SMH-SEMICONDUCTORS HOLDERS TRUST(updated monthly) See trade page for current status.

SMHHOURLY040102_013103.txtSMHnu.M                                                    
            ENTRY                      EXIT                CLOSE                     
Type   Bar#   Time    Price     Bar#   Time    Price       P/L                       
Date  020503                                                                         
B 261  197   1400     38.170     252    1300   43.180     1307.61   
Date  020514                                                                         
S 231  252   1300     43.180     285    1400   43.260      -18.48   
Date  020618                                                                         
S 280  443   1200     35.600     457    1000   32.500      868.00   
Date  020620                                                                         
B 320  460   1300     31.250     499    1200   30.400     -272.00   
Date  020628                                                                         
S 317  507   1200     31.490     524    1300   27.900     1138.03   
Date  020702                                                                         
B 358  524   1300     27.900     542    1000   30.550      948.70   
Date  020708                                                                         
S 327  542   1000     30.550     561    1300   28.330      725.94   
Date  020710                                                                         
B 352  561   1300     28.330     576    1200   29.740      496.32   
Date  020716                                                                         
S 312  593   1300     31.950     614    1000   29.650      717.60   
Date  020730                                                                         
S 364  672   1200     27.430     698    1400   24.020     1241.24   
Date  020802                                                                         
B 416  698   1400     24.020     719    1100   24.500      199.68   
Date  020819                                                                         
S 351  787   1500     28.430     825    1300   26.550      659.88   
Date  020826                                                                         
B 376  825   1300     26.550     904    1200   23.870    -1007.68   
Date  020911                                                                         
S 404  911   1300     24.750     924    1000   23.080      674.68   
Date  020913                                                                         
B 433  924   1000     23.080     997    1100   20.850     -965.59   
Date  021002                                                                         
S 479  1032  1400     20.840     1049   1500   18.870      943.63   
Date  021008                                                                         
B 558  1063  1300     17.900     1089   1500   20.410     1400.58   
Date  021011                                                                         
S 489  1089  1500     20.410     1184   1400   22.560    -1051.35   
Date  021104                                                                         
S 372  1216  1400     26.810     1240   1400   25.000      673.32   
Date  021108                                                                         
B 411  1248  1400     24.300     1294   1200   25.870      645.27   
Date  021204                                                                         
B 372  1382  1500     26.850     1421   1400   25.660     -442.68   
Date  021211                                                                         
S 389  1421  1400     25.660     1436   1300   24.750      353.99   
Date  021219                                                                         
B 421  1465  1000     23.700     1484   1300   23.720        8.42   
Date  030117                                                                         
B 436  1617  1300     22.910     1643   1500   23.140      100.28   

File Name           $WnLng   $LssLg    $Long   $WnSht   $LsSht   $Short     $Wins    $Loss     Net$  
SMHHOURLY040102_0131035107    -2688     2419     7996    -1070     6926    13103    -3758     9345 
HISTORICAL Test REPORT  SMHnu.MDL Data : SMHHOURLY040102_013103.txt                  
============================================================================         
                                 All Trades                                          
                                        Total Net Profit               9345          
Gross Trading Profit       13103        Gross Trading Loss            -3758          
Total Number Trades           24        Percentage profitable         75.00          
Number Winning Trades         18        Number Losing Trades              6          
Biggest Winner              1401        Biggest Loser                 -1051          
Average Winning Trade     727.95        Average Losing Trade        -626.30          
Ratio avg win/avg loss      1.16        Ave trade(win & loss)        389.39          
Max Unrecognized Gain        448        Max Adverse Posn              -2000          
Max Consec Winners             8        Max Consec Losers                 1          
Average # bars in winners  23.89        Average # bars in losers      59.67          
Average DrawDown            -521        StanDev Agv DD                  574          
Mx Intday d/down(020923)   -2207        Sharpe Ratio                   2.55          
Max Closed Draw Down       -1299        Max Number Posns                558          
Profit Factor               3.49                                                     
Return on  10000           93.45        Return on account, %/year    114.47          
BarsInMkt   788       %Bars   48          $ / Bar In Mkt              11.86          
Optimal Capital                4        TWR, annualized                1.00          
----------------------------------------------------------------------------         
                                 Long Trades                                         
                                        Total Net Profit               2419          
Gross Trading Profit        5107        Gross Trading Loss            -2688          
Total Number Trades           12        Percentage profitable         66.67          
Number Winning Trades          8        Number Losing Trades              4          
Biggest Winner              1401        Biggest Loser                 -1008          
Average Winning Trade        638        Average Losing Trade           -672          
Ratio avg win/avg loss      0.95        Ave trade(win & loss)           202          
Average # bars in winners  28.25        Average # bars in losers      57.50          
----------------------------------------------------------------------------         
                                 Short Trades                                        
                                        Total Net Profit               6926          
Gross Trading Profit        7996        Gross Trading Loss            -1070          
Total Number Trades           12        Percentage profitable         83.33          
Number Winning Trades         10        Number Losing Trades              2          
Biggest Winner              1241        Biggest Loser                 -1051          
Average Winning Trade        800        Average Losing Trade           -535          
Ratio avg win/avg loss      1.49        Ave trade(win & loss)        577.21          
Average # bars in winners  20.40        Average # bars in losers      64.00          
____________________________________________________________________________         

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