25-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.79	-0.79	HOLD
DNDN	Biotechnology and Drugs	SHORT	32.95	-0.18	HOLD
CORT	Biotechnology and Drugs	SHORT	4.22	-0.24	HOLD
IVN	Metal Mining	SHORT	27.40	-1.05	HOLD
END	Oil and Gas Operations	SHORT	11.52	1.05	HOLD
OPXT	Semiconductors	SHORT	2.36	-5.22	HOLD
SPH	Oil and Gas Operations	SHORT	55.73	0.32	HOLD
LF	Recreational Products	SHORT	4.39	3.05	HOLD
MITI	Biotechnology and Drugs	SHORT	5.48	7.03	HOLD
SPPI	Biotechnology and Drugs	SHORT	8.58	3.00	HOLD
CLNE	Natural Gas Utilities	SHORT	14.05	-0.14	HOLD
WTSLA	Retail (Apparel)	LONG	4.01	12.96	HOLD
NEP	Oil and Gas Operations	LONG	4.80	2.56	HOLD
CSUN	Semiconductors	LONG	4.08	0.00	HOLD
SFE	Business Services	SHORT	20.17	1.71	HOLD
GDP	Oil and Gas Operations	SHORT	23.04	5.54	HOLD
ARIA	Biotechnology and Drugs	SHORT	6.94	0.43	HOLD
GME	Retail (Technology)	LONG	21.72	-0.05	HOLD
MTL	Iron and Steel	LONG	31.30	0.84	HOLD
CPX	Oil Well Services and Equipment	LONG	31.01	3.23	HOLD
NAT	Water Transportation	SHORT	25.40	0.40	HOLD
MYL	Biotechnology and Drugs	LONG	22.31	-0.13	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.67	-0.81	HOLD
MGEE	Electric Utilities	SHORT	40.07	-0.72	HOLD
TLB	Retail (Apparel)	LONG	5.94	0.85	HOLD
LNCR	Medical Equipment and Supplies	LONG	29.07	0.52	HOLD
CHRS	Retail (Apparel)	LONG	3.98	14.70	HOLD
COHU	Semiconductors	LONG	14.67	1.31	HOLD
MBT	Communications Services	LONG	21.46	-0.09	HOLD
PTEN	Oil Well Services and Equipment	LONG	28.34	3.27	SELL
TSO	Oil and Gas Operations	LONG	26.57	2.11	HOLD
CRME	Biotechnology and Drugs	SHORT	4.49	-3.23	HOLD
CVI	Oil and Gas Operations	LONG	22.16	4.63	HOLD
GES	Retail (Apparel)	LONG	39.23	3.18	HOLD
MMR	Oil and Gas Operations	SHORT	18.45	4.47	HOLD
FDML	Auto and Truck Parts	LONG	24.89	-0.32	HOLD
ITMN	Biotechnology and Drugs	SHORT	45.25	-0.40	HOLD
DEPO	Biotechnology and Drugs	SHORT	9.14	-0.54	HOLD
SJW	Water Utilities	SHORT	22.65	-0.18	HOLD
SMSI	Software and Programming	SHORT	9.14	0.44	HOLD
JBL	Electronic Instr. and Controls	LONG	21.28	-0.65	HOLD
PERY	Apparel/Accessories	LONG	26.81	2.33	HOLD
CCL	Recreational Activities	LONG	38.78	-0.64	HOLD
RIMM	Communications Equipment	LONG	56.89	-11.23	HOLD
MED	Biotechnology and Drugs	LONG	19.17	-0.93	HOLD
CTB	Tires	LONG	25.77	0.59	BUY
TODAY SUMMARY				GAINS(%)
LONGS				1.75
SHORTS				0.61
TOTAL				1.14
S&P 500				0.32
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	0.56	0.89	-2.14	0.63
S&P 500	-0.47	1.11	-4.78	-0.42

24-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.82	1.60	HOLD
DNDN	Biotechnology and Drugs	SHORT	33.01	3.45	HOLD
CORT	Biotechnology and Drugs	SHORT	4.23	2.42	HOLD
IVN	Metal Mining	SHORT	27.69	1.21	HOLD
END	Oil and Gas Operations	SHORT	11.40	-2.90	HOLD
OPXT	Semiconductors	SHORT	2.49	5.06	HOLD
SPH	Oil and Gas Operations	SHORT	55.55	0.52	HOLD
LF	Recreational Products	SHORT	4.26	-0.23	HOLD
MITI	Biotechnology and Drugs	SHORT	5.12	1.39	HOLD
SPPI	Biotechnology and Drugs	SHORT	8.33	0.36	HOLD
CLNE	Natural Gas Utilities	SHORT	14.07	-1.05	HOLD
WTSLA	Retail (Apparel)	LONG	3.55	-1.93	HOLD
NEP	Oil and Gas Operations	LONG	4.68	2.86	HOLD
CSUN	Semiconductors	LONG	4.08	3.03	HOLD
LTXCD		LONG	8.12	0.00	SELL
SFE	Business Services	SHORT	19.83	0.05	HOLD
GDP	Oil and Gas Operations	SHORT	21.83	0.46	HOLD
ARIA	Biotechnology and Drugs	SHORT	6.91	8.82	HOLD
GME	Retail (Technology)	LONG	21.73	2.94	HOLD
MTL	Iron and Steel	LONG	31.04	1.84	HOLD
CPX	Oil Well Services and Equipment	LONG	30.04	-0.79	HOLD
NAT	Water Transportation	SHORT	25.30	-0.90	HOLD
MYL	Biotechnology and Drugs	LONG	22.34	1.73	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.79	1.93	HOLD
MGEE	Electric Utilities	SHORT	40.36	0.77	HOLD
TLB	Retail (Apparel)	LONG	5.89	22.71	HOLD
BWS	Footwear	LONG	11.47	1.68	SELL
LNCR	Medical Equipment and Supplies	LONG	28.92	0.56	HOLD
CHRS	Retail (Apparel)	LONG	3.47	17.23	HOLD
FDX	Air Courier	LONG	90.79	2.06	SELL
KIRK	Retail (Specialty)	LONG	14.93	0.81	SELL
COHU	Semiconductors	LONG	14.48	-1.03	HOLD
MBT	Communications Services	LONG	21.48	1.70	HOLD
PTEN	Oil Well Services and Equipment	LONG	27.44	0.26	HOLD
TSO	Oil and Gas Operations	LONG	26.02	2.08	HOLD
CRME	Biotechnology and Drugs	SHORT	4.64	-3.53	HOLD
CVI	Oil and Gas Operations	LONG	21.18	2.62	HOLD
GES	Retail (Apparel)	LONG	38.02	-0.16	HOLD
MMR	Oil and Gas Operations	SHORT	17.66	2.20	HOLD
FDML	Auto and Truck Parts	LONG	24.97	0.69	HOLD
ITMN	Biotechnology and Drugs	SHORT	45.43	1.75	HOLD
DEPO	Biotechnology and Drugs	SHORT	9.19	1.83	HOLD
SJW	Water Utilities	SHORT	22.69	0.53	HOLD
SMSI	Software and Programming	SHORT	9.10	3.29	HOLD
JBL	Electronic Instr. and Controls	LONG	21.42	2.05	HOLD
PERY	Apparel/Accessories	LONG	26.20	-0.23	BUY
CCL	Recreational Activities	LONG	39.03	0.21	BUY
RIMM	Communications Equipment	LONG	64.09	3.17	BUY
MED	Biotechnology and Drugs	LONG	19.35	1.79	BUY
TODAY SUMMARY				GAINS(%)
LONGS				2.86
SHORTS				1.26
TOTAL				1.60
S&P 500				0.93
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.57	0.87	-2.14	-0.66
S&P 500	-0.78	1.16	-4.78	-0.68

23-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.76	-0.79	HOLD
DNDN	Biotechnology and Drugs	SHORT	31.91	-0.87	HOLD
CORT	Biotechnology and Drugs	SHORT	4.13	1.98	HOLD
RDEA	Biotechnology and Drugs	SHORT	27.34	-2.32	COVER
IVN	Metal Mining	SHORT	27.36	3.79	HOLD
OPTR	Biotechnology and Drugs	SHORT	12.00	1.61	COVER
DYN	Electric Utilities	SHORT	5.96	0.00	COVER
END	Oil and Gas Operations	SHORT	11.74	-3.45	HOLD
OPXT	Semiconductors	SHORT	2.37	3.49	HOLD
SPH	Oil and Gas Operations	SHORT	55.26	-0.72	HOLD
LF	Recreational Products	SHORT	4.27	0.23	HOLD
MITI	Biotechnology and Drugs	SHORT	5.05	4.77	HOLD
SPPI	Biotechnology and Drugs	SHORT	8.30	3.36	HOLD
CLNE	Natural Gas Utilities	SHORT	14.22	5.33	HOLD
WTSLA	Retail (Apparel)	LONG	3.62	4.02	HOLD
NEP	Oil and Gas Operations	LONG	4.55	-0.44	HOLD
CSUN	Semiconductors	LONG	3.96	-3.41	HOLD
LTXCD		LONG	8.12	0.00	HOLD
SFE	Business Services	SHORT	19.82	0.81	HOLD
LIZ	Apparel/Accessories	SHORT	5.26	-2.05	COVER
GDP	Oil and Gas Operations	SHORT	21.73	-2.07	HOLD
ARIA	Biotechnology and Drugs	SHORT	6.35	-0.63	HOLD
GME	Retail (Technology)	LONG	21.11	0.43	HOLD
MTL	Iron and Steel	LONG	30.48	2.59	HOLD
CPX	Oil Well Services and Equipment	LONG	30.28	0.30	HOLD
NAT	Water Transportation	SHORT	25.53	-0.20	HOLD
MYL	Biotechnology and Drugs	LONG	21.96	-0.45	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.51	-0.43	HOLD
MGEE	Electric Utilities	SHORT	40.05	0.00	HOLD
TLB	Retail (Apparel)	LONG	4.80	5.26	HOLD
SRI	Auto and Truck Parts	LONG	15.69	0.06	SELL
BWS	Footwear	LONG	11.28	0.98	HOLD
LNCR	Medical Equipment and Supplies	LONG	28.76	-1.20	HOLD
CHRS	Retail (Apparel)	LONG	2.96	-3.90	HOLD
FDX	Air Courier	LONG	88.96	0.76	HOLD
KIRK	Retail (Specialty)	LONG	14.81	2.14	HOLD
COHU	Semiconductors	LONG	14.63	3.39	HOLD
MBT	Communications Services	LONG	21.12	-0.33	HOLD
PTEN	Oil Well Services and Equipment	LONG	27.37	-0.58	HOLD
TSO	Oil and Gas Operations	LONG	25.49	0.00	HOLD
CRME	Biotechnology and Drugs	SHORT	4.81	-0.62	HOLD
CVI	Oil and Gas Operations	LONG	20.64	0.10	HOLD
GES	Retail (Apparel)	LONG	38.08	0.74	HOLD
MMR	Oil and Gas Operations	SHORT	17.28	3.10	HOLD
FDML	Auto and Truck Parts	LONG	24.80	-0.64	HOLD
ITMN	Biotechnology and Drugs	SHORT	44.65	1.36	HOLD
DEPO	Biotechnology and Drugs	SHORT	9.02	-1.53	SHORT
SJW	Water Utilities	SHORT	22.57	-1.44	SHORT
SMSI	Software and Programming	SHORT	8.81	0.23	SHORT
JBL	Electronic Instr. and Controls	LONG	20.99	10.88	BUY
TODAY SUMMARY				GAINS(%)
LONGS				0.45
SHORTS				0.65
TOTAL				-0.21
S&P 500				0.29
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-2.14	0.73	-2.14	-2.92
S&P 500	-1.70	1.17	-4.78	-1.46

22-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.79	-1.30	HOLD
DNDN	Biotechnology and Drugs	SHORT	32.19	-2.22	HOLD
CORT	Biotechnology and Drugs	SHORT	4.05	-0.49	HOLD
RDEA	Biotechnology and Drugs	SHORT	27.75	-1.77	HOLD
IVN	Metal Mining	SHORT	26.36	1.07	HOLD
OPTR	Biotechnology and Drugs	SHORT	11.81	-1.58	HOLD
DYN	Electric Utilities	SHORT	5.96	0.68	HOLD
END	Oil and Gas Operations	SHORT	12.16	1.42	HOLD
ALJ	Oil and Gas Operations	SHORT	12.15	0.75	COVER
OPXT	Semiconductors	SHORT	2.29	-6.53	HOLD
SPH	Oil and Gas Operations	SHORT	55.78	0.96	HOLD
LF	Recreational Products	SHORT	4.26	-1.62	HOLD
MITI	Biotechnology and Drugs	SHORT	4.82	-5.30	HOLD
SPPI	Biotechnology and Drugs	SHORT	8.04	1.64	HOLD
CLNE	Natural Gas Utilities	SHORT	13.50	0.75	HOLD
TRGT	Biotechnology and Drugs	SHORT	25.19	-0.43	COVER
WTSLA	Retail (Apparel)	LONG	3.48	-3.60	HOLD
NEP	Oil and Gas Operations	LONG	4.57	-2.77	HOLD
SUP	Auto and Truck Parts	LONG	24.21	0.12	SELL
CSUN	Semiconductors	LONG	4.10	-3.30	HOLD
LTXCD		LONG	8.12	-1.69	HOLD
SFE	Business Services	SHORT	19.66	2.08	HOLD
LIZ	Apparel/Accessories	SHORT	5.37	2.29	HOLD
GDP	Oil and Gas Operations	SHORT	22.09	1.01	HOLD
ARIA	Biotechnology and Drugs	SHORT	6.39	-1.54	HOLD
GME	Retail (Technology)	LONG	21.09	-0.47	HOLD
MTL	Iron and Steel	LONG	29.71	-0.20	HOLD
CPX	Oil Well Services and Equipment	LONG	30.19	-1.73	HOLD
NAT	Water Transportation	SHORT	25.58	0.04	HOLD
MYL	Biotechnology and Drugs	LONG	22.06	1.19	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.57	0.15	HOLD
MGEE	Electric Utilities	SHORT	40.05	0.60	HOLD
TLB	Retail (Apparel)	LONG	4.56	-6.75	HOLD
SRI	Auto and Truck Parts	LONG	15.77	1.41	HOLD
BWS	Footwear	LONG	11.17	-0.18	HOLD
LNCR	Medical Equipment and Supplies	LONG	29.11	-1.59	HOLD
CHRS	Retail (Apparel)	LONG	3.08	1.65	HOLD
FDX	Air Courier	LONG	88.40	-1.62	HOLD
KIRK	Retail (Specialty)	LONG	14.50	-1.43	HOLD
COHU	Semiconductors	LONG	14.15	-3.35	HOLD
MBT	Communications Services	LONG	21.19	-0.70	HOLD
PTEN	Oil Well Services and Equipment	LONG	27.53	-1.26	HOLD
TSO	Oil and Gas Operations	LONG	25.49	-0.55	HOLD
CRME	Biotechnology and Drugs	SHORT	4.84	-1.43	HOLD
CVI	Oil and Gas Operations	LONG	20.62	-0.67	HOLD
GES	Retail (Apparel)	LONG	37.76	-0.07	HOLD
MMR	Oil and Gas Operations	SHORT	16.76	-0.12	SHORT
FDML	Auto and Truck Parts	LONG	24.98	-1.11	BUY
ITMN	Biotechnology and Drugs	SHORT	44.05	-0.56	SHORT
TODAY SUMMARY				GAINS(%)
LONGS				-1.25
SHORTS				-0.45
TOTAL				-0.80
S&P 500				-0.36
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-1.85	0.76	-1.85	-2.43
S&P 500	-1.99	1.22	-4.78	-1.63

21-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.84	2.40	HOLD
DNDN	Biotechnology and Drugs	SHORT	32.92	0.40	HOLD
CORT	Biotechnology and Drugs	SHORT	4.07	2.01	HOLD
RDEA	Biotechnology and Drugs	SHORT	28.25	-0.35	HOLD
IVN	Metal Mining	SHORT	26.08	0.54	HOLD
OPTR	Biotechnology and Drugs	SHORT	12.00	0.08	HOLD
DYN	Electric Utilities	SHORT	5.92	4.59	HOLD
END	Oil and Gas Operations	SHORT	11.99	3.01	HOLD
ALJ	Oil and Gas Operations	SHORT	12.06	4.42	HOLD
OPXT	Semiconductors	SHORT	2.45	8.89	HOLD
SPH	Oil and Gas Operations	SHORT	55.25	2.87	HOLD
LF	Recreational Products	SHORT	4.33	0.70	HOLD
MITI	Biotechnology and Drugs	SHORT	5.09	4.09	HOLD
SPPI	Biotechnology and Drugs	SHORT	7.91	0.00	HOLD
CLNE	Natural Gas Utilities	SHORT	13.40	2.37	HOLD
TRGT	Biotechnology and Drugs	SHORT	25.30	1.85	HOLD
SMRT	Retail (Apparel)	LONG	9.97	0.40	SELL
WTSLA	Retail (Apparel)	LONG	3.61	5.87	HOLD
NEP	Oil and Gas Operations	LONG	4.70	3.07	HOLD
SUP	Auto and Truck Parts	LONG	24.18	0.25	HOLD
CSUN	Semiconductors	LONG	4.24	-0.47	HOLD
LTXC		LONG	8.26	-2.25	HOLD
SFE	Business Services	SHORT	19.26	4.11	HOLD
LIZ	Apparel/Accessories	SHORT	5.25	4.37	HOLD
GDP	Oil and Gas Operations	SHORT	21.87	5.60	HOLD
ARIA	Biotechnology and Drugs	SHORT	6.49	1.41	HOLD
GME	Retail (Technology)	LONG	21.19	1.10	HOLD
MTL	Iron and Steel	LONG	29.77	0.74	HOLD
CTRN	Retail (Apparel)	LONG	22.34	0.99	SELL
CPX	Oil Well Services and Equipment	LONG	30.72	2.47	HOLD
NAT	Water Transportation	SHORT	25.57	0.55	HOLD
MYL	Biotechnology and Drugs	LONG	21.80	0.65	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.55	1.89	HOLD
MGEE	Electric Utilities	SHORT	39.81	1.48	HOLD
TLB	Retail (Apparel)	LONG	4.89	0.41	HOLD
SRI	Auto and Truck Parts	LONG	15.55	4.22	HOLD
BWS	Footwear	LONG	11.19	5.07	HOLD
LNCR	Medical Equipment and Supplies	LONG	29.58	0.27	HOLD
CHRS	Retail (Apparel)	LONG	3.03	1.00	HOLD
FDX	Air Courier	LONG	89.86	0.65	HOLD
KIRK	Retail (Specialty)	LONG	14.71	-0.20	HOLD
COHU	Semiconductors	LONG	14.64	3.54	HOLD
MBT	Communications Services	LONG	21.34	1.76	HOLD
PTEN	Oil Well Services and Equipment	LONG	27.88	3.87	HOLD
TSO	Oil and Gas Operations	LONG	25.63	4.10	HOLD
CRME	Biotechnology and Drugs	SHORT	4.91	-0.41	HOLD
CVI	Oil and Gas Operations	LONG	20.76	7.62	BUY
GES	Retail (Apparel)	LONG	37.78	-1.28	BUY
TODAY SUMMARY				GAINS(%)
LONGS				1.71
SHORTS				2.37
TOTAL				-0.66
S&P 500				1.50
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-1.06	0.78	-1.44	-1.36
S&P 500	-1.64	1.30	-4.78	-1.27

18-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.75	4.75	HOLD
AVNR	Biotechnology and Drugs	SHORT	3.80	-1.30	COVER
DNDN	Biotechnology and Drugs	SHORT	32.79	0.28	HOLD
CORT	Biotechnology and Drugs	SHORT	3.99	5.56	HOLD
RDEA	Biotechnology and Drugs	SHORT	28.35	1.91	HOLD
IVN	Metal Mining	SHORT	25.94	2.98	HOLD
OPTR	Biotechnology and Drugs	SHORT	11.99	0.76	HOLD
DYN	Electric Utilities	SHORT	5.66	2.17	HOLD
END	Oil and Gas Operations	SHORT	11.64	0.00	HOLD
ALJ	Oil and Gas Operations	SHORT	11.55	-3.75	HOLD
OPXT	Semiconductors	SHORT	2.25	-6.64	HOLD
SPH	Oil and Gas Operations	SHORT	53.71	-1.88	HOLD
LF	Recreational Products	SHORT	4.30	0.94	HOLD
MITI	Biotechnology and Drugs	SHORT	4.89	-3.55	HOLD
SPPI	Biotechnology and Drugs	SHORT	7.91	0.25	HOLD
CLNE	Natural Gas Utilities	SHORT	13.09	1.55	HOLD
TRGT	Biotechnology and Drugs	SHORT	24.84	-0.40	HOLD
SMRT	Retail (Apparel)	LONG	9.93	2.69	HOLD
WTSLA	Retail (Apparel)	LONG	3.41	-6.06	HOLD
HBI	Apparel/Accessories	LONG	25.02	-2.57	SELL
NEP	Oil and Gas Operations	LONG	4.56	2.01	HOLD
SUP	Auto and Truck Parts	LONG	24.12	9.34	HOLD
ASIA	Software and Programming	LONG	20.00	-3.66	SELL
CSUN	Semiconductors	LONG	4.26	1.19	HOLD
LTXC		LONG	8.44	1.93	HOLD
SFE	Business Services	SHORT	18.50	2.15	HOLD
LIZ	Apparel/Accessories	SHORT	5.03	-1.57	HOLD
GDP	Oil and Gas Operations	SHORT	20.71	-0.43	HOLD
ARIA	Biotechnology and Drugs	SHORT	6.40	8.84	HOLD
SMTC	Semiconductors	LONG	23.25	0.04	SELL
AXTI	Semiconductors	LONG	6.48	-0.23	SELL
GME	Retail (Technology)	LONG	20.96	-0.10	HOLD
MTL	Iron and Steel	LONG	29.55	0.20	HOLD
CTRN	Retail (Apparel)	LONG	22.12	0.77	HOLD
CPX	Oil Well Services and Equipment	LONG	29.98	1.08	HOLD
NAT	Water Transportation	SHORT	25.43	1.23	HOLD
MYL	Biotechnology and Drugs	LONG	21.66	0.84	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.28	2.37	HOLD
MGEE	Electric Utilities	SHORT	39.23	0.51	HOLD
TLB	Retail (Apparel)	LONG	4.87	-2.01	HOLD
SRI	Auto and Truck Parts	LONG	14.92	0.34	HOLD
BWS	Footwear	LONG	10.65	-3.97	HOLD
LNCR	Medical Equipment and Supplies	LONG	29.50	0.24	HOLD
CHRS	Retail (Apparel)	LONG	3.00	-0.33	HOLD
FDX	Air Courier	LONG	89.28	1.58	HOLD
KIRK	Retail (Specialty)	LONG	14.74	3.22	HOLD
COHU	Semiconductors	LONG	14.14	6.88	BUY
MBT	Communications Services	LONG	20.97	-0.33	BUY
PTEN	Oil Well Services and Equipment	LONG	26.84	-2.36	BUY
TSO	Oil and Gas Operations	LONG	24.62	-1.16	BUY
CRME	Biotechnology and Drugs	SHORT	4.93	0.41	SHORT
TODAY SUMMARY				GAINS(%)
LONGS				0.30
SHORTS				0.70
TOTAL				-0.40
S&P 500				0.43
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.40	0.80	-1.44	-0.50
S&P 500	-3.09	1.21	-4.78	-2.55