Larry, can you provide the next level of detail for your study? It would be interesting to see what would happen if you started with $100 and went lets say 50% long on Zeev's Bull Calls and 50% short on his bear calls and let's say 100% short on his To The Hills Calls and compared that performance with the S&P 500.
Regardless of the results of this, Zeev provides tons of valuable insight in all his posts but I for one would be interested in a way to track the performance of the major bull and bear calls.