The monthly performance was essentially due to series of short tem trades in four equity indices. Profits were realized in all four markets.

October gains were somehow reduced during the last week of the month, as our team initiated long positions in US and German equities and these markets weakened afterwards. These positions were still opened on October 31.

The S & P 500 was the main profit contributor with gains representing 55% of the monthly performance. The German DAX generated 22% and both the Nasdaq and Japanese Nikkei 9% each. The small short Euro (vs. USD) position was kept in October but had a negligible impact on monthly results.

Since January 2008, i.e. the start of the financial crisis, our program has gained 16%. This performance was not correlated with performance of indices: in same period European stocks lost 36% and hedge funds index (HFRX) lost 12%.