According to Paul Merriman, the most productive of the four systems that Merriman & Associates uses
has been Stan Lipstadt of PSM Investors, Inc. Carlisle, MA-based Lipstadt has been timing on a
real-time basis since 1974. The most important factor in Lipstadt's model is the tracking of daily points
up, points down, volume up and volume down. These numbers are collected from the Lowry Report
Service, West Palm Beach, FL, and are placed in a long-term moving average perspective, with the
buy/sell rules based on changes in the momentum of the number. Annually, Lipstadt's system averages
three to four trades a year.