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 May 2006 INITIAL RESULTS SECONDARY RESULTS EntryDate Type Stock Enter Action Target Stop Initial Exit Exit Date Exit Points % Exit Exit Date Exit Points % 8-May ST FMCN 67.58 LONG 68.90 64.67 68.90 8-May 1.32 1.95% 68.07 10-May 0.49 0.73% 10-May ST SLAB 42.89 SHORT 42.03 44.22 42.03 10-May 0.86 2.01% 40.51 16-May 2.38 5.55% 15-May LT RACK 40.37 SHORT 38.35 42.68 38.35 15-May 2.02 5.00% 39.56 17-May 0.81 2.01% 17-May LT SPWR 33.15 SHORT 31.49 34.66 31.49 17-May 1.66 5.01% 29.71 23-May 3.44 10.38% 17-May ST TSRA 29.33 SHORT 28.74 30.35 28.74 17-May 0.59 2.01% 28.76 19-May 0.57 1.94% 19-May LT NUE 104.34 SHORT 99.12 108.51 99.12 22-May 5.22 5.00% 104.34 23-May 0.00 0.00% 23-May ST EXBD 106.88 LONG 109.02 104.99 109.02 23-May 2.14 2.00% 106.88 23-May 0.00 0.00% -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- . May Total: 13.81 22.99% May Total: 7.69 20.60% . YTD Total: (4.86) -9.05% YTD Total: 6.22 3.54%                     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.