Over the last several years both the T-Bonds and the T-Notes have been moving sideways in a narrow channel, with no major long term trends. Montly chart of the 30 Year T-Bonds. Montly chart of the 10 Year T-Notes. A trading system can only perform well if the market performs well. With no major trends for the system to take advantage of, it is very difficult for a trading system to produce large profits. In a sideways market a bad system will fail and produce large losses. On the other hand a good system will either produce small profits or break even. At worst it will have a small loss. Both the ATS systems made profits over the last few years. The profits were not very big, because there were no major trends. The systems stayed in the Top-Ten, therefore compared to other systems they did very well. Customers ask me: 'Is the market changing'. Markets do not change, because human nature does not change. However markets sometimes perform very well and sometimes not. Markets move in cycles. Sooner or later we can expect the Bonds and the Notes to start trending again. We will then see both the ATS-3200 and the ATS-6400 take advantage of this, and generate the profits that the systems are capable of producing. I have no crystal ball, and I cannot predict when this is going to happen. All I know is that I have seen the markets go through these cycles so many times, that I am sure that sooner or later we will see it happen again.