is anyone building an automated trading system?

resfranzi

New Member
if the world is deterministic, optimisation is simple. but when there are many things not in the control of a program could happen, the outcome may well be just as uncertain
 

ExSan

Active Member
I have developed a raw simulator of Automata Trading System that reads data from a txt file, in this format
asset_name price
at the time every asset is read it is computed the Markowitz Portfolio
My aim is to use this in the future to implement more complicated Trading Algorithm and finally a real Automata Trading System
API interface still pending
Code:
                                               Thu Nov 13 08:08:17 2008
    EXSAN v3.18.kk - [EMAIL="exsan.software@gmail.com"]exsan.software@gmail.com[/EMAIL]   [EMAIL="exsan@uio.satnet.net"]exsan@uio.satnet.net[/EMAIL]
    E X S A N     M E N U
    Quant Finance Room
  f Markowitz Portfolio Automata Handler
    0 ---> exit 
    Your Data File in c:\exsan\     Data file  ---> mkt
    Data will be read from File ---> c:\exsan\mkt.txt
    [8...12] Build Portfolio Markowitz with the at least || last n ticks ---> 10
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
       1:      0      0      0      0      0      0      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
       1:        0        0        0        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
       1:        0        0        0        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      16.15      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  1   SIN 1:   16.1      0      0      0      0      0      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  1   SIN 1:        0        0        0        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  1   SIN 1:        0        0        0        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      19.48      Insert in Col-Index: 2         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  2   SIN 1:   16.1   19.5      0      0      0      0      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  2   SIN 1:        0    0.206        0        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  2   SIN 1:        0    0.206        0        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      22.41      Insert in Col-Index: 3         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  3   SIN 1:   16.1   19.5   22.4      0      0      0      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  3   SIN 1:        0    0.206     0.15        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  3   SIN 1:        0    0.206     0.15        0        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      24.68      Insert in Col-Index: 4         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  4   SIN 1:   16.1   19.5   22.4   24.7      0      0      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  4   SIN 1:        0    0.206     0.15    0.101        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  4   SIN 1:        0    0.206     0.15    0.101        0        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      26.08      Insert in Col-Index: 5         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  5   SIN 1:   16.1   19.5   22.4   24.7   26.1      0      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  5   SIN 1:        0    0.206     0.15    0.101   0.0567        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  5   SIN 1:        0    0.206     0.15    0.101   0.0567        0        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->       26.5      Insert in Col-Index: 6         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[2, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       2:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[2, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       2:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->          9      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[3, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  1  BULL 2:      9      0      0      0      0      0      0      0      0      0      0
       3:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  1  BULL 2:        0        0        0        0        0        0        0        0        0        0        0
       3:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  1  BULL 2:        0        0        0        0        0        0        0        0        0        0        0
       3:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->        4.5      Insert in Col-Index: 2         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[3, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  2  BULL 2:      9    4.5      0      0      0      0      0      0      0      0      0
       3:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  2  BULL 2:        0     -0.5        0        0        0        0        0        0        0        0        0
       3:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  2  BULL 2:        0     -0.5        0        0        0        0        0        0        0        0        0
       3:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         15      Insert in Col-Index: 3         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[3, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  3  BULL 2:      9    4.5     15      0      0      0      0      0      0      0      0
       3:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
       3:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
       3:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->         19      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  3  BULL 2:      9    4.5     15      0      0      0      0      0      0      0      0
  1  BEAR 3:     19      0      0      0      0      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  1  BEAR 3:        0        0        0        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  1  BEAR 3:        0        0        0        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->       18.5      Insert in Col-Index: 2         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  3  BULL 2:      9    4.5     15      0      0      0      0      0      0      0      0
  2  BEAR 3:     19   18.5      0      0      0      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  2  BEAR 3:        0  -0.0263        0        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  2  BEAR 3:        0  -0.0263        0        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->         18      Insert in Col-Index: 3         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  3  BULL 2:      9    4.5     15      0      0      0      0      0      0      0      0
  3  BEAR 3:     19   18.5     18      0      0      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  3  BEAR 3:        0  -0.0263   -0.027        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  3  BEAR 3:        0  -0.0263   -0.027        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->       17.5      Insert in Col-Index: 4         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  3  BULL 2:      9    4.5     15      0      0      0      0      0      0      0      0
  4  BEAR 3:     19   18.5     18   17.5      0      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  4  BEAR 3:        0  -0.0263   -0.027  -0.0278        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  3  BULL 2:        0     -0.5     2.33        0        0        0        0        0        0        0        0
  4  BEAR 3:        0  -0.0263   -0.027  -0.0278        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->         17      Insert in Col-Index: 5         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  5  BEAR 2:     19   18.5     18   17.5     17      0      0      0      0      0      0
  3  BULL 3:      9    4.5     15      0      0      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  3  BULL 3:        0     -0.5     2.33        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  3  BULL 3:        0     -0.5     2.33        0        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         12      Insert in Col-Index: 4         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  5  BEAR 2:     19   18.5     18   17.5     17      0      0      0      0      0      0
  4  BULL 3:      9    4.5     15     12      0      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  4  BULL 3:        0     -0.5     2.33     -0.2        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  4  BULL 3:        0     -0.5     2.33     -0.2        0        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         24      Insert in Col-Index: 5         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  5  BEAR 2:     19   18.5     18   17.5     17      0      0      0      0      0      0
  5  BULL 3:      9    4.5     15     12     24      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  5  BULL 3:        0     -0.5     2.33     -0.2        1        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  5  BULL 3:        0     -0.5     2.33     -0.2        1        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->       22.5      Insert in Col-Index: 6         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  5  BEAR 2:     19   18.5     18   17.5     17      0      0      0      0      0      0
  6  BULL 3:      9    4.5     15     12     24   22.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  6  BULL 3:        0     -0.5     2.33     -0.2        1  -0.0625        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  5  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
  6  BULL 3:        0     -0.5     2.33     -0.2        1  -0.0625        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         36      Insert in Col-Index: 7         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  6   SIN 1:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  7  BULL 2:      9    4.5     15     12     24   22.5     36      0      0      0      0
  5  BEAR 3:     19   18.5     18   17.5     17      0      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  7  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  5  BEAR 3:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  6   SIN 1:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  7  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  5  BEAR 3:        0  -0.0263   -0.027  -0.0278  -0.0286        0        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         36      Insert in Col-Index: 8
 
 
    BEAR -bid->       15.5      Insert in Col-Index: 6         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  7  BULL 1:      9    4.5     15     12     24   22.5     36      0      0      0      0
  6   SIN 2:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  6  BEAR 3:     19   18.5     18   17.5     17   15.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  7  BULL 1:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 2:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  6  BEAR 3:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  7  BULL 1:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 2:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  6  BEAR 3:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->         15      Insert in Col-Index: 7         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  7  BULL 1:      9    4.5     15     12     24   22.5     36      0      0      0      0
  6   SIN 2:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
  7  BEAR 3:     19   18.5     18   17.5     17   15.5     15      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  7  BULL 1:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 2:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  7  BEAR 3:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  7  BULL 1:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 2:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
  7  BEAR 3:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->       14.5      Insert in Col-Index: 8         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  7  BULL 1:      9    4.5     15     12     24   22.5     36      0      0      0      0
  8  BEAR 2:     19   18.5     18   17.5     17   15.5     15   14.5      0      0      0
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  7  BULL 1:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  8  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  7  BULL 1:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  8  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->         14      Insert in Col-Index: 9         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
  9  BEAR 1:     19   18.5     18   17.5     17   15.5     15   14.5     14      0      0
  7  BULL 2:      9    4.5     15     12     24   22.5     36      0      0      0      0
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  9  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345        0        0
  7  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
  9  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345        0        0
  7  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BEAR -bid->       13.5      Insert in Col-Index: 10         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 10  BEAR 1:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  7  BULL 2:      9    4.5     15     12     24   22.5     36      0      0      0      0
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  7  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  7  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6        0        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         51      Insert in Col-Index: 8         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 10  BEAR 1:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  8  BULL 2:      9    4.5     15     12     24   22.5     36     51      0      0      0
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  8  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  8  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417        0        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->       52.5      Insert in Col-Index: 9         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 10  BEAR 1:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  9  BULL 2:      9    4.5     15     12     24   22.5     36     51   52.5      0      0
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  9  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  9  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294        0        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         69      Insert in Col-Index: 10         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 10  BEAR 1:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
 10  BULL 2:      9    4.5     15     12     24   22.5     36     51   52.5     69   21.7
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
 10  BULL 2:        0     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.393
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
 10  BULL 2:   -0.393   -0.893     1.94   -0.593    0.607   -0.456    0.207   0.0235   -0.364  -0.0788        0
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         72      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 10  BEAR 1:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
 11  BULL 2:     72    4.5     15     12     24   22.5     36     51   52.5     69   24.1
  6   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5      0      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
 11  BULL 2:   0.0435     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.397
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 10  BEAR 1:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
 11  BULL 2:   -0.354   -0.897     1.94   -0.597    0.603    -0.46    0.203   0.0192   -0.368  -0.0832    0.802
  6   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161        0        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[1, 1]
        <------------->
                           A 
 11  BULL 1:      0.64456
        >-------------<
 
 
    SIN -bid->      25.88      Insert in Col-Index: 7         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 11  BULL 1:     72    4.5     15     12     24   22.5     36     51   52.5     69   24.1
 10  BEAR 2:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  7   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9      0      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 11  BULL 1:   0.0435     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.397
 10  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  7   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 11  BULL 1:   -0.354   -0.897     1.94   -0.597    0.603    -0.46    0.203   0.0192   -0.368  -0.0832    0.802
 10  BEAR 2:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  7   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234        0        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->       24.3      Insert in Col-Index: 8         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 11  BULL 1:     72    4.5     15     12     24   22.5     36     51   52.5     69   24.1
 10  BEAR 2:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  8   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3      0      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 11  BULL 1:   0.0435     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.397
 10  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  8   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 11  BULL 1:   -0.354   -0.897     1.94   -0.597    0.603    -0.46    0.203   0.0192   -0.368  -0.0832    0.802
 10  BEAR 2:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  8   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611        0        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      21.88      Insert in Col-Index: 9         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 11  BULL 1:     72    4.5     15     12     24   22.5     36     51   52.5     69   24.1
 10  BEAR 2:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  9   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 11  BULL 1:   0.0435     -0.5     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.397
 10  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 11  BULL 1:   -0.354   -0.897     1.94   -0.597    0.603    -0.46    0.203   0.0192   -0.368  -0.0832    0.802
 10  BEAR 2:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    BULL -bid->         90      Insert in Col-Index: 2         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 12  BULL 1:     72     90     15     12     24   22.5     36     51   52.5     69   26.7
 10  BEAR 2:     19   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.99
  9   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   0.0435     0.25     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.472
 10  BEAR 2:        0  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0334
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   -0.429   -0.222     1.86   -0.672    0.528   -0.535    0.128  -0.0558   -0.443   -0.158    0.742
 10  BEAR 2:   0.0334  0.00706  0.00634  0.00559   0.0048  -0.0549  0.00111 3.82e-005 -0.00111 -0.00234        0
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[1, 1]
        <------------->
                           A 
 12  BULL 1:      0.85337
        >-------------<
 
 
    BEAR -bid->       16.5      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[3, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 12  BULL 1:     72     90     15     12     24   22.5     36     51   52.5     69   26.7
 11  BEAR 2:   16.5   18.5     18   17.5     17   15.5     15   14.5     14   13.5   1.75
  9   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   0.0435     0.25     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.472
 11  BEAR 2:    0.222  -0.0263   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0111
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[3, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   -0.429   -0.222     1.86   -0.672    0.528   -0.535    0.128  -0.0558   -0.443   -0.158    0.742
 11  BEAR 2:    0.233  -0.0152  -0.0159  -0.0166  -0.0174  -0.0771  -0.0211  -0.0222  -0.0233  -0.0246    0.084
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[2, 2]
        <-------------------------->
                           A            B 
 12  BULL 1:      0.85337 -2.7318e-005
 11  BEAR 2: -2.7318e-005    0.0071112
        >--------------------------<
    Portfolio Weights
    WORKSHEET I[2, 1]
        <----------->
                         A 
 12  BULL 1:      0.0083
 11  BEAR 2:       0.992
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00705
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.08397625
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:    0.08948923
        >-------------<
 
 
    BEAR -bid->         16      Insert in Col-Index: 2         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 12  BULL 1:     72     90     15     12     24   22.5     36     51   52.5     69   26.7
 12  BEAR 2:   16.5     16     18   17.5     17   15.5     15   14.5     14   13.5   1.51
  9   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   0.0435     0.25     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.472
 12  BEAR 2:    0.222  -0.0303   -0.027  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0115
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   -0.429   -0.222     1.86   -0.672    0.528   -0.535    0.128  -0.0558   -0.443   -0.158    0.742
 12  BEAR 2:    0.234  -0.0188  -0.0155  -0.0162   -0.017  -0.0767  -0.0207  -0.0218  -0.0229  -0.0242   0.0841
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[2, 2]
        <-------------------------->
                           A            B 
 12  BULL 1:      0.85337 -2.7031e-005
 12  BEAR 2: -2.7031e-005    0.0071265
        >--------------------------<
    Portfolio Weights
    WORKSHEET I[2, 1]
        <----------->
                         A 
 12  BULL 1:     0.00831
 12  BEAR 2:       0.992
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00707
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.08406547
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.0895892
        >-------------<
 
 
    BEAR -bid->         13      Insert in Col-Index: 3         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 12  BULL 1:     72     90     15     12     24   22.5     36     51   52.5     69   26.7
 13  BEAR 2:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
  9   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   0.0435     0.25     2.33     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.472
 13  BEAR 2:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 12  BULL 1:   -0.429   -0.222     1.86   -0.672    0.528   -0.535    0.128  -0.0558   -0.443   -0.158    0.742
 13  BEAR 2:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[2, 2]
        <-------------------------->
                           A            B 
 13  BEAR 1:       0.0102    0.0056162
 12  BULL 2:    0.0056162      0.53927
        >--------------------------<
    Portfolio Weights
    WORKSHEET I[2, 1]
        <----------->
                         A 
 13  BEAR 1:       0.991
 12  BULL 2:     0.00852
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:     0.0102
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:     0.1008002
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1064703
        >-------------<
 
 
    BULL -bid->       94.5      Insert in Col-Index: 3         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 13  BEAR 1:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 13  BULL 2:     72     90   94.5     12     24   22.5     36     51   52.5     69   28.8
  9   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9      0      0
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 13  BULL 2:   0.0435     0.25     0.05     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.244
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 13  BULL 2:   -0.201  0.00587   -0.194   -0.444    0.756   -0.307    0.356    0.173   -0.215   0.0702    0.357
  9   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996        0        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[2, 2]
        <-------------------------->
                           A            B 
 13  BEAR 1:     0.010308 -3.7781e-007
 13  BULL 2: -3.7781e-007      0.14383
        >--------------------------<
    Portfolio Weights
    WORKSHEET I[2, 1]
        <----------->
                         A 
 13  BEAR 1:       0.933
 13  BULL 2:      0.0669
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00962
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.09807295
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:      0.118142
        >-------------<
 
 
    SIN -bid->      18.85      Insert in Col-Index: 10         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 13  BEAR 1:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 13  BULL 2:     72     90   94.5     12     24   22.5     36     51   52.5     69   28.8
 10   SIN 3:   16.1   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   3.52
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 13  BULL 2:   0.0435     0.25     0.05     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.244
 10   SIN 3:        0    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138   0.0208
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 13  BULL 2:   -0.201  0.00587   -0.194   -0.444    0.756   -0.307    0.356    0.173   -0.215   0.0702    0.357
 10   SIN 3:  -0.0208    0.185     0.13   0.0805   0.0359 -0.00472  -0.0442  -0.0819    -0.12   -0.159        0
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    SIN -bid->      15.48      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 13  BEAR 1:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 13  BULL 2:     72     90   94.5     12     24   22.5     36     51   52.5     69   28.8
 11   SIN 3:   15.5   19.5   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   3.66
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 13  BULL 2:   0.0435     0.25     0.05     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.244
 11   SIN 3:   -0.179    0.206     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  0.00294
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 13  BULL 2:   -0.201  0.00587   -0.194   -0.444    0.756   -0.307    0.356    0.173   -0.215   0.0702    0.357
 11   SIN 3:   -0.182    0.203    0.147   0.0984   0.0538   0.0132  -0.0263   -0.064   -0.103   -0.141    0.127
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 13  BEAR 1:     0.010308 -3.7781e-007 -1.1119e-006
 13  BULL 2: -3.7781e-007      0.14383 -1.2984e-006
 11   SIN 3: -1.1119e-006 -1.2984e-006      0.01627
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 13  BEAR 1:       0.586
 13  BULL 2:       0.042
 11   SIN 3:       0.372
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00604
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07774494
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:      0.121264
        >-------------<
 
 
    SIN -bid->      12.06      Insert in Col-Index: 2         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 13  BEAR 1:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 13  BULL 2:     72     90   94.5     12     24   22.5     36     51   52.5     69   28.8
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 13  BULL 2:   0.0435     0.25     0.05     -0.2        1  -0.0625      0.6    0.417   0.0294    0.314    0.244
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 13  BULL 2:   -0.201  0.00587   -0.194   -0.444    0.756   -0.307    0.356    0.173   -0.215   0.0702    0.357
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 13  BEAR 1:     0.010308 -3.7781e-007 -1.0215e-006
 13  BULL 2: -3.7781e-007      0.14383 -1.6916e-006
 12   SIN 3: -1.0215e-006 -1.6916e-006     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 13  BEAR 1:       0.571
 13  BULL 2:      0.0409
 12   SIN 3:       0.388
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00589
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07673732
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1197673
        >-------------<
 
 
    BULL -bid->        114      Insert in Col-Index: 4         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 13  BEAR 1:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 14  BULL 2:     72     90   94.5    114     24   22.5     36     51   52.5     69   30.9
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 14  BULL 2:   0.0435     0.25     0.05    0.206        1  -0.0625      0.6    0.417   0.0294    0.314    0.285
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 13  BEAR 1:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 14  BULL 2:   -0.241  -0.0348   -0.235  -0.0784    0.715   -0.347    0.315    0.132   -0.255   0.0295    0.322
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 14  BULL 1:      0.10396    0.0010608  7.5397e-006
 13  BEAR 2:    0.0010608     0.010204 -1.0215e-006
 12   SIN 3: -1.0408e-005  7.3997e-007     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 14  BULL 1:      0.0503
 13  BEAR 2:       0.566
 12   SIN 3:       0.384
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00583
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07634344
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1203219
        >-------------<
 
 
    BULL -bid->        120      Insert in Col-Index: 5         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 15  BULL 1:     72     90   94.5    114    120   22.5     36     51   52.5     69   32.4
 13  BEAR 2:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 15  BULL 1:   0.0435     0.25     0.05    0.206   0.0526  -0.0625      0.6    0.417   0.0294    0.314     0.19
 13  BEAR 2:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 15  BULL 1:   -0.147     0.06    -0.14   0.0163   -0.137   -0.253     0.41    0.227   -0.161    0.124    0.208
 13  BEAR 2:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 15  BULL 1:     0.045003 -9.0337e-008 -2.7734e-006
 13  BEAR 2: -9.0337e-008     0.010308 -1.0215e-006
 12   SIN 3: -2.7734e-006 -1.0215e-006     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 15  BULL 1:        0.12
 13  BEAR 2:       0.524
 12   SIN 3:       0.356
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:     0.0054
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07350283
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1214083
        >-------------<
 
 
    BULL -bid->        141      Insert in Col-Index: 6         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 13  BEAR 2:   16.5     16     13   17.5     17   15.5     15   14.5     14   13.5   1.51
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 13  BEAR 2:    0.222  -0.0303   -0.188  -0.0278  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0276
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 13  BEAR 2:     0.25 -0.00271    -0.16 -0.000182 -0.000976  -0.0606 -0.00466 -0.00574 -0.00689 -0.00812    0.101
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.9524e-007 -1.5752e-006
 13  BEAR 2: -5.9524e-007     0.010308 -1.0215e-006
 12   SIN 3: -1.5752e-006 -1.0215e-006     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.143
 13  BEAR 2:        0.51
 12   SIN 3:       0.346
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00526
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07252608
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1209044
        >-------------<
 
 
    BEAR -bid->       12.5      Insert in Col-Index: 4         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 14  BEAR 2:   16.5     16     13   12.5     17   15.5     15   14.5     14   13.5   1.51
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 14  BEAR 2:    0.222  -0.0303   -0.188  -0.0385  -0.0286  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0287
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 14  BEAR 2:    0.251 -0.00164   -0.159  -0.0098 9.23e-005  -0.0596 -0.00359 -0.00467 -0.00582 -0.00705    0.101
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.9306e-007 -1.5752e-006
 14  BEAR 2: -5.9306e-007      0.01032 -1.0457e-006
 12   SIN 3: -1.5752e-006 -1.0457e-006     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.143
 14  BEAR 2:        0.51
 12   SIN 3:       0.347
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00526
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07254771
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1209462
        >-------------<
 
 
    BEAR -bid->         12      Insert in Col-Index: 5         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 15  BEAR 2:   16.5     16     13   12.5     12   15.5     15   14.5     14   13.5   1.51
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 15  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0882  -0.0323  -0.0333  -0.0345  -0.0357  -0.0298
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 15  BEAR 2:    0.252 -0.000496   -0.158 -0.00865  -0.0102  -0.0584 -0.00245 -0.00353 -0.00468 -0.00591    0.101
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.2702e-007 -1.5752e-006
 15  BEAR 2: -5.2702e-007     0.010333 -1.0639e-006
 12   SIN 3: -1.5752e-006 -1.0639e-006     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.143
 15  BEAR 2:        0.51
 12   SIN 3:       0.347
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00527
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07257119
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1209913
        >-------------<
 
 
    BEAR -bid->       11.5      Insert in Col-Index: 6         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 12   SIN 3:   15.5   12.1   22.4   24.7   26.1   26.5   25.9   24.3   21.9   18.9   4.89
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 12   SIN 3:   -0.179   -0.221     0.15    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0398
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 12   SIN 3:   -0.139   -0.181     0.19    0.141   0.0965   0.0559   0.0164  -0.0213  -0.0598  -0.0987    0.122
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.7005e-007 -1.5752e-006
 16  BEAR 2: -5.7005e-007    0.0099373 -9.8526e-007
 12   SIN 3: -1.5752e-006 -9.8526e-007     0.015189
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.141
 16  BEAR 2:       0.519
 12   SIN 3:        0.34
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00516
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07184602
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1195909
        >-------------<
 
 
    SIN -bid->       8.91      Insert in Col-Index: 3         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 13   SIN 3:   15.5   12.1   8.91   24.7   26.1   26.5   25.9   24.3   21.9   18.9   6.35
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 13   SIN 3:   -0.179   -0.221   -0.261    0.101   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138  -0.0809
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 13   SIN 3:  -0.0979    -0.14    -0.18    0.182    0.138    0.097   0.0575   0.0199  -0.0187  -0.0576     0.12
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.7005e-007   1.941e-006
 16  BEAR 2: -5.7005e-007    0.0099373 -1.1437e-009
 13   SIN 3:   1.941e-006 -1.1437e-009     0.014722
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.139
 16  BEAR 2:       0.514
 13   SIN 3:       0.347
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00511
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07146672
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1189705
        >-------------<
 
 
    SIN -bid->        6.3      Insert in Col-Index: 4         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 14   SIN 3:   15.5   12.1   8.91    6.3   26.1   26.5   25.9   24.3   21.9   18.9   7.55
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 14   SIN 3:   -0.179   -0.221   -0.261   -0.293   0.0567   0.0161  -0.0234  -0.0611  -0.0996   -0.138    -0.12
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 14   SIN 3:  -0.0584   -0.101   -0.141   -0.173    0.177    0.136    0.097   0.0593   0.0208  -0.0181    0.119
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.7005e-007  2.0309e-006
 16  BEAR 2: -5.7005e-007    0.0099373  7.1647e-008
 14   SIN 3:  2.0309e-006  7.1647e-008     0.014288
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.138
 16  BEAR 2:       0.509
 14   SIN 3:       0.354
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00505
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.07109286
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1183611
        >-------------<
 
 
    SIN -bid->       4.46      Insert in Col-Index: 5         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 16  BULL 1:     72     90   94.5    114    120    141     36     51   52.5     69   33.9
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 15   SIN 3:   15.5   12.1   8.91    6.3   4.46   26.5   25.9   24.3   21.9   18.9   8.24
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175      0.6    0.417   0.0294    0.314    0.214
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 15   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292   0.0161  -0.0234  -0.0611  -0.0996   -0.138   -0.155
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 16  BULL 1:    -0.17   0.0362   -0.164 -0.00743   -0.161  -0.0388    0.386    0.203   -0.184    0.101    0.188
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 15   SIN 3:  -0.0235  -0.0657   -0.106   -0.138   -0.137    0.171    0.132   0.0942   0.0556   0.0167    0.112
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 16  BULL 1:     0.036711 -5.7005e-007   4.303e-006
 16  BEAR 2: -5.7005e-007    0.0099373  1.2758e-007
 15   SIN 3:   4.303e-006  1.2758e-007     0.012687
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 16  BULL 1:       0.132
 16  BEAR 2:       0.487
 15   SIN 3:       0.381
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00484
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06955901
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1157949
        >-------------<
 
 
    BULL -bid->      148.5      Insert in Col-Index: 7         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 17  BULL 1:     72     90   94.5    114    120    141    149     51   52.5     69   34.9
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 15   SIN 3:   15.5   12.1   8.91    6.3   4.46   26.5   25.9   24.3   21.9   18.9   8.24
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 17  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.417   0.0294    0.314    0.159
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 15   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292   0.0161  -0.0234  -0.0611  -0.0996   -0.138   -0.155
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 17  BULL 1:   -0.116   0.0909   -0.109   0.0472   -0.106   0.0159   -0.106    0.258    -0.13    0.155    0.136
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 15   SIN 3:  -0.0235  -0.0657   -0.106   -0.138   -0.137    0.171    0.132   0.0942   0.0556   0.0167    0.112
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 17  BULL 1:     0.018763 -2.2575e-007  5.7193e-007
 16  BEAR 2: -2.2575e-007    0.0099373  1.2758e-007
 15   SIN 3:  5.7193e-007  1.2758e-007     0.012687
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 17  BULL 1:       0.229
 16  BEAR 2:       0.432
 15   SIN 3:       0.339
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:     0.0043
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06554781
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:      0.111878
        >-------------<
 
 
    BULL -bid->        171      Insert in Col-Index: 8         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 18  BULL 1:     72     90   94.5    114    120    141    149    171   52.5     69   38.4
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 15   SIN 3:   15.5   12.1   8.91    6.3   4.46   26.5   25.9   24.3   21.9   18.9   8.24
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0294    0.314    0.133
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 15   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292   0.0161  -0.0234  -0.0611  -0.0996   -0.138   -0.155
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:  -0.0891    0.117  -0.0826   0.0738    -0.08   0.0424  -0.0794   0.0189   -0.103    0.182    0.101
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 15   SIN 3:  -0.0235  -0.0657   -0.106   -0.138   -0.137    0.171    0.132   0.0942   0.0556   0.0167    0.112
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 18  BULL 1:     0.010384 -1.0399e-007 -2.5261e-009
 16  BEAR 2: -1.0399e-007    0.0099373  1.2758e-007
 15   SIN 3: -2.5261e-009  1.2758e-007     0.012687
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 18  BULL 1:       0.349
 16  BEAR 2:       0.365
 15   SIN 3:       0.286
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00363
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06021891
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1036011
        >-------------<
 
 
    SIN -bid->       3.57      Insert in Col-Index: 6         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 18  BULL 1:     72     90   94.5    114    120    141    149    171   52.5     69   38.4
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 16   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57   25.9   24.3   21.9   18.9   8.32
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0294    0.314    0.133
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 16   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2  -0.0234  -0.0611  -0.0996   -0.138   -0.177
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:  -0.0891    0.117  -0.0826   0.0738    -0.08   0.0424  -0.0794   0.0189   -0.103    0.182    0.101
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 16   SIN 3: -0.00198  -0.0441  -0.0844   -0.116   -0.115  -0.0228    0.153    0.116   0.0772   0.0383   0.0947
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 18  BULL 1:     0.010384 -1.0399e-007 -8.6128e-008
 16  BEAR 2: -1.0399e-007    0.0099373  1.2277e-007
 16   SIN 3: -8.6128e-008  1.2277e-007    0.0090497
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 18  BULL 1:       0.313
 16  BEAR 2:       0.327
 16   SIN 3:       0.359
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00325
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.05703219
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:    0.09826735
        >-------------<
 
 
    SIN -bid->        3.7      Insert in Col-Index: 7         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 18  BULL 1:     72     90   94.5    114    120    141    149    171   52.5     69   38.4
 16  BEAR 2:   16.5     16     13   12.5     12   11.5     15   14.5     14   13.5   1.67
 17   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   24.3   21.9   18.9   7.79
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0294    0.314    0.133
 16  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0323  -0.0333  -0.0345  -0.0357  -0.0251
 17   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364  -0.0611  -0.0996   -0.138   -0.171
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:  -0.0891    0.117  -0.0826   0.0738    -0.08   0.0424  -0.0794   0.0189   -0.103    0.182    0.101
 16  BEAR 2:    0.247 -0.00515   -0.162  -0.0133  -0.0149  -0.0165 -0.00711 -0.00818 -0.00933  -0.0106   0.0992
 17   SIN 3: -0.00796  -0.0501  -0.0904   -0.122   -0.121  -0.0287    0.207     0.11   0.0712   0.0323    0.107
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 18  BULL 1:     0.010384 -1.2011e-007 -1.4252e-007
 17   SIN 2: -1.6461e-007     0.011366   0.00011185
 16  BEAR 3: -1.0399e-007   0.00011185    0.0098406
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 18  BULL 1:       0.339
 17   SIN 2:       0.306
 16  BEAR 3:       0.354
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00352
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:      0.059346
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1022096
        >-------------<
 
 
    BEAR -bid->         11      Insert in Col-Index: 7         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 18  BULL 1:     72     90   94.5    114    120    141    149    171   52.5     69   38.4
 17   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   24.3   21.9   18.9   7.79
 17  BEAR 3:   16.5     16     13   12.5     12   11.5     11   14.5     14   13.5   1.83
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0294    0.314    0.133
 17   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364  -0.0611  -0.0996   -0.138   -0.171
 17  BEAR 3:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0333  -0.0345  -0.0357  -0.0263
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:  -0.0891    0.117  -0.0826   0.0738    -0.08   0.0424  -0.0794   0.0189   -0.103    0.182    0.101
 17   SIN 2: -0.00796  -0.0501  -0.0904   -0.122   -0.121  -0.0287    0.207     0.11   0.0712   0.0323    0.107
 17  BEAR 3:    0.248 -0.00403   -0.161  -0.0122  -0.0137  -0.0154  -0.0172 -0.00706 -0.00821 -0.00944   0.0994
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 18  BULL 1:     0.010384 -1.6461e-007 -9.5277e-008
 17   SIN 2: -1.6461e-007     0.011495  1.2519e-007
 17  BEAR 3: -9.5277e-008  1.2519e-007    0.0099682
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 18  BULL 1:        0.34
 17   SIN 2:       0.307
 17  BEAR 3:       0.354
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00353
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.05937861
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1022669
        >-------------<
 
 
    BEAR -bid->       10.5      Insert in Col-Index: 8         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 18  BULL 1:     72     90   94.5    114    120    141    149    171   52.5     69   38.4
 17   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   24.3   21.9   18.9   7.79
 18  BEAR 3:   16.5     16     13   12.5     12   11.5     11   10.5     14   13.5   2.01
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0294    0.314    0.133
 17   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364  -0.0611  -0.0996   -0.138   -0.171
 18  BEAR 3:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0345  -0.0357  -0.0275
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 18  BULL 1:  -0.0891    0.117  -0.0826   0.0738    -0.08   0.0424  -0.0794   0.0189   -0.103    0.182    0.101
 17   SIN 2: -0.00796  -0.0501  -0.0904   -0.122   -0.121  -0.0287    0.207     0.11   0.0712   0.0323    0.107
 18  BEAR 3:     0.25 -0.00282    -0.16   -0.011  -0.0125  -0.0142   -0.016   -0.018   -0.007 -0.00823   0.0995
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 18  BULL 1:     0.010384 -1.4345e-007 -1.1239e-007
 18  BEAR 2: -9.7938e-008    0.0099045   0.00011257
 17   SIN 3: -1.6461e-007   0.00011257     0.011366
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 18  BULL 1:        0.34
 18  BEAR 2:       0.353
 17   SIN 3:       0.307
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00353
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:     0.0594147
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1023303
        >-------------<
 
 
    BULL -bid->        180      Insert in Col-Index: 9         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 19  BULL 1:     72     90   94.5    114    120    141    149    171    180     69   39.4
 18  BEAR 2:   16.5     16     13   12.5     12   11.5     11   10.5     14   13.5   2.01
 17   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   24.3   21.9   18.9   7.79
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
 18  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0345  -0.0357  -0.0275
 17   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364  -0.0611  -0.0996   -0.138   -0.171
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
 18  BEAR 2:     0.25 -0.00282    -0.16   -0.011  -0.0125  -0.0142   -0.016   -0.018   -0.007 -0.00823   0.0995
 17   SIN 3: -0.00796  -0.0501  -0.0904   -0.122   -0.121  -0.0287    0.207     0.11   0.0712   0.0323    0.107
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 19  BULL 1:    0.0098954 -9.4956e-008 -1.3853e-007
 18  BEAR 2: -9.4956e-008     0.010003  1.1064e-007
 17   SIN 3: -1.3853e-007  1.1064e-007     0.011495
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 19  BULL 1:       0.351
 18  BEAR 2:       0.347
 17   SIN 3:       0.302
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00347
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.05892277
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1014768
        >-------------<
 
 
    SIN -bid->       4.84      Insert in Col-Index: 8         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 19  BULL 1:     72     90   94.5    114    120    141    149    171    180     69   39.4
 18  BEAR 2:   16.5     16     13   12.5     12   11.5     11   10.5     14   13.5   2.01
 18   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   21.9   18.9   6.72
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
 18  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0345  -0.0357  -0.0275
 18   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308  -0.0996   -0.138   -0.134
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
 18  BEAR 2:     0.25 -0.00282    -0.16   -0.011  -0.0125  -0.0142   -0.016   -0.018   -0.007 -0.00823   0.0995
 18   SIN 3:  -0.0449   -0.087   -0.127   -0.159   -0.158  -0.0657     0.17    0.442   0.0343 -0.00458    0.184
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 19  BULL 1:    0.0098954 -9.4956e-008 -2.1013e-007
 18  BEAR 2: -9.4956e-008     0.010003  1.0757e-007
 18   SIN 3: -2.1013e-007  1.0757e-007     0.035154
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 19  BULL 1:        0.44
 18  BEAR 2:       0.436
 18   SIN 3:       0.124
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00436
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06601274
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:      0.109808
        >-------------<
 
 
    BEAR -bid->         10      Insert in Col-Index: 9         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 19  BULL 1:     72     90   94.5    114    120    141    149    171    180     69   39.4
 19  BEAR 2:   16.5     16     13   12.5     12   11.5     11   10.5     10   13.5   2.19
 18   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   21.9   18.9   6.72
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
 19  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476  -0.0357  -0.0288
 18   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308  -0.0996   -0.138   -0.134
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
 19  BEAR 2:    0.251 -0.00151   -0.159 -0.00966  -0.0112  -0.0129  -0.0147  -0.0167  -0.0188 -0.00692   0.0997
 18   SIN 3:  -0.0449   -0.087   -0.127   -0.159   -0.158  -0.0657     0.17    0.442   0.0343 -0.00458    0.184
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 19  BULL 1:    0.0098954 -8.4787e-008 -2.1013e-007
 19  BEAR 2: -8.4787e-008     0.010041  9.2743e-008
 18   SIN 3: -2.1013e-007  9.2743e-008     0.035154
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 19  BULL 1:       0.441
 19  BEAR 2:       0.435
 18   SIN 3:       0.124
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00436
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06606787
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1099075
        >-------------<
 
 
    SIN -bid->       6.89      Insert in Col-Index: 9         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 19  BULL 1:     72     90   94.5    114    120    141    149    171    180     69   39.4
 19  BEAR 2:   16.5     16     13   12.5     12   11.5     11   10.5     10   13.5   2.19
 19   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   18.9    5.3
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
 19  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476  -0.0357  -0.0288
 19   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424   -0.138  -0.0816
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
 19  BEAR 2:    0.251 -0.00151   -0.159 -0.00966  -0.0112  -0.0129  -0.0147  -0.0167  -0.0188 -0.00692   0.0997
 19   SIN 3:  -0.0972   -0.139    -0.18   -0.211    -0.21   -0.118    0.118     0.39    0.505  -0.0569    0.256
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 19  BULL 1:    0.0098954 -8.4787e-008 -3.1605e-006
 19  BEAR 2: -8.4787e-008     0.010041  -4.615e-007
 19   SIN 3: -3.1605e-006  -4.615e-007     0.069626
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 19  BULL 1:        0.47
 19  BEAR 2:       0.463
 19   SIN 3:      0.0668
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00465
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06819577
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1097922
        >-------------<
 
 
    BEAR -bid->        9.5      Insert in Col-Index: 10         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 19  BULL 1:     72     90   94.5    114    120    141    149    171    180     69   39.4
 20  BEAR 2:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 19   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   18.9    5.3
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
 20  BEAR 2:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 19   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424   -0.138  -0.0816
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 19  BULL 1:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
 20  BEAR 2:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 19   SIN 3:  -0.0972   -0.139    -0.18   -0.211    -0.21   -0.118    0.118     0.39    0.505  -0.0569    0.256
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 20  BEAR 1:    0.0099844  9.7842e-005 -4.1043e-007
 19  BULL 2:  9.7842e-005    0.0097993 -3.1605e-006
 19   SIN 3: -3.2202e-006 -4.0282e-007     0.069626
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 20  BEAR 1:       0.462
 19  BULL 2:       0.471
 19   SIN 3:       0.067
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00466
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06826349
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1099102
        >-------------<
 
 
    SIN -bid->       9.66      Insert in Col-Index: 10         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[4, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 19  BULL 2:     72     90   94.5    114    120    141    149    171    180     69   39.4
 20   SIN 3:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
       4:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 19  BULL 2:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
 20   SIN 3:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[4, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 19  BULL 2:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
 20   SIN 3:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
       4:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Matrix of Variance / Co-Variance
    WORKSHEET H[3, 3]
        <--------------------------------------->
                           A            B            C 
 20  BEAR 1:     0.010084 -9.8683e-007 -1.6612e-007
 20   SIN 2: -1.4873e-006     0.087773   0.00085976
 19  BULL 3: -1.1022e-007   0.00085976    0.0097999
        >---------------------------------------<
    Portfolio Weights
    WORKSHEET I[3, 1]
        <----------->
                         A 
 20  BEAR 1:       0.471
 20   SIN 2:      0.0494
 19  BULL 3:        0.48
        >-----------<
    Portfolio Variance
    WORKSHEET M[1, 1]
        <----------->
                       A 
    1:    0.00475
        >-----------<
    Portfolio Volatility
    WORKSHEET N[1, 1]
        <------------->
                             A 
    1:    0.06889144
        >-------------<
    Expected Portfolio Return
    WORKSHEET O[1, 1]
        <------------->
                             A 
    1:     0.1091679
        >-------------<
 
 
    uuuu -bid->         98      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[5, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
       5:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[5, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
       5:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[5, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
       5:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    vvvv -bid->        100      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[6, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
  1  vvvv 5:    100      0      0      0      0      0      0      0      0      0      0
       6:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[6, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
       6:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[6, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
       6:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    wwww -bid->         23      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[7, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
  1  vvvv 5:    100      0      0      0      0      0      0      0      0      0      0
  1  wwww 6:     23      0      0      0      0      0      0      0      0      0      0
       7:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[7, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
       7:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[7, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
       7:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    zzzz -bid->         12      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[8, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
  1  vvvv 5:    100      0      0      0      0      0      0      0      0      0      0
  1  wwww 6:     23      0      0      0      0      0      0      0      0      0      0
  1  zzzz 7:     12      0      0      0      0      0      0      0      0      0      0
       8:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[8, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
       8:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[8, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
       8:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    ttt -bid->         23      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[9, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
  1  vvvv 5:    100      0      0      0      0      0      0      0      0      0      0
  1  wwww 6:     23      0      0      0      0      0      0      0      0      0      0
  1  zzzz 7:     12      0      0      0      0      0      0      0      0      0      0
  1   ttt 8:     23      0      0      0      0      0      0      0      0      0      0
       9:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[9, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
  1   ttt 8:        0        0        0        0        0        0        0        0        0        0        0
       9:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[9, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
  1   ttt 8:        0        0        0        0        0        0        0        0        0        0        0
       9:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    exsan -bid->      11111      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[10, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
  1  vvvv 5:    100      0      0      0      0      0      0      0      0      0      0
  1  wwww 6:     23      0      0      0      0      0      0      0      0      0      0
  1  zzzz 7:     12      0      0      0      0      0      0      0      0      0      0
  1   ttt 8:     23      0      0      0      0      0      0      0      0      0      0
  1 exsan 9: 1.11e+004      0      0      0      0      0      0      0      0      0      0
      10:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[10, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
  1   ttt 8:        0        0        0        0        0        0        0        0        0        0        0
  1 exsan 9:        0        0        0        0        0        0        0        0        0        0        0
      10:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[10, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
  1   ttt 8:        0        0        0        0        0        0        0        0        0        0        0
  1 exsan 9:        0        0        0        0        0        0        0        0        0        0        0
      10:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
 
 
    pixsan -bid->      22222      Insert in Col-Index: 1         Go?  0-n/y-1:  (1-y-Y | N-n-0) ? --->   yes
    ExSan Collector Data Base     Last Column Asset Volatility
    WORKSHEET A[11, 11]
        <----------------------------------------------------------------------------->
               A      B      C      D      E      F      G      H      I      J      K 
 20  BEAR 1:   16.5     16     13   12.5     12   11.5     11   10.5     10    9.5   2.37
 20   SIN 2:   15.5   12.1   8.91    6.3   4.46   3.57    3.7   4.84   6.89   9.66   3.93
 19  BULL 3:     72     90   94.5    114    120    141    149    171    180     69   39.4
  1  uuuu 4:     98      0      0      0      0      0      0      0      0      0      0
  1  vvvv 5:    100      0      0      0      0      0      0      0      0      0      0
  1  wwww 6:     23      0      0      0      0      0      0      0      0      0      0
  1  zzzz 7:     12      0      0      0      0      0      0      0      0      0      0
  1   ttt 8:     23      0      0      0      0      0      0      0      0      0      0
  1 exsan 9: 1.11e+004      0      0      0      0      0      0      0      0      0      0
  1pixsan10: 2.22e+004      0      0      0      0      0      0      0      0      0      0
      11:      0      0      0      0      0      0      0      0      0      0      0
        >-----------------------------------------------------------------------------<
    Rate Of Return  Ri (current - previous)/previous        Last column --> Expected Return
    WORKSHEET C[11, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.222  -0.0303   -0.188  -0.0385    -0.04  -0.0417  -0.0435  -0.0455  -0.0476    -0.05  -0.0302
 20   SIN 2:   -0.179   -0.221   -0.261   -0.293   -0.292     -0.2   0.0364    0.308    0.424    0.402  -0.0275
 19  BULL 3:   0.0435     0.25     0.05    0.206   0.0526    0.175   0.0532    0.152   0.0526    0.314    0.135
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
  1   ttt 8:        0        0        0        0        0        0        0        0        0        0        0
  1 exsan 9:        0        0        0        0        0        0        0        0        0        0        0
  1pixsan10:        0        0        0        0        0        0        0        0        0        0        0
      11:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Ri - E(Ri)                         Last Col Vol Returns
    WORKSHEET D[11, 11]
        <--------------------------------------------------------------------------------------------------->
                   A        B        C        D        E        F        G        H        I        J        K 
 20  BEAR 1:    0.252 -7.69e-005   -0.157 -0.00824 -0.00977  -0.0114  -0.0133  -0.0152  -0.0174  -0.0198   0.0999
 20   SIN 2:   -0.151   -0.193   -0.234   -0.265   -0.265   -0.172   0.0639    0.336    0.451     0.43    0.296
 19  BULL 3:  -0.0914    0.115  -0.0849   0.0714  -0.0823   0.0401  -0.0817   0.0166  -0.0823    0.179    0.099
  1  uuuu 4:        0        0        0        0        0        0        0        0        0        0        0
  1  vvvv 5:        0        0        0        0        0        0        0        0        0        0        0
  1  wwww 6:        0        0        0        0        0        0        0        0        0        0        0
  1  zzzz 7:        0        0        0        0        0        0        0        0        0        0        0
  1   ttt 8:        0        0        0        0        0        0        0        0        0        0        0
  1 exsan 9:        0        0        0        0        0        0        0        0        0        0        0
  1pixsan10:        0        0        0        0        0        0        0        0        0        0        0
      11:        0        0        0        0        0        0        0        0        0        0        0
        >---------------------------------------------------------------------------------------------------<
    Either Exit Forced or End Of File Has Been Reached
    Quant Finance Room
  0 Exit Finance Room Menu
    E X S A N     M E N U
    MAIN MENU
    Main M E N U
  0 Exit From   Pixsan/Exsan M E N U
    EXSAN v3.18.kk - [EMAIL="exsan.software@gmail.com"]exsan.software@gmail.com[/EMAIL]   [EMAIL="exsan@uio.satnet.net"]exsan@uio.satnet.net[/EMAIL]
    Once in a while recycle  unwanted files from c:\exsan\ 
 
    EXIT FROM EXSAN                            Thu Nov 13 08:14:10 2008
 

Attachments

wallstengineer

New Member
C# to IB api

Guys,
I've put some code up on my blog and forum for connecting and using IB api with C#.


http://www.arbitragedude.com/?cat=92



Basically the code takes the simple algorithmic strategy from computer science automated trading paper on buy low and sell high (and reverese strategy) and implements it.

Feel free to ask me any questions.

Regards,
ArbitrageDude
 

Dewey Lang Jr

New Member
Has anyone considered CoolTrader Pro automated trader? This is the software I use. You don't have to be a programmer in order to run it. The good thing is that it is not just one strategy but you can customize the software to do everything from choose / buy/sell / add to / profit protect and soo much more. Add link below for people to check it out!

CoolTrader Site: https://CoolTraderPro.com
 

Ankur Parikh

New Member
Hello, everyone.

Is there anyone who is building an automated trading system? I understand that most people are hesitant to discuss their findings. Perhaps we could share without giving away too much.

We have developed few automated trading system with custom requirements of traders across different brokers. Currently, we are running 100 % automated trend break out strategy on NSE Futures and NSE currencies using Interactive Brokers API
 

Ankur Parikh

New Member
Any one looking to create a custom back test application where one can drag and rop and custom indicators, create own entry and exit signals on entire portfolio and back test to strategy performance results.
 

rvaritimos

New Member
Hello, everyone.

Is there anyone who is building an automated trading system? I understand that most people are hesitant to discuss their findings. Perhaps we could share without giving away too much.
What are your thoughts on Trader Bot Marketplace? It's a new site, where people can post trading systems they need built and developers can bid to work on them. I think that would be a good way to get trading systems built efficiently and for the price you want.
 

rvaritimos

New Member
Open source projects

Hi all,

Here are some links I have been accumulating in open source trading programming. It seems that there are no trading platforms coded in QuickFIX, but otherwise the community looks strong.

IbPy
ProfitPy (I had some trouble setting this up.)
Finance::InteractiveBrokers TWS perl mod over on CPAN

Also, if anybody wants to get a hold of me, I am most often on the IM protocols. Welcoming any financial chatters. :)

- Bryan
What are your thoughts on Trader Bot Marketplace? It's a new site, where people can post trading systems they need built and developers can bid to work on them. I think that would be a good way to get an automated trade system you want for the price you want.
 

Bengin

New Member
If you need a really reliable system for trading in Forex, I would advise Copy Trading Platform with which you can benefit from the experience really successful brokers, as well as many other useful tools.
 

kjdean

New Member
There are tons of solutions on the market already. Manhattan FX, Everex Elite, Goldbull PRO, REV Trader, Scalp Trader PRO,... just to name a few. I haven`t tested them myself but you can check the reviews, seems there are a lot of scam autotrading tools out there and many of them don`t work. The ones I mentioned look good, as far as I can see.
 

Rooks

New Member
Hello,
I tried different robots in the past, but I found one that seems to work well.
It connects Metatrader4 with IQOption broker and have intersting features as config your own strategies from indicators and signals from your own Metatrader.
Here´s is a link of a video.
 
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