This performance report is meant to show potential of all the picks from our Swing Trading Letter, not actual trading. This data does not include costs, dividends or any other known or unknown variables which may or may not have impacted the trades.

Swing Trading History for February 2005 Date Stock Enter Action Target Stop Exit Exit Date Results Percent 28-Jan NIHD 54.01 Long 55.48 53.33 55.48 4-Feb 1.47 2.72% 3-Feb HOV 54.10 Long 55.24 52.86 55.24 4-Feb 1.14 2.11% 2-Feb MACR 34.69 Long 35.89 32.77 35.89 8-Feb 1.20 3.46% 7-Feb SWIR 10.41 Long 10.94 9.89 9.89 8-Feb (0.52) -5.00% 8-Feb PCLN 21.74 Short 21.28 22.03 21.28 8-Feb 0.46 2.12% 1-Feb PNRA 51.35 Long 52.72 49.23 49.23 9-Feb (2.12) -4.13% 23-Feb OSIP 56.24 Short 55.02 57.51 55.02 24-Feb 1.22 2.14% 24-Feb APOL 73.56 Short 72.02 75.23 75.23 24-Feb (1.67) -2.27% 23-Feb YELL 58.64 Long 61.94 58.64 61.94 25-Feb 3.30 5.63% 23-Feb DISH 29.42 Short 28.76 29.42 29.42 25-Feb 0.00 0.00% 24-Feb IACI 21.91 Short 21.28 22.69 22.69 25-Feb (0.78) -3.56% 15-Feb ASD 45.40 Long 46.96 45.40 46.96 28-Feb 1.56 -3.13% 24-Feb BBY 51.73 Short 50.14 52.11 53.35 28-Feb (1.62) -3.13% - - - - - - - - - -               Feb Total 3.64 3.55%                                   YTD 14.23 27.36%                                               P - Pending

The performance results noted above are hypothetical. Unlike an actual performance record, hypothetical results do not represent actual trading. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. Since trades have not actually been executed, results may vary due to market factors such as lack of liquidity, slippage and commissions. Some performance stats listed may be approximations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown above.