02-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	43.44	-0.07	HOLD
BBW	Retail (Specialty)	LONG	8.18	0.74	HOLD
BGFV	Retail (Specialty)	LONG	9.24	1.76	HOLD
BKR	Construction Services	LONG	19.88	2.05	HOLD
CPE	Oil and Gas Operations	LONG	5.08	0.99	HOLD
CRRC	Printing and Publishing	LONG	10.60	-0.19	HOLD
CSS	Printing and Publishing	LONG	19.75	0.87	HOLD
CVU	Aerospace and Defense	LONG	13.89	-0.22	HOLD
DUSA	Biotechnology and Drugs	LONG	3.77	1.89	BUY
ESGR	Insurance (Prop. and Casualty)	LONG	99.44	2.08	HOLD
FRPT	Aerospace and Defense	LONG	5.51	0.36	HOLD
HGG	Retail (Technology)	LONG	15.88	-0.56	HOLD
JRN	Printing and Publishing	LONG	4.31	3.36	HOLD
JST	Electronic Instr. and Controls	LONG	8.33	0.36	HOLD
KIRK	Retail (Specialty)	LONG	12.54	1.13	HOLD
NBIX	Biotechnology and Drugs	LONG	6.85	3.79	HOLD
OVTI	Semiconductors	LONG	11.63	1.48	HOLD
RTEC	Semiconductors	LONG	8.10	3.58	HOLD
SENEA	Food Processing	LONG	21.83	0.09	HOLD
SPY	Misc. Financial Services	SHORT	124.86	-0.09	HOLD
SWIR	Communications Equipment	LONG	6.90	0.15	HOLD
TSEM	Semiconductors	LONG	0.67	2.12	HOLD
XRTX	Computer Storage Devices	LONG	13.54	-0.07	SELL
TODAY SUMMARY				GAINS(%)
LONGS				1.13
SHORTS				-0.09
TOTAL				1.22
S&P 500				-0.09
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-9.79	3.03	-17.53	-4.24	-0.73
S&P 500	-4.31	4.25	-18.61	-1.35	-0.31

02-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, BKR, CPE, CRRC, CSS, CVU, ESGR, FRPT,
HGG, JRN, JST, KIRK, NBIX, OVTI, RTEC, SENEA, SWIR, TSEM, XRTX
Pre Opening Shorts: SPY

01-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	43.47	-1.85	HOLD
BBW	Retail (Specialty)	LONG	8.12	1.63	HOLD
BGFV	Retail (Specialty)	LONG	9.08	-0.44	HOLD
BKR	Construction Services	LONG	19.48	-1.86	HOLD
COHU	Semiconductors	LONG	10.45	3.26	SELL
CPE	Oil and Gas Operations	LONG	5.03	-6.33	HOLD
CRRC	Printing and Publishing	LONG	10.62	-3.89	HOLD
CSS	Printing and Publishing	LONG	19.58	-7.86	HOLD
CVU	Aerospace and Defense	LONG	13.92	-0.56	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	97.41	-3.66	HOLD
FRPT	Aerospace and Defense	LONG	5.49	-0.54	HOLD
HGG	Retail (Technology)	LONG	15.97	0.82	HOLD
JRN	Printing and Publishing	LONG	4.17	-0.71	HOLD
JST	Electronic Instr. and Controls	LONG	8.30	-0.95	HOLD
KIRK	Retail (Specialty)	LONG	12.40	-0.56	HOLD
NBIX	Biotechnology and Drugs	LONG	6.60	0.92	HOLD
OVTI	Semiconductors	LONG	11.46	6.21	BUY
RTEC	Semiconductors	LONG	7.82	-0.51	HOLD
SENEA	Food Processing	LONG	21.81	-4.01	HOLD
SPY	Misc. Financial Services	SHORT	124.97	-0.02	HOLD
SWIR	Communications Equipment	LONG	6.89	1.92	HOLD
TSEM	Semiconductors	LONG	0.66	-5.07	HOLD
XRTX	Computer Storage Devices	LONG	13.55	-0.07	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.44
SHORTS				-0.02
TOTAL				-1.43
S&P 500				-0.02
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-10.88	3.02	-17.53	-4.75	-0.82
S&P 500	-4.23	4.27	-18.61	-1.32	-0.30

01-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, BKR, COHU, CPE, CRRC, CSS, CVU, ESGR,
FRPT, HGG, JRN, JST, KIRK, NBIX, RTEC, SENEA, SWIR, TSEM, XRTX
Pre Opening Shorts: SPY

30-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	44.29	5.78	HOLD
ASYS	Semiconductors	LONG	9.08	9.13	SELL
BBW	Retail (Specialty)	LONG	7.99	1.65	HOLD
BGFV	Retail (Specialty)	LONG	9.12	5.43	HOLD
BKR	Construction Services	LONG	19.85	3.82	HOLD
COHU	Semiconductors	LONG	10.12	8.93	HOLD
CPE	Oil and Gas Operations	LONG	5.37	10.49	HOLD
CRRC	Printing and Publishing	LONG	11.05	12.41	HOLD
CSS	Printing and Publishing	LONG	21.25	12.37	HOLD
CVU	Aerospace and Defense	LONG	14.00	-0.08	HOLD
DTLK	Computer Services	LONG	7.72	5.03	SELL
ESGR	Insurance (Prop. and Casualty)	LONG	101.11	6.60	HOLD
FRPT	Aerospace and Defense	LONG	5.52	0.55	HOLD
HGG	Retail (Technology)	LONG	15.84	-2.16	HOLD
JRN	Printing and Publishing	LONG	4.20	10.82	BUY
JST	Electronic Instr. and Controls	LONG	8.38	0.84	HOLD
KIRK	Retail (Specialty)	LONG	12.47	5.50	BUY
NBIX	Biotechnology and Drugs	LONG	6.54	5.83	HOLD
RTEC	Semiconductors	LONG	7.86	7.23	HOLD
SENEA	Food Processing	LONG	22.72	8.81	HOLD
SPY	Misc. Financial Services	SHORT	124.99	4.11	HOLD
SWIR	Communications Equipment	LONG	6.76	3.52	HOLD
TSEM	Semiconductors	LONG	0.69	4.70	HOLD
XRTX	Computer Storage Devices	LONG	13.56	1.50	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				5.35
SHORTS				4.11
TOTAL				1.24
S&P 500				4.11
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-9.59	3.04	-17.53	-4.19	-0.73
S&P 500	-4.21	4.28	-18.61	-1.32	-0.30

30-Nov-2011 Daily positions

Pre Opening Longs: ANDE, ASYS, BBW, BGFV, BKR, COHU, CPE, CRRC, CSS, CVU,
DTLK, ESGR, FRPT, HGG, JST, NBIX, RTEC, SENEA, SWIR, TSEM, XRTX
Pre Opening Shorts: SPY

29-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	41.87	0.75	HOLD
ASYS	Semiconductors	LONG	8.32	-0.83	HOLD
BBW	Retail (Specialty)	LONG	7.86	-1.01	HOLD
BGFV	Retail (Specialty)	LONG	8.65	-2.09	HOLD
BKR	Construction Services	LONG	19.12	-2.00	HOLD
COHU	Semiconductors	LONG	9.29	-1.80	HOLD
CPE	Oil and Gas Operations	LONG	4.86	4.29	HOLD
CRRC	Printing and Publishing	LONG	9.83	1.76	HOLD
CSS	Printing and Publishing	LONG	18.91	-2.32	HOLD
CVU	Aerospace and Defense	LONG	14.01	-2.30	HOLD
DTLK	Computer Services	LONG	7.35	2.51	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	94.85	-0.32	HOLD
FRPT	Aerospace and Defense	LONG	5.49	0.00	HOLD
HGG	Retail (Technology)	LONG	16.19	4.45	HOLD
JST	Electronic Instr. and Controls	LONG	8.31	0.73	HOLD
NBIX	Biotechnology and Drugs	LONG	6.18	-0.64	HOLD
RTEC	Semiconductors	LONG	7.33	-1.35	HOLD
SENEA	Food Processing	LONG	20.88	1.31	HOLD
SPY	Misc. Financial Services	SHORT	120.05	0.28	HOLD
SWIR	Communications Equipment	LONG	6.53	-0.46	HOLD
TSEM	Semiconductors	LONG	0.66	-1.51	HOLD
XRTX	Computer Storage Devices	LONG	13.36	1.75	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.04
SHORTS				0.28
TOTAL				-0.24
S&P 500				0.28
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-10.69	3.02	-17.53	-4.71	-0.81
S&P 500	-8.00	3.88	-18.61	-2.76	-0.58

29-Nov-2011 Daily positions

Pre Opening Longs: ANDE, ASYS, BBW, BGFV, BKR, COHU, CPE, CRRC, CSS, CVU,
DTLK, ESGR, FRPT, HGG, JST, NBIX, RTEC, SENEA, SWIR, TSEM, XRTX
Pre Opening Shorts: SPY

28-Nov-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	41.56	8.26	HOLD
ASYS	Semiconductors	LONG	8.39	6.74	HOLD
BBW	Retail (Specialty)	LONG	7.94	3.12	HOLD
BGFV	Retail (Specialty)	LONG	8.91	14.82	HOLD
BKR	Construction Services	LONG	19.51	3.39	HOLD
COHU	Semiconductors	LONG	9.46	5.11	HOLD
CPE	Oil and Gas Operations	LONG	4.66	9.13	HOLD
CRRC	Printing and Publishing	LONG	9.66	2.22	HOLD
CSS	Printing and Publishing	LONG	19.51	5.29	HOLD
CVU	Aerospace and Defense	LONG	14.34	4.67	HOLD
DTLK	Computer Services	LONG	7.17	-1.78	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	95.15	3.77	HOLD
FRPT	Aerospace and Defense	LONG	5.49	0.18	HOLD
HGG	Retail (Technology)	LONG	15.50	9.85	HOLD
JST	Electronic Instr. and Controls	LONG	8.25	4.43	HOLD
NBIX	Biotechnology and Drugs	LONG	6.22	3.67	HOLD
RTEC	Semiconductors	LONG	7.43	3.92	HOLD
SENEA	Food Processing	LONG	20.61	4.09	HOLD
SPY	Misc. Financial Services	SHORT	119.71	2.90	HOLD
SWIR	Communications Equipment	LONG	6.56	0.61	HOLD
TSEM	Semiconductors	LONG	0.67	6.35	HOLD
XRTX	Computer Storage Devices	LONG	13.13	3.22	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				4.81
SHORTS				2.90
TOTAL				1.92
S&P 500				2.90
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-10.40	3.02	-17.53	-4.61	-0.80
S&P 500	-8.26	3.87	-18.61	-2.87	-0.60

28-Nov-2011 Daily positions

Pre Opening Longs: ANDE, ASYS, BBW, BGFV, BKR, COHU, CPE, CRRC, CSS, CVU,
DTLK, ESGR, FRPT, HGG, JST, NBIX, RTEC, SENEA, SWIR, TSEM, XRTX
Pre Opening Shorts: SPY