CISCO


CISCO Futures
1-303-306-1521 1-800 800 7227 Fax 1-303-306-1598
http://www.cisco-futures.com
dljones@cisco-futures.com




The Advice Engine(tm) Background

Donald L. Jones, CISCO Futures© December 31, 2001, 2006


Text: Value Based Power Trading, Probus 1993
Value Based Power Trading


Advice Engine Daily Report lists entry price and risk for some 75 US futures markets. Designed for both the novice and professional trader, a wide variety of risk levels are covered. Select Table identifies those trades with extraordinary reward-to-risk ratios (about 5 per day). Select Table entries have an average Potential in excess of $1,000 each. Market Profile/Meta-Profile value and point-of- control give the trader near term support and resistance.

Advice Engine Report has the support and resistance levels for the US futures deliveries covered by CISCO, some 240 in all. For day traders, the near term support/resistance derives from the latest Meta-Profile value; the most recent measure of market value. Multi-day value is in the Qverlay Demand Curve. Posted are both the Major Auction (Overlay) and Minor Auction (Profile) resistances and supports.

Marquee on the CISCO main page monitors a 'Select' list of the Advice Engine Report in near real time. Marquee shows the future's breakout time and price, its extreme price so far and the current situation (balance or trading price if still in trend mode).

The Advice Engine is:
.. An end-of-day market survey of some 80 US futures (Advice Engine Report),
.. A listing of all markets in balance (Part 1),
.. A selection of those markets with extra Potential (Part 1),
.. A review of the previous day market activity (Part 2),
.. Based on real market behavior (Meta-Profile and Visual Graphic),
.. A result of theoretically valid market operations (Auction Market Value Theory),
.. A method for keeping track of overall market activity (Advice Engine Report),
.. A tracking of intra-day market activity (Marquee),
.. A tool for diversified trading.

The Advice Engine Reports and Methodology are designed:
.. For both day traders and swing traders,
.. For both technical and non-technical traders,
.. To provide breakout points, risk and support/resistance points,
.. With a short learning curve and no set-up time,
.. To find all low risk (balanced market) trades,
.. To provide trading decision information offered nowhere else,
.. To give the trader extraordinary control at modest cost,
.. To offer valid research capabilities to advanced traders,
.. To provide validation methodology for researchers.

Advice Engine is a complete trading support package. Based on value analysis with a backup from Auction Market Theory, it embodies elements that traders have spent millions of dollars to acquire, but ended up disappointed. First, Advice Engine presents daily trading information encompassing the entire U.S. futures market; breakout points and estimated risk for the swing trader; and for the day trader, support and resistance. Remote notification of market action at critical points is part of the package. Also included are research capabilities for drawdown (analysis of risk) and market/model potential for evaluating market opportunity. An adjunct is training in the form of two homestudy correspondence courses, replete with live market data for the teaching process.

Online (day) trading is more popular than ever.
As a job, a career, the benefits are many and obvious (be your own boss, work at home, level of pay comes directly from your efforts, etc.). Not so obvious are the drawbacks (you can lose and many do, stress from losing, stress from not understanding the business, etc.). Probably the sorest point with online traders is that they really do not understand how auction markets function. Everyone will agree that it is difficult to become a successful bricklayer without training, without understanding the business. The same is true of trading and any other profession.

Many Day Traders do Technical Research.
There are at least 100,000 copies of database management/technical research programs in use. The users have databases, some striking charting abilities and the capability for all sorts of optimization on moving averages, oscillators, ticks, etc. It is a good business for data providers, but, some 90+% of public traders lose. Why? Some claim they are victimized by the brokerage industry, others have bad luck, yet others practice poor money management, etc., etc. No doubt there is some truth to these claims. But the biggest problem is that the wannabe traders are working from a faulty premise. The premise is that technical analysis (TA) can tell one where to trade, i.e. solve the trading equation. The fatal flaw is in the data. TA uses open, high, low, close, volume and open interest. The prices (o, h, l, c) fit into the TA equations, but oddly, have little relevance to solving "the trading equation". The market responds to change in value, not change in price. Price is an inexact marker of value. A major problem with TA is that two of the four daily prices (high and low) are quickly rejected by the market and hence are not representative of the day's value (see the Meta-Profile example just below). With at least half of the price inputs questionable, is it any mystery that calculations from these data are also of questionable validity? This point is explored in some detail in Lesson 1 (Getting Started), look also at 'New to Futures' discussion at the top of the homepage.

The Advice Engine is driven by Auction Market Analysis.
Advice Engine is possibly the only theoretically based approach to trading (except, of course, other CISCO products). Advice Engine uses value as a basis for market analysis. It is composed of a daily Report, listing an average of seventy five tradeable markets for the coming day. A second part of the Report lists the trades made the current day from the previous recommendations, with their Potential (an index-like figure of merit). Advice Engine offers two degrees of service: Level 1 for the non-technical trader and Level 2 for those who wish to do research. Both levels use the same daily Advice Engine Report.

We will show from the Meta-Profile that value, not prices, are the proper research medium. Usually, the high and low prices are rejected by the market while the open and close may or may not carry valid information. Another technical quantity, the volume, has problems. A day's volume is a combination of trade, spreads and out-trades. The spreads and out-trades vary from day to day sometimes as much as 30 percent of the total. Research on irrelevant numbers cannot be expected to provide valid information. Putting faith in marginal calculations is an important part of the reason that 90+% of the public loses. 

MetaProfile:  Locating Value, an example


TRADING DATE: 30 DEC 99    CONTRACT: MAR 00 SOYBEANS (CBOT) (S H)

TRADING BEGINS 0930 (CST); CLOSES 1315; TPO SYMBOLS ARE DEFGHIJK         
(Data from Tick Activity)

     4710  I                     
     4706  I                     
     4704  HI                    
     4702  HI    <= Value Area Upper                
     4700  FGHI                  
     4696  FGHI                  
     4694  FGHI                  
     4692  FGHI                  
     4690  DFGHI                 
     4686  DEFHI  close          
     4684  DEFI                  
     4682  DEF                   
     4680  DEF     <= Value Area Lower
     4676  DE                    
     4674  DE                    
     4672  DE                    
     4670  DE                    
     4666  D                     
     4664  D                     
     4662  D                     
     4660  D                     
     4654  D     open            
     4652  D                     
     4650  D                     

    Price ranged from 471:0 to 465:0.  Value Area is 470:2 to 468:0.
    Center of the day's distribution is 468:6.  Relative volume is in
    the letters, there was five times the volume at 468:6 as at 471:0
    or 465:0.  Two sets of prices were summarily rejected by the
    market, 4710 to 4706 at the top and 4666 to 4650 at the bottom.
    The rejected prices are called excess.  Markets auction too high
    and too low while seeking value.  The market is not willing to
    trade at the excess prices.


   An aside on Technical Analysis:
   In the well-known Japanese Candlesticks technical method, the basic 
   element is a cylinder with open and close as limits; with the high and 
   low spiking above and below the open/close base.  The candlestick form 
   for the Meta-Profile above looks like:


                         |        high    471:0
                         |
                       -----      close   468:6
                       |   |
                       |   |
                       |   |
                       -----      open    465:4
                         |
                         |
                         |        low     465:0

   Anyone can see from the profile that the high and low were 
   rejected quickly by the market.  Using these prices for trading 
   decisions is simply making important decisions from poor data.  
   Most technical calculations use the same data and suffer the same defect.


   Candlesticks is a closed, fully defined system and can be investigated
   completely. Giovanni Maiani, S&C Nov 02, p60 has done so. In his words
   "The most reliable, long lower shadow, is present 1.9% of time, and anticipates
   a declining session 49.12% of time; a rising session 40.61% of time. For traders 
   who are quantitaively based, candlestick patterns are not terribly useful"

   Steve Nison, the creator of Candlesticks, responded (S&C Jan 2003, p74)
   that Candlesticks are "A tool, not a system", and that you need to know
   the trend to use them. We feel that if you already know the trend there is 
   little reason to use something that we, at least, would use to find the trend.
The Advice Engine helps fill the trader's knowledge void and at the same time provides trading information that even a novice trader can use immediately. While we may speak of 'trades' in the discussion, in fact the Advice Engine and DecisionTable list points (prices) where the price-volume distribution is probably changing--say, from balance to trend. The client uses these data as the client chooses. In the examples, we will refer to these as 'breakout' points. Trades are made by the trader, not by the Advice Engine.

Advisorys: Why the Advice Engine can Work for You
Most advisorys are based on some sort of technical analysis. Rarely can a trader analyze the data used for the advisory. Not so for the Advice Engine. Anyone can list out the history of Select Table, from the Advice Engine Reports. More to the point, Select Table is used in the Level 2 customer's research. The statistics calculated from the research (November 1, 2000 through August 31 2001) indicate the Select Table trades had a Potential of over $1,000 each. Potential is not return, it is the maximum a trade offered between entry and exit. Potential is an ideal a trader may seek to attain. The importance of Potential is that it identifies markets with opportunity; it is a standard of comparison for the trader ("how well did I do compared with the ideal") and it sets a standard for Auction Market Analysis (if the Potential is consistently low on all markets, then the Advice Engine is is of little value in identifying opportunity).

Advice Engine solves the trader's biggest problems: what to trade, when to trade it and how much to risk on the trade. Trade results are posted in the Advice Engine Report, so the trader can measure his results against both the ideal and a model, improving his trading. Advice Engine Report is the first trading tool that:
1) identifies the low risk trades,
2) daily lists all these low risk trades,
3) measures the trades against the ideal and
4) measures the trades against reality in the form of a simple trading model.

Obvious benefits to the trader are
1) the early recognition of bad trades and the concommitant limitation of loss,
2) the time one would have spent on searching for trades now being utilized for trading,
3) the freedom to choose trades from a wide variety of markets and
4) the opportunity to learn from the feedback from the trade analyses.

Advice Engine Day Trader Report is the only source of the near term support and resistance points for the day trader that covers the entire market. No matter which future one trades, the five support/resistance levels are there. These support/resistance prices are derived from the latest value, value as defined by the market, not some chart interpretation. Every day in every market the trader has a value based guide to action.

Item 1. Day and short timeframe trading is not investing.
Most new online traders think of themselves as investors and most books on the subject promote this misconception. It just is not so. An estimated 90+ percent of online day traders lose. They never learned the business.

Item 2. Traders need a discipline completely different from investors.
A trader is looking for opportunity, very short timeframe opportunity, the sort of opportunity that lasts only for parts of a day. Most markets, most of the time, do not offer that short burst movement the day trader seeks. Advice Engine Report daily lists those markets teetering on the verge of movement.

CISCO has been offering short timeframe trader training since 1985. Out of those training courses, seminars and one-on-one training we have come to understand day trading. The day trader needs to know:
.. 1) Which markets offer opportunity with low risk potential for that day.
.. 2) The real level of risk.
.. 3) How auction markets work, the market's dynamics.
.. 4) The roles of the players, public and professionals.
.. 5) Portfolio and trade management.
.. 6) How to place trades, how to manage them to completion.
.. 7) How to be comfortable with shorting (selling) as well as buying.
.. 8) How knowledge eliminates fear and greed.
.. 9) How to avoid predicting where the market will go.
. 10) Most of all, the trader needs to quickly develop those survival skills needed to avoid becoming a statistic, one of the 90+% losers.

Advice Engine is designed to meet the trader's needs.
Possibly the biggest need is market understanding. Advice Engine provides two lessons, one primer and one advanced and 1) the Advice Engine Daily Report and the Advice Engine Day Trader Report. The first is in three parts. (See example below.) You can look at ten previous days Reports. Just click on 'Get Data'.

Part 1 provides a theoretically correct selection of trading candidates.
The entire market is surveyed; typically about 75 candidates are found. Trading risk varies from tens of dollars to thousands, depending on the market. There are many more low dollar risk trades than high. Return, on average, tends to be proportional to risk. Part 1 is designed for both the novice and the advanced trader. The novice uses the Report as is, accepting the entry and risk as posted. Advanced traders take the Report as another valuable input to their trading models, seeking agreement and that next small insight.

Todays Select Trades
The lower section of Part 1 contains those trades selected by CISCO for superior potential. The size of the risk is not a factor in the choice. Todays Select Trades table may have many, a few or even no selections on a particular day. From the beta test data (Nov 2000 through Feb 2001) the select table averaged five per day, with about 40% trading. Average Potential per trade was $1,151. A list of the selections is at the bottom of this note. List the historical Select Table by clicking on 'Get Free Table History Data' on the Advice Engine page.

Part 2 lists the Potential of the previous day's recommendations.
Potential is the maximum the trade could have yielded, the ideal, its figure of merit. If, on average, the potential is large, the Report is obviously successful in identifying trading opportunity. Potential is NOT generated by a trading scheme. Simply, on a long side breakout the subsequent high of the day sets the Potential (same process holds for a short breakout).

On an individual trade basis, potential is the yardstick against which one evaluates one's own trading. Potential is also the marker for trading model evaluation and development. Lastly, the Potential history offers the research data for such questions as which markets have the best reward/risk ratios? or what is the risk cutoff for profitable trading?, etc. The Potential is that invaluable tool for trading model research that Advice Engine places within the grasp of all traders.


Advice Engine Day Trader Report

Day traders are constantly in search of the appropriate support and resistance prices. Floor traders use pivot points keyed from the previous day high, low and close. While high and low data are suspect (see Profile discussion above), pivot points do keep the scalper out of trouble. The form of the Day Trader Report is similar to a pivot point display, but the data are far, far different. We tie the support/resistance to the most recent value determined by the marketplace. In arriving at a suitable support/resistance table, the Auction Market analyst has tools in addition to the Value Area. One such is volatility. Another is the longer term data from the AE Report that shows which markets are in balance.

Value Area measures value by comparison with a bell shaped curve. This is correct in the case of balanced markets, where the statistics are valid. Un-balanced, or moving, markets often have risk determined more by volatility than by the statistics (the standard deviation is defined only in balanced markets). Day Trader Report incorporates volatility. Hence the support/resistance tables are not merely an extension of the Profile, but are more finely tuned to actual market conditions.

An abbreviated Day Trader Report gives the format. First the previous day Profile statistics are listed, followed by the CISCO support/ resistance values. 


  
                          Advice Engine Report (tm)
                            Trading With Low Risk

         Advice Engine (tm) Opportunities: At close of JAN 18 02

                     This report consists of 3 parts.
              PART 1.  Trading selections for next trading day.
              PART 2.  Potential ($results) from previous day.


                              PART 1

  Advice Engine (tm) surveys the entire futures market for potential trades.
   Each future is analyzed within 5, 10, 15 and 20 day time frames.
   Entry prices and risk levels are posted for each future, each period.
   Suggested Risk is a safety net, identifying losing trades very quickly.
  
  Traders can use the Advice Engine (tm) in many ways.
   Breakout entries and risk stops can be traded directly.
   Shorter time frames can be used as "alerts" for longer time frames.
   Counter-trend (responsive) trades can be keyed off "failed trend" trades.
   Breakout price and risk can confirm/modify other trading models.
  
   Mo Yr ND    Long   StopL     Short   StopS  Risk $  Risk Pts VaU    POC    VaL
DJ  3 02  5   99750   99431     97200   97519     319    319  97990  97700  97500
DJ  3 02 10  101050  100568     97200   97682     482    482  97990  97700  97500
  
GC  2 02  5    2878    2872      2830    2836      60      6   2838   2836   2832
GC  2 02 10    2882    2875      2828    2835      68      7   2838   2836   2832
  
GC  4 02  5    2888    2881      2838    2845      63      7   2847   2845   2841
GC  4 02 10    2890    2883      2838    2845      65      7   2847   2845   2841
  
GI  3 02  5    7130    7111      6980    6999      47     19   7060   7025   7005
GI  3 02 10    7220    7186      6950    6984      85     34   7060   7025   7005
  
HO  2 02  5    5350    5317      5090    5123     137     33   5270   5240   5150
HO  2 02 10    5550    5492      5090    5148     242     58   5270   5240   5150
  
HO  3 02  5    5400    5367      5140    5173     137     33   5295   5260   5185
HO  3 02 10    5600    5542      5140    5198     242     58   5295   5260   5185
  
MB  3 02  5   10510   10506     10413   10417     114      4  10500  10423  10419
MB  3 02 10   10512   10506     10330   10404     180      6  10500  10423  10419
  
NO  2 02  5    2370    2350      2210    2230     200     20   2245   2235   2225
NO  2 02 10    2370    2345      2170    2195     250     25   2245   2235   2225
NO  2 02 15    2400    2372      2180    2208     275     28   2245   2235   2225
  
NO  3 02  5    2340    2322      2200    2218     175     18   2244   2230   2220
NO  3 02 10    2340    2320      2180    2200     200     20   2244   2230   2220
NO  3 02 15    2320    2303      2190    2207     163     17   2244   2230   2220
  
NO  4 02  5    2350    2337      2250    2263     125     13   2285   2275   2270
NO  4 02 10    2350    2333      2220    2237     163     17   2285   2275   2270
NO  4 02 15    2350    2335      2230    2245     150     15   2285   2275   2270
  
NO  5 02  5    2420    2407      2320    2333     125     13   2355   2350   2340
NO  5 02 10    2390    2376      2280    2294     138     14   2355   2350   2340
NO  5 02 15    2390    2378      2300    2312     113     12   2355   2350   2340
  
NO  6 02  5    2510    2496      2400    2414     138     14   2415   2410   2400
NO  6 02 10    2510    2491      2360    2379     188     19   2415   2410   2400
NO  6 02 15    2470    2458      2380    2392     113     12   2415   2410   2400
  
NO  7 02  5    2550    2540      2470    2480     100     10   2495   2490   2485
NO  7 02 10    2550    2535      2430    2445     150     15   2495   2490   2485
NO  7 02 15    2530    2521      2460    2469      88      9   2495   2490   2485
  
NO  8 02  5    2580    2572      2520    2528      75      8   2540   2535   2525
NO  8 02 10    2580    2568      2490    2502     113     12   2540   2535   2525
NO  8 02 15    2580    2570      2500    2510     100     10   2540   2535   2525
  
NY  3 02  5    3800    3781      3650    3669      94     19   3777   3755   3720
NY  3 02 10    3840    3816      3650    3674     119     24   3777   3755   3720
NY  3 02 15    3820    3788      3570    3602     157     32   3777   3755   3720
NY  3 02 20    3820    3787      3560    3593     163     33   3777   3755   3720
  
NY  5 02  5    3940    3931      3870    3879      44      9   3945   3925   3875
NY  5 02 10    3965    3945      3810    3830      97     20   3945   3925   3875
NY  5 02 15    3960    3941      3815    3834      91     19   3945   3925   3875
  
O   3 02  5    1944    1937      1894    1901      32      5   1930   1924   1914
O   3 02 10    1990    1976      1894    1906      60     10   1930   1924   1914
  
S   3 02  5    4534    4523      4444    4455      57      9   4472   4466   4454
S   3 02 10    4534    4505      4304    4333     144     23   4472   4466   4454
  
SF  3 02  5    6042    6035      5988    5995      85      7   6013   5995   5981
SF  3 02 10    6064    6054      5988    5998     119     10   6013   5995   5981
SF  3 02 15    6070    6059      5988    5999     129     11   6013   5995   5981
  
SP  3 02  5  114950  114643    112500  112807     766    307 113200 113000 112790
SP  3 02 10  117600  116962    112500  113138    1594    638 113200 113000 112790
SP  3 02 15  117600  117000    112800  113400    1500    600 113200 113000 112790
SP  3 02 20  117600  117000    112800  113400    1500    600 113200 113000 112790
  
SU  7 02  5     647     643       618     622      41      4    627    622    620
SU  7 02 10     648     644       618     622      42      4    627    622    620
  
U2  3 02  5   10409   10402     10220   10227     207      7  10311  10231  10224
U2  3 02 10   10408   10401     10218   10225     211      7  10311  10231  10224
  
U2  6 02  5   10300   10225     10114   10121     196      7  10202  10128  10113
U2  6 02 10   10300   10225     10114   10121     196      7  10202  10128  10113
  
UU  3 02  5  114950  114643    112500  112807     154    307 113200 113000 112775
UU  3 02 10  117600  116962    112500  113138     319    638 113200 113000 112775
UU  3 02 15  117600  117000    112800  113400     300    600 113200 113000 112775
UU  3 02 20  117600  117000    112800  113400     300    600 113200 113000 112775

                  Todays Select Trades 020118
SP  3 02 10  117600  116962    112500  113138    1594    638 113200 113000 112790
DJ  3 02 10  101050  100568     97200   97682     482    482  97990  97700  97500
NO  2 02 10    2370    2345      2170    2195     250     25   2245   2235   2225
NO  3 02 10    2340    2320      2180    2200     200     20   2244   2230   2220
HO  2 02 10    5550    5492      5090    5148     242     58   5270   5240   5150
HO  3 02 10    5600    5542      5140    5198     242     58   5295   5260   5185

  Legend: Mo and Yr are the delivery, ND is the days in the Overlays,
          Long signifies Buy at or above the listed price, StopL is the
          stop-loss price.
          Short means Sell at or below the listed price; StopS is its stop-loss.
          Risk $ is the stop-loss in dollars: Risk Pts is in trading points.
          VaU, POC and Val are the Profile Value Area and Point of Control.
          Todays Select Trades are chosen from the best reward to risk ratios.



                              PART 2

        Trade Potential (results) from Previous Day (02-01-17)

    Potential is defined as the price range from breakout entry (in $)
    to the days high (for a long trade) or the days low for a short.

             Mo Yr ND     Risk $   Tde-Dir  Potential $
          CC  3 02  5        104     SHORT    600.
          CC  3 02 10        169     SHORT    225.
          CC  5 02  5         94     SHORT    337.
          DJ  3 02  5        444     SHORT    150.
          GC  2 02  5         58     SHORT     60.
          GC  2 02 10         60     SHORT     60.
          GC  4 02  5         58     SHORT     70.
          GC  4 02 10         63     SHORT     30.
          GI  3 02  5         44     SHORT     38.
          ND  3 02  5       1025     SHORT   3400.
          ND  3 02 10       1738     SHORT   3400.
          ND  3 02 15       1750     SHORT   3300.
          ND  3 02 20       1788     SHORT   3000.
          NY  3 02  5         94      LONG    175.
          NY  3 02 15        150      LONG    125.
          NY  3 02 20        157      LONG    125.
          NY  5 02  5         69      LONG    170.
          NY  5 02 10         97      LONG     45.
          NY  5 02 20        144      LONG    120.
          SF  3 02  5         82     SHORT     12.
          SF  3 02 10        122     SHORT     14.
          SF  3 02 15        122     SHORT     14.
          SP  3 02  5        625     SHORT   1875.
          SP  3 02 15       1344     SHORT   2125.
          SP  3 02 20       1344     SHORT   2125.
          U2  3 02  5        184     SHORT    281.
          U2  3 02 10        196     SHORT    156.
          U2  6 02  5        164     SHORT    313.
          U2  6 02 10        172     SHORT    250.
          UU  3 02  5        175     SHORT    388.
          UU  3 02 10        282     SHORT    388.
          UU  3 02 15        269     SHORT    438.
          UU  3 02 20        269     SHORT    438.


Comment: Part 1 lists all the balanced markets at the end of Jan 18.
The Select Table lists those markets a proprietary CISCO algorithm finds
to have extraordinary potential.

Part 2 shows the results of trading the breakout model for all the Part 1
entries of the previous day (Jan 17). The Select Table from Jan 17 is below.


                  Todays Select Trades 020117

   Mo Yr ND    Long   StopL     Short   StopS  Risk $  Risk Pts 
SP  3 02 10  117700  117137    113200  113763    1407    563
DJ  3 02 10  101050  100587     97350   97813     463    463
ND  3 02 10  171200  169462    157300  159038    1738   1738
NO  2 02 10    2370    2345      2170    2195     250     25
NO  3 02 10    2340    2320      2180    2200     200     20
LB  3 02 10    2660    2637      2480    2503     293     23
HO  2 02 10    5550    5492      5090    5148     242     58
HO  3 02 10    5600    5542      5140    5198     242     58


Trades on Jan 18 from Select Table of Jan 17:
             Mo Yr ND     Risk $   Tde-Dir  Potential $
          SP  3 02 10       1407     SHORT   1875.
          DJ  3 02 10        463     SHORT    150.
          ND  3 02 10       1738     SHORT   3400.


Non-Select Table Comparable (10 day Overlay) trades on Jan 18 
             Mo Yr ND     Risk $   Tde-Dir  Potential $
          CC  3 02 10        169     SHORT    225.
          GC  2 02 10         60     SHORT     60.
          GC  4 02 10         63     SHORT     30.
          NY  5 02 10         97      LONG     45.
          SF  3 02 10        122     SHORT     14.
          U2  3 02 10        196     SHORT    156.
          U2  6 02 10        172     SHORT    250.
          UU  3 02 10        282     SHORT    388.

Remember, the goal of Advice Engine is to find you markets to trade. The
Potential column is not RETURNS from trading, rather it is a measure of
OPPORTUNITY.  To be a winning trader you must be trading markets with
opportunity.  If a market does not move very much, even the best trader
cannot wring much profit from it. You can read a study of the opportunity
to risk ratio of SP and DJ on the Advice Engine page 'Trading Opportunity
Comparison: DJ vs SP'. You can examine a long series of Select Table
results, starting back in 2000, at 'Free Table History Data'


Advice Engine relieves the trader of the daily search for trades.
It puts the trader in the position of a coach. Part 1 has all the possibilities; the trader selects the best ones for his needs. It also allows the trader to quarterback, to manage his selections, once a trade is entered. Diversification becomes a much more realistic goal.

Advice Engine relieves the trader of constantly monitoring the market.
Marquee on the main page regularly reports on the standing of the Select Table markets. You can easily watch the scroll. Even if your choice market (say SP (ES/UU)) is not on the scroll you are being notified that it is not a balanced market and hence not one that offers you breakout potential.

The One Market Trader
Some traders specialize in one particular market, most popularly today, the S&P Index. As day traders they want to trade every day. Advice Engine has recommendations on the S&P about every other day, on average. The recommendations list the breakout limits , so on those days the day trader can go on breakouts, if they occur; or trade responsively if there are no breakouts. Responsive trading is selling tops, buying bottoms in balanced market situations. The tops and bottoms are just the upper and lower limits of the balance. Days with no recommendation are often the day after a breakout--a trend. There the daytrader knows to look for bottoms to buy in an up trend, tops to sell in down trends. So most of the time, the Advice Engine does guide the one market trader.

A word of experience on diversification. The writer managed futures money for seventeen years. My previous trading experience was with stocks. Of the 800 or so equities followed, I could typically find 30 to 50 candidates for a short term turn around each week. I would enter on Monday with a set risk and, if not stopped out earlier, exit on Friday. This was a profitable approach in bull markets. Bear markets offered few opportunities. A bear market caused me to examine other markets and I found futures.

In futures I began (swing) trading with a dozen futures in the portfolio, daily entering the ones that met the criteria, using a trailing stop until stopped out (within the day, days later or even months). By 1988 the model became too volatile, drawdowns were too big and we ceased trading. By the end we had 24 futures in our portfolio because of market growth. It is certain that the reason for our success was diversification. When Bunker Hunt started driving the silver market we were there (with no idea what the driving force was until well into the move). When there was too much rain for harvest of sugar beets in Europe and sugar topped 60 cents a pound, we were there (again we and the world had no idea what the driving fundamentals were). The same thing occurred many times. A move started, a break out, we did not know why, but we went with it early on. We probably could not have succeeded if we had insisted on knowing the 'why' of every trade.

Advice Engine benefits the trader in many ways.
.. 1) Advice Engine Report is straightforward and easy to understand.
.. 2) The trader can concentrate on trading, not searching for trades.
.. 3) The 'alert' function notifies you that a price condition has been met.
.. 4) Feedback on the trades (the results) educates and improves the trader.
.. 5) Stress from lack of information is greatly reduced.
.. 6) The Potential section lists the ideal, the best a trader could do.
.. 7) A Basic Breakout Model is explained. It can be traded, or altered, if desired.
.. 8) Potential vs Basic Model can be used to guide individual research.
.. 9) Lesson 1 opens the Auction Market world to all traders.
.. 10) Lesson 2 guides advanced study of Auction Market reference points.

Advice Engine is not a black box.
It applies Auction Market principles published in the text Value Based Power Trading and data developed daily by CISCO (published daily as Trader Control Package and Meta-Profiles). The two training lessons plus the daily Report plus the research capability completes the package. Additional training is available through the Long HomeStudy and Short HomeStudy courses.

Advice Engine Basic Model should not be a rote trading method.
Any trader can use the entry/risk table to key in on specific opportunities. The trader sorts out and selects the desired trade(s). Once a trade is placed, the trader can either manage it personally, or, alternatively, just follow the Basic Model rules (the Octant stop).

Trading Timeframe: The Advice Engine Package.
Auction Market Analysis is predicated upon half-hour time frames. Following tick by tick action is rarely necessary and often is counterproductive in that it is easy to be fooled by noise. Thus, a real time ticker is a luxury that most traders can do without. A delayed quoter is enough for most. The Advice Engine Package includes the daily Report, access to the CISCO website for Intra-day bars (almost real time) and the Overlay Demand Curve with current Meta-Profile. The trader stays current, but is not overloaded with data.

Advice Engine Subscription Information 

    Text:  Value Based Power Trading, Probus 1993
           Free online for browsing (non-printing)
               (Downloadable to your PC, still non-printing)
           Hardcopy: Cost:  $50 postpaid in USA (available from Traders Press, or CISCO)

    Level 1:  Advice Engine Report 
      Daily Advice Engine Report  Parts 1, 2
      * Intra-day alerts on cell phone, email or pager
      Lesson 1  Report Format & Discussion
      Tick Data (EOD)
      Daily OHLC V OI

        Cost:  $200 per month


    Level 2:  Advice Engine Package
      Daily Advice Engine Report  Parts 1, 2
      * Intra-day alerts on cell phone, email or pager
      Lesson 1  Report Format & Discussion
      Lesson 2  Research Analyses
      Research
        Drawdown studies  For analysis of risk
        Search Statistics  For past Potential, Risk & Reward (Potential)/Risk
      Trader Support Information from CISCO
        Day Trader Package
          Intra-day half-hour tick bars
          Congestion Analysis
          Market Profile (eod)
          Last 5 days of Meta-Profile
          Running Meta-Profile
          Overlay Demand Curve with current Meta-Profile  For Major & Minor Auctions 
          Hourly CBOT LDB 
            CBOT LDB exchange fee billed separately ($10/mo)
        Swing Trader Package
          EOD Trader Control Package
          Bracket Screen
          Visual Graphics  For market condition & reference points
          TCP Trading Strategy
          Daily OHLC V OI
          Tick Data (EOD)

           Cost:  $300* per month

        * To be added in the future.

        Traders who have completed either the Long HomeStudy Course or the
        Short HomeStudy Course are eligible for Advice Engine Charter
        Membership at one-half the regular rate.  Offer valid for 60
        days from completion of course.


Advice Engine Report for November 16, 2000
  
  
                          Advice Engine Report (tm)
                            Trading With Low Risk

         Advice Engine (tm) Opportunities: At close of NOV 16 00

                     This report consists of 3 parts.
              PART 1.  Trading selections for next trading day.
              PART 2.  Potential (results) from previous day.


                              PART 1

  Advice Engine (tm) surveys the entire futures market for potential trades.
   Each future is analyzed within 5, 10, 15 and 20 day time frames.
   Entry prices and risk levels are posted for each future, each period.
   Suggested Risk is a safety net, identifying losing trades very quickly.
   VaU and VaL are the Meta-Profile Value, POC is the peak TPO price.
  
  Traders can use the Advice Engine (tm) in many ways.
   Breakout entries and risk stops can be traded directly.
   Shorter time frames can be used as "alerts" for longer time frames.
   Counter-trend (responsive) trades can be keyed off "failed trend" trades.
   Breakout price and risk can confirm/modify other trading models.

   Mo Yr ND    Long   StopL     Short   StopS  Risk $  Risk Pts VaU    POC    VaL
BO  1 01  5    1571    1564      1522    1529      37      7   1563   1557   1543
BO  1 01 10    1571    1564      1522    1529      37      7
BO  1 01 15    1562    1557      1524    1529      29      5
  
BO  3 01  5    1588    1584      1563    1567      19      4   1603   1593   1583
BO  3 01 10    1610    1604      1563    1569      36      6
BO  3 01 15    1600    1595      1564    1569      27      5
  
BO 12 00  5    1543    1537      1495    1501      36      6   1534   1526   1515
BO 12 00 10    1543    1537      1495    1501      36      6
BO 12 00 15    1532    1527      1496    1501      27      5
  
BP 12 00  5   14360   14343     14224   14241     107     17  14242  14236  14228
BP 12 00 10   14360   14342     14220   14238     110     18
BP 12 00 20   14560   14517     14220   14263     266     43
  
DJ 12 00  5  108300  107787    104200  104713     513    513 107490 107200 106990
DJ 12 00 10  110700  109887    104200  105013     813    813
DJ 12 00 15  110600  109825    104400  105175     775    775
DJ 12 00 20  110600  109625    102800  103775     975    975
  
FC 11 00  5    8850    8845      8815    8820      22      5   8827   8825   8822
FC 11 00 10    8865    8858      8815    8822      32      7
  
GC  2 01  5    2703    2699      2678    2682      32      4   2701   2692   2683
GC  2 01 10    2703    2699      2675    2679      35      4
GC  2 01 15    2703    2699      2673    2677      38      4
GC  2 01 20    2720    2714      2674    2680      58      6
  
GC 12 00  5    2676    2672      2650    2654      33      4   2674   2664   2655
GC 12 00 10    2681    2677      2649    2653      40      4
GC 12 00 15    2678    2674      2647    2651      39      4
GC 12 00 20    2692    2686      2648    2654      55      6
  
GI  3 01  5    8425    8405      8265    8285      50     20   8325   8310   8305
GI  3 01 10    8545    8510      8265    8300      88     35
GI  3 01 15    8550    8516      8280    8314      85     34
  
GI 12 00  5    8405    8374      8160    8191      77     31   8225   8210   8200
GI 12 00 10    8460    8422      8160    8198      94     38
GI 12 00 15    8480    8442      8180    8218      94     38
GI 12 00 20    8490    8451      8180    8219      97     39
  
KW  3 01  5    3252    3246      3214    3220      24      4   3230   3224   3216
KW  3 01 10    3254    3250      3214    3220      25      4
  
KW  5 01  5    3334    3330      3300    3304      22      4   3314   3304   3300
KW  5 01 10    3334    3330      3300    3304      22      4
  
KW 12 00  5    3096    3092      3064    3070      21      4   3076   3072   3064
KW 12 00 10    3102    3096      3064    3070      24      4
  
LB  1 01  5    2382    2375      2328    2335      88      7   2376   2369   2360
LB  1 01 10    2382    2374      2318    2326     104      8
  
NO 12 00  5    6000    5925      5400    5475     750     75   5965   5900   5845
NO 12 00 10    6000    5900      5200    5300    1000    100
  
NY  3 01  5    6850    6836      6740    6754      69     14   6850   6830   6806
NY  3 01 10    6850    6832      6710    6728      88     18
  
NY 12 00  5    6570    6554      6445    6461      79     16   6500   6485   6473
NY 12 00 10    6590    6571      6440    6459      94     19
  
OJ  1 01  5    7600    7575      7400    7425      38     25   7540   7525   7500
OJ  1 01 10    7650    7616      7380    7414      51     34
  
RR  1 01  5    6520    6511      6450    6459      18      9
RR  1 01 10    6540    6522      6400    6418      35     18
RR  1 01 15    6540    6522      6400    6418      35     18
RR  1 01 20    6600    6575      6400    6425      50     25
  
S   1 01  5    4834    4820      4714    4730      75     12   4794   4776   4772
S   1 01 10    4894    4872      4714    4736     113     18
S   1 01 15    4864    4840      4664    4690     125     20
S   1 01 20    4864    4840      4664    4690     125     20
  
S   3 01  5    4920    4910      4844    4854      47      8   4884   4872    4862
S   3 01 10    4984    4962      4804    4826     113     18
S   3 01 15    4960    4934      4760    4784     125     20
S   3 01 20    4960    4934      4760    4784     125     20
  
S   7 01  5    5040    5033      4990    4995      32      5   5030   5020   5006
S   7 01 10    5070    5054      4950    4964      75     12
S   7 01 15    5120    5094      4924    4950     122     20
S   7 01 20    5120    5094      4924    4950     122     20
  
SM  5 01  5    1679    1676      1658    1661      27      3   1665   1663   1660
SM  5 01 10    1680    1676      1648    1652      40      4
SM  5 01 15    1698    1693      1658    1663      50      5
  
SM  7 01  5    1682    1679      1660    1663      28      3   1670   1667   1666
SM  7 01 10    1682    1679      1660    1663      28      3
SM  7 01 15    1712    1704      1648    1656      80      8
  
TE  1 01  5   22550   22535     22430   22445      75     15  22520  22500  22470
TE  1 01 10   22570   22546     22380   22404     119     24
  
W   3 01  5    2772    2763      2702    2711      44      7   2722   2712   2706
W   3 01 10    2774    2764      2702    2712      46      8
W   3 01 20    2834    2817      2704    2721      82     13
  
W   5 01  5    2870    2862      2814    2822      35      6   2830   2824   2816
W   5 01 10    2870    2862      2814    2822      35      6
  
W   7 01  5    2966    2960      2912    2920      35      6   2930   2922   2914
W   7 01 10    2966    2960      2912    2920      35      6
  
W  12 00  5    2590    2582      2530    2536      38      6   2544   2534   2526
W  12 00 10    2590    2582      2530    2536      38      6
W  12 00 15    2650    2634      2530    2544      75     12
W  12 00 20    2650    2634      2530    2544      75     12
  
                  Todays Select Trades 
DJ 12 00 10  110700  109887    104200  105013     813    813                    

  Legend: Mo and Yr are the delivery, ND is the days in the Overlays,
          Long signifies Buy at or above the listed price, StopL is the
          stop-loss price.
          Short means Sell at or below the listed price; StopS is its stop-loss.
          Risk $ is the stop-loss in dollars: Risk Pts is in trading points.
          Todays Select Trades are chosen for the best reward to risk ratios.




                              PART 2

        Trade Potential (results) from Previous Day (00-11-15)

    Potential is defined as the price range from breakout entry
    to the days high (for a long trade) or the days low for a short.

             Mo Yr ND     Risk $   Tde-Dir  Potential
          BP 12 00  5        110     SHORT     25.
          BP 12 00 10        110     SHORT     25.
          BP 12 00 20        266     SHORT     25.
          EC 12 00  5        138     SHORT    537.
          EC 12 00 10        200     SHORT    225.
          EC 12 00 15        163     SHORT    350.
          ED  3 01  5         29      LONG     25.
          GC  2 01  5         18      LONG    260.
          GC  2 01 10         38      LONG    130.
          GC  2 01 15         38      LONG    150.
          GC  2 01 20         40      LONG    120.
          GC 12 00  5         24      LONG    230.
          GC 12 00 10         37      LONG    140.
          GC 12 00 15         44      LONG    100.
          LC 12 00  5         38      LONG    132.
          NY  3 01  5         69      LONG     75.
          NY  3 01 10         82      LONG     50.
          NY  5 01  5         57      LONG    300.
          NY  5 01 10         72      LONG    300.
          RR  1 01  5         18     SHORT    220.
          RR  1 01 10         30     SHORT    160.
          RR  1 01 15         38     SHORT    120.
          RR  1 01 20         50     SHORT    120.
          TX 12 00  5         82      LONG    480.
          TX 12 00 10        107      LONG    430.
          TX 12 00 15         94      LONG    480.




End of Advice Engine Report for November 16.
Day Trader Strategy for DJ on November 17
The trader's strategy is to follow value change to capture appreciation. Auction Market Theory (see 'Whats New' section on left sidebar on the CISCO homepage) offers two ways to measure value: Overlay Demand Curves' limits define a general constant value region for a balanced market; and the Meta-Profile gives the lastest day Value Area. The DJ ten day Overlay limits at the close of November 16 are 110700 and 104200. Within these bounds, price can be anywhere with equal probability. These limits approximate the +/- two standard deviation region, the 95 percent probability region. Price outside the limits, a breakout, is an alert to a change in the market condition, e.g. the start of a trend. A strategy is to go long on an upside breakout, go short on a downside breakout. Inside the balance, the strategy is to sell tops n ear the upper limit; buy bottoms near the lower limit.

Meta-Profile for the 16th has a Value Area of 107490 to 106940. On a shorter timeframe the Value Area can be likened to the Overlay limits with essentially the same strategy, be long above 107490 and short below 106940. Combining the two strategies involves some overlap. We will combine the two with a sample strategy. Still, the basic strategy is simple, stay with the direction of value change. First, a diagram of the situation for the day trader prior to the open of November 17. 
 
Value Diagram

   Overlay     Meta-Profile        Region
                                   1.  Up Trend
   110700
                                   2.  Overlay Balance
                 107490
                                   3.  Meta-Profile Balance
                 106940
                                   4.  Overlay Balance
  104200
                                   5.  Down Trend

Strategies for following value through the five regions:
.. 1) Price moving above 110700 is an up breakout and the trader buys bottoms.
.. 2) Price moving below 104200 is a down breakout and the trader sells tops.
.. 3) Price moving down through 107490 is sold.
.. 4) Price moving up through 106990 is bought.
.. 5) A long position moving up through 107490 is a confirmation.
.. 6) A short position moving down through 106990 is a confirmation.
.. 7) Price confined between 107490 and 106990 is a no trade.
.. 8) Confined (Value Area) price moving down through 106990 is sold
.. 9) Confined (Value Area) price moving up through 107490 is bought

If the market is not balanced, but in an up trend the trader buys bottoms.
If the market is not balanced, but in a down trend the trader sells tops.

For unbalanced markets not in a trend, the Meta-Profile Value Area replaces the balanced market limits in the analysis.

Strategies are not trading models. A day trader will make the decisions.

A market may or may not offer trading opportunity. Most markets offer a maximum of four or five opportunities per day. And just what is a trading opportunity? In this example, opportunity is a concerted move in one direction exceeding $500. DJ for the 17th had five opportunities:

.. Op 1. 106800 to 108250 $1450 period C
.. Op 2. 108250 to 107600 650 period C
.. Op 3. 107190 to 106000 1190 period E, F
.. Op 4. 106150 to 106690 540 period G
.. Op 5. 106800 to 106250 550 period M

Examining the opportunities with the strategies
.. Op 1. Moved up from below the lower profile value area: long at 106990 4)
.. Op 2. Moved down through the upper profile value: short at 107490 3)
.. Op 3. Moved down through the lower profile value: short at 106990 8)
.. Op 4. Moved up to 16690. did not cross; no trade
.. Op 5. Moved from below lower profile value; no trade

Today, November 17, starts in balance and ends in balance. Three trades could have been made within the rotation. Each would be consistent with following value. Had there been breakout or larger rotation, opportunity would have been greater. As it was, the Value Area for the 16th pretty well held for the 17th.

Results: Parts 2
For a listing of the results of trading on November 17, we display Parts 2 from the Advice Engine Report of November 17. Of the 90+ possibilities in Part 1 at the close of November 16, about one-third broke out. Most traders would have discounted some of these, because the risk was too low and hence the potential reward would be expected to be too low. There were quite a few more longs than shorts. On another day the shorts might predominate. 
  
                              PART 2

        Trade Potential (results) from Previous Day (00-11-16)

    Potential is defined as the price range from breakout entry
    to the days high (for a long trade) or the days low for a short.

             Mo Yr ND     Risk $   Tde-Dir  Potential$
          BO  3 01  5         19      LONG     42.
          BP 12 00  5        107     SHORT     87.
          BP 12 00 10        110     SHORT     62.
          BP 12 00 20        266     SHORT     62.
          GI  3 01 15         85     SHORT     38.
          GI 12 00  5         77     SHORT     12.
          GI 12 00 10         94     SHORT     12.
          GI 12 00 15         94     SHORT     63.
          GI 12 00 20         97     SHORT     63.
          KW  3 01  5         24      LONG     13.
          KW  5 01  5         22      LONG     25.
          KW  5 01 10         22      LONG     25.
          KW 12 00  5         21      LONG     38.
          KW 12 00 10         24      LONG     13.
          LB  1 01  5         88      LONG    208.
          LB  1 01 10        104      LONG    208.
          NO 12 00  5        750      LONG   1400.
          NO 12 00 10       1000      LONG   1400.
          RR  1 01  5         18     SHORT     60.
          S   1 01  5         75      LONG    275.
          S   1 01 15        125      LONG    125.
          S   1 01 20        125      LONG    125.
          S   3 01  5         47      LONG    313.
          S   3 01 15        125      LONG    113.
          S   3 01 20        125      LONG    113.
          S   7 01  5         32      LONG    475.
          S   7 01 10         75      LONG    325.
          S   7 01 15        122      LONG     75.
          S   7 01 20        122      LONG     75.
          SM  5 01  5         27      LONG    410.
          SM  5 01 10         40      LONG    400.
          SM  5 01 15         50      LONG    220.
          SM  7 01  5         28      LONG    430.
          SM  7 01 10         28      LONG    430.
          SM  7 01 15         80      LONG    130.
          TE  1 01  5         75      LONG    550.
          TE  1 01 10        119      LONG    450.


In spite of these limitations, Part 2 offers a valuable comparison capability. This is well illustrated by the January lumber, LB01. The max gain was $208 while the Basic Model lost $104. The stop was too small. A stop just $24 bigger would have avoided the exit at 2370 at 9:32 AM. Low of the day was 2368 at 9:37 AM. Comparison of the two methods lets us find a practical minimum risk in all markets we trade.

Part 1 (11-16-00) lists all the futures in balance for all four timeframes (5, 10, 15 and 20 days). A day trader would only be interested in the shorter term 5 and 10 day Overlays. Also, trades with very low risk are usually not traded because return is related to risk. Too low risk typically means risks of less than $100 to $150. If we apply a minimum dollar risk of $100 to the list in Part 2 (trading of 11-17-00 from recommendations of 11-16-00), we are left with: 


             Mo Yr ND     Risk $   Tde-Dir  Potential$
          BP 12 00  5        107     SHORT     87.
          BP 12 00 10        110     SHORT     62.
          BP 12 00 20        266     SHORT     62.
          LB  1 01 10        104      LONG    208.
          NO 12 00  5        750      LONG   1400.
          NO 12 00 10       1000      LONG   1400.
          S   1 01 15        125      LONG    125.
          S   1 01 20        125      LONG    125.
          S   3 01 15        125      LONG    113.
          S   3 01 20        125      LONG    113.
          S   7 01 15        122      LONG     75.
          S   7 01 20        122      LONG     75.
          TE  1 01 10        119      LONG    450.

If we further pare the list of the 15 and 20 day Overlays, we have:

             Mo Yr ND     Risk $   Tde-Dir  Potential$
          BP 12 00  5        107     SHORT     87.
          BP 12 00 10        110     SHORT     62.
          LB  1 01 10        104      LONG    208.
          NO 12 00  5        750      LONG   1400.
          NO 12 00 10       1000      LONG   1400.
          TE  1 01 10        119      LONG    450.

On 11-17-00 the normal day trader would have had six trades from the Advice Engine Report. Half had good potential, half were so-so. Risk averaged about $365 per trade. Potential averaged $600, somewhat less than double the risk. These are not trades, rather it shows the day trader that the Report offers opportunity--a set of recommendations that one might be able to trade profitably. After all, no matter how one decides to select markets to trade, if those selections do not offer opportunity, the best trader in the world will not make winning trades from them. The Advice Engine Report is a source of trades with positive potential. And unlike anything like it, the potential is tabulated with the recommendations.

Maybe it is not so bad that some 90 percent of the day traders lose. The trader with market know how does have a competitive advantage. 

         Review of 'Select Trades Table' Recommendations
                  November 2000 through February 2001

    # days  80
    # Selected  339
    # Traded    118

    $ Potential  121,882
    $ Potential per trade 1,032

  Select Trades by Future

Columns are the limits and stop on entry (upper and lower), the 
dollar risk, the risk in trading points and, if a breakout occurred,
the dollar Potential of the trade and direction (L or S).

               Ulim   Ustop      Llim   Lstop     R $   R pt  Potential & Dir
001103 BP 12 00 10   14580   14545     14300   14335     219     35            
001219 BP  3 01 10   14790   14747     14450   14493     266     43            
001124 CC  3 01 10    7750    7687      7250    7313     235     63            
001128 CC  3 01 10    7740    7677      7240    7303     235     63            
001129 CC  3 01 10    7740    7677      7240    7303     235     63            
001130 CC  3 01 10    7690    7633      7240    7297     211     57        412S
001201 CC  3 01 10    7620    7562      7160    7218     216     58            
001205 CC  3 01 10    7570    7506      7060    7124     239     64            
001206 CC  3 01 10    7560    7492      7020    7088     254     68            
001208 CC  3 01 10    7500    7440      7020    7080     225     60            
001212 CC  3 01 10    7500    7412      6800    6888     329     88        188S
001213 CC  3 01 10    7500    7412      6800    6888     329     88         94S
010102 CC  3 01 15    6940    6885      6500    6555     207     55        787S
010111 CC  3 01 15    6800    6734      6275    6341     246     66            
010112 CC  3 01 15    6800    6734      6275    6341     246     66            
010116 CC  3 01 15    6800    6734      6275    6341     246     66            
010119 CC  3 01 15    7000    6909      6275    6366     340     91            
010119 CC  5 01 15    7100    7035      6580    6645     244     65        150L
010122 CC  5 01 15    7120    7052      6580    6648     254     68       1238L
010122 CC  3 01 15    7000    6909      6275    6366     340     91        656L
010124 CC  3 01 15    7075    6975      6275    6375     375    100        169L
010125 CC  3 01 15    7100    6996      6275    6379     387    104            
010126 CC  3 01 15    7100    6996      6275    6379     387    104            
010129 CC  3 01 15    7100    6996      6275    6379     387    104            
001101 CL 12 00 10    3390    3366      3200    3224     238     24            
001101 CL  1 01 10    3305    3280      3110    3135     244     25            
001102 CL 12 00 10    3390    3366      3200    3224     238     24            
001102 CL  1 01 10    3305    3280      3110    3135     244     25            
001103 CL  1 01 10    3305    3280      3110    3135     244     25            
001103 CL 12 00 10    3390    3366      3200    3224     238     24            
001106 CL  2 01 10    3240    3215      3040    3065     250     25         30S
001106 CL 12 00 10    3395    3371      3210    3234     232     24        200S
001106 CL  1 01 10    3305    3280      3110    3135     244     25            
001107 CL 12 00 10    3395    3371      3210    3234     232     24            
001107 CL  1 01 10    3300    3276      3110    3134     238     24            
001108 CL  1 01 10    3280    3258      3110    3132     213     22            
001108 CL 12 00 10    3375    3354      3210    3231     207     21            
001109 CL  1 01 10    3280    3258      3110    3132     213     22        250L
001109 CL 12 00 10    3375    3354      3210    3231     207     21        250L
001113 CL 12 00 10    3404    3380      3212    3236     240     24        510L
001120 CL 12 00 10    3550    3507      3210    3253     425     43        300L
001122 CL  1 01 10    3580    3553      3370    3397     263     27            
001124 CL  1 01 10    3580    3553      3370    3397     263     27            
001128 CL  1 01 10    3580    3553      3370    3397     263     27            
001130 CL  1 01 10    3580    3553      3370    3397     263     27            
001213 CL  2 01 10    2990    2961      2760    2789     288     29            
001213 CL  4 01 10    2870    2848      2700    2722     213     22            
001213 CL  3 01 10    2930    2906      2740    2764     238     24            
001213 CL  1 01 10    3050    3017      2790    2823     325     33            
001214 CL  1 01 10    3050    3017      2790    2823     325     33        390S
001214 CL  3 01 10    2930    2906      2740    2764     238     24        900S
001214 CL  2 01 10    2990    2961      2760    2789     288     29        990S
001215 CL  1 01 10    3050    3013      2760    2797     363     37            
001218 CL  1 01 10    3050    3013      2760    2797     363     37            
001219 CL  1 01 10    3050    3013      2760    2797     363     37            
001219 CL  2 01 10    2990    2951      2680    2719     388     39            
001220 CL  1 01 10    3000    2970      2760    2790     300     30            
001220 CL  2 01 10    2950    2916      2680    2714     338     34       1300S
001220 CL  4 01 10    2830    2806      2640    2664     238     24       1300S
001220 CL  3 01 10    2890    2861      2660    2689     288     29       1400S
001228 CL  3 01 10    2860    2820      2540    2580     400     40        150S
001228 CL  2 01 10    2920    2876      2570    2614     438     44            
001228 CL  4 01 10    2770    2740      2530    2560     300     30        400S
001229 CL  2 01 10    2880    2841      2570    2609     388     39         80S
010102 CL  2 01 15    2910    2868      2580    2622     413     42            
010103 CL  2 01 15    2910    2868      2580    2622     413     42            
010109 CL  2 01 15    2870    2833      2580    2617     363     37            
010109 CL  3 01 15    2805    2771      2540    2574     332     34            
010110 CL  2 01 15    2870    2833      2580    2617     363     37        900L
010112 CL  3 01 15    2830    2793      2540    2577     363     37        650L
010118 CL  3 01 15    2880    2840      2560    2600     400     40            
010119 CL  3 01 15    2880    2840      2560    2600     400     40       1500L
010125 CL  3 01 15    2970    2927      2630    2673     425     43            
010126 CL  3 01 15    2970    2937      2710    2743     325     33        290L
010129 CL  3 01 15    2990    2955      2710    2745     350     35        250L
010130 CL  3 01 15    3020    2982      2720    2758     375     38            
010131 CL  3 01 15    3020    2982      2720    2758     375     38            
010201 CL  3 01 15    3020    2982      2720    2758     375     38            
010201 CL  4 01 15    2920    2891      2690    2719     288     29            
010202 CL  3 01 15    3020    2986      2750    2784     338     34       1100L
010212 CL  3 01 15    3130    3093      2840    2877     363     37            
010214 CL  3 01 15    3130    3093      2840    2877     363     37            
001108 DJ 12 00 10  110500  110150    107700  108050     350    350        250L
001109 DJ 12 00 10  110700  110325    107700  108075     375    375       1250S
001110 DJ 12 00 10  110700  110075    105700  106325     625    625            
001115 DJ 12 00 10  110700  109887    104200  105013     813    813            
001116 DJ 12 00 10  110700  109887    104200  105013     813    813            
001117 DJ 12 00 10  110700  109887    104200  105013     813    813            
001120 DJ 12 00 10  110700  109887    104200  105013     813    813            
001122 DJ 12 00 10  109400  108750    104200  104850     650    650        200S
001124 DJ 12 00 10  109300  108650    104100  104750     650    650            
001127 DJ 12 00 10  108300  107775    104100  104625     525    525            
001128 DJ 12 00 10  108300  107775    104100  104625     525    525            
001129 DJ 12 00 10  108300  107775    104100  104625     525    525            
001130 DJ 12 00 10  108300  107775    104100  104625     525    525       1050S
001201 DJ 12 00 10  107900  107337    103400  103963     563    563            
001204 DJ 12 00 10  107200  106725    103400  103875     475    475            
001205 DJ  3 01 10  108000  107737    105900  106163     263    263       2730L
001205 DJ 12 00 10  106700  106275    103300  103725     425    425       2640L
001208 DJ  3 01 10  108400  108087    105900  106213     313    313       1200L
001208 DJ 12 00 10  107500  106975    103300  103825     525    525        500L
001211 DJ 12 00 10  109000  108287    103300  104013     713    713            
001212 DJ  3 01 10  110400  109837    105900  106463     563    563            
001212 DJ 12 00 10  109000  108287    103300  104013     713    713            
001213 DJ 12 00 10  109000  108287    103300  104013     713    713        200L
001213 DJ  3 01 10  110400  109837    105900  106463     563    563        250L
001214 DJ  3 01 10  110600  110012    105900  106488     588    588            
001214 DJ 12 00 10  109200  108462    103300  104038     738    738            
001215 DJ 12 00 10  109200  108512    103700  104388     688    688            
001215 DJ  3 01 10  110600  110150    107000  107450     450    450       2000S
001220 DJ  3 01 10  110500  109937    106000  106563     563    563       1830S
001222 DJ  3 01 10  110500  109687    104000  104813     813    813            
001226 DJ  3 01 10  110500  109687    104000  104813     813    813            
010102 DJ  3 01 15  110200  109475    104400  105125     725    725            
010103 DJ  3 01 15  110200  109475    104400  105125     725    725       2300L
010104 DJ  3 01 15  110800  110000    104400  105200     800    800        550L
010105 DJ  3 01 15  111000  110175    104400  105225     825    825            
010112 DJ  3 01 15  111000  110175    104400  105225     825    825            
010116 DJ  3 01 15  111000  110312    105500  106188     688    688            
010117 DJ  3 01 15  111000  110325    105600  106275     675    675            
010118 DJ  3 01 15  111000  110325    105600  106275     675    675            
010119 DJ  3 01 15  111000  110325    105600  106275     675    675            
010122 DJ  3 01 15  111000  110325    105600  106275     675    675            
010123 DJ  3 01 15  109200  108750    105600  106050     450    450            
010124 DJ  3 01 15  109000  108575    105600  106025     425    425            
010125 DJ  3 01 15  108700  108312    105600  105988     388    388            
010126 DJ  3 01 15  108300  107962    105600  105938     338    338            
010129 DJ  3 01 15  108300  107962    105600  105938     338    338            
010130 DJ  3 01 15  108100  107787    105600  105913     313    313       1350L
010213 DJ  3 01 15  110600  110087    106500  107013     513    513            
010214 DJ  3 01 15  110600  110118    106750  107232     482    482            
010215 DJ  3 01 15  110600  110118    106750  107232     482    482            
010220 DJ  3 01 15  110600  110256    107850  108194     344    344        340S
010221 DJ  3 01 15  110600  110206    107450  107844     394    394       2190S
001110 EC 12 00 10   87050   86850     85450   85650     250    200        162L
001113 EC 12 00 10   87050   86850     85450   85650     218    175            
001114 EC 12 00 10   87050   86850     85450   85650    1000    200            
001116 EC 12 00 10   87050   86850     85450   85650     250    200        225S
001121 EC 12 00 10   86800   86556     84850   85094     305    244        737S
001124 EC 12 00 10   86800   86487     84300   84613     313    313        512S
001212 EC 12 00 10   89200   88900     86800   87100     300    300            
010124 EC  3 01 15   95700   95368     93050   93382     414    332        963S
010201 EC  3 01 15   94650   94306     91900   92244     430    344            
001102 HO 12 00 10   10000    9906      9250    9344     394     94            
001103 HO 12 00 10   10000    9912      9300    9388     368     88        546S
001106 HO  1 01 10    9540    9487      9120    9173     221     53        672S
001106 HO 12 00 10   10000    9900      9200    9300     420    100        840S
001107 HO  1 01 10    9700    9612      9000    9088     368     88            
001107 HO 12 00 10   10000    9881      9050    9169     499    119            
001108 HO  1 01 10    9700    9612      9000    9088     368     88            
001108 HO 12 00 10    9800    9706      9050    9144     394     94            
001122 HO  1 01 10   10700   10637     10200   10263     263     63        105L
001124 HO 12 00 10   11000   10862      9900   10038     578    138            
001128 HO  1 01 10   10750   10675     10150   10225     315     75        798S
001128 HO 12 00 10   11050   10968     10400   10482     342     82        798S
001205 HO  2 01 10   10020    9947      9440    9513     305     73            
001205 HO  1 01 10   10750   10643      9900   10007     447    107            
001206 HO  1 01 10   10750   10625      9750    9875     525    125            
001207 HO  1 01 10   10750   10618      9700    9832     552    132            
001207 HO  2 01 10    9920    9835      9240    9325     357     85            
001208 HO  2 01 10    9930    9842      9230    9318     368     88            
001208 HO  1 01 10   10700   10575      9700    9825     525    125            
001211 HO  2 01 10    9920    9805      9000    9115     483    115            
001212 HO  2 01 10    9920    9805      9000    9115     483    115            
001212 HO  1 01 10   10440   10310      9400    9530     546    130            
001213 HO  2 01 10    9920    9805      9000    9115     483    115        735S
001213 HO  1 01 10   10440   10310      9400    9530     546    130       1470S
001219 HO  3 01 10    8700    8625      8100    8175     315     75            
001219 HO  1 01 10   10200   10025      8800    8975     735    175            
001219 HO  2 01 10    9500    9375      8500    8625     525    125            
001220 HO  2 01 10    9500    9375      8500    8625     525    125        882S
001220 HO  1 01 10   10200   10025      8800    8975     735    175       1008S
001220 HO  3 01 10    8700    8625      8100    8175     315     75       1344S
001226 HO  1 01 10    9800    9650      8600    8750     630    150            
001227 HO  3 01 10    8300    8243      7850    7907     237     57        105L
001227 HO  2 01 10    9400    9275      8400    8525     525    125            
001228 HO  3 01 10    8320    8262      7860    7918     242     58            
001229 HO  3 01 10    8320    8262      7860    7918     242     58         21L
001229 HO  2 01 10    9000    8925      8400    8475     315     75         42L
010102 HO  3 01 15    8320    8265      7880    7935     231     55            
010102 HO  2 01 15    9400    9268      8350    8482     552    132       1050S
010103 HO  3 01 15    8320    8265      7880    7935     231     55            
010103 HO  2 01 15    9050    8962      8350    8438     368     88            
010104 HO  2 01 15    9000    8917      8340    8423     347     83            
010105 HO  2 01 15    9000    8917      8340    8423     347     83            
010108 HO  2 01 15    9000    8917      8340    8423     347     83        504S
010112 HO  3 01 15    8320    8257      7820    7883     263     63            
010112 HO  2 01 15    8960    8857      8140    8243     431    103            
010116 HO  2 01 15    8970    8866      8140    8244     436    104            
010116 HO  3 01 15    8320    8257      7820    7883     263     63            
010117 HO  3 01 15    8320    8263      7870    7927     237     57        861S
010117 HO  2 01 15    8970    8866      8140    8244     436    104        798S
010118 HO  3 01 15    8320    8243      7710    7787     321     77            
010118 HO  2 01 15    8970    8851      8020    8139     499    119            
010119 HO  3 01 15    8320    8243      7710    7787     321     77        504L
010119 HO  2 01 15    8800    8702      8020    8118     410     98         84L
010125 HO  3 01 15    8380    8296      7710    7794     352     84            
010126 HO  3 01 15    8380    8296      7710    7794     352     84            
010129 HO  3 01 15    8380    8296      7710    7794     352     84            
001201 JY 12 00 10    9165    9145      9010    9030     243     20            
001204 JY 12 00 10    9165    9143      8990    9012     274     22            
001205 JY 12 00 10    9165    9143      8990    9012     274     22            
001206 JY 12 00 10    9140    9121      8990    9009     235     19            
001207 JY 12 00 10    9120    9103      8990    9007     204     17            
001211 JY 12 00 10    9115    9098      8985    9002     204     17            
001212 JY 12 00 10    9115    9098      8985    9002     204     17        337S
010126 JY  3 01 15    8700    8675      8500    8525     313     25            
010129 JY  3 01 15    8700    8675      8500    8525     313     25            
010130 JY  3 01 15    8695    8670      8500    8525     305     25        188L
010201 JY  3 01 15    8695    8670      8500    8525     305     25        450L
001101 MB  3 01 10    5375    5429      5060    5210     434     14            
010118 MB  3 01 15   10510   10502     10310   10318     250      8            
010119 MB  3 01 15   10510   10503     10322   10329     204      7            
010122 MB  3 01 15   10510   10503     10322   10329     204      7            
010123 MB  3 01 15   10510   10503     10322   10329     204      7            
010209 MB  3 01 15   10414   10405     10212   10221     258      9            
010212 MB  3 01 15   10412   10404     10212   10220     250      8            
001229 ND  3 01 10  253800  250050    223800  227550    3750   3750            
010129 ND  3 01 15  277700  273700    245700  249700    4000   4000            
010130 ND  3 01 15  277700  273762    246200  250138    3938   3938            
010131 ND  3 01 15  276400  272600    246000  249800    3800   3800            
010201 ND  3 01 15  276400  272600    246000  249800    3800   3800            
010215 ND  3 01 15  273000  266550    221400  227850    6450   6450            
010110 NK  3 01 15  139800  139275    135600  136125    2625    525        975S
010201 NK  3 01 15  140800  140362    137300  137738    2188    438        250S
010202 NK  3 01 15  140800  140300    136800  137300    2500    500        500S
010227 NK  3 01 15  135000  134387    130100  130713    3063    613        225S
001101 NO 12 00 10    4940    4875      4420    4485     650     65            
001102 NO 12 00 10    4940    4875      4420    4485     650     65            
001102 NO 11 00 10    5120    5047      4540    4613     725     73            
001102 NO  2 01 10    4660    4617      4320    4363     425     43       1200L
001103 NO 11 00 10    5120    5047      4540    4613     725     73            
001103 NO 12 00 10    4940    4875      4420    4485     650     65        350L
001117 NO 12 00 10    6000    5900      5200    5300    1000    100       1400L
001120 NO  2 01 10    5800    5718      5150    5232     813     82       1200L
001120 NO 12 00 10    6100    5987      5200    5313    1125    113       2600L
001121 NO  2 01 10    5900    5806      5150    5244     938     94       2050L
001122 NO  2 01 10    6050    5937      5150    5263    1125    113       2500L
001130 NO  1 01 10    6650    6543      5800    5907    1063    107       1000L
001201 NO  1 01 10    6700    6587      5800    5913    1125    113       1300L
001201 NO  2 01 10    6500    6375      5500    5625    1250    125       2200L
001204 NO  2 01 10    6600    6462      5500    5638    1375    138            
001222 NO  3 01 10    8300    8137      7000    7163    1625    163            
001226 NO  2 01 10    9350    9106      7400    7644    2438    244            
001226 NO  3 01 10    8300    8137      7000    7163    1625    163            
001227 NO  3 01 10    8300    8137      7000    7163    1625    163        500L
001227 NO  2 01 10    9350    9106      7400    7644    2438    244        500L
001228 NO  2 01 10    9350    9268      8700    8782     813     82       1300L
001229 NO  3 01 10    8400    8300      7600    7700    1000    100       5500L
010202 NO  4 01 15    6100    6012      5400    5488     875     88        250L
010205 NO  4 01 15    6100    6012      5400    5488     875     88       1200S
010206 NO  4 01 15    6100    6000      5300    5400    1000    100            
010206 NO  5 01 15    5730    5668      5240    5302     613     62        200S
010207 NO  5 01 15    5730    5668      5240    5302     613     62        300L
010207 NO  4 01 15    6100    6000      5300    5400    1000    100            
010208 NO  4 01 15    6100    6000      5300    5400    1000    100       1500L
011011 NO 11 00 10    5120    5047      4540    4613     725     73            
010213 NY  3 01 15    6200    6153      5830    5877     232     47         50S
010214 NY  3 01 15    6200    6155      5840    5885     225     45            
001101 QL 12 00 10    9200    9125      8600    8675     315     75            
001102 QL 12 00 10    9200    9125      8600    8675     315     75            
001103 QL 12 00 10    9220    9140      8580    8660     336     80            
001106 QL 12 00 10    9220    9140      8580    8660     336     80        126S
001107 QL 12 00 10    9220    9140      8580    8660     336     80            
001108 QL 12 00 10    9160    9087      8580    8653     305     73            
001109 QL 12 00 10    9120    9052      8580    8648     284     68            
001110 QL 12 00 10    9040    8981      8570    8629     247     59            
001113 QL 12 00 10    8970    8920      8570    8620     210     50            
001114 QL 12 00 10    8970    8920      8570    8620     210     50            
001120 QL 12 00 10    9340    9253      8650    8737     363     87            
001121 QL 12 00 10    9340    9256      8670    8754     352     84            
001122 QL 12 00 10    9340    9256      8670    8754     352     84            
001124 QL 12 00 10    9340    9256      8670    8754     352     84            
001128 QL 12 00 10    9340    9262      8720    8798     326     78            
001130 QL 12 00 10    9340    9271      8790    8859     289     69         42S
001201 QL 12 00 10    9340    9268      8770    8842     300     72            
001212 QL  1 01 10    8050    7962      7350    7438     368     88            
001212 QL  2 01 10    8100    8025      7500    7575     315     75            
001213 QL  2 01 10    8100    8025      7500    7575     315     75            
001213 QL  1 01 10    8050    7962      7350    7438     368     88            
001214 QL  1 01 10    8050    7962      7350    7438     368     88        126S
001218 QL  2 01 10    8100    8012      7400    7488     368     88            
001218 QL  1 01 10    8050    7962      7350    7438     368     88            
001219 QL  1 01 10    7900    7831      7350    7419     289     69            
001220 QL  1 01 10    7800    7743      7350    7407     237     57            
001220 QL  2 01 10    7800    7750      7400    7450     210     50            
001222 QL  1 01 10    7800    7737      7300    7363     263     63            
001226 QL  1 01 10    7800    7731      7250    7319     289     69            
001227 QL  2 01 10    7850    7781      7300    7369     289     69            
001227 QL  1 01 10    7800    7731      7250    7319     289     69            
001228 QL  2 01 10    7850    7781      7300    7369     289     69            
001228 QL  1 01 10    7800    7731      7250    7319     289     69            
001229 QL  1 01 10    7800    7731      7250    7319     289     69        735L
010122 QL  2 01 15    9000    8896      8175    8279     434    104            
010123 QL  2 01 15    9000    8900      8200    8300     420    100            
010124 QL  2 01 15    9000    8900      8200    8300     420    100            
010125 QL  2 01 15    9000    8900      8200    8300     420    100            
010126 QL  2 01 15    9000    8900      8200    8300     420    100            
010130 QL  2 01 15    9000    8900      8200    8300     420    100            
010131 QL  3 01 15    8720    8657      8220    8283     263     63        441S
010131 QL  2 01 15    9000    8925      8400    8475     315     75            
010201 QL  2 01 15    9000    8925      8400    8475     315     75            
010202 QL  3 01 15    8720    8652      8180    8248     284     68        882L
010112 SF  3 01 15    6290    6267      6110    6133     282     23            
001106 SP 12 00 10  144400  143250    135200  136350    2875   1150       1250L
001107 SP 12 00 10  144700  143512    135200  136388    2969   1188            
001108 SP 12 00 10  144700  144300    141500  141900    1000    400        875S
001120 SP 12 00 10  141100  140187    133800  134713    2282    913            
001122 SP 12 00 10  141100  140187    133800  134713    2282    913       3875S
001127 SP 12 00 10  140200  139275    132800  133725    2313    925            
001128 SP 12 00 10  140200  139275    132800  133725    2313    925            
001129 SP 12 00 10  140200  139275    132800  133725    2313    925            
001130 SP 12 00 10  140200  139275    132800  133725    2313    925       7750S
001204 SP 12 00 10  137900  136937    130200  131163    2407    963            
001205 SP 12 00 10  136600  135800    130200  131000    2000    800       4000L
001212 SP 12 00 10  138900  137812    130200  131288    2719   1088            
001213 SP  3 01 10  140900  140300    136100  136700    1500    600        125L
001213 SP 12 00 10  138900  137812    130200  131288    2719   1088            
010104 SP  3 01 15  137300  136100    127700  128900    3000   1200            
010108 SP  3 01 15  137300  136100    127700  128900    3000   1200            
010112 SP  3 01 15  136500  135400    127700  128800    2750   1100            
010116 SP  3 01 15  136500  135525    128700  129675    2438    975            
010117 SP  3 01 15  136500  135575    129100  130025    2313    925            
010118 SP  3 01 15  136500  135575    129100  130025    2313    925            
010119 SP  3 01 15  136500  135575    129100  130025    2313    925       1700L
010122 SP  3 01 15  136500  135575    129100  130025    2313    925            
010123 SP  3 01 15  136500  135575    129100  130025    2313    925       2000L
010126 SP  3 01 15  137600  136612    129700  130688    2469    988            
010129 SP  3 01 15  137600  136612    129700  130688    2469    988            
010130 SP  3 01 15  137600  136612    129700  130688    2469    988       2000L
010201 SP  3 01 15  138400  137612    132100  132888    1969    788            
010202 SP  3 01 15  138400  137650    132400  133150    1875    750        250L
010206 SP  3 01 15  138400  137825    133800  134375    1438    575            
010207 SP  3 01 15  138400  137837    133900  134463    1407    563            
010208 SP  3 01 15  138400  137875    134200  134725    1313    525       2000S
010214 SP  3 01 15  138400  137600    132000  132800    2000    800       2875S
010215 SP  3 01 15  138400  137500    131200  132100    2250    900            
010216 SP  3 01 15  138400  137500    131200  132100    2250    900       3875S
010220 SP  3 01 15  138400  137400    130400  131400    2500   1000       5500S