To: Mike Davis
From: Mike Tognetti
Subject: Trading Recommendations
I have known and worked with Mike Davis for 25 years. In the late eighties Mike traded for the house account and “called the market” for the firm. The firm used his technical analysis for the purpose of trading Treasury Bonds and Treasury Futures and for making trade recommendations for institutional investors. He used this expertise in the next two firms to trade and make trade recommendations in the municipal market. Mike has worked long and hard studying and developing the system that he uses. I believe it to be a valuable tool in making trading decisions.