Unlike the popular buy-and-hold strategy, you would have substantially appreciated your investment capital during the millennium bear market by employing purely empirical market timing. As the models' performance demonstrates, Marketpolygraph has generated exceptional investment performance in every single year since 1999.

All historical performance results reflect the following:

• Marketpolygraph research more than pays for itself—typically well within the first quarter of membership: private investor monthly subscription fees and discount trading commissions are included in all performance calculations i.e. understating returns by at least 2-3 percentage points.
• Dividend and savings interest income (where applicable) are excluded from performance data calculations.
• Transactions for QQQ, IWM and SPY are all executed on the same day a given Marketpolygraph QQQ research notification is issued.
• Prior to Marketpolygraph's first live call in August 2004, average intraday share pricing is employed in order to realistically allow for delays in order execution: in addition to initial buys or shorts executed at the average intraday price, any given long position is not exited at the top of the day's trading range, and any given short is not covered at the bottom of the day's trading range.
• ETF transaction size = 1000 shares.
• As an example, an analysis of reinvested trading profits is included in the second and third tables below.
• As found in the third table, the QQQ model is assessed for performance when 150 and 300 shares constitute the initial allocation of trading shares.
• Given the time-tested predictive efficacy of Metatechnical Theory, the use of leveraged long/short ETFs has become increasingly central in determining our performance results—an inevitable outcome given the widespread adoption of leveraged ETFs in global markets. Neverthless, transactions that exceed the specified limit (i.e. 1000 shares in the first two tables and 150 and 300 shares per the last table) are excluded from the performance review as this would otherwise overstate our performance results.

Historical Performance

Historical ETF Performance Returns
Year	QQQ	IWM	SPY	Closed	Long	Cash
1999	82.1%*	N/A	15.7%*	4	4	21
2000	116.1%	46.1%*	26.3%	9	5	9
2001	87.4%	62.0%	48.5%	4	2	6
2002	61.2%	37.8%	28.3%	5	3	7
2003	41.3%	63.1%	33.8%	5	4	5
2004	55.0%	50.9%	28.6%	13	7	7
2005	19.5%	17.1%	15.7%	10	6	16
2006	22.0%	7.8%	3.6%	10	6	9
2007	31.8%	4.1%	8.3%	7	5	13
2008	0.0%	0.0%	0.0%	0	1	2
2009	13.11%	5.16%	-10.89%	11	5	1
2010	29.91%	24.88%	11.72%	4	1	38
2011	59.92%	56.30%	42.51%	6	4	33

• A clear majority of trades have been issued as long recommendations.
• At approximately 1 week in duration, 2009 saw the fewest reversions to cash.
• Correctly anticipating market weakness in Q4 of 2008, the single open position only became fully weighted at this time.

Example A: 2004 Performance with 1000 Shares

• Since 1999, our ETF timing outcomes have realized a geometric mean exceeding 45% on a yearly transactional base that has yet to exceed 13 closed trades.
• Winning trades accuracy since 1999 › 85%
• Probability of being invested in the market at any given time › 70%

ETF Performance Comparison
Fixed trading amount	Reinvested profits	Fixed trading amount	Reinvested profits	Fixed trading amount	Reinvested profits
QQQ		IWM		SPY
YTD Trading Profit ($USD)
$20,064	$26,125	$57,014	$69,748	$31,764	$35,484
YTD % Return (ROI)
55%	72%	51%	62%	29%	32%

Example B: 2004 Performance with 150 and 300 QQQ Shares

QQQ Performance
	Fixed trading amount	Reinvested profits	Fixed trading amount	Reinvested profits
	YTD Trading Profit ($USD)		YTD % Return (ROI)
150 Shares	$2,002	$2,507	37%	46%
300 Shares	$5,189	$6,675	47%	61%

Once again, both the ROI and Net Profit figures above are fully cost-adjusted—they include all discount brokerage commissions** and all Marketpolygraph monthly private investor fees (which may be significantly less than many banks' trading commissions).

*QQQ trading commenced on March 10, 1999 and our first research notification followed on April 21, 1999—applicable to QQQ and SPY models only, as IWM trading commenced on May 26, 2000 of the following year. The first general research notification applicable to all three ETF models followed very closely thereafter i.e. May 30, 2000.

**In the interest of maximizing your returns, please consider opening an on-line discount brokerage account with shorting capability, such as a TD AMERITRADE (U.S.A.) or TD Waterhouse (Canada) account, either of which would take a week or so to set up in order to best complement your Marketpolygraph membership. Depending on your present situation, you may consider initiating your Marketpolygraph membership in advance of your discount brokerage account if it proves more convenient to do so.