16-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.87	1.83	HOLD
BBW	Retail (Specialty)	LONG	8.47	0.24	HOLD
BGFV	Retail (Specialty)	LONG	10.04	5.02	HOLD
CASC	Auto and Truck Parts	LONG	45.46	1.72	HOLD
CRRC	Printing and Publishing	LONG	10.52	-2.50	HOLD
CSS	Printing and Publishing	LONG	19.66	3.91	HOLD
DUSA	Biotechnology and Drugs	LONG	4.18	1.95	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	99.72	0.41	HOLD
FRPT	Aerospace and Defense	LONG	5.51	0.27	HOLD
HGG	Retail (Technology)	LONG	13.97	-0.78	HOLD
JRN	Printing and Publishing	LONG	4.62	0.22	HOLD
JST	Electronic Instr. and Controls	LONG	8.84	4.37	HOLD
KIRK	Retail (Specialty)	LONG	12.45	4.62	HOLD
MSPD	Semiconductors	LONG	4.45	0.45	HOLD
OVTI	Semiconductors	LONG	11.62	-0.60	HOLD
REX	Chemical Manufacturing	LONG	21.39	1.37	HOLD
RTEC	Semiconductors	LONG	8.63	2.98	HOLD
SENEA	Food Processing	LONG	24.93	0.04	HOLD
SPY	Misc. Financial Services	SHORT	121.59	0.15	HOLD
SWIR	Communications Equipment	LONG	6.37	0.00	HOLD
TSEM	Semiconductors	LONG	0.63	0.00	HOLD
ZLC	Retail (Specialty)	LONG	4.01	6.08	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.51
SHORTS				0.15
TOTAL				1.35
S&P 500				0.15
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.05	3.24	-17.53	-2.73	-0.51
S&P 500	-6.82	3.95	-18.61	-2.17	-0.46

16-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

15-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.10	1.06	HOLD
BBW	Retail (Specialty)	LONG	8.45	2.18	HOLD
BGFV	Retail (Specialty)	LONG	9.56	2.03	HOLD
CASC	Auto and Truck Parts	LONG	44.69	-0.29	HOLD
CRRC	Printing and Publishing	LONG	10.79	2.57	HOLD
CSS	Printing and Publishing	LONG	18.92	0.64	HOLD
DUSA	Biotechnology and Drugs	LONG	4.10	0.99	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	99.31	0.89	HOLD
FRPT	Aerospace and Defense	LONG	5.49	-0.27	HOLD
HGG	Retail (Technology)	LONG	14.08	0.21	HOLD
JRN	Printing and Publishing	LONG	4.61	3.60	HOLD
JST	Electronic Instr. and Controls	LONG	8.47	3.55	HOLD
KIRK	Retail (Specialty)	LONG	11.90	2.32	HOLD
MSPD	Semiconductors	LONG	4.43	-3.70	HOLD
OVTI	Semiconductors	LONG	11.69	-0.85	HOLD
REX	Chemical Manufacturing	LONG	21.10	2.73	HOLD
RTEC	Semiconductors	LONG	8.38	0.96	HOLD
SENEA	Food Processing	LONG	24.92	1.92	HOLD
SPY	Misc. Financial Services	SHORT	122.18	0.37	HOLD
SWIR	Communications Equipment	LONG	6.37	-2.00	HOLD
TSEM	Semiconductors	LONG	0.63	0.00	HOLD
ZLC	Retail (Specialty)	LONG	3.78	0.27	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.89
SHORTS				0.37
TOTAL				0.53
S&P 500				0.37
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-8.87	3.06	-17.53	-3.65	-0.64
S&P 500	-6.36	3.99	-18.61	-2.02	-0.43

15-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

14-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	41.66	-2.30	HOLD
BBW	Retail (Specialty)	LONG	8.27	-0.96	HOLD
BGFV	Retail (Specialty)	LONG	9.37	-2.29	HOLD
CASC	Auto and Truck Parts	LONG	44.82	-1.73	HOLD
CRRC	Printing and Publishing	LONG	10.52	0.91	HOLD
CSS	Printing and Publishing	LONG	18.80	0.48	HOLD
DUSA	Biotechnology and Drugs	LONG	4.06	0.25	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	98.43	-0.41	HOLD
FRPT	Aerospace and Defense	LONG	5.51	0.18	HOLD
HGG	Retail (Technology)	LONG	14.05	-7.57	HOLD
JRN	Printing and Publishing	LONG	4.45	1.14	HOLD
JST	Electronic Instr. and Controls	LONG	8.18	-4.88	HOLD
KIRK	Retail (Specialty)	LONG	11.63	-0.09	HOLD
MSPD	Semiconductors	LONG	4.60	-5.15	HOLD
OVTI	Semiconductors	LONG	11.79	-4.77	HOLD
REX	Chemical Manufacturing	LONG	20.54	-0.24	HOLD
RTEC	Semiconductors	LONG	8.30	2.47	HOLD
SENEA	Food Processing	LONG	24.45	4.71	HOLD
SPY	Misc. Financial Services	SHORT	121.74	-1.06	HOLD
SWIR	Communications Equipment	LONG	6.50	0.00	HOLD
TSEM	Semiconductors	LONG	0.63	1.61	HOLD
ZLC	Retail (Specialty)	LONG	3.77	2.72	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.76
SHORTS				-1.06
TOTAL				0.31
S&P 500				-1.06
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-9.35	3.03	-17.53	-3.90	-0.67
S&P 500	-6.71	3.97	-18.61	-2.14	-0.46

14-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

13-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.64	-1.71	HOLD
BBW	Retail (Specialty)	LONG	8.35	-1.65	HOLD
BGFV	Retail (Specialty)	LONG	9.59	-1.74	HOLD
CASC	Auto and Truck Parts	LONG	45.61	-4.32	HOLD
CRRC	Printing and Publishing	LONG	10.43	0.92	HOLD
CSS	Printing and Publishing	LONG	18.71	-2.50	HOLD
DUSA	Biotechnology and Drugs	LONG	4.05	-0.25	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	98.84	0.91	HOLD
FRPT	Aerospace and Defense	LONG	5.50	0.00	HOLD
HGG	Retail (Technology)	LONG	15.20	-6.40	HOLD
JRN	Printing and Publishing	LONG	4.40	-2.00	HOLD
JST	Electronic Instr. and Controls	LONG	8.60	-2.60	HOLD
KIRK	Retail (Specialty)	LONG	11.64	-2.92	HOLD
MSPD	Semiconductors	LONG	4.85	-1.22	HOLD
OVTI	Semiconductors	LONG	12.38	-4.11	HOLD
REX	Chemical Manufacturing	LONG	20.59	-3.24	HOLD
RTEC	Semiconductors	LONG	8.10	-2.06	HOLD
SENEA	Food Processing	LONG	23.35	2.41	HOLD
SPY	Misc. Financial Services	SHORT	123.05	-0.93	HOLD
SWIR	Communications Equipment	LONG	6.50	-0.91	HOLD
TSEM	Semiconductors	LONG	0.62	-1.59	HOLD
ZLC	Retail (Specialty)	LONG	3.67	-6.14	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.96
SHORTS				-0.93
TOTAL				-1.02
S&P 500				-0.93
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-9.63	3.02	-17.53	-4.05	-0.70
S&P 500	-5.70	4.06	-18.61	-1.79	-0.39

13-Dec-2011 Daily positions

Pre Opening Longs: ANDE, BBW, BGFV, CASC, CRRC, CSS, DUSA, ESGR, FRPT, HGG,
JRN, JST, KIRK, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, ZLC
Pre Opening Shorts: SPY

12-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	43.38	-1.48	HOLD
BBW	Retail (Specialty)	LONG	8.49	-2.64	HOLD
BGFV	Retail (Specialty)	LONG	9.76	-0.10	HOLD
BKR	Construction Services	LONG	19.17	-1.49	SELL
CASC	Auto and Truck Parts	LONG	47.67	-1.71	BUY
CPE	Oil and Gas Operations	LONG	4.64	-3.13	SELL
CRRC	Printing and Publishing	LONG	10.33	-3.82	HOLD
CSS	Printing and Publishing	LONG	19.19	-1.64	HOLD
CVU	Aerospace and Defense	LONG	12.95	-3.36	SELL
DUSA	Biotechnology and Drugs	LONG	4.06	-0.49	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	97.95	-0.81	HOLD
FRPT	Aerospace and Defense	LONG	5.50	-0.18	HOLD
HGG	Retail (Technology)	LONG	16.24	1.56	HOLD
JRN	Printing and Publishing	LONG	4.49	-1.54	HOLD
JST	Electronic Instr. and Controls	LONG	8.83	-2.00	HOLD
KIRK	Retail (Specialty)	LONG	11.99	-1.72	HOLD
MSPD	Semiconductors	LONG	4.91	-2.00	BUY
NBIX	Biotechnology and Drugs	LONG	7.48	0.40	SELL
OVTI	Semiconductors	LONG	12.91	-2.42	HOLD
REX	Chemical Manufacturing	LONG	21.28	0.19	BUY
RTEC	Semiconductors	LONG	8.27	-2.13	HOLD
SENEA	Food Processing	LONG	22.80	0.66	HOLD
SPY	Misc. Financial Services	SHORT	124.21	-1.46	HOLD
SWIR	Communications Equipment	LONG	6.56	-2.38	HOLD
TSEM	Semiconductors	LONG	0.63	-3.08	HOLD
ZLC	Retail (Specialty)	LONG	3.91	-2.01	BUY
TODAY SUMMARY				GAINS(%)
LONGS				-1.51
SHORTS				-1.46
TOTAL				-0.05
S&P 500				-1.46
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-8.69	3.08	-17.53	-3.61	-0.63
S&P 500	-4.81	4.16	-18.61	-1.49	-0.33

12-Dec-2011 Daily positions

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