                                 
                                 STOCKTIME
                                  VER 2.3
                       STOCK MARKET ACCELERATION MONITOR
                            


  CAUTION:  STOCKTIME IS BASED ON PAST OBSERVATIONS OF THE MARKET'S ACTIONS.
     THOSE OBSERVATIONS MAY BE BASED ON CONDITIONS WHICH HAVE CHANGED 
  FUNDAMENTALLY. IT IS NOT OUR INTENT TO STATE, INDICATE, OR IMPLY IN ANY 
  MANNER WHATSOEVER THAT THE USE OF THIS PROGRAM CAN GUARANTEE PROFITABLE 
                            RESULTS AT ANY TIME.


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           THIS IS THE HELP FILE!! DIRECTIONS ON HOW TO START ARE
                           FOUND ONE SCREEN BELOW.
           
           TO RETURN TO THE STOCKTIME PROGRAM FROM THIS HELP FILE - 
                          JUST TOUCH THE LETTER Q
------------------------------------------------------------------------------
                             
                             Also from the author:
                  
      BANKONIT - Easy to use.  Mortgages, routine compounding of interest.
        Good with prepayments to mortgages - shows how well they work, 
       stores your mortgage payment records, with prepayments. ($19.95)

      UNREGISTERED VERSION/EACH:  $4.95    REGISTERED VERSIONS: AS PRICED 
                   INCLUDE CORRECT DISK SIZES WITH REQUEST TO:   
             William E. Peace P.O. Box 627 South Dennis MA 02660-0627

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            WHY IS STOCKTIME UNUSUAL?  SEE SECTIONS 7 AND 8 BELOW.                                 
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                                 CONTENTS

                       ---->   A.  QUICK START

                       1.    PROGRAM REQUIREMENTS
                       2.    INSTALLATION & STARTUP
                       3.    FILES ON DISK
                       4.    USE OF PROGRAM - COMMANDS
                       5.    INSTALLATION TO WINDOWS
                       6.    COPYRIGHT

                          B.  DETAILED INFORMATION

                       7.    WHAT IS STOCKTIME ?
                       8.    WHY IS STOCKTIME UNUUSAL ?
                       9.    THE PURPOSE OF STOCKTIME   
                       10.   ASSUMPTIONS OF STOCKTIME
                       11.   TECHNICAL ANALYSIS
                       12.   MARKET INDICES
                       13.   MOVING AVERAGES
                       14.   THE STOCKTIME INDEX
                       15.   INTERPRETING THE INDEX

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  1
                      STOCKTIME -- PROGRAM REQUIREMENTS
 
         SYSTEM REQUIREMENTS: DOS 2.1 or higher, 640K, VGA monitor
                         A 3.5 inch drive is required. 
                           A hard drive is optional.
           A computer with a speed of 50 MHz or more is recommended.
 ----------------------------------------------------------------------------
  2                      
             ----->        INSTALLATION/STARTUP

          FOLLOW THESE INSTRUCTIONS TO RUN THE PROGRAM FROM THE DISK
  
      1.  Copy the COMMAND.COM file from your DOS disk to the program disk.
       
       2.  Type in the letter drive letter ---  example:   A: <enter>   
  
                 3.  To run the program:  STOCK <enter>

         4.  If  you run from a disk drive, you may save to the program
     disk if you have 1.4 meg high density disk.  On smaller disks, you will
   run out of storage place after a short time, so do not save to the program
            disk.  Your hard drive is the best place to store data.
          

    DO NOT REMOVE THE PROGRAM DISK WHEN OPERATING THE PROGRAM FROM A DISK.

               ----->       HARD DRIVE INSTALLATION

   A hard drive is optional but provides quicker functioning of this program.

     To install the program on the hard drive, insert the program disk
                    in drive A and type INSTALL <return>
                 Follow the instructions that you will see.


             ----->               STARTUP

        1.  To learn to use STOCKTIME, first install to the hard drive
                      using the command  INSTALL <enter>

    2.  The program will start automatically once installation is complete.

                        To run at other times,  type
                                    C:
                                    CD STOCKTIM
                                    STOCK        

       3.  From the menu, you should pick HELP. You will see this manual.
                 You can also run this manual help by typing
                                    C:
                                    CD STOCKTIM
                                    READNOW     

            4.  You may also choose to print this manual once you
                         access either HELP or READNOW.

            5.  When finished reading the manual, run the program
       itself, go to the file area, and get one of the DEMO data filess.
            Use the demo file to try all of the program menu options.     

    ----------------------------------------------------------------------
  3
                               FILES ON THE DISK

         A complete list of all files on the disk is contained in the
        file named FILES found on the program disk.  You can look at it
                 with a word processor or the DOS TYPE command.

    ------------------------------------------------------------------------
  4                   
                                USE OF PROGRAM
                           
             ----->             MENU COMMANDS

                 NO MOUSE???  USE THE ALT KEY TO ACCESS MENUS!

  To choose a particular menu command, you may use the mouse or you may use
  the ALT key together with the letter that becomes highlighted when you
  press the ALT key.  You may also use the arrow keys to move through the
  menu lines, up/down/left/right keys all work once you are in the menu line
  (with the ALT key).

FILE <-----
        Get Data File        
                Use this command to load the data file into STOCKTIME.
        Create Data File
                Use this command to begin to store data in a new data                        
                file.  Command available in registered version only.
        Delete Data File
                Use this command to remove a data file from the disk.
        Exit Program
                Use this command to leave the program entirely.

EDIT <-----
        Edit Data File
                Use this command to add data to a file or to change data
                in a file that has already been created.  You can have 
                up to 750 values (more than three years for most markets)
                stored in each data file.

                As you enter data, you may use the tab key to move to
                the right of the data column.  Enter the month abbreviation
                in this area, and the month will show on the screen when
                the graphing is done.  The use of month abbreviations is
                optional.  Some of the sample data files have month 
                abbreviatons included, and some do not.

                If a dividend is declared in a mutual fund, the program will
                subtract the amount of the dividend for every value preceding
                the current day's value.  Use the dividend choice from within
                the edit area.

GRAPH  <-----
        Graph Data
                This section will draw the graphs on the screen.  The actual                        
                data line is smoothed somewhat itself.  Also shown are two
                moving averages.  The number of days used to calculate the
                averages are adjusted by the user in the options section.
                At the bottom is shown the STOCKTIME INDEX.

                When the graph is on the screen, clicking the left mouse
                button will draw a vertical line.  This is helpful in 
                comparing the INDEX with the other values on the screen.
                Clicking the right mouse button will clear the screen and
                return you to the main menu screen.

                When the graph is on the screen, the following keys are
                active command keys:

                        V - This sets the program in "value" mode.
                            Once the mode is set, it stays on until the
                            letter R is touched.  Once you are in the value
                            mode, you can click the left mouse key and
                            as before a vertical line will be drawn.
                            IN ADDITION, the next time the left key is 
                            clicked, the program will calculate and display
                            the PERCENTAGE CHANGE in the original data series
                            between the two times clicked.  This function
                            enables you to "practice" using the STOCKTIME
                            program with the data files provided.  

                        L - This sets the program in "line" mode.  
                            Once you are in the line mode, you can move 
                            the mouse to a certain point on the screen.  
                            Hesitate for a second with the mouse on the 
                            point you have chosen.   Then 
                            click the left button to begin a line.  
                            Next, move the mouse to the other end
                            of the line you wish to draw and click the 
                            right button to draw in the line.  This
                            function enables you to use a standard trend
                            line to assess direction of a market move.

                        R - This removes all mode settings and "resets"                            
                            the mode to straight graph mode.

                        C - This clears the screen and redraws all original
                            graphwork, but not any lines that you have 
                            drawn using the L or V commands.
                            
OPTIONS  <-----
        First Moving Average
                Use this command to reset the number of days that the program
                uses the calculate the first moving average.  Use zero to
                show no moving average.  
        Second Moving Average
                Use this command to reset the number of days that the program
                uses to calculate the second moving average.  Use zero to
                show no moving average.
        Index
                Use this command to choose not to show the STOCKTIME index
                at all.  All that would be seen is the graph of the data
                (slightly smoothed) and the moving averages if they are not
                set to zero.
        Time Frame for Index
                The registered version allows for adjustment of the time 
                frame for the index calculations.  While you may wish to 
                "play" with this, it is not recommended that you change the
                values for the index calculations.
        Zero Line
                A dotted line will appear, if requested by this command,
                at the zero index level.  This is a useful way to tell 
                visually the relative level of the index.  
        Horizontal Scale
                Use the command to put more data on the screen at one time.
                Normally only the most recent data will appear on the screen.
                You can expand the screen to look closer or you can make
                the screen smaller to look at more data.
        AutoGraph on Load
                Use this command to set the program to automatically go to                        
                the graph section when a file is loaded.
        AutoEdit on Load
                Use this command to set the program to automatically go to
                the edit section when a file is loaded.
        Colors
                Use this section in the registered version to change the
                colors on the various lines that appear on the screen.
        Save Settings
                Use this section in the registered version to save moving
                average, zero line, and index time frame options along
                with a particular data file.


REGISTRATION  <------
        Print Registration Form
                Use this command to prints an order/registration form 
                that can be used to register and obtain a full registered 
                copy of the program.
                
HELP  <------
        Information on Use
                Use this section to view this manual and help information.

EXIT  <-----

        Exit Program
                Use this section to leave the program.


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  5                   

                        INSTALLATION TO WINDOWS 3.1

                  NOTE: How to print this MANUAL is found above.

     Follow these steps to install STOCKTIME to WINDOWS 3.1. This
       procedure will enable you to run STOCKTIME from WINDOWS.

    1.  First get to DOS.  Place program disk in drive A and type INSTALL 
    <enter> to install the program to your hard drive FIRST.
    2.  Start WINDOWS and click once on the APPLICATIONS title line or on
    the window of your choice.
    3.  Click once on the word FILE in the top left of the screen.
    4.  Click once on the word NEW.
    5.  Click once on the bullet to the left of "PROGRAM ITEM" and then
    click on OK.
    6.  In the DESCRIPTION LINE, type  STOCK TIME
    7.  Tab to the next line and type  STOCK.EXE     
    8.  Tab to the next line and type  C:\STOCKTIM
    9.  Click on  CHANGE ICON and then click on OK on the reminder that
    there is no icon.
    10. If the filename is not c:\windows\progman.exe then type
    c:\windows\progman.exe
    11. Then click on the right hand arrow below the icon pictures.
    Use the arrows to pick an icon that you like for this purpose. Then
    click on OK.
    12. When returned to the properties list, click OK.
    13. You are all set and ready to go.  STOCKTIME is Windows
    compatible, but does not use the Windows interface internally.

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 6
                                COPYRIGHT

                        Contents of Manual and Programs
          Copyright 1995 by William E.  Peace.  Duplication for fee,
           in whole or in part, by any means, is forbidden without
           express written consent of the author and the publisher.
                   
                   PLEASE BE FAIR AND CONSIDER THE AUTHOR.

             I hope that you enjoy using the STOCKTIME program 
                       and can benefit from using it.

       Please -- the author worked long and hard writing and having this
       program field tested.  He is a regular person like yourself, and is
          asking for you to be fair.  Your registration will be truly
                                  appreciated.

        Please -- it is a violation of copyright law to use this program
        without registering.  And even more-- it's just not fair to the
         author.  Think about how much benefit YOU get weekly from this
        program!  Registered users will receive the most recent program 
                          version automatically sent.

                  PLEASE USE THE ORDER/REGISTRATION FORM TO
                PROPERLY REGISTER OR TO OBTAIN UPDATED VERSIONS.

         International Registrants: Please use US funds and please add
                  $2 US additional for international postage.

                           Thank you from the author,
             WILLIAM E.  PEACE P.O.  BOX 627 SOUTH DENNIS, MA 02660

              Your comments and suggestions are more than welcome.

         MS-DOS IS A TRADEMARK OF MICROSOFT CORPORATION PORTIONS OF THE
       COMPILED PROGRAMS ARE FROM COMPILERS COPYRIGHTED BY THE MICROSOFT
                                  CORPORATION.


00OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
                      
         ----->        B.    DETAILED INFORMATION

 7                        
   
                            WHAT IS STOCKTIME ?                       

STOCKTIME uses complex mathematical calculations (thousands of calculations 
for each day's data, actually) in order to give the user a visual
insight into the ACCELERATION of the  market - is it accelerating 
(rising in value at a fast pace) or decelerating (losing value at a fast
pace)?  The idea is to try to find strongly rising markets as these may 
continue to rise for some time.  


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 8

                        WHY IS STOCKTIME UNUSUAL?

There are many stock market technical indicator programs. Most technical 
market programs provide SEVERAL indicators, many contradicting one another.  
STOCKTIME USES many indicators, but WEIGHS THEM ITSELF INTO A SINGLE 
INDICATOR, the STOCKTIME index.  This is a proprietary index; you can 
investigate the record of the index with the data files that are included 
with this version of the program.  STOCKTIME does NOT try to provide the 
standard technical indicators such as %R, Bollinger's bands, stochastics, 
relative strength, and so on.  Some select concepts of these indicators are 
used to make the STOCKTIME index.  If you want insight into market 
acceleration, STOCKTIME is for you.  If you want lots of indicators to 
pick from, other programs are best for you.  Like they say, the proof 
is in the pudding: this is not just another technical program.

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 9

                        THE PURPOSE OF STOCKTIME

Stocktime is intended as an AID to the investor in the markets.  In the 
same way that eyeglasses can help us to see better, STOCKTIME can help us
to see better, too.  STOCKTIME cannot predict the future.  Nor can it make
investment decisions or even timing decisions for you.  STOCKTIME, like
the glasses, can improve your understanding of the situation.  But you,
and only you, can make the final decision as to what it is that you are
seeing.

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 10

                       ASSUMPTIONS OF STOCKTIME

STOCKTIME is based on several important assumptions.  First, there is the
assumption that there ARE discernable trends in markets.  Some academic 
studies claim that this is not the case.  However, many market technicians 
and observers of the markets feel that trends do indeed exist.  We do, too.

STOCKTIME'S second assumption is that the "trend is your friend".  In other
words, find a trend and ride it out.  If you are looking for trends, obviously
it takes some time for a trend to establish itself and to be detected.  It
is simply impossible to find trends at their very beginning.  There must be
some delay.  Using complex mathematics, STOCKTIME attempts to reduce this
delay, but it cannot ever be eliminated. This important point means that
STOCKTIME cannot possibly always spot acceleration in a trends early enough 
for it to be profitable to invest into that trend.

STOCKTIME is also based on the philosophy of technical analysis.  The trend
expresses itself; there is no need to understand the causes of the trend.  In
reality, many market trends are based in psychology, and it is a useful
addition to a technical indicator to have an excellent "sense" of the market.
STOCKTIME does not try to provide that sense; the investor must develop this
sense through experience and only through experience.  STOCKTIME is a useful
technical tool in conjunction with a good sense of the markets.

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 11

                            TECHNICAL ANALYSIS

There are two basic approaches to studying the markets.  One is the 
"fundamental" approach.  Using this approach, securities are studied for
their business strength and investments are made upon such studies.  In
addition, the market climate itself is assessed in business related terms.
If conditions are judged favorable for business, then they are also judged
favorable for investing in those businesses via the markets.  

The "technical" approach is more concerned with the actions of the markets
themselves, and less concerned with the factors behind those actions.  Some
technicians do not concern themselves at all with investment news, and 
instead focus entirely on "the numbers".  The "numbers" are considered to
have factored in the news already, so there is no need to concern oneself
with what those factors are. 

Both approaches can be successful tools in investing.  Interest rates in
particular are a fundamental factor that all investors should be concerned
with, as they have clearly documented effects on major markets.  Technical
studies are often understood better if the investor is well versed in the
fundamentals, be they psychological or business-related, that drive the
market trend being observed.

STOCKTIME is a technical indicator.  It focuses entirely on price 
acceleration. It does not try to address the causes of this acceleration, but 
this does not mean that those causes should be ignored entirely in making
investment decisions.

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 12

                            MARKET INDICES

What tells you what the "market" is doing?  Most people rely on the DOW.
The DOW, however, being an average of only 30 stocks, and heavily traded and
owned stocks, is not reflective of the entire market.  Because of its
popularity, though, the DOW should be a part of anyone's studies.

Other indexes that are helpful in assessing market direction are the 
NYSE index, the NASDAQ index, and the SP500 index.  If you follow several
different indices, you will have a good feeling for the market overall.
But you need to pick the ones you want to follow.  No one can do that
for you.  If you don't know enough about these indices, you need to learn
more: read more in other references before getting involved with money.

In addition, you should follow the securities in which you actually invest.
Individual securities may not trend with the market.  It is probably easier
to find a mutual fund that will trend with the market, because by definition
a mutual fund is diversified.  This diversification brings the movement of
the fund's price closer in line with the market averages than any individual
security is likely to be.  However, many mutual funds impose trading rules
that limit your trades into or out of a particular fund.

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 13

                             MOVING AVERAGES

Moving averages are usually one of the first indicators that investors 
learn about. They represent the average of the prices of a certain 
length of time back from the current day.  Because of the mathematics 
involved in their calculation, a price cannot continue to trend higher 
without rising above its moving average (depending, of course, on the length 
of time for the averaging). Conversely, a price cannot continue to trend 
lower without falling below its moving average at some point.  Because of 
this pure and nice mathematics, moving averages are often used as timing 
indicators: when the price itself rises above a moving average (say the 50 
or 200 day average), the trend is considered to be up, and when it falls 
below the average, the trend is considered to be down.  

The unfortunate part of moving averages is that if the are calculated on a
small enough time span to give prompt buy or sell signals, they give many
false signals as well.  These are called "whipsaws".  The solution to
being whipsawed is to use longer averages, but then the signals are delayed
and you lose a good part of an upturn or lose a lot at the beginning of a
downturn.  Moving averages are nice, but not THAT nice!

STOCKTIME includes moving averages on the screen as an assistance to the
user in confirming the trend.  Moving averages are the simplest, clearest
of indicators, and used cautiously, can be a good guide as to continuations
of trends.  They can be especially useful to use as stop-loss points.

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 14

                          THE STOCKTIME INDEX

The STOCKTIME index is entirely proprietary, an invention of the author of
this program.  It is based on market acceleration.   It is a highly smoothed 
index to prevent frequent changes in direction.  Obviously, since the index
reflects the market acceleration, it must be delayed somewhat in its response to
the market itself.  In addition, if the market "changes its mind", for 
whatever the reason, the index itself will respond, but perhaps not quickly
enough if the change is a sudden one.  There is simply no way around the
mathematics of this, and you need to understand that NO INDICATOR can 
respond instantaneously and with perfect precision.  

STOCKTIME'S index FAILS when the market quickly reverses direction, just
as all indicators do.  However, the mathematical nature of the index is 
such that these failures are reduced in frequency compared to some other
types of indices.  

It is the SLOPE of the indicator that should be observed more than 
anything.  If the slope is positive, market acceleration is positive.  If
the slope is negative, market acceleration is negative.  STOCKTIME is an
intermediate term indicator, generating several acceleration changes each
year. This close type of analysis may not suit your personality, and you
need to consider this fact carefully.  For the program to be used well, 
data needs to be entered into it on a daily basis.

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 15

                          INTERPRETING THE INDEX

STOCKTIME is indicating positive acceleration when the INDEX difference value
is above 0.4.  The difference value appears on the top line of the screen,
just before the date and time, when you use the V command and a mouse.  
Move (without clicking) to the far right of the screen after issuing 
the V command.  A difference value of 0.4 is an indicator of positive 
acceleration that should be weighed with other factors as you make your 
decisions.   A difference value of less than -0.2 is an indicator of a 
negative acceleration that should be similarly weighed. The more positive
the difference value, the more powerful is the acceleration.

There is no guarantee at all that a certain acceleration will continue for any
length of time at all.  That is because the market is not controlled by
the acceleration!  Many factors determine the market's direction.  The 
acceleration is just a REFLECTION of what is taking place.  But things change, and 
sometimes FAST.  A car can start and accelerate.  You can detect that 
acceleration with instinct or with fancy calculations.  But whatever you
do know can be totally wrong in just an instant as the driver brakes and 
the acceleration changes.  No monitoring of what IS happening can tell what
WILL happen.  None.  At the same time, it is a good bet that when a car first
starts to accelerate, it will continue to do so for a while.  This is what
is meant by a trend.   

Try the V command with several files.  Click when the difference value first
exceeds 0.4 and when it first is less than -0.2.  Study the files carefully
to assess the usefulness of the STOCKTIME indicator.  You may wish to use
a moving average as a sell signal instead of the indicator itself.  You may 
find that a 30 day moving average serves as a good stop loss area.  Of 
course, each security has a different volatility and would require the use
of a different moving average or indicator use.  

The actual magnitude of the index is also of some relevance.  The most recent
values of the index appear just before the difference value when a V
command has been issued. A prolonged positive acceleration will result 
in a STOCKTIME index that itself is highly positive.  Higher moves from 
a high height are not too likely, although they are possible.  
(A car going 90 is not too likely to accelerate further.) A good advance is 
most likely to start from a depressed level, and a good decline is most 
likely to start from a high level. Common sense, really.  STOCKTIME 
just provides the glasses, remember.

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ERROR CODES

        If an error message occurs while you run the program, check first
        to see that you have the correct DISK in the computer, that the
        PROGRAM disk has not been altered in any way, that there is NO
        WRITE PROTECT TAB on the program disk, and that if you are getting
        a file, that you are using the filename that is ON THE DISK. 
        

     4  OUT OF DATA   -- Your data file may have been damaged.
     7  OUT OF MEMORY -- You need additional memory in your computer.
     24 DEVICE TIMEOUT - Check printer: online ? all cables connected?
     25 DEVICE FAULT  -- Some input/output device was not ready.
     27 OUT OF PAPER  -- Check paper in your printer; check if it's ON.
     53 FILE NOT FOUND - Insert disk with this file; check the filename.
     57 DEVICE I/O ERR - Check all inputs/outputs. Formatted disk in ?
     61 DISK FULL     -- Use another formatted disk.
     62 INPUT PAST END - Your data file may have been damaged.
     64 BAD FILENAME  -- Use correct length and characters in filenames.
     67 DIRECTORY FULL - 255 files maximum in a directory.
     68 DEVICE UNAVAILABLE - Some device is not on line.
     70 DISK WRITE PROTECTED - Do not use write protected disks.
     71 DISK NOT READY - Put the disk in the drive and shut drive door.
     72 DISK MEDIA ERROR - Use another disk; defect on this disk or drive.
     75 PATH ERROR     -- Do not use pathnames with STOCKTIME.
     76 (see 75)          This is to prevent you from misplacing files.

     For information on other errors, consult any DOS manual or contact the
                                  the author.


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 32


     Please -- the author worked long and hard writing and having this
    program field tested.  He is a regular person like yourself, and is
        asking for you to be fair.  Your registration will be truly
            appreciated.  PLEASE USE the order/registration form 
                to register and to obtain updated versions.
                       
                      Thank you from the author,
         WILLIAM E. PEACE P.O. BOX 627 SOUTH DENNIS, MA 02660
           Your comments and suggestions are more than welcome.





