2010 Monthly Trade Performance:

Month	Winning Trades	Losing Trades	Total Trades	Winning Trades-Total All Credits per Contract	Losing Trades-Total All Net Debits per Contract	Net For Month	Total Margin Required for per Contract	Monthly Return %
Jan	2		2	($80)		($80)	$1,920	4.2%
Feb	1	1	1	($40)		($40)	$960	4.2%
Mar	2	1	1	($50)	$50	0	0	0
Apr	1		1	($40)		($40)	$960	4.2%
May		1	1	($40)	($120)	$80	$960	(8.3%)
Jun	1		1	($30)		($30)	$970	3.1%
Jul	1		1	($30)		($30)	$970	3.1%
Aug
Sep
Oct
Nov
Dec
YTD 2009

2009 Monthly Trade Performance:

I am very pleased with our YTD return for 2009 and want to repeat this performance in 2010. We had 2 losing months that were more than offset with some winning monthly returns in the 7.5% to 8.1% range. I am also excited that this return for 2009 was achieved with only 15 trades for the entire year. This means our trading costs were very low and should not be impacting our annual return percentage very much.

Month	Winning Trades	Losing Trades	Total Trades	Winning Trades-Total All Credits per Contract	Losing Trades-Total All Net Debits per Contract	Net For Month	Total Margin Required for per Contract	Monthly Return %
Jan	1		1	($30)		($30)	$970	3.1%
Feb	2		2	($60)		($60)	$960	6.3%
Mar		1	1	($50)	$160	$110	$950	(11.6%)
Apr	1		1	($40)		($40)	$960	4.2%
May	1		1	($75)		($75)	$925	8.1%
Jun	1		1	($70)		($70)	$930	7.5%
Jul	1		1	($30)		($30)	$970	3.3%
Aug		1	1	($50)	$120	$70	$950	(7.4%)
Sep	2		2	($95)		($95)	$1,905	5.0%
Oct	1		1	($40)		($40)	$960	4.2%
Nov	2		2	($70)		($70)	$930	7.5%
Dec	1		1	($70)		($70)	$930	7.5%
YTD 2009	13	2	15	($680)	$280	($400)	$12,340	38.9% (A)

(A) The YTD return of 38.9% can be calculated 2 ways: 1) The Total Net of ($400) divided by the Total Margin of $12,340 and then X 12 Months = 38.9% or 2) The Total Net of ($400) divided by the average of the Total Margin, or $1,028, ($12,340/12) = 38.9%.

2008 Monthly Trade Performance:

2008 was my worst year ever trading credit spreads. We had 4 loosing months which more than offset our 8 winning months. I am not proud of this performance and will be much more conservative picking safe trades in 2009 during the U.S. recession. It will be challenging due the economic problems facing the U.S.
 

Month	Winning Trades	Losing Trades	Total Trades	Winning Trades-Total All Credits per Contract	Losing Trades-Total All Net Debits per Contract	Net For Month	Total Margin Required for per Contract	Monthly Return %
Jan	2	1	3	($85)	$550	$465	$4,415	(10.5%)
Feb	5		5	($158)		($158)	$3,842	4.1%
Mar	4		4	($274)		($274)	$4,700	5.7%
Apr	3		3	($170)		($170)	$4,330	5.8%
May	3		3	($260)		($260)	$4,240	6.1%
Jun	3		3	($143)		($143)	$3,557	4.0%
Jul	5		5	($174)		($174)	$3,526	4.9%
Aug	5		5	($308)		($308)	$7,200	4.3%
Sep	4	3	7	($565)	$1,685	$1,120	$13,765	(8.1%)
Oct		4	4	($320)	$1,368	$1,048	$5,680	(18.4%)
Nov	1		1	($30)		($30)	$970	3.1%
Dec		1	1	($30)	$150	$120	$970	(12.4%)
YTD 2008	30	1	32	($1,572)	$550	$1,236	$57,195	(25.9%) (A)

(A) The YTD return of (25.9%) loss can be calculated 2 ways: 1) The Total Net loss1,236 divided by the Total Margin of $57,195 and then X 12 Months = (25.9%) or  2) The Total Net loss of $1,236 divided by the average of the Total Margin, or $4,766 ($57,195/12) = (25.9%).

2007 Monthly and YTD Trade Performance:

The following table summarizes the monthly trade performance for each expired month in 2007. The Total Credits, Total Net Debits and Total Margin amounts are for one contract per trade only. If you traded 10 contracts then multiply each figure by 10. For example, in October 2007 if you traded 10 contracts the total credits received would be $3,900 (10 x $390) and the total margin required to cover these trades would be $121,100 (10 x $12,110).

(A) The YTD return of 34.4% can be calculated 2 ways: 1) The Total Net of ($2,597) divided by the Total Margin of $90,563 and then X 12 Months = 34.4% or  2) The Total Net of ($2,597) divided by the the average of the Total Margin, or $7,930 ($90,563/12) = 34.4%.

Month	Winning Trades	Losing Trades	Total Trades	Winning Trades-Total All Credits	Losing Trades-Total All Net Debits	Net For Month	Total Margin Required for Point Spreads per Contract	Monthly Return %
Jan	4	1	5	($700)	$600	($100)	$8,720	1.2%
Feb	6		6	($160)		($160)	$6,340	2.5%
Mar	6	1	7	($545)	$635	$90	$12,430	(.07%)
Apr	4		4	($245)		($245)	$5,755	4.2%
May	4		4	($190)		($190)	$4,385	4.4%
Jun	3		3	($225)		($225)	$4,275	5.3%
Jul	5		5	($302)		($302)	$5,198	5.8%
Aug	1	3	4	($1,065)	$980	($85)	$13,235	.006%
Sep	5		5	($390)		($390)	$9,500	4.1%
Oct	5		5	($390)		($390)	$12,110	3.2%
Nov	4		4	($270)		($270)	$5,290	5.1%
Dec	5		5	($330)		($330)	$3,325	9.9%
YTD 2007	52	5	57	($4,812)	$2,215	($2,597)	$90,563	34% (A)
YTD 2006	44	4	48	($2,770)	$220	($2,550)	$61,253	50%

2006 Monthly and YTD Trade Performance:

The following table summarizes the monthly trade performance for each expired month in 2006. The Total Credits, Total Net Debits and Total Margin amounts are for one contract per trade only. If you traded 10 contracts then multiply each figure by 10. For example, in January if you traded 10 contracts the total credits received would be $2,226 (10 x $226) and the total margin required to cover these trades would be $45,200 (10 x $4,520).

(A) The YTD return of 50% can be calculated 2 ways: 1) The Total Net of ($2,550) divided by the Total Margin of $61,253 and then X 12 Months = 50% or 2) The Total Net of ($2,550) divided by the average of the Total Margin, or $5,104, ($61,253/12) = 50%. .

Month	Winning Trades	Losing Trades	Total Trades	Winning Trades-Total All Credits	Losing Trades-Total All Net Debits	Net For Month	Total Margin Required for Point Spreads per Contract	Monthly Return %
Jan	3		3	($226)		($226)	$4,520	5.0%
Feb	4		4	($271)		($271)	$6,450	4.2%
Mar	4		4	($215)		($215)	$5,240	4.1%
Apr	4		4	($255)		($255)	$7,245	3.5%
May	3		3	($175)		($175)	$2,828	6.2%
Jun	3		3	($245)		($245)	$2,755	8.9%
Jul	4		4	($288)		($288)	$6,720	4.3%
Aug	4		4	($305)		($305)	$4,295	7.1%
Sep	4		4	($305)		($305)	$4,195	7.3%
Oct	1	3	4	($140)	$195	$55	$6,080	-0.9%
Nov	4	1	5	($230)	$25	($205)	$7,020	2.9%
Dec	5		5	($115)		($115)	$3,905	2.9%
YTD 2006	44	4	48	($2,770)	$220	($2,550)	$61,253	50% (A)