                                            
                                            
                                            
                                            
                            SmartBroker

                            Reference Guide
                                1996
                                    
                                    
                                    
                                    
                           Smartbroker is a registered
                           trademark of Clint Corporation 
                                    
                                    
                                    
                                    
                                    
                                    
                                    
                           Copyright Clint Corporation, 
                           1987, 1988 All rights reserved 
                                    
                                    
                           IF you have any questions about
                           this guide or placing an order,
                           please write or send payment to: 
                                    
                           Charlton Woolard 
                              17280 Anna
                           Southfield, MI 48075
                                   
                                                                            
                                    
                           COPYRIGHT NOTICE

                           This guide and the associated
                           software are protected by copyright
                           laws and restrictions.  Any
                           reproduction of this guide or
                           associated software is strictly
                           forbidden without prior written
                           permission from Clint Corporation
                           or Charlton Woolard. 
                                   
                              DISCLAIMER 
                                    
                           "SMARTBROKER" does not in any way
                           guarantee profits from the stock
                           market and neither Clint
                           Corporation nor Charlton Woolard is
                           in any way liable for personal
                           losses incurred from or as a result
                           of the information provided by this
                           product.
                            
                             DATA SOURCES 
                                    
                           Dow Jones News/Retrieval (R) is a
                           registered trademark of 
                           Dow Jones and Company Corporation.
                             
                                                       
                            
                           CONTENTS 
                           
                           
                           Section
                           
                           1  INTRODUCING SMARTBROKER
                           
                           2  REVIEW OF STOCK & OPTION      
                              TRADING
                           
                           3  GETTING STARTED
                           
                           4  SETTING SYSTEM PARAMETERS 
                            
                           5  UPDATING YOUR STOCK LIST 
                            
                           6  COLLECTING QUOTES 
                            
                           7  ANSWERING ENVIRONMENTAL       
                              QUESTIONS 
                            
                           8  RECOMMENDING STOCK PLAYS 
                            
                           9  VIEW REPORTS 
                            
                           10 SMARTBROKER REPORT CARDS 
                            
                           11 OVERVIEW OF SMARTBROKER DATA
                              FILES 
                            
                            
                           USER LICENSE AGREEMENT 
                            
                           ON-LINE SERVICES AGREEMENT 
                           
                           
                           PROGRAM EXECUTION
                            
                           
                           Type "BROKER" or "SB" ('SB' for
                           mosaic Welcome Screen) to run
                           SMARTBROKER.
                           
                           Type "SBREAD" to view this document
                           on your computer.
                           
                           Type "SBREAD SBDOC1" to view the
                           On-Line Services Agreement.
                           
                           Type "SBREAD SBDOC2" to view User
                           License Agreement.
                           
                           Type "SBREAD SCREENS" to view
                           sample screens produced by
                           SmartBroker.
                           
                           Type "SB5WEEK" to build your 5-week
                           quote trend file immediately, or to
                           perform backtesting.  This process
                           may take several hours, but will
                           avoid having to wait several weeks
                           to obtain a 5-week data trend.
                           
                           Type "SBSYMBOL" to add new stock
                           symbols to your stock list.  You
                           can run this utility in "autopilot"
                           mode by typing "SBSYMBOL AUTO".
                                                       
                           ===================================
                           1 - INTRODUCING SMARTBROKER 
                           ===================================
                            
                            
                           SMARTBROKER 
                                   - An Aid For Stock Market
                                        Investment Decisions
                           
                            
                            
                           Analyzing Wall Street trends can be
                           a hair pulling experience.  There
                           are too many parameters to track,
                           too many unanswered questions, not
                           to mention the challenge of knowing
                           which ones contribute to your final
                           decisions.  You either have to be a
                           stockbroker with access to
                           elaborate computerized tools, or
                           prepare to pay for comprehensive
                           brokerage services - and hope you
                           picked the right broker to guide
                           your investment decisions....  Or,
                           you can take hours to manually
                           analyze trends of a few stocks,
                           only to find that the ones you are
                           tracking are not moving enough in
                           the market to suggest an
                           investment.  Worst yet, you might
                           buy an expensive piece of software
                           that does the charting for you, but
                           you must decide what it all means. 



                           Now, and for the first time you can
                           save time and improve your
                           investment effectiveness by having
                           a SMARTBROKER in your home or
                           office 24 hours a day.  SMARTBROKER
                           is a revolutionary software program
                           that does all the analysis work for
                           you and then recommends how to play
                           the stocks you are tracking...  Buy
                           Stock?  Buy Call Option - long? 
                           Sell Stock - short?  Straddle
                           Options?  etc...   In addition,
                           SMARTBROKER will tell you how
                           confident it is in the
                           recommendations it provides.  
                           It is very easy to use.  
                           
                           
                           SMARTBROKER is a sophisticated
                           software program that utilizes
                           advanced calculus and statistical
                           formulas, combined with your
                           answers to environmental questions
                           to provide immediate insight into
                           the stock market.  Consequently,
                           SMARTBROKER provides lasting value
                           from an educational as well as a
                           practical standpoint.  And for the
                           first time, it's available for your
                           personal computer !!!!!
                           
                           
                           The nice thing about SMARTBROKER is
                           that you can not only monitor the
                           stocks you are tracking, but you
                           can also monitor the accuracy in
                           the recommendations that it
                           provides. And continue to monitor
                           these recommendations until you
                           feel confident enough to give your
                           broker a call and invest. 
                            
                           4,000 STOCKS !!!
                           
                           Imagine having immediate insight on
                           4,000 stocks!
                           Most other investment software
                           packages allow you to retrieve 20
                           or so quotes from Dow Jones and
                           then produce elaborate graphs for
                           you to guess at what to do next !?  
                           Invest?  Sell?  Hope?      
                           
                           SMARTBROKER  tracks up to 4000
                           stocks,  downloads quotes from Dow
                           Jones quickly and efficiently to
                           save on-line cost,  analyzes the
                           data qualitatively and
                           quantitatively, and does what no
                           other software has attempted to
                           do... Recommends what to do next
                           and tells you how confident it is. 
                           
                           
                           
                           You'll not only save time from
                           having to make sense of all those
                           confusing charts, you'll become an
                           expert on what to do when, why, and
                           with what stocks. 
                                                       
                           WHEN TO DOWNLOAD STOCK QUOTES 
                            
                           It is recommended that you download
                           stock quotes from the Dow Jones
                           News Service every weekend
                           (preferably after Friday's
                           closing), or daily (5 days per
                           week). Of course, you may update
                           your stock list, view reports,
                           update your responses to
                           environmental questions and run new
                           analyses anytime you like. 
                            
                           MENU DRIVEN 
                            
                           SMARTBROKER is menu driven;
                           allowing you to: 
                            
                           - Configure your system 
                           - Update the list of stocks you are
                           tracking... Add or Delete a stock
                           symbol 
                           - Use advanced communications
                           allowing you to retrieve recent
                           quotes from Dow Jones News Service 
                           - Assess world circumstances for
                           SMARTBROKER'S qualitative
                           evaluation 
                           - Analyze and recommend stock plays
                           - View reports                            

                           ===================================
                           2 - REVIEW OF STOCK & OPTIONS
                              TRADING 
                           ===================================
                            
                              Over the last 10 years
                           economist have discovered and
                           rediscovered such topics as capital
                           asset prices, portfolio selection,
                           capital budgeting, efficient
                           markets, beta factors, and so on.  
                           
                           
                           The objective, often times, is to
                           characterize stock price movements
                           and ultimately determine, with some
                           degree of accuracy, investment
                           decisions.  The truth, however, is
                           that all activities of the stock
                           market are primarily reflected in
                           recorded price movements.  Price,
                           (and to some degree volume) is the
                           mechanism through which economist,
                           investors, analysts and academics
                           study market interactions.  
                           
                           Movements in investor preferences,
                           psychological factors,
                           technological innovations, and the
                           valuation of companies eventually
                           manifest themselves to some extent
                           through price.  Stock prices and
                           stock price movements are the
                           cornerstone of all market
                           instruments and have created the
                           infamous stock option.
                           
                              A stock option is a security
                           giving one the right to buy or sell
                           a lot (100 shares) of stock.  In
                           general, the higher the price of
                           the common stock, the greater the
                           value of the option.  The value of
                           the option normally declines as the
                           option approaches its maturity date
                           - this occurs more often if the
                           stock price does not change over
                           the life of the option.  
                           
                           Since SMARTBROKER's greatest
                           advantage is its ability to
                           recognize profitable option plays,
                           it may prove helpful to further
                           explore the world of options.
                           
                           MORE ABOUT OPTIONS...
                           
                              The owner of an option may
                           wish to exercise his or her right
                           to buy or sell the property if it
                           is economically advantageous.  For
                           example, an option to buy a house
                           that you currently are renting,
                           conveys the right to purchase that
                           house at a specified price -
                           possibly  a price far lower than
                           its worth later, when it's time to
                           either exercise the option or let
                           it expire.  If you were to exercise
                           your right to  buy, the seller is
                           obligated to sell at the
                           predetermined price, even if the
                           seller looses in the process. 
                           
                              There are two types of
                           options, a call and a put option. 
                           A call option is used if the
                           associated stock price is expected
                           to rise.  Conversely, a put option
                           is used if the stock price is
                           expected to fall.  Both types can
                           be equally profitable providing
                           that the market responds as
                           expected.  
                           
                           The market price of the option is
                           frequently called  the premium. 
                           The price that you want the stock
                           to reach is called the strike price
                           or exercise price and the date of
                           maturity is called the maturity or
                           expiration date.  American option
                           contracts can be exercised anytime
                           before the maturity date.
                            
                           MORE ON OPTION NOMENCLATURE... 
                            
                              INTRINSIC VALUE - If an option
                           gives the right to buy a particular
                           stock at less than its current
                           market value - or to sell the stock
                           at more than its current market
                           value - the option is said to have
                           intrinsic value. For example, if
                           the market price of IBM is $46 a
                           share, an IBM 40 call would have
                           intrinsic value of $6 a share.  If
                           the stock market price was to drop
                           to $44 then the intrinsic value
                           would drop to $4. If the stock
                           price went to $39 than the option
                           would have no intrinsic value as it
                           is less than the strike of $40. 
                           However, an IBM 40 put option would
                           have intrinsic value of $1.00.
                            
                              TIME VALUE - If the option has
                           no intrinsic value, its premium
                           will be entirely a reflection of
                           what is known as time value.  Time
                           value is whatever sum of money
                           investors are willing to pay in
                           hope that within the time
                           remaining, the option will increase
                           in value. 
                            
                              IN-THE-MONEY - Simply another
                           way of saying that the option has
                           some intrinsic value. 
                            
                              AT-THE-MONEY - A term that
                           says the market price of the stock
                           is the same as the strike price of
                           the option.
                            
                              OUT-OF-THE-MONEY - If the
                           strike price is higher than the
                           market value of the option as in
                           the $39 example above, or in the
                           case of a put, the strike price is
                           lower than the value of the option.
                           
                            
                           OTHER OPTION STRATEGIES... 
                            
                              The diverse ways in which
                           knowledgeable investors employ
                           options has created "multiple
                           option" strategies.  Two of these
                           strategies most frequently employed
                           are know as "spreads" and
                           "straddles." 
                            
                              SPREADS - Involve being both
                           the buyer and the writer (seller)
                           of the same type of option (puts or
                           calls) on the same underlying
                           stock, with the options having
                           different exercise prices and/or
                           expiration dates.  For example, one
                           could buy a DEC June 35 call and
                           sell a DEC March 35 call or even a
                           March 30 call.  This strategy can
                           be viewed as rolling your option
                           equity over with time or with the
                           change in perceived value. 
                            
                              STRADDLES-Straddles differ
                           from spreads in that a straddle
                           involves purchasing - or selling
                           both a put and a call on the same
                           stock, with the same exercise price
                           having the same expiration date. 
                           In this way the option value can
                           move in either direction to be
                           profitable, providing that the
                           movement is great enough to cover
                           the cost of the straddle. 
                                   The cost of the straddle
                           may be roughly twice either the
                           call or the put, and the
                           commissions would be applied to
                           both.  So straddles are relatively
                           safe, but expensive. 
                           
                           THINGS TO CONSIDER... 
                            
                              USING MARGINS - Using margins
                           is synonymous with using credit.
                           Margin customers must keep
                           securities or cash as collateral on
                           deposit with their brokers. 
                           However, options, unlike stocks,
                           cannot be bought on credit.  By
                           using the margin loan, one will
                           have more to invest and possibly
                           yield a greater return. The
                           temporary use of the loan is often
                           attractive when the investor is
                           looking to close (or sell his
                           position) in a relatively short
                           period of time. 
                            
                              TAX CONSIDERATIONS - Tax
                           ramifications can be quite
                           expensive in option and/or stock
                           trading.  It cannot be emphasized
                           too strongly that the investor
                           considering options should consult
                           with his tax adviser before
                           engaging in an option transaction. 
                            
                              COMMISSIONS - The impact of
                           commissions on your profits is
                           usually greater for options than
                           for underlying securities.
                           Commissions are especially
                           significant in option strategies
                           calling for multiple purchases and
                           sales of options, such as spreads
                           and straddles.  Always discuss
                           commissions with your broker before
                           engaging in options transactions. 
                           Be sure, when receiving an
                           estimated percent return or in
                           discussing your break-even point
                           that your commission costs are
                           included in your discussion. 
                            
                            
                           WHAT MAKES A RECOMMENDATION
                           ATTRACTIVE... 
                            
                           In three words..., ROI, Time
                           (before expiration), and Investment
                           Amount - all of which are presented
                           in the Recommendations Report. 
                           Look for the highest Potential
                           first, then look to see how much
                           time the recommended option has
                           remaining, finally determine how
                           much you can invest.  Take note of
                           the confidence level provided for
                           each forecast; you might also view
                           the quote file to observe where the
                           particular stock is relative to its
                           recent high and low.  After
                           selecting one or a few interesting
                           stock/options in which you might
                           want to invest, call your broker to
                           explore the actual cost and
                           available options on the stocks of
                           interest. Tell him/her that you
                           have a "SmartBroker" that
                           recommended the ones you are about
                           to discuss.
                                                      
                           
                           CASE EXAMPLES USING SMARTBROKER...
                           
                           %    Tosha did not have much money
                           to invest, but she was tired of
                           seeing all the money she could have
                           earned if she had acted on the last
                           few SmartBroker recommendations
                           that were generated over the past
                           few weekends.  After another long
                           work week she ran her usual weekend
                           SmartBroker Report of which the
                           recommendation to buy LTD 20 Call
                           Option was reported, at a
                           confidence of 90% and a potential
                           of 112%.  Being familiar with "The
                           LIMITED", Tosha decided to give
                           this one a shot.  She called her
                           broker and placed an order to buy
                           one Call Option at 2 1/8 or $212.50
                           plus commission.  The broker was
                           discouraging as he informed her 
                           that no trades had occurred with
                           that option.  Nevertheless the
                           order was placed.  
                           
                           Two days later, Tosha called her
                           broker to learn the status of her
                           investment.  The broker informed
                           her that LTD 20 Call Option had
                           risen to 3 1/2 and that she had
                           just made a 65% return less
                           commission. 
                           
                                Unfortunately, because of
                           Tosha's low level of investment, 
                           the commission took all but $47
                           dollars.  However, Tosha was not
                           discouraged.  She thought; what
                           would I have earned if I had put
                           $5000 or $10,000 on that Option,
                           and in only two days? 
                                The answer was $1,014 and
                           $4,102, respectively. 
                            
                           %    Mr. Baker was interested in
                           investing, but could not believe
                           that an investment software package
                           could be of any real use. Certainly
                           not more than what he could do by
                           thoroughly investigating the
                           companies in which he bought stock. 
                           His niece knowing that her uncle
                           liked to invest in stocks, bought
                           him the  SmartBroker Investment
                           software package for his 44th
                           birthday. Since Mr. Baker already
                           had a Dow Jones News Retrieval
                           account,  he had nothing to loose
                           so he loaded the software 50
                           different stock symbols and started
                           to run the software on weekends to
                           build his 5-week data file.  On the
                           fifth weekend, he printed out his
                           first valid report.  In it were
                           recommendations to buy 7 different
                           call options, 2 put options, 1
                           straddle, and the stock of 6
                           different companies.  He elected
                           not to act on any of  the stock
                           purchases, nor any of the put or
                           straddle options, but after
                           contacting his broker he decided to
                           purchase 5 of the call options (2
                           of them were not available).  
                           
                           Three weeks later Mr. Baker learned
                           that 4 of his 5 options had crossed
                           their  break-even and were deep
                           "In-the-money".  He yelled with
                           excitement, and wondered 'how many
                           other people were aware of this
                           SmartBroker software.  He also
                           discovered: it's not how thorough
                           you analyze a company... it's how
                           consistently you select the right
                           ones, that count. 
                                                       
                           ===================================
                           3 - GETTING STARTED
                           ===================================
                           
                           SmartBroker package includes:
                           
                           %  SmartBroker Reference    
                                   Guide. 
                                %  SmartBroker program
                                   disk. 
                                %  One User License
                                   Agreement and On-Line
                                   Services Agreement. 
                                 
                           
                           Before you use SmartBroker software
                           you'll need to take a few simple
                           steps. 
                            
                           1. Have all of the necessary
                           hardware components set-up
                           properly. 
                           2. Install the SmartBroker
                           program on your hard disk or
                           working diskette. 
                            
                           3. Configure SmartBroker software
                           to run on your particular hardware.
                           
                            
                           4. Have a DJNS account and the
                           necessary password to access the
                           information database. 
                            
                           5.      Download quotes weekly (on
                           week-ends), for 4 continuous  weeks
                           until a 5-week file is built. Once
                           you have established 5 weeks of
                           data for the stocks you are
                           tracking, you may begin  analyzing
                           the data.  Be sure to run
                           SmartBroker each and every weekend. 
                           If you miss a weekend, continue
                           downloading but wait another 4
                           weeks before your data integrity is
                           restored.
                           REASON: SmartBroker requires 5
                           continuous stock quotes to operate
                           properly.  Once 5 quotes of data is
                           captured, on the next download, a
                           new quote is added and the oldest
                           quote is dropped. SmartBroker will
                           always maintain the last 5 quotes
                           of data.
                            
                            
                           1.  REQUIRED EQUIPMENT: 
                            
                           SmartBroker operates on the IBM PC, 
                           or any other TRULY 100% IBM
                           compatible personal computer with
                           at least 640K of memory. 
                           You will also need: 
                            
                           %  An 80 column color or
                           monochrome monitor with appropriate
                           display adapter. 
                           
                           %  One double sided disk drive,
                           or a hard drive.  A hard drive is
                           preferred for faster data
                           transfers. 

                           %  A Hayes or Hayes-compatible
                           modem or Omnitel,  Novation, SSM,
                           or other RS-232 compatible modems
                           and an RS-232 cable. 
                           
                           %  A standard modular phone jack
                           (RJ11, RJ12,RJ13). 
                           
                           %  A parallel or serial printer
                           and interface (optional). 
                           
                           %  Several blank diskettes
                           (optional). 
                            
                            
                           2.  INSTALLING SMARTBROKER: 
                            
                           If you want to install SmartBroker
                           on a diskette, rather than a hard 
                           drive, you should format a
                           diskette.  Refer to the Format
                           command in your Dos Operating
                           System (DOS) manual. 
                           
                           1. Turn your computer on.  You
                           should have the DOS that came with
                           your computer either on the hard
                           disk or on a system diskette in
                           Drive A. 
                            
                           2. Put the diskette labeled
                           SmartBroker in Drive A. 
                            
                           3. The prompt on your screen
                           should be A>.  If it is not, enter
                           A:and press ENTER. 
                           
                           
                           4. If you want to install
                           SmartBroker on a hard disk, enter
                           SBNSTALL C (or the letter of the
                           hard disk where you want to place
                           the SmartBroker program).  The
                           installation program will make a
                           subdirectory name \SMART on the
                           specified drive for SmartBroker
                           programs and data files. 
                           
                           5. You will see additional
                           instructions or messages about 
                           SmartBroker installation on your
                           screen. 
                            
                           6. The program will copy
                           SmartBroker from the original
                           diskette to your hard disk or
                           diskette. 
                            
                           7. After all SmartBroker files
                           are successfully copied,
                           SmartBroker can be executed by
                           typing BROKER in the \SMART
                           directory. If you are in the root
                           directory, type CD\SMART and press
                           enter and then type BROKER and
                           press enter to execute the program.
                           
                           
                                                       
                           3.  CONFIGURE YOUR SYSTEM TO RUN
                           SMARTBROKER: 
                            
                            
                           Backup Procedures - Dual Diskette
                           System 
                            
                           If you run SmartBroker from a
                           diskette, keep at least one backup
                           copy. The backup copy is very
                           important to protect you should a
                           diskette fail or a file become
                           corrupted.
                            
                           The System Diskette, the one you
                           use in drive A, contains programs
                           and your system setup information. 
                           Make a copy of this diskette after
                           you install SmartBroker and enter
                           all the System Setup information. 
                            
                            
                           To make backup copies, use the
                           following procedure. 
                            
                           1. Put your DOS diskette in drive
                           A.  Type:  DISKCOPY A:B: 
                            
                           2. When prompted, put the source
                           diskette in drive A, and press
                           ENTER. 
                            
                           3. When prompted, put the
                           destination diskette - the diskette
                           onto which you want to backup your
                           files - in drive B, and press
                           ENTER. 
                            
                           The entire contents of the disk in
                           drive A will be copied to the
                           diskette in drive B, erasing
                           anything that was previously on the
                           disk in drive B. 
                            
                           Backup Procedures - Hard Disk
                           System 
                           If you run SmartBroker from a hard
                           disk, you should keep at least one
                           backup copy of SmartBroker and its
                           data files.  The backup copy is
                           very important, should your
                           computer or hard disk fail or a
                           file become corrupted.  
                            
                           To backup data files, follow this
                           procedure. 
                            
                           1. Put a blank formatted diskette
                           in drive A. 
                            
                           2. Type COPY C:\SMART\SB*.SBF A:
                           and press ENTER. This assumes that
                           you have set up SmartBroker to save
                           data files on the C: drive in a
                           subdirectory name SMART. If you
                           save data files on a different
                           drive or directory, modify the COPY
                           command. 
                            
                           AUTOPILOT MODE !! 
                            
                           Smartbroker has an "autopilot" mode
                           which allows all sequence of
                           operations to occur automatically. 
                           
                           The autopilot mode is set by simply
                           typing 'autopilot' or 'auto' after
                           the name of the program. In
                           autopilot mode, two files
                           SBDATA.SBF and SBSTKLST.SBF will be
                           copied for backup protection to
                           SBDATABK.SBF and SBLISTBK.SBF
                           respectively. When in autopilot
                           mode, a message screen will alert
                           you that you have 5 minutes to
                           disengage the countdown by simply
                           hitting any key.  
                           
                           After terminating the countdown,
                           the computer will be freed for
                           general use.  When the countdown is
                           completed Smartbroker checks the
                           file "SBAUTOPI.sbf".  If the first
                           number in this file is less than 57
                           then Smartbroker increases the
                           second number in the file by one. 
                           When the second number matches the
                           first, the program performs all
                           functions automatically. This
                           flexible feature is ideal for daily
                           checks, and automatically
                           performing weekend evaluations
                           without human interaction. 
                           
                           Simply use a daily electrical power
                           timer with your computer and modem,
                           set for say...midnight.  In the
                           file "SBAUTOPI.SBF" set the first
                           number to 7 and, the second to 1 on
                           a weekend. If however, the first
                           number is set to 57, then
                           Smartbroker will run automatically
                           5 sequential times, skip 2 times,
                           and repeat this process (this is
                           good for daily (5 days) automatic
                           execution versus once a week). You
                           can change these settings using any
                           ASCII text editor.
                           
                             Example 1:                        
                           M   T   W   Th  F   Sa  Su 
                               Saturday Morning Run Setting    
                           7   7   7   7   7   7   7 
                               (settings as seen in the pm)    
                           3   4   5   6   7   1   2 
                           
                             Example 2: 
                               Weekday-Early Mornings Run      
                           57  57  57  57  57  57  57 
                               (settings as seen in the pm)    
                           1   2   3   4   5   6   7 
                           
                             Example 3:
                               Once Monthly (every 30-days)    
                           30  30  30  30  30  30  30
                               (settings as seen in the pm)    
                           ..  ..  28  29  30  1   2
                           
                           If you want to engage autopilot
                           immediately (without waiting for
                           the 5 minute countdown) type in the
                           parameter "now"  e.g. 'Broker AUTO
                           NOW' or 'Broker now'.
                           
                           In summary, the 3 modes of
                           execution are: normal (by typing
                           "broker"), autopilot ("broker
                           auto"), and autopilot now ("broker
                           auto now"). 

                           . "BROKER auto" - updates a counter
                           file and allows 5 minutes for
                           decision time before running
                           Smartbroker.  This is handy if you
                           are using a timer, and set the
                           counter file to 7 over 7 (meaning
                           every 7th time this program is
                           executed, run Smartbroker on
                           autopilot mode.  
                           
                           A dedicated computer connected to
                           an electrical timer that boots up
                           "BROKER auto" everyday, can run
                           SmartBroker only on weekends
                           without user interface.
                           You can interrupt the countdown
                           sequence and enter directly into
                           the program by hitting a slash
                           ('/').  If your printer is turned
                           on as well, a printout of your
                           recommendation report and key
                           categories report is produced.
                           
                           . "BROKER auto now" - simply
                           by-passes the 5 minute wait, and
                           the counter file, and runs
                           Smartbroker in autopilot mode
                           immediately.
                           
                           . "BROKER" - the normal mode, runs
                           Smartbroker as a basic program
                           requiring constant user interface
                           throughout the keyboard.
                           
                                                      
                           Other Parameters:
                           
                           Typically SmartBroker will extract
                           the "LAST" trade quote from the Dow
                           Jones stock quote file (the one
                           that is downloaded from DJNS).
                           However, if you want to extract
                           "CLOSING" prices instead, simply
                           type the parameter "\close" after
                           the program name or after other
                           parameters.
                           
                           NOTE:
                           If there were no "Last" price (due
                           to no trades), Smartbroker will
                           adopt the whole number only (the
                           fraction, if any, is ignored) part
                           of the last closing price to
                           maintain a degree of trend
                           consistency.
                             Otherwise, the price trend will
                           drop drastically to zero - which
                           would be misleading.
                                                      
                           SmartBroker Prognostics: 
                           
                           When SmartBroker first begins, a
                           prognostic system check is
                           initiated which will alert you of
                           any foreseeable problems.
                            
                           To avoid the system check, include
                           a "\p" on the command line next to
                           "broker".  This will by-pass the
                           total system check and direct the
                           display right to the master menu.
                           
                           The Prognostic System Check
                           If you do not have communications
                           capability due to an absence of a
                           communications port, a message will
                           appear to alert you to this fact.
                           Peripherals, such as your printer
                           and your modem, will be pulsed to
                           determine if they are on or working
                           properly.  All data files will be
                           searched to assure that all files
                           exist. If any file is missing,
                           SmartBroker will alert you of its
                           absence and provide you with
                           storage information in case there
                           is not enough room on your disk. 
                           All files in the current directory
                           will be checked to determine if
                           they are "hidden" from the user
                           interface system, and your system
                           will be analyzed to determine its
                           color capabilities. 
                                                       
                           In summary, Smartbroker checks for:
                           
                             - Current DOS version 
                             - com port operational 
                             - color capability 
                             - the first four files: 
                           SBSTKLST.SBF SBCF.SBF SBDATA.SBF
                           SBSTOCKS.OVR are checked for
                           verification.  If ok, and in
                           autopilot mode then SBSTKLST and 
                           SBDATA are copied to backup files
                           to protect against any unusual
                           interruption.  If not in autopilot
                           mode or after these are  verified
                           then the following 12 additional
                           files are checked: 
                            
                           SBQUOTES     SBQ1        SBRESULT 
                           SBRECRD      SBRECMD
                           SBHIST       SBAUTOPI     EGA.BGI
                           HERC.BGI     IBM8514.BGI
                           PC3270.BGI   CGA.BGI 
                                                      
                           Next, SmartBroker will check to see
                           if your printer is ready, if your
                           modem is operational, determines
                           available disk space and available
                           memory, and checks for any hidden
                           files in the current directory. If
                           there are no foreseeable problems,
                           Smartbroker will immediately
                           display a Welcome Screen. At this
                           point, press any key to access the
                           Master Menu. 
                                                      
                           A Subtle Goodie... 
                            
                           Please note that while in color
                           mode, the words "Master Menu" of
                           the main menu screen will be
                           displayed in the dominant color of
                           the module you last accessed.  The
                           feature is provided to help you
                           keep track of your last option
                           choice, should you become
                           interrupted or distracted and
                           forget where you were.  In
                           addition, all options previously
                           visited will display a "check"
                           symbol before its menu item.
                                                      
                           ===================================
                           4 - SETTING SYSTEM PARAMETERS 
                           ===================================
                            
                            
                           % Use the Space Bar to change an
                           option. 
                           % Use the Return or Enter key to
                           select the option. 
                           % Use Escape to exit from the
                           configuration screen. 
                            
                           
                           Selecting "S"  from the Master Menu
                           allows you to set SmartBrokers'
                           System Parameters.  Most of which
                           are related to its powerful
                           communications capabilities.  With
                           the exception of your access phone
                           number and your password,
                           SmartBroker frees you from having
                           to memorize the various parameters
                           by offering them to you in a
                           multiple-choice format.  Simply
                           press the space bar and a new
                           parameter appears.  Hit return and
                           SmartBroker will accept the
                           parameter you chose. 
                           
                           NOTE: If you hit space and nothing
                                 happens, hit space again. 

                           There are 16 categories: 
                            
                           COMMUNICATION MODE: 
                           Automatic, Log-On Only, Manual 
                           Automatic - performs all
                           communications necessary to
                           download stock data from Dow Jones
                           News/Retrieval Service.  You will
                           need to have already entered and
                           stored your password and a local
                           access phone number. 
                           Log-On Only- performs automatic
                           log-on to DJNS.  Leaves user in
                           Manual Mode after log-on is
                           complete. 
                           Manual - basic communications
                           capability - no automatic transfer
                           of data. You will have to type all
                           data to be transmitted.  However,
                           you can use this feature to
                           communicate with any service or any
                           other computer for any purpose. 
                           Essentially you have multi-purpose
                           communications software when in
                           this mode. 
                            
                           ACCESS LINE: Select either
                           Telenet/Autonet or Tymnet access
                           lines.  The corresponding phone#
                           will change accordingly. 
                            
                           PHONE NUMBERS: Enter the phone
                           number of your local access line
                           here. A phone number for both
                           Telenet and Tymnet may be entered. 
                            
                           DIALING METHOD: Pulse, Tone 
                           If you have a touch tone telephone
                           line/modem, set this parameter to
                           'tone'. 
                           If you do not have touch-tone, set
                           to 'pulse'.  While tone is much
                           faster than pulse, you can use
                           pulse even if you do have a
                           touch-tone line. 
                            
                           DJNS PASSWORD: Enter your password
                           to your DJNS account here. Your
                           password is always protected by
                           SmartBroker.  You will never see it
                           again, so be sure to write it down
                           in a special place. 
                           
                           COM PORT: COM1, COM2, COM3, COM4
                           Select the port your modem is
                           connected to.  Use COM1 as your
                           first choice. 
                            
                           BITS PER SECOND: 1200...57600, 
                           Select the baud rate of your modems
                           capability. BPS1200  is the default
                           rate, however 14,400 is preferred
                           if your modem is capable of this
                           rate.
                            
                           PARITY: EVENPARITY, ODDPARITY,
                           NOPARITY 
                           Select EVENPARITY for DJNS. 
                            
                           WORD SIZE: 7, 8 
                           Word sizes are typically 7 or 8
                           bits.  Use 7 for connection with
                           DJNS. 
                            
                           STOP BITS: 1, 2 
                           Use stop bit of 1 for DJNS. 
                            
                           2ND CALL: OPTIONS, NEWS, BOTH, OFF 
                           Activate the option of a second
                           phone call to DJNS to retrieve
                           options prices for option
                           recommendations, news headlines for
                           all stock recommendations, both, or
                           set to 'off' for neither. When "key
                           categories" is selected and second
                           call = News or Both, New-Headline
                           information for the top 10 stocks
                           expected to fall, and top 10
                           expected to rise will be captured
                           in the NEWS Report (and can be seen
                           through the VIEW Option).
                           
                           NYSE STOCKS, O-T-C, OR BOTH
                           You may select between either NYSE
                           stocks that are traded on the
                           floor,or over-the-counter stocks
                           which are traded by market makers,
                           or both.  A brief comparison of the
                           two stock types is provided below.
                           NYSE stocks: (3 or less characters
                           per stock symbol)
                           . are auctioned on the floor
                           . has restricted price swings
                           . has less risks than OTC stocks
                           . usually of larger companies with
                              high capital spending.
                           Over-The-Counter stocks: (4 or more
                           characters per stock symbol)
                           . are traded by market makers
                           . have potential for greater price
                              swings
                           . typically have higher risks
                           . usually of companies with less
                              capital spending.
                            
                           ANALYSIS RESTRICTION: 
                           Select any one of 36 different
                           analysis restrictions.
                           
                           GEN. RECOMMENDATIONS 
                           all stocks evaluated
                           CALL OPPORTUNITIES    =      
                           stocks which were recommended to
                           buy call options
                           PUT OPPORTUNITIES     =      
                           stocks which were recommended to
                           buy put options
                           UPWARD TRACK any stock with average
                           slope >= 0
                           DOWNWARD TRACK any stock with
                           average slope < 0
                           MATERIALS STK GRP
                           (self-explanatory)
                           CONSUMER STK GRP self-explanatory)
                           ENERGY STK GRP (self-explanatory)
                           FINANCE STK GRP (self-explanatory)
                           INDUSTRIAL STK GRP
                           (self-explanatory)
                           TECHNOLOGY STK GR(self-explanatory)
                           UTILITY STK GRP (self-explanatory)
                           OTHER STK GRP (self-explanatory)
                           HILL/VALLEY POSITION  = 
                           if the magnitude of the last volume
                           slope is less than 120% of each of
                           the previous
                           MOST VOLATILE STOCKS  #  
                           largest std deviation
                           OVER-PRICED STOCKS    #      
                           highest stock prices relative to
                           normal price range with decreasing
                           volume activity
                           GREATEST LAST DROPS   #     
                           (self-explanatory)
                           GREATEST LAST RISES   #
                           (self-explanatory)
                           SB STOCK PICKS        #      
                           most volatile and in lowest range
                           of it's price range and with sudden
                           interest in volume activity
                           MOST ACTIVELY TRADED  #      
                           highest volume
                           KEY STOCK CATEGORIES #  ** (only if
                           stock list is greater than 20)
                           S.T. DROP CANDIDATES  #      
                           highest recent price, and price
                           range is greater than 25, and is in
                           the 70%+ range of its price range,
                           and price is greater than 50 and
                           volume is not high.  This stock is
                           also categorized as "HillTop" and
                           there is no sudden interest in
                           volume activity.
                           RECENT SHARP TURNS    #      
                           biggest price swing reversal
                           CURRENT VOLUME PEAKS        
                           (self-explanatory)
                           ASSERTIVE INCLINES    #     
                           greatest average slope (+)
                           ASSERTIVE DECLINES    #      
                           least average slope (-)
                           MAX %$ MOVEMENT    #     
                           (self-explanatory)
                           GREATEST NEW LOWS     #     
                           greatest new lows by more than 1
                           GREATEST NEW HIGHS    #     
                           greatest new highs by more than 1
                           PROBABLE SPLITS       #     
                           greatest gap between highest and
                           current price, and where historic
                           highest has exceeded 50.
                           MOST STABLE STOCKS    #     
                           smallest standard deviation
                           LEAST TRADED STOCKS   #      
                           lowest volume
                           LOW PRICED STOCKS     #     
                           (self-explanatory)
                           SUDDEN INTEREST STKS 
                           (sudden upturn in volume activity)
                           SUDDEN DISINTEREST     #
                           (sudden downturn in volume)
                           UNSUPPORTED MOVEMENT  #
                           (price fluxuation unsupported by
                           volume activity)
                           
                           ** Key stock categories. The most
                           traded stocks that are also most
                           volatile are highlighted.  
                           
                           NOTE: The '+' or '-' in front of
                           stock symbols indicate that the
                           current price either exceeds (+) or
                           is below (-)the "normal" trading
                           range for that stock.
                           
                           #  Prioritized listing (selected in
                           priority order). SmartBroker will
                           scan all stocks for these
                           selections.
                           
                           = Run in level 3 mode only.
                           
                           
                           MINIMUM FORECAST (%): 1..50 
                           Set the percent level that must be
                           met or exceeded between current and
                           forecasted prices, in order to be
                           considered for recommendation.  You
                           may use the "-" key to reduce
                           values. 
                            
                           SOUND CONTROL: ON, OFF 
                           Set whether you want sound tones
                           throughout the execution of
                           SmartBroker. 
                            
                           SCREEN DISPLAY: COLOR, BLACK &
                           WHITE You can select whether you
                           want the program to run in color or
                           in black & white. 
                            
                           After all parameters are set, hit
                           the ESC key.  You will be prompted
                           to answer Y or N as to whether to
                           save the configuration.  Hit Y if
                           you wish to save this
                           configuration.  Hit N if you do not
                           wish to save this configuration. 
                           All parameters will be recognized
                           whether they are saved or not. 
                                                       
                           ===================================
                           5 - UPDATING YOUR STOCK LIST 
                           ===================================
                            
                           Selecting  "U" in the Master Menu
                           will allow you to Update your list
                           of stock symbols by either adding
                           new ones or deleting symbols that
                           you no longer intend to track.  A
                           screen which lists the symbols you
                           are tracking will appear.  The
                           heading at the top of the screen
                           will also reconfirm the number of
                           stocks you are tracking as
                           displayed in the list.  The prompt
                           at the bottom of the list will
                           allow you to enter either an "A" or
                           a "D" to Add or Delete a symbol. 
                           
                            
                           You may track up to 4000 stock
                           symbols, or you may track only one. 
                           There are no other restrictions. 
                           
                           You may have them arranged in
                           alphabetical order either by stock
                           symbol or by company name when you
                           re-save the file.
                           
                           ADDING : 
                           When adding a stock symbol enter
                           the actual symbol.  It does not
                           matter whether you are typing in
                           lower or upper case. SmartBroker
                           will always convert to upper case.  
                           You will also be asked to enter the
                           company name and the stock
                           category.  Only 5 characters are
                           allowed for the stock symbol, and
                           only 17 characters for the company
                           name.  In addition, the list of
                           stock symbols will always remain
                           alphabetized for easy visual
                           searching.  A pause of  a few
                           seconds may occur to allow for the
                           alphabetization process.  If there
                           are any double entries, the first
                           of the double will be deleted.  
                           
                           When a new symbol is added, it may
                           appear to be right justified and
                           highlighted before it is saved.
                           This allows you to quickly and
                           easily see which symbols were just
                           added in case you want to make an
                           immediate correction or change. 
                           
                           Note: symbols of 5 characters or
                           more will not appear to be right
                           justified as there are only 5
                           characters available. 
                           
                           NOTE: If there is a particular
                           stock that you are tracking, and
                           would like to be reminded of its
                           price when you first enter the
                           Stock Recommendations option, you
                           can identify this stock by typing a
                           '~' in front of the company name. 
                           Only one can be tagged in this
                           manner. After the next download,
                           this stock and it's price will be
                           displayed in the Reminder Screen.
                           
                           DELETING:
                           When Deleting a symbol enter the
                           NUMBER of the symbol (not the
                           symbol). By entering the number
                           rather than the symbol, you are
                           assured of deleting the correct
                           symbol.  You may also delete a
                           range of numbers by entering the
                           starting number, and the final
                           number, and separating both by a "-
                           ".  Again, the list of stock
                           symbols will always remain
                           alphabetized for easy visual
                           searching and the total count of
                           symbols on your list will be
                           reduced with each deletion.  If you
                           make a mistake, simply do not save
                           the modified list.  Your previous
                           listing is maintained until you
                           resave the list.
                           
                           CATEGORIZING:
                           After you have entered a new stock
                           symbol, you will be asked to select
                           a category.  A menu of stock
                           categories will appear to help you
                           select.  This will help in applying
                           restrictions in later analysis.
                           
                           When you have finished updating
                           your stock symbol list, enter ESC
                           for escape. You will be asked
                           whether you wish to replace your
                           current list. If YES, your new list
                           will be saved.  IF NO, you will be
                           returned to the Master Menu.
                           
                           NOTE: From time-to-time, you may
                           notice a reduction in the list of
                           stock symbols you were tracking. 
                           Smartbroker automatically
                           eliminates stocks that are no
                           longer supported by the DJNS. 
                           Occasionally, companies are
                           acquired and the stocks are no
                           longer traded, or the company name
                           has changed which forced a change
                           in the stock symbol.  When the
                           downloaded response returns with
                           "STOCK SYMBOL IN ERROR",
                           Smartbroker will automatically
                           search and eliminate that stock
                           from your list as it is no longer
                           valid.  This elimination process is
                           limited to 25% of the stocks you
                           are tracking for safety
                           precautions.
                           
                           SELECTING STOCKS...
                           
                           When selecting stocks, you may want
                           to select those stocks that have
                           known options contracts associated
                           with them.  Since SmartBroker's
                           greatest strength is in its ability
                           to recommend profitable options
                           contracts, the selection of your
                           stocks will have a direct impact on
                           what SmartBroker can do for you.
                                                       
                           ===================================
                           6 - COLLECTING QUOTES 
                           ===================================
                            
                           Selecting "C" from the Master Menu
                           allows you to collect quotes from
                           DJNS. It is the communications
                           feature of SmartBroker.  Because
                           any analysis software is only as
                           good as the information it is
                           analyzing, the communications
                           capability within Smartbroker is
                           especially powerful. 
                           
                           
                           Unlike most communications
                           packages, this feature within
                           SmartBroker allows for total
                           automatic communications with the
                           DJNS.  Once the parameters are set,
                           you may never need to know your
                           password, your access phone number
                           or any other parameter. 
                           SmartBroker will use this
                           information to routinely dial your
                           access number, Log on to DJNS,
                           sign-on to the CQE (Current Quotes
                           Exchange) option with the news
                           service, request and download
                           quotes relating to the stock
                           symbols you are tracking, and when
                           done, disconnect, log-off and
                           hang-up completely automatically.
                           However, you may set the
                           communications to manual, and take
                           advantage of a general purpose
                           communications package comparable
                           to packages sold today for hundreds
                           of dollars. 
                                                      
                           Telenet/Autonet & Tymnet
                            
                           SmartBroker communications uses
                           both Telenet and Tymnet access
                           lines. If for some reason a carrier
                           is not detected after dialing, it
                           will retry a total of 5 times (the
                           first two using tone dialing and
                           other three times using pulse
                           dialing). If one access line
                           continues to prove unsuccessful for
                           the entire 5 connect tries,
                           Smartbroker will automatically
                           switch to the alternate access
                           line, provided you've entered a
                           phone number for the other line.
                           
                           If still, for some reason the
                           log-on sequence is unsuccessful,
                           and the autopilot mode is active,
                           Smartbroker will hang-up and
                           re-attempt the log-on sequence a
                           maximum total of 20 times. Further,
                           if while in autopilot mode, the
                           entire download sequence is
                           interrupted, or is not completed,
                           SmartBroker will attempt the entire
                           downloading sequence again, and if
                           necessary, again (for a total of
                           three tries).  
                           
                           Before actual communication is
                           initiated, SmartBroker will check
                           to see if your modem is on or
                           operational.  If it is not, you
                           will receive a message stating that
                           "Your Modem Is Not Working".  This
                           may simply mean "turn your modem
                           on".
                            
                           Next you must decide whether you
                           want to save the downloaded
                           information on disk.  THIS IS A
                           MUST IF SMARTBROKER IS TO USE THE
                           DATA.  Typically you would respond
                           by typing 'Y' for Yes.  After doing
                           so, your communications port will
                           be opened and your access phone
                           number will be transmitted to
                           connect you to the DJNS.  If your
                           modem is not on at this point, or a
                           problem is encountered during any
                           aspect of automatic communications,
                           SmartBroker will transfer mode of
                           operation to "Manual Mode."  In
                           this case either type the remaining
                           information manually or enter ESC
                           to close communications and
                           terminate.
                           
                           IF AT ANY POINT DURING AUTOMATIC
                           DOWNLOADING OF STOCK QUOTES, YOU
                           DECIDE TO TERMINATE COMMUNICATIONS
                           - SIMPLY PRESS THE ESC KEY. YOU
                           WILL HAVE TO WAIT FOR THE TIMING
                           SEQUENCE TO END BEFORE THE
                           TERMINATION REQUEST IS HONORED.
                           
                           If this communication effort is
                           (for some reason) terminated
                           abruptly, and in autopilot mode,
                           Smartbroker will terminate
                           communications, pause for 10
                           seconds, and reinitiate the entire
                           communications tasks. If not in
                           autopilot mode and a communications
                           problem occurs, communications will
                           switch to manual mode.
                           
                           Once you have downloaded your
                           quotes (retrieved from last
                           reported 'closed') or terminated
                           communications, you will have the
                           option of using this information
                           for SmartBroker evaluation. Answer
                           "Y" to the question: UPDATE DOW
                           JONES STOCK-DATA FILE (Y/N) ?" With
                           automatic communications, the quote
                           data is stored in file
                           SBQUOTES.SBF.  Hit RETURN so that
                           the file SBQUOTES.SBF may be read
                           and quotes extracted for analysis. 
                           
                           
                           If you have stored DJNS //CQE data
                           in another file, you may type the
                           name of that file at this time.  
                           
                           SmartBroker would then attempt to
                           extract the quote information from
                           the file you suggested.  When the
                           quotes are all processed, you will
                           be given an option to replace your
                           old quote-file or to abort.  If you
                           replace your old file, it is gone
                           forever.  You should only replace
                           your old quote file once a week on
                           week-ends.   If you replace your
                           old quote file out-of-sequence;
                           that is, at some time either before
                           your weekly update or sometime
                           afterwards, you will destroy your
                           5-week trend and will have to wait
                           4 additional weeks before your
                           proper data sequence can be
                           restored.
                            
                           After all quotes have been
                           downloaded, Smartbroker reads this
                           file character-by-character,
                           word-by-word (as do we humans) and
                           vertically from top to bottom
                           (unlike us humans).  
                           
                           Volume information is read and
                           again rechecked.  
                           
                           Both stock closing prices and
                           volumes are extracted for each
                           symbol.  
                           
                           If bad fractions are found they are
                           listed for your information. 
                           
                           If the stocks symbol has not
                           changed but the company name has,
                           the company name is updated to
                           reflect the new name. Newly added
                           stock symbols are first checked for
                           duplication and validity before
                           they are accepted.  
                           
                           Next, Smartbroker matches
                           information from the quote file
                           with information from the 5-week
                           data file and updates the 5-quote
                           data file by adding the latest
                           quote to the end and dropping the
                           earliest quote (5 quotes old) from
                           the beginning of the list.
                            
                           NOTE: It is recommended that you
                           collect your stock quotes between
                           Friday after 8 pm and before Monday
                           6 am to minimize your on-line cost.
                           
                            
                                                                                 
                           ===================================
                           7 - ANSWERING ENVIRONMENTAL
                              QUESTIONS
                           ===================================
                            
                           In general, world events have a
                           significant effect on stock price
                           fluctuations.  For this reason,
                           SmartBroker, by asking a number of
                           questions, allows for your input
                           regarding world events/climate.
                           
                           
                           By selecting "A" of the Master
                           Menu, you will be asked a number of
                           questions regarding domestic and
                           world issues.  You should
                           familiarize yourself with the
                           answers to these questions and
                           periodically update the
                           Environmental Evaluation portion of
                           the software.
                           
                           IT IS RECOMMENDED THAT YOU UPDATE
                           THIS SECTION ONCE EVERY 3 MONTHS.
                                                      
                           The questions posed are related to:
                           
                              The prime interest rate
                           
                              Current inflation
                           
                              Economic state
                           
                              Housing starts
                           
                              Political control
                           
                              Global relations
                           
                              Domestic manufacturing
                              production 
                            
                              Stock market trend in January
                              of this year 
                            
                           After responding to a scale from 1
                           to 5, you will have the option of
                           saving the answers.  You must input
                           a number from 1 to 5, or the
                           question will continuously
                           re-appear.  Answers are tabulated
                           and correlated as to whether they
                           have an upward/increasing or
                           downward/decreasing effect on the
                           SmartBroker stock price forecasts. 
                                                       
                           NOTE: SmartBroker will only
                           recognize the answers to these
                           questions when they are saved on
                           disk.  
                           
                           If you change your answers, you
                           must save the results for the
                           answers to be recognized. 
                                                                                  
                           ===================================
                           8 - RECOMMENDING STOCK PLAYS 
                           ===================================
                            
                           
                           Selecting "R" from the Master Menu
                           positions you in the most critical
                           module of the SmartBroker software. 
                           This is the module that, when all
                           preceding modules have been
                           attended to, will provide you with
                           great insight and clear
                           recommendations regarding how you
                           might consider investing in the
                           stocks you are tracking.  The
                           ultimate objective is to generate a
                           Recommendations Report that will
                           highlight stocks with profit
                           potential and offer a
                           recommendation on how you might
                           invest in particular stocks or
                           stock option. 
                            
                           After selecting "R", a second menu
                           allows you to choose the level of
                           interaction you would like to have
                           with SmartBroker.  Once a level is
                           chosen, you are then asked if you
                           want to analyze a particular stock. 
                           If you do, you would enter "Y" and
                           the letters of the stock symbols
                           you are interested in at the next
                           inquiry.  If you select Levels 1 or
                           2, this would be your last question
                           before the analysis begins.  If you
                           select Level 3 then you are asked
                           whether or not you want to generate
                           a new Recommendations Report.  If
                           so, you will replace your previous
                           report.  If not, then your old
                           report will remain on disk.
                           
                           NOTE: By hitting 'R' you initiate a
                           comprehensive market scan of all
                           stocks.  A summary will be provided
                           before the secondary menu is
                           displayed. If you are selecting
                           this option for the first time or
                           hitting 'R', the market scan will
                           also activate, otherwise the
                           secondary menu bar is immediately
                           displayed.  If there are some
                           unusual price swings, the
                           associated stocks will be displayed
                           on the screen.
                           
                           NOTE: The '+' and '-'s in front of
                           some stock symbols indicate that
                           the current price either exceeds
                           (+) or is below (-) the "normal"
                           trading range for that stock.
                           
                           NOTE: SmartBroker will not
                           recommend or allow you to analyze
                           in full, stocks that have severely
                           abnormal price swings.  "Severely
                           abnormal" is defined as: having a
                           standard deviation greater than any
                           price, or, any price greater than
                           the average price plus 3 times the
                           standard deviation, or, any price
                           less than the average price minus 3
                           times the standard deviation, or,
                           any price greater than 150% of the
                           average price, or, any price less
                           than 50% of the average price. 
                           Sometimes, stock splits occur,
                           which can make price trends look
                           superficially good, or
                           superficially bad.
                           
                           Here is a closer look at what each
                           level provides:
                           
                           Ŀ
                           Level 1    
                           
                           (For the investor who wants to see
                           what SmartBroker sees in its
                           analysis)
                           
                           Provides the greatest amount of
                           detail regarding the SmartBroker
                           analysis. You are prompted after
                           every display to hit any key in
                           order to continue. Entering ESC
                           will allow you to exit at any time. 
                           A trend graph is displayed along
                           with various statistical parameters
                           and interpretative comments on the
                           stocks 5-quote trend.  Tables are
                           also provided to give you more
                           information regarding each stock
                           and stock option profit making
                           potential. 
                            
                           You may also elect to search for a
                           particular stock symbol or a series
                           of stock symbols by searching for a
                           unique string of characters. 
                            
                           Various stock investment strategies
                           are offered for your consideration
                           as appropriate.  You are not
                           allowed to erase your existing
                           Recommendations Report or generate
                           a new report in this level.  You
                           can only generate a new
                           Recommendations Report in level 3. 
                            
                           Ŀ
                           Level 2                
                           
                           (For the investor who wants to view
                           what SmartBroker sees in its
                           analysis, but not be required to
                           hit a key to continue) 
                            
                           Same as Level 1 except you do not
                           interact with the computer to
                           continue. Each display will remain
                           on the screen for only a brief
                           amount of time. The program will
                           continue automatically until all
                           data items have been read and
                           analyzed or until you enter ESC to
                           exit. You may determine the
                           relative amount of pause time for
                           each screen by selecting a number
                           from 1 to 9 for the time delay.  1
                           is the fastest or shortest amount
                           of time allowed while 9 is the
                           longest.  Typically, 1 equates to
                           approximately 2 seconds per display
                           while 9 equates to approximately 18
                           seconds per display. 
                            
                           NOTE: When in level 2 you may
                           freeze the screen any time by
                           hitting any key. Hitting a key a
                           second time continues the automatic
                           display sequence. 
                            
                            
                           Ŀ
                           Level 3                
                            
                           (For the investor who only has time
                           for the bottom-line) 
                            
                           Level 3 bypasses the task of
                           displaying all of its technical
                           analysis and gets right down to the
                           heart of the matter - which stocks
                           have profit potential and how
                           should you try to invest in those
                           stocks.  This option recognizes the
                           saved answers to the environmental
                           questions and assess an
                           "environmental impact" percentage
                           which is flashed right before the
                           recommendations report is
                           displayed.  The % environmental
                           impact is a percent the forecast
                           price was either increased(+) or
                           reduced(-) from the mathematical
                           projection. After this percentage
                           is flashed, a Recommendations
                           Report is generated and displayed
                           on the screen.  If you said "Y" to
                           the question "Generate a new
                           recommendations report?" the
                           information generated on the screen
                           with confidence levels of 60% or
                           higher, is also being saved on your
                           disk.  You may view or print this
                           information anytime by using the
                           "V" option in the Master Menu. 
                            
                           If less than 5 quotes of data is in
                           your file, that particular stock
                           will be ignored. 
                            
                           NOTE:  If your system is set to
                           perform a second call to DJNS for
                           either option quotes or news
                           headlines or both, then Smartbroker
                           communications will reactivate to
                           retrieve the requested information
                           on only those stocks recommended. 
                           
                           NOTE:   While viewing the Stock &
                           Volume screens in this option, any
                           odd function key (f1, f3, ..f9)
                           will paste the price trend plot on
                           your screen.  Any even function key
                           will place the option codes on your
                           screen for quick reference.  

                           ===================================
                           9 - VIEW REPORTS 
                           ===================================
                            
                           
                           Selecting "V" allows you to view
                           and print any one of ten key
                           SmartBroker data files.  You may be
                           prompted to hit 'S' for "search" to
                           search for specific words.  The
                           following reports are available for
                           viewing: 
                            
                           DJNS Stock Quotes - the data sent
                           by the DJNS which comprises stock
                           quote information. 
                            
                           Forecast Report Card - the report
                           card that SmartBroker keeps on
                           itself. A new report card is
                           initiated every 5 months. 
                            
                           Recommendation Report Card II -
                           captures the forecast accuracy of
                           only those stocks selected for
                           stock play recommendations. Summary
                           information is available for the
                           later half of each month that is 4
                           months old.  This report maintains
                           information for up to 5 months. 
                            
                           Historic Recommendations Report
                           Card - this file captures forecast
                           accuracy from both the Forecast
                           Report Card and the Recommendation
                           Report Card II. 
                            
                           Stock Data File - the 5 quotes for
                           each stock that SmartBroker uses to
                           establish its trend analysis.
                            
                           Stock Symbol/Company List - the
                           list of stock symbols and
                           associated companies that you are
                           tracking. 
                            
                           Option Quotes - latest file of
                           requested option prices from stocks
                           option recommendations. 
                            
                           Dow Jones News - latest file of
                           reported headlines on recommended
                           stocks. 
                           
                           Traders Dictionary - a listing of
                           key trader's terms.
                            
                           Stock Recommendations Report - the
                           ultimate file that provides the
                           SmartBroker recommendations
                           regarding which stocks are
                           perceived as having profit
                           potential and how you might
                           consider investing in them. 
                            
                            
                           After making your selection you
                           will be prompted as to whether you
                           want to print the file you selected
                           as you view it, and whether you
                           want the screen to pause or scroll
                           continuously.  If your printer is
                           not on, a message will appear
                           alerting you to that fact. 
                            
                           Hitting any even numbered function
                           key while pausing will display the
                           option codes used by most brokers
                           for option, strike price and
                           expiration date identification.
                           
                           NOTE:  Page-UP, or the Home, key
                           will take you back to the beginning
                           of the report/file you are viewing. 
                           The ESC key will exit out of the
                           report viewing module.
                                                                                 
                           ===================================
                           10 - SMARTBROKER REPORT CARDS
                           ===================================
                           
                           
                           After exiting SmartBroker, you will
                           be prompted as to whether you want
                           to update your report cards.  YOU
                           SHOULD UPDATE YOUR REPORT CARDS
                           AFTER EVERY RUN THAT GENERATES A
                           NEW RECOMMENDATIONS REPORT.  There
                           are two modes of operation for the
                           Forecast Report Card:
                           
                           1) INITIATING A NEW REPORT CARD and
                           2) UPDATING A  REPORT CARD.
                           
                           Forecast Report Card -
                           The initiation of a new report card
                           occurs automatically every 5 months
                           and will monitor the forecast of
                           SmartBroker for the life of that
                           report card (5 months).  During the
                           4th month, a message informing you
                           that next month will be the last
                           for this report card cycle will
                           appear throughout the duration of
                           that month.  The purpose of this
                           message is to provide you the
                           opportunity to view/print the
                           report card before the fifth month
                           occurs, during which time the last
                           five months of data is erased and a
                           new report card is initiated.
                           
                           The report card lists :
                           
                           % date of initiation,
                           % date of the report card,
                           % stock symbol,
                           % forecasted trend (either Up or
                              Down),
                           % price when the stock was
                              initiated,
                           % long-term forecasted price
                              (within 6 months) of the
                              stock,
                           % lowest quote to date,
                           % highest quote to date,
                           % a grade.
                           
                           The REPORT CARD is a useful tool
                           that enables you to watch the
                           accuracy grow as time passes before
                           actually putting your money on the
                           line. After watching SmartBroker
                           Forecast Accuracy reach 75-80%
                           several times, you'll build
                           confidence in SmartBrokers' ability
                           to accurately forecast stock
                           prices.
                            
                           Recommendation Report Card II - 
                           The Recommendation Report Card II
                           is similar to the Forecast Report
                           Card except it only captures
                           information on those stocks
                           recommended, versus all stocks
                           tracked.  Additional "investment
                           efficiency" information is provided
                           for the first month of this
                           ReportCard as well as the entire
                           ReportCard.
                           
                           Historic Report Card - 
                           The Historic Report Card keeps an
                           historic record of the accuracy of
                           SmartBroker's forecast ability as
                           reported by both Forecast Report
                           Card and Recommendation Report Card
                           II. 
                            
                           NOTE: While both report cards are
                           automatically timed and maintain
                           information for a fixed cycle of
                           time, both may be reinstated to
                           scrap all previous information and
                           initiate a new cycle.  To
                           forcefully initiate a new cycle,
                           enter '1' for the Forecast Report
                           Card or '2' for the Recommendation
                           Report Card II when asked "DO YOU
                           WANT TO UPDATE YOUR REPORT CARDS?"
                           which appears when exiting the
                           program. If there are no
                           recommendations when you elect to
                           force a new reportcard II, your old
                           reportcard II will not change
                           (except for the date).
                                                                                 
                           ===================================
                           11 - REVIEW OF SMARTBROKER DATA
                              FILES
                           ===================================
                           
                           
                           The critical data files Required
                           for SmartBroker are described
                           below:
                           
                           SBCF.SBF: Configuration parameters.
                           
                           SBSTKLST.SBF : The list of stock
                           symbols being tracked and company
                           descriptions.
                           
                           SBQUOTES.SBF : The downloaded data
                           received from DJNS.
                           
                           SBQ1.SBF : The numeric answers to
                           the environmental questions.
                           
                           SBRESULT.SBF : The recommendations
                           report generated by SmartBroker.
                           
                           SBDATA.SBF : The 5-quote stock
                           trend data that is kept updated at
                           each run.
                            
                           SBRECORD.SBF & SBRECRD.SBF :
                           Forecast Report Card files. 
                            
                           SBRECOMD.SBF & SBRECMD.SBF :
                           Recommendation  Report Card II
                           files. 
                            
                           SBHIST.SBF : Historic Report Card
                           file. 
                            
                           SBAUTOPI.SBF : Autopilot file. 
                            
                           EGA.BGI, HERC.BGI, IBM8514.BGI,
                           PC3270.BGI, CGA.BGI : Graphic
                           files. 
                            
                           SBOPTION.SBF : Recommended option
                           quote file. 
                            
                           SBNEWS.SBF : Dow Jones News
                           Headline file. 
                           
                           SBDICT.SBF : Trader's Dictionary.
                           
                           SBSTOCKS.OVR : An overlay file
                           critical to the operation of
                           SmartBroker.


                           COMMUNICATIONS and OTHER PROBLEMS

                           Below are frequently found problems
                           and potential causes:

                           CONNECT BUT NO CONTINUATION OF
                           LOGON SEQUENCE
                           .  Problem: Telenet access phone
                              number in the Tymnet entry,
                              and vice versa.
                           .  Problem: Wrong baud rate:
                              phone number does not support
                              the baud rate you are using.
                              Check for the correct baud
                              rate/number pair or try
                              lowering the baud rate.

                           CAN'T FIND THE CORRECT COM PORT
                           .  Some computers are configured
                              to switch com ports in order
                              to share a communications
                              adapter.  SmartBroker will
                              access your selected com port
                              initially in the prognostic
                              check, and again when actually
                              trying to connect.  If your
                              configuration file "SBCF.SBF"
                              is not found, SmartBroker will
                              search Com1-Com4 for an active
                              com port. This condition can
                              cause SmartBroker to attempt
                              to use com1, when your
                              computer is actually
                              configured to com2.  First,
                              set your com port correctly.
                              If your computer is still
                              switching com ports and if you
                              have a "digiboard" or other
                              board that allows for shared
                              communication adapters, you
                              can switch off SmartBrokers'
                              prognostic check by using the
                              "\p" option on the command
                              line (i.e. "Broker \p").
                              However this will prevent you
                              from learning of other
                              potential problems before
                              SmartBroker begins.

                           CONNECTS AT LOWER SPEEDS BUT NOT AT
                           HIGHER SPEEDS
                           .  Problem: Modem does not
                              support higher speed
                           .  Problem: Telephone access
                              number does not support higher
                              speed.  You will need to find
                              the correct access phone
                              number for the speed you
                              desire.
                           .  Dow Jones does not support the
                              speed at which you are
                              transmitting.

                           MODEM NOT RESPONDING
                           .  Modem dip switches not
                              allowing software to control
                              modem operation: check dip
                              switch settings.
                           .  Modem is not 100% Hayes
                              Compatible

                           SHAREWARE - NOT COM1
                           .  Some Bulletin Boards carry a
                              SmartBroker Shareware version
                              that only supports COM1.
                              Please check your shareware
                              program description or try to
                              run the program on COM1, or on
                              another computer with COM1.
                              Since it's shareware, and not
                              the fully registered version,
                              you're only evaluating it
                              temporarily anyway - right?

                           PROGRAM HALTS AND REPORTS ERROR
                           WHEN ACCESSING FILES
                           .  Your CONFIG.SYS file in your
                              root directory does not have a
                              line in it that reads
                              "Files=30" or higher.  Consult
                              your DOS manual for more
                              details.
                           .  Be sure you have 640K RAM of
                              BASE MEMORY available on your
                              computer.  
                           .  TSR (Terminal Stay Resident)
                              program is active and taking
                              up too much memory.  You will
                              have to eliminate the TSR
                              before running SmartBroker.
                                                      
                           CAN'T COMMUNICATE WITH PCjr
                           .  PCjr handles communications
                              differently than normal IBM
                              Compatible Machines and
                              therefore is not 100% IBM PC
                              Compatible.  Many Bulletin
                              Boards have files
                              (COMSWAP.ARC) that you can
                              download and run before
                              running SmartBroker that
                              compensates for the
                              communication differences.
                              You may have to set
                              SmartBroker to run on a
                              different COM port.

                           I GET NOTHING BUT GARBAGE WHEN I
                           USE TELENET OR TYMNET
                           .  Set the Parity to Even, the
                              Word size to 7, and the Stop
                              Bit to 1.
                                                      
                           INFORMATION ONLY ----
                           
                           PORT ADDRESSES:  serial ports use
                           special addressing space on the
                           computer. Each port address is
                           unique; no two ports can have the
                           same address.  The computer cannot
                           talk to the devices if the ports
                           they use have the same address. 
                           SmartBroker recognizes the standard
                           port addresses: COM1=03F8,
                           COM2=02F8, COM3=03E8, COM4=02E8.
                           
                           INTERRUPTS:  serial ports have a
                           way to tell the computer that the
                           device they are linked to needs
                           attention (for example, each time
                           you move your mouse, the serial
                           port lets the computer know about
                           it so it can respond by making the
                           corresponding pointer movements
                           occur on the screen).  The signal
                           sent is called a "serial port
                           interrupt", or IRQ.
                           
                           You can connect and operate two
                           serial ports at the same time
                           without problems.
                           
                           COM1 and COM3 share the IRQ 4    
                           
                           COM2 and COM4 share the IRQ 3         
                           
                           Sharing an IRQ only works if the
                           two devices are not active at the
                           same time.

                           USER LICENSE AGREEMENT
                           
                           
                           Limited Use
                           
                           Charlton Woolard (hereafter
                           referred to as "Developer") hereby
                           grants you a limited, non-exclusive
                           license to use "SmartBroker"
                           software program (hereafter the
                           "Software"), as well as the
                           diskette ("Diskette") and the
                           printed documentation
                           ("Documentation") contained in the
                           accompanying binder, in the manner
                           described in this Agreement.  The
                           Software and Documentation are
                           copyrighted and all rights are
                           reserved to "Developer" or the
                           parties under whose license
                           "Developer" provides the Software
                           (the "Software Originators").
                           
                           You may use the Software only on a
                           single machine with one input
                           terminal. All copying of the
                           Software and the Diskette is
                           strictly prohibited except for
                           loading the Software from the
                           Diskette into the computer memory
                           for the purpose of executing the
                           program and, where the accompanying
                           Documentation expressly permits it,
                           for back-up purposes in support of
                           your use of the Software on a
                           single machine.  
                           
                           You are granted no other rights to
                           copy, duplicate, modify, adapt or
                           lend, sell, or otherwise transfer
                           the Software, Diskette or
                           Documentation. Further, the license
                           of the Software is personal to you
                           and may not be sublicensed or
                           otherwise transferred to any third
                           party. You are granted no right to
                           use the source code of the Software
                           in any manner.
                           
                           Database Information
                           
                           The Software enables you to access
                           information from various databases
                           ("Database Information").  The
                           Database Information is owned by
                           certain other companies and
                           entities, including but not limited
                           to various securities markets, such
                           as stock exchanges, and their
                           affiliate (collectively,
                           "Information Suppliers"), and is
                           protected by copyright. The
                           Database Information is provided
                           solely for your personal use, and
                           may not be copied (except in
                           connection with your personal,
                           non-commercial use of the
                           Software), retransmitted, sold or
                           distributed in any way by you. The
                           Database Information is transmitted
                           to you by certain entities
                           hereafter referred to as the
                           "Information Transmitters."
                           
                           
                           Limited Warranty, Limitation of
                           Liability
                           
                           "Developer" warrants to you that
                           the Diskette (i.e., the magnetic
                           media on which the Software is
                           recorded) and the Documentation
                           will be free from defects in
                           materials and workmanship for a
                           period of ninety (90) days from the
                           date of invoice to you. 
                           "Developer" also warrants to you
                           that the Software will perform
                           substantially in accordance with
                           the Documentation for a period of
                           two (2) years from the Invoice
                           Date, when used as directed.
                           
                           THERE ARE NO OTHER EXPRESS OR
                           IMPLIED WARRANTIES (INCLUDING
                           IMPLIED WARRANTIES OF
                           MERCHANTABILITY AND FITNESS FOR A
                           PARTICULAR USE) REGARDING THE
                           SOFTWARE.  DISKETTE OR
                           DOCUMENTATION, EXCEPT ANY IMPLIED
                           WARRANTIES WHICH CANNOT BE
                           DISCLAIMED UNDER APPLICABLE LAW ANY
                           SUCH IMPLIED WARRANTIES COVERING
                           THE DISKETTE ARE LIMITED IN
                           DURATION TO NINETY (90) DAYS FROM
                           THE DELIVERY DATE.  ANY SUCH
                           IMPLIED WARRANTIES COVERING THE
                           SOFTWARE OR DOCUMENTATION ARE
                           LIMITED IN DURATION TO TWO (2)
                           YEARS FROM THE DELIVERY DATE.
                           
                           "Developer" does not warrant that
                           the Software will meet your
                           requirements or that the operation
                           of the Software will be
                           uninterrupted or error free. The
                           foregoing warranties do not apply
                           if you mishandle, alter or
                           improperly use or store the
                           Software, Diskette, and/or
                           Documentation. Although changes or
                           improvements to the Software,
                           Diskette, and/or Documentation may
                           be made, "Developer" will be under
                           no obligation to provide the to
                           you.  "Developer" is not
                           responsible for problems caused by
                           change in the operating
                           characteristics of computer
                           hardware or computer operating
                           systems which are made after the
                           release of the Software.  No action
                           for any breach of the above
                           warranties may be commenced more
                           than one (1) year following the
                           expiration date of the applicable
                           warranty.
                           
                           YOUR SOLE AND EXCLUSIVE REMEDY FOR
                           ANY BREACH OF WARRANTY IS THAT
                           "Developer", AT ITS OPTION, EITHER
                           WILL REFUND YOUR REPAYMENT FOR THE
                           SOFTWARE UPON YOUR RETURN OF THE
                           DOCUMENTATION DISKETTE, AND COPIES
                           (IF ANY), OR WILL TAKE ONE OF THE
                           FOLLOWING ACTIONS:
                           
                           If the Diskette is not as
                           warranted, "Developer" will replace
                           it on an exchange basis without
                           charge.
                            
                           If the Documentation is not as
                           warranted, "Developer" will replace
                           any defective pages or supply
                           addenda on an exchange basis
                           without charge.
                           
                           If the Software does not perform as
                           warranted, "Developer" will replace
                           it with a new copy of the Software
                           on an exchange basis without
                           charge.
                           
                           
                           THE DATABASE INFORMATION ACCESSIBLE
                           WITH THE SOFTWARE IS PROVIDED "AS
                           IS." THERE MAY BE DELAYS, OMISSIONS
                           OR INACCURACIES IN THE DATABASE
                           INFORMATION. THERE IS NO WARRANTY
                           OR MECHANTABILITY, NO WARRANTY OF
                           FITNESS FOR A PARTICULAR USE, AND
                           NO OTHER WARRANTY OF ANY KIND,
                           EITHER EXPRESS OR IMPLIED,
                           REGARDING THE DATABASE INFORMATION. 
                           ACCORDINGLY, THE ENTIRE RISK AS TO
                           THE ACCURACY, TIMELINESS,
                           COMPLETENESS AND CORRECT SEQUENCING
                           OF THE DATABASE INFORMATION IS
                           ASSUMED BY YOU.  SHOULD ANY SUCH
                           INFORMATION PROVE DEFECTIVE, YOU
                           (AND NOT "Developer", THE
                           INFORMATION SUPPLIERS, THE
                           INFORMATION TRANSMITTERS OR ANY
                           OTHER THIRD PARTY) ASSUME THE
                           ENTIRE RESPONSIBILITY FOR ITS USE
                           AND ITS CORRECTION.
                           
                           IN NO EVENT WILL "Developer", THE
                           SOFTWARE ORIGINATORS, THE
                           INFORMATION SUPPLIERS, OR THE
                           INFORMATION TRANSMITTERS BE LIABLE
                           TO YOU OR ANYONE ELSE FOR ANY
                           TRADING LOSSES, LOST PROFITS, LOST
                           DATA, OR OTHER CONSEQUENTIAL,
                           INCIDENTAL, SPECIAL OR INDIRECT
                           DAMAGES, EVEN IF SUCH DAMAGES OR
                           LOSSES RESULT FROM A BREACH OF ANY
                           WARRANTY OR IF "Developer" HAS BEEN
                           ADVISED OF THE POSSIBILITY OF SUCH
                           DAMAGES OR LOSSES RESULTING FROM A
                           BREACH OF ANY WARRANTY YOU AGREE
                           THAT YOU WILL HAVE SOLE AND
                           COMPLETE RESPONSIBILITY FOR ANY
                           DECISIONS MADE OR ACTIONS TAKEN BY
                           YOU IN RELIANCE UPON THE SOFTWARE,
                           DOCUMENTATION AND/OR DATABASE
                           INFORMATION.  YOU AGREE THAT THE
                           LIABILITY OF "Developer", THE
                           SOFTWARE ORIGINATORS, THE
                           INFORMATION SUPPLIERS AND THE
                           INFORMATION TRANSMITTERS, ARISING
                           OUT OF ANY KIND OF LEGAL CLAIM
                           (WHETHER IN CONTRACT, TORT OR
                           OTHERWISE) IN ANY WAY CONNECTED
                           WITH SMARTBROKER, WILL NOT EXCEED
                           THE AMOUNT YOU ORIGINALLY PAID FOR
                           THE SOFTWARE.
                           
                           Some states do not allow
                           limitations on how long an implied
                           warranty lasts, or the exclusion or
                           limitation of incidental or
                           consequential damages, so the above
                           limitations or exclusions may not
                           apply to you. This warranty gives
                           you specific legal rights, and you
                           may also have other rights which
                           vary from state to state.
                            
                           No Advice
                           
                           By accepting this Agreement you
                           acknowledge that the Software is
                           intended only to be a computation
                           aid and that neither it nor the
                           Database Information accessible
                           through its use is intended to
                           supply investment, tax or legal
                           advice.  You acknowledge and agree
                           that if you need such advice you
                           should consult with professional
                           advisors, and that you will not use
                           or rely on the Software or Database
                           Information to supply or substitute
                           for such advice.  You acknowledge
                           that changes in the tax laws or
                           other laws may render the Software
                           obsolete as a computational aid.
                           
                           Trade Secrets
                           
                           You acknowledge that the Software
                           contains trade secrets of
                           "Developer" and/or the Software
                           Originators.  You agree to take all
                           steps necessary to protect the
                           Software.  Documentation and
                           Diskette, as well as any copies
                           thereof, from disclosure, and
                           specifically agree not to
                           decompile, disassemble or reverse
                           engineer all or any part of the
                           source code of the Software from
                           the object code or other
                           information provided to you under
                           this Agreement.
                           
                           Termination
                           
                           If you violate any item of use set
                           forth above, this Agreement and the
                           license provided hereunder will be
                           terminated, and you agree to return
                           the Documentation, Diskette and all
                           copies (if any) made therefrom to
                           "Developer" at the address below. 
                           Your obligations under the
                           Agreement will remain in effect
                           until you have returned all those
                           materials. You may voluntarily
                           terminate the license by similarly
                           returning the documentation,
                           Diskette and all copies to
                           "Developer".  If the license is
                           terminated automatically, or
                           voluntarily more than thirty (30)
                           days after the Delivery Date, you
                           will not be entitled to any refund
                           or return of sent materials from
                           "Developer".
                           
                           
                           General
                           
                           You acknowledge that you have read
                           this Agreement, understand it, and
                           agree to be bound by its terms. 
                           The agreement between you and
                           "Developer" regarding the Software,
                           Diskette and Documentation consists
                           solely of
                           this User License Agreement.  The
                           agreement does not include any
                           other prior or contemporaneous
                           promises, representations or
                           descriptions regarding the
                           Software, Diskette, Documentation,
                           and/or Database Information, even
                           if they are contained in materials
                           provided by "Developer". 
                           
                                                      
                           ON-LINE SERVICES AGREEMENT
                           
                           IMPORTANT:  READ THIS AGREEMENT
                           BEFORE USING ANY OF THE ON-LINE
                           SERVICES, WHICH INCLUDE INFORMATION
                           ACCESS (hereafter referred
                           to collectively as the "Service"). 
                           YOUR USE OF THE SERVICE, OR SIGNED
                           ACKNOWLEDGEMENT, WILL INDICATE YOUR
                           ACCEPTANCE OF ALL OF THE FOLLOWING
                           TERMS:
                           If this Agreement is unacceptable
                           to you, do not use the Service.
                           
                           1.  Information provided through
                           the Service via SmartBroker
                           software
                           (the "Information") is
                           independently obtained by Dow Jones
                           & Co., Inc., various securities
                           markets, such as stock exchanges,
                           and their affiliates, and others
                           (collectively, "Information
                           Providers") through sources
                           believed to be reliable.  But the
                           accuracy completeness, timeliness
                           or correct sequencing of the
                           Information is not guaranteed by
                           "Developer" the
                           Information Providers or any
                           parties transmitting the
                           Information ("Information
                           Transmitters").  There may be
                           delays, omissions or inaccuracies
                           in the Information.  You agree that
                           neither "Developer", the
                           Information Providers nor the
                           Information Transmitters shall have
                           any liability, contingent or
                           otherwise, for the accuracy,
                           completeness, timeliness or correct
                           sequencing of the Information, or
                           for any decision made or action
                           taken by you in reliance upon the
                           Information or the Service.
                           THERE IS NO WARRANTY OR
                           MERCHANTABILITY, NO WARRANTY OF
                           FITNESS FOR A PARTICULAR USE, AND
                           NO OTHER WARRANTY OF ANY KIND,
                           EXPRESS OR IMPLIED, REGARDING THE
                           INFORMATION OR ANY ASPECT OF THE
                           SERVICE (INCLUDING BUT NOT LIMITED
                           TO INFORMATION ACCESS).
                           
                           2. IN NO EVENT WILL "Developer",
                           THE INFORMATION PROVIDERS OR THE
                           INFORMATION TRANSMITTERS BE LIABLE
                           TO YOU OR ANYONE ELSE FOR ANY
                           CONSEQUENTIAL, INCIDENTAL, SPECIAL
                           OR INDIRECT DAMAGES (INCLUDING BUT
                           NOT LIMITED TO LOST PROFITS,
                           TRADING LOSSES, AND DAMAGES THAT
                           RESULT FROM LOSS OF THE USE OF THE
                           SERVICE, INCONVENIENCE OR DELAY),
                           EVEN IF "Developer", THE
                           INFORMATION PROVIDERS OR THE
                           INFORMATION TRANSMITTERS HAVE BEEN
                           ADVISED OF THE POSSIBILITY OF SUCH
                           DAMAGES OR LOSSES.  YOU AGREE THAT
                           THE LIABILITY OF "Developer", THE
                           INFORMATION PROVIDERS AND THE
                           INFORMATION TRANSMITTERS, ARISING
                           OUT OF ANY KIND OF LEGAL CLAIM
                           (WHETHER IN CONTRACT, TORT OR
                           OTHERWISE) IN ANY WAY CONNECTED
                           WITH THE SERVICE OR THE
                           INFORMATION, WILL NOT EXCEED THE
                           AMOUNT YOU ORIGINALLY PAID FOR THE
                           SmartBroker SOFTWARE. Neither
                           "Developer", the Information
                           Providers nor the Information
                           Transmitters shall be liable for
                           any loss resulting from a  cause
                           over which such entity does not
                           have direct control, including but
                           not limited to failure of
                           electronic or mechanical equipment
                           or communication lines, telephone
                           or other interconnect problems,
                           unauthorized access, theft,
                           operated errors, severe weather,
                           earthquakes, and strikes or other
                           labor problems.
                           
                           3. The Information is the
                           property of the Information
                           Providers or others and is
                           protected by copyright.  It is for
                           your personal, non-commercial use
                           only.  You agree not to reproduce,
                           retransmit, disseminate, sell,
                           distribute, publish, broadcast,
                           circulate or commercially exploit
                           the Information in any manner
                           without the express written consent
                           of "Developer" and the relevant
                           Information Provider(s); nor to use
                           the Information for any unlawful
                           purpose.  You agree to comply with
                           reasonable written requests by
                           "Developer" to protect the
                           Information Providers' and
                           "Developer"'s respective
                           contractual, statutory and common
                           law rights in the Information and
                           the Service.
                           
                           4. You acknowledge that neither
                           the Service nor any of the
                           Information is intended to supply
                           investment, tax, or legal advice. 
                           You acknowledge that if you need
                           such advice you should consult with
                           professional advisors, and that you
                           will not use or rely on the Service
                           or Information to supply or
                           substitute for any advice.  You
                           acknowledge that all orders are at
                           your sole risk, and that securities
                           quotations provided through the
                           Service may be subject to time
                           delay.
                           
                           5. You agree immediately to
                           notify "Developer" if you become
                           aware of any of the following:
                           
                           A. Any loss or theft of your
                           access number(s), and/or
                           password(s), or
                           
                           B. Any unauthorized use of any of
                           your access number(s), password(s),
                           or of the Service of any
                           Information; or
                           
                           C. Any failure by you to receive
                           a message that an order initiated
                           by you through the Service has been
                           received and/or executed through
                           the Service.
                           
                           6. You will be responsible for
                           the confidentiality and use of your
                           access number(s), password(s).
                           
                           7. You agree to pay all costs
                           (including attorneys' fees), if
                           any, incurred by "Developer" in
                           collecting overdue fees from you. 
                           You also agree to pay all federal,
                           state and local taxes applicable to
                           your use or receipt of the Service.
                           
                           8. "Developer" will not be
                           responsible for any delay or
                           failure to provide the Service.
                           
                           9. You agree to indemnity and
                           hold "Developer" harmless from and
                           against any and all claims, losses,
                           liability, costs and expenses
                           (including but not limited to
                           attorneys' fees) arising form you
                           violation of this Agreement or any
                           third party's rights, including but
                           not limited to copyright,
                           proprietary and privacy rights.
                           This indemnification and hold
                           harmless obligation will survive
                           the termination of this Agreement.
                           
                           10.     You acknowledge that, in
                           providing you with the Service,
                           "Developer" has relied upon your
                           agreement to be bound by the terms
                           of this Agreement and the User
                           License Agreement accompanying the
                           SmartBroker software binder.  You
                           acknowledge that you have read,
                           understood and agreed to be bound
                           by the terms of the User License
                           Agreement, and hereby reaffirm your
                           acceptance of those terms.  You
                           further acknowledge that this
                           Agreement and the User License
                           Agreement and all other present or
                           future written agreements between
                           you and "Developer" constitute the
                           complete statement of the agreement
                           between you and "Developer" and
                           that the agreement does not include
                           any other prior or contemporaneous
                           promises, representations or
                           descriptions regarding service, the
                           Information, or the SmartBroker
                           software, even if they are
                           contained in materials provided by
                           "Developer".  This Agreement may be
                           modified only in writing; if
                           "Developer" sends you written
                           notice of a modification, your use
                           of the Service after receiving such
                           notice will indicate your
                           acceptance of the modification  If
                           any provision of this Agreement is
                           invalid or unenforceable under
                           applicable law, it is, to that
                           extent, deemed omitted and the
                           remaining provisions will continue
                           in full force and effect. This
                           Agreement and performance hereunder
                           will be governed by and construed
                           in accordance with the laws of the
                           State of Michigan, as applied to
                           agreements entered into and
                           completely performed in Michigan.
                           