30-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.46	-0.94	HOLD
CASC	Auto and Truck Parts	LONG	47.17	-2.90	HOLD
CSS	Printing and Publishing	LONG	19.92	-0.90	HOLD
CVV	Semiconductors	LONG	12.03	4.52	HOLD
DUSA	Biotechnology and Drugs	LONG	4.38	-2.23	HOLD
FLOW	Misc. Capital Goods	LONG	3.50	-0.57	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	14.45	3.29	HOLD
HITK	Biotechnology and Drugs	LONG	38.89	-0.18	BUY
HOFT	Furniture and Fixtures	LONG	11.47	-2.38	HOLD
JRN	Printing and Publishing	LONG	4.40	-1.79	HOLD
JST	Electronic Instr. and Controls	LONG	8.11	-4.25	HOLD
KIRK	Retail (Specialty)	LONG	13.30	-0.30	HOLD
MIND	Oil Well Services and Equipment	LONG	21.84	-3.79	HOLD
MSPD	Semiconductors	LONG	4.58	8.27	HOLD
OVTI	Semiconductors	LONG	12.23	0.29	SELL
REX	Chemical Manufacturing	LONG	22.11	0.68	HOLD
RTEC	Semiconductors	LONG	9.26	-1.80	HOLD
SENEA	Food Processing	LONG	25.82	-3.69	HOLD
SPY	Misc. Financial Services	SHORT	125.50	-0.49	HOLD
TSEM	Semiconductors	LONG	0.63	2.91	HOLD
VDSI	Software and Programming	LONG	6.52	0.93	HOLD
ZLC	Retail (Specialty)	LONG	3.81	1.33	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.16
SHORTS				-0.49
TOTAL				0.33
S&P 500				-0.49
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.03	3.21	-17.53	-2.64	-0.48
S&P 500	-3.82	4.19	-18.61	-1.10	-0.25

30-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FLOW, FRPT, HGG, HOFT, JRN,
JST, KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

29-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.54	1.91	HOLD
CASC	Auto and Truck Parts	LONG	48.58	3.91	HOLD
CSS	Printing and Publishing	LONG	20.10	3.66	HOLD
CVV	Semiconductors	LONG	11.51	-3.68	HOLD
DUSA	Biotechnology and Drugs	LONG	4.48	2.05	HOLD
FLOW	Misc. Capital Goods	LONG	3.52	0.86	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.99	1.89	HOLD
HOFT	Furniture and Fixtures	LONG	11.75	0.73	HOLD
JRN	Printing and Publishing	LONG	4.48	1.59	HOLD
JST	Electronic Instr. and Controls	LONG	8.47	2.54	HOLD
KIRK	Retail (Specialty)	LONG	13.34	-0.82	HOLD
MIND	Oil Well Services and Equipment	LONG	22.70	1.84	HOLD
MSPD	Semiconductors	LONG	4.23	-1.40	HOLD
OVTI	Semiconductors	LONG	12.20	0.74	HOLD
REX	Chemical Manufacturing	LONG	21.96	-1.04	HOLD
RTEC	Semiconductors	LONG	9.43	2.84	HOLD
SENEA	Food Processing	LONG	26.81	0.37	HOLD
SPY	Misc. Financial Services	SHORT	126.12	1.03	HOLD
TSEM	Semiconductors	LONG	0.61	0.49	HOLD
VDSI	Software and Programming	LONG	6.46	0.00	HOLD
ZLC	Retail (Specialty)	LONG	3.76	-1.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.82
SHORTS				1.03
TOTAL				-0.22
S&P 500				1.03
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.34	3.18	-17.53	-2.79	-0.51
S&P 500	-3.35	4.26	-18.61	-0.96	-0.22

29-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FLOW, FRPT, HGG, HOFT, JRN,
JST, KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

28-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.38	-0.71	HOLD
CASC	Auto and Truck Parts	LONG	46.75	-0.28	HOLD
CSS	Printing and Publishing	LONG	19.39	-2.90	HOLD
CVV	Semiconductors	LONG	11.95	-1.24	HOLD
DUSA	Biotechnology and Drugs	LONG	4.39	-2.44	HOLD
FLOW	Misc. Capital Goods	LONG	3.49	-3.06	BUY
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.73	0.37	HOLD
HOFT	Furniture and Fixtures	LONG	11.66	0.91	HOLD
JRN	Printing and Publishing	LONG	4.41	-4.13	HOLD
JST	Electronic Instr. and Controls	LONG	8.26	-0.48	HOLD
KIRK	Retail (Specialty)	LONG	13.45	-1.10	HOLD
MIND	Oil Well Services and Equipment	LONG	22.29	-3.92	HOLD
MSPD	Semiconductors	LONG	4.29	-3.60	HOLD
OVTI	Semiconductors	LONG	12.11	-4.12	HOLD
REX	Chemical Manufacturing	LONG	22.19	-2.16	HOLD
RTEC	Semiconductors	LONG	9.17	-1.71	HOLD
SENEA	Food Processing	LONG	26.71	-1.11	HOLD
SPY	Misc. Financial Services	SHORT	124.83	-1.31	HOLD
SWIR	Communications Equipment	LONG	6.85	-1.72	SELL
TSEM	Semiconductors	LONG	0.61	-4.08	HOLD
VDSI	Software and Programming	LONG	6.46	-2.86	HOLD
ZLC	Retail (Specialty)	LONG	3.81	-1.55	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.85
SHORTS				-1.31
TOTAL				-0.54
S&P 500				-1.31
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.14	3.21	-17.53	-2.71	-0.50
S&P 500	-4.34	4.15	-18.61	-1.28	-0.28

28-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

27-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.44	-1.63	HOLD
CASC	Auto and Truck Parts	LONG	46.88	1.01	HOLD
CSS	Printing and Publishing	LONG	19.97	-0.99	HOLD
CVV	Semiconductors	LONG	12.10	-0.40	HOLD
DUSA	Biotechnology and Drugs	LONG	4.50	-3.23	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.68	-2.22	HOLD
HOFT	Furniture and Fixtures	LONG	11.56	1.31	HOLD
JRN	Printing and Publishing	LONG	4.60	-0.43	HOLD
JST	Electronic Instr. and Controls	LONG	8.30	0.12	HOLD
KIRK	Retail (Specialty)	LONG	13.60	4.06	HOLD
MIND	Oil Well Services and Equipment	LONG	23.20	4.41	HOLD
MSPD	Semiconductors	LONG	4.45	-3.05	HOLD
OVTI	Semiconductors	LONG	12.63	0.00	HOLD
REX	Chemical Manufacturing	LONG	22.68	3.47	HOLD
RTEC	Semiconductors	LONG	9.33	2.64	HOLD
SENEA	Food Processing	LONG	27.01	2.93	HOLD
SPY	Misc. Financial Services	SHORT	126.49	0.08	HOLD
SWIR	Communications Equipment	LONG	6.97	0.00	HOLD
TSEM	Semiconductors	LONG	0.63	2.44	HOLD
VDSI	Software and Programming	LONG	6.65	-1.92	HOLD
ZLC	Retail (Specialty)	LONG	3.87	-3.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.24
SHORTS				0.08
TOTAL				0.16
S&P 500				0.08
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.64	3.27	-17.53	-2.48	-0.46
S&P 500	-3.07	4.31	-18.61	-0.87	-0.20

27-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

23-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.58	-1.61	HOLD
CASC	Auto and Truck Parts	LONG	46.41	0.04	HOLD
CSS	Printing and Publishing	LONG	20.17	0.45	HOLD
CVV	Semiconductors	LONG	12.15	0.40	HOLD
DUSA	Biotechnology and Drugs	LONG	4.65	3.33	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.99	2.34	HOLD
HOFT	Furniture and Fixtures	LONG	11.41	3.26	HOLD
JRN	Printing and Publishing	LONG	4.62	-0.65	HOLD
JST	Electronic Instr. and Controls	LONG	8.29	-1.89	HOLD
KIRK	Retail (Specialty)	LONG	13.07	0.54	HOLD
MIND	Oil Well Services and Equipment	LONG	22.22	2.82	HOLD
MSPD	Semiconductors	LONG	4.59	1.32	HOLD
OVTI	Semiconductors	LONG	12.63	0.96	HOLD
REX	Chemical Manufacturing	LONG	21.92	0.97	HOLD
RTEC	Semiconductors	LONG	9.09	-0.55	HOLD
SENEA	Food Processing	LONG	26.24	0.11	HOLD
SPY	Misc. Financial Services	SHORT	126.39	0.89	HOLD
SWIR	Communications Equipment	LONG	6.97	4.19	HOLD
TSEM	Semiconductors	LONG	0.62	-0.03	HOLD
VDSI	Software and Programming	LONG	6.78	2.73	HOLD
ZLC	Retail (Specialty)	LONG	4.01	0.75	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.93
SHORTS				0.89
TOTAL				0.03
S&P 500				0.89
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.79	3.26	-17.53	-2.56	-0.48
S&P 500	-3.14	4.30	-18.61	-0.90	-0.21

23-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

22-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.72	-0.23	HOLD
CASC	Auto and Truck Parts	LONG	46.64	-0.17	HOLD
CSS	Printing and Publishing	LONG	20.08	-0.59	HOLD
CVV	Semiconductors	LONG	12.10	3.60	HOLD
DUSA	Biotechnology and Drugs	LONG	4.50	2.97	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.67	1.11	HOLD
HOFT	Furniture and Fixtures	LONG	11.05	0.09	HOLD
JRN	Printing and Publishing	LONG	4.65	1.97	HOLD
JST	Electronic Instr. and Controls	LONG	8.45	-1.51	HOLD
KIRK	Retail (Specialty)	LONG	13.00	1.88	HOLD
MIND	Oil Well Services and Equipment	LONG	21.61	-1.82	HOLD
MSPD	Semiconductors	LONG	4.53	2.49	HOLD
OVTI	Semiconductors	LONG	12.51	8.78	HOLD
REX	Chemical Manufacturing	LONG	21.71	-2.21	HOLD
RTEC	Semiconductors	LONG	9.14	4.46	HOLD
SENEA	Food Processing	LONG	26.21	0.50	HOLD
SPY	Misc. Financial Services	SHORT	125.27	0.89	HOLD
SWIR	Communications Equipment	LONG	6.69	1.21	HOLD
TSEM	Semiconductors	LONG	0.62	1.47	HOLD
VDSI	Software and Programming	LONG	6.60	1.69	HOLD
ZLC	Retail (Specialty)	LONG	3.98	0.25	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.24
SHORTS				0.89
TOTAL				0.35
S&P 500				0.89
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.80	3.26	-17.53	-2.57	-0.48
S&P 500	-4.00	4.20	-18.61	-1.18	-0.27

22-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

21-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.74	-0.34	HOLD
BGFV	Retail (Specialty)	LONG	11.02	1.47	SELL
CASC	Auto and Truck Parts	LONG	46.72	1.76	HOLD
CSS	Printing and Publishing	LONG	20.20	-1.13	HOLD
CVV	Semiconductors	LONG	11.68	1.13	BUY
DUSA	Biotechnology and Drugs	LONG	4.37	2.58	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.52	-1.60	HOLD
HOFT	Furniture and Fixtures	LONG	11.04	1.75	HOLD
JRN	Printing and Publishing	LONG	4.56	1.33	HOLD
JST	Electronic Instr. and Controls	LONG	8.58	-0.23	HOLD
KIRK	Retail (Specialty)	LONG	12.76	-1.09	HOLD
MIND	Oil Well Services and Equipment	LONG	22.01	10.11	HOLD
MSPD	Semiconductors	LONG	4.42	-2.64	HOLD
OVTI	Semiconductors	LONG	11.50	-2.95	HOLD
REX	Chemical Manufacturing	LONG	22.20	0.45	HOLD
RTEC	Semiconductors	LONG	8.75	-0.91	HOLD
SENEA	Food Processing	LONG	26.08	0.38	HOLD
SPY	Misc. Financial Services	SHORT	124.17	0.19	HOLD
SWIR	Communications Equipment	LONG	6.61	2.16	HOLD
TSEM	Semiconductors	LONG	0.61	-3.46	HOLD
VDSI	Software and Programming	LONG	6.49	-7.81	HOLD
ZLC	Retail (Specialty)	LONG	3.97	-1.00	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.05
SHORTS				0.19
TOTAL				-0.25
S&P 500				0.19
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.12	3.22	-17.53	-2.74	-0.50
S&P 500	-4.84	4.11	-18.61	-1.46	-0.32

21-Dec-2011 Daily positions

Pre Opening Longs: BBW, BGFV, CASC, CSS, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

20-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	43.65	2.71	SELL
BBW	Retail (Specialty)	LONG	8.77	6.43	HOLD
BGFV	Retail (Specialty)	LONG	10.86	8.49	HOLD
CASC	Auto and Truck Parts	LONG	45.91	2.94	HOLD
CRRC	Printing and Publishing	LONG	11.45	6.41	SELL
CSS	Printing and Publishing	LONG	20.43	4.08	HOLD
DUSA	Biotechnology and Drugs	LONG	4.26	5.19	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	99.90	1.95	SELL
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.74	1.33	HOLD
HOFT	Furniture and Fixtures	LONG	10.85	2.84	BUY
JRN	Printing and Publishing	LONG	4.50	6.38	HOLD
JST	Electronic Instr. and Controls	LONG	8.60	2.02	HOLD
KIRK	Retail (Specialty)	LONG	12.90	4.12	HOLD
MIND	Oil Well Services and Equipment	LONG	19.99	0.71	BUY
MSPD	Semiconductors	LONG	4.54	3.89	HOLD
OVTI	Semiconductors	LONG	11.85	7.73	HOLD
REX	Chemical Manufacturing	LONG	22.10	5.54	HOLD
RTEC	Semiconductors	LONG	8.83	2.67	HOLD
SENEA	Food Processing	LONG	25.98	4.80	HOLD
SPY	Misc. Financial Services	SHORT	123.93	3.03	HOLD
SWIR	Communications Equipment	LONG	6.47	6.59	HOLD
TSEM	Semiconductors	LONG	0.63	3.75	HOLD
VDSI	Software and Programming	LONG	7.04	0.14	BUY
ZLC	Retail (Specialty)	LONG	4.01	2.56	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				4.27
SHORTS				3.03
TOTAL				1.24
S&P 500				3.03
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.89	3.26	-17.53	-2.63	-0.49
S&P 500	-5.03	4.09	-18.61	-1.53	-0.34

20-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

19-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.50	-0.86	HOLD
BBW	Retail (Specialty)	LONG	8.24	-2.72	HOLD
BGFV	Retail (Specialty)	LONG	10.01	-0.30	HOLD
CASC	Auto and Truck Parts	LONG	44.60	-1.89	HOLD
CRRC	Printing and Publishing	LONG	10.76	2.28	HOLD
CSS	Printing and Publishing	LONG	19.63	-0.15	HOLD
DUSA	Biotechnology and Drugs	LONG	4.05	-3.11	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	97.99	-1.73	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.73	HOLD
HGG	Retail (Technology)	LONG	13.56	-2.93	HOLD
JRN	Printing and Publishing	LONG	4.23	-8.44	HOLD
JST	Electronic Instr. and Controls	LONG	8.43	-4.64	HOLD
KIRK	Retail (Specialty)	LONG	12.39	-0.48	HOLD
MSPD	Semiconductors	LONG	4.37	-1.80	HOLD
OVTI	Semiconductors	LONG	11.00	-5.34	HOLD
REX	Chemical Manufacturing	LONG	20.94	-2.10	HOLD
RTEC	Semiconductors	LONG	8.60	-0.35	HOLD
SENEA	Food Processing	LONG	24.79	-0.56	HOLD
SPY	Misc. Financial Services	SHORT	120.29	-1.07	HOLD
SWIR	Communications Equipment	LONG	6.07	-4.71	HOLD
TSEM	Semiconductors	LONG	0.61	-3.17	HOLD
ZLC	Retail (Specialty)	LONG	3.91	-2.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-2.13
SHORTS				-1.07
TOTAL				-1.06
S&P 500				-1.07
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-8.03	3.13	-17.53	-3.20	-0.57
S&P 500	-7.82	3.88	-18.61	-2.52	-0.52

19-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

16-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.87	1.83	HOLD
BBW	Retail (Specialty)	LONG	8.47	0.24	HOLD
BGFV	Retail (Specialty)	LONG	10.04	5.02	HOLD
CASC	Auto and Truck Parts	LONG	45.46	1.72	HOLD
CRRC	Printing and Publishing	LONG	10.52	-2.50	HOLD
CSS	Printing and Publishing	LONG	19.66	3.91	HOLD
DUSA	Biotechnology and Drugs	LONG	4.18	1.95	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	99.72	0.41	HOLD
FRPT	Aerospace and Defense	LONG	5.51	0.27	HOLD
HGG	Retail (Technology)	LONG	13.97	-0.78	HOLD
JRN	Printing and Publishing	LONG	4.62	0.22	HOLD
JST	Electronic Instr. and Controls	LONG	8.84	4.37	HOLD
KIRK	Retail (Specialty)	LONG	12.45	4.62	HOLD
MSPD	Semiconductors	LONG	4.45	0.45	HOLD
OVTI	Semiconductors	LONG	11.62	-0.60	HOLD
REX	Chemical Manufacturing	LONG	21.39	1.37	HOLD
RTEC	Semiconductors	LONG	8.63	2.98	HOLD
SENEA	Food Processing	LONG	24.93	0.04	HOLD
SPY	Misc. Financial Services	SHORT	121.59	0.15	HOLD
SWIR	Communications Equipment	LONG	6.37	0.00	HOLD
TSEM	Semiconductors	LONG	0.63	0.00	HOLD
ZLC	Retail (Specialty)	LONG	4.01	6.08	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.51
SHORTS				0.15
TOTAL				1.35
S&P 500				0.15
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.05	3.24	-17.53	-2.73	-0.51
S&P 500	-6.82	3.95	-18.61	-2.17	-0.46

16-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

15-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.10	1.06	HOLD
BBW	Retail (Specialty)	LONG	8.45	2.18	HOLD
BGFV	Retail (Specialty)	LONG	9.56	2.03	HOLD
CASC	Auto and Truck Parts	LONG	44.69	-0.29	HOLD
CRRC	Printing and Publishing	LONG	10.79	2.57	HOLD
CSS	Printing and Publishing	LONG	18.92	0.64	HOLD
DUSA	Biotechnology and Drugs	LONG	4.10	0.99	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	99.31	0.89	HOLD
FRPT	Aerospace and Defense	LONG	5.49	-0.27	HOLD
HGG	Retail (Technology)	LONG	14.08	0.21	HOLD
JRN	Printing and Publishing	LONG	4.61	3.60	HOLD
JST	Electronic Instr. and Controls	LONG	8.47	3.55	HOLD
KIRK	Retail (Specialty)	LONG	11.90	2.32	HOLD
MSPD	Semiconductors	LONG	4.43	-3.70	HOLD
OVTI	Semiconductors	LONG	11.69	-0.85	HOLD
REX	Chemical Manufacturing	LONG	21.10	2.73	HOLD
RTEC	Semiconductors	LONG	8.38	0.96	HOLD
SENEA	Food Processing	LONG	24.92	1.92	HOLD
SPY	Misc. Financial Services	SHORT	122.18	0.37	HOLD
SWIR	Communications Equipment	LONG	6.37	-2.00	HOLD
TSEM	Semiconductors	LONG	0.63	0.00	HOLD
ZLC	Retail (Specialty)	LONG	3.78	0.27	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.89
SHORTS				0.37
TOTAL				0.53
S&P 500				0.37
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-8.87	3.06	-17.53	-3.65	-0.64
S&P 500	-6.36	3.99	-18.61	-2.02	-0.43

15-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

14-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	41.66	-2.30	HOLD
BBW	Retail (Specialty)	LONG	8.27	-0.96	HOLD
BGFV	Retail (Specialty)	LONG	9.37	-2.29	HOLD
CASC	Auto and Truck Parts	LONG	44.82	-1.73	HOLD
CRRC	Printing and Publishing	LONG	10.52	0.91	HOLD
CSS	Printing and Publishing	LONG	18.80	0.48	HOLD
DUSA	Biotechnology and Drugs	LONG	4.06	0.25	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	98.43	-0.41	HOLD
FRPT	Aerospace and Defense	LONG	5.51	0.18	HOLD
HGG	Retail (Technology)	LONG	14.05	-7.57	HOLD
JRN	Printing and Publishing	LONG	4.45	1.14	HOLD
JST	Electronic Instr. and Controls	LONG	8.18	-4.88	HOLD
KIRK	Retail (Specialty)	LONG	11.63	-0.09	HOLD
MSPD	Semiconductors	LONG	4.60	-5.15	HOLD
OVTI	Semiconductors	LONG	11.79	-4.77	HOLD
REX	Chemical Manufacturing	LONG	20.54	-0.24	HOLD
RTEC	Semiconductors	LONG	8.30	2.47	HOLD
SENEA	Food Processing	LONG	24.45	4.71	HOLD
SPY	Misc. Financial Services	SHORT	121.74	-1.06	HOLD
SWIR	Communications Equipment	LONG	6.50	0.00	HOLD
TSEM	Semiconductors	LONG	0.63	1.61	HOLD
ZLC	Retail (Specialty)	LONG	3.77	2.72	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.76
SHORTS				-1.06
TOTAL				0.31
S&P 500				-1.06
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-9.35	3.03	-17.53	-3.90	-0.67
S&P 500	-6.71	3.97	-18.61	-2.14	-0.46

14-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

13-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.64	-1.71	HOLD
BBW	Retail (Specialty)	LONG	8.35	-1.65	HOLD
BGFV	Retail (Specialty)	LONG	9.59	-1.74	HOLD
CASC	Auto and Truck Parts	LONG	45.61	-4.32	HOLD
CRRC	Printing and Publishing	LONG	10.43	0.92	HOLD
CSS	Printing and Publishing	LONG	18.71	-2.50	HOLD
DUSA	Biotechnology and Drugs	LONG	4.05	-0.25	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	98.84	0.91	HOLD
FRPT	Aerospace and Defense	LONG	5.50	0.00	HOLD
HGG	Retail (Technology)	LONG	15.20	-6.40	HOLD
JRN	Printing and Publishing	LONG	4.40	-2.00	HOLD
JST	Electronic Instr. and Controls	LONG	8.60	-2.60	HOLD
KIRK	Retail (Specialty)	LONG	11.64	-2.92	HOLD
MSPD	Semiconductors	LONG	4.85	-1.22	HOLD
OVTI	Semiconductors	LONG	12.38	-4.11	HOLD
REX	Chemical Manufacturing	LONG	20.59	-3.24	HOLD
RTEC	Semiconductors	LONG	8.10	-2.06	HOLD
SENEA	Food Processing	LONG	23.35	2.41	HOLD
SPY	Misc. Financial Services	SHORT	123.05	-0.93	HOLD
SWIR	Communications Equipment	LONG	6.50	-0.91	HOLD
TSEM	Semiconductors	LONG	0.62	-1.59	HOLD
ZLC	Retail (Specialty)	LONG	3.67	-6.14	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.96
SHORTS				-0.93
TOTAL				-1.02
S&P 500				-0.93
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-9.63	3.02	-17.53	-4.05	-0.70
S&P 500	-5.70	4.06	-18.61	-1.79	-0.39

13-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

12-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	43.38	-1.48	HOLD
BBW	Retail (Specialty)	LONG	8.49	-2.64	HOLD
BGFV	Retail (Specialty)	LONG	9.76	-0.10	HOLD
BKR	Construction Services	LONG	19.17	-1.49	SELL
CASC	Auto and Truck Parts	LONG	47.67	-1.71	BUY
CPE	Oil and Gas Operations	LONG	4.64	-3.13	SELL
CRRC	Printing and Publishing	LONG	10.33	-3.82	HOLD
CSS	Printing and Publishing	LONG	19.19	-1.64	HOLD
CVU	Aerospace and Defense	LONG	12.95	-3.36	SELL
DUSA	Biotechnology and Drugs	LONG	4.06	-0.49	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	97.95	-0.81	HOLD
FRPT	Aerospace and Defense	LONG	5.50	-0.18	HOLD
HGG	Retail (Technology)	LONG	16.24	1.56	HOLD
JRN	Printing and Publishing	LONG	4.49	-1.54	HOLD
JST	Electronic Instr. and Controls	LONG	8.83	-2.00	HOLD
KIRK	Retail (Specialty)	LONG	11.99	-1.72	HOLD
MSPD	Semiconductors	LONG	4.91	-2.00	BUY
NBIX	Biotechnology and Drugs	LONG	7.48	0.40	SELL
OVTI	Semiconductors	LONG	12.91	-2.42	HOLD
REX	Chemical Manufacturing	LONG	21.28	0.19	BUY
RTEC	Semiconductors	LONG	8.27	-2.13	HOLD
SENEA	Food Processing	LONG	22.80	0.66	HOLD
SPY	Misc. Financial Services	SHORT	124.21	-1.46	HOLD
SWIR	Communications Equipment	LONG	6.56	-2.38	HOLD
TSEM	Semiconductors	LONG	0.63	-3.08	HOLD
ZLC	Retail (Specialty)	LONG	3.91	-2.01	BUY
TODAY SUMMARY				GAINS(%)
LONGS				-1.51
SHORTS				-1.46
TOTAL				-0.05
S&P 500				-1.46
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-8.69	3.08	-17.53	-3.61	-0.63
S&P 500	-4.81	4.16	-18.61	-1.49	-0.33