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DELTA

stu

DELTA

McLeansvilleMcLeansville5615 128
27301

DELTADELTA

175

1991 DELTA

DELTA



1990

DELTA
DELTA$35,000

19851986
DELTA.
.
DELTA

DELTA
3~4
.

DELTA

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3

3/4DELTA
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.

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4


1983
.
..

19841985DELTA

19862
DELTA

&.

....
193315
1
.
901983

DELTA

15

regulating
6

90

.H.

1969

.1933
1935
6

1934
~1947

161 .

1948

2
7


..

2000

DELTA

19941T-Bills1994T-Bills
1988
322IBM

.
19839
.

8:00

turn into the parking lot of the only apartment building on..with its own private beach
9

5:30

DELTA

DELTA?
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S&PK
K
.

S&P

15
10


..2~3

915

DELTA1962
DELTA
1962
DELTA
DELTA
LTDITD

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DELTA

DELTADELTA..

LONG TERM DELTA LTD

INTERMEDIATE TERM DELTAITD

DELTA
11


DELTA

DELTA

DELTA

...

.LTD1933

DELTA

5731 N.W. 37th St. #401, Miami SpringsFla.33166$9.95$2.00

12

DELTA15ITD3
LTDLTD

625
200300DELTA
9

DELTADELTA
DELTA.DELTA

LTD
DELTADELTA
DELTADELTA
DELTA

9DELTAITD
DELTA

DELTA

DELTA
200

13

DELTADELTA

DELTA
DELTA
DELTA300
DELTADSI

DELTADELTA
DELTAITDLTD

$3,500$100

20001231

DSIDELTA
DELTADELTA..

DELTA
DELTA
$35,000
DELTADSI
DELTA
DSI

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DELTA

14

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25
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3
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AR
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25200DELTA
151%DETLA
268%DETLA
15

381%DETLA
ITDAR27DELTA
ITD
200300

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DELTADELTA

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DELTA
DELTA

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DELTA

LTD
LTD100%
100%
2/3

4
LTDDELTA

16

4
T-BONDSLTDT-BONDS
DELTA
D-MAKRLTD

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ITD

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DELTA

RSI

75

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DELTA
17

DELTADETLA

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DELTA

5
DELTA
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ITD

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LTD
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2DELTA
DELTA

do not come at.point


18

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DELTADELTA
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O J

T-BILLS

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P-BELLIES

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1962DJI30
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19

1924DELTA
15
...
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.
9

DSL


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DELTADSI
DELTADSI2,2+
IBM-PCIBM-XTIBM
,
$3500LTDITD$100
200016DELTA
. $319.00
35,000DELTA

cash wheat

the word will get aroundget around

20

DELTA
DELTADELTA

DELTA

DELTA

DELTA

DELTA

DELTA

.LTD

J...JR

sell and buy force


21


DELTA

DELTA

$35,000

$3,5002000

DELTA

DELTAIBM

DELTA

25

300DELTA

DELTA

$100

2000

DELTA

DELTA
$100

$1000

DELTA100

$100
DELTA1000

$1000

IBM



919698-0500
J..,JR. McLeansville128 27301
_______________
__________________________________
________________

____________

________________

()

22

DELTA
.

DELTA500

50DELTA

DELTA

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2~3

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IBM

DELTA

DELTADELTA

DELTA

DELTA
DELTA

McLeansville
McLenasville

27301

(919)698-0500

574-479

DELTA

McLeansville ,
23

DELTA100%86%
DELTA

DELTA1984
1985

D-MARK?

198472
7

1984
..
1984

198450LTD
1984
19851S&PITD
DELTAITD72419847
25
1984LTD
T-BONDS19847.2719847.20~19847.27
T-BONDS1984T-BONDS
9T-BONDSK
19847.2959.12

ITD3
19847.2

interview

make a good fundamental case for their position


24

DELTA10DELTA


1985
198472
T-BONDS11
71984
J-YEN911
C-DOLLAR
B-POUND11
2

J...JR

evenly divide on which way


25

9
19849
90
19847.21984

6 T-BONDS11

7 71984

PIT STOPS(Pit Lane)

90
26

8 911
DELTA./../..
50DELTA

DELTA
DELTA

27

10 B-POUND11
B-POUND11

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10DELTADELTA
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11 2
19847
28

7DELTAD-MARKDELTA
25DELTA
.D-MARK
D-MARKD-MARK
1984

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DSI50

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T-BONDSD-MARK
D-MARKDELTA1984
D-MARK9
6
76
D-MARK...
.D-MARK

..
D-MARKDELTA

25500DELTA
DELTA.
DELTA

...

29

19852.DELTA
D-MARKD-MARKLTD

D-MARK

12
?
D-MARK

D-MARK
12 BCCDELTA..
..DEF

DELTAD-MARK24
1983.DELTA
..
30

DELTA

DELTADELTADELTA

S&P 13ITD19847DELTA
ITD19847S&P
1983

13

nail
31

DELTA
DELTA
DELTA
DELTA
DELTA

DELTA19847

S&P
19847

DELTA

1
2
3

5
6

19847S&P
14

DELTA
CatlleBelliesDELTA

32

14


CattlePork Bellies .

premiseright

33


DELTADELTA
50
DELTA
ITDLTD
AR

DELTADELTA


ITDLTD

DELTA

DELTA


DELTAITDLTD
12DELTA

DELTA

DELTA

DELTAIBM-PC

1984

34

DELTA90%

DELTA.

6DELTA

DELTA
..DELTA

$35,000$100,000198591
DELTA
DELTA

DELTA

dozen

a new way of seeing thing


seeing thing
35

DELTA
DELTA90%
98%

McLeansville
.DELTA

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DELTADELTADELTA

DELTA

DELTA

DELTA10
DELTA

. DELTA
.DSL
DELTA

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DELTA.
DELTADELTA

DELTA

what to expectto expect what

as near failsafe as anything I have come cross

DELTA
36


DELTAIBP
DELTA

DELTA

DELTADELTA

DELTADELTA
DELTA

DELTA..DELTA

.
198411.20
J.
DELTA

McLeansville

27301

DELTA

37


41 DELTA
.
.DELTA

STDITDLTD
DELTA.ITDLTD
DELTADELTA
DELTA

DELTA
DELTA

198541

SHORT TERM DELTASTD

be available to ,.
38


J..

1978
RSI

1983.

DELTA
DELTADELTA

McLeansville
DELTA
1978

6~7
70

13

McLeansville

1937
1970
McLeansville

70

39

28
.10

W.D.
43
.

40

1978

5~6

Wyckoff
41

1983DELTADELTA
DELTADELTA
DELTA

DELTA
ITD
LTDDELTASTD

ITDLTD MTD
DETLA
DELTADELTADELTA

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DELTA
DELTA

KDELTA
ITD
DELTA

DELTA

SHORT TERM DELTAMTD


42

DELTA
DELTA
DELTA

DELTA
DELTA
DELTAK
DELTA

DELTA2575%
25%
75%18~19
LTD

4~5

DELTA
DELTA

DELTADELTA
DELTADELTADELTA
3328DELTA
MTDITDLTD8~101

DELTA

75%

43

DELTADELTA
S&P
2030--DELTA
DELTA
7080DELTA
2030DELTA
DELTA..

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DELTA
DELTA
DELTA

DELTA
DELTA

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34650

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650
DELTA10DELTA1

.
3

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44

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.
1983
DELTADELTA

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DELTA1986

3517 9812602730

45


206938-0570

46

DELTA
.

Detla

47

.................................................................................................................................................................... 3
.................................................................................................................................................................... 5
.................................................................................................................................................................. 48
DELTA ........................................................................................ 49
................................................................................................................................. 60
DELTAITD ..................................................................................................................... 68
..................................................................................................................................................... 77
DELTAMTD ....................................................................................................................... 81
DELTALTD ........................................................................................................................ 85
DELTASLTD .................................................................................................................. 96
DELTASTD ...................................................................................................................... 102
DELTA .............................................................................................................................. 115
DELTA .............................................................................................................................. 123
............................................................................................................................................................ 124

48

DELTA

DELTA.DELTA
MarachalDELTA

DELTA
1983
DELTA

DELTAXY

DELTA

DELTA
DELTA

DELTA
DELTA

49

DELTA
$35,000

DELTADELTA

1983.15

5.
..

1-1
1-1

50


1~11
1
112
12?
21031

3
4
5
6
7
8
9
10..
11 .

11

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11.2
M 11/
//

112
111
2

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51


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1IBP
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2

11
2
3M1IBPMA
412IBP1B
51IBPC
635%15%
52

19829198311

1DELTA
21
ITDITD11ITD
12ITD7
11
1Cattle1
1
11

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2/
/
ITWITWM
2ITW1M1
1212
ITW

53

1-3
Live Cattle1-3
Live CattleDELTA811

54

1-41DELTA12
ITD
1
11

1-4
55

Pork-Bellies1-5Pork-BelliesDELTA7
12
7
Pork-Bellies101ITW

1-5
56

8DELTA1
101089
61
DELTA1
56
1

1-6

61
57

1-71
1
14

1-7

58

T_Bonds DELTA9
56T_BondDELTA
11

1-8

ITDITD

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ITDDELTADELTA

DELTADELTA

T-BONDSINTERRST RATES
59

18
DELTA

ITD
9ITD

...1983.
DELTADELTA

3
.

18

directly and or inversely

60

..

12

.
22

3
.

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61

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DELTA
LTD8

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6DELTA504

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30
4
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4

40
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62

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8MTD

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DELTA

sheets of acetate

63

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DELTA

195519
DELTA

1792

DELTA1919

191/449
30DELTA14200

SLTD20
19154

DELTADELTA
STDSLTD
DELTA
64

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DELTADELTA

DELTA (STD)
A.4
B. 4
DELTA (ITD)
A.4,
B. 4
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A.
B.
DELTA (LTD)
A.4
B. 4.
DELTA (SLTD)
A.
B. 195

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B. ITW

A. //
B. ITW
(ITW)
A.
B. ITWDELTAM2
65

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(IBP)
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B. IBP1
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.

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DELTA

A.
66

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C.
D.
E.
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/

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..

67

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DELTAITD

DELTA15
DELTA

DELTA

ITD

ITD
824
DELTA1

12

DELTADELTADELTA
DELTA
90% DELTA
DELTA

it is amazing

the rules also fell into place quickly

the only definition necessary

Box
68

DELTA
DELTA

DELTA
DELTA

DELTA
DELTADELTA

..

DELTA

..
DELTADELTA
DELTA

Actual
69

3-1
1 ..
DELTA
3-1A1

DELTA DELTA

3-2

study the rhythm of the markets that is reveled relative to the projected DELTA turns

70

2
/DELTA3-2B2DELTA
aB2B3c
b
bc

c
bc

B4 B2DELTA
DELTA
DELTA

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3

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bc

ddd
71

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1981s50
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4

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DELTA90%DELTA

72


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ITD

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1
1111'11'
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15

.
1983158DELTA
DELTA15
8
DELTA

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73

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25DELTA

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74

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O 649
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1Detal92%
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3MP3+/-3
4MP4+/-4
5
ARAR

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2.1
6/11
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AR=2511
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3-225AR25AR27
2.7AR2.52.7
2.7ITD
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DELTA

weighted

75

3-2

76


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DELTA

160
2DELTADELTA
60DELTA
DELTA

60
IBM

DELTA
DELTADELTA
DELTA
1

4T-BONDST-Bills

DELTA
DELTAT-BONDSITD
1T-BONDSDELTA
DELTADELTA

T-BONDSITDT-BONDSMTDT-BONDS
LTDSLTDSTDDELTA

77

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7
ITD

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1

4-1

4-2
78


UALDALDELTA
101

4-3

4-4
79


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101

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DELTA81

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80

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DELTAMTD
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DELTA
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3/4

5-160

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81

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MTD..
1
1960
Live CattleLTD1790SLTD
200

..1
1
1
1
1984

MTDITD
5-25-35-4

5-2
82

5-3

5-4
83

13
1

AR171.7
MTD1.7
DELTA

MTD
12

84

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LTDDELTA

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10LTDDELTA
LTD
LTDLTD
LTD
LTDBARRON

,
LTD

LTD
5

5..
6DELTA
50.650
.
DELTA
LTD

LTD
DELTA
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BARRON
85

6-1
6-1
DELTA9LTD4
DELTA6DELTA
DELTA
312
DELTA..

DELTA

2~3DELTA

AR14.3DELTA
625.84.325.8101.66

The Foundation
86

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312.9AR2.0/12.9*10
1.55AR
AR
LTD6-26-3

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AR..DELTA
DELTA1

6-2

87

6-3
6-4

6-5
6-6
6-7
197711199014

6-4
88

6-5

6-6

89

6-7
DELTA

ITD2DELTA824
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DELTA

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1010

ITDMTDLTD

ITD19761983824

90

1991DELTA1976~1983
19911983
DELTA30
ITD
1~219831
10LTD40

10
143.5

LTD100%
LTD

10
LTDITD6-1

6-1
91

MP2MP3MP4100%
DELTADELTA
100%DELTA
100%

DELTA

2/3

LTDWEDNESDAY

1991.01.16

100%

1991.01.091991.01.23

1991.01.021991.01.30

6-8
6-8LTD1987

DELTA6-8
92

194919821987

DELTADELTA
DELTADELTA
DELTA

9DELTA
6-2

6-2
198619901
+4=19904
2007191986
2006200719
DELTA2200610
LTD

which way to turn it


93

DetlaDELTA

102.56418

20201985
18
6-91018LTD
6018

6-9

94

4
DELTA
LTD
LTD DELTA
56/
ABC

810LTD
DELTALTD3~4

3~4
LTD
LTD
LTD
565
LTD
LTD
LTDSLTD

DELTA
LTD
4
Super Long Term DELTASLTD

95

DELTASLTD
.

195.

DELTADELTA
DELTA

1790
210019

15DELTA

20010

1
19200

96

7-1

7-2
97

DELTA7-1
7-220014
19873DELTA14198714
192914
SLTD141987
4LTD19879SLTDLTD
LTD19879
14
1929

2
1929
DELTA1987
1987SLTD

DELTA..
DELTA1929

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25DELTA
19877

DELTA
1987.7.30

.SLTD
SLTD

..

1789

DELTA
98


..

SLTD
DELTA..LTDSLTD
SLTD.
DELTA1986
50
DELTA
19879

SLTD1929
18351929

19874
1986919887
100%1985319892
SLTDLTD19879198810
1987919879SLTD19879
LTDSLTD19879

SLTD

198

SLTD

11

SLTDSLTD

buy index call buy Puts for


99

1987.192910
19292DELTA
21990614

20014100

..
SLTD
SLTD
SLTD1987DELTA60
1915
.7-3

7-3
100

19SLTD
15
SLTD
1986
DELTA
DELTA1981
2000
19891981T-BONDS
SLTDSLD
100%.
19902000T-BONDSSLTD
DELTA10

1990

19904
SLTDAR7-1

7-1
T-BONDSLTDSTLDLTD
LTDMTDMTDITD
DELTA
DELTA
DELTA

101

DELTASTD
DELTADELTA
DELTADELTA$35,000DELTA
DELTASTD
STDDELTASTDSTDDELTA
STD2~3
STD
STD
DELTASTD
STDSTD
STD
STDDELTA

STD
STDITDLTD

44

DELTA

STD

4
102

DELTASTD1

STD

STD
DELTA
1991
1.1

2.1

3.1

4.1

3.1

6.1

7.1

8.1

9.1

10.1

11.1

12.1

1995151991111
1995115

XK
5401520

STD
|1

3|4

|6

7|8

10 |

8-115K
KRBOG

8STD

103

8-1
1

104

DELTASTD
1988

8-8 1
3

8-2
STDSTD
DELTA
DELTADELAT

DELTA.
22456
105

5
22487
8

8-3Pork Bellies20
DELTA128
1221612
21178
7

8-3

This time the former came first


106

216DELTA
1
128-4

8-4


12

DELTA

/
8-4216
12
8-520DELTA81
2.2623 2
32
23

107

8-5
108

8-6 Live Cattle15Live Cattle101


5
7

8-6
109

Live CattleDELTA
4DELTA4

STDDELTA

8-712
12
34
45
3
45STD
6-112

6-1

8-7
110

8-73132

37386

DELTA
M1
12

DELTADELTA

8-8

8-8
ABDELTA
C
111

8-9
DELTA

8-9
112

STDDELTA

DELTA

..

DELTA

DELTA

..
!

..35,000
STD8-10STDDELTA
101
1198724

because of the advantage of instant volume and the noise volume that is available to floor trader

113

8-10
STD

STD..
STD
4
STDDELTA
DELTADELTA7
.
114

DELTA
DELTADELTA

1DELTA
2/
3

DELTADELTA
DELTA
AR
DELTA
DELTA
DELTA

DELTA

A#1

B#2

the odds
115

#1
#3
C#3

9-1
116

#1

#2#3
#1#3#2
1/3.
.

..

..
1%~2%

1%~2%

LTDDELTA
DELTADELTAITD1
MTD1LTD1SLTD12

1
DELTA

DELTA

SLTDLTDLTD
MTDSLTD

Pocket book stop

117

SLTDLTDSLTD
LTDSLTDSLTD
LTD
LTDMTDMTDITD
DELTALTD

DELTA

DELTA

DELTALTD

.50

DELTA.

DELTA
DELTA

DELTA

DELTADELTA

118

119

1#1

2#2

#1#3
3#3

#1

#2#3
#132
1/3

.
.75%

.
1%~2%
1%~2%

120

LTD

LTD

LTD

LTDDELTA

DELTA
.

DELTA

DELTA

DELTA
LTDSLTD

DELTA

LTDLTD
121

2%~3%2

10%

STDDELTADELTA
25

90T-BillT-Bill
T-Bill

DELTA

122

DELTA
DELTA
DELTADELTA
DELTA
DELTA

DELTA

1
12.

1
STD16STD
STD
DELTA

123

SLTDDELTA
DELTA
DELTA
DELTA

DELTADELTA

DELTA

DELTA

DELTA

DELTA
DELTADELTA2
!

124

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