VIX/VXN   Relative VIX/VXN

December 15, 2005

Relative VIX vs. S&P 500
Date S&P 500 Relative VIX          
12/09/05 1,259.37 0.90          
12/12/05 1,260.43 0.88          
12/13/05 1,267.43 0.86          
12/14/05 1,272.74 0.81          
12/15/05 1,270.94 0.83          

Bullish = Relative VIX greater than or equal to 1.10
Bearish = Relative VIX less than or equal to 0.80

Relative VXN vs. Nasdaq 100
Date Nasdaq 100 Relative VXN          
12/09/05 1,692.62 0.95          
12/12/05 1,698.35 0.93          
12/13/05 1,705.77 0.89          
12/14/05 1,698.98 0.86          
12/15/05 1,701.70 0.88          

Bullish = Relative VXN greater than or equal to 1.00
Bearish = Relative VXN less than or equal to 0.78
Relative VIX and Relative VXN = VIX and VXN relative to their 200-day moving average.