Converted from "FS

Example Fund Family Report for "Inverse Funds" from Rydex, Profunds and Potomac
The funds should only be used when the Timing Signal is on "Sell" - updated daily in our member's section

Assume current FundSpectrum Signal to be "Sell" on 28 April 2004

During a FundSectrum BUY signal:

1) Do not buy funds that have a negative Momentum.
2) Do not buy (or hold) funds with a RSI/Stochastic below 50.
3) Choose from funds with highest SmallCap correlation (preferably 90 to 100%).

During a FundSectrum SELL signal:

1) Do not buy funds that have negative Momentum.
2) Do not buy (or hold) funds with RSI/Stochastic under 50.
3) Prefer (inverse) funds with NEGATIVE SmallCap Correlation (-90 to -100%).

Guidelines that some use with RSI/Stoc are:

RSI/Stoch < 50 Sell Zone
RSI/Stoch > 50 Buy Zone when Momentum is positive
RSI/Stoch > 65 No Sell Zone
Consider upgrading if RSI/Stoc is above 65 and then declines to below 65

                                       Momentum  RSI/Stoc   SC Corr
                                       --------  --------  --------
SHPIX  ProFunds INV:Short SmallCap/06      4.78     51.33    -99.67
SHPSX  ProFunds Short SmallCap Servic      4.76     50.84    -99.32
CPCRX  Comstock Capital Value-R            4.61     49.37    -81.10
UCPIX  ProFunds INV:Ultra Short Small      4.60     50.33    -98.51
POSSX  Potomac SmallCap Short              3.95     50.61    -97.16
CPCCX  Gabelli Comstock Capital Value      3.49     47.37    -81.12
RYUAX  Rydex ADV:URSA/317                  2.33     46.00    -78.05
UIPIX  ProFunds INV:Ultra Short MidCa      2.00     46.48    -96.84
PDOSX  Potomac INV:Dow 30 Short            1.80     43.84    -76.83
BRPIX  ProFunds INV:Bear                   1.78     45.96    -80.73
URPIX  ProFunds INV:Ultra Bear             1.69     45.41    -80.74
RYTPX  Rydex Tempest 500-H                 1.61     45.19    -87.20
RYURX  Rydex INV:Ursa/217                  1.55     45.50    -79.53
RYCBX  Rydex Tempest-C                     1.54     44.91    -88.44
URPSX  ProFunds Ultra Bear Service         1.49     44.85    -80.61
RYUCX  Rydex Ursa-C/817                    1.33     44.98    -88.03
POTSX  Potomac OTC Short                   0.67     42.87    -78.62
PSPSX  Potomac US Short (Short Sells       0.62     44.69    -79.51
SOPIX  ProFunds INV:Short OTC/063          0.59     42.84    -82.34
SOPSX  ProFunds Short OTC Service/093      0.38     42.44    -82.39
RYAIX  Rydex INV:Arktos/220                0.14     42.32    -79.07
USPSX  ProFunds Ultra Short OTC Servi      0.01     40.94    -78.21
USPIX  ProFunds INV:Ultra Short OTC       -0.00     41.16    -78.39
RYACX  Rydex Arktos-C/820                 -0.11     41.78    -79.52
RYVNX  Rydex Venture 100-H                -0.16     41.04    -78.61
RYCDX  Rydex Venture-C                    -0.19     40.88    -79.63

Funds with a negative SC Corr are inverse funds and would only be applicable
during a 'Sell' Signal.
Funds with a high SC Corr, RSI/Stoc > 50 and positive Momentum would normally
be your first choice.

We also use the below 'Scoreboard', combining the various indicators to rank funds:
--
Points are given for:
1) Positive Momentum
2) RSI/Stochastic Over 50
3) Positive Price Oscillator (19-day performance vs. 39-day performance)
4) Positive Price Oscillator Trend (current change in the price oscillator)
5) Outperforming 50-day Moving Average
6) Funds making new one-month high
--
The 'Score' shows the relative performance of the funds to each other. Initially, on the day of the signal
change, the scores can be low and it will be all right to choose those funds as long as they have a positive
momentum. However, when the score increases during the Signal Period, the best funds to select would
be those with scores of '6' or '5', as long as the RSI/Stoc is above 50 and the Momentum is positive.
Funds with scores below '5' should then in general be ignored.

                        Score  Momentum  RSI/Stoc  PriceOsc  PrOscTnd  %> 50dMA
                     --------  --------  --------  --------  --------  --------
SHPIX ProFunds INV:      4.00      4.78     51.33    -45.99     11.20      0.66
SHPSX ProFunds Shor      4.00      4.76     50.84    -50.09     11.14      0.55
UCPIX ProFunds INV:      4.00      4.60     50.33    -73.49     20.44      1.79
POSSX Potomac Small      4.00      3.95     50.61    -56.99     10.97      0.32
CPCRX Comstock Capi      3.00      4.61     49.37    -25.91      6.58      0.43
CPCCX Gabelli Comst      3.00      3.49     47.37    -29.96      7.58      0.51
RYUAX Rydex ADV:URS      3.00      2.33     46.00    -24.17      6.12      0.38
UIPIX ProFunds INV:      3.00      2.00     46.48    -90.13     13.84      0.24
PDOSX Potomac INV:D      3.00      1.80     43.84    -24.89      3.86      0.01
BRPIX ProFunds INV:      3.00      1.78     45.96    -23.21      5.76      0.34
URPIX ProFunds INV:      3.00      1.69     45.41    -51.02     11.37      0.53
RYTPX Rydex Tempest      3.00      1.61     45.19    -52.70     11.71      0.55
RYURX Rydex INV:Urs      3.00      1.55     45.50    -22.97      5.81      0.36
RYCBX Rydex Tempest      3.00      1.54     44.91    -56.26     11.65      0.45
URPSX ProFunds Ultr      3.00      1.49     44.85    -56.06     11.37      0.41
RYUCX Rydex Ursa-C/      3.00      1.33     44.98    -26.80      5.81      0.26
POTSX Potomac OTC S      3.00      0.67     42.87    -51.28      7.01      0.04
PSPSX Potomac US Sh      3.00      0.62     44.69    -28.26      5.33      0.14
SOPIX ProFunds INV:      3.00      0.59     42.84    -48.80      6.80      0.07
RYAIX Rydex INV:Ark      3.00      0.14     42.32    -48.63      6.69      0.07
SOPSX ProFunds Shor      2.00      0.38     42.44    -52.40      6.75     -0.02
USPSX ProFunds Ultr      2.00      0.01     40.94   -119.06     13.25     -0.42
USPIX ProFunds INV:      1.00     -0.00     41.16   -114.43     13.18     -0.32
RYACX Rydex Arktos-      1.00     -0.11     41.78    -52.64      6.61     -0.04
RYVNX Rydex Venture      1.00     -0.16     41.04   -113.18     12.96     -0.32
RYCDX Rydex Venture      1.00     -0.19     40.88   -116.13     13.10     -0.37

FundSectrum Signal: (Sell, 04/21/04)

                               SinceSig  1dayGain  1wk Gain  2wk Gain  1mo Gain
                               --------  --------  --------  --------  --------
UCPIX ProFunds INV:Ultra Shor      5.54      4.64      2.00      1.27      1.51
USPSX ProFunds Ultra Short OT      4.41      3.60     -0.55      2.47     -2.49
USPIX ProFunds INV:Ultra Shor      4.40      3.61     -0.53      2.48     -2.41
RYCDX Rydex Venture-C              4.38      3.63     -0.58      2.47     -2.50
RYVNX Rydex Venture 100-H          4.38      3.60     -0.57      2.50     -2.49
UIPIX ProFunds INV:Ultra Shor      4.36      3.18      0.78      0.07     -0.53
RYTPX Rydex Tempest 500-H          3.32      2.98      0.38      1.00     -0.36
URPIX ProFunds INV:Ultra Bear      3.30      2.88      0.31      0.90     -0.35
URPSX ProFunds Ultra Bear Ser      3.30      2.87      0.31      0.85     -0.49
RYCBX Rydex Tempest-C              3.29      2.97      0.35      0.96     -0.44
SHPSX ProFunds Short SmallCap      2.79      2.28      1.06      0.71      0.79
SHPIX ProFunds INV:Short Smal      2.79      2.34      1.05      0.78      0.87
POSSX Potomac SmallCap Short       2.70      2.21      0.99      0.63      0.71
RYAIX Rydex INV:Arktos/220         2.22      1.81     -0.20      1.32     -1.09
POTSX Potomac OTC Short            2.19      1.80     -0.28      1.42     -1.01
SOPIX ProFunds INV:Short OTC/      2.18      1.84     -0.24      1.40     -1.03
SOPSX ProFunds Short OTC Serv      2.17      1.82     -0.24      1.32     -1.15
RYACX Rydex Arktos-C/820           2.17      1.79     -0.24      1.28     -1.21
RYUAX Rydex ADV:URSA/317           1.72      1.48      0.23      0.57     -0.11
CPCCX Gabelli Comstock Capita      1.67      1.67      0.33      1.33      0.00
BRPIX ProFunds INV:Bear            1.66      1.45      0.18      0.48     -0.12
RYURX Rydex INV:Ursa/217           1.66      1.43      0.22      0.55     -0.11
RYUCX Rydex Ursa-C/817             1.60      1.48      0.23      0.45     -0.22
PSPSX Potomac US Short (Short      1.37      1.33      0.00      0.45     -0.22
CPCRX Comstock Capital Value-      1.26      1.26      0.00      1.26      0.00
PDOSX Potomac INV:Dow 30 Shor      0.97      1.20     -0.33      0.28     -0.45

                               04/28/04  04/27/04  04/26/04  04/23/04  04/22/04
                               --------  --------  --------  --------  --------
     funds with score of 6.0:      0.00      0.00      0.00      0.00      0.00
     funds with score of 5.0:      0.00      0.00      0.00      0.00      0.00
     funds with score of 4.0:      4.00      0.00      0.00      0.00      0.00
     funds with score of 3.0:     16.00      0.00      0.00      0.00      0.00
     funds with score of 2.0:      2.00      1.00      1.00      0.00      0.00
     funds with score of 1.0:      4.00      6.00      0.00      0.00     11.00
     funds with score of 0.0:      0.00     19.00     25.00     26.00     15.00


                               04/28/04  04/27/04  04/26/04  04/23/04  04/22/04
                               --------  --------  --------  --------  --------
                Percent at 6:      0.00      0.00      0.00      0.00      0.00
           Percent at 5 or 6:      0.00      0.00      0.00      0.00      0.00
        Percent at 4, 5 or 6:     15.38      0.00      0.00      0.00      0.00
     Percent at 0, 1, 2 or 3:     84.62    100.00    100.00    100.00    100.00

                               %> 20dMA  %> 40dMA  %> 50dMA  %>100dMA  %>200dMA
                               --------  --------  --------  --------  --------
UCPIX ProFunds INV:Ultra Shor      2.80      2.05      1.79      1.10      0.63
UIPIX ProFunds INV:Ultra Shor      1.52      0.61      0.24     -0.96     -1.97
RYTPX Rydex Tempest 500-H          1.50      0.96      0.55     -3.21    -12.65
SHPIX ProFunds INV:Short Smal      1.49      1.01      0.66     -2.18     -9.59
URPIX ProFunds INV:Ultra Bear      1.46      0.94      0.53     -3.20    -12.64
RYCBX Rydex Tempest-C              1.46      0.88      0.45     -3.40    -13.01
SHPSX ProFunds Short SmallCap      1.44      0.92      0.55     -2.37     -9.91
URPSX ProFunds Ultra Bear Ser      1.41      0.84      0.41     -3.44    -13.08
POSSX Potomac SmallCap Short       1.35      0.75      0.32     -3.10    -11.56
USPIX ProFunds INV:Ultra Shor      1.15      0.04     -0.32     -3.94    -17.80
RYVNX Rydex Venture 100-H          1.12      0.03     -0.32     -3.91    -17.74
RYCDX Rydex Venture-C              1.12     -0.00     -0.37     -4.05    -18.08
USPSX ProFunds Ultra Short OT      1.12     -0.03     -0.42     -4.16    -18.24
CPCCX Gabelli Comstock Capita      1.01      0.71      0.51     -1.36     -6.56
CPCRX Comstock Capital Value-      0.88      0.62      0.43     -1.34     -6.34
RYUAX Rydex ADV:URSA/317           0.82      0.57      0.38     -1.39     -5.84
RYURX Rydex INV:Ursa/217           0.78      0.54      0.36     -1.36     -5.71
BRPIX ProFunds INV:Bear            0.76      0.53      0.34     -1.40     -5.85
RYUCX Rydex Ursa-C/817             0.74      0.47      0.26     -1.58     -6.14
POTSX Potomac OTC Short            0.70      0.21      0.04     -1.61     -7.87
SOPIX ProFunds INV:Short OTC/      0.69      0.22      0.07     -1.43     -7.43
RYAIX Rydex INV:Arktos/220         0.67      0.21      0.07     -1.36     -7.02
SOPSX ProFunds Short OTC Serv      0.64      0.14     -0.02     -1.63     -7.83
PSPSX Potomac US Short (Short      0.64      0.35      0.14     -1.76     -6.46
RYACX Rydex Arktos-C/820           0.62      0.11     -0.04     -1.58     -7.47
PDOSX Potomac INV:Dow 30 Shor      0.42      0.17      0.01     -1.59     -5.84

                        Price   20dayMA   40dayMA   50dayMA  100dayMA  200dayMA
                     --------  --------  --------  --------  --------  --------
RYTPX Rydex Tempest     50.47     49.72     49.99     50.19     52.15     57.78
RYCBX Rydex Tempest     49.29     48.58     48.86     49.07     51.03     56.66
PDOSX Potomac INV:D     39.65     39.48     39.58     39.65     40.29     42.11
BRPIX ProFunds INV:     33.60     33.35     33.42     33.49     34.08     35.69
PSPSX Potomac US Sh     31.18     30.98     31.07     31.14     31.74     33.33
UCPIX ProFunds INV:     29.52     28.72     28.93     29.00     29.20     29.33
UIPIX ProFunds INV:     28.25     27.83     28.08     28.18     28.52     28.82
RYVNX Rydex Venture     26.22     25.93     26.21     26.31     27.29     31.87
RYCDX Rydex Venture     25.72     25.44     25.72     25.82     26.81     31.40
POSSX Potomac Small     25.49     25.15     25.30     25.41     26.31     28.82
RYAIX Rydex INV:Ark     25.33     25.16     25.28     25.31     25.68     27.24
RYACX Rydex Arktos-     24.46     24.31     24.43     24.47     24.85     26.43
SHPIX ProFunds INV:     23.20     22.86     22.97     23.05     23.72     25.66
SHPSX ProFunds Shor     22.83     22.51     22.62     22.70     23.38     25.34
URPSX ProFunds Ultr     22.55     22.24     22.36     22.46     23.35     25.94
URPIX ProFunds INV:     22.53     22.21     22.32     22.41     23.28     25.79
USPSX ProFunds Ultr     21.56     21.32     21.57     21.65     22.50     26.37
SOPIX ProFunds INV:     21.07     20.93     21.02     21.05     21.38     22.76
SOPSX ProFunds Shor     20.69     20.56     20.66     20.69     21.03     22.45
USPIX ProFunds INV:     20.65     20.42     20.64     20.72     21.50     25.12
POTSX Potomac OTC S     10.73     10.66     10.71     10.73     10.91     11.65
RYURX Rydex INV:Urs      9.19      9.12      9.14      9.16      9.32      9.75
RYUCX Rydex Ursa-C/      8.90      8.83      8.86      8.88      9.04      9.48
RYUAX Rydex ADV:URS      8.89      8.82      8.84      8.86      9.02      9.44
CPCRX Comstock Capi      3.21      3.18      3.19      3.20      3.25      3.43
CPCCX Gabelli Comst      3.04      3.01      3.02      3.02      3.08      3.25

                                    UPI  UlcerIdx  Std Dev    Curr DD  Max  DD
                               --------  --------  --------  --------  --------
RYURX Rydex INV:Ursa/217          -0.34     43.03     11.61      0.43     65.79
CPCRX Comstock Capital Value-     -0.45     45.74     15.98      0.31     67.83
CPCCX Gabelli Comstock Capita     -0.45     46.71     15.98      0.33     68.91
POTSX Potomac OTC Short           -0.47     71.00     25.13      1.20     88.77
RYAIX Rydex INV:Arktos/220        -0.47     69.37     26.22      1.21     84.45
URPIX ProFunds INV:Ultra Bear     -0.50     52.02     26.57      0.88     77.05
URPSX ProFunds Ultra Bear Ser     -0.50     52.37     26.57      0.92     77.60
PSPSX Potomac US Short (Short     -0.51     32.42     13.32      0.61     53.32
BRPIX ProFunds INV:Bear           -0.53     28.64     13.36      0.41     48.44
RYUAX Rydex ADV:URSA/317          -0.62     23.69     13.46      0.34     43.14
USPIX ProFunds INV:Ultra Shor     -0.63     87.01     53.02      2.50     98.36
USPSX ProFunds Ultra Short OT     -0.64     87.16     52.88      2.49     98.44
RYVNX Rydex Venture 100-H         -0.73     48.87     53.47      2.53     78.57
POSSX Potomac SmallCap Short      -0.74     37.07     15.58      0.43     65.44
RYCDX Rydex Venture-C             -0.81     47.89     49.05      2.50     75.61
RYACX Rydex Arktos-C/820          -0.83     26.03     24.62      1.25     46.82
RYTPX Rydex Tempest 500-H         -0.90     25.19     26.60      0.84     55.46
RYCBX Rydex Tempest-C             -1.00     27.13     27.50      0.86     54.94
SOPIX ProFunds INV:Short OTC/     -1.02     23.72     19.97      1.22     41.17
SOPSX ProFunds Short OTC Serv     -1.02     24.23     19.97      1.24     41.88
SHPIX ProFunds INV:Short Smal     -1.13     27.15     14.85      0.26     46.70
SHPSX ProFunds Short SmallCap     -1.13     27.41     15.03      0.26     47.13
RYUCX Rydex Ursa-C/817            -1.14     14.36     13.56      0.45     31.42
PDOSX Potomac INV:Dow 30 Shor     -1.14     17.23     10.25      0.48     28.34
UCPIX ProFunds INV:Ultra Shor     -1.24      4.96     24.78      0.67      9.69
UIPIX ProFunds INV:Ultra Shor     -5.19      4.49     19.89      1.05      8.81

  1. UPI       = How well the fund outperformed a money market over the past
                 12 months compared with the amount of ulcers it produced.
                 .
  2. Ulcer Idx = The lower the Ulcer Index, the easier an investment will
                 be to live with and the less troubling will be the down days.
                 .
  3. StDev     = The smaller the standard deviation, the tighter the probability
                 distribution and the lower the risk associated with the security.
                 .
  4. Curr DD   = The percentage loss the fund currently is experiencing
                 from its highest Net Asset Value of the past two weeks.
                 .
  5. Max DD    = The worst possible percentage loss an investor could have
                 experienced over the past 12 months, assuming the fund
                 was bought on the day the fund experienced its highest Net
                 Asset Value and was still being held on the day of the fund's
                 lowest Net Asset Value.

-------------------------------------------------------------------------------
                             FUND RANKING
-------------------------------------------------------------------------------

This table shows the Rydex Funds, now sorted by Sharpe Ratio:
and referenced to the Russell 2000 Index.
(explanation of indicators is shown below the table)


                                 Sharpe  RSI/Stoc  Momentum  Relstdev   AvgStoc
                               --------  --------  --------  --------  --------
URPIX ProFunds INV:Ultra Bear     -5.27     45.41      1.69      1.38     40.83
RYTPX Rydex Tempest 500-H         -5.39     45.19      1.61      1.37     40.50
URPSX ProFunds Ultra Bear Ser     -5.61     44.85      1.49      1.38     39.64
RYCBX Rydex Tempest-C             -5.65     44.91      1.54      1.37     39.77
RYURX Rydex INV:Ursa/217          -5.95     45.50      1.55      0.69     41.76
RYUAX Rydex ADV:URSA/317          -5.96     46.00      2.33      0.69     43.10
UCPIX ProFunds INV:Ultra Shor     -6.00     50.33      4.60      2.08     49.94
BRPIX ProFunds INV:Bear           -6.13     45.96      1.78      0.69     42.07
RYUCX Rydex Ursa-C/817            -6.45     44.98      1.33      0.69     40.27
SHPIX ProFunds INV:Short Smal     -6.45     51.33      4.78      1.00     52.16
PSPSX Potomac US Short (Short     -6.69     44.69      0.62      0.68     38.01
UIPIX ProFunds INV:Ultra Shor     -6.88     46.48      2.00      1.50     43.00
SHPSX ProFunds Short SmallCap     -6.92     50.84      4.76      1.00     51.51
CPCCX Gabelli Comstock Capita     -7.10     47.37      3.49      0.69     43.77
POSSX Potomac SmallCap Short      -7.20     50.61      3.95      1.00     49.88
CPCRX Comstock Capital Value-     -8.33     49.37      4.61      0.69     47.33
USPIX ProFunds INV:Ultra Shor     -8.72     41.16     -0.00      2.28     34.44
RYVNX Rydex Venture 100-H         -8.72     41.04     -0.16      2.27     34.31
RYCDX Rydex Venture-C             -8.75     40.88     -0.19      2.27     34.21
USPSX ProFunds Ultra Short OT     -8.82     40.94      0.01      2.28     34.25
POTSX Potomac OTC Short           -9.06     42.87      0.67      1.14     37.17
SOPIX ProFunds INV:Short OTC/     -9.17     42.84      0.59      1.14     36.56
RYAIX Rydex INV:Arktos/220        -9.27     42.32      0.14      1.14     36.32
SOPSX ProFunds Short OTC Serv     -9.46     42.44      0.38      1.14     36.00
RYACX Rydex Arktos-C/820          -9.53     41.78     -0.11      1.14     35.54
PDOSX Potomac INV:Dow 30 Shor     -9.90     43.84      1.80      0.64     37.09

1. Sharpe Ratio

a measure of the Risk Adjusted Rate of Return. It is the Adjusted
%Gain (%Gain of the Fund/Index minus a Risk Free %Return)
divided by the Standard Deviation over the period measured. A negative
Sharpe Ratio value is a warning flag for a Fund/Index.

2. RSI/Stoc

a measure that can serve as a Short Term Trend Indicator.
for a Fund/Index. It is the sum of RSI 14 and a 13/21 Stochastic.
Guidelines that some use with RSI/Stoc are

RSI/Stoch < 50 Sell Zone
RSI/Stoch > 50 Buy Zone when Momentum is positive
RSI/Stoch > 65 No Sell Zone
Consider upgrading if RSI/Stoc is above 65 and then declines to below 65

3. Momentum

a Directional Indicator for RSI/Stoc (6 Day Change)
In general this indicator works best for Stock funds and not as
well for Bond Funds. The user should be aware that in some cases
because of the low volatility of Bond Funds, a negative momentum
value may not be meaningful.

4. Relstdev

the Relative Standard Deviation of the Fund/Index compared to
the reference index (Russell 2000 in our case) for a 1 year period.
This can be used to help determine the relative risk of a Fund/Index.

5. AvgStoc

the Average Stochastic variable. It averages the Stochastics for
5 different time periods (9, 16, 24, 39, and 63 Market days) with
a 3 day smoothing. It can serve as a useful Overbought and Oversold
Indicator. When a Fund/Index is close to or approaches the 99 level
then it is overbought in all 5 time frames and is likely to have a
correction. Also when a diversified Index is close to the level of 1 it
is likely to rally. However, in general when levels of Avgstoc are extreme
one should watch existing positions closely and be wary of entering new positions.

FundSpectrum Group - www.FundSpectrum.com

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Example Fund Family Report for "Inverse Funds" from Rydex, Profunds and Potomac The funds should only be used when the Timing Signal is on "Sell" - updated daily in our member's section

Assume current FundSpectrum Signal to be "Sell" on 28 April 2004

Example Fund Family Report for "Inverse Funds" from Rydex, Profunds and Potomac
The funds should only be used when the Timing Signal is on "Sell" - updated daily in our member's section