04-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BGFV	Retail (Specialty)	LONG	8.97	-2.71	BUY
COHU	Semiconductors	LONG	11.20	-1.50	HOLD
DLA	Apparel/Accessories	LONG	16.94	-3.14	HOLD
DTLK	Computer Services	LONG	9.87	6.70	HOLD
EXAR	Semiconductors	LONG	5.96	-0.50	SELL
HA	Airline	LONG	5.60	-1.75	HOLD
HOFT	Furniture and Fixtures	LONG	10.20	5.81	HOLD
LCRY	Electronic Instr. and Controls	LONG	10.21	-5.02	HOLD
LCUT	Personal and Household Prods.	LONG	12.09	-0.08	HOLD
MASC	Misc. Fabricated Products	LONG	8.28	-1.31	SELL
MOV	Jewelry and Silverware	LONG	16.83	-4.59	HOLD
NBIX	Biotechnology and Drugs	LONG	7.15	-0.97	HOLD
PACR	Misc. Transportation	LONG	4.90	1.45	HOLD
RSYS	Computer Hardware	LONG	5.70	1.97	HOLD
RTEC	Semiconductors	LONG	8.67	1.88	HOLD
SFE	Business Services	LONG	16.57	-2.99	HOLD
SIGA	Biotechnology and Drugs	LONG	3.17	-2.16	HOLD
SPA	Semiconductors	LONG	8.62	-0.12	HOLD
SPY		SHORT	125.48	-0.61	HOLD
TSEM	Semiconductors	LONG	0.78	-0.79	HOLD
VICL	Biotechnology and Drugs	LONG	3.73	8.12	BUY
XRTX	Computer Storage Devices	LONG	14.74	1.87	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.28
SHORTS				-0.61
TOTAL				0.33
S&P 500				-0.61
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.33	3.21	-17.53	-2.44	-0.45
S&P 500	-3.84	4.41	-18.61	-1.28	-0.30

04-Nov-2011 Daily positions

Pre Opening Longs: COHU, DLA, DTLK, EXAR, HA, HOFT, LCRY, LCUT, MASC, MOV,
NBIX, PACR, RSYS, RTEC, SFE, SIGA, SPA, TSEM, XRTX
Pre Opening Shorts: SPY

03-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
COHU	Semiconductors	LONG	11.37	3.27	HOLD
DLA	Apparel/Accessories	LONG	17.49	3.37	HOLD
DTLK	Computer Services	LONG	9.25	-1.07	HOLD
EXAR	Semiconductors	LONG	5.99	1.35	HOLD
HA	Airline	LONG	5.70	1.06	HOLD
HOFT	Furniture and Fixtures	LONG	9.64	2.34	HOLD
HURC	Scientific and Technical Instr.	LONG	27.85	6.10	SELL
LCRY	Electronic Instr. and Controls	LONG	10.75	1.90	BUY
LCUT	Personal and Household Prods.	LONG	12.10	3.77	HOLD
MASC	Misc. Fabricated Products	LONG	8.39	-1.53	HOLD
MOV	Jewelry and Silverware	LONG	17.64	4.07	HOLD
NBIX	Biotechnology and Drugs	LONG	7.22	-0.28	BUY
PACR	Misc. Transportation	LONG	4.83	5.69	HOLD
PERY	Apparel/Accessories	LONG	24.64	1.78	SELL
RSYS	Computer Hardware	LONG	5.59	5.87	HOLD
RTEC	Semiconductors	LONG	8.51	3.78	HOLD
SFE	Business Services	LONG	17.08	2.03	HOLD
SIGA	Biotechnology and Drugs	LONG	3.24	2.86	HOLD
SPA	Semiconductors	LONG	8.63	2.49	HOLD
SPY		SHORT	126.25	1.82	HOLD
TSEM	Semiconductors	LONG	0.79	3.45	HOLD
XRTX	Computer Storage Devices	LONG	14.47	2.84	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				2.82
SHORTS				1.82
TOTAL				0.99
S&P 500				1.82
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.64	3.19	-17.53	-2.61	-0.48
S&P 500	-3.25	4.52	-18.61	-1.07	-0.26

03-Nov-2011 Daily positions

Pre Opening Longs: COHU, DLA, DTLK, EXAR, HA, HOFT, HURC, LCUT, MASC, MOV,
PACR, PERY, RSYS, RTEC, SFE, SIGA, SPA, TSEM, XRTX
Pre Opening Shorts: SPY

02-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	15.42	-0.71	SELL
COHU	Semiconductors	LONG	11.01	1.94	HOLD
DLA	Apparel/Accessories	LONG	16.92	1.62	HOLD
DTLK	Computer Services	LONG	9.35	5.65	HOLD
EXAR	Semiconductors	LONG	5.91	1.55	HOLD
HA	Airline	LONG	5.64	4.83	HOLD
HOFT	Furniture and Fixtures	LONG	9.42	2.28	HOLD
HURC	Scientific and Technical Instr.	LONG	26.25	7.19	HOLD
LCUT	Personal and Household Prods.	LONG	11.66	4.48	HOLD
MASC	Misc. Fabricated Products	LONG	8.52	6.10	HOLD
MOV	Jewelry and Silverware	LONG	16.95	5.74	HOLD
PACR	Misc. Transportation	LONG	4.57	-0.44	HOLD
PERY	Apparel/Accessories	LONG	24.21	1.72	HOLD
RSYS	Computer Hardware	LONG	5.28	-2.76	HOLD
RTEC	Semiconductors	LONG	8.20	-2.15	BUY
SFE	Business Services	LONG	16.74	5.75	HOLD
SIGA	Biotechnology and Drugs	LONG	3.15	-0.94	HOLD
SPA	Semiconductors	LONG	8.42	-0.94	HOLD
SPY		SHORT	123.99	1.63	HOLD
STRT	Auto and Truck Parts	LONG	22.22	-2.37	SELL
TSEM	Semiconductors	LONG	0.76	4.81	HOLD
XRTX	Computer Storage Devices	LONG	14.07	3.30	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				2.44
SHORTS				1.63
TOTAL				0.81
S&P 500				1.63
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.53	3.14	-17.53	-3.08	-0.55
S&P 500	-4.98	4.26	-18.61	-1.74	-0.40

02-Nov-2011 Daily positions

Pre Opening Longs: AM, COHU, DLA, DTLK, EXAR, HA, HOFT, HURC, LCUT, MASC,
MOV, PACR, PERY, RSYS, SFE, SIGA, SPA, STRT, TSEM, XRTX
Pre Opening Shorts: SPY

01-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	15.53	-3.00	HOLD
COHU	Semiconductors	LONG	10.80	-2.61	HOLD
DLA	Apparel/Accessories	LONG	16.65	-7.55	HOLD
DTLK	Computer Services	LONG	8.85	-6.65	BUY
EXAR	Semiconductors	LONG	5.82	-4.75	HOLD
HA	Airline	LONG	5.38	0.56	HOLD
HOFT	Furniture and Fixtures	LONG	9.21	-5.05	HOLD
HURC	Scientific and Technical Instr.	LONG	24.49	-6.24	HOLD
LCUT	Personal and Household Prods.	LONG	11.16	-8.75	HOLD
MASC	Misc. Fabricated Products	LONG	8.03	-0.25	HOLD
MOV	Jewelry and Silverware	LONG	16.03	-4.18	HOLD
MSB	Misc. Financial Services	LONG	26.50	-3.57	SELL
PACR	Misc. Transportation	LONG	4.59	-2.55	HOLD
PERY	Apparel/Accessories	LONG	23.80	-5.18	HOLD
RSYS	Computer Hardware	LONG	5.43	-7.34	HOLD
SFE	Business Services	LONG	15.83	-6.39	HOLD
SIGA	Biotechnology and Drugs	LONG	3.18	-1.85	HOLD
SPA	Semiconductors	LONG	8.50	-0.47	HOLD
SPY	Misc. Financial Services	SHORT	122.00	-2.79	HOLD
STRT	Auto and Truck Parts	LONG	22.76	-0.61	HOLD
TSEM	Semiconductors	LONG	0.73	-8.25	HOLD
XRTX	Computer Storage Devices	LONG	13.62	-0.15	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-3.91
SHORTS				-2.79
TOTAL				-1.12
S&P 500				-2.79
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.28	3.12	-17.53	-3.47	-0.62
S&P 500	-6.50	4.06	-18.61	-2.39	-0.52

01-Nov-2011 Daily positions

Pre Opening Longs: AM, COHU, DLA, EXAR, HA, HOFT, HURC, LCUT, MASC, MOV,
MSB, PACR, PERY, RSYS, SFE, SIGA, SPA, STRT, TSEM, XRTX
Pre Opening Shorts: SPY

31-Oct-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AM	Printing and Publishing	LONG	16.01	-3.79	HOLD
BKR	Construction Services	LONG	20.58	-3.83	SELL
COHU	Semiconductors	LONG	11.09	-3.14	BUY
CPE	Oil and Gas Operations	LONG	4.71	-5.61	SELL
CRTX	Biotechnology and Drugs	LONG	6.13	-0.97	SELL
DLA	Apparel/Accessories	LONG	18.01	-5.51	BUY
EXAR	Semiconductors	LONG	6.11	-1.61	HOLD
HA	Airline	LONG	5.35	-0.56	HOLD
HOFT	Furniture and Fixtures	LONG	9.70	-3.00	HOLD
HURC	Scientific and Technical Instr.	LONG	26.12	-1.51	HOLD
JST	Electronic Instr. and Controls	LONG	8.63	-0.88	SELL
LCUT	Personal and Household Prods.	LONG	12.23	-4.53	HOLD
MASC	Misc. Fabricated Products	LONG	8.05	0.00	HOLD
MOV	Jewelry and Silverware	LONG	16.73	-2.34	HOLD
MSB	Misc. Financial Services	LONG	27.48	-4.62	HOLD
PACR	Misc. Transportation	LONG	4.71	-1.05	BUY
PERY	Apparel/Accessories	LONG	25.10	-0.48	HOLD
RSYS	Computer Hardware	LONG	5.86	-6.69	BUY
SFE	Business Services	LONG	16.91	-2.82	HOLD
SIGA	Biotechnology and Drugs	LONG	3.24	0.62	HOLD
SPA	Semiconductors	LONG	8.54	-0.70	HOLD
SPY	Misc. Financial Services	SHORT	125.50	-2.41	HOLD
STRT	Auto and Truck Parts	LONG	22.90	-0.69	HOLD
TSEM	Semiconductors	LONG	0.79	-7.58	HOLD
XRTX	Computer Storage Devices	LONG	13.64	-2.29	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-2.36
SHORTS				-2.41
TOTAL				0.05
S&P 500				-2.41
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.23	3.16	-17.53	-2.95	-0.53
S&P 500	-3.82	4.44	-18.61	-1.30	-0.31

31-Oct-2011 Daily positions

Pre Opening Longs: AM, BKR, CPE, CRTX, EXAR, HA, HOFT, HURC, JST, LCUT,
MASC, MOV, MSB, PERY, SFE, SIGA, SPA, STRT, TSEM, XRTX
Pre Opening Shorts: SPY