21-Apr-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AIR	Aerospace and Defense	LONG	25.74	0.16	HOLD
AM	Printing and Publishing	LONG	24.03	-0.04	HOLD
BBY	Retail (Technology)	LONG	30.12	0.07	HOLD
BTH	Personal and Household Prods.	LONG	46.61	2.44	HOLD
CAAS	Auto and Truck Parts	LONG	10.30	3.94	HOLD
CCL	Recreational Activities	LONG	37.61	0.16	HOLD
CMC	Iron and Steel	LONG	16.47	0.24	HOLD
COHU	Semiconductors	LONG	13.89	-3.27	HOLD
GES	Retail (Apparel)	LONG	39.92	0.35	HOLD
HAS	Recreational Products	LONG	44.55	-0.80	HOLD
HHGP	Business Services	LONG	5.98	-1.64	HOLD
JBL	Electronic Instr. and Controls	LONG	19.91	1.43	HOLD
LYTS	Furniture and Fixtures	LONG	7.27	1.96	HOLD
MED	Biotechnology and Drugs	LONG	17.78	2.13	HOLD
MR	Scientific and Technical Instr.	LONG	26.54	-0.04	HOLD
MTL	Iron and Steel	LONG	28.98	0.80	HOLD
NCT	Real Estate Operations	LONG	6.15	2.67	HOLD
NVMI	Semiconductors	LONG	10.15	0.69	HOLD
RIMM	Communications Equipment	LONG	53.77	-1.27	HOLD
SOL	Semiconductors	LONG	9.21	-0.65	HOLD
SPY	Misc. Financial Services	SHORT	133.78	0.51	HOLD
STLD	Iron and Steel	LONG	18.55	0.38	HOLD
TSO	Oil and Gas Operations	LONG	27.55	-0.25	HOLD
VIP	Communications Services	LONG	14.30	0.07	HOLD
WATG	Auto and Truck Parts	LONG	5.94	2.95	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.52
SHORTS				0.51
TOTAL				0.01
S&P 500				0.53
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	0.84	0.75	-2.01	1.12
S&P 500	1.32	0.82	-4.78	1.60

20-Apr-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AIR	Aerospace and Defense	LONG	25.70	2.39	HOLD
AM	Printing and Publishing	LONG	24.04	1.65	BUY
BBY	Retail (Technology)	LONG	30.10	1.69	HOLD
BTH	Personal and Household Prods.	LONG	45.50	0.89	HOLD
CAAS	Auto and Truck Parts	LONG	9.91	1.43	HOLD
CCL	Recreational Activities	LONG	37.55	-1.21	HOLD
CHDN	Casinos and Gaming	LONG	40.79	1.82	SELL
CMC	Iron and Steel	LONG	16.43	1.67	HOLD
COHU	Semiconductors	LONG	14.34	4.67	HOLD
GES	Retail (Apparel)	LONG	39.78	3.35	HOLD
HAS	Recreational Products	LONG	44.91	1.56	HOLD
HHGP	Business Services	LONG	6.07	9.07	BUY
JBL	Electronic Instr. and Controls	LONG	19.63	3.32	HOLD
LYTS	Furniture and Fixtures	LONG	7.13	1.57	BUY
MED	Biotechnology and Drugs	LONG	17.41	3.45	HOLD
MR	Scientific and Technical Instr.	LONG	26.55	1.14	HOLD
MTL	Iron and Steel	LONG	28.75	2.46	HOLD
NCT	Real Estate Operations	LONG	5.99	5.83	HOLD
NNBR	Misc. Fabricated Products	LONG	16.25	-0.06	SELL
NVMI	Semiconductors	LONG	10.08	5.44	HOLD
RIMM	Communications Equipment	LONG	54.46	2.33	HOLD
SID	Misc. Fabricated Products	LONG	15.87	1.67	SELL
SOL	Semiconductors	LONG	9.27	4.86	HOLD
SPY	Misc. Financial Services	SHORT	133.10	1.36	HOLD
SSI	Retail (Apparel)	LONG	18.85	1.84	SELL
STLD	Iron and Steel	LONG	18.48	0.11	HOLD
TSO	Oil and Gas Operations	LONG	27.62	1.73	HOLD
VIP	Communications Services	LONG	14.29	0.85	BUY
WATG	Auto and Truck Parts	LONG	5.77	1.96	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				2.26
SHORTS				1.36
TOTAL				0.90
S&P 500				1.35
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	0.77	0.76	-2.01	1.01
S&P 500	0.78	0.83	-4.78	0.95

20-Apr-2011 Daily positions

Pre Opening Longs: AIR, BBY, BTH, CAAS, CCL, CHDN, CMC, COHU, GES, HAS,
JBL, MED, MR, MTL, NCT, NNBR, NVMI, RIMM, SID, SOL, SSI, STLD, TSO, WATG
Pre Opening Shorts: SPY

19-Apr-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AIR	Aerospace and Defense	LONG	25.10	0.32	HOLD
BBY	Retail (Technology)	LONG	29.60	1.30	HOLD
BTH	Personal and Household Prods.	LONG	45.10	0.85	HOLD
CAAS	Auto and Truck Parts	LONG	9.77	4.72	HOLD
CCL	Recreational Activities	LONG	38.01	1.23	HOLD
CHDN	Casinos and Gaming	LONG	40.06	-1.43	HOLD
CMC	Iron and Steel	LONG	16.16	1.13	HOLD
COHU	Semiconductors	LONG	13.70	-0.72	HOLD
CTB	Tires	LONG	25.43	2.29	SELL
FDML	Auto and Truck Parts	LONG	24.80	-1.47	SELL
FINL	Retail (Apparel)	LONG	20.79	-0.48	SELL
GES	Retail (Apparel)	LONG	38.49	0.81	HOLD
HAS	Recreational Products	LONG	44.22	-0.20	BUY
JBL	Electronic Instr. and Controls	LONG	19.00	1.12	HOLD
MED	Biotechnology and Drugs	LONG	16.83	-1.17	HOLD
MR	Scientific and Technical Instr.	LONG	26.25	-0.46	HOLD
MTL	Iron and Steel	LONG	28.06	2.82	BUY
NCT	Real Estate Operations	LONG	5.66	-0.88	HOLD
NNBR	Misc. Fabricated Products	LONG	16.26	2.98	HOLD
NVMI	Semiconductors	LONG	9.56	-3.34	HOLD
RIMM	Communications Equipment	LONG	53.22	-2.94	HOLD
SID	Misc. Fabricated Products	LONG	15.61	1.56	HOLD
SMA	Medical Equipment and Supplies	LONG	9.86	-0.60	SELL
SOL	Semiconductors	LONG	8.84	-0.56	HOLD
SPY	Misc. Financial Services	SHORT	131.31	0.57	HOLD
SSI	Retail (Apparel)	LONG	18.51	-0.27	HOLD
STLD	Iron and Steel	LONG	18.46	5.73	BUY
TSO	Oil and Gas Operations	LONG	27.15	4.10	HOLD
WATG	Auto and Truck Parts	LONG	5.66	5.79	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.56
SHORTS				0.57
TOTAL				-0.02
S&P 500				0.57
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.13	0.75	-2.01	-0.18
S&P 500	-0.56	0.81	-4.78	-0.70

19-Apr-2011 Daily positions

Pre Opening Longs: AIR, BBY, BTH, CAAS, CCL, CHDN, CMC, COHU, CTB, FDML,
FINL, GES, JBL, MED, MR, NCT, NNBR, NVMI, RIMM, SID, SMA, SOL, SSI, TSO,
WATG
Pre Opening Shorts: SPY

18-Apr-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
COHU	Semiconductors	LONG	13.80	-2.34	HOLD
TSO	Oil and Gas Operations	LONG	26.08	-1.73	HOLD
GES	Retail (Apparel)	LONG	38.18	-1.85	HOLD
FDML	Auto and Truck Parts	LONG	25.17	0.00	HOLD
JBL	Electronic Instr. and Controls	LONG	18.79	-2.03	HOLD
RIMM	Communications Equipment	LONG	54.83	2.68	HOLD
MED	Biotechnology and Drugs	LONG	17.03	-0.23	HOLD
CTB	Tires	LONG	24.86	-0.76	HOLD
CMC	Iron and Steel	LONG	15.98	-1.78	HOLD
NCT	Real Estate Operations	LONG	5.71	-1.72	HOLD
BTH	Personal and Household Prods.	LONG	44.72	0.99	HOLD
FINL	Retail (Apparel)	LONG	20.89	-0.81	HOLD
SPY	Misc. Financial Services	SHORT	130.56	-1.12	HOLD
SPY	Misc. Financial Services	SHORT	130.56	-1.12	HOLD
BBY	Retail (Technology)	LONG	29.22	1.28	HOLD
CAAS	Auto and Truck Parts	LONG	9.33	-3.81	HOLD
NVMI	Semiconductors	LONG	9.89	-1.98	HOLD
WATG	Auto and Truck Parts	LONG	5.35	4.90	HOLD
MR	Scientific and Technical Instr.	LONG	26.37	-1.97	HOLD
SPY	Misc. Financial Services	SHORT	130.56	-1.12	HOLD
SPY	Misc. Financial Services	SHORT	130.56	-1.12	HOLD
SMA	Medical Equipment and Supplies	LONG	9.92	-2.55	HOLD
AIR	Aerospace and Defense	LONG	25.02	-2.42	HOLD
SPY	Misc. Financial Services	SHORT	130.56	-1.12	HOLD
SOL	Semiconductors	LONG	8.89	-3.47	HOLD
CHDN	Casinos and Gaming	LONG	40.64	-1.24	HOLD
NNBR	Misc. Fabricated Products	LONG	15.79	-6.01	HOLD
SSI	Retail (Apparel)	LONG	18.56	-2.11	HOLD
SID	Misc. Fabricated Products	LONG	15.37	-1.85	HOLD
CCL	Recreational Activities	LONG	37.55	-1.13	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.28
SHORTS				-1.12
TOTAL				-0.16
S&P 500				-1.10
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.11	0.77	-2.01	-0.15
S&P 500	-1.13	0.81	-4.78	-1.39