PEERLESS LONG TRADES AND FIDELITY SECTOR FUNDS: 1986-2011

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                       WHICH SECTORS MOVE BEST WITH
                 PEERLESS BUYS AND SELLS

     Brokerages Averaged +26%/Year since 1986
                         By William Schmidt, Ph.D.

               Peerless Stock Market Timing: 1915-2011 gives automatic
                Buys and Sells on the general market using the
                DJIA and various technical tolls Tiger has developed.
               The signals have been built, tested and optimized
               with market data back to 1915. This study helps address
               the question, "What should we best buy and sell using Peerless?"

               It has long been apparent that stocks in certain
                sectors make the best investments than stocks
                in others when Peerless gives a reversing Buy signal.
                The study of how well the different Fidelity Sector funds
                do when Peerless in on a operative Buy confirms this.
                This bigger study here of their performance to 2011
                at these times when Peerless is on a Buy starts in
                1986 when many of the Fidelity Sector funds began.
                The conclusions confirm and also extend what I have learned
                 in earlier studies of how Peerless Performance varies
                 by industry sectors.

                       I have studied 29 Fidelity sector funds. These are the ones
                 that go back before the year 2000 and for which I could get
                 all the data needed using Dial Data.

                       Stocks of Brokerages usually made the best investments
                 as a group when Peerless goes from Sell to Buy. $1000 invested
                 in this group, FSLBX, in 1986 would have become $340,200 on 2011,
                 assuming 2% per round trip trade for commission and slippage.
                 Dividends were not factored in. Simply Buying when Peerless
                 gave an automatic Buy and Selling when Peerless gave an
                 automatic Sell and reinvesting fully all proceeds would grown as
                 shown in next table.

                       Other Select Funds that did very well were Technology,
                 Electronics, Computers and Oil Services. Automotives have done
                 very well since 2008. At the bottom were the "defensive" groups
                 Utilities, Agriculture and Gold.

                      PEERLESS TRADING FIDELITY SELECT BROKERAGE FUND
                                                            7/9/86 - 3/23/11

                              1986             $1000
                              1990             $1416
                              1994             $3722
                              1998             $10,266
                              2002             $32,542
                              2006             $87,093
                              2010             $283,509
                              2011             $340,200 (This is about 26% per year)

PEERLESS PROFITS: 1986-2011
FSLBX - FIDELITY BROKERAGE

 1             7/ 9/ 86     BUY            12.9          1%
               8/ 12/ 86    SELL           13.03         $996
-------------------------------------------------------------------------
 2             9/ 11/ 86    BUY            12.22         21.2%
               4/ 6/ 87     SELL           14.82         $1180  
-------------------------------------------------------------------------
 3             5/ 19/ 87    BUY            12.07         4%
               6/ 8/ 87     SELL           12.56         $1205  
------------------------------------------------------------------------
 4             6/ 22/ 87    BUY            12.9          1.3%
               8/ 26/ 87    SELL           13.07         $1197 
------------------------------------------------------------------------ 
 5             9/ 4/ 87     BUY            12.47        -.1%
               10/ 1/ 87    SELL           12.46         $1172
------------------------------------------------------------------------
 6             10/ 20/ 87   BUY            7.88          4.1%
               10/ 22/ 87   SELL           8.21          $1197 
------------------------------------------------------------------------
 7             12/ 2/ 87    BUY            7.31         -12.4%  Big Loss
               12/ 28/ 87   SELL           6.41          $1026 
------------------------------------------------------------------------ 
 8             1/ 8/ 88     BUY            6.62          7%
               2/ 26/ 88    SELL           7.09          $1078 
------------------------------------------------------------------------ 
 9             3/ 25/ 88    BUY            7.08          5.7%
               9/ 6/ 88     SELL           7.49          $1119
------------------------------------------------------------------------
 10            11/ 11/ 88   BUY            7.46          32.1%
               10/ 4/ 89    SELL           9.86          $1457 
------------------------------------------------------------------------ 
 11            10/ 17/ 89   BUY            8.97         -5%
               1/ 2/ 90     SELL           8.53          $1356 
------------------------------------------------------------------------
 12            1/ 23/ 90    BUY            8.25          6.4%
               7/ 12/ 90    SELL           8.78          $1416
------------------------------------------------------------------------
 13            9/ 24/ 90    BUY            6.82          70.9%  Big Gain
               4/ 14/ 92    SELL           11.66         $2393
------------------------------------------------------------------------
 14            8/ 21/ 92    BUY            11.58         59.8%  Big Gain
               2/ 3/ 94     SELL           18.51         $3778 
------------------------------------------------------------------------
 15            4/ 5/ 94     BUY            15.44         .5%
               10/ 17/ 94   SELL           15.52         $3722 
------------------------------------------------------------------------
 16            12/ 1/ 94    BUY            14.63         27.9%
               2/ 27/ 96    SELL           18.72         $4688 
------------------------------------------------------------------------
 17            4/ 10/ 96    BUY            18.62         5.3%
               5/ 29/ 96    SELL           19.62         $4846 
------------------------------------------------------------------------
 18            7/ 11/ 96    BUY            18.34         33.8%
               4/ 22/ 97    SELL           24.55         $6391 
------------------------------------------------------------------------
 19            5/ 9/ 97     BUY            26.68         28.4%
               9/ 18/ 97    SELL           34.26         $8079
------------------------------------------------------------------------
 20            10/ 28/ 97   BUY            34.36         29%
               4/ 21/ 98    SELL           44.35         $10266 
------------------------------------------------------------------------
 21            10/ 1/ 98    BUY            28.26         56.1%  Big Gain
               6/ 18/ 99    SELL           44.14         $15830 
------------------------------------------------------------------------     
 22            10/ 4/ 99    BUY            40.39         19.6%
               12/ 10/ 99   SELL           48.33         $18625
------------------------------------------------------------------------
 23            2/ 4/ 0      BUY            46.26         8%
               4/ 25/ 0     SELL           49.98         $19750 
------------------------------------------------------------------------ 
 24            5/ 3/ 0      BUY            48.05         34.6%
               9/ 6/ 0      SELL           64.7          $26199 
------------------------------------------------------------------------
 25            10/ 20/ 0    BUY            59.73        -1.3%
               12/ 8/ 0     SELL           58.96         $25337
------------------------------------------------------------------------
 26            3/ 23/ 1     BUY            44.56         6.5%
               5/ 17/ 1     SELL           47.49         $26497
------------------------------------------------------------------------ 
 27            9/ 19/ 1     BUY            34.5          21.5%
               2/ 26/ 2     SELL           41.95         $31689 
------------------------------------------------------------------------
 28            7/ 24/ 2     BUY            33.46         4.6%
               10/ 15/ 2    SELL           35.03         $32542 
------------------------------------------------------------------------
 29            11/ 13/ 2    BUY            35.68         10.3%
               1/ 6/ 3      SELL           39.36         $35247
------------------------------------------------------------------------
 30            1/ 22/ 3     BUY            35.98         35.3%
               10/ 15/ 3    SELL           48.71         $47013
------------------------------------------------------------------------
 31            11/ 3/ 3     BUY            48.74         11.7%
               2/ 11/ 4     SELL           54.46         $51591 
------------------------------------------------------------------------
 32            5/ 18/ 4     BUY            46.62         2.2%
               9/ 2/ 4      SELL           47.68         $51732
------------------------------------------------------------------------
 33            10/ 14/ 4    BUY            47.3          18%
               12/ 28/ 4    SELL           55.84         $60037 
------------------------------------------------------------------------
 34            4/ 21/ 5     BUY            51.82         46.3%  Big Gain
               5/ 5/ 6      SELL           75.85         $86677
------------------------------------------------------------------------ 
 35            6/ 15/ 6     BUY            66.14         2.4%
               6/ 30/ 6     SELL           67.78         $87093
------------------------------------------------------------------------
 36            7/ 18/ 6     BUY            64.34         14.8%
               1/ 5/ 7      SELL           73.91         $98306 
------------------------------------------------------------------------
 37            3/ 2/ 7      BUY            72.1          6.9%
               7/ 17/ 7     SELL           77.13         $103198 
------------------------------------------------------------------------
 38            9/ 25/ 7     BUY            69.69         6.5%
               10/ 15/ 7    SELL           74.25         $107886 
------------------------------------------------------------------------
 39            11/ 14/ 7    BUY            72.42         1.1%
               12/ 6/ 7     SELL           73.25         $106965
------------------------------------------------------------------------ 
 40            3/ 7/ 8      BUY            56.04         5.4%
               3/ 24/ 8     SELL           59.09         $110647 
------------------------------------------------------------------------
 41            7/ 8/ 8      BUY            48.47         5.8%
               7/ 23/ 8     SELL           51.3          $114895 
-----------------------------------------------------------------------
 42            9/ 15/ 8     BUY            46.03         5.6%
               9/ 22/ 8     SELL           48.65         $119137
-----------------------------------------------------------------------
 43            10/ 8/ 8     BUY            38           -3.9%
               10/ 21/ 8    SELL           36.53         $112145
-----------------------------------------------------------------------
 44            11/ 21/ 8    BUY            23.58         42.3%  Big Gain
               1/ 6/ 9      SELL           33.57         $157414
-----------------------------------------------------------------------
 45            1/ 21/ 9     BUY            28.26         3.3%
               1/ 29/ 9     SELL           29.2          $159502 
-----------------------------------------------------------------------
 46            2/ 17/ 9     BUY            29.22        -8.7%
               2/ 27/ 9     SELL           26.68         $142447 
-----------------------------------------------------------------------
 47            3/ 12/ 9     BUY            25.62         60.6%  Big Gain
               6/ 9/ 9      SELL           41.16         $226001
-----------------------------------------------------------------------
 48            6/ 23/ 9     BUY            38.41         32.8%
               10/ 21/ 9    SELL           51.04         $295794 
-----------------------------------------------------------------------
 49            11/ 9/ 9     BUY            49.42        -1.3%
               11/ 13/ 9    SELL           48.8          $286168 
-----------------------------------------------------------------------
 50            1/ 22/ 10    BUY            46.68         1%
               6/ 16/ 10    SELL           47.18         $283509 
-----------------------------------------------------------------------
 51            6/ 30/ 10    BUY            42.69         21.9%
               3/ 23/ 11    Study Ends     52.08         $340200 
               4/ 21/ 11                   52.95
------------------------------------------------------------------
 51 Total long trades
 $1000 becomes $340200, allowing 2% slippage per round-trip trade
 Average gain using Peerless Buys/Sells=15.5%
 Pct of winning trades=  86.2 pct
 1 trade resulted in a loss of fmore than 10%
 6 gains of more than 40%

    PEERLESS LONG TRADES AND FIDELITY SECTOR FUNDS
                       Performance Thru 3/23/2011

                                                      Start    N      $1000         Yearly          Avg.              Winning         Pct of Trades
                                                                         Becomes       Gain       Gain/Trade       Trade Pct      Losses>10%
=================================================================================
FSLBX Brokerage Inv Mgt       1986   51     $340200                         +15.5%          86.2%          1/51
-------------------------------------------------------------------------------------------------------------------------
FSAVX Automotive                    1987    47   $105099                         +14.6%          74.4%            2/41
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FSELX Electronics                       1986    51   $150474                         +14.3%          76.4%            3/51
-------------------------------------------------------------------------------------------------------------------------
FDCPX Computer                         1986    51 $133558                          +13.8%          76.4%           3/51
-------------------------------------------------------------------------------------------------------------------------
FSESX   Energy Services             1987   47    $81283                             +13.4%          77.5%           4/47
-------------------------------------------------------------------------------------------------------------------------
FSPTX Technology                      1986     50   $110951                        +13.4%          76.4%           no big losses
-------------------------------------------------------------------------------------------------------------------------
FSAIX Air Transp.                       1986    50    $114355                       +13.4%          76.0%           1/51
-------------------------------------------------------------------------------------------------------------------------
FSCSX Software                            1986 51     $90913                        +12.6%          80.3%           no big losses
-------------------------------------------------------------------------------------------------------------------------
FSDPX Select Materials            1987 49     $86967                        +12.6%          75.5%           no big losses
------------------------------------------------------------------------------------------------------------------------
FSRFX Transportation                1989 44     $59394                        +12.6%          79.5%           no big losses
-------------------------------------------------------------------------------------------------------------------------
FSHOX Construction & Housing   1987 49    $68828.                       +12.1%        77.5%            no big losses
------------------------------------------------------------------------------------------------------------------------
FSCGX   Industrial Equipment         1987 49   $64964                        +11.9%            79.5%           2/51
-------------------------------------------------------------------------------------------------------------------------
FBMPX Multi-Media                       1986 51   $55586                         +11.5%          76.4%          3/51
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FSRPX   Retailing                             1986 51   $55732                        +11.5%           74.5%         1/51
-------------------------------------------------------------------------------------------------------------------------
FIDSX   Financial Servuices          1986   51   $61598                        +11.4%           86.2%         no big losses
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FSPCX   Insurance                           1986 51    $72925                      +11.4%            94.1%         1/51
-------------------------------------------------------------------------------------------------------------------------
FDLSX Leisure                               1986 51   $50011                        +11.0%           80.3%          1/51
-------------------------------------------------------------------------------------------------------------------------
FSHCX Chemicals                           1986 51     $54039                      +10.8%           82.3%           no big losses
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FSRBX   Banking                             1987    47    $28097                     +10.6%            73.4%          2/51
-------------------------------------------------------------------------------------------------------------------------
FSTCX Telecommunications          1986 51    $39971                       +10.5%           82.3%           3/51
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FSNGX Natural Gas                       1994    37   $13980                       +10.4%           75.6%           2/37
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FSDAX   Military & Aerospac         1986   51    $41931                     +10.4%           74.5%           1/37
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FBIOX    Biotech                               1986    51    $28101                      +10.0%           76.4%          2/51
-------------------------------------------------------------------------------------------------------------------------
FCNTX   Contra Fund                        1986 51    $33793                     +9.7%            86.2%         no big losses
-------------------------------------------------------------------------------------------------------------------------
FSLEX   Environment & Altern Energy 1989 41    $16725              +9.6%             82.9%         no big losses
-------------------------------------------------------------------------------------------------------------------------
FSVLX   Home Finance                     1986 51    $20947                    +9.5%             72.5%          3/51
-------------------------------------------------------------------------------------------------------------------------
FDVLX   Investment Value                 1986 51    $29010                    +9.5%             86.3%           1/51
-------------------------------------------------------------------------------------------------------------------------
FSENX   Energy                                1986 51    $23536                           +9.4%             76.4%          3/51
-------------------------------------------------------------------------------------------------------------------------
FSPHX   Health Care                        1986 51    $14887                       +8.1%                74.5%          no big losses
-------------------------------------------------------------------------------------------------------------------------
FSCBX Small Cap                           1998 31    $5286                        +8.0%               74.1%          no big losses
-------------------------------------------------------------------------------------------------------------------------
FSAGX    Gold                                  1986 51   $6168                         +7.6%             64.7%           10/51
-------------------------------------------------------------------------------------------------------------------------
FDFAX Agriculture                        1986 51    $9810                          +6.9%             84.3%          no big losses
-------------------------------------------------------------------------------------------------------------------------
FSUTX   Utilities Growth                  1986 51    $5030                         +5.5%             74.5%           1/51
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