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                            System Report - Pullback 20%

                                  System Parameters
System notes
Enter long   CLOSE < .80 * HHV(CLOSE, 180)
Close long   CLOSE > 1.1 * Mov(C,89,E)
Initial equi 5000
Positions    Long
Entry trade  Open
Entry trade  1
Exit trade p Open
Exit trade d 1
Entry commis 25 points
Exit commiss 25 points
Interest rat 0%
Margin req.  50%

                            System Report - Pullback 20%

                                MICROSOFT CORP Trades
                     ...
---  Out   1/2/92   7/28/93     0.00  0.00 Enter long
1    Long  7/28/93   4/26/94   372.04  0.35 Close long
---  Out   4/26/94   10/5/95     0.00  0.00 Enter long
2    Long  10/5/95   10/30/95   213.91  0.70 Close long
---  Out   10/30/95   11/21/95     0.00  0.00 Enter long
3    Long  11/21/95   2/12/96   039.57  0.75 Close long
---  Out   2/12/96   12/26/97     0.00  0.00 Enter long
4    Long  12/26/97   1/29/98   323.13  0.00 Close long
---  Out   1/29/98   10/8/98     0.00  0.00 Enter long
5    Long  10/8/98   11/24/98   703.82  0.00 Close long
---  Out   11/24/98   5/14/99     0.00  0.00

                           System Report - Pullback 20%

                               MICROSOFT CORP Results
Total net pro  25652.47 Open position      N/A
Percent gain/  513.05 Annual percen    69.61
Initial inves  5000.00 Interest earn     0.00
Current posit     Out Date position   /24/98
Buy/Hold prof  160095.88 Days in test      2690
Buy/Hold pct   3201.92 Annual B/H pc   434.46
Total closed        5 Commissions p   250.00
Avg profit pe  5130.49 Avg Win/Avg L      N/A
Total long tr       5 Total short t        0
Winning long        5 Winning short        0
Total winning       5 Total losing         0
Amount of win  25652.47 Amount of los     0.00
Average win    5130.49 Average loss       N/A
Largest win    11703.82 Largest loss      0.00
Average lengt   64.40 Average lengt      N/A
Longest winni     190 Longest losin        0
Most consecut       5 Most consecut        0
Total bars ou    1550 Average lengt   258.33
Longest out p     475
System close     0.00 Profit/Loss i   100.00
System open d  -646.88 Reward/Risk i    97.54
Max open trad  -1221.86 Buy/Hold inde   -83.98