Closed 2014 Trades

Stock Ticker Stock Name and Position Option
Ticker
Date
Opened
Price
Opened
Date
Closed
Price
Closed
Return
GALE Galena Biopharma
January 2.50 calls
GALE140118C00002500 11/11/13 $0.30 1/13/14 $2.75 816.67%
HRB H&R Block
February 30 calls
HRB140222C00030000 01/03/14 $0.65 1/15/14 $0.73 12.82%
PHM Pulte Group
January 20 calls
PHM140118C00020000 11/27/13 $0.50 1/2/14 $0.62 23.32%
QQQ PowerShares QQQ
January 89 calls
QQQ140118C00089000 12/24/13 $0.40 1/2/14 $0.43 6.25%
GALE Galena Biopharma
February 6 calls
GALE140222C00006000 01/07/14 $0.40 1/21/14 $0.83 108.25%
ARUN Aruba Networks
February 21 calls
ARUN140222C00021000 01/14/14 $0.55 1/23/14 $1.12 103.04%
ARIA Ariad Pharmaceuticals
February 8 calls
ARIA140222C00008000 01/17/14 $0.45 1/27/14 $1.28 183.33%
ARIA Ariad Pharmaceuticals
January 7 calls
ARIA140118C00007000 12/03/13 $0.45 1/6/14 $0.70 55.56%
FCX Freeport-McMoRan
November 36 calls
FCX141122C00036000 09/16/14 $0.70 10/1/14 $0.15 -78.57%
GM General Motors
December 32 puts
GM141220P00032000 09/22/14 $0.95 10/1/14 $1.15 21.05%
POOL Pool
October 50 puts
POOL141018P00050000 07/16/14 $1.10 10/16/14 $0.05 -95.45%
FLEX Flextronics
October 12 calls
FLEX141018C00012000 09/05/14 $0.07 10/17/14 $0.00 -100.00%
QQQ PowerShares QQQ
November 100 calls
QQQ141122C00100000 10/10/14 $0.60 10/29/14 $1.00 66.67%
BABA Alibaba
November 95 calls
BABA141122C00095000 10/21/14 $2.30 10/29/14 $4.90 113.04%
MDLZ Mondelez International
December 35 calls
MDLZ141220C00035000 10/17/14 $0.37 10/29/14 $0.83 124.32%
APOL Apollo Group
November 23 puts
APOL141122P00023000 10/08/14 $0.70 10/29/14 $0.09 -87.14%
KKD Krispy Kreme Doughnuts
November 16 puts
KKD141122P00016000 10/01/14 $0.40 10/29/14 $0.05 -87.50%
CAT Caterpillar
November 90 puts
CAT141122P00090000 10/01/14 $1.05 10/3/14 $1.08 2.86%
WAG Walgreen
October 56.50 puts (Weekly)
WAG141010P00056500 09/29/14 $0.45 10/3/14 $0.02 -95.56%
MCD McDonald's
November 90 puts
MCD141122P00090000 10/02/14 $0.90 10/8/14 $0.92 2.22%
SPY S&P 500 Spiders
November 200 calls
SPY141122C00200000 10/08/14 $1.25 10/9/14 $1.30 4.00%
QQQ PowerShares QQQ
November 99 calls
QQQ141122C00099000 10/08/14 $1.40 10/9/14 $1.45 3.57%
JPM JPMorgan Chase
December 62.50 calls
JPM141220C00062500 11/05/14 $0.65 11/11/14 $0.70 7.70%
QQQ PowerShares QQQ
December 5th expiration 103 calls
QQQ141205C00103000 11/04/14 $0.85 11/17/14 $0.98 14.71%
SBUX Starbucks
December 77.50 calls
SBUX141220C00077500 11/03/14 $1.05 11/18/14 $1.65 57.14%
SPLS Staples
December 14 calls
SPLS141220C00014000 09/18/14 $0.45 11/19/14 $0.50 11.11%
BBY Best Buy
December 39 calls
BBY141220C00039000 11/13/14 $0.60 11/25/14 $1.02 69.17%
SBUX Starbucks
December 80 calls
SBUX141220C00080000 11/06/14 $0.70 11/26/14 $1.40 100.00%
ARUN Aruba Networks
November 23 calls
ARUN141122C00023000 10/30/14 $0.50 11/4/14 $0.65 30.00%
MCD McDonald's
November 85 puts
MCD141122P00085000 10/15/14 $0.70 11/4/14 $0.05 -92.86%
QQQ PowerShares QQQ
November 102 calls
QQQ141122C00102000 10/30/14 $0.48 11/4/14 $1.05 118.75%
QQQ PowerShares QQQ
December 105 calls
QQQ141220C00105000 11/18/14 $0.80 12/1/14 $1.15 43.75%
QQQ PowerShares QQQ
January 106 calls
QQQ150117C00106000 11/18/14 $0.98 12/1/14 $1.30 32.65%
HLT Hilton Worldwide Holdings
December 26 calls
HLT141220C00026000 11/14/14 $0.50 12/1/14 $0.50 0.00%
HLT Hilton Worldwide Holdings
January 26 calls
HLT150117C00026000 11/14/14 $0.80 12/1/14 $0.85 6.25%
AKS AKS Steel Holding
January 13 calls
AKS150117C00013000 08/26/14 $0.52 12/1/14 $0.06 -88.46%
TWTR Twitter
January 67.50 calls
TWTR150117C00067500 10/21/14 $0.90 12/1/14 $0.05 -94.44%
VEEV Veeva Systems
December 32 calls
VEEV141220C00032000 11/25/14 $0.50 12/1/14 $1.03 105.00%
JDSU JDS Uniphase
January 13 calls
JDSU150117C00013000 12/03/14 $0.65 12/12/14 $0.80 23.08%
IBM International Business Machines
January 170 calls
IBM150117C00170000 11/10/14 $1.75 12/16/14 $0.25 -85.71%
FTNT Fortinet
December 29 calls
FTNT141220C00029000 09/02/14 $0.95 12/18/14 $0.50 -47.37%
JNPR Juniper Networks
April 24 calls
JNPR150417C00024000 12/19/14 $0.81 12/29/14 $0.82 1.23%
FTNT Fortinet
March 32 calls
FTNT150320C00032000 12/18/14 $1.00 12/29/14 $1.45 45.00%
PFE Pfizer
February 33 calls
PFE150220C00033000 12/08/14 $0.57 12/29/14 $0.30 -47.37%
PFE Pfizer
March 33 calls
PFE150320C00033000 12/08/14 $0.68 12/29/14 $0.40 -41.18%
JNPR Juniper Networks
January 23 calls
JNPR150117C00023000 12/19/14 $0.36 12/30/14 $0.37 2.78%
IWM iShares Russell 2000
January 121 calls
IWM150117C00121000 12/05/14 $0.90 12/30/14 $1.60 77.78%
AXP American Express
January 95 calls
AXP150117C00095000 12/15/14 $0.60 12/30/14 $1.28 112.5%
QQQ PowerShares QQQ
January 107 calls
QQQ150117C00107000 12/05/14 $0.98 12/30/14 $0.30 -69.39%
MRVL Marvel
January 15 calls
MRVL150117C00015000 12/11/14 $0.35 12/31/14 $0.20 -42.86%
FLEX Flextronics
January 11 calls
FLEX150117C00011000 09/05/14 $0.68 12/31/14 $0.45 -33.82%
JDSU JDS Uniphase
March 14 calls
JDSU150320C00014000 12/03/14 $0.70 12/31/14 $0.80 14.29%
RBCN Rubicon
December 8 calls
RBCN141220C00008000 08/25/14 $0.35 12/9/14 $0.05 -85.71%
AXP American Express
January 95 calls
AXP150117C00095000 12/03/14 $0.75 12/9/14 $1.20 60.00%
DMND Diamond Foods
December 32 calls
DMND141220C00032000 11/18/14 $0.87 12/9/14 $0.06 -93.10%
IMAX IMAX
December 32 calls
IMAX141220C00032000 11/12/14 $0.35 12/9/14 $0.06 -82.86%
GALE Galena Biopharma
April 6 calls
GALE140419C00006000 02/10/14 $0.75 2/14/14 $0.35 -53.33%
SNE Sony
February 19 calls
SNE140222C00019000 01/08/14 $0.45 2/21/14 $0.00 -100.00%
IR Ingersoll-Rand
March 60 calls
IR140322C00060000 02/13/14 $0.85 2/25/14 $1.40 64.71%
HRB H&R Block
March 32 calls
HRB140322C00032000 02/11/14 $0.60 2/27/14 $0.82 36.12%
PHM PulteGroup
February 22 calls
PHM140222C00022000 01/03/14 $0.40 2/3/14 $0.10 -75.00%
SLM SLM
February 27 calls
SLM140222C00027000 01/13/14 $0.60 2/3/14 $0.02 -96.67%
QQQ PowerShares QQQ
February 90 calls
QQQ140222C00090000 01/22/14 $0.75 2/3/14 $0.07 -90.67%
BBRY BlackBerry
February 11 calls
BBRY140222C00011000 01/22/14 $0.65 2/3/14 $0.10 -84.62%
PM Philip Morris
March 75 puts
PM140322P00075000 01/31/14 $0.85 2/6/14 $1.35 58.82%
KKD Krispy Kreme Doughnuts
March 16 puts
KKD140322P00016000 01/27/14 $0.70 2/6/14 $0.90 28.57%
IR Ingersoll-Rand
April 62.50 calls
IR140419C00062500 02/27/14 $0.90 3/10/14 $0.95 5.56%
ARUN Aruba Networks
April 23 calls
ARUN140419C00023000 03/05/14 $0.65 3/11/14 $0.65 0.00%
WWE World Wrestling Entertainment
March 30 calls
WWE140322C00030000 02/18/14 $0.40 3/12/14 $1.21 203.13%
DSCO Discovery Labs
April 2 calls
DSCO140419C00002000 02/24/14 $0.65 3/13/14 $0.60 -7.69%
VZ Verizon
April 45 puts
VZ140419P00045000 03/10/14 $0.62 3/17/14 $0.68 8.87%
QQQ PowerShares QQQ
April 90 calls
QQQ140419C00090000 03/24/14 $1.10 3/19/14 $1.28 16.64%
APOL Apollo Education Group
March 29 puts
CAT140322P00029000 02/04/14 $0.50 3/21/14 $0.00 -100.00%
GE General Eletric
March 28 calls
GE140322C00028000 01/07/14 $0.45 3/21/14 $0.00 -100.00%
ARIA Ariad Pharmaceuticals
March 10 calls
ARIA140322C00010000 01/28/14 $0.95 3/21/14 $0.00 -100.00%
MCD McDonald's
March 90 puts
MCD140322P00090000 02/05/14 $0.80 3/21/14 $0.00 -100.00%
CAT Caterpillar
March 85 puts
CAT140322P00085000 01/29/14 $0.75 3/21/14 $0.00 -100.00%
MS Morgan Stanley
April 33 calls
MS140419C00033000 03/17/14 $0.42 3/24/14 $0.66 57.74%
OPK Opko Health
April 10 calls
OPK140419C00010000 03/04/14 $0.65 3/25/14 $0.25 -61.54%
IR Ingersoll-Rand
April 60 calls
IR140419C00060000 03/18/14 $1.05 3/26/14 $0.40 -61.90%
VLO Valero Energy
April 57.50 calls
VLO140419C00057500 03/14/14 $1.05 3/27/14 $0.25 -76.19%
SPY S&P 500 Spiders
March 188 calls
SPY140322C00188000 02/27/14 $0.75 3/3/14 $1.05 40.00%
KOG Kodiak Oil & Gas
March 12 calls
KOG140322C00012000 02/14/13 $0.60 3/5/14 $0.65 8.33%
RMBS Rambus
May 11 calls
RMBS140517C00011000 03/31/14 $0.55 4/10/14 $0.80 45.45%
APOL Apollo Group
May 30 puts
APOL140517P00030000 04/07/14 $0.90 4/17/14 $2.55 183.33%
EMC EMC
April 28 calls
EMC140419C00028000 03/21/14 $0.50 4/19/14 $0.00 -100.00%
ZNGA Zynga
April 5.50 calls
ZNGA140419C00005500 03/12/14 $0.55 4/19/14 $0.00 -100.00%
FINL Finish Line
April 30 calls
FINL140419C00030000 03/20/14 $0.50 4/19/14 $0.00 -100.00%
SNE Sony
April 20 calls
SNE140419C00020000 01/08/14 $0.55 4/19/14 $0.00 -100.00%
EXAS Exact Sciences
April 19 calls
EXAS140419C00019000 01/22/14 $0.88 4/19/14 $0.00 -100.00%
IWM iShares Russell 2000
April 120 calls
IWM140419C00120000 03/24/14 $0.70 4/2/14 $0.75 7.14%
KOG Kodiak Oil & Gas
June 13 calls
KOG140619C00013000 02/13/14 $0.70 4/25/14 $0.90 28.57%
KOG Kodiak Oil & Gas
May 13 calls
KOG140517C00013000 04/03/14 $0.55 4/25/14 $0.65 18.18%
RMBS Rambus
May 12 calls
RMBS140517C00012000 04/11/14 $0.45 4/28/14 $0.60 33.33%
QQQ PowerShares QQQ
April 90 calls
QQQ140419C00090000 03/14/14 $0.60 4/3/14 $0.73 22.17%
AXP American Express
July 92.50 calls
AXP140719C00092500 04/22/14 $1.15 5/13/14 $1.28 10.87%
RFMD RF Micro Devices
August 9 calls
RFMD140816C00009000 04/22/14 $0.45 5/15/14 $0.55 22.22%
GRMN Garmin
May 62.50 calls
GRMN140517C00062500 04/09/14 $0.65 5/17/14 $0.00 -100.00%
MS Morgan Stanley
May 33 calls
MS140517C00033000 04/01/14 $0.40 5/17/14 $0.00 -100.00%
ARIA Ariad Pharmaceuticals
May 11 calls
ARIA140517C00011000 01/28/14 $1.05 5/17/14 $0.00 -100.00%
KOG Kodiak Oil & Gas
June 13 calls
KOG140621C00013000 05/01/14 $0.60 5/2/14 $0.50 -16.67%
BAC Bank of America
June 15 puts
BAC140621P00015000 05/06/14 $0.50 5/21/14 $0.60 20.00%
BAC Bank of America
July 14 puts
BAC140719P00014000 05/06/14 $0.26 5/21/14 $0.28 5.77%
GM General Motors
September 30 puts
GM140920P00030000 05/20/14 $0.70 5/22/14 $0.75 7.14%
POT Potash
June 37 calls
POT140621C00037000 04/28/14 $0.60 5/5/14 $0.70 16.67%
EMC EMC
May 29 calls
EMC140517C00029000 03/21/14 $0.50 5/5/14 $0.02 -96.00%
DIA Dow SPDR (DIA) May 167 calls DIA140517C00167000 04/22/14 $0.65 5/6/14 $0.15 -76.92%
KOG Kodiak Oil & Gas
July 14 calls
KOG140721C00014000 06/11/14 $0.35 6/17/14 $0.40 14.29%
HERO Hercules Offshore
October 5 calls
KOG141018C00005000 06/11/14 $0.35 6/20/14 $0.35 0.00%
IWM iShares Russell 2000
June103 puts
IWM140621P00103000 05/20/14 $0.68 6/20/14 $0.00 -100.00%
FTNT Fortinet
July 25 calls
FTNT140719C00025000 06/04/14 $0.25 6/20/14 $0.48 90.00%
FTNT Fortinet
July 24 calls
FTNT140719C00024000 05/30/14 $0.45 6/20/14 $0.85 88.89%
BBBY Bed, Bath & Beyond
June 60 puts
BBBY140621P00060000 05/14/14 $0.60 6/20/14 $0.10 -83.33%
APOL Apollo Group
June 25 puts
APOL140621P00025000 04/28/14 $0.55 6/20/14 $0.00 -100.00%
TWTR Twitter
January 50 calls 2015
TWTR150117C00050000 05/08/14 $1.75 6/20/14 $2.20 25.71%
RMBS Rambus
August 15 calls
RMBS140816C00015000 06/13/14 $0.40 6/23/14 $0.75 87.50%
CVS CVS Caremark
August 80 calls
CVS140816C00080000 06/18/14 $0.60 6/23/14 $0.60 0.00%
IMAX Imax
September 28 calls
LLNW140920C00028000 06/05/14 $0.60 6/23/14 $1.25 108.33%
BBBY Bed, Bath & Beyond
August 55 puts
BBBY140816P00055000 05/14/14 $0.63 6/23/14 $0.65 3.17%
BBRY BlackBerry
August 9 calls
BBRY140816C00009000 06/18/14 $0.45 6/25/14 $1.04 130.56%
CVS CVS Caremark
July 80 calls
CVS140719C00080000 05/28/14 $0.52 6/3/14 $0.73 41.02%
KIRK Kirkland's
June 15 puts
KIRK140621P00015000 05/21/14 $0.45 6/9/14 $0.15 -66.67%
MCD McDonald's
July 95 puts
MCD140719P00095000 05/06/14 $0.70 7/11/14 $0.05 -92.86%
FAST Fastenal
August 50 calls
FAST140816C00050000 07/10/14 $0.80 7/11/14 $0.15 -81.25%
RMBS Rambus
August 16 calls
RMBS140816C00016000 06/30/14 $0.33 7/23/14 $0.05 -84.85%
RMBS Rambus
August 15 calls
RMBS140816C00015000 06/30/14 $0.60 7/23/14 $0.07 -88.33%
LLNW Limelight Networks
December 3 calls
LLNW141220C00003000 06/04/14 $0.20 7/25/14 $0.40 100.00%
LLNW Limelight Networks
September3 calls
LLNW140920C00003000 06/04/14 $0.15 7/25/14 $0.30 100.00%
QQQ PowerShares QQQ
August 98 calls
QQQ140816C00098000 07/22/14 $0.50 7/25/14 $0.55 10.00%
ALXA Alexza Pharmaceuticals
January 5 calls 2015
ALXA150117C00005000 07/14/14 $0.75 7/28/14 $0.80 6.67%
RGC Regal Entertainment
August 20 puts
RGC140816P00020000 07/24/14 $0.30 7/28/14 $0.40 33.33%
APOL Apollo Group
August 23 puts
APOL140816P00023000 04/28/14 $0.70 7/29/14 $0.05 -92.86%
IMAX Imax
September 30 calls
IMAX140920C00030000 06/30/14 $0.60 7/7/14 $0.60 0.00%
FTNT Fortinet
August 27 calls
FTNT140816C00027000 06/30/14 $0.55 7/7/14 $0.60 9.09%
IWM iShares Russell 2000
August 118 calls
IWM140816C00118000 07/22/14 $0.60 8/1/14 $0.05 -91.67%
MGM MGM Resorts
September 25 puts
MGM140920P00025000 08/06/14 $0.80 8/11/14 $1.10 37.5%
EXAS Exact Sciences
October 19 calls
EXAS141018C00019000 08/08/14 $0.75 8/12/14 $1.60 113.33%
EXAS Exact Sciences
September 18 calls
EXAS140920C00018000 08/08/14 $0.75 8/12/14 $1.55 106.67%
SNE Sony
September 18 calls
SNE140920C00018000 08/14/14 $0.50 8/20/14 $0.93 87.00%
GTAT GT Advanced Technologies
September 20 calls
GT140920C00020000 08/18/14 $0.70 8/20/14 $0.80 14.30%
FOSL Fossil
September 90 puts
FOSL140920P00090000 08/12/14 $1.05 8/21/14 $0.25 -76.00%
YHOO Yahoo
September 38 calls
YHOO140920C00038000 08/11/14 $1.25 8/27/14 $1.70 36.00%
RFMD RF Micro Devices
September 12 calls
RFMD140920C00012000 07/29/14 $0.45 8/5/14 $0.50 11.00%
RFMD RF Micro Devices
November 12 calls
RFMD141122C00012000 07/29/14 $0.70 8/5/14 $0.85 21.00%
WWE World Wrestling Federation
September 13 calls
WWE140920C00013000 07/30/14 $0.50 8/7/14 $1.17 133.00%
GM General Motors
September 32 puts
GM140920P00032000 06/23/14 $0.40 8/8/14 $0.70 75.00%
YHOO Yahoo
October 43 calls
YHOO141018C00043000 08/11/14 $0.80 9/10/14 $1.60 100.00%
WWE World Wrestling Federation
September 15 calls
WWE140920C00015000 08/06/14 $0.50 9/11/14 $0.50 0.00%
CVS CVS Caremark
September 82.50 calls
CVS140920C00082500 07/28/14 $0.45 9/12/14 $0.10 -77.78%
IWM iShares Russell 2000
October 120 calls
IWM141018C00120000 09/05/14 $0.62 9/12/14 $0.35 -43.55%
QQQ PowerShares QQQ
October 102 calls
QQQ141018C00102000 09/05/14 $0.52 9/12/14 $0.43 -17.31%
FTNT Fortinet
September 28 calls
FTNT140920C00028000 06/30/14 $0.55 9/15/14 $0.10 -81.82%
MGM MGM Resorts International
October 24 puts
MGM141018P00024000 09/10/14 $0.65 9/16/14 $1.50 130.77%
SNE Sony
October 20 calls
SNE141018C00020000 09/15/14 $0.40 9/18/14 $0.10 -75.00%
MGM MGM Resorts International
November 22 puts
MGM141122P00022000 09/10/14 $0.40 9/18/14 $0.60 50.00%
SNE Sony
January 20 calls
SNE150117C00020000 09/15/14 $1.05 9/18/14 $0.50 -52.38%
SPY S&P 500 Spiders
September 180 puts
SPY140920P00180000 08/07/14 $1.25 9/19/14 $0.00 -100.00%
ARUN Aruba Networks
October 23 calls
ARUN141018C00023000 09/18/14 $0.75 9/22/14 $0.75 0.00%
FCX Freeport-McMoRan
October 35 calls
FCX141018C00035000 09/16/14 $0.75 9/22/14 $0.20 -73.33%
WWE World Wrestling Federation
October 16 calls
WWE141018C00016000 09/11/14 $0.45 9/22/14 $0.10 -77.78%
QQQ PowerShares QQQ
October 98 puts
QQQ141018P00098000 09/25/14 $1.10 9/26/14 $1.15 4.55%
APOL Apollo Group
November 24 puts
APOL141122P00024000 09/22/14 $0.85 9/29/14 $0.86 1.18%
AKS AKS Steel Holding
October 12 calls
AKS141018C00012000 08/26/14 $0.42 9/29/14 $0.03 -92.86%
MGM MGM Resorts International
October 24 puts
MGM141018P00024000 08/28/14 $0.65 9/3/14 $0.90 38.46%
SNE Sony
October 20 calls
SNE141018C00020000 08/20/14 $0.25 9/4/14 $0.39 56.00%
SNE Sony
September 19 calls
SNE140920C00019000 08/20/14 $0.45 9/5/14 $0.53 16.70%
SNE Sony
October 19 calls
SNE141018C00019000 08/18/14 $0.45 9/5/14 $0.75 66.70%
KERX Keryx Biopharmaceuticals
September 18 calls
KERX140920C00018000 08/20/14 $0.75 9/5/14 $1.66 121.33%
FLEX Flextronics
October 11 calls
FLEX141018C00011000 08/25/14 $0.33 9/5/14 $0.57 72.73%

CFTC Disclosure:

GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH Momentum Options Trading, LLC CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CIRCUMSTANCE. THERE IS SUBSTANTIAL RISK IN TRADING. A LOSS INCURRED IN CONNECTION WITH FUTURES TRADING CAN BE SIGNIFICANT. WE MAKE NO CLAIM REGARDING PAST OR FUTURE PERFORMANCE. WE MERELY TRACK EVERY TRADE AND SHOW THE PERFORMANCE OF ALL TRADES THE SYSTEM OR NEWSLETTER PRODUCES. SIMULATED TRADING IS DIFFERENT THAN TRADING REAL MONEY. HYPOTHETICAL RESULTS ARE NOT REAL RESULTS. PLEASE CONTACT YOUR BROKER ABOUT THE RISK OR TRADING STOCKS, OPTIONS OR FUTURES. ALL COMMUNICATIONS ARE OPINIONS NOT ADVICE.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.