BF1 Filled

Filled	1396.25	BF1		June Emini
Position:
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BE1	1389.25		1409.75	SE1

SE1 Filled

Filled	1402.75	SE1		June Emini
Position:	-1		1402.75
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BF1	1396.25		1409.75	SE2

BF1 Filled

Filled	1391.25	BF1 Filled		June Emini
Position:	0
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BE1	1382.25		1402.75	SE1

Good Morning

We enter the day short (-1). Working Orders Below:

Position:	-1		1395	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
BF1	1391.25		1405.75	SE2

We are in a Bull Market?

Two days ago, I was having a conversation with someone. This person said, in a matter-of-fact way, that we are in a Bull Market.

Have we changed the definition of a Bull Market now-a-days?

So, I looked up "Bull Market"... to make sure the definition didn't change.

Definitions:

1. A period of rising market prices.

2. A market in which the primary trend is up.

3. A market distinguished by rising prices.


OK... that is what I thought it meant. So I went and did some math to see if prices were rising.

12/31/07 1468.36
05/07/08 1392.57

It looks like this year prices are lower. So, this year is not a Bull Market by definition. Let's go back further... to the beginning of this century.

12/31/99 1469.25
05/07/08 1392.57

Nope... that doesn't fit the Bull Market definition either.

Conclusion:

We are not in a Bull Market this year... nor have we been in a Bull Market this century.

The Bulls can take their head out the sand. Let's call the Market what it is.

Barlow

5.07.08 4.15 Settlement

Trade Date:
5/7/2008
	EST		Buy		Sell
Position	Time	Type	Price	Average	Price	Type	P/L
-3	9:30				1420.75	Close
-2	11:52	BF1	1410.25				$525.00
-1	2:30	BF2	1400.25				$1,037.50
-1	4:15	Close	1395.00				$1,287.50
						21.11%	$2,850.00

Summary:

Today's P/L is $2850.00: for a 21.11 % gain.

We entered the day short (-3).

Intra-day we bought 2

We conclude the day short (-1).

BF2 Filled

Filled	1400.25	BF1 Filled		June Emini
Position:	-1		1420.75	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
			1409.75	SE2

New Working Orders

Position:	-2		1420.75	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1400.25	BF1		1420.75	SE3

BF1 Filled

Filled	1410.25	BF1 Filled		June Emini
Position:	-2		1420.75	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1401.25	BF1		1421.75	SE3

Good Morning

We enter the day short (-3). Working Orders are below:

Position:	-3		1420.75	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1410.25	BF1

5.6.08 4.15 Settlement

Trade Date:
5/6/2008
	EST		Buy		Sell
Position	Time	Type	Price	Average	Price	Type	P/L
-2	9:30				1408.25	Close
-3	11:05			1408.08	1407.75
-3	4:15	Close	1420.75				-$1,900.50
						-14.08%	-$1,900.50

Summary:

Today's P/L is -$1900.50; for a 14.08% loss.

We entered the day short (-2).

We sold 1 intra-day.

We conclude the day short (-3).

SE3 Filled

Filled	1407.75	SE3		June Emini
Position:	-3		1408.08	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1395.25	BF1

New Working Orders

Position:	-2		1408.25	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1394.25	BF1		1407.75	SE3

Good Morning

We enter the day short (-2). Working Orders Below:

Position:	-2		1408.25	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1396.25	BF1		1409.75	SE3

5.05.08 4.15 Settlement

Trade Date:
5/5/2008
	EST		Buy		Sell
Position	Time	Type	Price	Average	Price	Type	P/L
-2	9:30				1415.75	Close
-2	4:15	Close					$750.00
						5.56%	$750.00

Summary:

Today's P/L is $750.00; for a 5.56% gain.

We entered the day short (-2).

There were no intra-day trades.

We conclude the day short (-2).


=====

Good Morning

We enter the day short (-2). Working Orders Below:

Position:	-2		1415.75	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1402.25	BF1		1416.75	SE3

5.02.08 4.15 Settlement

Trade Date:
5/2/2008
	EST		Buy		Sell
Position	Time	Type	Price	Average	Price	Type	P/L
-3	9:30				1411.50	Close
-3	12:36	BF1	1411.25				$12.50
-2	4:15	Close	1415.75				-$450.00
						-3.24%	-$437.50

Summary:

Today's P/L is -$437.50; for a 3.24% loss.

We entered the day short (-3).

We bought 1 intra-day.

We conclude the day short (-2).


====

Filled	1411.25	BF1		June Emini
Position:	-2		1411.5	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1403.25	Bf2		1417.75	SE3

Good Morning

We enter the day short (-3). Working Orders Below:

Position:	-3		1411.5	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1411.25	BF1

5.1.08 4.15 Settlement

Trade Date:
5/1/2008
	EST		Buy		Sell
Position	Time	Type	Price	Average	Price	Type	P/L
-1	9:30				1386.00	Close
-2	11:09			1389.87	1393.75	SE2
-3	1:56			1394.42	1403.75	SE3
-3	4:15	Close	1411.50				-$2,562.00
						-18.98%	-$2,562.00

Today's P/L is -2562.00; for a 18.98% loss.

We entered the day short (-1).

Intra-day we sold 2.

We conclude the day short (-3).

========================

Filled	1403.75	SE3		June Emini
Position:	-3		1394.42	SA12
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1395.25	BF1

SE2 Filled

Filled	1393.75	SE2		June Emini
Position:	-2		1389.87	SA12
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1382.25	BF1		1403.75	SE3

Good Morning

We enter the day short (-1). Working orders are below:

Position:	-1		1386.000	Close
Working Orders:
	Buy		Sell
Type	Price		Price	Type
1378.25	BF1		1393.75	SE2