13/2006

0.44

1.3

11

1.7

7.6

7.3

1363

up

8/18/2006

IYE

99.02

96.55

9/1/2006

-2.47

-2.5

2

1.2

6.3

3.2

1311

up

9/1/2006

EWW

42.21

50.54

1/16/2007

8.33

19.7

20

3.2

16.8

12.7

1431

up

10/13/2006

XLV

33.04

33.75

10/20/2006

0.71

2.1

1

3.1

18.0

7.8

1369

up

10/20/2006

XLK

22.75

23.60

11/24/2006

0.85

3.7

5

3.2

20.2

10.3

1401

up

11/24/2006

ILF

161.89

166.10

1/12/2007

4.21

2.6

7

3.1

21.8

12.7

1431

down

1/19/2007

EWJ

14.23

14.10

1/12/2007

-0.13

-0.9

1

2.8

20.7

12.7

1431

down

1/26/2007

OIH

132.62

133.51

1/19/2007

0.89

0.7

1

2.7

21.5

12.6

1430

down

1/26/2007

SMH

33.94

33.53

1/19/2007

-0.41

-1.2

1

2.4

20.0

12.0

1422

up

1/26/2007

EWW

51.07

51.80

3/9/2007

0.73

1.4

6

2.4

20.9

10.5

1403

up

1/26/2007

ILF

170.12

169.87

3/9/2007

-0.25

-0.1

6

2.2

20.8

10.5

1403

down

3/16/2007

OIH

140.70

138.55

3/9/2007

-2.15

-1.6

1

2.0

18.9

9.2

1387

up

3/16/2007

EWW

50.75

56.51

4/27/2007

5.76

11.3

6

2.5

25.6

17.6

1494

up

3/16/2007

ILF

168.00

178.51

3/23/2007

10.51

6.3

1

2.7

29.6

13.1

1436

up

3/23/2007

XLB

38.02

38.70

4/6/2007

0.68

1.8

2

2.6

30.7

13.7

1444

up

4/6/2007

ILF

187.19

191.69

4/13/2007

4.50

2.4

1

2.6

32.3

14.4

1453

up

4/13/2007

EWG

30.89

31.06

4/20/2007

0.17

0.6

1

2.5

32.7

16.9

1484

up

4/20/2007

EWZ

53.71

59.75

8/24/07

6.04

11.2

18

2.9

40.1

16.5

1479

up

4/27/2007

EWG

31.76

31.50

5/11/07

-0.26

-0.8

2

2.7

39.6

18.6

1506

up

5/11/07

ILF

200.34

213.18

7/27/2007

12.84

6.4

11

2.9

44.0

14.9

1459

up

7/27/2007

EWY

66.40

61.67

8/24/07

-4.73

-7.1

4

2.5

38.9

16.5

1479

down

8/21/2007

XLF

33.84

34.46

8/24/2007

0.62

1.8

0

2.5

41.4

16.1

1474

up

8/31/07

EWZ

61.80

70.01

9/21/2007

8.21

13.3

3

2.9

50.8

20.1

1526

up

8/31/07

EWY

63.76

65.85

10/19/2007

2.09

3.3

7

2.9

53.3

17.9

1498

up

9/21/2007

OIH

195.16

191.85

9/28/2007

-3.31

-1.7

1

2.7

52.0

20.3

1527

up

9/28/2007

EWZ

74.64

80.60

11/30/2007

5.96

8.0

9

2.9

58.0

16.5

1480

up

10/19/2007

ILF

240.00

252.15

11/30/2007

12.15

5.1

6

3.0

62.0

16.5

1480

down

12/7/2007

XLF

31.54

30.84

11/30/2007

-0.70

-2.3

1

2.8

58.3

18.5

1505

up

12/7/2007

EWZ

85.27

78.35

2/1/2008

-6.92

-8.1

8

2.5

51.9

9.9

1395

up

12/7/2007

ILF

266.00

241.75

1/4/2008

-24.25

-9.1

4

2.2

45.0

11.3

1414

up

1/4/2008

GLD

85.24

88.51

2/1/2008

3.27

3.8

4

2.2

47.8

9.9

1395

up

2/8/2008

XLF

27.07

29.36

2/1/2008

2.29

7.8

1

2.4

59.3

4.9

1332

up

2/8/2008

EWZ

75.78

82.00

2/15/2008

6.22

8.2

1

2.5

65.8

6.8

1356

up

2/8/2008

GLD

91.04

91.23

2/15/2008

0.19

0.2

1

2.5

66.0

6.8

1356

down

4/11/2008

XLF

24.97

27.16

2/15/2008

2.19

8.8

8

2.6

80.6

4.9

1332

down

3/28/2008

SMH

28.60

28.80

2/15/2008

0.20

0.7

6

2.6

81.8

3.6

1316

down

4/4/2008

EWY

59.87

55.63

3/28/2008

-4.24

-7.6

1

2.3

68.0

8.2

1374

down

4/11/2008

XLK

22.59

23.33

4/4/2008

0.74

3.3

1

2.3

73.5

4.9

1332

up

4/11/2008

GLD

91.32

85.68

5/2/2008

-5.64

-6.2

3

2.2

68.1

11.4

1415

up

4/11/2008

EWZ

82.16

88.05

4/18/2008

5.89

6.7

1

2.3

73.7

9.3

1388

up

4/18/2008

ILF

280.19

278.20

6/13/2008

-1.99

-0.7

8

2.2

73.1

9.3

1388

up

5/2/2008

EWZ

93.42

83.45

7/11/2008

-9.97

-11.9

10

1.9

62.8

-2.2

1242

up

6/13/2008

OIH

212.00

183.65

8/1/2008

-28.35

-15.4

7

1.5

50.2

-0.8

1260

up

7/11/2008

XLE

82.00

74.50

8/1/2008

-7.50

-10.1

3

1.3

42.6

-0.8

1260

down

5/1/2009

SPY

88.55

126.04

8/1/2008

37.49

29.7

39

1.9

85.1

-30.8

879

up

5/1/2009

GLD

87.55

89.64

5/8/2009

2.09

2.3

1

1.9

87.2

-27.3

923

up

5/1/2009

HHH

40.68

39.87

5/15/2009

-0.81

-2.0

2

1.8

85.3

-30.2

886

up

5/8/2009

EWT

10.45

11.12

7/17/2009

0.67

6.0

10

1.9

90.9

-25.8

942

up

5/15/2009

EWY

35.63

35.23

6/5/2009

-0.40

-1.1

3

1.8

89.8

-15.2

938

up

6/5/2009

EWZ

54.60

58.56

8/28/2009

3.96

7.3

12

1.9

96.7

-7.3

1025

up

7/17/2009

ILF

36.38

39.44

8/7/2009

3.06

8.4

3

2.0

105.0

-8.8

1009

up

8/7/2009

EPP

35.98

37.08

8/21/2009

1.10

3.1

2

2.1

108.1

-7.2

1027

up

8/21/2009

EWY

42.62

46.40

10/16/2009

3.78

8.9

8

2.2

117.4

-1.6

1088

up

8/28/2009

EWW

43.25

43.95

9/11/2009

0.70

1.6

2

2.2

119.1

-6.0

1040

up

9/11/2009

EPP

38.35

41.71

10/9/2009

3.36

8.8

4

2.3

128.7

-3.1

1072

up

10/9/2009

EWZ

73.06

75.70

11/6/2009

2.64

3.6

4

2.3

132.9

-3.1

1072

up

10/16/2009

EPP

42.64

42.08

11/6/2009

-0.56

-1.3

3

2.2

131.3

-3.1

1072

down

11/13/2009

EWJ

9.58

9.65

11/6/2009

0.07

0.7

1

2.2

132.2

-1.1

1094

down

11/13/2009

XLU

29.58

29.07

11/6/2009

-0.51

-1.7

1

2.2

130.2

-1.1

1094

up

11/13/2009

EWZ

75.74

65.59

1/29/2010

-10.15

-13.4

11

1.9

114.8

-2.9

1074

up

11/13/2009

ILF

47.73

47.65

12/24/2009

-0.08

-0.2

6

1.9

114.6

1.9

1128

up

12/24/2009

HHH

59.59

54.40

1/29/2010

-5.19

-8.7

11

1.7

105.2

-2.9

1074

down

2/26/2010

SP500

1105.36

1092.40

1/22/2010

-12.96

-1.2

4

1.7

104.0

-0.1

1105

up

2/26/2010

EWW

49.24

50.72

3/5/2010

1.48

3.0

1

1.7

107.1

2.9

1138

up

2/26/2010

XLV

31.40

32.03

3/5/2010

0.63

2.0

1

1.7

109.2

2.9

1138

up

3/5/2010

OIH

127.13

119.76

3/19/2010

-7.37

-5.8

3

1.6

103.1

4.6

1157

up

3/5/2010

IWM

66.64

70.00

5/14/2010

3.36

5.0

10

1.7

108.2

2.7

1137

up

3/19/2010

EWW

51.46

50.30

5/14/2010

-1.16

-2.3

10

1.6

105.9

2.7

1137

down

open

OIH

--

111.86

5/14/2010

down*

7/9/2010

EWG

19.74

19.91

5/14/2010

0.17

0.9

8

1.6

106.8

-0.1

1105

down

open

EPP

--

38.13

7/9/2010



Symbol Lookup

* This is the latest dated row which contains all closed trades.

Friday dates, Monday opening prices.

When new trades occur, time lapses before posting here.
Allow up to three weeks from transaction date.

The earlier of the two dates in each row is the entry signal date
from the weekly letters for the 'Event' (Buy or Sell).
The later date is the exit date. For short sales, the second date is the entry date.
The Sell column includes original short sales.
Short-sale dates are shaded gray.

'Event' prices are based on start date or Friday closing
(or last trading day of the week) signals and show next day's
(usually Monday's) first opening prices at or after 9:30am ET.

Real-time. These prices really happened on the dates specified.
But unless you personally participated in the reported openings,
the table is hypothetical relative to yourself.

cumul %Gain assumes a two-fund long or two-fund short portfolio' at all times.
avg %Gain is the average profit of all trades since inception.
No allowance has been made for transaction costs.

For the start date, May 31, 2006, the next day's opening
SP500 price was 1270.05.

The direction of Market Trend is as of the earlier
date in either date column.

The table reflects as accurately as possible
a record of real-world results as they occur.

Modifications and effective dates:
1-25-08: Short-term timing tightened; results:
smaller drawdowns and moderate improvement in performance.
2-15-08: Long-term timing rule incorporated. Dampens drawdowns.
Moderate improvement in performance.
8-1-2008: SPY substituted for RYURX per footnote re Ursa
here.
9-30-08: Short-term timing lengthened slightly; results:
0.70% per year improvement in performance; max drawdown unchanged.
1-5-09: Application change: adopts use of two bottom-ranked funds instead of
one for short selling when the makert trend is down. Reduces max drawdown
and improves overall performance by 5% per year.
4/17/09: Long-term timing rule modified. Threshold lowered from 10 to 5.
Improves annual return from inception by two percentage points;
max drawdown unchanged.

Modifications have no effect on historical
Real-time Results which are recorded
as they occur.

Data are posted manually from multiple sources.
Errors can occur. If you find any, please let me know.
Beyond that, this page is the Rock of Gibraltar;
except for fixing errors, no alterations
permitted after the fact.


Erratum. The January 19, 2007 weekly letter erroneously called for a short sale in OIH. It should have been SMH. OIH opened Monday morning January 22nd at 133.51. The next week's letter of January 26 corrected the error, covering OIH Monday morning January 29 at 132.62 for a small profit. SMH is correctly entered above in the table. The table reflects system accuracy. This box reflects correction of human error. See mistakes.



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