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Period Star $ Return % Return % Max DD Exposure Entries Exits 上證指數 1/6/1995 0 0 0 0 0 0 1/5/1996 42,768.02 42.77 -26.98 76.17 2 2 42.8% 65.1% 1/3/1997 32,752.30 22.94 -16.93 50.62 4 3 22.9% 30.2% 1/2/1998 11,192.47 6.38 -7.32 61.92 2 3 6.4% -4.0% 1/1/1999 60,099.67 32.19 -5.81 50.06 2 2 32.2% 19.2% 1/7/2000 53,555.95 21.7 -7.07 78.85 4 3 21.7% 51.7% 1/5/2001 ### -4.34 -7.87 41.11 2 3 -4.3% -20.6% 1/4/2002 ### -10.01 -11.59 41.47 2 2 -10.0% -17.5% 1/3/2003 24,820.39 9.6 -7.2 48.24 3 2 9.6% 10.3% 1/2/2004 -440.44 -0.16 -14.48 40.09 2 3 -0.2% -15.4% 1/7/2005 4,224.13 1.49 -6.46 35.52 3 2 1.5% -8.3% 1/6/2006 ### 120.91 -9.24 91.91 1 1 120.9% 130.4% 1/5/2007 ### 86.95 -9.95 74.86 1 2 87.0% 96.7% 1/4/2008 ### -14.18 -16.11 7.97 3 3 -14.2% -65.4% 1/2/2009 ### 59.92 -10.7 97.63 1 0 59.9% 67.4% 12星期平均線

Biweekly Financial Commentary 09 08 17

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Period Starting$ Return % Return % Max DD Exposure Entries Exits 上證指數1/6/1995 0 0 0 0 0 01/5/1996 42,768.02 42.77 -26.98 76.17 2 2 42.8% 65.1%1/3/1997 32,752.30 22.94 -16.93 50.62 4 3 22.9% 30.2%1/2/1998 11,192.47 6.38 -7.32 61.92 2 3 6.4% -4.0%1/1/1999 60,099.67 32.19 -5.81 50.06 2 2 32.2% 19.2%1/7/2000 53,555.95 21.7 -7.07 78.85 4 3 21.7% 51.7%1/5/2001 ### -4.34 -7.87 41.11 2 3 -4.3% -20.6%1/4/2002 ### -10.01 -11.59 41.47 2 2 -10.0% -17.5%1/3/2003 24,820.39 9.6 -7.2 48.24 3 2 9.6% 10.3%1/2/2004 -440.44 -0.16 -14.48 40.09 2 3 -0.2% -15.4%1/7/2005 4,224.13 1.49 -6.46 35.52 3 2 1.5% -8.3%1/6/2006 ### 120.91 -9.24 91.91 1 1 120.9% 130.4%1/5/2007 ### 86.95 -9.95 74.86 1 2 87.0% 96.7%1/4/2008 ### -14.18 -16.11 7.97 3 3 -14.2% -65.4%1/2/2009 ### 59.92 -10.7 97.63 1 0 59.9% 67.4%

12星期平均線買賣系統

19961997199819992000200120022003200420052006200720082009

Date Equity Long Short Buy & Hold Linear RegCash System Max.B&H Max.Date Equity Long Short Buy & Hold Linear RegCash

12/29/1995 100000 100000 100000 93447.6 -21808.73 100000 100000 93447.61/5/1996 100000 100000 100000 90533.62 -20453.92 100000 100000 93447.6

1/12/1996 100000 100000 100000 92188.34 -19099.11 100000 100000 93447.61/19/1996 100000 100000 100000 88553.02 -17744.31 100000 100000 93447.61/26/1996 100000 100000 100000 88871.5 -16389.5 100000 100000 93447.6

2/2/1996 100000 100000 100000 90483.41 -15034.69 100000 100000 93447.62/9/1996 100000 100000 100000 88846.54 -13679.89 100000 100000 93447.6

2/16/1996 100000 100000 100000 93085.4 -12325.08 100000 100000 93447.63/8/1996 100000 100000 100000 96195.73 -10970.27 275.03 100000 96195.73

3/15/1996 98131.58 98131.58 100000 94542.08 -9615.47 275.03 100000 96195.733/22/1996 99486.34 99486.34 100000 95741.13 -8260.66 275.03 100000 96195.733/29/1996 97087.77 97087.77 100000 93618.24 -6905.85 275.03 100000 96195.73

4/5/1996 101635.25 101635.25 100000 97643.03 -5551.05 275.03 101635.25 97643.034/12/1996 102405.89 102405.89 100000 98325.09 -4196.24 275.03 102405.89 98325.094/19/1996 107827.04 107827.04 100000 103123.12 -2841.43 275.03 107827.04 103123.124/26/1996 123398.48 123398.48 100000 116904.73 -1486.63 275.03 123398.48 116904.73

5/3/1996 113381.3 113381.3 100000 108038.95 -131.82 275.03 123398.48 116904.735/10/1996 115370.28 115370.28 100000 109799.32 1222.99 275.03 123398.48 116904.735/17/1996 124150.84 124150.84 100000 117570.63 2577.79 275.03 124150.84 117570.635/24/1996 111600.58 111600.58 100000 106462.91 3932.6 275.03 124150.84 117570.635/31/1996 112270.13 112270.13 100000 107055.51 5287.41 275.03 124150.84 117570.63

6/7/1996 126832.36 126832.36 100000 119943.92 6642.21 275.03 126832.36 119943.926/14/1996 135520.89 135520.89 100000 127633.76 7997.02 275.03 135520.89 127633.766/21/1996 138797.81 138797.81 100000 130534.03 9351.82 275.03 138797.81 130534.036/28/1996 140214.7 140214.7 100000 131788.06 10706.63 275.03 140214.7 131788.06

7/5/1996 136930.98 136930.98 100000 128881.77 12061.44 275.03 140214.7 131788.067/12/1996 138850.36 138850.36 100000 130580.54 13416.24 275.03 140214.7 131788.067/19/1996 149380.5 149380.5 100000 139900.31 14771.05 275.03 149380.5 139900.317/26/1996 147326.42 147326.42 100000 138082.34 16125.86 275.03 149380.5 139900.31

8/2/1996 146239.28 146239.28 100000 137120.16 17480.66 275.03 149380.5 139900.318/9/1996 151934.13 151934.13 100000 142160.42 18835.47 275.03 151934.13 142160.42

8/16/1996 148848.41 148848.41 100000 139429.39 20190.28 275.03 151934.13 142160.428/23/1996 140117.61 140117.61 100000 131702.13 21545.08 275.03 151934.13 142160.428/30/1996 141204.23 141204.23 100000 132663.86 22899.89 141204.23 151934.13 142160.42

9/6/1996 141204.23 141204.23 100000 131323.45 24254.7 141204.23 151934.13 142160.429/13/1996 141204.23 141204.23 100000 127910.03 25609.5 141204.23 151934.13 142160.429/20/1996 141204.23 141204.23 100000 131986.27 26964.31 141204.23 151934.13 142160.429/27/1996 141204.23 141204.23 100000 142764.27 28319.12 244.7 151934.13 142764.2710/4/1996 139261.61 139261.61 100000 140906.09 29673.92 244.7 151934.13 142764.27

10/11/1996 146737.64 146737.64 100000 148057.08 31028.73 244.7 151934.13 148057.0810/18/1996 151573.77 151573.77 100000 152682.94 32383.54 244.7 151934.13 152682.9410/25/1996 163284.89 163284.89 100000 163884.89 33738.34 244.7 163284.89 163884.89

11/1/1996 150101.73 150101.73 100000 151274.91 35093.15 244.7 163284.89 163884.8911/8/1996 148312.22 148312.22 100000 149563.2 36447.96 244.7 163284.89 163884.89

11/15/1996 153327.86 153327.86 100000 154360.77 37802.76 244.7 163284.89 163884.8911/22/1996 153489.66 153489.66 100000 154515.53 39157.57 244.7 163284.89 163884.8911/29/1996 166549.17 166549.17 100000 167007.25 40512.38 244.7 166549.17 167007.25

12/6/1996 195519.84 195519.84 100000 194718.31 41867.18 244.7 195519.84 194718.3112/13/1996 178960.81 178960.81 100000 178879.25 43221.99 244.7 195519.84 194718.3112/20/1996 142768.02 142768.02 100000 144260.06 44576.8 142768.02 195519.84 194718.3112/27/1996 142768.02 142768.02 100000 150265.59 45931.6 142768.02 195519.84 194718.31

1/3/1997 142768.02 142768.02 100000 146473.34 47286.41 142768.02 195519.84 194718.311/10/1997 142768.02 142768.02 100000 149367.02 48641.22 142768.02 195519.84 194718.311/17/1997 142768.02 142768.02 100000 149590.3 49996.02 142768.02 195519.84 194718.311/24/1997 142768.02 142768.02 100000 154837.08 51350.83 142768.02 195519.84 194718.31

1/31/1997 142768.02 142768.02 100000 156503.36 52705.64 142768.02 195519.84 194718.312/21/1997 142768.02 142768.02 100000 164571.42 54060.44 369.81 195519.84 194718.312/28/1997 146007.63 146007.63 100000 168134.98 55415.25 369.81 195519.84 194718.31

3/7/1997 151250.61 151250.61 100000 173902.28 56770.06 369.81 195519.84 194718.313/14/1997 157981.83 157981.83 100000 181306.61 58124.86 369.81 195519.84 194718.313/21/1997 163773.63 163773.63 100000 187677.59 59479.67 369.81 195519.84 194718.313/28/1997 168743.63 168743.63 100000 193144.59 60834.48 369.81 195519.84 194718.31

4/4/1997 176904.2 176904.2 100000 202121.23 62189.28 369.81 195519.84 202121.234/11/1997 179364.02 179364.02 100000 204827.03 63544.09 369.81 195519.84 204827.034/18/1997 187694.02 187694.02 100000 213990.03 64898.9 369.81 195519.84 213990.034/25/1997 191467.02 191467.02 100000 218140.33 66253.7 369.81 195519.84 218140.33

5/2/1997 195494.81 195494.81 100000 222570.91 67608.51 369.81 195519.84 222570.915/9/1997 205782.02 205782.02 100000 233886.83 68963.32 369.81 205782.02 233886.83

5/16/1997 184598.63 184598.63 100000 210585.09 70318.12 369.81 205782.02 233886.835/23/1997 175967.63 175967.63 100000 201090.98 71672.93 369.81 205782.02 233886.835/30/1997 180295.02 180295.02 100000 205851.14 73027.74 369.81 205782.02 233886.83

6/6/1997 178911.81 178911.81 100000 204329.61 74382.54 178911.81 205782.02 233886.836/13/1997 178911.81 178911.81 100000 199506.33 75737.35 178911.81 205782.02 233886.836/20/1997 178911.81 178911.81 100000 206778.2 77092.15 178911.81 205782.02 233886.836/27/1997 178911.81 178911.81 100000 200474.98 78446.96 178911.81 205782.02 233886.83

7/4/1997 178911.81 178911.81 100000 186471.77 79801.77 178911.81 205782.02 233886.837/11/1997 178911.81 178911.81 100000 185771.08 81156.57 178911.81 205782.02 233886.837/18/1997 178911.81 178911.81 100000 194251.84 82511.38 178911.81 205782.02 233886.837/25/1997 178911.81 178911.81 100000 188245.84 83866.19 178911.81 205782.02 233886.83

8/1/1997 178911.81 178911.81 100000 191629.22 85220.99 178911.81 205782.02 233886.838/8/1997 178911.81 178911.81 100000 193665.11 86575.8 178911.81 205782.02 233886.83

8/15/1997 178911.81 178911.81 100000 183964.66 87930.61 178911.81 205782.02 233886.838/22/1997 178911.81 178911.81 100000 188395.22 89285.41 178911.81 205782.02 233886.838/29/1997 178911.81 178911.81 100000 195976.66 90640.22 637.05 205782.02 233886.83

9/5/1997 183363.34 183363.34 100000 200672.11 91995.03 637.05 205782.02 233886.839/12/1997 177107.23 177107.23 100000 194073.2 93349.83 637.05 205782.02 233886.839/19/1997 173576.97 173576.97 100000 190349.48 94704.64 173576.97 205782.02 233886.839/26/1997 173576.97 173576.97 100000 178816.42 96059.45 173576.97 205782.02 233886.8310/3/1997 173576.97 173576.97 100000 176929.92 97414.25 173576.97 205782.02 233886.83

10/10/1997 173576.97 173576.97 100000 182075.08 98769.06 173576.97 205782.02 233886.8310/17/1997 173576.97 173576.97 100000 189112.86 100123.87 632.94 205782.02 233886.8310/24/1997 173844.52 173844.52 100000 189393.16 101478.67 632.94 205782.02 233886.8310/31/1997 174150.27 174150.27 100000 189713.47 102833.48 632.94 205782.02 233886.83

11/7/1997 176318.52 176318.52 100000 191984.97 104188.29 632.94 205782.02 233886.8311/14/1997 176713.94 176713.94 100000 192399.22 105543.09 632.94 205782.02 233886.8311/21/1997 170941.27 170941.27 100000 186351.66 106897.9 170941.27 205782.02 233886.8311/28/1997 170941.27 170941.27 100000 183436.42 108252.71 170941.27 205782.02 233886.83

12/5/1997 170941.27 170941.27 100000 182908.2 109607.51 170941.27 205782.02 233886.8312/12/1997 170941.27 170941.27 100000 185624.77 110962.32 170941.27 205782.02 233886.8312/19/1997 170941.27 170941.27 100000 186691.98 112317.13 308.08 205782.02 233886.8312/26/1997 175520.31 175520.31 100000 191489.09 113671.93 308.08 205782.02 233886.83

1/2/1998 175840.77 175840.77 100000 191824.8 115026.74 308.08 205782.02 233886.831/9/1998 182573.52 182573.52 100000 198878.16 116381.55 308.08 205782.02 233886.83

1/16/1998 178760.48 178760.48 100000 194883.56 117736.35 308.08 205782.02 233886.831/23/1998 180076.28 180076.28 100000 196262 119091.16 308.08 205782.02 233886.832/13/1998 183456.98 183456.98 100000 199803.7 120445.97 308.08 205782.02 233886.832/20/1998 180533.02 180533.02 100000 196740.48 121800.77 308.08 205782.02 233886.832/27/1998 177667.98 177667.98 100000 193739.03 123155.58 308.08 205782.02 233886.83

3/6/1998 177656.52 177656.52 100000 193727.02 124510.39 308.08 205782.02 233886.833/13/1998 174497.34 174497.34 100000 190417.41 125865.19 174497.34 205782.02 233886.833/20/1998 174497.34 174497.34 100000 190808.56 127220 174497.34 205782.02 233886.833/27/1998 174497.34 174497.34 100000 196362.41 128574.81 751.13 205782.02 233886.83

4/3/1998 183253.5 183253.5 100000 205858.52 129929.61 751.13 205782.02 233886.834/10/1998 186986.11 186986.11 100000 209906.56 131284.42 751.13 205782.02 233886.834/17/1998 185082.33 185082.33 100000 207841.89 132639.23 751.13 205782.02 233886.834/24/1998 187504.83 187504.83 100000 210469.13 133994.03 751.13 205782.02 233886.83

5/1/1998 191520.73 191520.73 100000 214824.39 135348.84 751.13 205782.02 233886.835/8/1998 193529.61 193529.61 100000 217003.03 136703.65 751.13 205782.02 233886.83

5/15/1998 195019.48 195019.48 100000 218618.81 138058.45 751.13 205782.02 233886.835/22/1998 196117.14 196117.14 100000 219809.23 139413.26 751.13 205782.02 233886.835/29/1998 201142.38 201142.38 100000 225259.14 140768.07 751.13 205782.02 233886.83

6/5/1998 200774.31 200774.31 100000 224859.97 142122.87 751.13 205782.02 233886.836/12/1998 197192.2 197192.2 100000 220975.16 143477.68 751.13 205782.02 233886.836/19/1998 198321.39 198321.39 100000 222199.77 144832.48 751.13 205782.02 233886.836/26/1998 197508.89 197508.89 100000 221318.58 146187.29 751.13 205782.02 233886.83

7/3/1998 190338.88 190338.88 100000 213542.66 147542.1 190338.88 205782.02 233886.837/10/1998 190338.88 190338.88 100000 217468.73 148896.9 190338.88 205782.02 233886.837/17/1998 190338.88 190338.88 100000 210399.52 150251.71 190338.88 205782.02 233886.837/24/1998 190338.88 190338.88 100000 212263.84 151606.52 190338.88 205782.02 233886.837/31/1998 190338.88 190338.88 100000 210738.92 152961.32 190338.88 205782.02 233886.83

8/7/1998 190338.88 190338.88 100000 203678.03 154316.13 190338.88 205782.02 233886.838/14/1998 190338.88 190338.88 100000 187809.41 155670.94 190338.88 205782.02 233886.838/21/1998 190338.88 190338.88 100000 189287.36 157025.74 190338.88 205782.02 233886.838/28/1998 190338.88 190338.88 100000 181910.61 158380.55 190338.88 205782.02 233886.83

9/4/1998 190338.88 190338.88 100000 187116.56 159735.36 190338.88 205782.02 233886.839/11/1998 190338.88 190338.88 100000 195506.17 161090.16 190338.88 205782.02 233886.839/18/1998 190338.88 190338.88 100000 193811.56 162444.97 190338.88 205782.02 233886.839/25/1998 190338.88 190338.88 100000 196056.42 163799.78 190338.88 205782.02 233886.8310/2/1998 190338.88 190338.88 100000 199339.39 165154.58 175.78 205782.02 233886.8310/9/1998 189426.39 189426.39 100000 198420.94 166509.39 175.78 205782.02 233886.83

10/16/1998 191659.11 191659.11 100000 200668.27 167864.2 175.78 205782.02 233886.8310/23/1998 186442.42 186442.42 100000 195417.47 169219 175.78 205782.02 233886.8310/30/1998 186425.14 186425.14 100000 195400.08 170573.81 175.78 205782.02 233886.83

11/6/1998 192919.83 192919.83 100000 201937.22 171928.62 175.78 205782.02 233886.8311/13/1998 196399.52 196399.52 100000 205439.64 173283.42 175.78 205782.02 233886.8311/20/1998 195308.02 195308.02 100000 204341 174638.23 175.78 205782.02 233886.8311/27/1998 190673.19 190673.19 100000 199675.89 175993.04 175.78 205782.02 233886.83

12/4/1998 186712.78 186712.78 100000 195689.59 177347.84 186712.78 205782.02 233886.8312/11/1998 186712.78 186712.78 100000 194921.73 178702.65 186712.78 205782.02 233886.8312/18/1998 186712.78 186712.78 100000 185945.09 180057.46 186712.78 205782.02 233886.8312/25/1998 186712.78 186712.78 100000 188716 181412.26 186712.78 205782.02 233886.83

1/1/1999 186712.78 186712.78 100000 184525.2 182767.07 186712.78 205782.02 233886.831/8/1999 186712.78 186712.78 100000 187930.75 184121.88 186712.78 205782.02 233886.83

1/15/1999 186712.78 186712.78 100000 183078.98 185476.68 186712.78 205782.02 233886.831/22/1999 186712.78 186712.78 100000 186935.3 186831.49 186712.78 205782.02 233886.831/29/1999 186712.78 186712.78 100000 182673.05 188186.3 186712.78 205782.02 233886.83

2/5/1999 186712.78 186712.78 100000 174475.48 189541.1 186712.78 205782.02 233886.832/12/1999 186712.78 186712.78 100000 175806.81 190895.91 186712.78 205782.02 233886.83

3/5/1999 186712.78 186712.78 100000 182316.39 192250.72 186712.78 205782.02 233886.833/12/1999 186712.78 186712.78 100000 186373.52 193605.52 161.75 205782.02 233886.833/19/1999 189003.97 189003.97 100000 188565.09 194960.33 161.75 205782.02 233886.833/26/1999 187102.08 187102.08 100000 186745.89 196315.14 161.75 205782.02 233886.83

4/2/1999 190850.47 190850.47 100000 190331.31 197669.94 161.75 205782.02 233886.834/9/1999 194189.14 194189.14 100000 193524.81 199024.75 161.75 205782.02 233886.83

4/16/1999 187925.92 187925.92 100000 187533.91 200379.56 161.75 205782.02 233886.834/23/1999 183701.27 183701.27 100000 183492.94 201734.36 183701.27 205782.02 233886.834/30/1999 183701.27 183701.27 100000 180556.17 203089.17 183701.27 205782.02 233886.83

5/7/1999 183701.27 183701.27 100000 180527.06 204443.98 183701.27 205782.02 233886.835/14/1999 183701.27 183701.27 100000 171678.06 205798.78 183701.27 205782.02 233886.83

5/21/1999 183701.27 183701.27 100000 187916.28 207153.59 212.23 205782.02 233886.835/28/1999 200724.78 200724.78 100000 204614.52 208508.39 212.23 205782.02 233886.83

6/4/1999 202048.13 202048.13 100000 205912.56 209863.2 212.23 205782.02 233886.836/11/1999 215363.47 215363.47 100000 218973.47 211218.01 212.23 215363.47 233886.836/18/1999 235541.89 235541.89 100000 238766.33 212572.81 212.23 235541.89 238766.336/25/1999 250448.09 250448.09 100000 253387.69 213927.62 212.23 250448.09 253387.69

7/2/1999 253536.91 253536.91 100000 256417.48 215282.43 212.23 253536.91 256417.487/9/1999 249017.98 249017.98 100000 251984.91 216637.23 212.23 253536.91 256417.48

7/16/1999 238811.56 238811.56 100000 241973.52 217992.04 212.23 253536.91 256417.487/23/1999 249211.09 249211.09 100000 252174.33 219346.85 212.23 253536.91 256417.487/30/1999 251641.3 251641.3 100000 254558.09 220701.65 212.23 253536.91 256417.48

8/6/1999 258727.33 258727.33 100000 261508.73 222056.46 212.23 258727.33 261508.738/13/1999 247000.69 247000.69 100000 250006.16 223411.27 212.23 258727.33 261508.738/20/1999 255954.86 255954.86 100000 258789.23 224766.07 212.23 258727.33 261508.738/27/1999 256734.53 256734.53 100000 259554.02 226120.88 212.23 258727.33 261508.73

9/3/1999 249510.48 249510.48 100000 252468 227475.69 212.23 258727.33 261508.739/10/1999 260821.08 260821.08 100000 263562.47 228830.49 212.23 260821.08 263562.479/17/1999 259035.83 259035.83 100000 261811.34 230185.3 212.23 260821.08 263562.479/24/1999 254446.42 254446.42 100000 257309.63 231540.11 212.23 260821.08 263562.4710/1/1999 246812.45 246812.45 100000 249821.52 232894.91 246812.45 260821.08 263562.4710/8/1999 246812.45 246812.45 100000 244248.72 234249.72 246812.45 260821.08 263562.47

10/15/1999 246812.45 246812.45 100000 245678.3 235604.53 246812.45 260821.08 263562.4710/22/1999 246812.45 246812.45 100000 238542.56 236959.33 246812.45 260821.08 263562.4710/29/1999 246812.45 246812.45 100000 239636.11 238314.14 246812.45 260821.08 263562.47

11/5/1999 246812.45 246812.45 100000 233579.14 239668.95 246812.45 260821.08 263562.4711/12/1999 246812.45 246812.45 100000 231283.77 241023.75 246812.45 260821.08 263562.4711/19/1999 246812.45 246812.45 100000 234078.11 242378.56 246812.45 260821.08 263562.4711/26/1999 246812.45 246812.45 100000 230388.41 243733.37 246812.45 260821.08 263562.47

12/3/1999 246812.45 246812.45 100000 229267.3 245088.17 246812.45 260821.08 263562.4712/10/1999 246812.45 246812.45 100000 227990 246442.98 246812.45 260821.08 263562.4712/17/1999 246812.45 246812.45 100000 226544.27 247797.79 246812.45 260821.08 263562.4712/24/1999 246812.45 246812.45 100000 216659.92 249152.59 246812.45 260821.08 263562.4712/31/1999 246812.45 246812.45 100000 218386.72 250507.4 246812.45 260821.08 263562.47

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6/2/2000 290119.28 290119.28 100000 303035.91 276248.72 765.53 290119.28 303035.916/9/2000 287784.38 287784.38 100000 300654.59 277603.53 765.53 290119.28 303035.91

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7/7/2000 292617.13 292617.13 100000 305583.38 283022.76 765.53 293649.22 306635.97

7/14/2000 300831.53 300831.53 100000 313960.97 284377.56 765.53 300831.53 313960.977/21/2000 302212.28 302212.28 100000 315369.16 285732.37 765.53 302212.28 315369.167/28/2000 304697.28 304697.28 100000 317903.53 287087.18 765.53 304697.28 317903.53

8/4/2000 306746.03 306746.03 100000 319993 288441.98 765.53 306746.03 3199938/11/2000 312228.09 312228.09 100000 325583.97 289796.79 765.53 312228.09 325583.978/18/2000 316383.19 316383.19 100000 329821.59 291151.6 765.53 316383.19 329821.598/25/2000 315857.66 315857.66 100000 329285.66 292506.4 765.53 316383.19 329821.59

9/1/2000 302744.25 302744.25 100000 315911.69 293861.21 765.53 316383.19 329821.599/8/2000 296621.66 296621.66 100000 309667.47 295216.02 296621.66 316383.19 329821.59

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10/13/2000 296621.66 296621.66 100000 303329.59 300635.24 296621.66 316383.19 329821.5910/20/2000 296621.66 296621.66 100000 307841.47 301990.05 296621.66 316383.19 329821.5910/27/2000 296621.66 296621.66 100000 310914.56 303344.86 296621.66 316383.19 329821.59

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12/1/2000 301573.09 301573.09 100000 328537.22 310118.89 1787.72 316383.19 330291.6312/8/2000 300323.19 300323.19 100000 327200.53 311473.7 1787.72 316383.19 330291.63

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3/2/2001 283591.38 283591.38 100000 313640.5 325021.76 283591.38 316383.19 335229.633/9/2001 283591.38 283591.38 100000 317729.06 326376.57 283591.38 316383.19 335229.63

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8/2/2002 263408.44 263408.44 100000 263861.53 421213.03 832.84 316383.19 350285.918/9/2002 261066.11 261066.11 100000 261578.5 422567.84 832.84 316383.19 350285.91

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10/11/2002 258591.52 258591.52 100000 242637.27 433406.29 258591.52 316383.19 350285.9110/18/2002 258591.52 258591.52 100000 241942.41 434761.1 258591.52 316383.19 350285.9110/25/2002 258591.52 258591.52 100000 242061.61 436115.9 258591.52 316383.19 350285.91

11/1/2002 258591.52 258591.52 100000 240590.45 437470.71 258591.52 316383.19 350285.91

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8/1/2003 261430.05 261430.05 100000 235386.63 487598.55 261430.05 316383.19 350285.918/8/2003 261430.05 261430.05 100000 234509.3 488953.36 261430.05 316383.19 350285.91

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2/4/2005 282971.47 282971.47 100000 203360.03 591918.66 282971.47 330885.59 350285.91

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4/1/2005 264687.44 264687.44 100000 196362.58 601402.31 264687.44 330885.59 350285.914/8/2005 264687.44 264687.44 100000 200205.64 602757.12 264687.44 330885.59 350285.91

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6/3/2005 264687.44 264687.44 100000 164033.52 612240.76 264687.44 330885.59 350285.916/10/2005 264687.44 264687.44 100000 178609.45 613595.57 264687.44 330885.59 350285.916/17/2005 264687.44 264687.44 100000 175117.34 614950.37 264687.44 330885.59 350285.916/24/2005 264687.44 264687.44 100000 177623.23 616305.18 264687.44 330885.59 350285.91

7/1/2005 264687.44 264687.44 100000 170494.88 617659.99 264687.44 330885.59 350285.917/8/2005 264687.44 264687.44 100000 164702.78 619014.79 264687.44 330885.59 350285.91

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4/7/2006 332126.84 332126.84 100000 214750.02 669142.64 414.5 332126.84 350285.91

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9/1/2006 388241.56 388241.56 100000 259983.83 696238.77 345.78 427771.44 350285.919/8/2006 395658 395658 100000 264802.94 697593.58 345.78 427771.44 350285.91

9/15/2006 408233.47 408233.47 100000 272974.34 698948.38 345.78 427771.44 350285.919/22/2006 409256.34 409256.34 100000 273639 700303.19 345.78 427771.44 350285.919/29/2006 415670.25 415670.25 100000 277806.69 701658 345.78 427771.44 350285.91

10/13/2006 423309.25 423309.25 100000 282770.44 703012.8 345.78 427771.44 350285.9110/20/2006 424662.06 424662.06 100000 283649.47 704367.61 345.78 427771.44 350285.9110/27/2006 428646.28 428646.28 100000 286238.38 705722.42 345.78 428646.28 350285.91

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12/1/2006 498531.41 498531.41 100000 331648.97 712496.45 345.78 498531.41 350285.9112/8/2006 496537.97 496537.97 100000 330353.66 713851.26 345.78 498531.41 350285.91

12/15/2006 539262 539262 100000 358115.22 715206.06 345.78 539262 358115.2212/22/2006 555795.13 555795.13 100000 368858.28 716560.87 345.78 555795.13 368858.2812/29/2006 634433.13 634433.13 100000 419956.41 717915.68 345.78 634433.13 419956.41

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2/2/2007 633897 633897 100000 419608.03 724689.71 345.78 683512 451847.342/9/2007 647447.25 647447.25 100000 428412.84 726044.52 345.78 683512 451847.34

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4/6/2007 788035.38 788035.38 100000 519765.5 735528.16 345.78 788035.38 519765.54/13/2007 834175.13 834175.13 100000 549746.56 736882.97 345.78 834175.13 549746.564/20/2007 849802.13 849802.13 100000 559900.88 738237.78 345.78 849802.13 559900.884/27/2007 891434.25 891434.25 100000 586952.94 739592.58 345.78 891434.25 586952.94

5/4/2007 910727.25 910727.25 100000 599489.31 740947.39 345.78 910727.25 599489.315/11/2007 953483.5 953483.5 100000 627271.88 742302.2 345.78 953483.5 627271.885/18/2007 955517 955517 100000 628593.19 743657 345.78 955517 628593.195/25/2007 990952.63 990952.63 100000 651618.94 745011.81 345.78 990952.63 651618.94

6/1/2007 948521.63 948521.63 100000 624047.69 746366.61 345.78 990952.63 651618.94

6/8/2007 927758.75 927758.75 100000 610556.25 747721.42 345.78 990952.63 651618.946/15/2007 979835.75 979835.75 100000 644395.31 749076.23 345.78 990952.63 651618.946/22/2007 970018.25 970018.25 100000 638016 750431.03 345.78 990952.63 651618.946/29/2007 905852.38 905852.38 100000 596321.69 751785.84 905852.38 990952.63 651618.94

7/6/2007 905852.38 905852.38 100000 590261 753140.65 905852.38 990952.63 651618.947/13/2007 905852.38 905852.38 100000 610750.25 754495.45 905852.38 990952.63 651618.947/20/2007 905852.38 905852.38 100000 632996.81 755850.26 728.13 990952.63 651618.947/27/2007 969742.75 969742.75 100000 677118.38 757205.07 728.13 990952.63 677118.38

8/3/2007 ### ### 100000 710292.63 758559.87 728.13 ### 710292.638/10/2007 1059837.5 1059837.5 100000 739336.31 759914.68 728.13 1059837.5 739336.318/17/2007 ### ### 100000 725045.88 761269.49 728.13 1059837.5 739336.318/24/2007 ### ### 100000 794514.31 762624.29 728.13 ### 794514.318/31/2007 ### ### 100000 811632.5 763979.1 728.13 ### 811632.5

9/7/2007 ### ### 100000 820618.5 765333.91 728.13 ### 820618.59/14/2007 ### ### 100000 826009.5 766688.71 728.13 ### 826009.59/21/2007 ### ### 100000 847953.19 768043.52 728.13 ### 847953.199/28/2007 ### ### 100000 862987.75 769398.33 728.13 ### 862987.75

10/12/2007 1317156 1317156 100000 917036.13 770753.13 728.13 1317156 917036.1310/19/2007 ### ### 100000 903912.69 772107.94 728.13 1317156 917036.1310/26/2007 ### ### 100000 868736.56 773462.75 728.13 1317156 917036.13

11/2/2007 ### ### 100000 897716.06 774817.55 728.13 1317156 917036.1311/9/2007 ### ### 100000 826526.63 776172.36 ### 1317156 917036.13

11/16/2007 ### ### 100000 826639.63 777527.17 ### 1317156 917036.1311/23/2007 ### ### 100000 782881.44 778881.97 ### 1317156 917036.1311/30/2007 ### ### 100000 758187.25 780236.78 ### 1317156 917036.13

12/7/2007 ### ### 100000 792063.81 781591.59 ### 1317156 917036.1312/14/2007 ### ### 100000 779151.75 782946.39 ### 1317156 917036.1312/21/2007 ### ### 100000 793607.38 784301.2 ### 1317156 917036.1312/28/2007 ### ### 100000 818214.13 785656.01 ### 1317156 917036.13

1/4/2008 ### ### 100000 833615.88 787010.81 1185.75 1317156 917036.131/11/2008 ### ### 100000 852573.69 788365.62 1185.75 1317156 917036.131/18/2008 ### ### 100000 805732.63 789720.43 ### 1317156 917036.131/25/2008 ### ### 100000 741233.38 791075.23 ### 1317156 917036.13

2/1/2008 ### ### 100000 673331.56 792430.04 ### 1317156 917036.132/8/2008 ### ### 100000 716286.56 793784.85 ### 1317156 917036.13

2/15/2008 ### ### 100000 700491 795139.65 ### 1317156 917036.132/22/2008 ### ### 100000 680957.38 796494.46 ### 1317156 917036.132/29/2008 ### ### 100000 677609.06 797849.27 ### 1317156 917036.13

3/7/2008 ### ### 100000 670212.75 799204.07 ### 1317156 917036.133/14/2008 ### ### 100000 618185.13 800558.88 ### 1317156 917036.133/21/2008 ### ### 100000 592606.13 801913.69 ### 1317156 917036.133/28/2008 ### ### 100000 559275.94 803268.49 ### 1317156 917036.13

4/4/2008 ### ### 100000 538655 804623.3 ### 1317156 917036.134/11/2008 ### ### 100000 545839 805978.11 ### 1317156 917036.134/18/2008 ### ### 100000 484512.28 807332.91 ### 1317156 917036.134/25/2008 ### ### 100000 555826.81 808687.72 ### 1317156 917036.13

5/2/2008 ### ### 100000 576671.75 810042.53 ### 1317156 917036.135/9/2008 ### ### 100000 564411.5 811397.33 ### 1317156 917036.13

5/16/2008 ### ### 100000 566065.31 812752.14 ### 1317156 917036.135/23/2008 ### ### 100000 542789.44 814106.94 ### 1317156 917036.135/30/2008 ### ### 100000 536669.94 815461.75 ### 1317156 917036.13

6/6/2008 ### ### 100000 520702.56 816816.56 ### 1317156 917036.136/13/2008 ### ### 100000 449728.63 818171.36 ### 1317156 917036.136/20/2008 ### ### 100000 444020.75 819526.17 ### 1317156 917036.136/27/2008 ### ### 100000 431191.91 820880.98 ### 1317156 917036.13

7/4/2008 ### ### 100000 419096.78 822235.78 ### 1317156 917036.137/11/2008 ### ### 100000 447855.06 823590.59 ### 1317156 917036.13

7/18/2008 ### ### 100000 435801.91 824945.4 ### 1317156 917036.137/25/2008 ### ### 100000 449158.97 826300.2 ### 1317156 917036.13

8/1/2008 ### ### 100000 439413.22 827655.01 ### 1317156 917036.138/8/2008 ### ### 100000 409214.13 829009.82 ### 1317156 917036.13

8/15/2008 ### ### 100000 385327.38 830364.62 ### 1317156 917036.138/22/2008 ### ### 100000 378338.22 831719.43 ### 1317156 917036.138/29/2008 ### ### 100000 377128.22 833074.24 ### 1317156 917036.13

9/5/2008 ### ### 100000 347110.09 834429.04 ### 1317156 917036.139/12/2008 ### ### 100000 328203.06 835783.85 ### 1317156 917036.139/19/2008 ### ### 100000 327497.44 837138.66 ### 1317156 917036.139/26/2008 ### ### 100000 361176.13 838493.46 ### 1317156 917036.13

10/10/2008 ### ### 100000 316021.5 839848.27 ### 1317156 917036.1310/17/2008 ### ### 100000 305253.66 841203.08 ### 1317156 917036.1310/24/2008 ### ### 100000 291235.03 842557.88 ### 1317156 917036.1310/31/2008 ### ### 100000 274166.44 843912.69 ### 1317156 917036.13

11/7/2008 ### ### 100000 277081.22 845267.5 ### 1317156 917036.1311/14/2008 ### ### 100000 313844.84 846622.3 ### 1317156 917036.1311/21/2008 ### ### 100000 311219.31 847977.11 ### 1317156 917036.1311/28/2008 ### ### 100000 296091.44 849331.92 ### 1317156 917036.13

12/5/2008 ### ### 100000 318806.44 850686.72 1501.38 1317156 917036.1312/12/2008 ### ### 100000 308882.5 852041.53 ### 1317156 917036.1312/19/2008 ### ### 100000 318776.72 853396.34 1405 1317156 917036.1312/26/2008 ### ### 100000 293067.16 854751.14 ### 1317156 917036.13

1/2/2009 ### ### 100000 288337.38 856105.95 ### 1317156 917036.131/9/2009 ### ### 100000 301282 857460.76 692.63 1317156 917036.13

1/16/2009 1044362.5 1044362.5 100000 308916.84 858815.56 692.63 1317156 917036.131/23/2009 1063703.5 1063703.5 100000 314494.59 860170.37 692.63 1317156 917036.13

2/6/2009 ### ### 100000 343844.22 861525.18 692.63 1317156 917036.132/13/2009 1239995.5 1239995.5 100000 365335.38 862879.98 692.63 1317156 917036.132/20/2009 ### ### 100000 356201.03 864234.79 692.63 1317156 917036.132/27/2009 ### ### 100000 328692.63 865589.6 692.63 1317156 917036.13

3/6/2009 ### ### 100000 345656.5 866944.4 692.63 1317156 917036.133/13/2009 ### ### 100000 335775.97 868299.21 692.63 1317156 917036.133/20/2009 1218793 1218793 100000 359220.78 869654.02 692.63 1317156 917036.133/27/2009 1268642.5 1268642.5 100000 373596.84 871008.82 692.63 1317156 917036.13

4/3/2009 ### ### 100000 380579.22 872363.63 692.63 1317156 917036.134/10/2009 ### ### 100000 384344.22 873718.44 692.63 1317156 917036.134/17/2009 1337794 1337794 100000 393539.41 875073.24 692.63 1337794 917036.134/24/2009 ### ### 100000 385017.03 876428.05 692.63 1337794 917036.13

5/1/2009 1323714.5 1323714.5 100000 389479.03 877782.86 692.63 1337794 917036.135/8/2009 1402787 1402787 100000 412282.75 879137.66 692.63 1402787 917036.13

5/15/2009 1413263 1413263 100000 415303.91 880492.47 692.63 1413263 917036.135/22/2009 ### ### 100000 407963.97 881847.27 692.63 1413263 917036.135/29/2009 ### ### 100000 413404.63 883202.08 692.63 1413263 917036.13

6/5/2009 1471270.5 1471270.5 100000 432032.63 884556.89 692.63 1471270.5 917036.136/12/2009 1465861.5 1465861.5 100000 430472.75 885911.69 692.63 1471270.5 917036.136/19/2009 ### ### 100000 451529.16 887266.5 692.63 ### 917036.136/26/2009 ### ### 100000 458877.91 888621.31 692.63 ### 917036.13

7/3/2009 ### ### 100000 483541.91 889976.11 692.63 ### 917036.137/10/2009 ### ### 100000 487478.91 891330.92 692.63 ### 917036.137/17/2009 ### ### 100000 499153.5 892685.73 692.63 ### 917036.137/24/2009 ### ### 100000 527314.31 894040.53 692.63 ### 917036.137/31/2009 ### ### 100000 533391 895395.34 692.63 ### 917036.13

8/7/2009 1741901 1741901 100000 510079.66 896750.15 692.63 ### 917036.138/14/2009 ### ### 100000 477167.09 898104.95 692.63 ### 917036.13

上證指數

0.0% 0.0%0.0% -3.1%0.0% -1.3%0.0% -5.2%0.0% -4.9%0.0% -3.2%0.0% -4.9%0.0% -0.4%0.0% 0.0%

-1.9% -1.7%-0.5% -0.5%-2.9% -2.7%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-8.1% -7.6%-6.5% -6.1%0.0% 0.0%

-10.1% -9.4%-9.6% -8.9%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-2.3% -2.2%-1.0% -0.9%0.0% 0.0%

-1.4% -1.3%-2.1% -2.0%0.0% 0.0%

-2.0% -1.9%-7.8% -7.4%-7.1% -6.7%-7.1% -7.6%-7.1% -10.0%-7.1% -7.2%-7.1% 0.0%-8.3% -1.3%-3.4% 0.0%-0.2% 0.0%0.0% 0.0%

-8.1% -7.7%-9.2% -8.7%-6.1% -5.8%-6.0% -5.7%0.0% 0.0%0.0% 0.0%

-8.5% -8.1%-27.0% -25.9%-27.0% -22.8%-27.0% -24.8%-27.0% -23.3%-27.0% -23.2%-27.0% -20.5%

12星期平均線買賣系統

-27.0% -19.6%-27.0% -15.5%-25.3% -13.7%-22.6% -10.7%-19.2% -6.9%-16.2% -3.6%-13.7% -0.8%

-9.5% 0.0%-8.3% 0.0%-4.0% 0.0%-2.1% 0.0%0.0% 0.0%0.0% 0.0%

-10.3% -10.0%-14.5% -14.0%-12.4% -12.0%-13.1% -12.6%-13.1% -14.7%-13.1% -11.6%-13.1% -14.3%-13.1% -20.3%-13.1% -20.6%-13.1% -16.9%-13.1% -19.5%-13.1% -18.1%-13.1% -17.2%-13.1% -21.3%-13.1% -19.5%-13.1% -16.2%-10.9% -14.2%-13.9% -17.0%-15.7% -18.6%-15.7% -23.5%-15.7% -24.4%-15.7% -22.2%-15.7% -19.1%-15.5% -19.0%-15.4% -18.9%-14.3% -17.9%-14.1% -17.7%-16.9% -20.3%-16.9% -21.6%-16.9% -21.8%-16.9% -20.6%-16.9% -20.2%-14.7% -18.1%-14.5% -18.0%-11.3% -15.0%-13.1% -16.7%-12.5% -16.1%-10.8% -14.6%-12.3% -15.9%-13.7% -17.2%-13.7% -17.2%-15.2% -18.6%-15.2% -18.4%-15.2% -16.0%

-10.9% -12.0%-9.1% -10.3%

-10.1% -11.1%-8.9% -10.0%-6.9% -8.2%-6.0% -7.2%-5.2% -6.5%-4.7% -6.0%-2.3% -3.7%-2.4% -3.9%-4.2% -5.5%-3.6% -5.0%-4.0% -5.4%-7.5% -8.7%-7.5% -7.0%-7.5% -10.0%-7.5% -9.2%-7.5% -9.9%-7.5% -12.9%-7.5% -19.7%-7.5% -19.1%-7.5% -22.2%-7.5% -20.0%-7.5% -16.4%-7.5% -17.1%-7.5% -16.2%-7.5% -14.8%-7.9% -15.2%-6.9% -14.2%-9.4% -16.4%-9.4% -16.5%-6.3% -13.7%-4.6% -12.2%-5.1% -12.6%-7.3% -14.6%-9.3% -16.3%-9.3% -16.7%-9.3% -20.5%-9.3% -19.3%-9.3% -21.1%-9.3% -19.6%-9.3% -21.7%-9.3% -20.1%-9.3% -21.9%-9.3% -25.4%-9.3% -24.8%-9.3% -22.0%-9.3% -20.3%-8.2% -19.4%-9.1% -20.2%-7.3% -18.6%-5.6% -17.3%-8.7% -19.8%

-10.7% -21.5%-10.7% -22.8%-10.7% -22.8%-10.7% -26.6%

-10.7% -19.7%-2.5% -12.5%-1.8% -12.0%0.0% -6.4%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-1.8% -1.7%-5.8% -5.6%-1.7% -1.7%-0.7% -0.7%0.0% 0.0%

-4.5% -4.4%-1.1% -1.0%-0.8% -0.7%-3.6% -3.5%0.0% 0.0%

-0.7% -0.7%-2.4% -2.4%-5.4% -5.2%-5.4% -7.3%-5.4% -6.8%-5.4% -9.5%-5.4% -9.1%-5.4% -11.4%-5.4% -12.2%-5.4% -11.2%-5.4% -12.6%-5.4% -13.0%-5.4% -13.5%-5.4% -14.0%-5.4% -17.8%-5.4% -17.1%-5.4% -8.4%

-12.1% -14.7%-12.1% -11.4%

-7.9% -7.3%0.0% 0.0%

-2.2% -2.1%0.0% 0.0%

-1.9% -1.8%-4.6% -4.4%-0.4% -0.4%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-0.3% -0.3%-6.5% -6.4%-6.5% -3.3%-1.2% 0.0%0.0% 0.0%

-0.8% -0.8%0.0% 0.0%0.0% 0.0%

-0.6% -0.6%-0.4% -0.3%

0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-0.2% -0.2%-4.3% -4.2%-6.2% -6.1%-6.2% -5.2%-6.2% -9.3%-6.2% -8.4%-6.2% -8.0%-6.2% -6.7%-6.2% -5.7%-6.2% -5.1%-6.2% -2.0%-4.2% 0.0%-6.0% -1.9%-4.7% -0.5%-5.1% -0.9%-6.6% -2.5%-5.2% -1.1%-5.1% -0.9%-2.7% 0.0%-3.6% -0.9%-5.4% -2.7%

-10.4% -7.7%-10.4% -8.4%-10.4% -8.7%-10.4% -6.4%-10.4% -5.2%-10.4% -4.8%-10.4% -3.3%

-7.8% -0.6%-8.0% -0.8%-6.4% 0.0%-6.1% 0.0%-7.7% -1.7%-7.5% -1.5%-5.9% 0.0%-3.8% 0.0%-4.3% -0.4%-3.1% 0.0%-3.0% 0.0%-3.5% -0.5%-3.7% -0.7%-3.2% -0.2%-5.3% -2.3%-5.3% -2.7%-5.3% -1.9%-5.3% -6.9%-5.3% -11.6%-5.3% -11.8%-5.3% -13.1%-5.3% -14.8%-5.3% -17.1%

-5.3% -18.2%-5.3% -17.8%-5.3% -18.3%-5.3% -20.1%-5.3% -23.4%-5.3% -28.6%-5.3% -24.0%-5.3% -23.4%-5.3% -26.1%-5.3% -25.3%-5.3% -22.4%-5.3% -20.9%-5.4% -21.0%-9.2% -24.1%-9.2% -25.6%-9.2% -25.7%-9.2% -26.9%-9.2% -30.2%-9.2% -35.5%-9.2% -33.9%-9.2% -32.4%-9.2% -31.5%-9.2% -31.7%-9.2% -25.6%

-10.2% -26.5%-7.6% -24.3%

-11.2% -27.2%-9.5% -25.9%-8.1% -24.8%-9.5% -25.8%-9.2% -25.6%-7.7% -24.4%-9.3% -25.7%

-13.2% -28.8%-13.2% -29.6%-13.2% -31.1%-13.2% -30.5%-13.2% -32.0%-13.2% -29.0%-13.2% -21.6%-13.7% -22.0%-14.9% -23.1%-14.1% -22.4%-17.0% -24.9%-16.7% -24.7%-17.5% -25.3%-17.5% -25.3%-15.7% -23.7%-16.5% -24.5%-18.3% -26.0%-18.3% -26.3%-18.3% -27.2%-18.3% -28.2%-18.3% -30.7%-18.3% -30.9%-18.3% -30.9%-18.3% -31.3%

-18.3% -30.8%-18.3% -33.4%-18.3% -36.4%-18.3% -34.7%-18.3% -35.9%-18.3% -36.3%-18.3% -35.0%-18.3% -36.9%-18.3% -39.7%-18.3% -36.9%-18.3% -32.7%-18.2% -32.7%-17.1% -31.8%-16.5% -31.3%-18.3% -32.7%-16.4% -31.3%-17.5% -32.1%-19.0% -33.3%-18.5% -32.9%-17.5% -32.1%-15.9% -30.9%-12.9% -28.4%-11.4% -27.3%-17.8% -32.4%-17.8% -30.8%-16.0% -29.4%-15.7% -29.1%-14.9% -28.4%-16.9% -30.1%-15.4% -28.9%-17.4% -30.5%-17.4% -31.9%-17.4% -31.7%-17.4% -30.5%-17.4% -31.5%-17.4% -32.8%-17.4% -32.8%-17.4% -33.1%-17.4% -34.0%-17.4% -34.5%-17.4% -35.2%-17.4% -34.8%-17.4% -35.8%-17.4% -36.6%-17.4% -37.5%-17.4% -37.6%-17.4% -36.0%-17.4% -37.5%-17.4% -37.0%-17.4% -38.5%-17.4% -39.0%-17.4% -39.2%-17.4% -37.9%-17.4% -36.3%-14.2% -33.9%-13.0% -33.1%-14.5% -34.2%

-10.4% -31.1%-10.3% -31.0%

-6.5% -28.2%-5.4% -27.4%-5.9% -27.8%-0.7% -23.9%-1.9% -24.8%0.0% -22.0%

-2.7% -24.1%-3.5% -24.7%-1.6% -23.2%0.0% -20.9%

-0.8% -21.5%0.0% -20.0%

-2.3% -21.8%-4.2% -23.3%-7.5% -25.8%-7.5% -27.6%-7.5% -29.0%-7.5% -29.2%-7.5% -29.6%-7.5% -29.9%-7.5% -33.0%-7.5% -35.0%-7.5% -36.1%-7.5% -34.4%-7.5% -34.8%-7.5% -33.7%-7.5% -35.9%-7.5% -36.8%-7.5% -36.6%-7.5% -37.6%-7.5% -38.7%-7.5% -39.7%-7.5% -39.4%-7.5% -41.1%-7.5% -35.5%-6.2% -34.6%-8.7% -36.3%-7.0% -35.2%

-13.0% -39.2%-13.0% -39.3%-13.0% -39.7%-13.0% -40.4%-13.0% -38.3%-13.0% -37.1%-14.5% -38.1%-14.5% -38.9%-14.5% -39.8%-14.5% -41.0%-14.5% -41.2%-14.5% -42.1%-14.5% -43.0%-14.5% -43.0%-14.5% -43.5%-14.5% -44.4%-14.5% -41.9%

-14.5% -42.4%-14.5% -40.0%-16.1% -41.1%-15.9% -41.0%-20.0% -43.8%-20.0% -44.7%-20.0% -43.9%-20.0% -42.8%-20.0% -44.2%-20.0% -46.3%-20.0% -46.8%-20.0% -49.0%-20.0% -49.4%-20.0% -51.5%-20.0% -53.2%-20.0% -49.0%-20.0% -50.0%-20.0% -49.3%-20.0% -51.3%-20.0% -53.0%-20.0% -52.6%-20.0% -51.7%-20.0% -50.1%-16.6% -48.1%-13.7% -46.4%-15.1% -47.2%-13.5% -46.2%-12.2% -45.5%-12.1% -45.4%-10.4% -44.4%-14.9% -47.1%-14.7% -46.9%-15.8% -47.6%-15.7% -47.6%-15.7% -50.2%-15.7% -49.4%-15.7% -49.8%-15.7% -48.6%-15.7% -48.7%-15.7% -49.6%-15.7% -48.8%-15.7% -48.2%-14.4% -47.4%-13.2% -46.7%

-9.6% -44.6%-8.7% -44.0%-6.2% -42.5%-6.0% -42.4%-4.1% -41.3%-5.3% -42.0%-3.1% -40.7%-3.3% -40.9%-6.9% -43.0%-5.1% -41.9%-3.2% -40.8%-3.0% -40.7%0.0% -38.7%

0.0% -38.0%0.0% -35.4%0.0% -34.4%0.0% -27.3%0.0% -24.8%

-2.7% -26.8%0.0% -24.3%

-7.1% -29.5%-5.7% -28.5%-3.8% -27.1%0.0% -24.2%0.0% -21.7%

-3.8% -24.5%-3.7% -24.5%-3.9% -24.7%-9.2% -28.7%-9.2% -27.1%-9.2% -27.5%-9.2% -26.4%-9.2% -25.8%-7.5% -24.4%-4.6% -22.1%-4.3% -21.9%-2.8% -20.7%-1.0% -19.3%-0.7% -19.0%0.0% -18.3%0.0% -15.7%0.0% -14.9%0.0% -11.0%0.0% -7.6%0.0% -5.3%

-0.4% -5.7%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-1.3% -1.3%-0.3% -0.3%0.0% 0.0%0.0% 0.0%

-7.3% -7.1%-5.3% -5.2%0.0% 0.0%

-5.6% -5.5%-2.0% -2.0%-2.3% -2.2%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-4.3% -4.2%

-6.4% -6.3%-1.1% -1.1%-2.1% -2.1%-8.6% -8.5%-8.6% -9.4%-8.6% -6.3%-8.6% -2.9%-2.1% 0.0%0.0% 0.0%0.0% 0.0%

-2.0% -1.9%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%0.0% 0.0%

-1.4% -1.4%-5.3% -5.3%-2.1% -2.1%

-10.0% -9.9%-10.0% -9.9%-10.0% -14.6%-10.0% -17.3%-10.0% -13.6%-10.0% -15.0%-10.0% -13.5%-10.0% -10.8%-10.0% -9.1%

-7.9% -7.0%-13.0% -12.1%-13.0% -19.2%-13.0% -26.6%-13.0% -21.9%-13.0% -23.6%-13.0% -25.7%-13.0% -26.1%-13.0% -26.9%-13.0% -32.6%-13.0% -35.4%-13.0% -39.0%-13.0% -41.3%-13.0% -40.5%-13.0% -47.2%-13.0% -39.4%-13.0% -37.1%-13.0% -38.5%-13.0% -38.3%-13.0% -40.8%-13.0% -41.5%-13.0% -43.2%-13.0% -51.0%-13.0% -51.6%-13.0% -53.0%-13.0% -54.3%-13.0% -51.2%

-13.0% -52.5%-13.0% -51.0%-13.0% -52.1%-13.0% -55.4%-13.0% -58.0%-13.0% -58.7%-13.0% -58.9%-13.0% -62.1%-13.0% -64.2%-13.0% -64.3%-13.0% -60.6%-13.0% -65.5%-13.0% -66.7%-13.0% -68.2%-13.0% -70.1%-13.0% -69.8%-13.0% -65.8%-13.0% -66.1%-13.0% -67.7%-13.0% -65.2%-15.8% -66.3%-15.8% -65.2%-22.7% -68.0%-22.7% -68.6%-22.7% -67.1%-20.7% -66.3%-19.2% -65.7%-11.5% -62.5%

-5.9% -60.2%-8.3% -61.2%

-15.5% -64.2%-11.0% -62.3%-13.6% -63.4%

-7.5% -60.8%-3.7% -59.3%-1.8% -58.5%-0.9% -58.1%0.0% -57.1%

-2.2% -58.0%-1.1% -57.5%0.0% -55.0%0.0% -54.7%

-1.8% -55.5%-0.5% -54.9%0.0% -52.9%

-0.4% -53.1%0.0% -50.8%0.0% -50.0%0.0% -47.3%0.0% -46.8%0.0% -45.6%0.0% -42.5%0.0% -41.8%

-4.4% -44.4%-10.7% -48.0%

4 8 12 16 20 24 28 32

100 100 100 100 100 100 100 100

1,044 1,262 1,628 1,524 1,323 1,339 1,213 960

943.59% 1162.06% 1527.78% 1424.16% 1222.72% 1239.28% 1113.06% 859.80%

17.41% 18.94% 21.03% 20.49% 19.33% 19.43% 18.62% 16.74%

54.05% 55.42% 55.00% 56.08% 56.98% 56.90% 57.48% 55.28%

交易次數 74 41 32 29 29 25 21 20

3.96% 8.16% 11.59% 14.03% 16.21% 19.64% 22.27% 21.44%

平均手持周數 4.97 8.9 11.75 12.9 13.03 15.28 18.38 18.75

獲利之交易次數 32 19 17 12 9 11 9 9

43.24% 46.34% 53.13% 41.38% 31.03% 44.00% 42.86% 45.00%

13.70% 21.72% 25.52% 39.06% 58.25% 49.06% 56.68% 52.29%

平均手持周數 8.41 14.89 18.06 24.83 32 31.09 37 36.67

最多連輸贏次數 5 5 4 3 1 4 4 2

失敗之交易次數 42 22 15 17 20 14 12 11

56.76% 53.66% 46.88% 58.62% 68.97% 56.00% 57.14% 55.00%

-3.45% -3.55% -4.20% -3.65% -2.71% -3.48% -3.55% -3.81%

平均手持周數 2.36 3.73 4.6 4.47 4.5 2.86 4.42 4.09

最多連贏次數 7 5 3 4 5 5 5 5

-37.97% -33.76% -26.98% -26.92% -28.93% -28.92% -26.95% -29.70%

夏普比率 0.84 0.92 0.99 0.96 0.9 0.9 0.87 0.81

不同周數之平均線買賣系統與買入並持有之數據1995-平均線系統開始本金(000s)現值(000s)盈利%

年度化盈利%

參與率%

平均盈虧%

勝出率%平均盈利%

失敗率%平均虧損%

最多由高位下跌%

36 40 44 48 52 買入並持有

100 100 100 100 100 100

903 628 593 575 599 477

803.48% 527.74% 492.85% 474.78% 499.32% 377.16%

16.26% 13.39% 12.95% 12.71% 13.04% 11.29%

54.84% 55.01% 54.95% 54.44% 53.36% 100.00%

18 21 20 21 20 1

23.47% 16.64% 16.95% 15.97% 16.64% 409.67%

20.83 17.81 18.65 17.67 18.8 679

7 7 6 6 7 1

38.89% 33.33% 30.00% 28.57% 35.00% 100.00%

66.65% 58.20% 65.96% 64.99% 54.37% 409.67%

44.14 41.86 48.67 50 44.57 729

2 2 2 2 3 N/A

11 14 14 15 13 0

61.11% 66.67% 70.00% 71.43% 65.00% 0.00%

-4.01% -4.14% -4.06% -3.64% -3.68% 0.00%

6 5.79 5.79 4.73 4.92 0

6 7 7 7 6 N/A

-29.45% -33.67% -34.22% -31.96% -29.67% -70.10%

0.79 0.67 0.65 0.64 0.65 0.52

不同周數之平均線買賣系統與買入並持有之數據1995-現在(表一)

Position Symbol Shares Entry Date Entry PriceExit Date Exit Price % Change Net Profit Bars Held

Long 174 3/8/1996 573.13 8/30/1996 809.94 41.32 41,204.24 25

Long 161 9/27/1996 875.53 ### 885.24 1.11 1,563.79 12Long 140 2/21/1997 1,017.13 6/6/1997 1,275.30 25.38 36,143.80 15Long 146 8/29/1997 1,221.06 9/19/1997 1,184.52 -2.99 -5,334.85 3Long shcomp 147 ### 1,176.49 ### 1,158.56 -1.52 -2,635.70 5Long shcomp 147 ### 1,160.77 3/13/1998 1,184.96 2.08 3,556.08 10Long shcomp 142 3/27/1998 1,223.56 7/3/1998 1,335.13 9.12 15,841.53 14Long shcomp 153 10/2/1998 1,242.90 12/4/1998 1,219.20 -1.91 -3,626.09 9Long shcomp 161 3/12/1999 1,158.70 4/23/1999 1,140.00 -1.61 -3,011.52 6Long shcomp 157 5/21/1999 1,168.72 10/1/1999 1,570.70 34.4 63,111.18 19Long shcomp 162 1/7/2000 1,516.60 1/14/2000 1,408.85 -7.11 ### 1Long shcomp 156 1/21/2000 1,465.08 5/12/2000 1,720.61 17.44 39,861.60 13Long shcomp 151 5/19/2000 1,777.83 9/8/2000 1,959.31 10.21 27,404.09 16Long shcomp 144 ### 2,047.46 2/9/2001 1,956.97 -4.42 ### 11Long shcomp 138 3/23/2001 2,053.54 7/6/2001 2,170.52 5.7 16,143.51 15Long shcomp 171 ### 1,747.99 ### 1,675.51 -4.15 ### 2Long shcomp 175 3/8/2002 1,640.26 5/17/2002 1,567.50 -4.44 ### 10Long shcomp 158 6/28/2002 1,732.76 9/6/2002 1,631.38 -5.85 ### 10Long shcomp 174 1/17/2003 1,478.68 4/25/2003 1,487.15 0.57 1,474.11 13Long shcomp 170 5/2/2003 1,521.44 6/20/2003 1,529.47 0.53 1,364.42 6Long shcomp 187 ### 1,397.22 4/23/2004 1,635.50 17.05 44,557.61 20Long shcomp 216 9/17/2004 1,414.70 ### 1,330.52 -5.95 ### 4Long shcomp 208 ### 1,379.96 ### 1,356.73 -1.68 -4,832.45 1Long shcomp 215 2/25/2005 1,312.44 3/18/2005 1,227.40 -6.48 ### 3Long shcomp 244 7/29/2005 1,083.03 ### 1,141.32 5.38 14,221.55 11Long shcomp 247 ### 1,127.51 8/4/2006 1,570.15 39.26 ### 31Long shcomp 237 9/1/2006 1,636.69 6/29/2007 3,820.70 133.44 ### 41Long shcomp 223 7/20/2007 4,058.85 11/9/2007 5,315.54 30.96 ### 15Long shcomp 221 1/4/2008 5,361.57 1/18/2008 5,180.51 -3.38 ### 2Long shcomp 567 12/5/2008 2,018.66 ### 1,954.21 -3.19 ### 1Long shcomp 549 ### 2,018.46 ### 1,851.52 -8.27 ### 1Long shcomp 534 1/9/2009 1,904.86 Open Open 59.96 ### 31

shcomp

shcompshcompshcomp

Profit/Bar Entry SignalExit Signal Cum Profit MAE % MFE % ChartScript

1,648.17 41,204.24 -2.92 52.08 MA weekly

130.32 42,768.02 -1.38 38.53 MA weekly2,409.59 78,911.83 0 44.25 MA weekly

-1,778.28 73,576.98 -2.99 2.5 MA weekly-527.14 70,941.28 -1.52 1.81 MA weekly355.61 74,497.37 0 7.33 MA weekly

1,131.54 90,338.90 0 15.34 MA weekly-402.9 86,712.80 -2.06 3.19 MA weekly

-501.92 83,701.29 -1.61 4.01 MA weekly3,321.64 ### 0 42.03 MA weekly

### ### -7.11 0 MA weekly3,066.28 ### 0 25.66 MA weekly1,712.76 ### 0 17.57 MA weekly

-1,184.57 ### -4.42 3.8 MA weekly1,076.23 ### 0 8.26 MA weekly

-6,196.96 ### -4.15 0 MA weekly-1,273.28 ### -4.44 1.79 MA weekly-1,601.66 ### -5.85 0 MA weekly

113.39 ### -0.85 8.41 MA weekly227.4 ### 0 3.6 MA weekly

2,227.88 ### 0 26.58 MA weekly-4,545.94 ### -5.95 1.47 MA weekly-4,832.45 ### -1.68 0 MA weekly-6,094.68 ### -6.48 0 MA weekly1,292.87 ### 0 12 MA weekly3,526.86 ### 0 53.45 MA weekly

12,624.65 ### 0 155.38 MA weekly18,682.75 ### 0 45.44 MA weekly

### ### -3.38 2.3 MA weekly### ### -3.19 0 MA weekly### ### -8.27 0 MA weekly

19,673.78 ### 0 79.12 MA weekly

買入日期 買入價格 賣出日期 賣出價格

9/27/1996 875.53 ### 885.24 1.11 122/21/1997 1,017.13 6/6/1997 1,275.30 25.38 158/29/1997 1,221.06 9/19/1997 1,184.52 -2.99 3

10/17/1997 1,176.49 ### 1,158.56 -1.52 512/19/1997 1,160.77 3/13/1998 1,184.96 2.08 10

3/27/1998 1,223.56 7/3/1998 1,335.13 9.12 1410/2/1998 1,242.90 12/4/1998 1,219.20 -1.91 93/12/1999 1,158.70 4/23/1999 1,140.00 -1.61 65/21/1999 1,168.72 10/1/1999 1,570.70 34.4 191/7/2000 1,516.60 1/14/2000 1,408.85 -7.11 1

1/21/2000 1,465.08 5/12/2000 1,720.61 17.44 135/19/2000 1,777.83 9/8/2000 1,959.31 10.21 16

11/10/2000 2,047.46 2/9/2001 1,956.97 -4.42 113/23/2001 2,053.54 7/6/2001 2,170.52 5.7 15

11/30/2001 1,747.99 ### 1,675.51 -4.15 23/8/2002 1,640.26 5/17/2002 1,567.50 -4.44 10

6/28/2002 1,732.76 9/6/2002 1,631.38 -5.85 101/17/2003 1,478.68 4/25/2003 1,487.15 0.57 135/2/2003 1,521.44 6/20/2003 1,529.47 0.53 6

11/28/2003 1,397.22 4/23/2004 1,635.50 17.05 209/17/2004 1,414.70 ### 1,330.52 -5.95 4

11/19/2004 1,379.96 ### 1,356.73 -1.68 12/25/2005 1,312.44 3/18/2005 1,227.40 -6.48 37/29/2005 1,083.03 ### 1,141.32 5.38 11

12/16/2005 1,127.51 8/4/2006 1,570.15 39.26 319/1/2006 1,636.69 6/29/2007 3,820.70 133.44 41

7/20/2007 4,058.85 11/9/2007 5,315.54 30.96 151/4/2008 5,361.57 1/18/2008 5,180.51 -3.38 2

12/5/2008 2,018.66 ### 1,954.21 -3.19 112/19/2008 2,018.46 ### 1,851.52 -8.27 1

1/9/2009 1,904.86 手持 手持 59.96 31

12星期平均線買賣系統信號(表二)

變動%買入到賣出之交易周數

4 8 12 16 20 24 28 32 36 40 44 48 52 買入並持有10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

22.00%

使用不同平均線買賣系統與買入並時有之年度化回報 ( 圖一 )

周數

年度

化回

12 周平均線買賣系統與上證指數之回報 ( 圖三 )

藍線 ( 上證指數 ), 綠線 (12 周平均線買賣系統 )

12周平均線買賣系統信號 (圖二 )

周平均線買賣系統與上證指數之回報 ( 圖三 )

周平均線買賣系統 )

周平均線買賣系統信號 (圖二 )

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009-100.0%

-50.0%

0.0%

50.0%

100.0%

150.0%

12星期平均線買賣系統與上證指數之每年回報 (圖四 )

12 星期平均線買賣系統 上證指數

回報

1/5/19968/16/1996

3/28/199710/24/1997

6/5/19981/1/1999

8/13/19993/24/2000

11/3/20006/15/2001

1/18/20028/30/2002

4/11/200311/14/2003

6/25/20041/21/2005

9/2/20054/14/2006

11/24/20066/29/2007

2/1/20088/29/2008

4/10/2009

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

12 星期平均線買賣系統與上證指數之最大跌幅 %(Max. Drawdown) 圖五

12 星期平均線買賣系統 上證指數