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MRCI's Scenario Study

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MRCI's ScenarioSM Study
ScenarioSM Study for September Silver(CMX) as of Jan 01, 2008
Condition 1: Higher Monthly Close.
Action ---> Buy that month's close with objective of exceeding month's high within 2 months.
Tested Month Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Tested Years 43 44 44 44 44 44 44 44 44 44 44
Closed Higher 19 17 25 24 20 18 17 23 14 28 17
Exceeded High 15 14 20 18 13 12 14 15 9 20 8
Scenario Percentage 79% 82% 80% 75% 65% 67% 82% 65% 64% 71% 47%
Avg Max Increase 13.62% 22.51% 17.41% 14.79% 7.88% 13.43% 11.18% 11.10% 12.23% 11.77% 26.11%
Max Increase 67.84% 112.83% 92.76% 56.52% 23.11% 57.10% 34.60% 26.68% 21.39% 96.91% 68.16%
Avg Days To Max Increase 14 19 13 19 10 12 15 15 18 13 17
Avg Max Decline -2.16% -0.23% -1.70% -1.79% -1.01% -2.07% -2.32% -2.74% -2.35% -2.34% -0.80%
Max Decline -9.87% -2.03% -9.37% -7.52% -5.58% -8.48% -9.33% -9.97% -5.42% -8.90% -4.32%
Avg Days to Max Decline 6 5 8 7 5 5 4 12 7 8 3
2007 Contract Condition Yes Yes   Yes Yes   Yes     Yes  
Action Yes Yes   Yes No   No     Not Yet  
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Condition 2: Lower Monthly Close.
Action ---> Sell that month's close with objective of penetrating month's low within 2 months.
Tested Month Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Tested Years 43 44 44 44 44 44 44 44 44 44 44
Closed Lower 24 26 19 20 24 25 27 21 29 16 27
Penetrated Low 19 21 14 14 18 19 22 18 18 11 17
Scenario Percentage 79% 81% 74% 70% 75% 76% 81% 86% 62% 69% 63%
Avg Max Decline 7.13% 7.94% 8.93% 6.74% 10.47% 10.90% 9.58% 9.12% 6.96% 6.54% 19.83%
Max Decline 23.28% 33.27% 24.57% 17.34% 63.79% 45.68% 31.67% 25.07% 19.88% 15.45% 58.17%
Avg Days To Max Decline 12 17 20 19 17 17 19 15 18 18 13
Avg Max Increase -2.87% -2.09% -2.44% -2.87% -2.40% -1.94% -2.92% -2.66% -2.90% -1.44% -3.59%
Max Increase -13.07% -8.56% -8.76% -7.44% -11.11% -7.59% -8.61% -9.01% -8.96% -10.95% -11.89%
Avg Days to Max Increase 8 13 18 11 9 6 9 7 14 6 12
2007 Contract Condition     Yes     Yes   Yes Yes   Yes
Action     Yes     No   Yes Yes   Not Yet
High 1269.7 1449.1 1462.5 1400.0 1509.5 1463.0 1442.0 1379.0 1399.0 1359.0 1325.0
Low 1114.7 1291.1 1282.9 1257.1 1370.0 1290.0 1336.0 1290.0 1224.5 1242.0 1106.0
Close/Last 1269.7 1449.1 1327.5 1392.5 1447.7 1369.7 1370.4 1360.2 1247.3 1301.7 1206.3

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