20-May-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	23.19	-0.94	HOLD
AZN	Biotechnology and Drugs	LONG	51.56	-0.83	HOLD
BR	Misc. Financial Services	LONG	22.67	-0.18	HOLD
BTH	Personal and Household Prods.	LONG	44.15	-2.80	HOLD
CBR	Software and Programming	LONG	5.94	-2.46	HOLD
CECO		LONG	22.00	-0.59	HOLD
CENT	Personal and Household Prods.	LONG	10.18	-0.10	HOLD
CQB	Crops	LONG	14.20	-2.14	HOLD
ELY	Recreational Products	LONG	6.80	-0.44	HOLD
EPAX	Personal Services	LONG	9.46	-2.77	HOLD
ESI	Schools	LONG	68.49	-1.81	HOLD
FDP	Crops	LONG	26.95	-0.77	HOLD
HRB	Personal Services	LONG	16.33	-0.18	HOLD
MDF	Healthcare Facilities	LONG	4.67	-3.11	HOLD
TPC	Construction Services	LONG	19.86	-2.36	HOLD
SMG	Chemical Manufacturing	LONG	57.48	0.02	HOLD
SMRT	Retail (Apparel)	LONG	9.99	-2.92	HOLD
SPY	Misc. Financial Services	SHORT	133.61	-0.79	HOLD
STEC	Computer Storage Devices	LONG	16.42	11.51	HOLD
VLO	Oil and Gas Operations	LONG	26.05	-1.74	HOLD
WMAR	Retail (Specialty)	LONG	10.35	0.39	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.71
SHORTS				-0.79
TOTAL				0.08
S&P 500				-0.77
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-1.84	0.98	-3.63	-1.87
S&P 500	1.00	0.74	-4.78	1.36

20-May-2011 Daily positions

Pre Opening Longs: AM, AZN, BR, BTH, CBR, CECO, CENT, CQB, ELY, EPAX, ESI,
FDP, HRB, MDF, SMG, SMRT, STEC, TPC, VLO, WMAR
Pre Opening Shorts: SPY

19-May-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	23.41	-0.30	HOLD
AZN	Biotechnology and Drugs	LONG	51.99	0.58	BUY
BR	Misc. Financial Services	LONG	22.71	1.02	HOLD
BTH	Personal and Household Prods.	LONG	45.42	0.96	HOLD
CBR	Software and Programming	LONG	6.09	-1.14	HOLD
CECO		LONG	22.13	0.29	BUY
CENT	Personal and Household Prods.	LONG	10.19	-1.07	HOLD
CQB	Crops	LONG	14.51	-0.68	HOLD
DDIC	Electronic Instr. and Controls	LONG	9.11	-1.88	SELL
ELY	Recreational Products	LONG	6.83	-1.59	HOLD
EPAX	Personal Services	LONG	9.73	-0.10	HOLD
ESI	Schools	LONG	69.75	0.49	BUY
FDP	Crops	LONG	27.16	0.59	BUY
HRB	Personal Services	LONG	16.36	-0.79	HOLD
HZO	Retail (Specialty)	LONG	8.78	0.69	SELL
KNSY	Medical Equipment and Supplies	LONG	24.49	1.24	SELL
MDF	Healthcare Facilities	LONG	4.82	1.05	BUY
TPC	Construction Services	LONG	20.34	-0.68	HOLD
RBCN	Semiconductors	LONG	23.37	-1.77	SELL
RSYS	Computer Hardware	LONG	8.26	-1.31	SELL
SMG	Chemical Manufacturing	LONG	57.47	0.68	HOLD
SMRT	Retail (Apparel)	LONG	10.29	2.29	HOLD
SPY	Misc. Financial Services	SHORT	134.68	0.24	HOLD
STEC	Computer Storage Devices	LONG	14.73	-1.90	HOLD
UCTT	Semiconductors	LONG	10.53	-2.95	SELL
VLO	Oil and Gas Operations	LONG	26.51	-0.26	HOLD
WMAR	Retail (Specialty)	LONG	10.31	0.00	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.45
SHORTS				0.24
TOTAL				-0.69
S&P 500				0.22
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-1.84	0.94	-3.61	-1.95
S&P 500	1.79	0.73	-4.78	2.43

19-May-2011 Daily positions

Pre Opening Longs: AM, BR, BTH, CBR, CENT, CQB, DDIC, ELY, EPAX, HRB, HZO,
KNSY, RBCN, RSYS, SMG, SMRT, STEC, TPC, UCTT, VLO, WMAR
Pre Opening Shorts: SPY

18-May-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	23.48	1.73	HOLD
BGFV	Retail (Specialty)	LONG	9.56	-0.21	SELL
BR	Misc. Financial Services	LONG	22.48	0.22	HOLD
BTH	Personal and Household Prods.	LONG	44.99	2.95	HOLD
CBR	Software and Programming	LONG	6.16	3.01	HOLD
CENT	Personal and Household Prods.	LONG	10.30	0.19	BUY
CQB	Crops	LONG	14.61	0.97	HOLD
DDIC	Electronic Instr. and Controls	LONG	9.29	4.62	HOLD
ELY	Recreational Products	LONG	6.94	1.61	BUY
EPAX	Personal Services	LONG	9.74	0.10	HOLD
HRB	Personal Services	LONG	16.49	2.74	HOLD
HZO	Retail (Specialty)	LONG	8.72	0.11	HOLD
KNSY	Medical Equipment and Supplies	LONG	24.19	2.33	HOLD
OPLK	Communications Equipment	LONG	18.14	3.60	SELL
PACR	Misc. Transportation	LONG	5.30	-0.93	SELL
TPC	Construction Services	LONG	20.48	1.74	HOLD
PLAB	Semiconductors	LONG	9.40	4.91	SELL
RBCN	Semiconductors	LONG	23.79	3.80	HOLD
RSYS	Computer Hardware	LONG	8.37	1.45	HOLD
SMG	Chemical Manufacturing	LONG	57.08	0.37	BUY
SMRT	Retail (Apparel)	LONG	10.06	6.46	BUY
SPY	Misc. Financial Services	SHORT	134.36	0.89	HOLD
STEC	Computer Storage Devices	LONG	15.01	3.30	HOLD
UCTT	Semiconductors	LONG	10.85	4.33	HOLD
VLO	Oil and Gas Operations	LONG	26.58	2.63	HOLD
WMAR	Retail (Specialty)	LONG	10.31	-0.10	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				2.06
SHORTS				0.89
TOTAL				1.17
S&P 500				0.88
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-0.95	0.95	-3.61	-1.00
S&P 500	1.57	0.74	-4.78	2.11

18-May-2011 Daily positions

Pre Opening Longs: AM, BGFV, BR, BTH, CBR, CQB, DDIC, EPAX, HRB, HZO, KNSY,
OPLK, PACR, PLAB, RBCN, RSYS, STEC, TPC, UCTT, VLO, WMAR
Pre Opening Shorts: SPY

17-May-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	23.08	-0.86	BUY
BGFV	Retail (Specialty)	LONG	9.58	-2.34	HOLD
BR	Misc. Financial Services	LONG	22.43	0.13	HOLD
BTH	Personal and Household Prods.	LONG	43.70	1.13	HOLD
CBR	Software and Programming	LONG	5.98	-3.39	HOLD
CQB	Crops	LONG	14.47	-1.16	HOLD
DDIC	Electronic Instr. and Controls	LONG	8.88	-0.22	HOLD
DSPG	Semiconductors	LONG	7.87	-2.72	SELL
EPAX	Personal Services	LONG	9.73	-1.32	HOLD
HRB	Personal Services	LONG	16.05	1.13	HOLD
HZO	Retail (Specialty)	LONG	8.71	-6.65	HOLD
KNSY	Medical Equipment and Supplies	LONG	23.64	1.11	HOLD
LINC	Schools	LONG	14.72	-0.81	SELL
OPLK	Communications Equipment	LONG	17.51	0.86	HOLD
PACR	Misc. Transportation	LONG	5.35	-2.73	HOLD
TPC	Construction Services	LONG	20.13	-4.73	BUY
PLAB	Semiconductors	LONG	8.96	12.00	HOLD
PMFG	Scientific and Technical Instr.	LONG	18.57	-4.82	SELL
RBCN	Semiconductors	LONG	22.92	-5.17	HOLD
RSYS	Computer Hardware	LONG	8.25	-3.06	HOLD
SPY	Misc. Financial Services	SHORT	133.17	-0.02	HOLD
STEC	Computer Storage Devices	LONG	14.53	-2.35	HOLD
UCTT	Semiconductors	LONG	10.40	-2.62	HOLD
VLO	Oil and Gas Operations	LONG	25.90	-1.26	HOLD
WMAR	Retail (Specialty)	LONG	10.32	0.68	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.07
SHORTS				-0.02
TOTAL				-1.06
S&P 500				-0.04
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-2.07	0.98	-3.61	-2.10
S&P 500	0.68	0.74	-4.78	0.92

16-May-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BGFV	Retail (Specialty)	LONG	9.81	-0.66	HOLD
BR	Misc. Financial Services	LONG	22.40	-1.50	BUY
BTH	Personal and Household Prods.	LONG	43.21	-2.50	HOLD
CBR	Software and Programming	LONG	6.19	-3.13	HOLD
CQB	Crops	LONG	14.64	-2.27	BUY
DDIC	Electronic Instr. and Controls	LONG	8.90	-0.67	HOLD
DSPG	Semiconductors	LONG	8.09	-0.86	HOLD
EPAX	Personal Services	LONG	9.86	-0.30	HOLD
FSCI	Broadcasting and Cable TV	LONG	26.46	-4.75	SELL
HRB	Personal Services	LONG	15.87	0.32	HOLD
HZO	Retail (Specialty)	LONG	9.33	-1.37	HOLD
JAKK	Recreational Products	LONG	20.27	-0.20	SELL
KNSY	Medical Equipment and Supplies	LONG	23.38	-1.31	HOLD
LINC	Schools	LONG	14.84	0.78	HOLD
OPLK	Communications Equipment	LONG	17.36	-3.39	HOLD
PACR	Misc. Transportation	LONG	5.50	-1.43	HOLD
PLAB	Semiconductors	LONG	8.00	-1.36	HOLD
PMFG	Scientific and Technical Instr.	LONG	19.51	-2.69	HOLD
PRM	Printing and Publishing	LONG	7.02	60.27	SELL
RBCN	Semiconductors	LONG	24.17	-3.40	HOLD
RSYS	Computer Hardware	LONG	8.51	-1.22	HOLD
SPY	Misc. Financial Services	SHORT	133.19	-0.63	HOLD
STEC	Computer Storage Devices	LONG	14.88	0.54	BUY
UCTT	Semiconductors	LONG	10.68	-2.02	HOLD
VLO	Oil and Gas Operations	LONG	26.23	-1.50	HOLD
WMAR	Retail (Specialty)	LONG	10.25	-3.03	BUY
TODAY SUMMARY				GAINS(%)
LONGS				1.36
SHORTS				-0.63
TOTAL				2.00
S&P 500				-0.62
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO
Portfolio	-1.01	0.96	-3.61	-1.05
S&P 500	0.72	0.75	-4.78	0.96

16-May-2011 Daily positions

Pre Opening Longs: BGFV, BTH, CBR, DDIC, DSPG, EPAX, FSCI, HRB, HZO, JAKK,
KNSY, LINC, OPLK, PACR, PLAB, PMFG, PRM, RBCN, RSYS, UCTT, VLO
Pre Opening Shorts: SPY