Futures Market Contest
Final Results
Fall 1994

	                December 7, 1994
	                 (Twelve weeks)

	                  FINAL REPORT

The contest began on September 14, 1994.   All contestants started with
$10,000. A round-trip commission of $30 is charged on each contract upon 
exit of position. Contestants are limited to only one type of contract at 
a time. A contestant may commit no more than 50% of the account's equity 
to margin at a time. More than one contract is allowed at a time,  but 
all contracts must be for the same expiration date. Maintenance margin is 
the same as initial margin. Stops are not allowed.

A negative portfolio value indicates a contestant who has been wiped out.
In real practice, such an investor would have to come up with the 
additional funds beyond the initial $10,000. In this contest a contestant 
who wipes out can no longer trade.


		         Value of portfolio during game	       Stand.
	                 ------------------------------   % Change  -------
Contestant		 Highest	 Lowest	     Last   in contest now last	
-----------------------  ----------	--------  --------- --------- --- ---
Janke #2      Jim	 50,845.00	8,875.00  50,545.00   405.450   1  1
Chan #2	      Sok Cheng  24,662.50	7,090.00  23,582.50   135.825   2  3
Kerrouch      Hicham	 30,750.00	7,750.00  23,000.00   130.000   3  2
Janke #1      Jim	 13,490.00	4,207.50   8,307.50   -16.925   4  7
Holmes/Bubba  Jim	 13,120.00	6,430.00   6,580.00   -34.200   5  6
Nash #1       Dan	 13,150.00	6,328.75   6,328.75   -36.713   6  4
Avery #1      Steve	 13,200.00	6,226.25   6,226.25   -37.738   7  5
Nash #2	      Dan	 10,690.00	5,930.00   5,930.00   -40.700   8  8
Tschetter #2  Jeff	 10,000.00	5,670.00   5,670.00   -43.300   9 11
Tschetter #1  Jeff	 17,307.50	4,790.00   5,440.00   -45.600  10 12
Chan  #1      Sok Cheng  14,540.00	4,990.00   4,990.00   -50.100  11  9 
Holmes/Hubba  Jim	 10,000.00	3,070.00   3,895.00   -61.050  12 10
Avery #2      Steve	 13,570.00	2,115.00   2,115.00   -78.850  13 13
Hetfield      Lars	 13,175.00	1,530.00   1,530.00   -84.700  14 14

    	                       Average:    13,327.27	33.273
             	             Std. dev.:	   13,480.93   134.809

Janke #2 takes first place. The portfolio benefitted from the rise in
  interest rates, with a particularly strong trend the last few weeks.
  Janke #2 was short Sep 95 Eurodollars.
Chan #2 was short silver, which seemed to go into free fall the last few
  weeks.
Kerrouch was also short Eurodollars, but Dec 96 contracts.  The market
  was very sensitive to month of contract. The market is expecting the 
  sharp rise in short-term interest rates to slow the economy and stop 
  the rise in and even reduce interest rates further out. 
The difference in performance between Janke #2 and Kerrouch illustrates how
  the parts of the yield curve can be affected distinctly differently by 
  the market's expectations of rising interest rates.
Avery #2 was long silver. The sharp fall in silver futures which boosted
  Chan #2 portfolio almost wiped out Avery #2.