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Take a look at the equity line of the [simple and by 
coincidence profitable] system
Buy=Cum<FONT 
size=2>(1)%<FONT 
size=2>50==0<FONT 
size=2>;
Sell=Ref<FONT 
size=2>(Buy,-3<FONT 
face="Times New Roman">);
<FONT 
face="Times New Roman">Short=Sell;Cover=Buy;
It is profitable 
when the market goes down, but constantly looses money in the bullish 
periods [even the small ones]
It is not hard to 
understand why, although not necessary.
A 
systematically stupid, non-robust system [under any 
criteria] is probably a good trend indicator, if you take a closer 
look...
It is a matter of 
flip-sight logic
Dimitris 
Tsokakis
PS : The above 
system is an just an attempt to show this direction, "systematically" is not an 
easy word.
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