01-Apr-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
IVN	Metal Mining	SHORT	27.39	-0.25	HOLD
END	Oil and Gas Operations	SHORT	13.00	2.36	HOLD
SFE	Business Services	SHORT	20.81	2.26	HOLD
ARIA	Biotechnology and Drugs	SHORT	7.82	3.99	HOLD
MTL	Iron and Steel	LONG	31.23	1.43	HOLD
NAT	Water Transportation	SHORT	24.92	0.32	HOLD
MYL	Biotechnology and Drugs	LONG	23.23	2.52	HOLD
SGEN	Biotechnology and Drugs	SHORT	15.50	-0.45	HOLD
CHRS	Retail (Apparel)	LONG	4.37	2.58	SELL
COHU	Semiconductors	LONG	15.13	-1.50	HOLD
MBT	Communications Services	LONG	21.54	1.46	HOLD
TSO	Oil and Gas Operations	LONG	27.04	0.78	HOLD
CRME	Biotechnology and Drugs	SHORT	4.30	0.47	HOLD
GES	Retail (Apparel)	LONG	40.49	2.90	HOLD
MMR	Oil and Gas Operations	SHORT	18.35	3.61	HOLD
FDML	Auto and Truck Parts	LONG	24.87	-0.12	HOLD
ITMN	Biotechnology and Drugs	SHORT	48.49	2.75	COVER
DEPO	Biotechnology and Drugs	SHORT	9.90	-1.39	HOLD
SJW	Water Utilities	SHORT	23.20	0.22	HOLD
SMSI	Software and Programming	SHORT	9.10	-2.78	HOLD
JBL	Electronic Instr. and Controls	LONG	20.04	-1.91	HOLD
CCL	Recreational Activities	LONG	38.25	-0.29	HOLD
RIMM	Communications Equipment	LONG	56.08	-0.81	HOLD
MED	Biotechnology and Drugs	LONG	18.01	-8.81	HOLD
CTB	Tires	LONG	26.07	1.24	HOLD
ACTG	Misc. Financial Services	LONG	35.60	3.64	HOLD
CMC	Iron and Steel	LONG	17.41	0.81	HOLD
NCT	Real Estate Operations	LONG	5.99	-0.83	HOLD
BTH	Personal and Household Prods.	LONG	32.85	1.11	HOLD
CPY	Photography	LONG	21.96	-2.44	HOLD
FINL	Retail (Apparel)	LONG	19.93	0.40	HOLD
ELGX	Medical Equipment and Supplies	SHORT	7.09	4.57	HOLD
SPY	Misc. Financial Services	SHORT	133.15	0.42	HOLD
SPY	Misc. Financial Services	SHORT	133.15	0.42	HOLD
OXM	Apparel/Accessories	LONG	34.03	-0.47	HOLD
BBY	Retail (Technology)	LONG	28.64	-0.28	HOLD
CAAS	Auto and Truck Parts	LONG	8.87	-0.34	HOLD
NVMI	Semiconductors	LONG	9.59	-1.97	HOLD
DSGX	Computer Services	LONG	6.75	1.35	HOLD
WATG	Auto and Truck Parts	LONG	5.25	-3.14	BUY
MR	Scientific and Technical Instr.	LONG	25.40	0.79	BUY
TODAY SUMMARY				GAINS(%)
LONGS				0.02
SHORTS				1.10
TOTAL				-1.08
S&P 500				0.50
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-1.70	0.83	-2.14	-2.05
S&P 500	0.94	0.97	-4.78	0.96

31-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
IVN	Metal Mining	SHORT	27.46	0.29	HOLD
END	Oil and Gas Operations	SHORT	12.70	-0.16	HOLD
SFE	Business Services	SHORT	20.35	1.40	HOLD
ARIA	Biotechnology and Drugs	SHORT	7.52	-0.79	HOLD
MTL	Iron and Steel	LONG	30.79	-1.63	HOLD
CPX	Oil Well Services and Equipment	LONG	31.81	-0.06	SELL
NAT	Water Transportation	SHORT	24.84	0.04	HOLD
MYL	Biotechnology and Drugs	LONG	22.66	-0.53	HOLD
SGEN	Biotechnology and Drugs	SHORT	15.57	1.90	HOLD
CHRS	Retail (Apparel)	LONG	4.26	1.91	HOLD
COHU	Semiconductors	LONG	15.36	-0.07	HOLD
MBT	Communications Services	LONG	21.23	-1.44	HOLD
TSO	Oil and Gas Operations	LONG	26.83	-3.35	HOLD
CRME	Biotechnology and Drugs	SHORT	4.28	-0.47	HOLD
GES	Retail (Apparel)	LONG	39.35	0.46	HOLD
MMR	Oil and Gas Operations	SHORT	17.71	1.32	HOLD
FDML	Auto and Truck Parts	LONG	24.90	0.00	HOLD
ITMN	Biotechnology and Drugs	SHORT	47.19	0.13	HOLD
DEPO	Biotechnology and Drugs	SHORT	10.04	0.20	HOLD
SJW	Water Utilities	SHORT	23.15	0.78	HOLD
SMSI	Software and Programming	SHORT	9.36	-1.37	HOLD
JBL	Electronic Instr. and Controls	LONG	20.43	-3.59	HOLD
PERY	Apparel/Accessories	LONG	27.52	1.21	SELL
CCL	Recreational Activities	LONG	38.36	-1.15	HOLD
RIMM	Communications Equipment	LONG	56.54	-0.86	HOLD
MED	Biotechnology and Drugs	LONG	19.75	4.11	HOLD
CTB	Tires	LONG	25.75	-0.92	HOLD
ACTG	Misc. Financial Services	LONG	34.35	5.27	HOLD
CMC	Iron and Steel	LONG	17.27	-0.12	HOLD
NCT	Real Estate Operations	LONG	6.04	-0.82	HOLD
BTH	Personal and Household Prods.	LONG	32.49	2.91	HOLD
CPY	Photography	LONG	22.51	-1.40	HOLD
FINL	Retail (Apparel)	LONG	19.85	0.56	HOLD
ELGX	Medical Equipment and Supplies	SHORT	6.78	-0.59	HOLD
SPY	Misc. Financial Services	SHORT	132.59	-0.14	HOLD
SPY	Misc. Financial Services	SHORT	132.59	-0.14	HOLD
OXM	Apparel/Accessories	LONG	34.19	2.27	HOLD
BBY	Retail (Technology)	LONG	28.72	-1.68	HOLD
CAAS	Auto and Truck Parts	LONG	8.90	-1.77	HOLD
NVMI	Semiconductors	LONG	9.78	3.85	BUY
DSGX	Computer Services	LONG	6.66	1.06	BUY
TODAY SUMMARY				GAINS(%)
LONGS				-0.03
SHORTS				0.16
TOTAL				-0.19
S&P 500				-0.18
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.62	0.82	-2.14	-0.77
S&P 500	0.44	1.00	-4.78	0.44

30-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.94	5.35	COVER
DNDN	Biotechnology and Drugs	SHORT	35.54	-0.95	COVER
CORT	Biotechnology and Drugs	SHORT	4.21	-2.09	COVER
IVN	Metal Mining	SHORT	27.38	2.47	HOLD
END	Oil and Gas Operations	SHORT	12.72	3.25	HOLD
OPXT	Semiconductors	SHORT	2.50	4.60	COVER
SPH	Oil and Gas Operations	SHORT	55.88	0.92	COVER
LF	Recreational Products	SHORT	4.31	0.00	COVER
MITI	Biotechnology and Drugs	SHORT	5.57	3.15	COVER
SPPI	Biotechnology and Drugs	SHORT	8.79	2.45	COVER
CLNE	Natural Gas Utilities	SHORT	16.40	9.85	COVER
CSUN	Semiconductors	LONG	4.17	0.24	SELL
SFE	Business Services	SHORT	20.07	0.60	HOLD
GDP	Oil and Gas Operations	SHORT	22.34	0.40	COVER
ARIA	Biotechnology and Drugs	SHORT	7.58	1.20	HOLD
MTL	Iron and Steel	LONG	31.30	1.69	HOLD
CPX	Oil Well Services and Equipment	LONG	31.83	3.01	HOLD
NAT	Water Transportation	SHORT	24.83	-1.70	HOLD
MYL	Biotechnology and Drugs	LONG	22.78	1.47	HOLD
SGEN	Biotechnology and Drugs	SHORT	15.28	1.87	HOLD
MGEE	Electric Utilities	SHORT	40.39	0.70	COVER
LNCR	Medical Equipment and Supplies	LONG	29.81	0.98	SELL
CHRS	Retail (Apparel)	LONG	4.18	4.50	HOLD
COHU	Semiconductors	LONG	15.37	1.45	HOLD
MBT	Communications Services	LONG	21.54	2.47	HOLD
TSO	Oil and Gas Operations	LONG	27.76	2.32	HOLD
CRME	Biotechnology and Drugs	SHORT	4.30	0.94	HOLD
GES	Retail (Apparel)	LONG	39.17	0.31	HOLD
MMR	Oil and Gas Operations	SHORT	17.48	-0.57	HOLD
FDML	Auto and Truck Parts	LONG	24.90	0.85	HOLD
ITMN	Biotechnology and Drugs	SHORT	47.13	2.43	HOLD
DEPO	Biotechnology and Drugs	SHORT	10.02	2.98	HOLD
SJW	Water Utilities	SHORT	22.97	0.22	HOLD
SMSI	Software and Programming	SHORT	9.49	2.59	HOLD
JBL	Electronic Instr. and Controls	LONG	21.19	-0.84	HOLD
PERY	Apparel/Accessories	LONG	27.19	2.72	HOLD
CCL	Recreational Activities	LONG	38.81	2.02	HOLD
RIMM	Communications Equipment	LONG	57.03	-0.04	HOLD
MED	Biotechnology and Drugs	LONG	18.97	-0.47	HOLD
CTB	Tires	LONG	25.99	1.37	HOLD
ACTG	Misc. Financial Services	LONG	32.63	1.75	HOLD
CMC	Iron and Steel	LONG	17.29	1.17	HOLD
NCT	Real Estate Operations	LONG	6.09	2.18	HOLD
BTH	Personal and Household Prods.	LONG	31.57	-0.35	HOLD
CPY	Photography	LONG	22.83	1.69	HOLD
FINL	Retail (Apparel)	LONG	19.74	3.24	HOLD
ELGX	Medical Equipment and Supplies	SHORT	6.82	0.00	HOLD
SPY	Misc. Financial Services	SHORT	132.77	0.69	SHORT
SPY	Misc. Financial Services	SHORT	132.77	0.69	SHORT
OXM	Apparel/Accessories	LONG	33.43	33.67	BUY
BBY	Retail (Technology)	LONG	29.21	0.45	BUY
CAAS	Auto and Truck Parts	LONG	9.06	0.11	BUY
TODAY SUMMARY				GAINS(%)
LONGS				1.47
SHORTS				1.69
TOTAL				-0.23
S&P 500				0.67
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.44	0.84	-2.14	-0.52
S&P 500	0.62	1.03	-4.78	0.61

29-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.74	0.81	HOLD
DNDN	Biotechnology and Drugs	SHORT	35.88	5.65	HOLD
CORT	Biotechnology and Drugs	SHORT	4.30	1.90	HOLD
IVN	Metal Mining	SHORT	26.72	-0.45	HOLD
END	Oil and Gas Operations	SHORT	12.32	6.12	HOLD
OPXT	Semiconductors	SHORT	2.39	5.29	HOLD
SPH	Oil and Gas Operations	SHORT	55.37	0.04	HOLD
LF	Recreational Products	SHORT	4.31	0.00	HOLD
MITI	Biotechnology and Drugs	SHORT	5.40	1.69	HOLD
SPPI	Biotechnology and Drugs	SHORT	8.58	1.42	HOLD
CLNE	Natural Gas Utilities	SHORT	14.93	2.97	HOLD
CSUN	Semiconductors	LONG	4.16	-0.48	HOLD
SFE	Business Services	SHORT	19.95	0.86	HOLD
GDP	Oil and Gas Operations	SHORT	22.25	0.68	HOLD
ARIA	Biotechnology and Drugs	SHORT	7.49	3.88	HOLD
MTL	Iron and Steel	LONG	30.78	0.29	HOLD
CPX	Oil Well Services and Equipment	LONG	30.90	0.95	HOLD
NAT	Water Transportation	SHORT	25.26	0.52	HOLD
MYL	Biotechnology and Drugs	LONG	22.45	1.49	HOLD
SGEN	Biotechnology and Drugs	SHORT	15.00	2.46	HOLD
MGEE	Electric Utilities	SHORT	40.11	0.50	HOLD
LNCR	Medical Equipment and Supplies	LONG	29.52	1.20	HOLD
CHRS	Retail (Apparel)	LONG	4.00	0.00	HOLD
COHU	Semiconductors	LONG	15.15	2.85	HOLD
MBT	Communications Services	LONG	21.02	-2.19	HOLD
TSO	Oil and Gas Operations	LONG	27.13	2.18	HOLD
CRME	Biotechnology and Drugs	SHORT	4.26	-1.84	HOLD
GES	Retail (Apparel)	LONG	39.05	3.01	HOLD
MMR	Oil and Gas Operations	SHORT	17.58	-1.95	HOLD
FDML	Auto and Truck Parts	LONG	24.69	-0.08	HOLD
ITMN	Biotechnology and Drugs	SHORT	46.01	2.61	HOLD
DEPO	Biotechnology and Drugs	SHORT	9.73	5.53	HOLD
SJW	Water Utilities	SHORT	22.92	0.66	HOLD
SMSI	Software and Programming	SHORT	9.25	1.59	HOLD
JBL	Electronic Instr. and Controls	LONG	21.37	-0.05	HOLD
PERY	Apparel/Accessories	LONG	26.47	2.60	HOLD
CCL	Recreational Activities	LONG	38.04	-0.70	HOLD
RIMM	Communications Equipment	LONG	57.05	1.88	HOLD
MED	Biotechnology and Drugs	LONG	19.06	1.44	HOLD
CTB	Tires	LONG	25.64	1.14	HOLD
ACTG	Misc. Financial Services	LONG	32.07	-0.80	HOLD
CMC	Iron and Steel	LONG	17.09	1.67	HOLD
NCT	Real Estate Operations	LONG	5.96	-1.32	HOLD
BTH	Personal and Household Prods.	LONG	31.68	-0.60	HOLD
CPY	Photography	LONG	22.45	3.94	HOLD
FINL	Retail (Apparel)	LONG	19.12	1.65	HOLD
ELGX	Medical Equipment and Supplies	SHORT	6.82	3.02	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.87
SHORTS				1.83
TOTAL				-0.96
S&P 500				0.71
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.21	0.87	-2.14	-0.24
S&P 500	-0.04	1.05	-4.78	-0.04

28-Mar-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CHTP	Biotechnology and Drugs	SHORT	3.71	-2.11	HOLD
DNDN	Biotechnology and Drugs	SHORT	33.96	3.07	HOLD
CORT	Biotechnology and Drugs	SHORT	4.22	0.00	HOLD
IVN	Metal Mining	SHORT	26.84	-2.04	HOLD
END	Oil and Gas Operations	SHORT	11.61	0.78	HOLD
OPXT	Semiconductors	SHORT	2.27	-3.81	HOLD
SPH	Oil and Gas Operations	SHORT	55.35	-0.68	HOLD
LF	Recreational Products	SHORT	4.31	-1.82	HOLD
MITI	Biotechnology and Drugs	SHORT	5.31	-3.10	HOLD
SPPI	Biotechnology and Drugs	SHORT	8.46	-1.40	HOLD
CLNE	Natural Gas Utilities	SHORT	14.50	3.20	HOLD
WTSLA	Retail (Apparel)	LONG	4.00	-0.25	SELL
NEP	Oil and Gas Operations	LONG	4.69	-2.29	SELL
CSUN	Semiconductors	LONG	4.18	2.45	HOLD
SFE	Business Services	SHORT	19.78	-1.93	HOLD
GDP	Oil and Gas Operations	SHORT	22.10	-4.08	HOLD
ARIA	Biotechnology and Drugs	SHORT	7.21	3.89	HOLD
GME	Retail (Technology)	LONG	21.97	1.15	SELL
MTL	Iron and Steel	LONG	30.69	-1.95	HOLD
CPX	Oil Well Services and Equipment	LONG	30.61	-1.29	HOLD
NAT	Water Transportation	SHORT	25.13	-1.06	HOLD
MYL	Biotechnology and Drugs	LONG	22.12	-0.85	HOLD
SGEN	Biotechnology and Drugs	SHORT	14.64	-0.20	HOLD
MGEE	Electric Utilities	SHORT	39.91	-0.40	HOLD
TLB	Retail (Apparel)	LONG	6.10	2.69	SELL
LNCR	Medical Equipment and Supplies	LONG	29.17	0.34	HOLD
CHRS	Retail (Apparel)	LONG	4.00	0.50	HOLD
COHU	Semiconductors	LONG	14.73	0.41	HOLD
MBT	Communications Services	LONG	21.49	0.14	HOLD
TSO	Oil and Gas Operations	LONG	26.55	-0.08	HOLD
CRME	Biotechnology and Drugs	SHORT	4.34	-3.34	HOLD
CVI	Oil and Gas Operations	LONG	22.18	0.09	SELL
GES	Retail (Apparel)	LONG	37.91	-3.36	HOLD
MMR	Oil and Gas Operations	SHORT	17.93	-2.82	HOLD
FDML	Auto and Truck Parts	LONG	24.71	-0.72	HOLD
ITMN	Biotechnology and Drugs	SHORT	44.84	-0.91	HOLD
DEPO	Biotechnology and Drugs	SHORT	9.22	0.93	HOLD
SJW	Water Utilities	SHORT	22.77	0.53	HOLD
SMSI	Software and Programming	SHORT	9.10	-0.38	HOLD
JBL	Electronic Instr. and Controls	LONG	21.38	0.47	HOLD
PERY	Apparel/Accessories	LONG	25.80	-3.77	HOLD
CCL	Recreational Activities	LONG	38.31	-1.21	HOLD
RIMM	Communications Equipment	LONG	55.99	-1.57	HOLD
MED	Biotechnology and Drugs	LONG	18.79	-1.98	HOLD
CTB	Tires	LONG	25.35	-1.63	HOLD
ACTG	Misc. Financial Services	LONG	32.33	0.34	BUY
CMC	Iron and Steel	LONG	16.81	1.69	BUY
NCT	Real Estate Operations	LONG	6.04	-0.49	BUY
BTH	Personal and Household Prods.	LONG	31.87	-3.16	BUY
CPY	Photography	LONG	21.60	0.09	BUY
FINL	Retail (Apparel)	LONG	18.81	-1.67	BUY
ELGX	Medical Equipment and Supplies	SHORT	6.62	-0.30	SHORT
TODAY SUMMARY				GAINS(%)
LONGS				-0.58
SHORTS				-0.77
TOTAL				0.19
S&P 500				-0.27
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	0.76	0.86	-2.14	0.88
S&P 500	-0.74	1.07	-4.78	-0.69