29-Jul-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CBR	Software and Programming	LONG	5.02	0.60	HOLD
CVI	Oil and Gas Operations	LONG	26.85	3.43	HOLD
DDE	Casinos and Gaming	LONG	3.10	-4.11	HOLD
DIOD	Semiconductors	LONG	23.55	-0.42	HOLD
HITK	Biotechnology and Drugs	LONG	28.29	-0.60	HOLD
HURC	Scientific and Technical Instr.	LONG	29.42	-1.54	BUY
JJSF	Food Processing	LONG	51.69	0.33	HOLD
LABL	Printing Services	LONG	26.93	3.22	HOLD
LYTS	Furniture and Fixtures	LONG	8.32	-0.24	HOLD
MASC	Misc. Fabricated Products	LONG	8.50	0.00	HOLD
MMS	Business Services	LONG	38.63	-0.21	HOLD
RCKY	Footwear	LONG	12.70	0.47	HOLD
ROCK	Constr. - Supplies and Fixtures	LONG	10.28	0.78	HOLD
RSYS	Computer Hardware	LONG	7.95	11.03	HOLD
SGK	Printing Services	LONG	15.79	0.89	HOLD
SOL	Semiconductors	LONG	4.53	-0.22	HOLD
SPR		LONG	20.49	-0.15	HOLD
SPY	Misc. Financial Services	SHORT	129.33	-0.68	SHORT
STMP	Retail (Catalog and Mail Order)	LONG	16.75	22.44	SELL
SWM	Paper and Paper Products	LONG	56.11	-1.02	HOLD
TESS	Communications Equipment	LONG	14.85	-7.65	HOLD
TICC	Misc. Financial Services	LONG	8.98	-2.29	HOLD
TSEM	Semiconductors	LONG	1.05	1.44	HOLD
UFS	Paper and Paper Products	LONG	79.95	-2.96	BUY
ZEUS	Misc. Fabricated Products	LONG	26.15	1.36	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.32
SHORTS				-0.68
TOTAL				2.01
S&P 500				-0.68
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	4.09	1.18	-4.62	9.02	2.30
S&P 500	-1.40	2.01	-6.90	-1.74	-0.51

28-Jul-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CBR	Software and Programming	LONG	4.99	-0.20	HOLD
CVI	Oil and Gas Operations	LONG	25.96	-1.29	HOLD
DDE	Casinos and Gaming	LONG	3.23	-0.53	HOLD
DIOD	Semiconductors	LONG	23.65	-0.21	HOLD
HITK	Biotechnology and Drugs	LONG	28.46	-0.49	HOLD
JJSF	Food Processing	LONG	51.52	-1.45	HOLD
LABL	Printing Services	LONG	26.09	24.00	HOLD
LYTS	Furniture and Fixtures	LONG	8.34	3.35	HOLD
MASC	Misc. Fabricated Products	LONG	8.50	0.24	HOLD
MMS	Business Services	LONG	38.71	-0.44	HOLD
RCKY	Footwear	LONG	12.64	-3.29	HOLD
ROCK	Constr. - Supplies and Fixtures	LONG	10.20	1.29	HOLD
RSYS	Computer Hardware	LONG	7.16	-4.28	HOLD
SGK	Printing Services	LONG	15.65	0.13	HOLD
SOL	Semiconductors	LONG	4.54	1.11	HOLD
SPR		LONG	20.52	-0.48	HOLD
SPY	Misc. Financial Services	SHORT	130.22	-0.29	HOLD
STMP	Retail (Catalog and Mail Order)	LONG	13.68	-0.73	HOLD
SWM	Paper and Paper Products	LONG	56.69	0.05	HOLD
TESS	Communications Equipment	LONG	16.08	0.37	HOLD
TICC	Misc. Financial Services	LONG	9.19	0.11	HOLD
TSEM	Semiconductors	LONG	1.04	-1.89	HOLD
ZEUS	Misc. Fabricated Products	LONG	25.80	-0.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.68
SHORTS				-0.29
TOTAL				0.98
S&P 500				-0.29
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	2.04	1.09	-4.62	4.84	1.14
S&P 500	-0.72	1.97	-6.90	-0.93	-0.27

27-Jul-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CBR	Software and Programming	LONG	5.00	-1.96	HOLD
CVI	Oil and Gas Operations	LONG	26.30	-4.29	HOLD
DDE	Casinos and Gaming	LONG	3.25	-0.61	HOLD
DIOD	Semiconductors	LONG	23.70	-5.65	HOLD
FSII	Semiconductors	LONG	2.75	-5.50	SELL
HITK	Biotechnology and Drugs	LONG	28.60	-4.03	HOLD
JJSF	Food Processing	LONG	52.28	-1.54	HOLD
LABL	Printing Services	LONG	21.04	-1.27	HOLD
LYTS	Furniture and Fixtures	LONG	8.07	-2.30	HOLD
MASC	Misc. Fabricated Products	LONG	8.48	0.95	HOLD
MMS	Business Services	LONG	38.88	-2.46	HOLD
RCKY	Footwear	LONG	13.07	2.35	HOLD
ROCK	Constr. - Supplies and Fixtures	LONG	10.07	-3.82	HOLD
RSYS	Computer Hardware	LONG	7.48	-3.11	HOLD
SGK	Printing Services	LONG	15.63	-4.35	BUY
SOL	Semiconductors	LONG	4.49	-5.27	HOLD
SPR		LONG	20.62	-2.37	HOLD
SPY	Misc. Financial Services	SHORT	130.60	-2.05	HOLD
STMP	Retail (Catalog and Mail Order)	LONG	13.78	-0.43	HOLD
SWM	Paper and Paper Products	LONG	56.66	-2.88	HOLD
TESS	Communications Equipment	LONG	16.02	0.44	HOLD
TICC	Misc. Financial Services	LONG	9.18	-2.75	HOLD
TSEM	Semiconductors	LONG	1.06	-3.64	HOLD
ZEUS	Misc. Fabricated Products	LONG	25.88	-5.65	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-2.54
SHORTS				-2.05
TOTAL				-0.49
S&P 500				-2.05
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	1.05	1.16	-4.62	2.36	0.59
S&P 500	-0.43	1.96	-6.90	-0.57	-0.16

26-Jul-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CBR	Software and Programming	LONG	5.10	-2.86	HOLD
CVI	Oil and Gas Operations	LONG	27.48	0.00	HOLD
DDE	Casinos and Gaming	LONG	3.27	-2.10	HOLD
DIOD	Semiconductors	LONG	25.12	-0.24	HOLD
FSII	Semiconductors	LONG	2.91	-2.68	HOLD
HITK	Biotechnology and Drugs	LONG	29.80	-2.26	HOLD
JJSF	Food Processing	LONG	53.10	4.65	HOLD
LABL	Printing Services	LONG	21.31	-2.11	HOLD
LYTS	Furniture and Fixtures	LONG	8.26	0.36	HOLD
MASC	Misc. Fabricated Products	LONG	8.40	0.24	HOLD
MMS	Business Services	LONG	39.86	-1.14	HOLD
RCKY	Footwear	LONG	12.77	2.82	HOLD
ROCK	Constr. - Supplies and Fixtures	LONG	10.47	-2.60	HOLD
RSYS	Computer Hardware	LONG	7.72	-2.53	HOLD
SOL	Semiconductors	LONG	4.74	0.64	HOLD
SPR		LONG	21.12	-2.27	HOLD
SPY	Misc. Financial Services	SHORT	133.33	-0.37	HOLD
STMP	Retail (Catalog and Mail Order)	LONG	13.84	0.65	HOLD
SWM	Paper and Paper Products	LONG	58.34	4.16	HOLD
TESS	Communications Equipment	LONG	15.95	4.80	HOLD
TICC	Misc. Financial Services	LONG	9.44	-1.67	HOLD
TSEM	Semiconductors	LONG	1.10	0.00	HOLD
ZEUS	Misc. Fabricated Products	LONG	27.43	-3.92	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.37
SHORTS				-0.37
TOTAL				0.01
S&P 500				-0.37
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	1.55	1.12	-4.62	3.64	0.88
S&P 500	1.65	1.95	-6.90	2.22	0.63

25-Jul-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
CBR	Software and Programming	LONG	5.25	0.00	HOLD
CVI	Oil and Gas Operations	LONG	27.48	0.48	HOLD
DDE	Casinos and Gaming	LONG	3.34	0.91	HOLD
DIOD	Semiconductors	LONG	25.18	-2.44	HOLD
FSII	Semiconductors	LONG	2.99	-0.66	HOLD
HITK	Biotechnology and Drugs	LONG	30.49	0.73	HOLD
HURC	Scientific and Technical Instr.	LONG	32.57	-3.98	SELL
IIIN	Constr. - Supplies and Fixtures	LONG	11.61	-0.51	SELL
JJSF	Food Processing	LONG	50.74	-0.78	HOLD
LABL	Printing Services	LONG	21.77	-2.94	BUY
LYTS	Furniture and Fixtures	LONG	8.23	0.73	HOLD
MASC	Misc. Fabricated Products	LONG	8.38	0.36	HOLD
MMS	Business Services	LONG	40.32	-0.91	HOLD
RCKY	Footwear	LONG	12.42	-1.04	HOLD
ROCK	Constr. - Supplies and Fixtures	LONG	10.75	-0.83	HOLD
RSYS	Computer Hardware	LONG	7.92	-1.61	HOLD
SOL	Semiconductors	LONG	4.71	-3.48	HOLD
SPR		LONG	21.61	-2.04	HOLD
SPY	Misc. Financial Services	SHORT	133.83	-0.56	HOLD
STMP	Retail (Catalog and Mail Order)	LONG	13.75	3.54	HOLD
SWM	Paper and Paper Products	LONG	56.01	-0.48	HOLD
TESS	Communications Equipment	LONG	15.22	1.81	BUY
TICC	Misc. Financial Services	LONG	9.60	-2.04	HOLD
TSEM	Semiconductors	LONG	1.10	-1.79	HOLD
ZEUS	Misc. Fabricated Products	LONG	28.55	-0.87	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.76
SHORTS				-0.56
TOTAL				-0.20
S&P 500				-0.56
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	1.54	1.13	-4.62	3.65	0.89
S&P 500	2.03	1.98	-6.90	2.74	0.79