COMMODITY PRODUCTS
2008 Moore Research Report
Seasonals • Charts • Strategies
CATTLE
Welcome to the
2008 Moore Historical
Cattle Report
This comprehensive report provides historical daily charts, cash and basis charts,
and seasonal strategies to help you trade.
In addition to the Moore Historical Report, CME Group offers the following free
trading tools for Live Cattle and Feeder Cattle futures and options:
• www.cmegroup.com/elivestockquotes
Free real-time price quotes on electronic Live Cattle and Feeder Cattle futures,
as well as Live Cattle options, complete with:
– Best bids and offers
– Daily trading activity
–Outright and spread markets
• www.DailyLivestockReport.com
Free one-page daily e-mail commentary on the fundamental drivers of the livestock markets
• www.cmegroup.com/elivestockdemo
An introductory look at trading electronic Livestock options on the CME Globex platform
For more information on CME Group Livestock products,
visit www.cmegroup.com/commodities or
contact commodities@cmegroup.com.
To begin trading Livestock futures and options on the CME Globex
electronic trading platform, contact your broker directly.
Table of Contents
Historical Live Cattle/Feeder Cattle Report
2008 Edition
Live
Cattle
(LC)
Section Index .....................................................................................................5
CME Futures & Options Contract Specifications..............................................6
Nearby Weekly & Monthly Charts ....................................................................7
Seasonal Pattern/Average and Weekly Continuation Charts .............................8
Seasonal & Spread Strategies ..........................................................................20
Feeder
Cattle
(FC)
Section Index ...................................................................................................39
CME Futures & Options Contract Specifications............................................40
CME Feeder Cattle Index ................................................................................41
Seasonal Pattern and Weekly Continuation Charts .........................................42
Seasonal Strategies ..........................................................................................54
Nearby Weekly & Monthly Charts ..................................................................64
Inter-Market
Spreads
Section Index ...................................................................................................65
Seasonal Average and Weekly Continuation Charts .......................................66
LC/FC Spread Strategies .................................................................................74
Cash & Basis
Section Index ...................................................................................................83
Historical Basis: Seasonal Average Charts .....................................................84
Cash: Seasonal Pattern Charts ......................................................................101
Historical
Daily
Section Index .................................................................................................103
Live Cattle Historical Daily Charts ...............................................................104
Feeder Cattle Historical Daily Charts ............................................................116
Miscellaneous
How to Interpret Bull/Bear & Volatility Charts ............................................132
Section Index .................................................................................................133
Bull/Bear Charts ............................................................................................134
Historical Volatility Charts ............................................................................138
Cattle Crush Charts ........................................................................................142
Cattle Cycles and Prices — Bill Gary ..........................................................144
Chronological Summary ................................................................................147
(Charts current through December 2007)
Moore Research Center, Inc. (MRCI), located on 73 secluded acres
outside Eugene, Oregon, is sought for its futures market analysis,
combining many years of intensive computerized study and the
experience of real-time trading. Our hardware and software both are
constantly upgraded, giving MRCI the speed and depth of capability
to study price movement that we believe are state-of-the-art for
the industry.
——————————————————————
Copyright ©1989-2008. Moore Research Center, Inc. No part of this publication
may be reproduced or transmitted in any form or by any means, electronic or
mechanical, including photocopy, recording, facsimile, or any information storage
and retrieval system, without written permission. Retransmission by fax or other
means which results in the creation of an additional copy is unlawful.
Preface
K
nowledge is the foundation essential to making
consistently successful decisions. Would a
prudent businessman market product or purchase raw
material without researching profit and cost potential
first? Would a successful trader/investor jump at a
“hot tip” or a story in The Wall St. Journal? Or would
he look before he leaped?
The purpose of this publication is to quantify price
history—both cash and futures—in the cattle complex,
offer it from a variety of relevant perspectives, and
present it in a format useful to those whose commerce is
substantially affected by fluctuations in cattle prices.
Not only traders but producers, processors, buyers, and
other business executives throughout the industry are
encouraged to examine the following thoroughly, for
seasonality can be a primary component in price
movement.
Windows of Opportunity
From these seasonal patterns, one can derive a
seasonal approach to both cash and futures markets that
is designed to anticipate, enter, and capture recurrent
price trends as they emerge and exit before they are
“realized.” Within these patterns may exist certain
“windows of opportunity” wherein well-defined
seasonal tops, bottoms, or trends tend to appear.
Moore Research Center, Inc. (MRCI) computer
programs have analyzed trends that have recurred in the
same direction during a similar period of time in at least
80% of the last 15 years. The underlying theory
assumes that causal fundamental factors specific to that
time period must have existed and may be influential
again, thus making each historically 80%-or-more
reliable strategy valid as a potential trading idea.
Remember, however, that past performance is not
necessarily indicative of future results.
These strategies are not recommendations but
rather presentations of quantified historical fact.
Essentially, these seasonal strategies identify computeroptimzed dates on which prices have consistently been
higher (lower) than on a previous date.
Feeder/Live Cattle Equity Spreads
Weekly charts depict the nominal price difference
between feeder cattle and live cattle contracts.
However, because contract sizes are different,
calculations for entry and exit prices in strategy tables
reflect the difference in contract equity values. To find
such a difference, first multiply the price/lb. of feeders
by 50,000 lbs. and then subtract the price/lb. of live
cattle multiplied by 40,000 lbs.
Cash Data Sources
Cash prices used to construct cash and basis charts
are courtesy of the Chicago Mercantile Exchange Inc.
database and Livestock Marketing Information Center
(Lakewood, CO). !
Preface
Seasonal Patterns
Nearly all markets—real estate, T-Bills, cash cattle,
grain futures—are affected by various fundamental
forces, many of which are seasonal in nature. Such
forces as weather, fiscal calendars, Treasury refundings,
and specific characteristics of futures contracts (such as
delivery and expiration) tend to recur and influence, to
one degree or another, certain markets every year. As
any market responds to a series of annually recurring
factors, seasonal price patterns tend to evolve.
Daily seasonal patterns, both the 15- and most recent
5-year, are derived from and a composite of historical
daily price activity in the specific contract or cash
market under consideration. The numerical index to the
right on a seasonal pattern chart reflects the historical
tendency for that contract to reach its seasonal high
(100) or low (0) at a given time. These charts illustrate
typical patterns of price behavior.
Seasonal average charts for spreads portray the
averaged difference between the two contracts. Not
only patterns of price behavior but also typical price
relationships are apparent in these.
Weekly continuation charts are also contract-specific.
They are intended to illustrate historical relative value,
turning points, and long-term trends for particular
hedging, basis, and trading strategies.
Points on basis charts are plotted by subtracting the
futures price from the designated cash price, thereby
obtaining a cash quote of “$2 under” or “$1.50 over”
futures. The averaged cash basis charts presented in this
publication offer perspective on typical cash/futures
relationships.
2
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Seasonal Pattern Chart Explanation
chart consists of two aspects of a market’s seasonal pattern—the most recent 15-year (solid line) and its most
Each
recent 5-year (dotted line), December 2007 contracts inclusive. Thus, any evolution in the pattern may be
perceived, as well as trends, tops, and bottoms coincident to both. The numerical index to the right measures the
greatest historical tendency for the market to make a seasonal high (100) or low (0) at a given time.
Besides illustrating the more obvious seasonal tops, seasonal bottoms, and seasonal trends, these patterns also
suggest certain cause/effect phenomena which may present secondary opportunities. For instance, do smaller but
well-defined breaks/rallies typically precede certain events, such as Thanksgiving or first deliveries against a lead
contract? If so, does there exist an implied opportunity? !
February Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Seasonal Average Chart Explanation
average charts for spreads and basis portray an averaged difference between two futures contracts. Per
Seasonal
industry standard, the price of the second-named contract is subtracted from the price of the first.
Because futures markets are designed to enable those involved in the commerce of the underlying commodity to
manage their risk of price fluctuation, a direct relationship between cash and futures is vital. Charts in the Basis
section portray an averaged difference between a designated cash price and a designated futures contract price,
commonly referred to as “basis.” Per industry standard, the daily futures closing price is subtracted from the
underlying cash price to determine chart points and cash quotes of “$5 over” or “$2.50 under” futures — the
fluctuation of cash around futures. Because futures prices are the reference against which cash quotes are made,
futures prices are represented on the charts by the 0-line. Thus, the degree to which basis typically widens/narrows at
any given time of the year appears as does the “rubber-band effect” of the delivery and cash-settlement processes.!
Feb Live Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07)
4.000
3.000
15 Year
Pattern
2.000
1.000
5 Year
Pattern
0.000
-1.000
Mar
Apr
May
MOORE RESEARCH CENTER, INC.
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
3
Seasonal Pattern & Seasonal Average Explanation
Mar
Strategy Sheet Explanation
MRCI strategy sheets present each historically reliable seasonal trade with a table of its relevant detail.
Unique
Traders are encouraged to evaluate each strategy individually; some may be more speculative in nature than others.
To detect a trade, MRCI’s computer system scrutinizes the last 15 years (when available) of historical price data for
those trends recurrent, with a minimum historical reliability of 80%, during similar time windows. Those strategies
are then subjected to further criteria established for average profit and duration of time window. (Special reports may
present strategies with duplication/overlap and trading in “spot month” contracts that have commercial
application.) Once discovered and initially evaluated, a trading strategy is outlined and its crucial data tabulated and
presented in the following format for closer analysis.
Reading the Table & The Methodology
For each contract year studied, the table lists entry date and price, exit date and price, and the ultimate profit or
loss. Entry and exit prices are definitively based on the settlement prices of the dates listed, as are profit and loss
values. If an optimized trade date fell on a weekend or holiday, entry was posted on the following trading day while
exit on the prior. In order to represent historical fact and the full extent of relevant price movement, these strategy
sheets do not utilize equity protection methods (STOPS). Thus, the table encourages further evaluation by providing
peak equity and worst drawdown dates and the amount of each.
The bottom section of the table calculates the strategy’s historical reliability and overall average results. Because
of certain inherent limitations in applying historical strategies to current market conditions, MRCI urges all traders
to employ proper money-management techniques at all times. !
Live Cattle(CME)—April
Contract Size: 40,000 lbs
Strategy Explanation
Buy on approximately 01/02 - Exit on approximately 01/10
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/02/08
01/03/07
01/03/06
01/03/05
01/02/04
01/02/03
01/02/02
01/02/01
01/03/00
01/04/99
01/02/98
01/02/97
01/02/96
01/03/95
01/03/94
BUY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
99.05
94.27
95.02
86.27
71.95
79.40
73.30
79.17
71.72
62.60
67.27
65.32
65.97
73.57
75.22
87
EXIT
DATE
01/10/08
01/10/07
01/10/06
01/10/05
01/09/04
01/10/03
01/10/02
01/10/01
01/10/00
01/08/99
01/09/98
01/10/97
01/10/96
01/10/95
01/10/94
EXIT
PRICE
96.00
94.77
95.47
88.97
75.70
79.85
73.82
79.75
72.80
65.52
66.75
66.72
66.00
73.70
76.37
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
-3.05
0.50
0.45
2.70
3.75
0.45
0.52
0.58
1.08
2.92
-0.52
1.40
0.03
0.13
1.15
-1220.00
200.00
180.00
1080.00
1500.00
180.00
208.00
232.00
432.00
1168.00
-208.00
560.00
12.00
52.00
460.00
1.20
-1.78
0.81
481.85
-714.00
322.40
BEST
EQUITY
AMOUNT
01/10/07
01/10/06
01/10/05
01/09/04
01/03/03
01/09/02
01/10/01
01/07/00
01/08/99
200.00
180.00
1080.00
1500.00
228.00
340.00
232.00
512.00
1168.00
01/10/97
01/05/96
01/09/95
01/10/94
560.00
352.00
120.00
460.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/09/08
01/04/07
01/05/06
-1268.00
-268.00
-188.00
01/04/02
01/08/01
01/04/00
-20.00
-520.00
-188.00
01/09/98
-208.00
01/05/95
-100.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
4
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Live Cattle (LC)
Page
Contract Information (refer to CME Rulebook at http://www.cmegroup.com)
Futures & Options Contract Specifications .......................................................................... 6
Nearby Live Cattle Weekly & Monthly Charts.................................................................... 7
Seasonal Pattern/Average and Weekly Continuation Charts
Feb; Feb vs: Apr, Jun .......................................................................................................... 8
Apr; Apr vs: Jun, Aug ....................................................................................................... 10
Jun; Jun vs: Aug, Oct ........................................................................................................ 12
Aug; Aug vs: Oct, Dec ...................................................................................................... 14
Oct; Oct vs: Dec, Feb ........................................................................................................ 16
Dec; Dec vs: Feb, Apr ....................................................................................................... 18
Live Cattle
Seasonal Strategies
Strategy Summary............................................................................................................... 20
Strategy Detail Tables ......................................................................................................... 22
MOORE RESEARCH CENTER, INC.
5
CME Live Cattle Futures & Options Specifications
Ticker Symbol
Trading Unit
LC (pit); LE (electronic)
Price Quote
Minimum Price
Fluctuation (Tick)
Cents per pound
Daily Price Limit
Contract Months
Trading Hours1
(Chicago Time)
3.00 ¢/pound = $1,200/contract
40,000 lbs. of 55%-Choice/45%Select USDA-grade live steers
Calls: CK
Premium
Quotations
Minimum Price1
Fluctuation (Tick)
Daily Price Limit
Contract Months
Trading Hours2
(Chicago Time)
cents per pound;
e.g., 2.00 premium = $800
.025 = $10.00/contract
(2.5¢/hundred pounds
or .025¢/pound)
Feb, Apr, Jun, Aug, Oct, Dec
RTH: 9:05 AM - 1:00 PM
Last day: 9:05 AM - 12:00 PM
Globex: Mon-Thu 9:05AM - 4PM
Shutdown period 4PM - 5PM
Re-open 5:00PM - 4:00PM
Friday Close at 1:30PM
LTD: 12:10PM (if LTD is on a day
that the market closes early, then
the time is 11:10AM)
CME Live Cattle Futures & Options Specifications
Ticker Symbols
Underlying
Contract
Strike Prices
Last Trading Day
Last business day of the
contract month.
Delivery Days2
Any business day of the contract
month and the first seven business
days of the next calendar month,
except that live-graded deliveries
may not be made prior to the
seventh business day following the
first Friday of the contract month
and carcass-graded deliveries (if
called for by long) may not be
made prior to the fourth business
day following the first Friday of
the contract month.
1
Closing times may vary; consult CME for holiday schedule.
2
Consult CME rulebook for a more detailed description of tender, demand,
retender, reclaim, and assignment of Certificates of Delivery, as well as for
premiums and discounts. Long positions outstanding during the contract
month may be assigned delivery.
Puts: PK
One Live Cattle futures contract
Even intervals of 2 cents per
pound, e.g., 62¢, 64¢, 66¢;
except front two months are at
one-cent-per-pound intervals,
e.g., 68¢, 69¢, 70¢
.025 cents per pound =
$10.00/contract (cabinet = $5.00)
None
Feb, Apr, Jun, Aug, Oct, Dec
RTH: 9:05 AM - 1:02 PM
Globex: Mon-Thu 9:05AM - 4PM
Shutdown period 4PM - 5PM
Re-open 5:00PM - 4:00PM
Friday Close at 1:30PM
LTD: 12:10PM (if LTD is on a day
that the market closes early, then
the time is 11:10AM)
Last Day
of Trading
The first Friday of the underlying
futures contract; if that Friday is
not a business day, then trading
shall terminate on the preceding
business day.
Minimum
Performance
Bond
No performance bond required for
put or call buyers, but the premium
must be paid in full; option sellers
must meet additional performance
bond requirements as determined
by the Standard Portfolio
Analysis of Risk (SPAN®)
performance bond system.
Exercise Procedure3 An option may be exercised by the
buyer up to and including the last
day of trading. To exercise, the
clearing member representing the
buyer submits an Exercise Notice
to the Clearing House by 7:00 PM
on the day of exercise.
1
A trade may occur at a nominal price – a cabinet – whether or not it results
in liquidation of positions for both parties to the trade.
2
Closing time may vary; consult CME for holiday schedule.
3
Consult your brokerage firm for additional or specific requirements,
policies, and procedures.
6
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Nearby Live Cattle Weekly & Monthly Charts
Live Cattle (CME) — Weekly
105.000
100.000
95.000
90.000
85.000
80.000
75.000
70.000
65.000
60.000
55.000
1999
2000
2001
2002
2003
2004
2005
2006
2007
Nearby Live Cattle Weekly & Monthly Charts
1998
Live Cattle (CME) — Monthly
105.000
100.000
95.000
90.000
85.000
80.000
75.000
70.000
65.000
60.000
55.000
50.000
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
MOORE RESEARCH CENTER, INC.
7
February Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Feb Live Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07)
4.000
3.000
Live Cattle Seasonal Pattern & Average: February
15 Year
Pattern
2.000
1.000
5 Year
Pattern
0.000
-1.000
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Feb Live Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07)
9.000
8.000
7.000
15 Year
Pattern
6.000
5.000
4.000
5 Year
Pattern
3.000
2.000
Mar
8
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Feb Live Cattle(CME)
110.000
100.000
90.000
80.000
70.000
60.000
50.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
Weekly Feb Live Cattle(CME) - Apr Live Cattle(CME)
12.00
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Live Cattle Weekly: February
Weekly Feb Live Cattle(CME) - Jun Live Cattle(CME)
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
9
April Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Apr Live Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07)
6.500
6.000
5.500
15 Year
Pattern
5.000
Live Cattle Seasonal Pattern & Average: April
4.500
4.000
5 Year
Pattern
3.500
3.000
2.500
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Apr Live Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07)
7.500
7.000
6.500
15 Year
Pattern
6.000
5.500
5.000
5 Year
Pattern
4.500
4.000
3.500
May
10
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Apr Live Cattle(CME)
110.000
100.000
90.000
80.000
70.000
60.000
50.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
Weekly Apr Live Cattle(CME) - Jun Live Cattle(CME)
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Apr Live Cattle(CME) - Aug Live Cattle(CME)
12.00
Live Cattle Weekly: April
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
11
June Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jun Live Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07)
2.500
2.000
1.500
15 Year
Pattern
Live Cattle Seasonal Pattern & Average: June
1.000
0.500
5 Year
Pattern
0.000
-0.500
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jun Live Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07)
0.500
0.000
-0.500
15 Year
Pattern
-1.000
-1.500
5 Year
Pattern
-2.000
-2.500
Jul
12
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Jun Live Cattle(CME)
100.000
90.000
80.000
70.000
60.000
50.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
Weekly Jun Live Cattle(CME) - Aug Live Cattle(CME)
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Jun Live Cattle(CME) - Oct Live Cattle(CME)
6.00
Live Cattle Weekly: June
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
-10.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
13
August Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Aug Live Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07)
-0.500
-1.000
-1.500
Live Cattle Seasonal Pattern & Average: August
15 Year
Pattern
-2.000
-2.500
5 Year
Pattern
-3.000
-3.500
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Aug Live Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07)
-2.000
-2.500
-3.000
15 Year
Pattern
-3.500
-4.000
5 Year
Pattern
-4.500
-5.000
Sep
14
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Aug Live Cattle(CME)
100.000
90.000
80.000
70.000
60.000
50.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
Weekly Aug Live Cattle(CME) - Oct Live Cattle(CME)
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Aug Live Cattle(CME) - Dec Live Cattle(CME)
Live Cattle Weekly: August
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
15
October Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Oct Live Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07)
3.000
2.000
Live Cattle Seasonal Pattern & Average: October
15 Year
Pattern
1.000
0.000
5 Year
Pattern
-1.000
-2.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Oct Live Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93/94-07/08)
2.000
1.000
0.000
15 Year
Pattern
-1.000
-2.000
5 Year
Pattern
-3.000
-4.000
Nov
16
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Oct Live Cattle(CME)
110.000
100.000
90.000
80.000
70.000
60.000
50.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
Weekly Oct Live Cattle(CME) - Dec Live Cattle(CME)
12.00
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Oct Live Cattle(CME) - Feb Live Cattle(CME)
Live Cattle Weekly: October
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
17
December Live Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Dec Live Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93/94-07/08)
0.000
Live Cattle Seasonal Pattern & Average: December
-0.500
15 Year
Pattern
-1.000
5 Year
Pattern
-1.500
-2.000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Dec Live Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93/94-07/08)
3.000
2.000
15 Year
Pattern
1.000
0.000
5 Year
Pattern
-1.000
-2.000
Jan
18
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Dec Live Cattle(CME)
110.000
100.000
90.000
80.000
70.000
60.000
50.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
Weekly Dec Live Cattle(CME) - Feb Live Cattle(CME)
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Live Cattle Weekly: December
Weekly Dec Live Cattle(CME) - Apr Live Cattle(CME)
20.00
15.00
10.00
5.00
0.00
-5.00
-10.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
19
Seasonal Live Cattle Strategies
Live Cattle Strategy Summary
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
1
Buy Live Cattle(CME)—April
1/02
1/10
87
13
2
15
322
36/9
22
2
Buy Live Cattle(CME)—February
1/04
1/17
80
12
3
15
362
26/14
22
3
Buy Feb Live Cattle(CME)
Sell Aug Live Cattle(CME)
1/06
1/16
80
12
3
15
206
19/11
23
4
Sell Live Cattle(CME)—February
1/18
1/27
93
14
1
15
462
46/10
23
5
Buy Aug Live Cattle(CME)
Sell Feb Live Cattle(CME)
1/18
1/28
87
13
2
15
331
30/11
24
6
Buy Live Cattle(CME)—June
2/21
3/11
80
12
3
15
409
20/20
24
7
Sell Live Cattle(CME)—April
2/28
3/29
80
12
3
15
558
18/31
25
8
Buy Dec Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/06
3/25
93
14
1
15
443
22/20
25
9
Sell Live Cattle(CME)—June
3/10
3/30
93
14
1
15
650
31/21
26
10 Sell Live Cattle(CME)—June
3/10
4/16
87
13
2
15
863
23/38
26
11 Buy Dec Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/10
4/16
93
14
1
15
581
15/38
27
12 Buy Aug Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/10
5/10
93
14
1
15
661
11/62
27
13 Buy Aug Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/11
4/29
93
14
1
15
491
10/50
28
14 Buy Dec Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/13
3/24
100
15
0
15
352
29/12
28
15 Sell Live Cattle(CME)—June
4/09
4/25
87
13
2
15
601
35/17
29
16 Buy Live Cattle(CME)—June *
5/25
6/04
80
12
3
15
487
44/11
29
17 Buy Jun Live Cattle(CME)
Sell Oct Live Cattle(CME) *
5/26
6/07
93
14
1
15
361
28/13
30
18 Sell Live Cattle(CME)—August
6/05
6/21
80
12
3
15
362
21/17
30
19 Buy Live Cattle(CME)—October
6/19
7/07
93
14
1
15
477
25/19
31
20 Buy Oct Live Cattle(CME)
Sell Apr Live Cattle(CME)
6/22
7/28
87
13
2
15
477
13/37
31
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
20
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Seasonal Live Cattle Strategies
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
21 Buy Oct Live Cattle(CME)
Sell Apr Live Cattle(CME)
6/22
9/12
80
12
3
15
560
7/83
32
22 Buy Live Cattle(CME)—December
6/26
9/11
80
12
3
15
947
12/78
32
23 Buy Oct Live Cattle(CME)
Sell Apr Live Cattle(CME)
8/25
9/14
80
12
3
15
323
15/21
33
24 Buy Live Cattle(CME)—December
8/30
9/11
87
13
2
15
431
33/13
33
25 Sell Live Cattle(CME)—December
9/15
9/28
80
12
3
15
426
30/14
34
26 Buy Feb Live Cattle(CME)
Sell Dec Live Cattle(CME)
9/15
11/07
93
14
1
15
429
8/54
34
27 Buy Live Cattle(CME)—February
10/14
11/24
80
12
3
15
336
8/42
35
28 Buy Aug Live Cattle(CME)
Sell Feb Live Cattle(CME)
11/17
12/11
87
13
2
15
385
15/25
35
29 Buy Live Cattle(CME)—February
12/12
1/17
80
12
3
15
408
11/37
36
30 Buy Live Cattle(CME)—February
12/12
12/24
93
14
1
15
419
32/13
36
31 Buy Feb Live Cattle(CME)
Sell Aug Live Cattle(CME)
12/12
12/24
93
14
1
15
268
21/13
37
32 Buy Live Cattle(CME)—April
12/27
1/16
87
13
2
15
256
12/21
37
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
MOORE RESEARCH CENTER, INC.
21
Live Cattle Strategy Summary
* Caution: Trade exit can be during delivery period. Longs may be subject to delivery.
Live Cattle(CME)—April
Contract Size: 40,000 lbs
Buy on approximately 01/02 - Exit on approximately 01/10
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/02/08
01/03/07
01/03/06
01/03/05
01/02/04
01/02/03
01/02/02
01/02/01
01/03/00
01/04/99
01/02/98
01/02/97
01/02/96
01/03/95
01/03/94
BUY
PRICE
99.05
94.27
95.02
86.27
71.95
79.40
73.30
79.17
71.72
62.60
67.27
65.32
65.97
73.57
75.22
87
Percentage Correct
EXIT
DATE
01/10/08
01/10/07
01/10/06
01/10/05
01/09/04
01/10/03
01/10/02
01/10/01
01/10/00
01/08/99
01/09/98
01/10/97
01/10/96
01/10/95
01/10/94
EXIT
PRICE
96.00
94.77
95.47
88.97
75.70
79.85
73.82
79.75
72.80
65.52
66.75
66.72
66.00
73.70
76.37
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
-3.05
0.50
0.45
2.70
3.75
0.45
0.52
0.58
1.08
2.92
-0.52
1.40
0.03
0.13
1.15
-1220.00
200.00
180.00
1080.00
1500.00
180.00
208.00
232.00
432.00
1168.00
-208.00
560.00
12.00
52.00
460.00
1.20
-1.78
0.81
481.85
-714.00
322.40
BEST
EQUITY
AMOUNT
01/10/07
01/10/06
01/10/05
01/09/04
01/03/03
01/09/02
01/10/01
01/07/00
01/08/99
200.00
180.00
1080.00
1500.00
228.00
340.00
232.00
512.00
1168.00
01/10/97
01/05/96
01/09/95
01/10/94
560.00
352.00
120.00
460.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/09/08
01/04/07
01/05/06
-1268.00
-268.00
-188.00
01/04/02
01/08/01
01/04/00
-20.00
-520.00
-188.00
01/09/98
-208.00
01/05/95
-100.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—February
Contract Size: 40,000 lbs
Live Cattle Strategy Tables
Buy on approximately 01/04 - Exit on approximately 01/17
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/04/08
01/04/07
01/04/06
01/04/05
01/05/04
01/06/03
01/04/02
01/04/01
01/04/00
01/04/99
01/05/98
01/06/97
01/04/96
01/04/95
01/04/94
BUY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
94.55
92.22
96.47
90.47
75.30
80.77
70.07
76.97
69.07
59.62
63.92
65.35
66.37
73.25
72.57
80
EXIT
DATE
01/17/08
01/17/07
01/17/06
01/14/05
01/16/04
01/17/03
01/17/02
01/17/01
01/14/00
01/15/99
01/16/98
01/17/97
01/17/96
01/17/95
01/17/94
EXIT
PRICE
90.90
92.55
96.55
91.32
78.70
79.67
71.07
80.20
70.82
63.20
66.42
65.60
65.80
73.62
74.12
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
-3.65
0.33
0.08
0.85
3.40
-1.10
1.00
3.23
1.75
3.58
2.50
0.25
-0.57
0.37
1.55
-1460.00
132.00
32.00
340.00
1360.00
-440.00
400.00
1292.00
700.00
1432.00
1000.00
100.00
-228.00
148.00
620.00
1.57
-1.77
0.90
629.67
-709.33
361.87
BEST
EQUITY
AMOUNT
01/07/08
01/10/07
01/10/06
01/12/05
01/16/04
01/09/03
01/15/02
01/16/01
01/07/00
01/15/99
01/16/98
01/14/97
01/05/96
01/17/95
01/14/94
20.00
692.00
32.00
632.00
1360.00
400.00
632.00
1640.00
720.00
1432.00
1000.00
248.00
20.00
148.00
712.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/16/08
01/12/07
01/11/06
01/06/05
01/06/04
01/15/03
01/11/02
01/08/01
01/05/00
-1800.00
-168.00
-900.00
-848.00
-560.00
-568.00
-80.00
-320.00
-40.00
01/08/97
01/10/96
01/13/95
-432.00
-380.00
-340.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
22
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy Feb Live Cattle(CME) / Sell Aug Live Cattle(CME)
Enter on approximately 01/06 - Exit on approximately 01/16
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
01/07/08
01/08/07
01/06/06
01/06/05
01/06/04
01/06/03
01/07/02
01/08/01
01/06/00
01/06/99
01/06/98
01/06/97
01/08/96
01/06/95
01/06/94
ENTRY
PRICE
-1.50
5.50
9.78
8.62
2.75
10.61
0.25
2.51
-0.23
-2.29
-4.12
2.39
4.34
7.84
-0.34
80
Percentage Correct
EXIT
DATE
01/16/08
01/16/07
01/13/06
01/14/05
01/16/04
01/16/03
01/16/02
01/16/01
01/14/00
01/15/99
01/16/98
01/16/97
01/16/96
01/16/95
01/14/94
EXIT
PRICE
-5.53
4.11
9.79
10.00
5.04
11.85
1.02
6.96
-0.20
-1.42
-3.45
1.86
4.46
8.20
1.09
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
-4.03
-1.38
0.02
1.37
2.30
1.23
0.77
4.45
0.03
0.88
0.68
-0.53
0.12
0.35
1.45
-1612.00
-552.00
8.00
548.00
920.00
492.00
308.00
1780.00
12.00
352.00
272.00
-212.00
48.00
140.00
580.00
1.14
-1.98
0.51
455.00
-792.00
205.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/10/07
01/10/06
01/12/05
01/16/04
01/10/03
01/15/02
01/16/01
01/07/00
01/15/99
01/16/98
292.00
140.00
720.00
920.00
612.00
360.00
1780.00
120.00
352.00
272.00
01/15/96
01/16/95
01/14/94
180.00
140.00
580.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/14/08
01/12/07
01/11/06
01/07/05
01/13/04
-1640.00
-768.00
-252.00
-12.00
-128.00
01/11/02
-172.00
01/12/00
01/07/99
01/14/98
01/08/97
01/10/96
01/10/95
-8.00
-40.00
-116.00
-500.00
-132.00
-12.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—February
Contract Size: 40,000 lbs
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/18/07
01/18/06
01/18/05
01/20/04
01/21/03
01/18/02
01/18/01
01/18/00
01/19/99
01/20/98
01/20/97
01/18/96
01/18/95
01/18/94
01/18/93
SELL
PRICE
Percentage Correct
92.40
96.07
91.12
80.20
79.67
71.55
79.62
70.70
62.97
65.95
66.15
65.20
74.60
73.50
80.65
93
EXIT
DATE
01/26/07
01/27/06
01/27/05
01/27/04
01/27/03
01/25/02
01/26/01
01/27/00
01/27/99
01/27/98
01/27/97
01/26/96
01/27/95
01/27/94
01/27/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
90.22
93.90
89.25
79.00
79.30
72.42
78.80
69.52
61.97
65.25
64.97
63.05
74.37
73.12
77.87
PROFIT
PROFIT
AMOUNT
2.18
2.17
1.87
1.20
0.37
-0.87
0.82
1.18
1.00
0.70
1.18
2.15
0.23
0.38
2.78
872.00
868.00
748.00
480.00
148.00
-348.00
328.00
472.00
400.00
280.00
472.00
860.00
92.00
152.00
1112.00
1.30
-0.87
1.16
520.29
-348.00
462.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/23/07
01/27/06
01/24/05
01/26/04
01/27/03
01/22/02
01/23/01
01/27/00
01/27/99
01/27/98
01/24/97
01/26/96
01/24/95
01/25/94
01/27/93
1132.00
868.00
968.00
612.00
148.00
152.00
560.00
472.00
400.00
280.00
600.00
860.00
100.00
232.00
1112.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/19/06
-20.00
01/21/04
01/22/03
01/25/02
-600.00
-312.00
-348.00
01/25/99
01/23/98
-92.00
-300.00
01/20/95
-160.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
23
Live Cattle Strategy Tables
Sell on approximately 01/18 - Exit on approximately 01/27
Buy Aug Live Cattle(CME) / Sell Feb Live Cattle(CME)
Enter on approximately 01/18 - Exit on approximately 01/28
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/18/07
01/18/06
01/18/05
01/20/04
01/21/03
01/18/02
01/18/01
01/18/00
01/19/99
01/20/98
01/20/97
01/18/96
01/18/95
01/18/94
01/18/93
Percentage Correct
ENTRY
PRICE
-4.20
-10.34
-9.80
-6.10
-11.85
-1.29
-6.32
-0.03
1.82
3.64
-1.68
-4.20
-9.57
-0.82
-9.05
87
EXIT
DATE
01/26/07
01/27/06
01/28/05
01/28/04
01/28/03
01/28/02
01/26/01
01/28/00
01/28/99
01/28/98
01/28/97
01/26/96
01/27/95
01/28/94
01/28/93
EXIT
PRICE
-2.20
-9.43
-9.42
-5.06
-11.53
-2.29
-6.62
0.70
2.39
4.67
-0.41
-2.57
-9.32
-0.03
-6.25
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
2.00
0.92
0.38
1.03
0.32
-1.00
-0.31
0.73
0.57
1.02
1.26
1.62
0.26
0.80
2.80
800.00
368.00
152.00
412.00
128.00
-400.00
-124.00
292.00
228.00
408.00
504.00
648.00
104.00
320.00
1120.00
1.05
-0.66
0.83
421.85
-262.00
330.67
BEST
EQUITY
AMOUNT
01/26/07
01/25/06
01/25/05
01/28/04
01/27/03
01/23/02
01/19/01
01/28/00
01/28/99
01/28/98
01/28/97
01/26/96
01/24/95
01/25/94
01/28/93
800.00
408.00
460.00
412.00
300.00
8.00
360.00
292.00
228.00
408.00
504.00
648.00
120.00
424.00
1120.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/22/04
-888.00
01/28/02
01/26/01
-400.00
-124.00
01/20/99
01/23/98
-72.00
-172.00
01/19/96
01/20/95
-40.00
-240.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—June
Contract Size: 40,000 lbs
Live Cattle Strategy Tables
Buy on approximately 02/21 - Exit on approximately 03/11
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
02/21/07
02/21/06
02/22/05
02/23/04
02/21/03
02/21/02
02/21/01
02/22/00
02/22/99
02/23/98
02/21/97
02/21/96
02/21/95
02/22/94
02/22/93
BUY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
93.67
83.45
81.25
70.37
70.85
70.25
73.32
67.82
64.80
66.05
65.02
62.12
66.77
74.50
73.97
80
EXIT
DATE
03/09/07
03/10/06
03/11/05
03/11/04
03/11/03
03/11/02
03/09/01
03/10/00
03/11/99
03/11/98
03/11/97
03/11/96
03/10/95
03/11/94
03/11/93
EXIT
PRICE
98.60
79.10
85.85
76.45
68.47
70.45
73.67
69.37
65.07
67.32
65.15
62.85
66.32
74.67
76.20
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
4.93
-4.35
4.60
6.08
-2.38
0.20
0.35
1.55
0.27
1.27
0.13
0.73
-0.45
0.17
2.23
1972.00
-1740.00
1840.00
2432.00
-952.00
80.00
140.00
620.00
108.00
508.00
52.00
292.00
-180.00
68.00
892.00
1.88
-2.39
1.02
750.33
-957.33
408.80
BEST
EQUITY
AMOUNT
03/08/07
2032.00
03/09/05
03/11/04
02/24/03
03/07/02
03/07/01
03/03/00
02/25/99
03/11/98
02/28/97
02/26/96
02/28/95
03/07/94
03/11/93
2500.00
2432.00
188.00
108.00
500.00
740.00
528.00
508.00
192.00
632.00
252.00
288.00
892.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/10/06
-1740.00
03/11/03
02/26/02
02/23/01
-952.00
-272.00
-48.00
02/25/98
03/06/97
-32.00
-220.00
03/09/95
02/23/94
02/25/93
-300.00
-40.00
-108.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
24
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Live Cattle(CME)—April
Contract Size: 40,000 lbs
Sell on approximately 02/28 - Exit on approximately 03/29
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
02/28/07
02/28/06
02/28/05
03/01/04
02/28/03
02/28/02
02/28/01
02/28/00
04/30/99
04/30/98
02/28/97
02/28/96
02/28/95
02/28/94
04/30/93
SELL
PRICE
97.05
87.22
86.05
77.80
75.82
74.20
81.37
71.47
68.25
65.07
69.62
64.65
74.27
77.10
80.05
80
Percentage Correct
EXIT
DATE
03/29/07
03/29/06
03/29/05
03/29/04
03/28/03
03/28/02
03/29/01
03/29/00
03/29/99
03/27/98
03/27/97
03/29/96
03/29/95
03/29/94
03/29/93
EXIT
PRICE
96.37
80.62
90.10
77.77
75.60
70.42
78.82
71.67
66.77
64.02
67.95
63.42
66.27
76.55
82.70
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
0.68
6.60
-4.05
0.03
0.22
3.78
2.55
-0.20
1.48
1.05
1.67
1.23
8.00
0.55
-2.65
272.00
2640.00
-1620.00
12.00
88.00
1512.00
1020.00
-80.00
592.00
420.00
668.00
492.00
3200.00
220.00
-1060.00
2.32
-2.30
1.40
928.00
-920.00
558.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/30/07
03/29/06
360.00
2640.00
03/25/04
03/11/03
03/25/02
03/19/01
02/29/00
03/25/99
03/26/98
03/20/97
03/07/96
03/29/95
03/21/94
420.00
1220.00
1800.00
1648.00
120.00
920.00
720.00
860.00
1252.00
3200.00
452.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/12/07
-1988.00
03/09/05
03/16/04
-2160.00
-1928.00
03/08/02
03/06/01
03/28/00
03/09/99
03/13/98
-668.00
-112.00
-680.00
-108.00
-232.00
03/15/96
-248.00
03/04/94
03/22/93
-40.00
-1468.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Dec Live Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 03/06 - Exit on approximately 03/25
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/06/07
03/06/06
03/07/05
03/08/04
03/06/03
03/06/02
03/06/01
03/06/00
03/08/99
03/06/98
03/06/97
03/06/96
03/06/95
03/07/94
03/08/93
ENTRY
PRICE
Percentage Correct
0.57
5.28
-1.12
1.90
0.42
2.45
1.95
4.23
1.12
3.25
4.93
-0.83
-0.76
-1.26
-2.06
93
EXIT
DATE
03/23/07
03/24/06
03/24/05
03/25/04
03/25/03
03/25/02
03/23/01
03/24/00
03/25/99
03/25/98
03/25/97
03/25/96
03/24/95
03/25/94
03/25/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
1.95
8.19
0.64
4.40
0.75
3.90
2.42
4.64
3.03
3.75
5.82
-0.55
1.54
-0.54
-3.31
PROFIT
PROFIT
AMOUNT
1.37
2.92
1.77
2.50
0.32
1.45
0.48
0.42
1.90
0.50
0.90
0.28
2.32
0.72
-1.25
548.00
1168.00
708.00
1000.00
128.00
580.00
192.00
168.00
760.00
200.00
360.00
112.00
928.00
288.00
-500.00
1.27
-1.25
1.11
510.00
-500.00
442.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
03/23/07
03/24/06
03/24/05
03/25/04
03/17/03
03/19/02
03/21/01
03/21/00
03/25/99
03/25/98
03/25/97
03/07/96
03/23/95
03/16/94
548.00
1168.00
708.00
1000.00
448.00
800.00
360.00
280.00
760.00
200.00
360.00
372.00
1028.00
448.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/12/07
-852.00
03/09/05
03/17/04
03/07/03
-184.00
-492.00
-32.00
03/15/00
03/09/99
03/18/98
03/12/97
03/15/96
-160.00
-120.00
-188.00
-400.00
-368.00
03/16/93
-672.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
25
Live Cattle Strategy Tables
CONT
YEAR
Live Cattle(CME)—June
Contract Size: 40,000 lbs
Sell on approximately 03/10 - Exit on approximately 03/30
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/12/07
03/10/06
03/10/05
03/10/04
03/10/03
03/11/02
03/12/01
03/10/00
03/10/99
03/10/98
03/10/97
03/11/96
03/10/95
03/10/94
03/10/93
SELL
PRICE
98.42
79.10
86.72
76.37
69.62
70.45
73.67
69.37
65.85
67.22
64.65
62.85
66.32
74.55
76.15
93
Percentage Correct
EXIT
DATE
03/30/07
03/30/06
03/30/05
03/30/04
03/28/03
03/28/02
03/30/01
03/30/00
03/30/99
03/30/98
03/27/97
03/29/96
03/30/95
03/30/94
03/30/93
EXIT
PRICE
94.87
75.90
85.17
76.15
70.02
65.80
72.67
68.80
63.97
65.55
64.17
62.47
61.67
73.92
75.80
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
3.55
3.20
1.55
0.22
-0.40
4.65
1.00
0.57
1.88
1.67
0.48
0.38
4.65
0.63
0.35
1420.00
1280.00
620.00
88.00
-160.00
1860.00
400.00
228.00
752.00
668.00
192.00
152.00
1860.00
252.00
140.00
1.77
-0.40
1.63
708.00
-160.00
650.13
BEST
EQUITY
AMOUNT
03/27/07
03/29/06
03/18/05
03/24/04
03/17/03
03/27/02
03/23/01
03/17/00
03/25/99
03/26/98
03/20/97
03/29/96
03/29/95
03/29/94
03/30/93
2028.00
1740.00
1048.00
1380.00
600.00
1992.00
600.00
260.00
1052.00
768.00
472.00
152.00
2100.00
272.00
140.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/13/06
-8.00
03/16/04
03/25/03
-392.00
-172.00
03/13/01
03/28/00
-40.00
-232.00
03/12/98
03/11/97
03/15/96
-100.00
-200.00
-660.00
03/11/94
03/22/93
-48.00
-468.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—June
Contract Size: 40,000 lbs
Live Cattle Strategy Tables
Sell on approximately 03/10 - Exit on approximately 04/16
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/12/07
03/10/06
03/10/05
03/10/04
03/10/03
03/11/02
03/12/01
03/10/00
03/10/99
03/10/98
03/10/97
03/11/96
03/10/95
03/10/94
03/10/93
SELL
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
98.42
79.10
86.72
76.37
69.62
70.45
73.67
69.37
65.85
67.22
64.65
62.85
66.32
74.55
76.15
87
EXIT
DATE
04/16/07
04/13/06
04/15/05
04/16/04
04/16/03
04/16/02
04/16/01
04/14/00
04/16/99
04/16/98
04/16/97
04/16/96
04/13/95
04/15/94
04/16/93
EXIT
PRICE
92.90
75.27
84.42
76.07
70.47
62.57
72.45
69.35
63.35
68.12
63.90
60.02
61.90
73.17
75.00
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
5.52
3.83
2.30
0.30
-0.85
7.88
1.22
0.02
2.50
-0.90
0.75
2.83
4.42
1.38
1.15
2208.00
1532.00
920.00
120.00
-340.00
3152.00
488.00
8.00
1000.00
-360.00
300.00
1132.00
1768.00
552.00
460.00
2.62
-0.88
2.16
1049.23
-350.00
862.67
BEST
EQUITY
AMOUNT
04/12/07
04/04/06
04/07/05
03/24/04
03/17/03
04/12/02
04/11/01
04/04/00
04/15/99
03/26/98
04/07/97
04/16/96
03/29/95
04/14/94
04/16/93
2376.00
2392.00
1320.00
1380.00
600.00
3332.00
628.00
280.00
1072.00
768.00
560.00
1132.00
2100.00
712.00
460.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/13/06
-8.00
04/12/04
04/07/03
-1032.00
-932.00
03/13/01
03/28/00
-40.00
-232.00
04/09/98
04/15/97
03/15/96
-492.00
-300.00
-660.00
04/06/94
03/22/93
-128.00
-468.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
26
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy Dec Live Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 03/10 - Exit on approximately 04/16
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/12/07
03/10/06
03/10/05
03/10/04
03/10/03
03/11/02
03/12/01
03/10/00
03/10/99
03/10/98
03/10/97
03/11/96
03/10/95
03/10/94
03/10/93
ENTRY
PRICE
-1.54
6.50
-0.92
1.28
0.54
2.67
2.17
4.19
0.90
3.04
4.29
-0.38
-0.44
-0.82
-2.60
93
Percentage Correct
EXIT
DATE
04/16/07
04/13/06
04/15/05
04/16/04
04/16/03
04/16/02
04/16/01
04/14/00
04/16/99
04/16/98
04/16/97
04/16/96
04/13/95
04/15/94
04/16/93
EXIT
PRICE
2.75
6.68
1.42
3.53
0.84
5.85
2.42
4.62
2.60
1.82
5.44
2.42
1.39
0.03
-1.18
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
4.30
0.18
2.35
2.25
0.30
3.18
0.24
0.42
1.70
-1.22
1.15
2.81
1.85
0.86
1.42
1720.00
72.00
940.00
900.00
120.00
1272.00
96.00
168.00
680.00
-488.00
460.00
1124.00
740.00
344.00
568.00
1.64
-1.22
1.45
657.43
-488.00
581.07
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/12/07
03/28/06
04/11/05
03/25/04
03/17/03
04/16/02
03/21/01
03/29/00
03/31/99
03/25/98
04/08/97
04/16/96
03/31/95
04/14/94
04/16/93
1768.00
828.00
1020.00
1248.00
400.00
1272.00
268.00
392.00
900.00
280.00
832.00
1124.00
948.00
412.00
568.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/17/04
04/02/03
-244.00
-272.00
04/05/01
03/15/00
-304.00
-148.00
04/09/98
03/12/97
03/15/96
-600.00
-148.00
-548.00
04/06/94
03/16/93
-28.00
-460.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Aug Live Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 03/10 - Exit on approximately 05/10
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/12/07
03/10/06
03/10/05
03/10/04
03/10/03
03/11/02
03/12/01
03/10/00
03/10/99
03/10/98
03/10/97
03/11/96
03/10/95
03/10/94
03/10/93
ENTRY
PRICE
Percentage Correct
-3.87
1.27
-3.26
-1.62
-2.92
-0.60
-1.15
0.44
-2.79
0.57
-1.30
-0.57
-2.94
-1.62
-4.03
93
EXIT
DATE
05/10/07
05/10/06
05/10/05
05/10/04
05/09/03
05/10/02
05/10/01
05/10/00
05/10/99
05/08/98
05/09/97
05/10/96
05/10/95
05/10/94
05/10/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
-0.29
1.67
-0.04
2.07
-4.62
0.87
0.43
0.57
0.36
1.25
0.27
1.70
-0.30
-0.43
-3.13
PROFIT
PROFIT
AMOUNT
3.57
0.40
3.22
3.70
-1.71
1.47
1.58
0.13
3.17
0.67
1.57
2.28
2.65
1.20
0.90
1428.00
160.00
1288.00
1480.00
-684.00
588.00
632.00
52.00
1268.00
268.00
628.00
912.00
1060.00
480.00
360.00
1.89
-1.71
1.65
757.43
-684.00
661.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/10/07
03/22/06
05/09/05
04/30/04
03/17/03
05/10/02
05/07/01
04/06/00
05/10/99
03/25/98
05/08/97
04/29/96
05/10/95
05/04/94
04/20/93
1428.00
444.00
1608.00
1628.00
380.00
588.00
648.00
188.00
1268.00
388.00
712.00
1432.00
1060.00
504.00
632.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/13/06
-8.00
03/16/04
05/09/03
03/12/02
-252.00
-684.00
-52.00
04/25/00
-212.00
04/09/98
03/11/97
03/27/96
-164.00
-100.00
-328.00
04/05/94
03/11/93
-160.00
-20.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
27
Live Cattle Strategy Tables
CONT
YEAR
Buy Aug Live Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 03/11 - Exit on approximately 04/29
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/12/07
03/13/06
03/11/05
03/11/04
03/11/03
03/11/02
03/12/01
03/13/00
03/11/99
03/11/98
03/11/97
03/11/96
03/13/95
03/11/94
03/11/93
ENTRY
PRICE
-3.87
1.25
-2.89
-1.48
-2.71
-0.60
-1.15
0.23
-2.14
0.65
-1.55
-0.57
-2.63
-1.71
-4.07
93
Percentage Correct
EXIT
DATE
04/27/07
04/28/06
04/29/05
04/29/04
04/29/03
04/29/02
04/27/01
04/28/00
04/29/99
04/29/98
04/29/97
04/29/96
04/28/95
04/29/94
04/29/93
EXIT
PRICE
-1.25
2.04
0.37
1.17
-4.17
0.45
0.04
0.38
-1.13
0.71
0.03
3.00
-1.85
-1.67
-3.04
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
2.62
0.80
3.28
2.65
-1.45
1.05
1.20
0.15
1.02
0.07
1.58
3.58
0.78
0.04
1.03
1048.00
320.00
1312.00
1060.00
-580.00
420.00
480.00
60.00
408.00
28.00
632.00
1432.00
312.00
16.00
412.00
1.42
-1.45
1.23
567.14
-580.00
490.67
BEST
EQUITY
AMOUNT
04/26/07
03/22/06
04/29/05
04/22/04
03/17/03
04/16/02
04/20/01
04/06/00
04/19/99
03/25/98
04/28/97
04/29/96
04/19/95
04/14/94
04/20/93
1060.00
452.00
1312.00
1544.00
300.00
480.00
580.00
276.00
508.00
360.00
748.00
1432.00
452.00
228.00
652.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/16/04
04/29/03
03/12/02
-308.00
-580.00
-52.00
04/25/00
-124.00
04/09/98
-192.00
03/27/96
-328.00
04/05/94
-124.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Dec Live Cattle(CME) / Sell Jun Live Cattle(CME)
Live Cattle Strategy Tables
Enter on approximately 03/13 - Exit on approximately 03/24
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/13/07
03/13/06
03/14/05
03/15/04
03/13/03
03/13/02
03/13/01
03/13/00
03/15/99
03/13/98
03/13/97
03/13/96
03/13/95
03/14/94
03/15/93
ENTRY
PRICE
Percentage Correct
Average Profit on Winning Trades
-0.85
6.59
-0.26
1.68
0.54
3.20
2.23
4.13
2.40
3.04
4.22
-1.59
0.25
-0.42
-3.52
100
EXIT
DATE
03/23/07
03/24/06
03/24/05
03/24/04
03/24/03
03/22/02
03/23/01
03/24/00
03/24/99
03/24/98
03/24/97
03/22/96
03/24/95
03/24/94
03/24/93
EXIT
PRICE
1.95
8.19
0.64
4.39
1.10
3.65
2.42
4.64
2.44
3.06
5.28
-0.75
1.54
-0.37
-3.38
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
2.80
1.60
0.92
2.72
0.55
0.45
0.20
0.52
0.05
0.02
1.05
0.85
1.30
0.04
0.14
1120.00
640.00
368.00
1088.00
220.00
180.00
80.00
208.00
20.00
8.00
420.00
340.00
520.00
16.00
56.00
0.88
352.27
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
03/23/07
03/24/06
03/24/05
03/24/04
03/17/03
03/19/02
03/21/01
03/21/00
03/24/99
03/17/98
03/20/97
03/22/96
03/23/95
03/16/94
03/19/93
1120.00
640.00
368.00
1088.00
400.00
500.00
248.00
320.00
20.00
120.00
560.00
340.00
620.00
108.00
220.00
Winners
Losers
0.88
352.27
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/16/05
03/17/04
-164.00
-404.00
03/15/00
03/16/99
03/18/98
-120.00
-180.00
-108.00
03/15/96
-60.00
03/16/93
-92.00
15
0
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
28
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Live Cattle(CME)—June
Contract Size: 40,000 lbs
Sell on approximately 04/09 - Exit on approximately 04/25
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/09/07
04/10/06
04/11/05
04/12/04
04/09/03
04/09/02
04/09/01
04/10/00
04/09/99
04/09/98
04/09/97
04/09/96
04/10/95
04/11/94
04/12/93
SELL
PRICE
96.70
74.85
83.67
78.95
71.92
64.00
73.45
69.12
65.20
68.45
64.20
62.65
63.42
74.10
76.42
87
Percentage Correct
EXIT
DATE
04/25/07
04/25/06
04/25/05
04/23/04
04/25/03
04/25/02
04/25/01
04/25/00
04/23/99
04/24/98
04/25/97
04/25/96
04/25/95
04/25/94
04/23/93
EXIT
PRICE
93.33
73.52
87.12
76.47
71.47
61.27
71.27
69.65
62.72
68.15
63.82
54.80
63.15
72.02
75.82
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
3.37
1.33
-3.45
2.48
0.45
2.73
2.18
-0.53
2.48
0.30
0.38
7.85
0.27
2.08
0.60
1348.00
532.00
-1380.00
992.00
180.00
1092.00
872.00
-212.00
992.00
120.00
152.00
3140.00
108.00
832.00
240.00
2.04
-1.99
1.50
815.38
-796.00
600.53
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/20/07
04/24/06
1768.00
652.00
04/22/04
04/16/03
04/24/02
04/25/01
04/17/00
04/22/99
04/20/98
04/25/97
04/25/96
04/17/95
04/25/94
04/16/93
1312.00
580.00
1500.00
872.00
60.00
1012.00
312.00
152.00
3140.00
760.00
832.00
568.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/19/06
04/25/05
-568.00
-1380.00
04/25/00
-212.00
04/22/98
04/15/97
-140.00
-480.00
04/24/95
-152.00
04/14/93
-40.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—June
Contract Size: 40,000 lbs
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/25/07
05/25/06
05/25/05
05/25/04
05/27/03
05/28/02
05/25/01
05/25/00
05/25/99
05/26/98
05/27/97
05/28/96
05/25/95
05/25/94
05/25/93
BUY
PRICE
Percentage Correct
91.05
78.42
84.60
82.32
74.37
62.82
73.90
67.42
62.70
65.30
64.90
60.57
61.60
62.47
75.60
80
EXIT
DATE
06/04/07
06/02/06
06/03/05
06/04/04
06/04/03
06/04/02
06/04/01
06/02/00
06/04/99
06/04/98
06/04/97
06/04/96
06/02/95
06/03/94
06/04/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
PROFIT
PROFIT
AMOUNT
91.13
0.08
32.00
80.32
1.90
760.00
84.97
0.37
148.00
90.50
8.18
3272.00
75.95
1.58
632.00
61.82
-1.00
-400.00
74.27
0.37
148.00
68.42
1.00
400.00
64.90
2.20
880.00
65.30
0.00
0.00
64.12
-0.78
-312.00
62.37
1.80
720.00
62.35
0.75
300.00
63.42
0.95
380.00
76.47
0.87
348.00
Caution: This Trade Enters Deliverable Period
1.67
668.33
-0.59
-237.33
1.22
487.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
05/31/07
06/02/06
05/31/05
06/04/04
06/02/03
40.00
760.00
328.00
3272.00
980.00
06/01/01
06/02/00
06/04/99
06/02/98
05/28/97
06/04/96
06/02/95
05/31/94
06/04/93
328.00
400.00
880.00
200.00
200.00
720.00
300.00
1520.00
348.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/30/07
-140.00
06/01/05
-60.00
05/31/02
-940.00
05/26/00
-200.00
05/28/98
06/04/97
05/30/96
05/31/95
-472.00
-312.00
-28.00
-232.00
06/02/93
-240.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
29
Live Cattle Strategy Tables
Buy on approximately 05/25 - Exit on approximately 06/04
Buy Jun Live Cattle(CME) / Sell Oct Live Cattle(CME)
Enter on approximately 05/26 - Exit on approximately 06/07 - Caution: This Trade Enters Deliverable Period
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/29/07
05/26/06
05/26/05
05/26/04
05/27/03
05/28/02
05/29/01
05/26/00
05/26/99
05/26/98
05/27/97
05/28/96
05/26/95
05/26/94
05/26/93
ENTRY
PRICE
-4.12
-4.21
-1.46
-4.00
3.75
-2.77
-1.34
-3.09
-1.12
-1.75
-3.86
-4.05
-0.50
-3.48
1.04
93
Percentage Correct
EXIT
DATE
06/07/07
06/07/06
06/07/05
06/07/04
06/06/03
06/07/02
06/07/01
06/07/00
06/07/99
06/05/98
06/06/97
06/07/96
06/07/95
06/07/94
06/07/93
EXIT
PRICE
-3.76
-3.55
-0.40
1.65
4.21
-2.87
-1.23
-1.75
-0.60
-0.82
-3.37
-3.30
0.29
-3.46
1.46
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
0.36
0.67
1.07
5.65
0.47
-0.09
0.12
1.35
0.53
0.92
0.50
0.75
0.80
0.01
0.42
144.00
268.00
428.00
2260.00
188.00
-36.00
48.00
540.00
212.00
368.00
200.00
300.00
320.00
4.00
168.00
0.97
-0.09
0.90
389.14
-36.00
360.80
BEST
EQUITY
AMOUNT
06/04/07
06/07/06
06/06/05
06/04/04
05/30/03
284.00
268.00
448.00
2312.00
488.00
06/06/01
06/07/00
06/02/99
06/02/98
05/29/97
06/07/96
06/07/95
05/31/94
06/07/93
88.00
540.00
420.00
480.00
340.00
300.00
320.00
392.00
168.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/02/06
-164.00
05/31/02
06/01/01
-460.00
-92.00
05/28/98
-240.00
05/30/96
05/31/95
-188.00
-212.00
06/04/93
-52.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—August
Contract Size: 40,000 lbs
Live Cattle Strategy Tables
Sell on approximately 06/05 - Exit on approximately 06/21
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/05/07
06/05/06
06/06/05
06/07/04
06/05/03
06/05/02
06/05/01
06/05/00
06/07/99
06/05/98
06/05/97
06/05/96
06/05/95
06/06/94
06/07/93
SELL
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
91.03
80.67
83.57
91.12
69.87
61.17
74.05
68.57
64.77
66.02
63.65
65.10
62.70
63.72
75.47
80
EXIT
DATE
06/21/07
06/21/06
06/21/05
06/21/04
06/20/03
06/21/02
06/21/01
06/21/00
06/21/99
06/19/98
06/20/97
06/21/96
06/21/95
06/21/94
06/21/93
EXIT
PRICE
89.93
83.25
79.72
87.37
67.57
63.70
73.62
66.92
63.52
65.07
63.45
65.27
60.42
63.65
74.45
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
1.10
-2.58
3.85
3.75
2.30
-2.53
0.43
1.65
1.25
0.95
0.20
-0.17
2.28
0.07
1.02
440.00
-1032.00
1540.00
1500.00
920.00
-1012.00
172.00
660.00
500.00
380.00
80.00
-68.00
912.00
28.00
408.00
1.57
-1.76
0.90
628.33
-704.00
361.87
BEST
EQUITY
AMOUNT
06/07/07
06/12/06
06/16/05
06/15/04
06/16/03
06/07/02
06/14/01
06/21/00
06/21/99
06/18/98
06/09/97
600.00
820.00
1660.00
2388.00
1128.00
40.00
380.00
660.00
500.00
448.00
192.00
06/21/95
06/07/94
06/21/93
912.00
520.00
408.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/19/07
06/19/06
-108.00
-1292.00
06/18/02
-1120.00
06/12/00
06/14/99
06/09/98
06/16/97
06/11/96
06/09/95
06/10/94
06/11/93
-20.00
-180.00
-300.00
-448.00
-628.00
-120.00
-420.00
-192.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
30
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Live Cattle(CME)—October
Contract Size: 40,000 lbs
Buy on approximately 06/19 - Exit on approximately 07/07
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/19/07
06/19/06
06/20/05
06/21/04
06/19/03
06/19/02
06/19/01
06/19/00
06/21/99
06/19/98
06/19/97
06/19/96
06/19/95
06/20/94
06/21/93
BUY
PRICE
94.88
86.65
82.47
87.35
68.45
65.37
75.02
69.47
64.72
64.35
66.62
66.40
62.22
67.97
74.67
93
Percentage Correct
EXIT
DATE
07/06/07
07/07/06
07/07/05
07/07/04
07/07/03
07/05/02
07/06/01
07/07/00
07/07/99
07/07/98
07/07/97
07/05/96
07/07/95
07/07/94
07/07/93
EXIT
PRICE
96.90
89.12
83.40
88.00
72.57
66.82
75.12
69.72
63.70
64.37
67.12
68.90
64.85
68.82
75.07
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
2.02
2.47
0.93
0.65
4.12
1.45
0.10
0.25
-1.02
0.02
0.50
2.50
2.63
0.85
0.40
808.00
988.00
372.00
260.00
1648.00
580.00
40.00
100.00
-408.00
8.00
200.00
1000.00
1052.00
340.00
160.00
1.35
-1.02
1.19
539.71
-408.00
476.53
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/06/07
07/05/06
07/06/05
06/24/04
07/07/03
07/02/02
06/28/01
07/05/00
06/22/99
06/23/98
06/30/97
07/05/96
07/07/95
07/07/94
07/02/93
808.00
1520.00
560.00
920.00
1648.00
720.00
340.00
252.00
132.00
280.00
500.00
1000.00
1052.00
340.00
320.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/26/07
06/20/06
06/21/05
06/30/04
-920.00
-160.00
-80.00
-420.00
06/24/02
07/05/01
06/28/00
06/28/99
07/02/98
06/20/97
-180.00
-120.00
-348.00
-440.00
-140.00
-88.00
06/21/95
06/27/94
06/22/93
-188.00
-568.00
-360.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Oct Live Cattle(CME) / Sell Apr Live Cattle(CME)
Enter on approximately 06/22 - Exit on approximately 07/28
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/22/07
06/22/06
06/22/05
06/22/04
06/23/03
06/24/02
06/22/01
06/22/00
06/22/99
06/22/98
06/23/97
06/24/96
06/22/95
06/22/94
06/22/93
ENTRY
PRICE
Percentage Correct
-3.67
-0.42
-2.65
2.03
-5.78
-4.03
-2.12
-5.95
-4.01
-4.31
-5.71
0.29
-2.37
-3.52
-1.53
87
EXIT
DATE
07/27/07
07/28/06
07/28/05
07/28/04
07/28/03
07/26/02
07/27/01
07/28/00
07/28/99
07/28/98
07/28/97
07/26/96
07/28/95
07/28/94
07/28/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
-1.28
-0.22
-2.04
2.12
-0.07
-2.71
-3.79
-5.66
-3.58
-4.85
-3.85
2.50
-1.37
0.42
-1.50
PROFIT
PROFIT
AMOUNT
2.39
0.20
0.60
0.10
5.70
1.31
-1.67
0.28
0.44
-0.53
1.87
2.20
1.00
3.95
0.03
956.00
80.00
240.00
40.00
2280.00
524.00
-668.00
112.00
176.00
-212.00
748.00
880.00
400.00
1580.00
12.00
1.54
-1.10
1.19
617.54
-440.00
476.53
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/27/07
06/29/06
07/06/05
06/24/04
07/28/03
07/18/02
06/27/01
07/18/00
07/26/99
07/08/98
07/28/97
07/25/96
07/26/95
07/28/94
06/28/93
956.00
812.00
328.00
340.00
2280.00
700.00
220.00
380.00
308.00
220.00
748.00
1060.00
560.00
1580.00
180.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/26/07
07/25/06
07/18/05
07/20/04
-220.00
-636.00
-300.00
-932.00
06/25/02
07/27/01
07/25/00
07/20/99
07/13/98
07/08/97
-16.00
-668.00
-52.00
-172.00
-272.00
-452.00
06/24/94
07/23/93
-24.00
-740.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
31
Live Cattle Strategy Tables
CONT
YEAR
Buy Oct Live Cattle(CME) / Sell Apr Live Cattle(CME)
Enter on approximately 06/22 - Exit on approximately 09/12
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/22/07
06/22/06
06/22/05
06/22/04
06/23/03
06/24/02
06/22/01
06/22/00
06/22/99
06/22/98
06/23/97
06/24/96
06/22/95
06/22/94
06/22/93
ENTRY
PRICE
-3.67
-0.42
-2.65
2.03
-5.78
-4.03
-2.12
-5.95
-4.01
-4.31
-5.71
0.29
-2.37
-3.52
-1.53
80
Percentage Correct
EXIT
DATE
09/12/07
09/12/06
09/12/05
09/10/04
09/12/03
09/12/02
09/10/01
09/12/00
09/10/99
09/11/98
09/12/97
09/12/96
09/12/95
09/12/94
09/10/93
EXIT
PRICE
PROFIT
-5.79
0.54
-2.03
-1.38
7.75
-3.59
-5.25
-5.53
-2.55
-3.39
-5.39
6.15
-1.56
0.50
-1.25
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
DATE
PROFIT
AMOUNT
-2.13
0.98
0.62
-3.41
13.53
0.43
-3.12
0.42
1.47
0.92
0.32
5.85
0.81
4.02
0.28
-852.00
392.00
248.00
-1364.00
5412.00
172.00
-1248.00
168.00
588.00
368.00
128.00
2340.00
324.00
1608.00
112.00
2.47
-2.89
1.40
988.33
-1154.67
559.73
BEST
EQUITY
AMOUNT
07/31/07
08/11/06
08/01/05
06/24/04
09/11/03
07/18/02
06/27/01
08/23/00
09/07/99
09/11/98
07/28/97
09/12/96
08/02/95
08/03/94
09/03/93
1308.00
1452.00
520.00
340.00
5552.00
700.00
220.00
532.00
696.00
368.00
748.00
2340.00
660.00
2156.00
332.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/12/07
07/25/06
08/16/05
09/09/04
-852.00
-636.00
-660.00
-1832.00
08/26/02
09/10/01
07/25/00
07/20/99
08/21/98
07/08/97
-480.00
-1248.00
-52.00
-172.00
-452.00
-452.00
08/25/95
06/24/94
07/23/93
-476.00
-24.00
-740.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—December
Contract Size: 40,000 lbs
Live Cattle Strategy Tables
Buy on approximately 06/26 - Exit on approximately 09/11
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/26/07
06/26/06
06/27/05
06/28/04
06/26/03
06/26/02
06/26/01
06/26/00
06/28/99
06/26/98
06/26/97
06/26/96
06/26/95
06/27/94
06/28/93
BUY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
94.30
90.82
84.52
86.90
73.42
66.67
75.55
71.07
65.12
65.70
69.80
64.72
63.90
67.95
75.45
80
EXIT
DATE
09/11/07
09/11/06
09/09/05
09/10/04
09/11/03
09/11/02
09/10/01
09/11/00
09/10/99
09/11/98
09/11/97
09/11/96
09/11/95
09/09/94
09/10/93
EXIT
PRICE
99.60
91.75
87.80
88.10
85.20
71.47
74.27
69.47
69.27
63.75
69.92
68.50
66.72
69.75
75.82
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
5.30
0.93
3.28
1.20
11.78
4.80
-1.28
-1.60
4.15
-1.95
0.12
3.78
2.82
1.80
0.37
2120.00
372.00
1312.00
480.00
4712.00
1920.00
-512.00
-640.00
1660.00
-780.00
48.00
1512.00
1128.00
720.00
148.00
3.36
-1.61
2.37
1344.33
-644.00
946.67
BEST
EQUITY
AMOUNT
09/04/07
09/05/06
09/09/05
07/27/04
09/11/03
09/11/02
06/28/01
07/06/00
09/10/99
06/29/98
07/28/97
09/09/96
09/08/95
08/05/94
07/08/93
2700.00
1212.00
1312.00
1820.00
4712.00
1920.00
208.00
520.00
1660.00
260.00
1248.00
1580.00
1188.00
1600.00
428.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/25/06
08/15/05
07/16/04
07/03/03
-1600.00
-708.00
-500.00
-48.00
08/27/01
09/06/00
07/15/99
08/03/98
08/29/97
06/27/96
08/25/95
-660.00
-1028.00
-200.00
-2140.00
-420.00
-120.00
-120.00
08/26/93
-512.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
32
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy Oct Live Cattle(CME) / Sell Apr Live Cattle(CME)
Enter on approximately 08/25 - Exit on approximately 09/14
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
08/27/07
08/25/06
08/25/05
08/25/04
08/25/03
08/26/02
08/27/01
08/25/00
08/25/99
08/25/98
08/25/97
08/26/96
08/25/95
08/25/94
08/25/93
ENTRY
PRICE
-2.87
1.57
-3.53
-2.35
3.75
-5.23
-4.67
-5.39
-3.59
-4.96
-5.75
4.37
-3.56
-0.21
-2.65
80
Percentage Correct
EXIT
DATE
09/14/07
09/14/06
09/14/05
09/14/04
09/12/03
09/13/02
09/14/01
09/14/00
09/14/99
09/14/98
09/12/97
09/13/96
09/14/95
09/14/94
09/14/93
EXIT
PRICE
PROFIT
-5.28
-0.71
-1.65
-1.23
7.75
-3.34
-5.45
-5.14
-2.75
-3.47
-5.39
6.20
-1.53
0.69
-1.66
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
AMOUNT
-2.40
-2.29
1.88
1.12
4.00
1.88
-0.78
0.25
0.85
1.49
0.35
1.83
2.04
0.92
0.98
-960.00
-916.00
752.00
448.00
1600.00
752.00
-312.00
100.00
340.00
596.00
140.00
732.00
816.00
368.00
392.00
1.47
-1.82
0.81
586.33
-729.33
323.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
08/29/07
09/05/06
09/14/05
09/14/04
09/11/03
09/13/02
09/04/01
09/14/00
09/07/99
09/11/98
09/12/97
09/13/96
09/08/95
09/01/94
09/03/93
20.00
552.00
752.00
448.00
1740.00
752.00
88.00
100.00
528.00
628.00
140.00
732.00
1036.00
676.00
780.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/12/07
09/14/06
09/01/05
09/09/04
-1168.00
-916.00
-268.00
-80.00
09/14/01
09/06/00
-312.00
-240.00
09/03/98
08/28/97
09/05/96
-52.00
-380.00
-16.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—December
Contract Size: 40,000 lbs
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
08/30/07
08/30/06
08/30/05
08/30/04
09/02/03
08/30/02
08/30/01
08/30/00
08/30/99
08/31/98
09/02/97
08/30/96
08/30/95
08/30/94
08/30/93
BUY
PRICE
Percentage Correct
99.90
92.90
85.60
87.30
81.37
70.17
74.20
69.02
67.25
60.97
69.25
68.05
64.37
69.55
75.32
87
EXIT
DATE
09/11/07
09/11/06
09/09/05
09/10/04
09/11/03
09/11/02
09/10/01
09/11/00
09/10/99
09/11/98
09/11/97
09/11/96
09/11/95
09/09/94
09/10/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
99.60
91.75
87.80
88.10
85.20
71.47
74.27
69.47
69.27
63.75
69.92
68.50
66.72
69.75
75.82
PROFIT
PROFIT
AMOUNT
-0.30
-1.15
2.20
0.80
3.83
1.30
0.07
0.45
2.02
2.78
0.67
0.45
2.35
0.20
0.50
-120.00
-460.00
880.00
320.00
1532.00
520.00
28.00
180.00
808.00
1112.00
268.00
180.00
940.00
80.00
200.00
1.36
-0.73
1.08
542.15
-290.00
431.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
09/04/07
09/05/06
09/09/05
09/10/04
09/11/03
09/11/02
09/04/01
09/07/00
09/10/99
09/11/98
09/11/97
09/09/96
09/08/95
09/06/94
09/02/93
460.00
380.00
880.00
320.00
1532.00
520.00
240.00
192.00
808.00
1112.00
268.00
248.00
1000.00
168.00
272.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/07/07
09/11/06
09/01/05
09/07/04
-180.00
-460.00
-480.00
-560.00
09/03/02
09/06/01
09/06/00
09/01/99
09/03/98
09/04/97
09/05/96
-120.00
-60.00
-208.00
-32.00
-240.00
-172.00
-140.00
08/31/94
08/31/93
-192.00
-8.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
33
Live Cattle Strategy Tables
Buy on approximately 08/30 - Exit on approximately 09/11
Live Cattle(CME)—December
Contract Size: 40,000 lbs
Sell on approximately 09/15 - Exit on approximately 09/28
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
09/17/07
09/15/06
09/15/05
09/15/04
09/15/03
09/16/02
09/17/01
09/15/00
09/15/99
09/15/98
09/15/97
09/16/96
09/15/95
09/15/94
09/15/93
SELL
PRICE
98.55
90.35
88.90
88.82
84.37
72.05
73.25
69.62
68.92
64.37
69.82
68.22
66.57
68.47
75.05
80
Percentage Correct
EXIT
DATE
09/28/07
09/28/06
09/28/05
09/28/04
09/26/03
09/27/02
09/28/01
09/28/00
09/28/99
09/28/98
09/26/97
09/27/96
09/28/95
09/28/94
09/28/93
EXIT
PRICE
99.80
89.77
88.72
86.65
83.25
70.40
67.32
70.52
68.72
61.97
68.07
67.70
67.10
68.02
73.35
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
-1.25
0.58
0.18
2.17
1.12
1.65
5.93
-0.90
0.20
2.40
1.75
0.52
-0.53
0.45
1.70
-500.00
232.00
72.00
868.00
448.00
660.00
2372.00
-360.00
80.00
960.00
700.00
208.00
-212.00
180.00
680.00
1.55
-0.89
1.06
621.67
-357.33
425.87
BEST
EQUITY
AMOUNT
09/20/06
09/21/05
09/27/04
09/19/03
09/27/02
09/28/01
09/20/00
09/20/99
09/28/98
09/24/97
09/23/96
09/20/95
09/28/94
09/27/93
600.00
412.00
960.00
720.00
660.00
2372.00
48.00
548.00
960.00
820.00
548.00
128.00
180.00
760.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/24/07
09/18/06
09/27/05
09/16/04
09/23/03
09/19/02
-892.00
-300.00
-68.00
-252.00
-172.00
-120.00
09/27/00
09/27/99
09/17/98
-420.00
-12.00
-80.00
09/25/95
09/22/94
-492.00
-532.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Feb Live Cattle(CME) / Sell Dec Live Cattle(CME)
Live Cattle Strategy Tables
Enter on approximately 09/15 - Exit on approximately 11/07
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/17/07
09/15/06
09/15/05
09/15/04
09/15/03
09/16/02
09/17/01
09/15/00
09/15/99
09/15/98
09/15/97
09/16/96
09/15/95
09/15/94
09/15/93
ENTRY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
1.48
0.70
1.00
0.78
-2.40
0.71
1.42
1.14
-0.20
-0.30
2.25
-2.79
-1.04
-0.96
0.87
93
EXIT
DATE
11/07/07
11/07/06
11/07/05
11/05/04
11/07/03
11/07/02
11/07/01
11/07/00
11/05/99
11/06/98
11/07/97
11/07/96
11/07/95
11/07/94
11/05/93
EXIT
PRICE
3.17
3.62
2.85
3.36
-4.69
3.42
3.44
1.70
0.75
0.76
2.37
-2.74
-0.20
-0.50
1.37
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
1.69
2.92
1.85
2.59
-2.30
2.71
2.03
0.55
0.95
1.07
0.13
0.05
0.85
0.47
0.51
676.00
1168.00
740.00
1036.00
-920.00
1084.00
812.00
220.00
380.00
428.00
52.00
20.00
340.00
188.00
204.00
1.31
-2.30
1.07
524.86
-920.00
428.53
BEST
EQUITY
AMOUNT
11/07/07
11/07/06
10/31/05
11/05/04
09/19/03
11/07/02
10/18/01
11/07/00
10/29/99
09/28/98
10/03/97
10/14/96
11/07/95
11/07/94
11/05/93
676.00
1168.00
972.00
1036.00
72.00
1084.00
1004.00
220.00
420.00
640.00
332.00
472.00
340.00
188.00
204.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/24/07
09/27/06
-192.00
-60.00
09/16/04
10/17/03
-52.00
-1272.00
09/27/00
-120.00
09/17/98
10/30/97
10/30/96
09/25/95
09/22/94
10/22/93
-68.00
-448.00
-232.00
-240.00
-252.00
-356.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
34
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Live Cattle(CME)—February
Contract Size: 40,000 lbs
Buy on approximately 10/14 - Exit on approximately 11/24
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
10/15/07
10/16/06
10/14/05
10/14/04
10/14/03
10/14/02
10/15/01
10/16/00
10/14/99
10/14/98
10/14/97
10/14/96
10/16/95
10/14/94
10/14/93
BUY
PRICE
99.83
90.05
91.70
89.52
88.17
73.52
69.85
71.60
69.27
65.52
68.97
63.00
67.00
67.95
74.70
80
Percentage Correct
EXIT
DATE
11/23/07
11/24/06
11/23/05
11/24/04
11/24/03
11/22/02
11/23/01
11/24/00
11/24/99
11/24/98
11/24/97
11/22/96
11/24/95
11/23/94
11/24/93
EXIT
PRICE
98.70
90.35
94.30
89.95
91.45
78.25
70.10
75.17
70.80
62.65
69.35
63.32
67.40
68.27
73.20
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
-1.13
0.30
2.60
0.43
3.28
4.73
0.25
3.57
1.53
-2.87
0.38
0.32
0.40
0.32
-1.50
-452.00
120.00
1040.00
172.00
1312.00
1892.00
100.00
1428.00
612.00
-1148.00
152.00
128.00
160.00
128.00
-600.00
1.51
-1.83
0.84
603.67
-733.33
336.27
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/26/06
11/07/05
10/19/04
11/10/03
11/22/02
11/01/01
11/20/00
11/18/99
10/23/98
11/21/97
11/12/96
11/13/95
11/11/94
10/18/93
1008.00
1180.00
420.00
2180.00
1892.00
760.00
1600.00
680.00
260.00
200.00
788.00
648.00
768.00
268.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/01/07
11/14/06
10/17/05
11/09/04
10/22/03
10/18/02
11/12/01
-1132.00
-660.00
-100.00
-1548.00
-2148.00
-268.00
-1880.00
10/25/99
11/23/98
10/29/97
10/22/96
10/23/95
10/18/94
11/24/93
-368.00
-1568.00
-408.00
-132.00
-140.00
-192.00
-600.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Aug Live Cattle(CME) / Sell Feb Live Cattle(CME)
Enter on approximately 11/17 - Exit on approximately 12/11
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
11/19/07
11/17/06
11/17/05
11/17/04
11/17/03
11/18/02
11/19/01
11/17/00
11/17/99
11/17/98
11/17/97
11/18/96
11/17/95
11/17/94
11/17/93
Percentage Correct
ENTRY
PRICE
-3.42
-3.96
-8.94
-8.73
-16.32
-8.53
-1.59
-2.54
-1.50
-0.05
1.75
-1.32
-5.77
-5.06
-2.21
87
EXIT
DATE
12/11/07
12/11/06
12/09/05
12/10/04
12/11/03
12/11/02
12/11/01
12/11/00
12/10/99
12/11/98
12/11/97
12/11/96
12/11/95
12/09/94
12/10/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
-2.21
-2.44
-8.50
-7.44
-15.21
-7.57
-0.20
-3.29
-0.20
3.60
3.58
-0.55
-5.69
-6.65
-1.00
PROFIT
PROFIT
AMOUNT
1.20
1.52
0.45
1.28
1.10
0.96
1.40
-0.75
1.30
3.65
1.83
0.77
0.08
-1.58
1.22
480.00
608.00
180.00
512.00
440.00
384.00
560.00
-300.00
520.00
1460.00
732.00
308.00
32.00
-632.00
488.00
1.29
-1.17
0.96
515.69
-466.00
384.80
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
12/05/07
12/04/06
11/21/05
11/22/04
12/10/03
12/09/02
12/10/01
11/30/00
12/10/99
12/11/98
12/11/97
12/06/96
12/11/95
11/29/94
12/08/93
588.00
780.00
248.00
772.00
468.00
432.00
648.00
440.00
520.00
1460.00
732.00
408.00
32.00
268.00
648.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
11/20/07
11/20/06
12/01/05
11/26/04
12/02/03
11/21/02
-192.00
-32.00
-512.00
-136.00
-1252.00
-188.00
12/07/00
-340.00
11/21/97
11/19/96
12/01/95
12/09/94
-228.00
-32.00
-408.00
-632.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
35
Live Cattle Strategy Tables
CONT
YEAR
Buy Feb Live Cattle(CME) / Sell Aug Live Cattle(CME)
Enter on approximately 12/12 - Exit on approximately 12/24
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/12/07
12/12/06
12/12/05
12/13/04
12/12/03
12/12/02
12/12/01
12/12/00
12/13/99
12/14/98
12/12/97
12/12/96
12/12/95
12/12/94
12/13/93
ENTRY
PRICE
1.84
2.20
9.07
7.54
14.71
7.62
0.00
3.32
-0.09
-3.23
-4.25
1.08
5.23
6.41
0.45
93
Percentage Correct
EXIT
DATE
12/24/07
12/22/06
12/23/05
12/23/04
12/24/03
12/23/02
12/24/01
12/22/00
12/23/99
12/24/98
12/24/97
12/24/96
12/22/95
12/23/94
12/23/93
EXIT
PRICE
-0.37
3.04
9.95
10.34
15.92
9.03
0.62
3.75
-0.03
-3.10
-2.68
2.40
5.37
6.60
1.15
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
-2.22
0.85
0.87
2.80
1.20
1.40
0.62
0.42
0.07
0.13
1.57
1.32
0.14
0.18
0.70
-888.00
340.00
348.00
1120.00
480.00
560.00
248.00
168.00
28.00
52.00
628.00
528.00
56.00
72.00
280.00
0.88
-2.22
0.67
350.57
-888.00
268.00
BEST
EQUITY
AMOUNT
12/19/06
12/16/05
12/23/04
12/23/03
12/17/02
12/24/01
12/22/00
12/14/99
12/24/98
12/24/97
12/24/96
12/15/95
12/14/94
12/16/93
468.00
756.00
1120.00
480.00
688.00
248.00
168.00
60.00
52.00
628.00
528.00
160.00
180.00
488.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/24/07
-888.00
12/14/04
12/18/03
-152.00
-256.00
12/13/01
12/14/00
12/20/99
12/15/98
-68.00
-240.00
-108.00
-348.00
12/21/95
-44.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—February
Contract Size: 40,000 lbs
Live Cattle Strategy Tables
Buy on approximately 12/12 - Exit on approximately 01/17
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/12/07
12/12/06
12/12/05
12/13/04
12/12/03
12/12/02
12/12/01
12/12/00
12/13/99
12/14/98
12/12/97
12/12/96
12/12/95
12/12/94
12/13/93
BUY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
96.80
88.45
95.20
87.45
88.62
77.35
67.97
77.50
68.37
59.12
65.67
63.70
66.65
69.52
72.87
80
EXIT
DATE
01/17/08
01/17/07
01/17/06
01/14/05
01/16/04
01/17/03
01/17/02
01/17/01
01/14/00
01/15/99
01/16/98
01/17/97
01/17/96
01/17/95
01/17/94
EXIT
PRICE
90.90
92.55
96.55
91.32
78.70
79.67
71.07
80.20
70.82
63.20
66.42
65.60
65.80
73.62
74.12
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
-5.90
4.10
1.35
3.87
-9.92
2.32
3.10
2.70
2.45
4.08
0.75
1.90
-0.85
4.10
1.25
-2360.00
1640.00
540.00
1548.00
-3968.00
928.00
1240.00
1080.00
980.00
1632.00
300.00
760.00
-340.00
1640.00
500.00
2.66
-5.56
1.02
1065.67
-2222.67
408.00
BEST
EQUITY
AMOUNT
01/10/07
12/20/05
01/12/05
12/23/03
01/09/03
01/15/02
01/16/01
01/07/00
01/15/99
12/26/97
01/14/97
12/15/95
01/17/95
12/20/93
2200.00
828.00
1840.00
820.00
1768.00
1472.00
1428.00
1000.00
1632.00
512.00
908.00
460.00
1640.00
592.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/16/08
12/14/06
01/11/06
12/14/04
12/31/03
-2700.00
-52.00
-392.00
-372.00
-6040.00
12/13/01
01/08/01
-308.00
-532.00
12/15/98
01/05/98
12/17/96
01/10/96
-600.00
-700.00
-180.00
-492.00
01/03/94
-120.00
12
3
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
36
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Live Cattle(CME)—February
Contract Size: 40,000 lbs
Buy on approximately 12/12 - Exit on approximately 12/24
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/12/07
12/12/06
12/12/05
12/13/04
12/12/03
12/12/02
12/12/01
12/12/00
12/13/99
12/14/98
12/12/97
12/12/96
12/12/95
12/12/94
12/13/93
BUY
PRICE
96.80
88.45
95.20
87.45
88.62
77.35
67.97
77.50
68.37
59.12
65.67
63.70
66.65
69.52
72.87
93
Percentage Correct
EXIT
DATE
12/24/07
12/22/06
12/23/05
12/23/04
12/24/03
12/23/02
12/24/01
12/22/00
12/23/99
12/24/98
12/24/97
12/24/96
12/22/95
12/23/94
12/23/93
EXIT
PRICE
94.58
89.82
95.72
91.55
89.17
79.15
70.47
77.75
69.42
60.32
66.32
64.95
67.67
70.67
73.40
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
-2.22
1.37
0.52
4.10
0.55
1.80
2.50
0.25
1.05
1.20
0.65
1.25
1.02
1.15
0.53
-888.00
548.00
208.00
1640.00
220.00
720.00
1000.00
100.00
420.00
480.00
260.00
500.00
408.00
460.00
212.00
1.28
-2.22
1.05
512.57
-888.00
419.20
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
12/18/06
12/20/05
12/23/04
12/23/03
12/23/02
12/24/01
12/18/00
12/23/99
12/24/98
12/17/97
12/24/96
12/15/95
12/23/94
12/20/93
808.00
828.00
1640.00
820.00
720.00
1000.00
288.00
420.00
480.00
392.00
500.00
460.00
460.00
592.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/24/07
12/14/06
-888.00
-52.00
12/14/04
12/18/03
-372.00
-228.00
12/13/01
12/14/00
-308.00
-280.00
12/15/98
12/15/97
12/17/96
-600.00
-140.00
-180.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Live Cattle(CME)—April
Contract Size: 40,000 lbs
CONT
YEAR
BUY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/27/07
12/27/06
12/27/05
12/27/04
12/29/03
12/27/02
12/27/01
12/27/00
12/27/99
12/28/98
12/29/97
12/27/96
12/27/95
12/27/94
12/27/93
BUY
PRICE
Percentage Correct
98.35
93.62
93.90
88.40
73.72
77.82
73.32
78.72
71.27
63.55
68.87
65.42
66.65
72.00
75.30
87
EXIT
DATE
01/16/08
01/16/07
01/13/06
01/14/05
01/16/04
01/16/03
01/16/02
01/16/01
01/14/00
01/15/99
01/16/98
01/16/97
01/16/96
01/16/95
01/14/94
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
93.40
94.17
94.40
89.15
76.07
77.85
74.10
80.65
72.80
65.97
68.95
66.35
65.87
73.90
76.87
PROFIT
PROFIT
AMOUNT
-4.95
0.55
0.50
0.75
2.35
0.03
0.78
1.93
1.53
2.42
0.08
0.93
-0.78
1.90
1.57
-1980.00
220.00
200.00
300.00
940.00
12.00
312.00
772.00
612.00
968.00
32.00
372.00
-312.00
760.00
628.00
1.18
-2.86
0.64
471.38
-1146.00
255.73
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/02/08
01/10/07
01/10/06
01/11/05
01/16/04
01/03/03
01/15/02
01/16/01
01/07/00
01/15/99
01/16/98
01/14/97
01/05/96
01/12/95
01/14/94
280.00
460.00
628.00
640.00
940.00
860.00
532.00
772.00
692.00
968.00
32.00
592.00
80.00
788.00
628.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
01/16/08
01/04/07
01/11/06
12/30/04
12/31/03
01/15/03
01/04/02
01/08/01
12/29/99
01/04/99
01/12/98
01/02/97
01/16/96
12/28/94
12/28/93
WORST
EQUITY
AMOUNT
-1980.00
-8.00
-320.00
-1112.00
-888.00
-40.00
-28.00
-340.00
-28.00
-380.00
-928.00
-40.00
-312.00
-100.00
-152.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
37
Live Cattle Strategy Tables
Buy on approximately 12/27 - Exit on approximately 01/16
Personal Notes
38
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Feeder Cattle (FC)
Page
Contract Specifications (refer to CME Rulebook at http://www.cmegroup.com)
Futures................................................................................................................................. 40
Options ................................................................................................................................ 40
CME Feeder Cattle Index ................................................................................................... 41
Seasonal Patterns and Weekly Continuation Charts
Jan, Mar, Apr, May ............................................................................................................. 42
Aug, Sep, Oct, Nov ............................................................................................................. 44
Jan/Mar, Jan/Apr, Mar/Apr, Mar/May ............................................................................... 46
Apr/May, Apr/Aug, May/Aug, May/Sep ........................................................................... 48
Aug/Sep, Aug/Oct, Sep/Oct, Sep/Nov................................................................................ 50
Oct/Nov, Oct/Jan, Nov/Jan, Nov/Mar ................................................................................ 52
Seasonal Strategies
Nearby Feeder Cattle Weekly & Monthly Charts .............................................................. 64
MOORE RESEARCH CENTER, INC.
Feeder Cattle
Seasonal Strategy Summary ............................................................................................... 54
Seasonal Strategy Detail Tables ......................................................................................... 55
39
CME Feeder Cattle Futures & Options
Futures
CME Feeder Cattle Futures &Options Specifications
Ticker Symbol
Trading Unit
Options
FC (pit); GF (electronic)
** Effective August 2005 contract:
50,000 lbs. of 650-849 -lb. Medium
and Large Frame #1 and Medium
and Large Frame #1-2 feeder steers.
Price Quote
Minimum Price
Fluctuation (Tick)
cents per pound
Daily Price Limit
3.00 = $1,500/contract
($3.00/hundred pounds
or 3.0 ¢/pound)
Contract Months
Jan, Mar, Apr, May,
Aug, Sep, Oct, Nov
Trading Hours1
(Chicago Time)
RTH: 9:05 AM - 1:00 PM
Last day: 9:05 AM - 12:00 PM
.025 = $12.50/contract
(2.5¢/hundred pounds
or .025¢/pound)
Globex: Mon-Thu 9:05AM - 4PM
Shutdown period 4PM - 5PM
Re-open 5:00PM - 4:00PM
Friday Close at 1:30PM
LTD: 12:10PM (if LTD is on a day
that the market closes early, then
the time is 11:10AM)
Last Day
of Trading
Settlement
1
The last Thursday of the contract
month, except that trading in the
November contract shall terminate
on the Thursday prior to
Thanksgiving Day unless a holiday
falls on that Thursday or on any of
the four weekdays prior to that
Thursday, in which case trading
shall terminate on the first prior
Thursday that is not a holiday and
is not so preceded by a holiday.
Ticker Symbols
Underlying
Contract
Strike Prices
Calls: KF
Premium
Quotations
Minimum Price1
Fluctuation (Tick)
Daily Price Limit
Contract Months
cents per pound,
e.g., 2.00 premium = $1000
Trading Hours2
(Chicago Time)
RTH: 9:05 AM - 1:02 PM
Last Day: 9:05 AM - 12:00 PM
One Feeder Cattle futures contract
(50,000 pounds)
Even intervals of 2 cents per pound,
e.g., 78¢, 80¢, 82¢; except front
two months are at one-cent-perpound intervals, e.g., 78¢, 79¢, 80¢
.025 cents/pound = $12.50/contract
(cabinet = $6.25)
None
Jan, Mar, Apr, May,
Aug, Sep, Oct, Nov
Globex: Mon-Thu 9:05AM - 4PM
Shutdown period 4PM - 5PM
Re-open 5:00PM - 4:00PM
Friday Close at 1:30PM
LTD: 12:10PM (if LTD is on a day
that the market closes early, then
the time is 11:10AM)
Last Day
of Trading
Same as last day of trading for the
underlying Feeder Cattle futures
contract.
Minimum
Performance
Bond
No performance bond required for
put or call option buyers, but the
premium must be paid in full;
option sellers must meet additional
performance bond requirements as
determined by the Standard
Portfolio Analysis of Risk
(SPAN®) performance bond
system.
Cash Settled to the CME
Feeder Cattle Index™
Trading hours vary. Check the CME holiday schedule.
Puts: JF
Exercise Procedure3 An option may be exercised by the
buyer up to and including the
settlement date. Early exercise is
accomplished by the clearing
member representing the buyer
presenting an Exercise Notice to
the Clearing House by 7:00 PM on
the day of exercise. In-the-money
Feeder Cattle options are
automatically exercised and
settled on the day after
the last day of trading.
1
A trade can be made at the value of a half tick (cabinet) whether or not it
results in liquidation of positions for both parties to the trade.
2
Trading hours vary. Check with the CME for holiday shedule.
3
Consult your brokerage firm for additional or specific requirements,
policies, and procedures.
40
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
CME Feeder Cattle Index
What is the CME Index?
CME Index Price
The total dollars within the 12-state region during
that seven-day period is divided by the total pounds of
feeder steers sold in the same region and time period,
yielding the CME index price.
Total Dollars
=CME Index™
Total Pounds
To access the daily CME index, visit the CME
web site at http://www.cmegroup.com/ and click on
Market Data, Historical Data, and, lastly, Cash-Settled
Commodity Index Prices.
CME Feeder Cattle Index
The Feeder Cattle contract currently settles by
cash to the CME Feeder Cattle Index™. This index is a
seven-day weighted average of United States Department
of Agriculture (USDA) prices from 12 states: Colorado,
Iowa, Kansas, Missouri, Montana, Nebraska, New
Mexico, North Dakota, Oklahoma, South Dakota, Texas,
and Wyoming. This 12-state region produces nearly
two-thirds of the total feeder cattle supply.
This CME index is not a moving average but rather
a weighted average. A moving average assigns the same
importance to each day’s transactions; in other words,
Monday’s sales count the same as those on Tuesday or
any other day of the week. A weighted average assigns
the same importance to the index value for every pound
of feeder steer sold during the previous 7 calendar days,
regardless of when or where it was sold.
Prices for auctions, video sales, direct trades, and
Internet sales included in index calculations can be
obtained at this USDA website:
http://www.ams.usda.gov/LSMNpubs/index.htm
On this site can be found the different locations
included in the index and relevant reports used to
calculate it. The CME Feeder Cattle Index™ is
calculated according the following procedure:
Total Pounds: (1) For each USDA report, the
number of head that match contract specifications is
multiplied by the corresponding weighted-average
weight to obtain the total pounds of feeder steers sold.
(2) All reports for the current day are aggregated to
obtain the total pounds. (3) The previous six days’
calculations for total pounds of feeder steers are then
added to the current day’s to obtain the total pounds sold
within the 12-state region during that seven-day period.
Total Dollars: (1) For each USDA report, the
number of head that match contract specifications is
multiplied by the corresponding weighted-average
weight, with the resulting product then multiplied by the
corresponding weighted-average price to obtain the total
dollars of feeder steers sold. (2) All reports for the
current day are aggregated to obtain the total dollars.
(3) The previous six days’ calculations for total dollars
are then added to the current day’s to obtain the total
dollars of feeder steers sold within the 12-state region
during that seven-day period.
MOORE RESEARCH CENTER, INC.
41
January Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
March Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
April Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
Feeder Cattle Seasonal Patterns
40
5 Year
Pattern
20
0
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
42
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Jan Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
2005
2006
2007
Weekly Mar Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
2000
2001
2002
2003
Weekly Apr Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
2000
2001
2002
2003
Feeder Cattle Weeklies
Weekly May Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
43
August Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
September Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
October Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
Feeder Cattle Seasonal Patterns
40
5 Year
Pattern
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
November Feeder Cattle(CME) Seasonal Patterns(1993-2007)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
44
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Aug Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
2004
2005
2006
2007
Weekly Sep Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
2000
2001
2002
2003
Weekly Oct Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
2000
2001
2002
2003
Feeder Cattle Weeklies
Weekly Nov Feeder Cattle(CME)
120.000
110.000
100.000
90.000
80.000
70.000
60.000
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
45
Jan Feeder Cattle(CME) - Mar Feeder Cattle(CME) 15 Year Average(93-07)
4.0
3.5
3.0
15 Year
Pattern
2.5
2.0
1.5
5 Year
Pattern
1.0
0.5
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Jan Feeder Cattle(CME) - Apr Feeder Cattle(CME) 15 Year Average(93-07)
5.0
4.5
4.0
15 Year
Pattern
3.5
3.0
2.5
5 Year
Pattern
2.0
1.5
1.0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Mar Feeder Cattle(CME) - Apr Feeder Cattle(CME) 15 Year Average(93-07)
1.5
Feeder Cattle Spread Seasonal Patterns
1.0
0.5
15 Year
Pattern
0.0
-0.5
5 Year
Pattern
-1.0
-1.5
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Mar Feeder Cattle(CME) - May Feeder Cattle(CME) 15 Year Average(93-07)
1.5
1.0
0.5
15 Year
Pattern
0.0
-0.5
-1.0
5 Year
Pattern
-1.5
-2.0
Apr
46
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Jan Feeder Cattle(CME) - Mar Feeder Cattle(CME)
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2005
2006
2007
2006
2007
2006
2007
Weekly Jan Feeder Cattle(CME) - Apr Feeder Cattle(CME)
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
2000
2001
2002
2003
2004
Weekly Mar Feeder Cattle(CME) - Apr Feeder Cattle(CME)
4.00
3.00
2.00
1.00
0.00
-1.00
Feeder Cattle Spread Weeklies
-2.00
-3.00
-4.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Mar Feeder Cattle(CME) - May Feeder Cattle(CME)
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
47
Apr Feeder Cattle(CME) - May Feeder Cattle(CME) 15 Year Average(93-07)
1.5
1.0
15 Year
Pattern
0.5
0.0
5 Year
Pattern
-0.5
-1.0
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Apr Feeder Cattle(CME) - Aug Feeder Cattle(CME) 15 Year Average(93-07)
0.5
0.0
-0.5
15 Year
Pattern
-1.0
-1.5
-2.0
5 Year
Pattern
-2.5
-3.0
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May Feeder Cattle(CME) - Aug Feeder Cattle(CME) 15 Year Average(93-07)
0.0
Feeder Cattle Spread Seasonal Patterns
-0.5
15 Year
Pattern
-1.0
-1.5
5 Year
Pattern
-2.0
-2.5
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
May Feeder Cattle(CME) - Sep Feeder Cattle(CME) 15 Year Average(93-07)
0.0
-0.5
15 Year
Pattern
-1.0
5 Year
Pattern
-1.5
-2.0
Jun
48
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Apr Feeder Cattle(CME) - May Feeder Cattle(CME)
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
2006
2007
Weekly Apr Feeder Cattle(CME) - Aug Feeder Cattle(CME)
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly May Feeder Cattle(CME) - Aug Feeder Cattle(CME)
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
Feeder Cattle Spread Weeklies
-4.00
-5.00
-6.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly May Feeder Cattle(CME) - Sep Feeder Cattle(CME)
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
49
Aug Feeder Cattle(CME) - Sep Feeder Cattle(CME) 15 Year Average(93-07)
2.0
1.5
15 Year
Pattern
1.0
5 Year
Pattern
0.5
0.0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Aug Feeder Cattle(CME) - Oct Feeder Cattle(CME) 15 Year Average(93-07)
3.0
2.5
2.0
15 Year
Pattern
1.5
1.0
5 Year
Pattern
0.5
0.0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep Feeder Cattle(CME) - Oct Feeder Cattle(CME) 15 Year Average(93-07)
2.5
Feeder Cattle Spread Seasonal Patterns
2.0
1.5
15 Year
Pattern
1.0
0.5
5 Year
Pattern
0.0
-0.5
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Sep Feeder Cattle(CME) - Nov Feeder Cattle(CME) 15 Year Average(93-07)
4
3
15 Year
Pattern
2
1
5 Year
Pattern
0
-1
Oct
50
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Aug Feeder Cattle(CME) - Sep Feeder Cattle(CME)
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
2006
2007
Weekly Aug Feeder Cattle(CME) - Oct Feeder Cattle(CME)
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Sep Feeder Cattle(CME) - Oct Feeder Cattle(CME)
5.00
4.00
3.00
2.00
1.00
0.00
Feeder Cattle Spread Weeklies
-1.00
-2.00
-3.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Sep Feeder Cattle(CME) - Nov Feeder Cattle(CME)
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
51
Oct Feeder Cattle(CME) - Nov Feeder Cattle(CME) 15 Year Average(93-07)
3.0
2.5
2.0
15 Year
Pattern
1.5
1.0
0.5
5 Year
Pattern
0.0
-0.5
-1.0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Oct Feeder Cattle(CME) - Jan Feeder Cattle(CME) 15 Year Average(93/94-07/08)
6
5
4
15 Year
Pattern
3
2
1
5 Year
Pattern
0
-1
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Feeder Cattle(CME) - Jan Feeder Cattle(CME) 15 Year Average(93/94-07/08)
4.0
3.5
Feeder Cattle Spread Seasonal Patterns
3.0
15 Year
Pattern
2.5
2.0
1.5
5 Year
Pattern
1.0
0.5
0.0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Nov Feeder Cattle(CME) - Mar Feeder Cattle(CME) 15 Year Average(93/94-07/08)
8
7
6
15 Year
Pattern
5
4
3
5 Year
Pattern
2
1
Dec
52
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Oct Feeder Cattle(CME) - Nov Feeder Cattle(CME)
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2005
2006
2007
2006
2007
2006
2007
Weekly Oct Feeder Cattle(CME) - Jan Feeder Cattle(CME)
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
1998
1999
2000
2001
2002
2003
2004
Weekly Nov Feeder Cattle(CME) - Jan Feeder Cattle(CME)
10.00
8.00
6.00
4.00
2.00
Feeder Cattle Spread Weeklies
0.00
-2.00
-4.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Nov Feeder Cattle(CME) - Mar Feeder Cattle(CME)
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
53
Seasonal Feeder Cattle Strategies
Feeder Cattle Strategy Summary
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
1
Buy Feeder Cattle(CME)—May
1/02
1/09
80
12
3
15
508
63/8
55
2
Sell Feeder Cattle(CME)—March
1/10
2/04
93
14
1
15
878
34/26
55
3
Buy Apr Feeder Cattle(CME)
Sell May Feeder Cattle(CME)
2/27
4/18
87
13
2
15
521
10/52
56
4
Buy Feeder Cattle(CME)—September
4/22
5/01
93
14
1
15
513
51/10
56
5
Buy Feeder Cattle(CME)—August
4/25
8/06
93
14
1
15
2385
23/104
57
6
Buy Feeder Cattle(CME)—August
5/09
8/06
93
14
1
15
1978
22/90
57
7
Buy Feeder Cattle(CME)—August
5/21
7/09
93
14
1
15
1424
28/50
58
8
Buy Feeder Cattle(CME)—September
5/21
9/11
93
14
1
15
2181
19/114
58
9
Buy Feeder Cattle(CME)—October
6/17
7/08
87
13
2
15
978
44/22
59
10 Buy Sep Feeder Cattle(CME)
Sell Nov Feeder Cattle(CME)
6/20
9/21
87
13
2
15
493
5/94
59
11 Buy Feeder Cattle(CME)—September
6/23
7/09
93
14
1
15
753
44/17
60
12 Buy Feeder Cattle(CME)—August
6/30
7/07
87
13
2
15
559
70/8
60
13 Buy Feeder Cattle(CME)—September
8/25
9/15
87
13
2
15
707
32/22
61
14 Buy Oct Feeder Cattle(CME)
Sell Nov Feeder Cattle(CME)
9/09
10/17
87
13
2
15
500
13/39
61
15 Sell Feeder Cattle(CME)—November
9/14
9/28
80
12
3
15
475
32/15
62
16 Buy Oct Feeder Cattle(CME)
Sell Nov Feeder Cattle(CME)
9/25
10/17
93
14
1
15
340
15/23
62
17 Buy May Feeder Cattle(CME)
Sell Mar Feeder Cattle(CME)
11/02
2/02
87
13
2
15
535
6/93
63
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
54
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Feeder Cattle(CME)—May
Contract Size: 50,000 lbs
Buy on approximately 01/02 - Exit on approximately 01/09
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/03/07
01/03/06
01/03/05
01/02/04
01/02/03
01/02/02
01/02/01
01/03/00
01/04/99
01/02/98
01/02/97
01/02/96
01/03/95
01/03/94
01/04/93
Percentage Correct
BUY
PRICE
100.15
113.25
95.72
81.37
82.55
83.25
89.87
85.87
70.27
76.47
68.42
58.32
72.07
79.55
82.57
80
EXIT
DATE
01/09/07
01/09/06
01/07/05
01/09/04
01/09/03
01/09/02
01/09/01
01/07/00
01/08/99
01/09/98
01/09/97
01/09/96
01/09/95
01/07/94
01/08/93
EXIT
PRICE
99.17
114.20
97.50
86.27
81.30
84.65
88.92
86.85
73.32
77.45
69.72
58.77
72.32
80.65
83.85
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
-0.98
0.95
1.78
4.90
-1.25
1.40
-0.95
0.98
3.05
0.98
1.30
0.45
0.25
1.10
1.28
-490.00
475.00
890.00
2450.00
-625.00
700.00
-475.00
490.00
1525.00
490.00
650.00
225.00
125.00
550.00
640.00
1.54
-1.06
1.02
767.50
-530.00
508.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/09/06
01/04/05
01/09/04
01/03/03
01/09/02
475.00
1240.00
2450.00
175.00
700.00
01/07/00
01/08/99
01/08/98
01/09/97
01/08/96
01/09/95
01/07/94
01/07/93
490.00
1525.00
490.00
650.00
525.00
125.00
550.00
650.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/09/07
01/04/06
-490.00
-50.00
01/09/03
-625.00
01/08/01
01/04/00
-735.00
-110.00
01/05/98
-200.00
01/04/96
01/05/95
01/04/94
-35.00
-110.00
-75.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Feeder Cattle(CME)—March
Contract Size: 50,000 lbs
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/10/07
01/10/06
01/10/05
01/12/04
01/10/03
01/10/02
01/10/01
01/10/00
01/11/99
01/12/98
01/10/97
01/10/96
01/10/95
01/10/94
01/11/93
Percentage Correct
SELL
PRICE
96.85
113.62
101.35
83.37
80.32
85.57
90.50
86.85
72.95
76.15
68.70
58.30
74.32
81.47
86.97
93
EXIT
DATE
02/02/07
02/03/06
02/04/05
02/04/04
02/04/03
02/04/02
02/02/01
02/04/00
02/04/99
02/04/98
02/04/97
02/02/96
02/03/95
02/04/94
02/04/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
95.62
107.82
99.27
82.22
78.25
84.32
85.67
84.85
74.30
76.02
68.47
56.47
72.45
80.45
84.77
PROFIT
PROFIT
AMOUNT
1.23
5.80
2.08
1.15
2.07
1.25
4.83
2.00
-1.35
0.13
0.23
1.83
1.87
1.02
2.20
615.00
2900.00
1040.00
575.00
1035.00
625.00
2415.00
1000.00
-675.00
65.00
115.00
915.00
935.00
510.00
1100.00
1.98
-1.35
1.76
988.93
-675.00
878.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/22/07
02/03/06
02/04/05
02/04/04
01/28/03
01/22/02
01/31/01
01/20/00
01/13/99
02/03/98
01/15/97
01/30/96
02/01/95
02/04/94
02/01/93
2240.00
2900.00
1040.00
575.00
1110.00
1185.00
2765.00
1090.00
315.00
65.00
265.00
965.00
1110.00
510.00
1585.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/11/05
01/21/04
-860.00
-1215.00
01/11/01
-110.00
01/25/99
01/23/98
01/31/97
01/17/96
-785.00
-1450.00
-485.00
-335.00
01/28/94
-715.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
55
Feeder Cattle Strategy Tables
Sell on approximately 01/10 - Exit on approximately 02/04
Buy Apr Feeder Cattle(CME) / Sell May Feeder Cattle(CME)
Enter on approximately 02/27 - Exit on approximately 04/18
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
02/27/07
02/27/06
02/28/05
02/27/04
02/27/03
02/27/02
02/27/01
02/28/00
07/19/22
02/27/98
02/27/97
02/27/96
02/27/95
02/28/94
06/05/79
ENTRY
PRICE
-1.88
-0.46
0.67
-1.06
-1.40
-0.72
0.06
-0.62
-0.20
-0.25
-1.82
0.10
0.67
0.46
0.71
87
Percentage Correct
EXIT
DATE
04/18/07
04/18/06
04/18/05
04/16/04
04/17/03
04/18/02
04/18/01
04/18/00
04/16/99
04/17/98
04/18/97
04/18/96
04/18/95
04/18/94
04/16/93
EXIT
PRICE
-1.01
-0.37
4.08
3.73
0.87
0.85
0.09
0.09
0.05
0.14
0.46
-0.88
-0.01
0.50
1.28
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
0.86
0.09
3.41
4.80
2.28
1.58
0.03
0.73
0.25
0.40
2.29
-0.98
-0.69
0.03
0.56
430.00
45.00
1705.00
2400.00
1140.00
790.00
15.00
365.00
125.00
200.00
1145.00
-490.00
-345.00
15.00
280.00
1.33
-0.84
1.04
665.77
-417.50
521.33
BEST
EQUITY
AMOUNT
04/13/07
03/22/06
04/18/05
04/08/04
04/17/03
04/11/02
04/11/01
04/17/00
03/17/99
03/30/98
04/08/97
02/29/96
04/10/95
03/14/94
03/15/93
700.00
295.00
1705.00
2445.00
1140.00
815.00
380.00
440.00
250.00
500.00
1360.00
75.00
115.00
40.00
340.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/07/07
03/07/06
03/11/05
03/02/04
-170.00
-365.00
-125.00
-40.00
03/06/02
03/28/01
02/29/00
04/06/99
03/06/98
-160.00
-350.00
-60.00
-210.00
-225.00
04/17/96
04/18/95
04/04/94
04/06/93
-940.00
-345.00
-310.00
-45.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Feeder Cattle(CME)—September
Contract Size: 50,000 lbs
Feeder Cattle Strategy Tables
Buy on approximately 04/22 - Exit on approximately 05/01
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/23/07
04/24/06
04/22/05
04/22/04
04/22/03
04/22/02
04/23/01
04/24/00
04/22/99
04/22/98
04/22/97
04/22/96
04/24/95
04/22/94
04/22/93
Percentage Correct
BUY
PRICE
111.40
100.55
106.95
92.07
82.45
76.05
88.45
85.80
73.80
79.00
75.15
54.95
67.47
79.50
83.90
93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
05/01/07
05/01/06
04/29/05
04/30/04
05/01/03
05/01/02
05/01/01
05/01/00
04/30/99
05/01/98
05/01/97
05/01/96
05/01/95
04/29/94
04/30/93
EXIT
PRICE
112.15
103.82
107.40
97.10
84.77
77.60
88.50
85.85
74.17
79.17
76.47
55.60
67.50
78.52
84.27
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
0.75
3.27
0.45
5.03
2.32
1.55
0.05
0.05
0.37
0.17
1.32
0.65
0.03
-0.98
0.37
375.00
1635.00
225.00
2515.00
1160.00
775.00
25.00
25.00
185.00
85.00
660.00
325.00
15.00
-490.00
185.00
1.17
-0.98
1.03
585.00
-490.00
513.33
BEST
EQUITY
AMOUNT
04/30/07
05/01/06
04/26/05
04/29/04
05/01/03
04/30/02
04/27/01
04/28/00
04/27/99
04/30/98
05/01/97
05/01/96
04/27/95
04/25/94
04/30/93
425.00
1635.00
560.00
2675.00
1160.00
775.00
50.00
300.00
325.00
160.00
660.00
325.00
15.00
50.00
185.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/25/07
-425.00
04/24/03
04/24/02
04/25/01
-175.00
-1340.00
-215.00
04/23/99
04/24/98
-40.00
-440.00
04/25/96
04/26/95
04/26/94
04/23/93
-1425.00
-210.00
-600.00
-125.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
56
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Feeder Cattle(CME)—August
Contract Size: 50,000 lbs
Buy on approximately 04/25 - Exit on approximately 08/06
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/25/07
04/25/06
04/25/05
04/26/04
04/25/03
04/25/02
04/25/01
04/25/00
04/26/99
04/27/98
04/25/97
04/25/96
04/25/95
04/25/94
04/26/93
Percentage Correct
BUY
PRICE
111.00
101.37
109.25
95.72
82.10
74.40
88.05
85.65
74.15
78.15
75.55
50.55
67.87
79.42
84.82
93
EXIT
DATE
08/06/07
08/04/06
08/05/05
08/06/04
08/06/03
08/06/02
08/06/01
08/04/00
08/06/99
08/06/98
08/06/97
08/06/96
08/04/95
08/05/94
08/06/93
EXIT
PRICE
116.25
115.12
110.40
114.05
91.47
77.62
88.85
86.35
76.57
69.42
80.52
64.40
67.95
81.27
89.35
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
5.25
13.75
1.15
18.33
9.37
3.22
0.80
0.70
2.42
-8.73
4.97
13.85
0.08
1.85
4.53
2625.00
6875.00
575.00
9165.00
4685.00
1610.00
400.00
350.00
1210.00
-4365.00
2485.00
6925.00
40.00
925.00
2265.00
5.73
-8.73
4.77
2866.79
-4365.00
2384.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/31/07
06/27/06
06/07/05
07/28/04
08/06/03
05/07/02
06/25/01
07/05/00
06/14/99
05/01/98
07/24/97
08/06/96
04/27/95
08/04/94
08/06/93
3175.00
8090.00
2135.00
10050.00
4685.00
2325.00
2225.00
1185.00
2135.00
660.00
3650.00
6925.00
40.00
1090.00
2265.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/13/07
-2200.00
07/15/05
04/27/04
-1550.00
-110.00
05/21/02
05/09/01
05/22/00
05/07/99
08/03/98
-115.00
-290.00
-1140.00
-1090.00
-5865.00
06/15/95
05/25/94
04/27/93
-1800.00
-3910.00
-25.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Feeder Cattle(CME)—August
Contract Size: 50,000 lbs
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/09/07
05/09/06
05/09/05
05/10/04
05/09/03
05/09/02
05/09/01
05/09/00
05/10/99
05/11/98
05/09/97
05/09/96
05/09/95
05/09/94
05/10/93
Percentage Correct
BUY
PRICE
112.18
103.42
110.05
100.10
84.97
77.32
87.47
85.32
72.17
77.92
77.40
54.45
64.85
77.47
85.17
93
EXIT
DATE
08/06/07
08/04/06
08/05/05
08/06/04
08/06/03
08/06/02
08/06/01
08/04/00
08/06/99
08/06/98
08/06/97
08/06/96
08/04/95
08/05/94
08/06/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
116.25
115.12
110.40
114.05
91.47
77.62
88.85
86.35
76.57
69.42
80.52
64.40
67.95
81.27
89.35
PROFIT
PROFIT
AMOUNT
4.07
11.70
0.35
13.95
6.50
0.30
1.38
1.03
4.40
-8.50
3.12
9.95
3.10
3.80
4.18
2035.00
5850.00
175.00
6975.00
3250.00
150.00
690.00
515.00
2200.00
-4250.00
1560.00
4975.00
1550.00
1900.00
2090.00
4.85
-8.50
3.96
2422.50
-4250.00
1977.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/31/07
06/27/06
06/07/05
07/28/04
08/06/03
07/12/02
06/25/01
07/05/00
06/14/99
2585.00
7065.00
1735.00
7860.00
3250.00
515.00
2515.00
1350.00
3125.00
07/24/97
08/06/96
08/04/95
08/04/94
08/06/93
2725.00
4975.00
1550.00
2065.00
2090.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/13/07
-2790.00
07/15/05
05/17/04
05/20/03
05/21/02
-1950.00
-315.00
-1000.00
-1575.00
05/22/00
-975.00
08/03/98
06/06/97
05/16/96
06/15/95
05/25/94
05/20/93
-5750.00
-725.00
-40.00
-290.00
-2935.00
-200.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
57
Feeder Cattle Strategy Tables
Buy on approximately 05/09 - Exit on approximately 08/06
Feeder Cattle(CME)—August
Contract Size: 50,000 lbs
Buy on approximately 05/21 - Exit on approximately 07/09
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/21/07
05/22/06
05/23/05
05/21/04
05/21/03
05/21/02
05/21/01
05/22/00
05/21/99
05/21/98
05/21/97
05/21/96
05/22/95
05/23/94
05/21/93
Percentage Correct
BUY
PRICE
113.70
106.70
110.42
105.35
83.90
74.17
90.95
83.37
75.02
75.95
77.65
55.55
65.80
72.72
84.92
93
EXIT
DATE
07/09/07
07/07/06
07/08/05
07/09/04
07/09/03
07/09/02
07/09/01
07/07/00
07/09/99
07/09/98
07/09/97
07/09/96
07/07/95
07/08/94
07/09/93
EXIT
PRICE
114.48
115.90
111.97
112.55
87.02
76.30
91.10
87.32
77.12
72.17
80.10
61.70
67.20
76.85
87.12
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
0.78
9.20
1.55
7.20
3.12
2.13
0.15
3.95
2.10
-3.78
2.45
6.15
1.40
4.13
2.20
390.00
4600.00
775.00
3600.00
1560.00
1065.00
75.00
1975.00
1050.00
-1890.00
1225.00
3075.00
700.00
2065.00
1100.00
3.32
-3.78
2.85
1661.07
-1890.00
1424.33
BEST
EQUITY
AMOUNT
07/06/07
06/27/06
06/07/05
06/25/04
07/08/03
06/18/02
06/25/01
07/05/00
06/14/99
05/26/98
07/01/97
07/05/96
06/09/95
07/08/94
06/11/93
500.00
5425.00
1550.00
4400.00
1975.00
2075.00
775.00
2325.00
1700.00
185.00
1900.00
3460.00
810.00
2065.00
1775.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/13/07
-3550.00
06/17/05
05/25/04
05/22/03
-1425.00
-500.00
-65.00
07/05/01
-265.00
06/30/99
06/26/98
06/06/97
-235.00
-2500.00
-850.00
06/15/95
05/25/94
-765.00
-560.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Feeder Cattle(CME)—September
Contract Size: 50,000 lbs
Feeder Cattle Strategy Tables
Buy on approximately 05/21 - Exit on approximately 09/11
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/21/07
05/22/06
05/23/05
05/21/04
05/21/03
05/21/02
05/21/01
05/22/00
05/21/99
05/21/98
05/21/97
05/21/96
05/22/95
05/23/94
05/21/93
Percentage Correct
BUY
PRICE
113.35
106.30
109.45
104.35
84.40
74.30
90.42
83.52
75.15
76.20
77.55
56.12
65.50
72.95
84.00
93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
09/11/07
09/11/06
09/09/05
09/10/04
09/11/03
09/11/02
09/10/01
09/11/00
09/10/99
09/11/98
09/11/97
09/11/96
09/11/95
09/09/94
09/10/93
EXIT
PRICE
118.53
118.65
114.57
112.30
100.37
79.10
91.40
85.07
79.37
68.05
80.42
63.82
65.70
74.52
87.12
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
5.18
12.35
5.12
7.95
15.97
4.80
0.98
1.55
4.22
-8.15
2.87
7.70
0.20
1.57
3.12
2590.00
6175.00
2560.00
3975.00
7985.00
2400.00
490.00
775.00
2110.00
-4075.00
1435.00
3850.00
100.00
785.00
1560.00
5.26
-8.15
4.36
2627.86
-4075.00
2181.00
BEST
EQUITY
AMOUNT
09/06/07
09/07/06
09/09/05
08/17/04
09/11/03
08/30/02
06/25/01
07/05/00
09/10/99
05/22/98
07/24/97
08/06/96
08/02/95
08/04/94
08/06/93
3065.00
6460.00
2560.00
5685.00
7985.00
2710.00
740.00
2275.00
2110.00
50.00
2660.00
4340.00
835.00
3735.00
2085.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/18/07
-3285.00
07/15/05
06/01/04
06/12/03
05/30/02
08/27/01
-2375.00
-600.00
-90.00
-125.00
-900.00
05/27/99
09/09/98
06/09/97
-325.00
-5125.00
-815.00
06/15/95
06/07/94
-1050.00
-525.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
58
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Feeder Cattle(CME)—October
Contract Size: 50,000 lbs
Buy on approximately 06/17 - Exit on approximately 07/08
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/18/07
06/19/06
06/17/05
06/17/04
06/17/03
06/17/02
06/18/01
06/19/00
06/17/99
06/17/98
06/17/97
06/17/96
06/19/95
06/17/94
06/17/93
Percentage Correct
BUY
PRICE
107.00
111.27
105.15
106.42
84.75
77.25
90.55
86.87
76.95
73.70
78.35
60.95
63.60
72.07
85.82
87
EXIT
DATE
07/06/07
07/07/06
07/08/05
07/08/04
07/08/03
07/08/02
07/06/01
07/07/00
07/08/99
07/08/98
07/08/97
07/08/96
07/07/95
07/08/94
07/08/93
EXIT
PRICE
115.40
114.65
109.60
107.52
88.17
77.07
90.72
88.05
77.07
72.32
80.15
61.50
65.70
75.97
86.15
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
8.40
3.38
4.45
1.10
3.42
-0.18
0.17
1.18
0.12
-1.38
1.80
0.55
2.10
3.90
0.33
4200.00
1690.00
2225.00
550.00
1710.00
-90.00
85.00
590.00
60.00
-690.00
900.00
275.00
1050.00
1950.00
165.00
2.38
-0.78
1.96
1188.46
-390.00
978.00
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/06/07
06/26/06
07/07/05
06/25/04
07/08/03
06/18/02
06/25/01
07/05/00
07/06/99
4200.00
2265.00
2225.00
1865.00
1710.00
475.00
750.00
865.00
475.00
07/01/97
07/05/96
07/07/95
07/08/94
06/25/93
1275.00
375.00
1050.00
1950.00
300.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/20/06
-50.00
07/01/04
-310.00
06/28/02
07/05/01
06/29/00
06/30/99
06/26/98
06/19/97
06/25/96
06/21/95
-600.00
-215.00
-285.00
-775.00
-1375.00
-515.00
-875.00
-75.00
07/06/93
-575.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Sep Feeder Cattle(CME) / Sell Nov Feeder Cattle(CME)
Enter on approximately 06/20 - Exit on approximately 09/21
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/20/07
06/20/06
06/20/05
06/21/04
06/20/03
06/20/02
06/20/01
06/20/00
06/21/99
06/22/98
06/20/97
06/20/96
06/20/95
06/20/94
06/21/93
ENTRY
PRICE
Percentage Correct
-0.29
1.81
1.87
2.73
-0.29
-0.54
-0.40
-1.48
-0.54
-1.32
-1.61
-2.00
-0.53
-1.10
0.20
87
EXIT
DATE
09/21/07
09/21/06
09/21/05
09/21/04
09/19/03
09/20/02
09/21/01
09/21/00
09/21/99
09/21/98
09/19/97
09/20/96
09/21/95
09/21/94
09/21/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
0.02
3.29
2.51
3.29
6.68
-0.26
2.65
-0.77
-0.87
-3.20
-1.45
-0.51
0.14
-0.84
0.57
PROFIT
PROFIT
AMOUNT
0.32
1.48
0.64
0.57
6.98
0.28
3.05
0.71
-0.32
-1.87
0.17
1.48
0.68
0.25
0.38
160.00
740.00
320.00
285.00
3490.00
140.00
1525.00
355.00
-160.00
-935.00
85.00
740.00
340.00
125.00
190.00
1.31
-1.10
0.99
653.46
-547.50
493.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/23/07
09/20/06
07/07/05
07/12/04
09/19/03
08/09/02
09/21/01
09/06/00
425.00
825.00
1110.00
1560.00
3490.00
500.00
1525.00
440.00
09/02/98
08/22/97
08/20/96
09/18/95
08/02/94
09/14/93
265.00
610.00
1050.00
455.00
625.00
275.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
08/07/07
08/24/06
-300.00
-1385.00
08/16/04
-340.00
07/22/02
08/09/01
06/30/00
09/14/99
09/21/98
07/11/97
06/21/96
06/21/95
06/24/94
07/16/93
-165.00
-325.00
-160.00
-675.00
-935.00
-115.00
-265.00
-160.00
-110.00
-335.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
59
Feeder Cattle Strategy Tables
CONT
YEAR
Feeder Cattle(CME)—September
Contract Size: 50,000 lbs
Buy on approximately 06/23 - Exit on approximately 07/09
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
06/25/07
06/23/06
06/23/05
06/23/04
06/23/03
06/24/02
06/25/01
06/23/00
06/23/99
06/23/98
06/23/97
06/24/96
06/23/95
06/23/94
06/23/93
Percentage Correct
BUY
PRICE
109.00
114.92
108.10
110.30
85.87
76.10
91.90
86.12
77.25
72.00
78.30
58.80
64.55
72.92
85.77
93
EXIT
DATE
07/09/07
07/07/06
07/08/05
07/09/04
07/09/03
07/09/02
07/09/01
07/07/00
07/09/99
07/09/98
07/09/97
07/09/96
07/07/95
07/08/94
07/09/93
EXIT
PRICE
115.38
115.65
111.02
111.42
87.42
76.75
90.60
87.22
77.42
72.20
80.05
61.00
66.15
76.05
86.17
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
6.38
0.73
2.92
1.12
1.55
0.65
-1.30
1.10
0.17
0.20
1.75
2.20
1.60
3.13
0.40
3190.00
365.00
1460.00
560.00
775.00
325.00
-650.00
550.00
85.00
100.00
875.00
1100.00
800.00
1565.00
200.00
1.71
-1.30
1.51
853.57
-650.00
753.33
BEST
EQUITY
AMOUNT
07/09/07
06/27/06
07/07/05
06/25/04
07/08/03
07/02/02
3190.00
1175.00
1575.00
1025.00
1140.00
575.00
07/05/00
07/06/99
06/29/98
07/01/97
07/05/96
07/07/95
07/08/94
06/30/93
975.00
225.00
335.00
1310.00
1475.00
800.00
1565.00
575.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/26/07
06/30/06
06/24/05
07/01/04
06/24/03
-375.00
-25.00
-165.00
-1250.00
-60.00
07/05/01
06/29/00
06/30/99
06/26/98
06/24/97
06/25/96
-875.00
-400.00
-1175.00
-415.00
-40.00
-75.00
06/27/94
07/06/93
-50.00
-310.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Feeder Cattle(CME)—August
Contract Size: 50,000 lbs
Feeder Cattle Strategy Tables
Buy on approximately 06/30 - Exit on approximately 07/07
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
07/02/07
06/30/06
06/30/05
06/30/04
06/30/03
07/01/02
07/02/01
06/30/00
06/30/99
06/30/98
06/30/97
07/01/96
06/30/95
06/30/94
06/30/93
Percentage Correct
BUY
PRICE
110.95
115.20
109.42
109.40
86.70
76.27
91.32
86.45
74.55
71.77
80.87
59.97
66.35
74.67
87.85
87
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
07/06/07
07/07/06
07/07/05
07/07/04
07/07/03
07/05/02
07/06/01
07/07/00
07/07/99
07/07/98
07/07/97
07/05/96
07/07/95
07/07/94
07/07/93
EXIT
PRICE
114.70
115.90
112.07
111.10
87.77
76.95
90.95
87.32
76.82
71.92
80.90
62.47
67.20
75.85
86.60
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
3.75
0.70
2.65
1.70
1.07
0.68
-0.37
0.87
2.27
0.15
0.03
2.50
0.85
1.18
-1.25
1875.00
350.00
1325.00
850.00
535.00
340.00
-185.00
435.00
1135.00
75.00
15.00
1250.00
425.00
590.00
-625.00
1.42
-0.81
1.12
707.69
-405.00
559.33
BEST
EQUITY
AMOUNT
07/06/07
07/05/06
07/07/05
07/06/04
07/07/03
07/02/02
1875.00
1025.00
1325.00
1000.00
535.00
350.00
07/05/00
07/06/99
07/06/98
07/01/97
07/05/96
07/07/95
07/07/94
785.00
1400.00
475.00
290.00
1250.00
425.00
590.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
07/01/04
07/03/03
-500.00
-215.00
07/05/01
-450.00
07/02/97
-125.00
07/03/95
-175.00
07/06/93
-815.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
60
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Feeder Cattle(CME)—September
Contract Size: 50,000 lbs
Buy on approximately 08/25 - Exit on approximately 09/15
CONT
YEAR
BUY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
08/27/07
08/25/06
08/25/05
08/25/04
08/25/03
08/26/02
08/27/01
08/25/00
08/25/99
08/25/98
08/25/97
08/26/96
08/25/95
08/25/94
08/25/93
Percentage Correct
BUY
PRICE
118.58
116.35
109.95
113.17
93.87
78.95
88.62
84.82
77.85
66.60
80.45
62.40
63.57
75.40
86.60
87
EXIT
DATE
09/14/07
09/15/06
09/15/05
09/15/04
09/15/03
09/13/02
09/14/01
09/15/00
09/15/99
09/15/98
09/15/97
09/13/96
09/15/95
09/15/94
09/15/93
EXIT
PRICE
116.83
117.55
115.37
113.97
100.45
80.85
90.30
85.55
79.20
68.25
80.82
64.12
65.27
72.82
87.05
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
PROFIT
AMOUNT
-1.75
1.20
5.42
0.80
6.58
1.90
1.68
0.73
1.35
1.65
0.37
1.72
1.70
-2.58
0.45
-875.00
600.00
2710.00
400.00
3290.00
950.00
840.00
365.00
675.00
825.00
185.00
860.00
850.00
-1290.00
225.00
1.97
-2.17
1.41
982.69
-1082.50
707.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
09/06/07
09/07/06
09/15/05
09/15/04
09/12/03
09/13/02
09/10/01
09/15/00
09/14/99
08/28/98
08/26/97
09/13/96
09/08/95
09/06/94
09/02/93
450.00
1435.00
2710.00
400.00
3315.00
950.00
1390.00
365.00
825.00
1135.00
235.00
860.00
1090.00
125.00
475.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/14/07
-875.00
09/03/04
-1885.00
08/29/00
-250.00
09/09/98
08/29/97
-325.00
-890.00
09/15/94
08/26/93
-1290.00
-165.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Oct Feeder Cattle(CME) / Sell Nov Feeder Cattle(CME)
Enter on approximately 09/09 - Exit on approximately 10/17
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
09/10/07
09/11/06
09/09/05
09/09/04
09/09/03
09/09/02
09/10/01
09/11/00
09/09/99
09/09/98
09/09/97
09/09/96
09/11/95
09/09/94
09/09/93
ENTRY
PRICE
Percentage Correct
-0.50
-0.15
0.75
0.62
1.15
-0.29
-0.35
-0.56
-0.98
-1.28
-1.05
-0.46
-0.51
-1.14
-0.32
87
EXIT
DATE
10/17/07
10/17/06
10/17/05
10/15/04
10/17/03
10/17/02
10/17/01
10/17/00
10/15/99
10/16/98
10/17/97
10/17/96
10/17/95
10/17/94
10/15/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
0.00
2.18
2.29
1.75
4.87
-0.07
1.84
-0.20
-1.01
-2.14
0.07
-0.14
1.04
-0.62
0.03
PROFIT
PROFIT
AMOUNT
0.50
2.33
1.55
1.12
3.73
0.23
2.20
0.37
-0.04
-0.87
1.13
0.32
1.57
0.52
0.35
250.00
1165.00
775.00
560.00
1865.00
115.00
1100.00
185.00
-20.00
-435.00
565.00
160.00
785.00
260.00
175.00
1.22
-0.46
1.00
612.31
-227.50
500.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
10/05/07
10/10/06
10/17/05
10/01/04
10/17/03
10/01/02
10/15/01
10/16/00
10/14/99
09/14/98
10/17/97
10/14/96
10/12/95
10/10/94
10/11/93
475.00
1350.00
775.00
845.00
1865.00
415.00
1450.00
225.00
165.00
250.00
565.00
310.00
870.00
475.00
460.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/30/05
-140.00
09/18/02
-85.00
09/28/00
10/06/99
10/09/98
09/29/97
09/30/96
09/14/95
09/19/94
09/10/93
-90.00
-285.00
-1000.00
-140.00
-415.00
-40.00
-40.00
-5.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
61
Feeder Cattle Strategy Tables
CONT
YEAR
Feeder Cattle(CME)—November
Contract Size: 50,000 lbs
Sell on approximately 09/14 - Exit on approximately 09/28
CONT
YEAR
SELL
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
09/14/07
09/14/06
09/14/05
09/14/04
09/15/03
09/16/02
09/14/01
09/14/00
09/14/99
09/14/98
09/15/97
09/16/96
09/14/95
09/14/94
09/14/93
Percentage Correct
SELL
PRICE
117.13
114.92
112.47
110.20
95.40
81.07
90.20
86.20
81.40
70.20
82.37
65.77
65.42
73.87
86.65
80
EXIT
DATE
09/28/07
09/28/06
09/28/05
09/28/04
09/26/03
09/27/02
09/28/01
09/28/00
09/28/99
09/28/98
09/26/97
09/27/96
09/28/95
09/28/94
09/28/93
EXIT
PRICE
116.63
111.52
113.77
109.47
95.47
80.57
85.12
87.22
81.12
69.70
80.12
65.10
65.00
73.35
84.87
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
0.50
3.40
-1.30
0.73
-0.07
0.50
5.08
-1.02
0.28
0.50
2.25
0.67
0.42
0.52
1.78
250.00
1700.00
-650.00
365.00
-35.00
250.00
2540.00
-510.00
140.00
250.00
1125.00
335.00
210.00
260.00
890.00
1.39
-0.80
0.95
692.92
-398.33
474.67
BEST
EQUITY
AMOUNT
09/20/07
09/28/06
09/21/05
09/27/04
09/19/03
09/26/02
09/28/01
09/21/00
09/20/99
09/28/98
09/24/97
09/23/96
09/18/95
09/19/94
09/27/93
815.00
1700.00
260.00
550.00
440.00
325.00
2540.00
40.00
590.00
250.00
1350.00
960.00
500.00
485.00
915.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/18/06
09/28/05
09/20/04
09/24/03
09/19/02
-365.00
-650.00
-900.00
-485.00
-400.00
09/27/00
-625.00
09/18/98
-910.00
09/22/94
-315.00
12
3
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Oct Feeder Cattle(CME) / Sell Nov Feeder Cattle(CME)
Feeder Cattle Strategy Tables
Enter on approximately 09/25 - Exit on approximately 10/17
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
09/25/07
09/25/06
09/26/05
09/27/04
09/25/03
09/25/02
09/25/01
09/25/00
09/27/99
09/25/98
09/25/97
09/25/96
09/25/95
09/26/94
09/27/93
ENTRY
PRICE
Percentage Correct
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
-0.29
1.17
0.57
1.55
3.04
-0.18
-0.09
-0.54
-1.23
-1.44
-1.20
-0.85
-0.09
-0.65
-0.04
93
EXIT
DATE
10/17/07
10/17/06
10/17/05
10/15/04
10/17/03
10/17/02
10/17/01
10/17/00
10/15/99
10/16/98
10/17/97
10/17/96
10/17/95
10/17/94
10/15/93
EXIT
PRICE
0.00
2.18
2.29
1.75
4.87
-0.07
1.84
-0.20
-1.01
-2.14
0.07
-0.14
1.04
-0.62
0.03
PROFIT
BEST
EQUITY
DATE
PROFIT
AMOUNT
0.30
1.01
1.72
0.20
1.83
0.11
1.95
0.35
0.21
-0.70
1.28
0.70
1.15
0.02
0.08
150.00
505.00
860.00
100.00
915.00
55.00
975.00
175.00
105.00
-350.00
640.00
350.00
575.00
10.00
40.00
0.78
-0.70
0.68
389.64
-350.00
340.33
BEST
EQUITY
AMOUNT
10/05/07
10/10/06
10/17/05
10/01/04
10/17/03
10/01/02
10/15/01
10/16/00
10/14/99
10/05/98
10/17/97
10/14/96
10/12/95
10/10/94
10/11/93
375.00
690.00
860.00
385.00
915.00
355.00
1325.00
215.00
290.00
215.00
640.00
500.00
660.00
225.00
325.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/27/07
-15.00
09/30/05
10/12/04
10/07/03
10/14/02
09/26/01
09/28/00
10/06/99
10/09/98
09/29/97
09/30/96
09/27/95
10/03/94
09/29/93
-55.00
-150.00
-600.00
-120.00
-40.00
-100.00
-160.00
-915.00
-65.00
-225.00
-100.00
-50.00
-75.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
62
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy May Feeder Cattle(CME) / Sell Mar Feeder Cattle(CME)
Enter on approximately 11/02 - Exit on approximately 02/02
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
11/02/06
11/02/05
11/02/04
11/03/03
11/04/02
11/02/01
11/02/00
11/02/99
11/02/98
11/03/97
11/04/96
11/02/95
11/02/94
11/02/93
11/02/92
ENTRY
PRICE
Percentage Correct
0.09
-2.21
-0.84
-2.20
-0.25
-0.45
-0.42
-0.15
0.31
0.87
0.13
-0.42
-1.34
-0.96
-2.01
87
EXIT
DATE
02/02/07
02/02/06
02/02/05
02/02/04
01/31/03
02/01/02
02/02/01
02/02/00
02/02/99
02/02/98
01/31/97
02/02/96
02/02/95
02/02/94
02/02/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
3.57
0.92
-0.78
2.12
0.95
0.48
0.64
0.38
0.75
0.96
1.28
0.30
-1.67
-1.81
-1.93
PROFIT
PROFIT
AMOUNT
3.48
3.14
0.07
4.32
1.20
0.93
1.07
0.53
0.43
0.09
1.15
0.73
-0.32
-0.85
0.09
1740.00
1570.00
35.00
2160.00
600.00
465.00
535.00
265.00
215.00
45.00
575.00
365.00
-160.00
-425.00
45.00
1.33
-0.59
1.07
662.69
-292.50
535.33
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
02/02/07
01/18/06
11/09/04
01/13/04
01/24/03
02/01/02
02/02/01
11/18/99
12/16/98
01/05/98
01/31/97
01/25/96
11/29/94
11/30/93
11/05/92
1740.00
1835.00
350.00
2210.00
700.00
465.00
535.00
275.00
875.00
645.00
575.00
615.00
250.00
310.00
125.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
11/03/06
11/29/05
01/11/05
11/10/03
11/08/02
01/08/02
01/09/01
11/16/99
01/25/99
11/13/97
11/11/96
12/05/95
01/03/95
01/28/94
01/20/93
WORST
EQUITY
AMOUNT
-60.00
-390.00
-910.00
-325.00
-415.00
-275.00
-490.00
-125.00
-135.00
-180.00
-240.00
-360.00
-600.00
-530.00
-340.00
13
2
15
Feeder Cattle Strategy Tables
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
63
Nearby Feeder Cattle Weekly & Monthly Charts
Feeder Cattle (CME) — Weekly
120.000
115.000
110.000
105.000
100.000
95.000
90.000
85.000
80.000
75.000
70.000
65.000
Feeder Cattle Weekly & Monthly Charts
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Feeder Cattle (CME) — Monthly
120.000
110.000
100.000
90.000
80.000
70.000
60.000
50.000
40.000
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
64
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Inter-Market Spreads (FC/LC)
Page
Seasonal Average and Weekly Continuation Charts
Feeder Cattle - Live Cattle
Jan minus: Feb, Apr ............................................................................................................ 66
Mar minus: Apr, Jun ........................................................................................................... 66
Apr minus: Apr, Jun ............................................................................................................ 68
May minus: Jun, Aug .......................................................................................................... 68
Aug minus: Aug, Oct .......................................................................................................... 70
Sep minus: Oct, Dec............................................................................................................ 70
Oct minus: Oct, Dec ............................................................................................................ 72
Nov minus: Dec, Feb .......................................................................................................... 72
Seasonal Strategies
Inter-Market
Seasonal Spread Strategy Summary ................................................................................... 74
Seasonal Spread Strategy Detail Tables ............................................................................. 75
MOORE RESEARCH CENTER, INC.
65
Jan Feeder Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93-07)
15
14
13
15 Year
Pattern
12
11
10
5 Year
Pattern
9
8
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Jan Feeder Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07)
18
16
14
15 Year
Pattern
12
10
5 Year
Pattern
8
6
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Mar Feeder Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07)
14
12
15 Year
Pattern
10
8
Inter-Market Seasonal Average
5 Year
Pattern
6
4
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Mar Feeder Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07)
20
18
16
15 Year
Pattern
14
12
5 Year
Pattern
10
8
Apr
66
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Jan Feeder Cattle(CME) minus Feb Live Cattle(CME)
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
2006
2007
Weekly Jan Feeder Cattle(CME) minus Apr Live Cattle(CME)
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Mar Feeder Cattle(CME) minus Apr Live Cattle(CME)
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
1998
1999
2000
2001
2002
2003
2004
2005
Inter-Market Weeklies
Weekly Mar Feeder Cattle(CME) minus Jun Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
67
Apr Feeder Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07)
14
12
15 Year
Pattern
10
8
5 Year
Pattern
6
4
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Apr Feeder Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07)
20
18
16
15 Year
Pattern
14
12
5 Year
Pattern
10
8
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May Feeder Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07)
20
18
16
15 Year
Pattern
14
12
Inter-Market Seasonal Average
5 Year
Pattern
10
8
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
May Feeder Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07)
22
20
18
15 Year
Pattern
16
14
5 Year
Pattern
12
10
Jun
68
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Apr Feeder Cattle(CME) minus Apr Live Cattle(CME)
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
2006
2007
Weekly Apr Feeder Cattle(CME) minus Jun Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly May Feeder Cattle(CME) minus Jun Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
1998
1999
2000
2001
2002
2003
2004
2005
Inter-Market Weeklies
Weekly May Feeder Cattle(CME) minus Aug Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
69
Aug Feeder Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07)
30
25
15 Year
Pattern
20
5 Year
Pattern
15
10
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Aug Feeder Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07)
26
24
22
15 Year
Pattern
20
18
16
5 Year
Pattern
14
12
10
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep Feeder Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07)
26
24
22
15 Year
Pattern
20
18
16
Inter-Market Seasonal Average
5 Year
Pattern
14
12
10
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Sep Feeder Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07)
24
22
20
15 Year
Pattern
18
16
14
5 Year
Pattern
12
10
8
Oct
70
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Aug Feeder Cattle(CME) minus Aug Live Cattle(CME)
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
2006
2007
Weekly Aug Feeder Cattle(CME) minus Oct Live Cattle(CME)
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Sep Feeder Cattle(CME) minus Oct Live Cattle(CME)
35.00
30.00
25.00
20.00
15.00
10.00
5.00
1998
1999
2000
2001
2002
2003
2004
2005
Inter-Market Weeklies
Weekly Sep Feeder Cattle(CME) minus Dec Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
71
Oct Feeder Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07)
24
22
20
15 Year
Pattern
18
16
14
5 Year
Pattern
12
10
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Oct Feeder Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07)
22
20
18
15 Year
Pattern
16
14
12
5 Year
Pattern
10
8
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Feeder Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07)
22
20
18
15 Year
Pattern
16
14
12
Inter-Market Seasonal Average
5 Year
Pattern
10
8
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Nov Feeder Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93/94-07/08)
22
20
18
15 Year
Pattern
16
14
12
5 Year
Pattern
10
8
Dec
72
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Weekly Oct Feeder Cattle(CME) minus Oct Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006
2007
2006
2007
2006
2007
Weekly Oct Feeder Cattle(CME) minus Dec Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1998
1999
2000
2001
2002
2003
2004
2005
Weekly Nov Feeder Cattle(CME) minus Dec Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
1998
1999
2000
2001
2002
2003
2004
2005
Inter-Market Weeklies
Weekly Nov Feeder Cattle(CME) minus Feb Live Cattle(CME)
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1998
1999
MOORE RESEARCH CENTER, INC.
2000
2001
2002
2003
2004
2005
73
Live Cattle/Feeder Cattle Seasonal Spread Strategies
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Win Losing Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
1
Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
1/09
2/07
93
14
1
15
643
21/30
75
2
Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
1/09
3/07
87
13
2
15
881
15/59
75
3
Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
1/18
2/03
93
14
1
15
406
24/17
76
4
Buy Apr Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
3/11
4/18
87
13
2
15
1069
27/39
76
5
Buy May Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
3/14
5/20
93
14
1
15
1398
21/68
77
6
Buy May Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
4/05
5/19
93
14
1
15
962
21/45
77
7
Buy Nov Feeder Cattle(CME)
Sell Dec Live Cattle(CME)
4/14
7/12
87
13
2
15
1168
13/90
78
8
Buy Aug Feeder Cattle(CME)
Sell Feb Live Cattle(CME)
4/16
7/12
93
14
1
15
1431
16/88
78
9
Buy May Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
4/25
5/20
93
14
1
15
831
32/26
79
10 Buy Aug Feeder Cattle(CME)
Sell Aug Live Cattle(CME)
4/25
7/09
87
13
2
15
1530
20/76
79
11 Buy Aug Feeder Cattle(CME)
Sell Feb Live Cattle(CME)
5/16
7/08
93
14
1
15
1109
21/54
80
12 Buy Sep Feeder Cattle(CME)
Sell Dec Live Cattle(CME)
5/26
7/10
93
14
1
15
924
20/46
80
13 Buy Feb Live Cattle(CME)
Sell Nov Feeder Cattle(CME)
9/14
11/11
93
14
1
15
1150
19/59
81
14 Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
12/05
3/07
93
14
1
15
1140
12/94
81
15 Buy Apr Live Cattle(CME)
Sell Apr Feeder Cattle(CME)
12/11
3/10
93
14
1
15
807
9/91
82
16 Buy Apr Live Cattle(CME)
Sell Jan Feeder Cattle(CME)
12/23
1/14
87
13
2
15
563
24/23
82
Inter-Market Strategy Summary
* Caution: Trade exit can be during delivery period. Longs may be subject to delivery.
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
74
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME)
Enter on approximately 01/09 - Exit on approximately 02/07
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/09/07
01/09/06
01/10/05
01/09/04
01/09/03
01/09/02
01/09/01
01/10/00
01/11/99
01/09/98
01/09/97
01/09/96
01/09/95
01/10/94
01/11/93
Percentage Correct
ENTRY
PRICE
-12977
-22037
-17755
-13575
-11617
-14565
-15440
-15197
-10607
-11022
-9042
-4135
-10072
-10955
-13697
93
EXIT
DATE
02/07/07
02/07/06
02/07/05
02/06/04
02/07/03
02/07/02
02/07/01
02/07/00
02/05/99
02/06/98
02/07/97
02/07/96
02/07/95
02/07/94
02/05/93
EXIT
PRICE
-12747
-20417
-16817
-13555
-9815
-13610
-14205
-14262
-10937
-10717
-8502
-4002
-9397
-10875
-13195
PROFIT
AMOUNT
230.00
1620.00
938.00
20.00
1802.00
955.00
1235.00
935.00
-330.00
305.00
540.00
133.00
675.00
80.00
502.00
BEST
EQUITY
DATE
01/16/07
02/03/06
02/04/05
01/13/04
02/07/03
01/29/02
01/31/01
02/07/00
02/01/99
02/06/98
02/04/97
02/02/96
01/31/95
01/13/94
02/01/93
712.14
-330.00
642.67
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
2680.00
1695.00
1088.00
650.00
1802.00
1015.00
1583.00
935.00
160.00
305.00
575.00
628.00
805.00
223.00
805.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/18/05
01/21/04
-402.00
-625.00
01/10/02
01/11/01
-120.00
-100.00
01/25/99
01/16/98
01/21/97
01/17/96
-585.00
-780.00
-98.00
-602.00
01/28/94
01/12/93
-707.00
-85.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME)
Enter on approximately 01/09 - Exit on approximately 03/07
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/09/07
01/09/06
01/10/05
01/09/04
01/09/03
01/09/02
01/09/01
01/10/00
01/11/99
01/09/98
01/09/97
01/09/96
01/09/95
01/10/94
01/11/93
Percentage Correct
ENTRY
PRICE
-12977
-22037
-17755
-13575
-11617
-14565
-15440
-15197
-10607
-11022
-9042
-4135
-10072
-10955
-13697
87
EXIT
DATE
03/07/07
03/07/06
03/07/05
03/05/04
03/07/03
03/07/02
03/07/01
03/07/00
03/05/99
03/06/98
03/07/97
03/07/96
03/07/95
03/07/94
03/05/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
-12957
-20202
-17602
-13922
-9967
-12817
-13732
-14175
-9965
-11045
-7910
-3302
-8457
-10912
-12507
PROFIT
AMOUNT
20.00
1835.00
153.00
-347.00
1650.00
1748.00
1708.00
1022.00
642.00
-23.00
1132.00
833.00
1615.00
43.00
1190.00
1045.46
-185.00
881.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/16/07
02/27/06
02/25/05
01/13/04
02/12/03
03/04/02
02/12/01
02/10/00
03/05/99
02/10/98
02/18/97
03/07/96
03/06/95
01/13/94
02/26/93
2680.00
1920.00
1315.00
650.00
1940.00
2018.00
1743.00
1322.00
642.00
475.00
1170.00
833.00
1735.00
223.00
1400.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/02/07
-773.00
01/18/05
03/01/04
-402.00
-850.00
01/10/02
01/11/01
-120.00
-100.00
01/25/99
02/18/98
01/21/97
01/17/96
-585.00
-790.00
-98.00
-602.00
01/28/94
01/12/93
-707.00
-85.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
75
Inter-Market Strategy Tables
CONT
YEAR
Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME)
Enter on approximately 01/18 - Exit on approximately 02/03
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
01/18/07
01/18/06
01/18/05
01/20/04
01/21/03
01/18/02
01/18/01
01/18/00
01/19/99
01/20/98
01/20/97
01/18/96
01/18/95
01/18/94
01/18/93
Percentage Correct
ENTRY
PRICE
-10835
-20700
-18157
-14017
-11070
-13787
-15377
-14937
-10952
-11725
-8947
-4415
-9592
-11017
-13530
93
EXIT
DATE
02/02/07
02/03/06
02/03/05
02/03/04
02/03/03
02/01/02
02/02/01
02/03/00
02/03/99
02/03/98
02/03/97
02/02/96
02/03/95
02/03/94
02/03/93
EXIT
PRICE
-11430
-20342
-16800
-13892
-10837
-13777
-13935
-14590
-10740
-10882
-8677
-3507
-9365
-10970
-13227
BEST
EQUITY
DATE
PROFIT
AMOUNT
-595.00
358.00
1357.00
125.00
233.00
10.00
1442.00
347.00
212.00
843.00
270.00
908.00
227.00
47.00
303.00
01/22/07
02/03/06
02/03/05
01/29/04
01/28/03
01/29/02
01/31/01
02/02/00
02/01/99
02/03/98
02/03/97
02/02/96
01/31/95
02/03/94
02/01/93
477.29
-595.00
405.80
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
278.00
358.00
1357.00
527.00
280.00
237.00
1520.00
472.00
505.00
843.00
270.00
908.00
325.00
47.00
638.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
01/31/07
01/27/06
-1150.00
-422.00
01/21/04
01/22/03
01/31/02
-183.00
-117.00
-85.00
01/26/00
01/25/99
01/30/98
01/21/97
01/23/96
01/24/95
01/28/94
01/20/93
-88.00
-240.00
-65.00
-193.00
-2.00
-113.00
-645.00
-62.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Apr Feeder Cattle(CME) / Sell Jun Live Cattle(CME)
Inter-Market Strategy Tables
Enter on approximately 03/11 - Exit on approximately 04/18
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/12/07
03/13/06
03/11/05
03/11/04
03/11/03
03/11/02
03/12/01
03/13/00
03/11/99
03/11/98
03/11/97
03/11/96
03/13/95
03/11/94
03/11/93
Percentage Correct
ENTRY
PRICE
14192
20062
17620
13405
9722
13055
14092
14232
10122
10747
7450
3135
8225
10807
12320
87
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
04/18/07
04/18/06
04/18/05
04/16/04
04/17/03
04/18/02
04/18/01
04/18/00
04/16/99
04/17/98
04/18/97
04/18/96
04/18/95
04/18/94
04/16/93
EXIT
PRICE
16508
21652
21880
16047
11410
13087
14900
14577
10485
11325
9897
1830
7657
11167
12800
BEST
EQUITY
DATE
PROFIT
AMOUNT
2316.00
1590.00
4260.00
2642.00
1688.00
32.00
808.00
345.00
363.00
578.00
2447.00
-1305.00
-568.00
360.00
480.00
1377.62
-936.50
1069.07
BEST
EQUITY
AMOUNT
04/03/07
03/21/06
04/18/05
04/16/04
04/16/03
03/15/02
04/16/01
04/11/00
04/08/99
04/07/98
04/08/97
03/20/96
04/10/95
04/18/94
04/16/93
3098.00
2143.00
4260.00
2642.00
1790.00
155.00
953.00
445.00
705.00
778.00
2607.00
255.00
82.00
360.00
480.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/18/04
03/12/03
04/11/02
03/15/01
03/14/00
03/12/99
03/31/98
-268.00
-77.00
-1473.00
-125.00
-222.00
-160.00
-275.00
04/12/96
03/29/95
03/28/94
04/12/93
-1518.00
-728.00
-122.00
-488.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
76
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy May Feeder Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 03/14 - Exit on approximately 05/20
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
03/14/07
03/14/06
03/14/05
03/15/04
03/14/03
03/14/02
03/14/01
03/14/00
03/15/99
03/16/98
03/14/97
03/14/96
03/14/95
03/14/94
03/15/93
Percentage Correct
ENTRY
PRICE
15517
20730
17407
13012
10712
13147
14157
14050
9880
11067
8207
3390
7837
10467
11562
93
EXIT
DATE
05/18/07
05/19/06
05/20/05
05/20/04
05/20/03
05/20/02
05/18/01
05/19/00
05/20/99
05/20/98
05/20/97
05/20/96
05/19/95
05/20/94
05/20/93
EXIT
PRICE
17505
20637
21487
18762
11215
13427
14985
14377
10462
11337
12075
3802
7982
11577
12482
PROFIT
AMOUNT
1988.00
-93.00
4080.00
5750.00
503.00
280.00
828.00
327.00
582.00
270.00
3868.00
412.00
145.00
1110.00
920.00
BEST
EQUITY
DATE
04/03/07
03/20/06
05/19/05
05/17/04
03/21/03
05/20/02
05/09/01
04/28/00
04/08/99
05/19/98
05/15/97
03/20/96
05/16/95
05/20/94
05/14/93
1504.50
-93.00
1398.00
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
2248.00
1507.00
4140.00
6218.00
560.00
280.00
1440.00
652.00
1047.00
400.00
4168.00
475.00
433.00
1110.00
1085.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/22/07
05/09/06
03/18/05
03/18/04
04/10/03
04/11/02
03/15/01
05/10/00
03/17/99
03/30/98
-72.00
-518.00
-22.00
-810.00
-295.00
-2015.00
-130.00
-258.00
-40.00
-862.00
04/26/96
03/29/95
-1875.00
-540.00
03/17/93
-272.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy May Feeder Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 04/05 - Exit on approximately 05/19
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/05/07
04/05/06
04/05/05
04/05/04
04/07/03
04/05/02
04/05/01
04/05/00
04/05/99
04/06/98
04/07/97
04/08/96
04/05/95
04/05/94
04/05/93
Percentage Correct
ENTRY
PRICE
17393
20580
19047
12930
10695
12255
14420
14235
10912
11347
9675
2375
7840
10900
11790
93
EXIT
DATE
05/18/07
05/19/06
05/19/05
05/19/04
05/19/03
05/17/02
05/18/01
05/19/00
05/19/99
05/19/98
05/19/97
05/17/96
05/19/95
05/19/94
05/19/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
17505
20637
21547
18945
10850
13035
14985
14377
10407
11467
11907
3667
7982
10967
12540
PROFIT
AMOUNT
112.00
57.00
2500.00
6015.00
155.00
780.00
565.00
142.00
-505.00
120.00
2232.00
1292.00
142.00
67.00
750.00
1066.36
-505.00
961.60
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
04/11/07
04/18/06
05/19/05
05/17/04
05/01/03
05/06/02
05/09/01
04/28/00
04/08/99
05/19/98
05/15/97
05/16/96
05/16/95
05/19/94
05/14/93
355.00
1262.00
2500.00
6300.00
437.00
797.00
1177.00
467.00
15.00
120.00
2700.00
1472.00
430.00
67.00
857.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
04/25/07
05/09/06
04/07/05
-735.00
-368.00
-455.00
04/10/03
04/11/02
04/10/01
05/10/00
04/23/99
04/24/98
04/16/97
04/26/96
04/21/95
04/28/94
04/12/93
-278.00
-1123.00
-173.00
-443.00
-690.00
-882.00
-125.00
-860.00
-288.00
-410.00
-298.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
77
Inter-Market Strategy Tables
CONT
YEAR
Buy Nov Feeder Cattle(CME) / Sell Dec Live Cattle(CME)
Enter on approximately 04/14 - Exit on approximately 07/12
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/16/07
04/17/06
04/14/05
04/14/04
04/14/03
04/15/02
04/16/01
04/14/00
04/14/99
04/14/98
04/14/97
04/15/96
04/17/95
04/14/94
04/14/93
Percentage Correct
ENTRY
PRICE
15990
18522
17782
13052
12690
11785
14452
14337
11277
11522
10075
4102
8260
10897
11752
87
EXIT
DATE
07/12/07
07/12/06
07/12/05
07/12/04
07/11/03
07/12/02
07/12/01
07/12/00
07/12/99
07/10/98
07/11/97
07/12/96
07/12/95
07/12/94
07/12/93
EXIT
PRICE
18285
19752
18737
18312
14022
11970
15142
15775
13292
10265
13140
4282
7027
10957
13050
BEST
EQUITY
DATE
PROFIT
AMOUNT
2295.00
1230.00
955.00
5260.00
1332.00
185.00
690.00
1438.00
2015.00
-1257.00
3065.00
180.00
-1233.00
60.00
1298.00
07/11/07
06/26/06
06/07/05
07/12/04
07/07/03
06/18/02
06/25/01
07/12/00
07/06/99
05/01/98
07/11/97
06/04/96
04/28/95
04/21/94
06/14/93
1538.69
-1245.00
1167.53
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
2563.00
2625.00
2160.00
5260.00
1512.00
755.00
1385.00
1438.00
2070.00
85.00
3065.00
1360.00
427.00
60.00
1595.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/18/07
04/24/06
-995.00
-1172.00
04/16/04
04/16/03
04/25/02
04/19/01
05/04/00
05/06/99
06/26/98
04/16/97
04/25/96
06/19/95
06/15/94
-92.00
-133.00
-850.00
-10.00
-470.00
-230.00
-1742.00
-165.00
-212.00
-1530.00
-1967.00
13
2
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Aug Feeder Cattle(CME) / Sell Feb Live Cattle(CME)
Inter-Market Strategy Tables
Enter on approximately 04/16 - Exit on approximately 07/12
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/16/07
04/17/06
04/18/05
04/16/04
04/16/03
04/16/02
04/16/01
04/17/00
04/16/99
04/16/98
04/16/97
04/16/96
04/17/95
04/18/94
04/16/93
Percentage Correct
ENTRY
PRICE
17130
18645
19405
12922
11835
11225
13900
13375
10087
10860
8485
2575
7350
10927
12600
93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
07/12/07
07/12/06
07/12/05
07/12/04
07/11/03
07/12/02
07/12/01
07/12/00
07/12/99
07/10/98
07/11/97
07/12/96
07/12/95
07/12/94
07/12/93
EXIT
PRICE
17750
20580
20337
21687
13375
11327
14257
14625
12075
9177
11407
4262
7420
11045
13465
BEST
EQUITY
DATE
PROFIT
AMOUNT
620.00
1935.00
932.00
8765.00
1540.00
102.00
357.00
1250.00
1988.00
-1683.00
2922.00
1687.00
70.00
118.00
865.00
1653.64
-1683.00
1431.20
BEST
EQUITY
AMOUNT
05/18/07
07/05/06
06/07/05
07/12/04
07/08/03
05/07/02
06/25/01
07/12/00
07/12/99
05/01/98
07/01/97
07/05/96
04/25/95
07/12/94
06/11/93
1035.00
3112.00
1947.00
8765.00
1742.00
640.00
1950.00
1250.00
1988.00
335.00
3472.00
2640.00
737.00
118.00
1487.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/18/07
04/24/06
05/02/05
-2557.00
-1475.00
-318.00
04/17/03
04/25/02
-43.00
-1073.00
05/12/00
05/06/99
06/26/98
-1223.00
-472.00
-2245.00
04/26/96
06/15/95
06/17/94
-1485.00
-835.00
-2735.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
78
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy May Feeder Cattle(CME) / Sell Jun Live Cattle(CME)
Enter on approximately 04/25 - Exit on approximately 05/20
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/25/07
04/25/06
04/25/05
04/26/04
04/25/03
04/25/02
04/25/01
04/25/00
04/26/99
04/27/98
04/25/97
04/25/96
04/25/95
04/25/94
04/26/93
Percentage Correct
ENTRY
PRICE
16658
20567
19477
16105
10972
11842
15177
14140
10407
10530
11057
1905
7815
10867
12122
93
EXIT
DATE
05/18/07
05/19/06
05/20/05
05/20/04
05/20/03
05/20/02
05/18/01
05/19/00
05/20/99
05/20/98
05/20/97
05/20/96
05/19/95
05/20/94
05/20/93
EXIT
PRICE
17505
20637
21487
18762
11215
13427
14985
14377
10462
11337
12075
3802
7982
11577
12482
PROFIT
AMOUNT
847.00
70.00
2010.00
2657.00
243.00
1585.00
-192.00
237.00
55.00
807.00
1018.00
1897.00
167.00
710.00
360.00
BEST
EQUITY
DATE
05/17/07
04/27/06
05/19/05
05/17/04
05/20/03
05/20/02
05/09/01
04/28/00
05/12/99
05/19/98
05/15/97
05/16/96
05/16/95
05/20/94
05/14/93
904.50
-192.00
831.40
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
1045.00
623.00
2070.00
3125.00
243.00
1585.00
420.00
562.00
453.00
937.00
1318.00
1942.00
455.00
710.00
525.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
05/09/06
-355.00
05/05/04
05/09/03
-60.00
-507.00
05/18/01
05/10/00
05/18/99
-192.00
-348.00
-32.00
04/30/97
04/26/96
05/09/95
04/28/94
04/27/93
-457.00
-390.00
-13.00
-377.00
-247.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Aug Feeder Cattle(CME) / Sell Aug Live Cattle(CME)
Enter on approximately 04/25 - Exit on approximately 07/09
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
04/25/07
04/25/06
04/25/05
04/26/04
04/25/03
04/25/02
04/25/01
04/25/00
04/26/99
04/27/98
04/25/97
04/25/96
04/25/95
04/25/94
04/26/93
Percentage Correct
ENTRY
PRICE
18780
20585
20217
15912
14042
12500
15457
14997
12355
11487
12147
2215
9515
11510
12982
87
EXIT
DATE
07/09/07
07/07/06
07/08/05
07/09/04
07/09/03
07/09/02
07/09/01
07/07/00
07/09/99
07/09/98
07/09/97
07/09/96
07/07/95
07/08/94
07/09/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
20228
23822
24245
22555
15082
12622
16142
16700
13432
10577
14550
4022
8032
11877
13760
PROFIT
AMOUNT
1448.00
3237.00
4028.00
6643.00
1040.00
122.00
685.00
1703.00
1077.00
-910.00
2403.00
1807.00
-1483.00
367.00
778.00
1949.08
-1196.50
1529.67
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
07/06/07
06/27/06
07/08/05
07/09/04
06/30/03
05/06/02
06/21/01
07/06/00
07/06/99
04/30/98
07/07/97
07/05/96
1570.00
3402.00
4028.00
6643.00
1360.00
1245.00
1055.00
1945.00
1172.00
290.00
2895.00
2132.00
07/05/94
06/25/93
652.00
1183.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/18/07
-1915.00
04/29/05
05/06/04
-567.00
-902.00
07/01/02
05/04/01
05/10/00
05/07/99
06/26/98
04/30/97
04/26/96
06/23/95
05/23/94
04/27/93
-273.00
-57.00
-662.00
-950.00
-1820.00
-167.00
-125.00
-1718.00
-1278.00
-25.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
79
Inter-Market Strategy Tables
CONT
YEAR
Buy Aug Feeder Cattle(CME) / Sell Feb Live Cattle(CME)
Enter on approximately 05/16 - Exit on approximately 07/08
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/16/07
05/16/06
05/16/05
05/17/04
05/16/03
05/16/02
05/16/01
05/16/00
05/17/99
05/18/98
05/16/97
05/16/96
05/16/95
05/16/94
05/17/93
Percentage Correct
ENTRY
PRICE
17898
18462
20762
16147
12495
10810
14365
12330
10092
10337
10010
2617
7332
9657
13232
93
EXIT
DATE
07/06/07
07/07/06
07/08/05
07/08/04
07/08/03
07/08/02
07/06/01
07/07/00
07/08/99
07/08/98
07/08/97
07/08/96
07/07/95
07/08/94
07/08/93
EXIT
PRICE
17970
21382
21137
20280
13577
10860
14887
14260
11737
9210
11325
5132
7440
10597
13387
BEST
EQUITY
DATE
PROFIT
AMOUNT
72.00
2920.00
375.00
4133.00
1082.00
50.00
522.00
1930.00
1645.00
-1127.00
1315.00
2515.00
108.00
940.00
155.00
05/18/07
07/05/06
06/07/05
06/25/04
07/08/03
06/18/02
06/25/01
07/05/00
07/06/99
06/10/98
07/01/97
07/05/96
06/09/95
07/08/94
06/11/93
1268.71
-1127.00
1109.00
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
267.00
3295.00
590.00
5068.00
1082.00
990.00
1485.00
2280.00
1955.00
133.00
1947.00
2598.00
450.00
940.00
855.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/18/07
05/18/06
06/17/05
-3325.00
-277.00
-1437.00
05/22/03
05/21/02
-230.00
-525.00
05/22/00
05/19/99
06/26/98
06/06/97
05/17/96
06/15/95
06/17/94
07/06/93
-13.00
-12.00
-1722.00
-235.00
-5.00
-817.00
-1465.00
-250.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Sep Feeder Cattle(CME) / Sell Dec Live Cattle(CME)
Inter-Market Strategy Tables
Enter on approximately 05/26 - Exit on approximately 07/10
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
05/29/07
05/26/06
05/26/05
05/26/04
05/27/03
05/28/02
05/29/01
05/26/00
05/26/99
05/26/98
05/27/97
05/28/96
05/26/95
05/26/94
05/26/93
Percentage Correct
ENTRY
PRICE
17323
19930
19892
17122
13427
11287
15105
13455
10987
10725
10725
3415
7037
9150
12532
93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
07/10/07
07/10/06
07/08/05
07/09/04
07/10/03
07/10/02
07/10/01
07/10/00
07/09/99
07/10/98
07/10/97
07/10/96
07/10/95
07/08/94
07/09/93
EXIT
PRICE
18598
21322
21462
20982
14140
11442
15107
14747
12542
9690
12170
3957
7112
10117
12577
BEST
EQUITY
DATE
PROFIT
AMOUNT
1275.00
1392.00
1570.00
3860.00
713.00
155.00
2.00
1292.00
1555.00
-1035.00
1445.00
542.00
75.00
967.00
45.00
1063.43
-1035.00
923.53
BEST
EQUITY
AMOUNT
07/06/07
06/27/06
07/07/05
07/09/04
07/07/03
06/18/02
06/25/01
07/05/00
07/06/99
06/10/98
07/07/97
06/04/96
06/12/95
07/08/94
06/14/93
1365.00
2325.00
1633.00
3860.00
750.00
918.00
557.00
1652.00
1735.00
247.00
1530.00
1132.00
720.00
967.00
900.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
06/18/07
06/01/06
06/17/05
06/01/04
06/12/03
05/31/02
07/05/01
-2313.00
-138.00
-425.00
-247.00
-185.00
-677.00
-110.00
05/27/99
06/26/98
06/09/97
-245.00
-1420.00
-565.00
06/15/95
06/17/94
07/06/93
-757.00
-858.00
-217.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
80
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Buy Feb Live Cattle(CME) / Sell Nov Feeder Cattle(CME)
Enter on approximately 09/14 - Exit on approximately 11/11
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
09/14/07
09/14/06
09/14/05
09/14/04
09/15/03
09/16/02
09/14/01
09/14/00
09/14/99
09/14/98
09/15/97
09/16/96
09/14/95
09/14/94
09/14/93
Percentage Correct
ENTRY
PRICE
-18285
-21352
-20575
-19300
-14912
-11427
-15192
-14812
-13012
-9660
-12357
-6717
-6502
-9775
-12977
93
EXIT
DATE
11/09/07
11/10/06
11/11/05
11/11/04
11/11/03
11/11/02
11/09/01
11/10/00
11/11/99
11/11/98
11/11/97
11/11/96
11/10/95
11/11/94
11/11/93
EXIT
PRICE
-14643
-13900
-20145
-18790
-14577
-11055
-15650
-14495
-12667
-8760
-11405
-6552
-5490
-9312
-12162
PROFIT
AMOUNT
3642.00
7452.00
430.00
510.00
335.00
372.00
-458.00
317.00
345.00
900.00
952.00
165.00
1012.00
463.00
815.00
BEST
EQUITY
DATE
11/08/07
11/08/06
10/26/05
11/11/04
11/11/03
10/31/02
10/02/01
11/07/00
10/27/99
11/11/98
10/08/97
10/14/96
11/01/95
10/07/94
11/10/93
1265.00
-458.00
1150.13
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
3750.00
7557.00
1003.00
510.00
335.00
782.00
985.00
457.00
600.00
900.00
1745.00
667.00
1275.00
675.00
925.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
09/15/06
10/13/05
10/12/04
10/16/03
09/19/02
11/09/01
09/27/00
10/01/99
10/09/98
-38.00
-860.00
-1120.00
-2263.00
-228.00
-458.00
-305.00
-535.00
-850.00
11/05/96
-420.00
10/31/94
10/28/93
-505.00
-88.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME)
Enter on approximately 12/05 - Exit on approximately 03/07
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
12/05/06
12/05/05
12/06/04
12/05/03
12/05/02
12/05/01
12/05/00
12/06/99
12/07/98
12/05/97
12/05/96
12/05/95
12/05/94
12/06/93
12/07/92
Percentage Correct
ENTRY
PRICE
-13730
-22512
-16902
-15892
-12822
-14317
-15430
-14655
-10020
-12412
-7937
-6137
-9810
-11127
-12875
93
EXIT
DATE
03/07/07
03/07/06
03/07/05
03/05/04
03/07/03
03/07/02
03/07/01
03/07/00
03/05/99
03/06/98
03/07/97
03/07/96
03/07/95
03/07/94
03/05/93
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
PRICE
-12957
-20202
-17602
-13922
-9967
-12817
-13732
-14175
-9965
-11045
-7910
-3302
-8457
-10912
-12507
PROFIT
AMOUNT
773.00
2310.00
-700.00
1970.00
2855.00
1500.00
1698.00
480.00
55.00
1367.00
27.00
2835.00
1353.00
215.00
368.00
1271.86
-700.00
1140.40
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
01/16/07
02/27/06
12/30/04
12/30/03
02/12/03
03/04/02
02/12/01
02/10/00
12/22/98
01/05/98
12/18/96
03/07/96
03/06/95
01/13/94
02/26/93
3433.00
2395.00
1150.00
4455.00
3145.00
1770.00
1733.00
780.00
1180.00
2222.00
267.00
2835.00
1473.00
395.00
578.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/08/06
12/20/05
01/18/05
-967.00
-3.00
-1255.00
01/10/02
12/22/00
01/07/00
01/25/99
-368.00
-347.00
-612.00
-1172.00
01/21/97
12/07/95
01/04/95
01/28/94
01/12/93
-1203.00
-160.00
-530.00
-535.00
-907.00
14
1
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC.
81
Inter-Market Strategy Tables
CONT
YEAR
Buy Apr Live Cattle(CME) / Sell Apr Feeder Cattle(CME)
Enter on approximately 12/11 - Exit on approximately 03/10
CONT
YEAR
ENTRY
DATE
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
12/11/06
12/12/05
12/13/04
12/11/03
12/11/02
12/11/01
12/11/00
12/13/99
12/11/98
12/11/97
12/11/96
12/11/95
12/12/94
12/13/93
12/11/92
Percentage Correct
ENTRY
PRICE
-13382
-18415
-14395
-11440
-10077
-12620
-13800
-13920
-9682
-11825
-7382
-4017
-7402
-10197
-11240
93
EXIT
DATE
03/09/07
03/10/06
03/10/05
03/10/04
03/10/03
03/08/02
03/09/01
03/10/00
03/10/99
03/10/98
03/10/97
03/08/96
03/10/95
03/10/94
03/10/93
EXIT
PRICE
-12730
-18095
-16405
-10982
-8037
-10877
-11702
-13135
-9075
-11505
-5945
-3400
-5812
-10057
-9930
BEST
EQUITY
DATE
PROFIT
AMOUNT
652.00
320.00
-2010.00
458.00
2040.00
1743.00
2098.00
785.00
607.00
320.00
1437.00
617.00
1590.00
140.00
1310.00
01/16/07
03/10/06
01/03/05
12/30/03
02/27/03
03/04/02
03/06/01
02/10/00
03/09/99
01/05/98
03/10/97
01/04/96
03/03/95
01/13/94
02/24/93
1008.36
-2010.00
807.13
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
BEST
EQUITY
AMOUNT
3850.00
320.00
978.00
1020.00
2592.00
1803.00
2510.00
880.00
615.00
1140.00
1437.00
1620.00
2057.00
660.00
1628.00
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
03/05/07
12/30/05
03/10/05
02/02/04
-338.00
-1065.00
-2010.00
-2150.00
01/10/02
-227.00
01/05/00
01/19/99
02/20/98
02/03/97
-422.00
-1068.00
-532.00
-1143.00
12/16/94
02/22/94
12/22/92
-253.00
-185.00
-175.00
14
1
15
Winners
Losers
Total trades
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Apr Live Cattle(CME) / Sell Jan Feeder Cattle(CME)
Inter-Market Strategy Tables
Enter on approximately 12/23 - Exit on approximately 01/14
CONT
YEAR
ENTRY
DATE
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
12/24/07
12/26/06
12/23/05
12/23/04
12/23/03
12/23/02
12/24/01
12/26/00
12/23/99
12/23/98
12/23/97
12/23/96
12/26/95
12/23/94
12/23/93
Percentage Correct
ENTRY
PRICE
-13138
-11772
-19467
-17280
-14322
-10497
-13362
-14482
-14050
-9175
-10770
-7487
-4470
-9012
-11195
87
Average Profit on Winning Trades
Average Loss on Trades
Average Net Profit Per Trade
EXIT
DATE
01/14/08
01/12/07
01/13/06
01/14/05
01/14/04
01/14/03
01/14/02
01/12/01
01/14/00
01/14/99
01/14/98
01/14/97
01/12/96
01/13/95
01/14/94
EXIT
PRICE
-11135
-9737
-18475
-17265
-13947
-9247
-12382
-13042
-14015
-10407
-12035
-7465
-3415
-8400
-11062
BEST
EQUITY
DATE
PROFIT
AMOUNT
2003.00
2035.00
992.00
15.00
375.00
1250.00
980.00
1440.00
35.00
-1232.00
-1265.00
22.00
1055.00
612.00
133.00
842.08
-1248.50
563.33
BEST
EQUITY
AMOUNT
01/14/08
01/12/07
01/13/06
12/30/04
12/31/03
01/14/03
01/14/02
01/12/01
12/28/99
2003.00
2035.00
992.00
628.00
3462.00
1250.00
980.00
1440.00
205.00
12/31/97
12/26/96
01/05/96
01/13/95
01/13/94
343.00
240.00
1250.00
612.00
258.00
Winners
Losers
Total trades
WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
12/31/07
01/04/07
12/30/05
12/27/04
-12.00
-523.00
-138.00
-270.00
12/27/02
12/31/01
-60.00
-180.00
01/04/00
01/14/99
01/14/98
01/09/97
-335.00
-1232.00
-1265.00
-323.00
12/28/94
01/06/94
-238.00
-317.00
13
2
15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
82
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Cash & Historical Basis
Page
Basis: Seasonal Averages for Feeder Cattle
Amarillo 700-800# Feeders ................................................................................................ 84
Oklahoma City 700-800# Feeders ...................................................................................... 86
Dodge City 700-800# Feeders ............................................................................................ 88
Colorado 700-800# Feeders ................................................................................................ 90
Wyoming 700-800# Feeders .............................................................................................. 92
Billings 700-800# Feeders .................................................................................................. 94
Basis: Seasonal Averages for Live Cattle
Amarillo 1100-1300# Steers ............................................................................................... 96
West Kansas 1100-1300# Steers ........................................................................................ 98
Amarillo 700-800# Feeders .............................................................................................. 100
Oklahoma City 700-800# Feeders .................................................................................... 100
Dodge City 700-800# Feeders .......................................................................................... 100
Colorado 700-800# Feeders .............................................................................................. 101
Wyoming 700-800# Feeders ............................................................................................ 101
Billings 700-800# Feeders ................................................................................................ 101
Cash: Seasonal Patterns for Live Cattle
Amarillo 1100-1300# Steers ............................................................................................. 102
West Kansas 1100-1300# Steers ...................................................................................... 102
MOORE RESEARCH CENTER, INC.
Cash & Basis
Cash: Seasonal Patterns for Feeder Cattle
83
Amarillo 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07)
8.000
6.000
4.000
15 Year
Pattern
2.000
0.000
5 Year
Pattern
-2.000
-4.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Amarillo 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Amarillo 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Basis: Feeder Cattle
Amarillo 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Jun
84
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Amarillo 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07)
5.000
4.000
3.000
15 Year
Pattern
2.000
1.000
0.000
5 Year
Pattern
-1.000
-2.000
-3.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Amarillo 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Amarillo 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
-4.000
5 Year
Pattern
-6.000
-8.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
-4.000
5 Year
Pattern
-6.000
-8.000
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
85
Basis: Feeder Cattle
Amarillo 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07)
Oklahoma City 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Oklahoma City 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07)
14.000
12.000
10.000
15 Year
Pattern
8.000
6.000
4.000
5 Year
Pattern
2.000
0.000
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Oklahoma City 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07)
14.000
12.000
10.000
15 Year
Pattern
8.000
6.000
4.000
5 Year
Pattern
2.000
0.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Basis: Feeder Cattle
Oklahoma City 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07)
14.000
12.000
10.000
15 Year
Pattern
8.000
6.000
4.000
5 Year
Pattern
2.000
0.000
-2.000
Jun
86
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Oklahoma City 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Oklahoma City 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oklahoma City 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
87
Basis: Feeder Cattle
Oklahoma City 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07)
Dodge City 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Dodge City 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07)
14.000
12.000
10.000
15 Year
Pattern
8.000
6.000
4.000
5 Year
Pattern
2.000
0.000
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Dodge City 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07)
14.000
12.000
10.000
15 Year
Pattern
8.000
6.000
4.000
5 Year
Pattern
2.000
0.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Basis: Feeder Cattle
Dodge City 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07)
14.000
12.000
10.000
15 Year
Pattern
8.000
6.000
4.000
5 Year
Pattern
2.000
0.000
-2.000
Jun
88
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Dodge City 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Dodge City 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07)
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Dodge City 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07)
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
89
Basis: Feeder Cattle
Dodge City 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07)
Colorado 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Colorado 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Colorado 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Basis: Feeder Cattle
Colorado 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Jun
90
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Colorado 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07)
8.000
6.000
4.000
15 Year
Pattern
2.000
0.000
5 Year
Pattern
-2.000
-4.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Colorado 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
15 Year
Pattern
2.000
0.000
5 Year
Pattern
-2.000
-4.000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Colorado 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
15 Year
Pattern
2.000
0.000
5 Year
Pattern
-2.000
-4.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
5.000
4.000
3.000
15 Year
Pattern
2.000
1.000
0.000
5 Year
Pattern
-1.000
-2.000
-3.000
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
91
Basis: Feeder Cattle
Colorado 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07)
Wyoming 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Wyoming 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07)
16.000
14.000
12.000
15 Year
Pattern
10.000
8.000
6.000
5 Year
Pattern
4.000
2.000
0.000
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Wyoming 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07)
16.000
14.000
12.000
15 Year
Pattern
10.000
8.000
6.000
5 Year
Pattern
4.000
2.000
0.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Basis: Feeder Cattle
Wyoming 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07)
16.000
14.000
12.000
15 Year
Pattern
10.000
8.000
6.000
5 Year
Pattern
4.000
2.000
0.000
Jun
92
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Wyoming 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Wyoming 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07)
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Wyoming 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07)
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
93
Basis: Feeder Cattle
Wyoming 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07)
Billings 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07)
10.000
5.000
15 Year
Pattern
0.000
5 Year
Pattern
-5.000
-10.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Billings 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
-4.000
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Billings 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
-4.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Basis: Feeder Cattle
Billings 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07)
12.000
10.000
8.000
15 Year
Pattern
6.000
4.000
2.000
5 Year
Pattern
0.000
-2.000
-4.000
Jun
94
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Billings 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Billings 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Billings 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
-4.000
5 Year
Pattern
-6.000
-8.000
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
95
Basis: Feeder Cattle
Billings 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07)
Amarillo 11-1300# Steers - Feb Live Cattle(CME) 15 Year Average(93-07)
4.000
2.000
0.000
15 Year
Pattern
-2.000
-4.000
5 Year
Pattern
-6.000
-8.000
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Amarillo 11-1300# Steers - Apr Live Cattle(CME) 15 Year Average(93-07)
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Amarillo 11-1300# Steers - Jun Live Cattle(CME) 15 Year Average(93-07)
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Basis: Live Cattle
Jul
96
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Amarillo 11-1300# Steers - Aug Live Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
0.000
5 Year
Pattern
-2.000
-4.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Amarillo 11-1300# Steers - Oct Live Cattle(CME) 15 Year Average(93-07)
8.000
6.000
4.000
15 Year
Pattern
2.000
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Amarillo 11-1300# Steers - Dec Live Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
-4.000
5 Year
Pattern
-6.000
-8.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Basis: Live Cattle
Jan
MOORE RESEARCH CENTER, INC.
97
West Kansas 11-1300# Steers - Feb Live Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
-4.000
5 Year
Pattern
-6.000
-8.000
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
West Kansas 11-1300# Steers - Apr Live Cattle(CME) 15 Year Average(93-07)
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
West Kansas 11-1300# Steers - Jun Live Cattle(CME) 15 Year Average(93-07)
8.000
6.000
15 Year
Pattern
4.000
2.000
5 Year
Pattern
0.000
-2.000
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Basis: Live Cattle
Jul
98
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
West Kansas 11-1300# Steers - Aug Live Cattle(CME) 15 Year Average(93-07)
10.000
8.000
6.000
15 Year
Pattern
4.000
2.000
0.000
5 Year
Pattern
-2.000
-4.000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
West Kansas 11-1300# Steers - Oct Live Cattle(CME) 15 Year Average(93-07)
8.000
6.000
4.000
15 Year
Pattern
2.000
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
West Kansas 11-1300# Steers - Dec Live Cattle(CME) 15 Year Average(93-07)
6.000
4.000
2.000
15 Year
Pattern
0.000
-2.000
5 Year
Pattern
-4.000
-6.000
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Basis: Live Cattle
Jan
MOORE RESEARCH CENTER, INC.
99
Amarillo 7-800# Feeder Steers 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Oklahoma City 7-800# Feeder Steers 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Dodge City 7-800# Feeder Steers 15 Year Seasonal(93-07)
100
Seasonal Patterns: Cash Feeder Cattle
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
100
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Colorado 7-800# Feeder Steers 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Wyoming 7-800# Feeder Steers 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Billings 7-800# Feeder Steers 15 Year Seasonal(93-07)
100
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
MOORE RESEARCH CENTER, INC.
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
101
Seasonal Patterns: Cash Feeder Cattle
80
Amarillo 11-1300# Steers 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
West Kansas 11-1300# Steers 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Seasonal Patterns: Cash Live Cattle
Jan
102
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Historical Daily Charts
Page
Live Cattle
February (1992 - 2007)...............................................................................104
April (1992 - 2007) ....................................................................................106
June (1992 - 2007) ......................................................................................108
August (1992 - 200) ...................................................................................110
October (1992 - 2007) ................................................................................112
December (1992 - 2007).............................................................................114
Daily Charts
Feeder Cattle
January (1992 - 2007).................................................................................116
March (1992 - 2007)...................................................................................118
April (1992 - 2007) ....................................................................................120
May (1992 - 2007) ......................................................................................122
August (1992 - 2007) .................................................................................124
September (1992 - 2007) ............................................................................126
October (1992 - 2007) ................................................................................128
November (1992 - 2007) ............................................................................130
MOORE RESEARCH CENTER, INC.
103
Feb92 Live Cattle(CME)
Feb93 Live Cattle(CME)
80.00
84.00
79.00
82.00
78.00
77.00
80.00
76.00
78.00
75.00
74.00
76.00
73.00
74.00
72.00
71.00
72.00
70.00
70.00
69.00
68.00
68.00
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feb94 Live Cattle(CME)
J
A
S
O
N
D
J
F
Feb95 Live Cattle(CME)
77.00
76.00
76.50
75.00
76.00
74.00
75.50
73.00
75.00
72.00
74.50
71.00
74.00
70.00
73.50
69.00
73.00
72.50
68.00
72.00
67.00
71.50
66.00
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feb96 Live Cattle(CME)
J
A
S
O
N
D
J
F
Feb97 Live Cattle(CME)
69.00
69.00
68.50
68.00
68.00
67.00
67.50
67.00
66.00
66.50
66.00
65.00
65.50
64.00
65.00
63.00
64.50
64.00
62.00
63.50
61.00
63.00
62.50
60.00
Live Cattle: February
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feb98 Live Cattle(CME)
J
A
S
O
N
D
J
F
Feb99 Live Cattle(CME)
74.00
74.00
73.00
72.00
72.00
70.00
71.00
70.00
68.00
69.00
68.00
66.00
67.00
64.00
66.00
62.00
65.00
64.00
60.00
63.00
58.00
62.00
56.00
61.00
M
104
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Feb00 Live Cattle(CME)
Feb01 Live Cattle(CME)
71.50
84.00
83.00
82.00
81.00
71.00
70.50
70.00
80.00
79.00
78.00
77.00
69.50
69.00
68.50
76.00
75.00
74.00
68.00
67.50
67.00
73.00
72.00
71.00
70.00
66.50
66.00
65.50
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feb02 Live Cattle(CME)
J
A
S
O
N
D
J
F
Feb03 Live Cattle(CME)
78.00
84.00
77.00
82.00
76.00
80.00
75.00
74.00
78.00
73.00
76.00
72.00
74.00
71.00
70.00
72.00
69.00
70.00
68.00
68.00
67.00
66.00
66.00
64.00
65.00
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feb04 Live Cattle(CME)
J
A
S
O
N
D
J
F
Feb05 Live Cattle(CME)
96.00
94.00
94.00
92.00
92.00
90.00
90.00
88.00
88.00
86.00
84.00
86.00
82.00
84.00
80.00
82.00
78.00
76.00
80.00
74.00
78.00
72.00
70.00
76.00
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feb06 Live Cattle(CME)
J
A
S
O
N
D
J
F
Feb07 Live Cattle(CME)
98.00
96.00
95.00
94.00
93.00
96.00
94.00
92.00
91.00
90.00
92.00
90.00
89.00
88.00
87.00
86.00
88.00
86.00
85.00
84.00
83.00
82.00
84.00
82.00
M
A
M
J
J
A
MOORE RESEARCH CENTER, INC.
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
105
Live Cattle: February
M
Apr92 Live Cattle(CME)
Apr93 Live Cattle(CME)
80.00
86.00
79.00
84.00
78.00
82.00
77.00
80.00
76.00
78.00
75.00
76.00
74.00
74.00
73.00
72.00
72.00
71.00
70.00
70.00
68.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Apr94 Live Cattle(CME)
S
O
N
D
J
F
M
A
Apr95 Live Cattle(CME)
78.00
76.00
75.00
77.50
74.00
77.00
73.00
76.50
72.00
71.00
76.00
70.00
75.50
69.00
75.00
68.00
67.00
74.50
66.00
74.00
65.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Apr96 Live Cattle(CME)
S
O
N
D
J
F
M
A
Apr97 Live Cattle(CME)
69.00
71.00
68.00
70.00
67.00
66.00
69.00
65.00
68.00
64.00
63.00
67.00
62.00
61.00
66.00
60.00
65.00
59.00
58.00
64.00
57.00
63.00
56.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Live Cattle: April
Apr98 Live Cattle(CME)
S
O
N
D
J
F
M
A
Apr99 Live Cattle(CME)
76.00
75.00
74.00
73.00
73.00
72.00
71.00
70.00
72.00
71.00
70.00
69.00
69.00
68.00
67.00
68.00
67.00
66.00
66.00
65.00
64.00
63.00
65.00
64.00
63.00
62.00
62.00
61.00
60.00
59.00
M
106
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Apr00 Live Cattle(CME)
Apr01 Live Cattle(CME)
75.00
82.00
81.00
74.00
80.00
73.00
79.00
72.00
78.00
71.00
77.00
76.00
70.00
75.00
69.00
74.00
68.00
73.00
67.00
72.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Apr02 Live Cattle(CME)
S
O
N
D
J
F
M
A
Apr03 Live Cattle(CME)
80.00
81.00
80.00
79.00
78.00
78.00
76.00
77.00
76.00
75.00
74.00
74.00
72.00
70.00
73.00
72.00
71.00
68.00
66.00
70.00
69.00
68.00
67.00
64.00
62.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Apr04 Live Cattle(CME)
S
O
N
D
J
F
M
A
Apr05 Live Cattle(CME)
90.00
95.00
88.00
94.00
93.00
86.00
92.00
84.00
91.00
82.00
90.00
80.00
89.00
78.00
88.00
76.00
87.00
86.00
74.00
85.00
72.00
84.00
70.00
83.00
68.00
82.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Apr06 Live Cattle(CME)
S
O
N
D
J
F
M
A
Apr07 Live Cattle(CME)
96.00
104.00
94.00
102.00
92.00
100.00
98.00
90.00
96.00
88.00
94.00
86.00
92.00
84.00
90.00
82.00
88.00
80.00
86.00
78.00
84.00
76.00
82.00
M
J
J
A
S
O
MOORE RESEARCH CENTER, INC.
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
107
Live Cattle: April
M
Jun92 Live Cattle(CME)
Jun93 Live Cattle(CME)
76.00
79.00
75.00
78.00
77.00
74.00
76.00
73.00
75.00
72.00
74.00
71.00
73.00
72.00
70.00
71.00
69.00
70.00
68.00
69.00
68.00
67.00
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
Jun94 Live Cattle(CME)
N
D
J
F
M
A
M
J
Jun95 Live Cattle(CME)
76.00
75.00
74.00
73.00
70.00
69.00
68.00
67.00
72.00
71.00
70.00
69.00
66.00
65.00
64.00
68.00
67.00
66.00
63.00
62.00
61.00
65.00
64.00
63.00
62.00
60.00
59.00
58.00
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
Jun96 Live Cattle(CME)
N
D
J
F
M
A
M
J
Jun97 Live Cattle(CME)
65.00
67.00
64.00
66.50
63.00
66.00
62.00
65.50
61.00
65.00
60.00
64.50
59.00
64.00
58.00
63.50
57.00
56.00
63.00
55.00
62.50
54.00
62.00
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
Live Cattle: June
Jun98 Live Cattle(CME)
N
D
J
F
M
A
M
J
Jun99 Live Cattle(CME)
73.00
68.00
72.00
67.00
71.00
66.00
70.00
65.00
69.00
68.00
64.00
67.00
63.00
66.00
62.00
65.00
61.00
64.00
60.00
63.00
62.00
59.00
J
108
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Jun00 Live Cattle(CME)
Jun01 Live Cattle(CME)
71.00
75.00
70.50
74.50
70.00
74.00
69.50
73.50
69.00
73.00
68.50
72.50
68.00
72.00
67.50
71.50
67.00
66.50
71.00
66.00
70.50
65.50
70.00
65.00
69.50
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
Jun02 Live Cattle(CME)
N
D
J
F
M
A
M
J
Jun03 Live Cattle(CME)
76.00
77.00
76.00
74.00
75.00
72.00
74.00
70.00
73.00
72.00
68.00
71.00
66.00
70.00
64.00
69.00
68.00
62.00
67.00
60.00
66.00
58.00
65.00
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
Jun04 Live Cattle(CME)
N
D
J
F
M
A
M
J
Jun05 Live Cattle(CME)
94.00
92.00
90.00
88.00
88.00
86.00
84.00
82.00
80.00
85.00
87.00
86.00
84.00
83.00
78.00
76.00
74.00
82.00
81.00
72.00
70.00
68.00
66.00
80.00
79.00
78.00
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
Jun06 Live Cattle(CME)
N
D
J
F
M
A
M
J
Jun07 Live Cattle(CME)
88.00
100.00
86.00
98.00
96.00
84.00
94.00
82.00
92.00
80.00
90.00
78.00
88.00
76.00
86.00
74.00
84.00
72.00
82.00
J
A
S
O
N
D
MOORE RESEARCH CENTER, INC.
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
109
Live Cattle: June
J
Aug92 Live Cattle(CME)
Aug93 Live Cattle(CME)
76.00
77.00
75.00
76.00
74.00
75.00
73.00
74.00
72.00
73.00
71.00
72.00
70.00
71.00
69.00
70.00
68.00
67.00
69.00
66.00
68.00
65.00
67.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Aug94 Live Cattle(CME)
J
F
M
A
M
J
J
A
Aug95 Live Cattle(CME)
74.00
68.00
73.00
67.00
72.00
66.00
71.00
65.00
70.00
69.00
64.00
68.00
63.00
67.00
62.00
66.00
61.00
65.00
60.00
64.00
59.00
63.00
58.00
62.00
57.00
61.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Aug96 Live Cattle(CME)
J
F
M
A
M
J
J
A
Aug97 Live Cattle(CME)
68.50
72.00
68.00
70.00
67.50
67.00
68.00
66.50
66.00
66.00
65.50
64.00
65.00
64.50
62.00
64.00
60.00
63.50
63.00
58.00
62.50
56.00
62.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Live Cattle: August
Aug98 Live Cattle(CME)
J
F
M
A
M
J
J
A
Aug99 Live Cattle(CME)
67.00
72.00
66.50
70.00
66.00
65.50
68.00
65.00
66.00
64.50
64.00
64.00
63.50
63.00
62.00
62.50
60.00
62.00
61.50
58.00
61.00
56.00
60.50
S
110
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Aug00 Live Cattle(CME)
Aug01 Live Cattle(CME)
71.50
76.00
71.00
75.50
70.50
75.00
70.00
74.50
74.00
69.50
73.50
69.00
73.00
68.50
72.50
68.00
72.00
67.50
71.50
67.00
71.00
66.50
70.50
66.00
70.00
65.50
69.50
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Aug02 Live Cattle(CME)
J
F
M
A
M
J
J
A
Aug03 Live Cattle(CME)
76.00
86.00
74.00
84.00
82.00
72.00
80.00
70.00
78.00
68.00
76.00
66.00
74.00
72.00
64.00
70.00
62.00
68.00
60.00
66.00
58.00
64.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Aug04 Live Cattle(CME)
J
F
M
A
M
J
J
A
Aug05 Live Cattle(CME)
94.00
87.00
92.00
86.00
90.00
85.00
88.00
86.00
84.00
84.00
83.00
82.00
82.00
80.00
78.00
81.00
76.00
80.00
74.00
79.00
72.00
78.00
70.00
68.00
77.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Aug06 Live Cattle(CME)
J
F
M
A
M
J
J
A
Aug07 Live Cattle(CME)
92.00
97.00
96.00
95.00
94.00
90.00
88.00
93.00
92.00
91.00
86.00
84.00
90.00
89.00
88.00
87.00
82.00
80.00
78.00
86.00
85.00
84.00
83.00
76.00
74.00
S
O
N
D
J
F
MOORE RESEARCH CENTER, INC.
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
111
Live Cattle: August
S
Oct92 Live Cattle(CME)
Oct93 Live Cattle(CME)
77.00
77.00
76.00
76.00
75.00
75.00
74.00
74.00
73.00
72.00
73.00
71.00
72.00
70.00
71.00
69.00
70.00
68.00
69.00
67.00
66.00
68.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Oct94 Live Cattle(CME)
M
A
M
J
J
A
S
O
Oct95 Live Cattle(CME)
75.00
67.00
66.50
66.00
74.00
73.00
65.50
65.00
64.50
64.00
72.00
71.00
70.00
63.50
63.00
62.50
62.00
61.50
69.00
68.00
67.00
61.00
60.50
60.00
66.00
65.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Oct96 Live Cattle(CME)
M
A
M
J
J
A
S
O
Oct97 Live Cattle(CME)
74.00
71.50
71.00
70.50
72.00
70.00
69.50
69.00
68.50
68.00
70.00
68.00
66.00
67.50
67.00
66.50
66.00
64.00
62.00
65.50
65.00
64.50
60.00
58.00
Live Cattle: October
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Oct98 Live Cattle(CME)
M
A
M
J
J
A
S
O
Oct99 Live Cattle(CME)
74.00
73.00
72.00
72.00
71.00
70.00
70.00
68.00
69.00
66.00
68.00
64.00
67.00
66.00
62.00
65.00
60.00
64.00
58.00
63.00
56.00
62.00
N
112
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Oct00 Live Cattle(CME)
Oct01 Live Cattle(CME)
77.00
74.00
76.00
73.00
75.00
74.00
72.00
73.00
71.00
72.00
71.00
70.00
70.00
69.00
69.00
68.00
68.00
67.00
66.00
67.00
65.00
66.00
64.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Oct02 Live Cattle(CME)
M
A
M
J
J
A
S
O
Oct03 Live Cattle(CME)
73.00
105.00
72.00
100.00
71.00
70.00
95.00
69.00
90.00
68.00
85.00
67.00
66.00
80.00
65.00
75.00
64.00
70.00
63.00
62.00
65.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Oct04 Live Cattle(CME)
M
A
M
J
J
A
S
O
Oct05 Live Cattle(CME)
92.00
92.00
90.00
91.00
88.00
90.00
86.00
89.00
88.00
84.00
87.00
82.00
86.00
80.00
85.00
78.00
84.00
76.00
83.00
74.00
82.00
72.00
81.00
70.00
80.00
68.00
79.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Oct06 Live Cattle(CME)
M
A
M
J
J
A
S
O
Oct07 Live Cattle(CME)
96.00
102.00
94.00
100.00
92.00
98.00
90.00
96.00
88.00
94.00
86.00
92.00
84.00
90.00
82.00
88.00
80.00
78.00
86.00
N
D
J
F
M
A
MOORE RESEARCH CENTER, INC.
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
113
Live Cattle: October
N
Dec92 Live Cattle(CME)
Dec93 Live Cattle(CME)
80.00
77.00
79.00
76.50
78.00
76.00
77.00
75.50
76.00
75.00
75.00
74.50
74.00
74.00
73.00
73.50
72.00
73.00
71.00
72.50
70.00
72.00
69.00
71.50
68.00
71.00
67.00
70.50
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Dec94 Live Cattle(CME)
M
J
J
A
S
O
N
D
Dec95 Live Cattle(CME)
75.00
70.00
74.00
69.00
73.00
68.00
72.00
67.00
71.00
66.00
70.00
65.00
69.00
64.00
68.00
63.00
67.00
62.00
66.00
61.00
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Dec96 Live Cattle(CME)
M
J
J
A
S
O
N
D
Dec97 Live Cattle(CME)
69.00
74.00
68.00
73.00
67.00
72.00
66.00
71.00
65.00
70.00
64.00
69.00
63.00
68.00
62.00
61.00
67.00
60.00
66.00
Live Cattle: December
59.00
65.00
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Dec98 Live Cattle(CME)
M
J
J
A
S
O
N
D
Dec99 Live Cattle(CME)
74.00
72.00
72.00
71.00
70.00
70.00
68.00
69.00
66.00
68.00
64.00
67.00
62.00
66.00
60.00
65.00
58.00
56.00
64.00
J
114
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Dec00 Live Cattle(CME)
Dec01 Live Cattle(CME)
81.00
78.00
80.00
76.00
79.00
74.00
78.00
77.00
72.00
76.00
75.00
70.00
74.00
68.00
73.00
66.00
72.00
71.00
64.00
70.00
62.00
69.00
60.00
68.00
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Dec02 Live Cattle(CME)
M
J
J
A
S
O
N
D
Dec03 Live Cattle(CME)
77.00
100.00
76.00
95.00
75.00
74.00
90.00
73.00
72.00
85.00
71.00
70.00
80.00
69.00
68.00
75.00
67.00
66.00
70.00
65.00
65.00
64.00
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Dec04 Live Cattle(CME)
M
J
J
A
S
O
N
D
Dec05 Live Cattle(CME)
94.00
98.00
92.00
96.00
90.00
94.00
88.00
92.00
86.00
84.00
90.00
82.00
88.00
80.00
86.00
78.00
84.00
76.00
82.00
74.00
80.00
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Dec06 Live Cattle(CME)
M
J
J
A
S
O
N
D
Dec07 Live Cattle(CME)
94.00
93.00
92.00
91.00
102.00
101.00
100.00
99.00
90.00
89.00
88.00
87.00
98.00
97.00
96.00
86.00
85.00
84.00
95.00
94.00
93.00
83.00
82.00
81.00
80.00
92.00
91.00
90.00
J
F
M
A
M
J
MOORE RESEARCH CENTER, INC.
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
115
Live Cattle: December
72.00
Jan92 Feeder Cattle(CME)
Jan93 Feeder Cattle(CME)
88.00
89.00
88.00
87.00
86.00
87.00
86.00
85.00
85.00
84.00
83.00
82.00
84.00
83.00
82.00
81.00
81.00
80.00
79.00
80.00
79.00
78.00
78.00
77.00
76.00
75.00
77.00
76.00
75.00
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Jan94 Feeder Cattle(CME)
M
J
J
A
S
O
N
D
J
Jan95 Feeder Cattle(CME)
87.00
81.00
80.00
86.00
79.00
85.00
78.00
84.00
77.00
83.00
76.00
75.00
82.00
74.00
81.00
73.00
80.00
72.00
79.00
71.00
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Jan96 Feeder Cattle(CME)
M
J
J
A
S
O
N
D
J
Jan97 Feeder Cattle(CME)
72.00
72.00
71.00
70.00
70.00
68.00
69.00
68.00
66.00
67.00
66.00
64.00
65.00
62.00
64.00
60.00
63.00
62.00
58.00
61.00
56.00
Feeder Cattle: January
60.00
54.00
59.00
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Jan98 Feeder Cattle(CME)
M
J
J
A
S
O
N
D
J
Jan99 Feeder Cattle(CME)
85.00
82.00
84.00
80.00
83.00
78.00
82.00
76.00
81.00
80.00
74.00
79.00
72.00
78.00
70.00
77.00
68.00
76.00
66.00
75.00
74.00
64.00
F
116
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Jan00 Feeder Cattle(CME)
Jan01 Feeder Cattle(CME)
88.00
87.00
86.00
85.00
92.50
92.00
91.50
91.00
90.50
90.00
89.50
84.00
83.00
82.00
81.00
89.00
88.50
88.00
87.50
87.00
80.00
79.00
78.00
77.00
76.00
75.00
74.00
86.50
86.00
85.50
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Jan02 Feeder Cattle(CME)
M
J
J
A
S
O
N
D
J
Jan03 Feeder Cattle(CME)
92.00
91.00
90.00
89.00
88.00
86.00
84.00
88.00
87.00
86.00
82.00
85.00
84.00
83.00
82.00
80.00
78.00
76.00
81.00
80.00
79.00
78.00
74.00
72.00
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Jan04 Feeder Cattle(CME)
M
J
J
A
S
O
N
D
J
Jan05 Feeder Cattle(CME)
104.00
112.00
110.00
108.00
106.00
102.00
100.00
98.00
104.00
102.00
100.00
98.00
96.00
94.00
92.00
90.00
96.00
94.00
92.00
88.00
86.00
84.00
90.00
88.00
86.00
84.00
82.00
80.00
78.00
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Jan06 Feeder Cattle(CME)
M
J
J
A
S
O
N
D
J
Jan07 Feeder Cattle(CME)
118.00
116.00
116.00
114.00
114.00
112.00
112.00
110.00
108.00
110.00
106.00
108.00
104.00
106.00
102.00
104.00
100.00
102.00
98.00
100.00
96.00
98.00
94.00
96.00
92.00
F
M
A
M
J
J
MOORE RESEARCH CENTER, INC.
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
117
Feeder Cattle: January
F
Mar92 Feeder Cattle(CME)
Mar93 Feeder Cattle(CME)
88.00
87.00
86.00
85.00
88.00
84.00
83.00
82.00
81.00
84.00
87.00
86.00
85.00
83.00
82.00
81.00
80.00
79.00
78.00
80.00
79.00
78.00
77.00
76.00
75.00
74.00
77.00
76.00
75.00
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Mar94 Feeder Cattle(CME)
J
A
S
O
N
D
J
F
M
Mar95 Feeder Cattle(CME)
85.50
82.00
85.00
80.00
84.50
84.00
78.00
83.50
76.00
83.00
82.50
74.00
82.00
72.00
81.50
81.00
70.00
80.50
68.00
80.00
79.50
66.00
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Mar96 Feeder Cattle(CME)
J
A
S
O
N
D
J
F
M
Mar97 Feeder Cattle(CME)
68.00
72.00
67.00
70.00
66.00
65.00
68.00
64.00
66.00
63.00
62.00
64.00
61.00
60.00
62.00
59.00
60.00
58.00
57.00
58.00
56.00
56.00
55.00
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Feeder Cattle: March
Mar98 Feeder Cattle(CME)
J
A
S
O
N
D
J
F
M
Mar99 Feeder Cattle(CME)
85.00
80.00
84.00
78.00
83.00
82.00
76.00
81.00
74.00
80.00
79.00
72.00
78.00
70.00
77.00
76.00
68.00
75.00
66.00
74.00
73.00
64.00
A
118
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Mar00 Feeder Cattle(CME)
Mar01 Feeder Cattle(CME)
88.00
87.00
86.00
85.00
91.50
91.00
90.50
90.00
89.50
89.00
88.50
88.00
84.00
83.00
82.00
81.00
80.00
79.00
78.00
87.50
87.00
86.50
86.00
77.00
76.00
75.00
74.00
85.50
85.00
84.50
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Mar02 Feeder Cattle(CME)
J
A
S
O
N
D
J
F
M
Mar03 Feeder Cattle(CME)
91.00
90.00
89.00
88.00
84.00
87.00
86.00
85.00
81.00
83.00
82.00
80.00
79.00
84.00
83.00
82.00
81.00
78.00
77.00
76.00
80.00
79.00
78.00
77.00
75.00
74.00
73.00
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Mar04 Feeder Cattle(CME)
J
A
S
O
N
D
J
F
M
Mar05 Feeder Cattle(CME)
98.00
108.00
96.00
106.00
94.00
104.00
92.00
102.00
100.00
90.00
98.00
88.00
96.00
86.00
94.00
84.00
92.00
82.00
90.00
80.00
88.00
78.00
86.00
76.00
84.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
Mar06 Feeder Cattle(CME)
J
A
S
O
N
D
J
F
M
Mar07 Feeder Cattle(CME)
118.00
112.00
116.00
110.00
114.00
108.00
112.00
106.00
110.00
104.00
108.00
102.00
106.00
100.00
104.00
98.00
102.00
96.00
100.00
94.00
98.00
92.00
96.00
90.00
A
M
J
J
A
S
MOORE RESEARCH CENTER, INC.
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
119
Feeder Cattle: March
A
Apr92 Feeder Cattle(CME)
Apr93 Feeder Cattle(CME)
87.00
86.00
85.00
84.00
87.00
83.00
82.00
81.00
83.00
86.00
85.00
84.00
82.00
81.00
80.00
79.00
78.00
77.00
80.00
79.00
78.00
77.00
76.00
75.00
74.00
73.00
76.00
75.00
74.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Apr94 Feeder Cattle(CME)
A
S
O
N
D
J
F
M
A
Apr95 Feeder Cattle(CME)
85.00
77.00
76.00
75.00
74.00
84.50
84.00
83.50
73.00
72.00
71.00
70.00
83.00
82.50
82.00
69.00
68.00
67.00
81.50
81.00
80.50
66.00
65.00
64.00
63.00
80.00
79.50
79.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Apr96 Feeder Cattle(CME)
A
S
O
N
D
J
F
M
A
Apr97 Feeder Cattle(CME)
68.00
73.00
72.00
71.00
70.00
66.00
64.00
69.00
68.00
67.00
62.00
60.00
66.00
65.00
64.00
63.00
58.00
56.00
54.00
62.00
61.00
60.00
59.00
52.00
50.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Feeder Cattle: April
Apr98 Feeder Cattle(CME)
A
S
O
N
D
J
F
M
A
Apr99 Feeder Cattle(CME)
85.00
79.00
84.00
78.00
83.00
77.00
82.00
76.00
75.00
81.00
74.00
80.00
73.00
79.00
72.00
78.00
71.00
77.00
70.00
76.00
69.00
75.00
68.00
74.00
67.00
73.00
66.00
M
120
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Apr00 Feeder Cattle(CME)
Apr01 Feeder Cattle(CME)
88.00
87.00
86.00
85.00
91.00
90.50
90.00
89.50
84.00
83.00
82.00
81.00
89.00
88.50
88.00
80.00
79.00
78.00
87.50
87.00
86.50
77.00
76.00
75.00
74.00
86.00
85.50
85.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Apr02 Feeder Cattle(CME)
A
S
O
N
D
J
F
M
A
Apr03 Feeder Cattle(CME)
92.00
84.00
90.00
83.00
88.00
82.00
86.00
81.00
84.00
80.00
82.00
79.00
80.00
78.00
78.00
77.00
76.00
76.00
74.00
75.00
72.00
74.00
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Apr04 Feeder Cattle(CME)
A
S
O
N
D
J
F
M
A
Apr05 Feeder Cattle(CME)
98.00
112.00
96.00
110.00
94.00
108.00
106.00
92.00
104.00
90.00
102.00
88.00
100.00
86.00
98.00
84.00
96.00
82.00
94.00
80.00
92.00
78.00
90.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Apr06 Feeder Cattle(CME)
A
S
O
N
D
J
F
M
A
Apr07 Feeder Cattle(CME)
116.00
114.00
114.00
112.00
112.00
110.00
110.00
108.00
106.00
108.00
104.00
106.00
102.00
104.00
100.00
102.00
98.00
100.00
96.00
98.00
94.00
96.00
92.00
94.00
90.00
M
J
J
A
S
O
MOORE RESEARCH CENTER, INC.
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
121
Feeder Cattle: April
M
May92 Feeder Cattle(CME)
May93 Feeder Cattle(CME)
87.00
88.00
86.00
86.00
85.00
84.00
84.00
83.00
82.00
82.00
81.00
80.00
80.00
79.00
78.00
78.00
76.00
77.00
76.00
74.00
75.00
72.00
74.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
May94 Feeder Cattle(CME)
S
O
N
D
J
F
M
A
M
May95 Feeder Cattle(CME)
85.00
78.00
84.00
76.00
83.00
82.00
74.00
81.00
72.00
80.00
79.00
70.00
78.00
68.00
77.00
76.00
66.00
75.00
64.00
74.00
73.00
62.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
May96 Feeder Cattle(CME)
S
O
N
D
J
F
M
A
M
May97 Feeder Cattle(CME)
66.00
78.00
64.00
76.00
62.00
74.00
60.00
72.00
58.00
70.00
56.00
68.00
54.00
66.00
52.00
50.00
64.00
48.00
62.00
46.00
60.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Feeder Cattle: May
May98 Feeder Cattle(CME)
S
O
N
D
J
F
M
A
M
May99 Feeder Cattle(CME)
85.00
77.00
84.00
76.00
83.00
75.00
82.00
81.00
74.00
80.00
73.00
79.00
72.00
78.00
77.00
71.00
76.00
70.00
75.00
69.00
74.00
68.00
73.00
67.00
72.00
J
122
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
May00 Feeder Cattle(CME)
May01 Feeder Cattle(CME)
88.00
90.00
87.00
89.50
86.00
89.00
85.00
84.00
88.50
83.00
88.00
82.00
87.50
81.00
80.00
87.00
79.00
86.50
78.00
86.00
77.00
85.50
76.00
75.00
85.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
May02 Feeder Cattle(CME)
S
O
N
D
J
F
M
A
M
May03 Feeder Cattle(CME)
92.00
84.00
90.00
83.00
88.00
82.00
86.00
81.00
84.00
82.00
80.00
80.00
79.00
78.00
78.00
76.00
77.00
74.00
76.00
72.00
75.00
70.00
68.00
74.00
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
May04 Feeder Cattle(CME)
S
O
N
D
J
F
M
A
M
May05 Feeder Cattle(CME)
110.00
112.00
110.00
105.00
108.00
100.00
106.00
104.00
95.00
102.00
90.00
100.00
98.00
85.00
96.00
80.00
94.00
75.00
92.00
J
A
S
O
N
D
J
F
M
A
M
J
J
A
May06 Feeder Cattle(CME)
S
O
N
D
J
F
M
A
M
May07 Feeder Cattle(CME)
116.00
114.00
114.00
112.00
112.00
110.00
108.00
110.00
106.00
108.00
104.00
106.00
102.00
104.00
100.00
102.00
98.00
100.00
96.00
98.00
94.00
96.00
92.00
J
J
A
S
O
N
MOORE RESEARCH CENTER, INC.
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
123
Feeder Cattle: May
J
Aug92 Feeder Cattle(CME)
Aug93 Feeder Cattle(CME)
88.00
90.00
89.00
88.00
87.00
86.00
84.00
86.00
85.00
84.00
83.00
82.00
80.00
82.00
81.00
80.00
78.00
76.00
79.00
78.00
77.00
76.00
74.00
72.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
Aug94 Feeder Cattle(CME)
D
J
F
M
A
M
J
J
A
Aug95 Feeder Cattle(CME)
83.00
73.00
82.00
72.00
81.00
71.00
80.00
70.00
79.00
78.00
69.00
77.00
68.00
76.00
67.00
75.00
66.00
74.00
65.00
73.00
64.00
72.00
71.00
63.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
Aug96 Feeder Cattle(CME)
D
J
F
M
A
M
J
J
A
Aug97 Feeder Cattle(CME)
66.00
84.00
64.00
82.00
62.00
80.00
78.00
60.00
76.00
58.00
74.00
56.00
72.00
54.00
70.00
52.00
68.00
50.00
66.00
48.00
64.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
Feeder Cattle: August
Aug98 Feeder Cattle(CME)
D
J
F
M
A
M
J
J
A
Aug99 Feeder Cattle(CME)
84.00
79.00
82.00
78.00
80.00
77.00
78.00
76.00
76.00
75.00
74.00
74.00
72.00
73.00
70.00
72.00
68.00
71.00
66.00
70.00
64.00
69.00
S
124
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Aug00 Feeder Cattle(CME)
Aug01 Feeder Cattle(CME)
89.00
93.00
92.50
92.00
88.00
87.00
91.50
91.00
90.50
90.00
86.00
85.00
84.00
89.50
89.00
88.50
88.00
87.50
83.00
82.00
81.00
87.00
86.50
86.00
80.00
79.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
Aug02 Feeder Cattle(CME)
D
J
F
M
A
M
J
J
A
Aug03 Feeder Cattle(CME)
90.00
98.00
88.00
96.00
86.00
94.00
92.00
84.00
90.00
82.00
88.00
80.00
86.00
78.00
84.00
76.00
82.00
74.00
80.00
72.00
78.00
70.00
76.00
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
Aug04 Feeder Cattle(CME)
D
J
F
M
A
M
J
J
A
Aug05 Feeder Cattle(CME)
120.00
114.00
115.00
112.00
110.00
110.00
108.00
105.00
106.00
100.00
104.00
95.00
102.00
90.00
100.00
85.00
98.00
80.00
96.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
Aug06 Feeder Cattle(CME)
D
J
F
M
A
M
J
J
A
Aug07 Feeder Cattle(CME)
118.00
120.00
118.00
116.00
116.00
114.00
114.00
112.00
112.00
110.00
110.00
108.00
108.00
106.00
104.00
106.00
102.00
100.00
104.00
98.00
102.00
96.00
100.00
94.00
S
O
N
D
J
F
MOORE RESEARCH CENTER, INC.
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
125
Feeder Cattle: August
S
Sep92 Feeder Cattle(CME)
Sep93 Feeder Cattle(CME)
85.00
89.00
84.00
88.00
83.00
87.00
82.00
86.00
81.00
85.00
80.00
84.00
79.00
83.00
78.00
82.00
77.00
81.00
76.00
80.00
75.00
79.00
74.00
78.00
73.00
77.00
72.00
76.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Sep94 Feeder Cattle(CME)
J
F
M
A
M
J
J
A
S
Sep95 Feeder Cattle(CME)
82.00
73.00
81.00
72.00
80.00
71.00
79.00
70.00
78.00
69.00
77.00
68.00
76.00
67.00
75.00
66.00
74.00
73.00
65.00
72.00
64.00
71.00
63.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Sep96 Feeder Cattle(CME)
J
F
M
A
M
J
J
A
S
Sep97 Feeder Cattle(CME)
66.00
84.00
82.00
64.00
80.00
62.00
78.00
60.00
76.00
58.00
74.00
72.00
56.00
70.00
54.00
68.00
52.00
66.00
Feeder Cattle: September
50.00
64.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Sep98 Feeder Cattle(CME)
J
F
M
A
M
J
J
A
S
Sep99 Feeder Cattle(CME)
84.00
80.00
82.00
79.00
80.00
78.00
77.00
78.00
76.00
76.00
75.00
74.00
74.00
72.00
73.00
70.00
72.00
68.00
71.00
66.00
70.00
64.00
69.00
O
126
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Sep00 Feeder Cattle(CME)
Sep01 Feeder Cattle(CME)
88.50
92.00
88.00
91.50
91.00
87.50
90.50
87.00
90.00
86.50
89.50
86.00
89.00
85.50
88.50
88.00
85.00
87.50
84.50
87.00
84.00
86.50
86.00
83.50
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Sep02 Feeder Cattle(CME)
J
F
M
A
M
J
J
A
S
Sep03 Feeder Cattle(CME)
88.00
104.00
102.00
100.00
98.00
86.00
84.00
96.00
94.00
92.00
82.00
80.00
90.00
88.00
86.00
84.00
78.00
76.00
74.00
82.00
80.00
78.00
76.00
72.00
70.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Sep04 Feeder Cattle(CME)
J
F
M
A
M
J
J
A
S
Sep05 Feeder Cattle(CME)
120.00
118.00
116.00
115.00
114.00
110.00
112.00
105.00
110.00
108.00
100.00
106.00
95.00
104.00
90.00
102.00
100.00
85.00
98.00
96.00
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
Sep06 Feeder Cattle(CME)
J
F
M
A
M
J
J
A
S
Sep07 Feeder Cattle(CME)
120.00
120.00
118.00
118.00
116.00
116.00
114.00
114.00
112.00
112.00
110.00
110.00
108.00
108.00
106.00
106.00
104.00
104.00
102.00
102.00
100.00
100.00
98.00
98.00
96.00
O
N
D
J
F
M
MOORE RESEARCH CENTER, INC.
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
127
Feeder Cattle: September
80.00
Oct92 Feeder Cattle(CME)
Oct93 Feeder Cattle(CME)
85.00
88.00
84.00
87.00
83.00
86.00
82.00
85.00
81.00
84.00
80.00
83.00
79.00
82.00
78.00
81.00
77.00
80.00
76.00
79.00
75.00
78.00
74.00
77.00
73.00
76.00
72.00
75.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
Oct94 Feeder Cattle(CME)
F
M
A
M
J
J
A
S
O
Oct95 Feeder Cattle(CME)
82.00
72.00
81.00
71.00
80.00
70.00
79.00
69.00
78.00
77.00
68.00
76.00
67.00
75.00
66.00
74.00
65.00
73.00
64.00
72.00
63.00
71.00
70.00
62.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
Oct96 Feeder Cattle(CME)
F
M
A
M
J
J
A
S
O
Oct97 Feeder Cattle(CME)
66.00
65.00
64.00
63.00
84.00
82.00
80.00
62.00
61.00
60.00
78.00
76.00
59.00
58.00
57.00
56.00
74.00
72.00
70.00
55.00
54.00
53.00
52.00
68.00
66.00
Feeder Cattle: October
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
Oct98 Feeder Cattle(CME)
F
M
A
M
J
J
A
S
O
Oct99 Feeder Cattle(CME)
84.00
83.00
82.00
81.00
80.00
82.00
80.00
79.00
78.00
77.00
78.00
76.00
74.00
76.00
75.00
74.00
73.00
72.00
70.00
72.00
71.00
70.00
69.00
68.00
66.00
64.00
N
128
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Oct00 Feeder Cattle(CME)
Oct01 Feeder Cattle(CME)
89.00
93.00
88.50
92.00
88.00
91.00
87.50
90.00
87.00
89.00
86.50
88.00
86.00
87.00
85.50
85.00
86.00
84.50
85.00
84.00
84.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
Oct02 Feeder Cattle(CME)
F
M
A
M
J
J
A
S
O
Oct03 Feeder Cattle(CME)
88.00
115.00
86.00
110.00
84.00
105.00
82.00
100.00
80.00
95.00
78.00
90.00
76.00
85.00
74.00
80.00
72.00
75.00
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
Oct04 Feeder Cattle(CME)
F
M
A
M
J
J
A
S
O
Oct05 Feeder Cattle(CME)
120.00
120.00
118.00
115.00
116.00
110.00
114.00
112.00
105.00
110.00
100.00
108.00
106.00
95.00
104.00
90.00
102.00
100.00
85.00
98.00
80.00
96.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
Oct06 Feeder Cattle(CME)
F
M
A
M
J
J
A
S
O
Oct07 Feeder Cattle(CME)
120.00
120.00
118.00
118.00
116.00
116.00
114.00
114.00
112.00
112.00
110.00
110.00
108.00
108.00
106.00
106.00
104.00
104.00
102.00
102.00
100.00
100.00
98.00
98.00
96.00
N
D
J
F
M
A
MOORE RESEARCH CENTER, INC.
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
129
Feeder Cattle: October
N
Nov92 Feeder Cattle(CME)
Nov93 Feeder Cattle(CME)
85.00
88.00
84.00
87.00
83.00
86.00
82.00
81.00
85.00
80.00
84.00
79.00
83.00
78.00
77.00
82.00
76.00
81.00
75.00
80.00
74.00
79.00
73.00
78.00
72.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Nov94 Feeder Cattle(CME)
M
A
M
J
J
A
S
O
N
Nov95 Feeder Cattle(CME)
82.00
73.00
81.00
72.00
80.00
71.00
79.00
70.00
78.00
69.00
77.00
68.00
76.00
67.00
75.00
66.00
74.00
73.00
65.00
72.00
64.00
71.00
63.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Nov96 Feeder Cattle(CME)
M
A
M
J
J
A
S
O
N
Nov97 Feeder Cattle(CME)
67.00
86.00
66.00
84.00
65.00
82.00
64.00
63.00
80.00
62.00
78.00
61.00
76.00
60.00
59.00
74.00
58.00
72.00
57.00
70.00
56.00
68.00
55.00
66.00
Feeder Cattle: November
54.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Nov98 Feeder Cattle(CME)
M
A
M
J
J
A
S
O
N
Nov99 Feeder Cattle(CME)
84.00
84.00
82.00
82.00
80.00
80.00
78.00
78.00
76.00
76.00
74.00
74.00
72.00
72.00
70.00
70.00
68.00
66.00
68.00
D
130
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Nov00 Feeder Cattle(CME)
Nov01 Feeder Cattle(CME)
89.50
93.00
89.00
92.00
88.50
91.00
88.00
90.00
87.50
89.00
87.00
88.00
86.50
87.00
86.00
86.00
85.50
85.00
85.00
84.00
83.00
84.50
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Nov02 Feeder Cattle(CME)
M
A
M
J
J
A
S
O
N
Nov03 Feeder Cattle(CME)
88.00
110.00
86.00
105.00
84.00
100.00
82.00
95.00
80.00
90.00
78.00
85.00
76.00
80.00
74.00
72.00
75.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Nov04 Feeder Cattle(CME)
M
A
M
J
J
A
S
O
N
Nov05 Feeder Cattle(CME)
115.00
118.00
116.00
110.00
114.00
112.00
105.00
110.00
108.00
100.00
106.00
95.00
104.00
102.00
90.00
100.00
98.00
85.00
96.00
94.00
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
Nov06 Feeder Cattle(CME)
M
A
M
J
J
A
S
O
N
Nov07 Feeder Cattle(CME)
120.00
120.00
118.00
118.00
116.00
116.00
114.00
114.00
112.00
112.00
110.00
110.00
108.00
108.00
106.00
106.00
104.00
104.00
102.00
102.00
100.00
100.00
98.00
98.00
96.00
96.00
94.00
D
J
F
M
A
M
MOORE RESEARCH CENTER, INC.
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
131
Feeder Cattle: November
80.00
How to Interpret a Bull/Bear Chart
bull/bear chart consists of one composite pattern for bull years (solid line) and one for bear years (dotted line),
Each
with component contract years for each indicated in the box (“73” denotes 1973) for reference. Rather than
chronologically, the order in which contract years are listed is determined by the degree of inclination/declination of
the line best describing its scatterplot. In other words, the most bullish (as defined by comparing slopes) of the bull
years is listed first, but the most bearish of the bear years is listed last.
That neither bull nor bear pattern reaches either 0 or 100 reflects a conscious decision made to better reproduce
the vigor of dynamic trends. When MRCI constructs a 15-year pattern, averaged raw percentage values for each
calendar day typically lie between 35 and 65—and are then blown out to between 0 and 100 to reflect greatest
tendency for a seasonal high or low. That final step is not taken when constructing these bull/bear patterns, and thus
each better represents the vigor of the typical bull or bear move.
February Live Cattle(CME) Seasonal Patterns(1993-2007)
100
Bull years: 73 72 03 89 66 06 93 90 05 79 00 04 07 69 84 88 85 91 87 01
Bear years: 75 86 82 98 02 67 99 77 68
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
How to Interpret a Bull/Bear & Volatility Chart
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
How to Interpret Historical Volatility Charts
options on futures to place or protect positions or hedges can provide tremendous advantages, including
Using
additional flexibility, leverage, income, and/or reduced cash-flow problems and performance requirements.
However, one must understand the dynamics of option trading and the various components that create premium value
to benefit from the opportunities they offer. The three primary variables that determine the value of an option
premium are (1) the relationship of the underlying futures contract to the option’s strike price, (2) the time remaining
until expiration, and (3) volatility.
Option volatility charts presented in this publication portray the 15-year average historical volatility (the central
line) for the futures contract. The dotted lines above and below are each at 1 Standard Deviation (STD). Historical
volatility remained between these two STD lines 68% of the time but was found above the upper one 16% of the time
and below the lower one 16% of the time during the last 15 years.
Feb Live Cattle(CME) 15 Year Ave Volatility(93-07)
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
Mar
132
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Miscellaneous
Page
Bull/Bear Charts
Live Cattle ......................................................................................................................... 134
Feeder Cattle ..................................................................................................................... 136
Historical Volatility Charts
Live Cattle ......................................................................................................................... 138
Feeder Cattle ..................................................................................................................... 140
Cattle Crush Seasonal Patterns
Miscellaneous
Jan, Mar, Apr, May ........................................................................................................... 142
Aug, Sep, Oct, Nov ........................................................................................................... 143
Cattle Cycles and Prices — Bill Gary ...................................................................................... 144
MOORE RESEARCH CENTER, INC.
133
February Live Cattle(CME) Bull/Bear Patterns(1966-2007)
100
Bull years: 73 72 03 89 66 06 93 90 05 79 00 04 07 69 84 88 85 91 87 01
Bear years: 75 86 82 98 02 67 99 77 68
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
April Live Cattle(CME) Bull/Bear Patterns(1968-2007)
100
Bull years: 72 73 93 03 84 00 79 70 89 07 87 88 90 69 71 91 01 78 05 97
Bear years: 86 02 68 98 77
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Bull/Bear Charts: Live Cattle
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
June Live Cattle(CME) Bull/Bear Patterns(1965-2007)
100
Bull years: 93 73 65 69 72 79 78 87 70 71 88 07 03 83 04 00 91 84 90 05
Bear years: 89 85 80 77 94 74 81 95 86 98 02 67
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Jul
134
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
August Live Cattle(CME) Bull/Bear Patterns(1965-2007)
100
Bull years: 65 72 69 87 93 78 04 07 73 90 68 71 79 83 70 96 97 92 03
Bear years: 77 86 67 95 76 94 85 02 98 81 66
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
October Live Cattle(CME) Bull/Bear Patterns(1965-2007)
100
Bull years: 87 90 96 92 04 78 72 71 88 03 68 65 07 93 97 75 89 73 69 05
Bear years: 02 01 00 74 94 77 76 81 85 66 98
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
December Live Cattle(CME) Bull/Bear Patterns(1965-2007)
100
Bull years: 03 88 71 75 87 78 04 90 96 92 05 72 65 99 89 68 95 84
Bear years: 77 67 81 76 70 74 01 66 98 94
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Jan
Feb
Mar
MOORE RESEARCH CENTER, INC.
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
135
Bull/Bear Charts: Live Cattle
Nov
January Feeder Cattle(CME) Bull/Bear Patterns(1978-2007)
100
Bull years: 89 00 06 79 91 88 85 93 97 05 84 04 90 78 87
Bear years: 86 02 92 82 95 96 99
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
March Feeder Cattle(CME) Bull/Bear Patterns(1973-2007)
100
Bull years: 73 00 93 88 91 97 79 76 87 89 06 85 84 05 90 83 78
Bear years: 86 94 99 82 95 74 77 02 75 92 96
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
April Feeder Cattle(CME) Bull/Bear Patterns(1973-2007)
100
Bull years: 73 93 00 79 84 91 97 78 88 87 83 76 05 06 90 03
Bear years: 86 98 95 74 96 94 92 02
80
Bear
Pattern
60
Bull/Bear Charts: Feeder Cattle
40
Bull
Pattern
20
0
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May Feeder Cattle(CME) Bull/Bear Patterns(1972-2007)
100
Bull years: 73 93 79 72 97 91 78 00 87 76 88 90 05 84 03 06 04
Bear years: 80 86 94 81 98 92 96 95 74 02
80
Bear
Pattern
60
40
Bull
Pattern
20
0
Jun
136
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
August Feeder Cattle(CME) Bull/Bear Patterns(1972-2007)
100
80
Bear
Pattern
60
Bull years: 78 93 97 87 90 05 04 72 91 07 73 00 75 03 99 01 79 88 06
Bear years: 86 94 80 74 02 98 81 95
40
Bull
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
September Feeder Cattle(CME) Bull/Bear Patterns(1972-2007)
100
80
Bear
Pattern
Bull years: 78 04 97 87 90 93 07 05 72 73 88 03 91 75 99 01 92 89 06 79
Bear years: 76 83 85 80 02 74 94 81 98 95
60
40
Bull
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
October Feeder Cattle(CME) Bull/Bear Patterns(1972-2007)
100
80
Bear
Pattern
60
20
Bull years: 78 04 90 87 72 07 97 92 93 05 88 75 03 99 82 73 89 91
Bear years: 80 02 85 81 83 74 95 94 98
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
November Feeder Cattle(CME) Bull/Bear Patterns(1972-2007)
100
80
Bear
Pattern
60
40
Bull
Pattern
20
Bull years: 78 92 04 72 90 87 05 03 93 88 99 07 97 82 75 89 96
Bear years: 80 02 76 81 74 85 83 94 98 95
0
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
137
Bull/Bear Charts: Feeder Cattle
40
Bull
Pattern
Feb Live Cattle(CME) 15 Year Ave Volatility(93-07)
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Apr Live Cattle(CME) 15 Year Ave Volatility(93-07)
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Jun Live Cattle(CME) 15 Year Ave Volatility(93-07)
Volatility: Live Cattle
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
Jul
138
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Aug Live Cattle(CME) 15 Year Ave Volatility(93-07)
20%
15%
+1 STD
Above
10%
Central
Tendency
5%
-1 STD
Below
0%
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Oct Live Cattle(CME) 15 Year Ave Volatility(93-07)
20%
15%
+1 STD
Above
10%
Central
Tendency
5%
-1 STD
Below
0%
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Dec Live Cattle(CME) 15 Year Ave Volatility(93-07)
20%
16%
+1 STD
Above
14%
12%
Central
Tendency
10%
8%
-1 STD
Below
6%
4%
Jan
Feb
Mar
MOORE RESEARCH CENTER, INC.
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
139
Volatility: Live Cattle
18%
Jan Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Mar Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
20%
18%
16%
+1 STD
Above
14%
12%
Central
Tendency
10%
8%
-1 STD
Below
6%
4%
Volatility: Feeder Cattle
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
25%
20%
+1 STD
Above
15%
Central
Tendency
10%
5%
-1 STD
Below
0%
Jun
140
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Aug Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
20%
18%
16%
+1 STD
Above
14%
12%
Central
Tendency
10%
8%
-1 STD
Below
6%
4%
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
20%
15%
+1 STD
Above
10%
Central
Tendency
5%
-1 STD
Below
0%
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
20%
15%
+1 STD
Above
10%
Central
Tendency
5%
-1 STD
Below
0%
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Feeder Cattle(CME) 15 Year Ave Volatility(93-07)
18%
16%
14%
+1 STD
Above
12%
10%
Central
Tendency
8%
6%
-1 STD
Below
4%
2%
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
141
Volatility: Feeder Cattle
Nov
2 Jan Feeder Cattle(CME) + Mar Corn (CBOT) - 4 Jun Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2 Mar Feeder Cattle(CME) + May Corn (CBOT) - 4 Aug Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2 Apr Feeder Cattle(CME) + May Corn (CBOT) - 4 Aug Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
Cattle Crush Seasonal Patterns
5 Year
Pattern
20
0
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2 May Feeder Cattle(CME) + May Corn (CBOT) - 4 Oct Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Jun
142
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
2 Aug Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Dec Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2 Sep Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Feb Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2 Oct Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Feb Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
20
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2 Nov Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Apr Live Cattle(CME) 15 Year Seasonal(93-07)
100
80
15 Year
Pattern
60
40
5 Year
Pattern
20
0
Dec
Jan
Feb
MOORE RESEARCH CENTER, INC.
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
143
Cattle Crush Seasonal Patterns
5 Year
Pattern
Cattle Cycles and Prices
Bill Gary; Commodity Information Systems; Oklahoma City, OK
cattle industry has followed a boom and
Thebustnation’s
cycle for the past century. The average cycle
The Bust Phase
normally spans a period of ten years from trough-totrough. However, recent advancements in cattle genetics
and feedlot efficiency have flattened out the cycle in
recent years . . .
The Cattle Cycle
The bust phase of the cycle is a period of herd
liquidation that normally extends from two to five years.
At the trough of this phase, supply falls below demand
and prices move high enough to return profitability to
the industry. It is important to note the most recent
liquidation phase was extended to eight years and
reduced the nation’s cattle herd to the lowest level since
1964.
The boom phase of the cycle is a period of herd
building that extends for five to seven years. At the peak
of the boom phase, supply begins to exceed demand and
prices fall below the cost of production. This leads to
herd liquidation and the traditional bust phase begins.
The most recent expansion cycle began in 2004 and
ended in 2007. As illustrated in the following graph, this
phase of the cycle was terminated early in 2007.
The bust phase occurs when cattlemen reduce
herds by taking cows to slaughter and heifers to feedlots.
When more cows are slaughtered, more beef is
produced. When more heifers are placed on feed, feedlot
inventories swell and slaughter expands. The
combination of more cows and heifers in the slaughter
mix expands supply and, as a result, prices decline.
The Boom Phase
The boom phase occurs when cattlemen hold back
cows and heifers from slaughter to build herds. When
cows are held back from slaughter for breeding, beef
production is reduced. When heifers are held back to
expand the cow herd, fewer feeder cattle are available to
place in feedlots. The combination of holding back cows
and heifers restricts supply and, as a result, prices
advance.
Cow Slaughter and Prices
The Boom – Bust Cycle
% Cows Percent of Slaughter vs Cattle Prices ($/CWT) 1/ $
January 1 Cattle Inventory – Million Head
Bust
Steer prices
Bust
Boom
Boom
Bust
Bust
Bust
Boom
Bust
Bust
Boom
% Cow slaughter
Boom
Cattle Cycles and Prices
Boom
*
*CIS estimate
The cattle inventory tends to peak about every ten years. Recent
peaks were attained in 1935, 1945, 1955, 1965, 1975, 1982, 1996
and 2007. The cycle peak occurred late in 1996 due to changes in
tax laws and a recession. The latest expansion cycle lasted only three
years due to severe drought and record high hay prices. It appears a
new bust cycle is now operative.
144
*
*CIS estimates
1/ Nebraska Direct Choice Steers
When cow slaughter increases, beef production increases and prices
of feedlot cattle are normally pressured. However, cattle prices have
been trending strongly higher over the past 37 years due to greater
demand for quality beef cuts. In addition, much more beef is now
produced per cow. Therefore, the impact of expanding cow slaughter
has had a diminishing impact on cattle prices in recent years. In
2007, cow slaughter increased a significant 7% over the previous
year and was the highest in four years. However, the increase in cow
beef supply had virtually no effect on choice steer prices. Therefore,
demand for better grades of beef has begun to overshadowed the
supply increase produced by greater cow slaughter.
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Over recent years, tremendous strides have been
made in the cattle industry. In 2007, the cattle inventory
had decreased 27% from the 1975 peak, but beef
production increased 10%. Because of new genetic
advances and a more efficient industry, fewer cattle are
needed to produce the volume of beef needed.
The age old cattle cycle continues to impact cattle
prices during boom/bust phases. However, the price
exaggeration has been muted in recent years due to
strides made in animal genetics and feedlot efficiencies.
More Beef – Fewer Cows
More Beef – Less Slaughter
Pounds of Beef Produced per Cow in Breeding Herd
Pounds of Beef Produced per Head Slaughtered
*
*CIS estimate
Tremendous advances in genetics, combined with greater feedlot
efficiency, have produced much heavier weight cattle in recent
years. Beef produced per head slaughtered was 614 pounds in 1970
compared to 784 pounds in 2007. The 28% increase in beef
produced per head has leveled out the peaks and troughs in the cattle
cycle.
Cattle Cycles and Prices
1
In 1970, for every cow in the nation’s herd, 441 pounds of beef were
produced. From 1970 to 2007, cow numbers declined 14%, but beef
production increased 22%. Dairy cows declined 24% as milk
production increased dramatically per cow. Beef cows declined only
10%, but a much larger portion of the calf crop goes into a feedlot
before slaughter. The US can now produce the same volume of beef
as 1970 with 29% fewer cows. Therefore, additional beef produced
during herd liquidation (bust phase) has much less impact on cattle
prices than during the Seventies and Eighties. (See Cow Slaughter
and Prices graph on previous page.)
*
*CIS estimate
MOORE RESEARCH CENTER, INC.
145
Personal Notes
146
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Seasonal Live Cattle & Feeder Cattle Strategies
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
1
Buy Feeder Cattle(CME)—May
1/02
1/09
80
12
3
15
508
63/8
55
2
Buy Live Cattle(CME)—April
1/02
1/10
87
13
2
15
322
36/9
22
3
Buy Live Cattle(CME)—February
1/04
1/17
80
12
3
15
362
26/14
22
4
Buy Feb Live Cattle(CME)
Sell Aug Live Cattle(CME)
1/06
1/16
80
12
3
15
206
19/11
23
5
Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
1/09
2/07
93
14
1
15
643
21/30
75
6
Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
1/09
3/07
87
13
2
15
881
15/59
75
7
Sell Feeder Cattle(CME)—March
1/10
2/04
93
14
1
15
878
34/26
55
8
Sell Live Cattle(CME)—February
1/18
1/27
93
14
1
15
462
46/10
23
9
Buy Aug Live Cattle(CME)
Sell Feb Live Cattle(CME)
1/18
1/28
87
13
2
15
331
30/11
24
10 Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
1/18
2/03
93
14
1
15
406
24/17
76
11 Buy Live Cattle(CME)—June
2/21
3/11
80
12
3
15
409
20/20
24
12 Buy Apr Feeder Cattle(CME)
Sell May Feeder Cattle(CME)
2/27
4/18
87
13
2
15
521
10/52
56
13 Sell Live Cattle(CME)—April
2/28
3/29
80
12
3
15
558
18/31
25
14 Buy Dec Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/06
3/25
93
14
1
15
443
22/20
25
15 Sell Live Cattle(CME)—June
3/10
3/30
93
14
1
15
650
31/21
26
16 Sell Live Cattle(CME)—June
3/10
4/16
87
13
2
15
863
23/38
26
17 Buy Dec Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/10
4/16
93
14
1
15
581
15/38
27
18 Buy Aug Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/10
5/10
93
14
1
15
661
11/62
27
19 Buy Apr Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
3/11
4/18
87
13
2
15
1069
27/39
76
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
MOORE RESEARCH CENTER,INC.
147
Chronological Summary
Seasonal
Strategy
Chronological Summary
Seasonal Live Cattle & Feeder Cattle Strategies
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
20 Buy Aug Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/11
4/29
93
14
1
15
491
10/50
28
21 Buy Dec Live Cattle(CME)
Sell Jun Live Cattle(CME)
3/13
3/24
100
15
0
15
352
29/12
28
22 Buy May Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
3/14
5/20
93
14
1
15
1398
21/68
77
23 Buy May Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
4/05
5/19
93
14
1
15
962
21/45
77
24 Sell Live Cattle(CME)—June
4/09
4/25
87
13
2
15
601
35/17
29
25 Buy Nov Feeder Cattle(CME)
Sell Dec Live Cattle(CME)
4/14
7/12
87
13
2
15
1168
13/90
78
26 Buy Aug Feeder Cattle(CME)
Sell Feb Live Cattle(CME)
4/16
7/12
93
14
1
15
1431
16/88
78
27 Buy Feeder Cattle(CME)—September
4/22
5/01
93
14
1
15
513
51/10
56
28 Buy May Feeder Cattle(CME)
Sell Jun Live Cattle(CME)
4/25
5/20
93
14
1
15
831
32/26
79
29 Buy Aug Feeder Cattle(CME)
Sell Aug Live Cattle(CME)
4/25
7/09
87
13
2
15
1530
20/76
79
30 Buy Feeder Cattle(CME)—August
4/25
8/06
93
14
1
15
2385
23/104
57
31 Buy Feeder Cattle(CME)—August
5/09
8/06
93
14
1
15
1978
22/90
57
32 Buy Aug Feeder Cattle(CME)
Sell Feb Live Cattle(CME)
5/16
7/08
93
14
1
15
1109
21/54
80
33 Buy Feeder Cattle(CME)—August
5/21
7/09
93
14
1
15
1424
28/50
58
34 Buy Feeder Cattle(CME)—September
5/21
9/11
93
14
1
15
2181
19/114
58
35 Buy Live Cattle(CME)—June *
5/25
6/04
80
12
3
15
487
44/11
29
36 Buy Jun Live Cattle(CME)
Sell Oct Live Cattle(CME) *
5/26
6/07
93
14
1
15
361
28/13
30
37 Buy Sep Feeder Cattle(CME)
Sell Dec Live Cattle(CME)
5/26
7/10
93
14
1
15
924
20/46
80
38 Sell Live Cattle(CME)—August
6/05
6/21
80
12
3
15
362
21/17
30
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
148
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
Seasonal Live Cattle & Feeder Cattle Strategies
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
39 Buy Feeder Cattle(CME)—October
6/17
7/08
87
13
2
15
978
44/22
59
40 Buy Live Cattle(CME)—October
6/19
7/07
93
14
1
15
477
25/19
31
41 Buy Sep Feeder Cattle(CME)
Sell Nov Feeder Cattle(CME)
6/20
9/21
87
13
2
15
493
5/94
59
42 Buy Oct Live Cattle(CME)
Sell Apr Live Cattle(CME)
6/22
7/28
87
13
2
15
477
13/37
31
43 Buy Oct Live Cattle(CME)
Sell Apr Live Cattle(CME)
6/22
9/12
80
12
3
15
560
7/83
32
44 Buy Feeder Cattle(CME)—September
6/23
7/09
93
14
1
15
753
44/17
60
45 Buy Live Cattle(CME)—December
6/26
9/11
80
12
3
15
947
12/78
32
46 Buy Feeder Cattle(CME)—August
6/30
7/07
87
13
2
15
559
70/8
60
47 Buy Oct Live Cattle(CME)
Sell Apr Live Cattle(CME)
8/25
9/14
80
12
3
15
323
15/21
33
48 Buy Feeder Cattle(CME)—September
8/25
9/15
87
13
2
15
707
32/22
61
49 Buy Live Cattle(CME)—December
8/30
9/11
87
13
2
15
431
33/13
33
50 Buy Oct Feeder Cattle(CME)
Sell Nov Feeder Cattle(CME)
9/09
10/17
87
13
2
15
500
13/39
61
51 Sell Feeder Cattle(CME)—November
9/14
9/28
80
12
3
15
475
32/15
62
52 Buy Feb Live Cattle(CME)
Sell Nov Feeder Cattle(CME)
9/14
11/11
93
14
1
15
1150
19/59
81
53 Sell Live Cattle(CME)—December
9/15
9/28
80
12
3
15
426
30/14
34
54 Buy Feb Live Cattle(CME)
Sell Dec Live Cattle(CME)
9/15
11/07
93
14
1
15
429
8/54
34
55 Buy Oct Feeder Cattle(CME)
Sell Nov Feeder Cattle(CME)
9/25
10/17
93
14
1
15
340
15/23
62
56 Buy Live Cattle(CME)—February
10/14
11/24
80
12
3
15
336
8/42
35
57 Buy May Feeder Cattle(CME)
Sell Mar Feeder Cattle(CME)
11/02
2/02
87
13
2
15
535
6/93
63
58 Buy Aug Live Cattle(CME)
Sell Feb Live Cattle(CME)
11/17
12/11
87
13
2
15
385
15/25
35
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
MOORE RESEARCH CENTER,INC.
149
Chronological Summary
Seasonal
Strategy
Seasonal Live Cattle & Feeder Cattle Strategies
Seasonal
Strategy
Entry
Date
Exit
Date
Win
Pct
Win Loss Total
Years Years Years
Average
Profit
Ave Pft
Per Day
Pg
No
59 Buy Jun Live Cattle(CME)
Sell Mar Feeder Cattle(CME)
12/05
3/07
93
14
1
15
1140
12/94
81
60 Buy Apr Live Cattle(CME)
Sell Apr Feeder Cattle(CME)
12/11
3/10
93
14
1
15
807
9/91
82
61 Buy Live Cattle(CME)—February
12/12
1/17
80
12
3
15
408
11/37
36
62 Buy Live Cattle(CME)—February
12/12
12/24
93
14
1
15
419
32/13
36
63 Buy Feb Live Cattle(CME)
Sell Aug Live Cattle(CME)
12/12
12/24
93
14
1
15
268
21/13
37
64 Buy Apr Live Cattle(CME)
Sell Jan Feeder Cattle(CME)
12/23
1/14
87
13
2
15
563
24/23
82
65 Buy Live Cattle(CME)—April
12/27
1/16
87
13
2
15
256
12/21
37
Chronological Summary
* Caution: Trade exit is during delivery period. Longs may be subject to delivery.
For other MRCI products and information: 1-800-927-7259
or (541) 484-7256 - Fax: (541) 484-0243
Website: http://www.mrci.com Email: sales@mrci.com
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the
future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a
recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative
of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
150
HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT
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Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the
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