23-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.58	-1.61	HOLD
CASC	Auto and Truck Parts	LONG	46.41	0.04	HOLD
CSS	Printing and Publishing	LONG	20.17	0.45	HOLD
CVV	Semiconductors	LONG	12.15	0.40	HOLD
DUSA	Biotechnology and Drugs	LONG	4.65	3.33	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.99	2.34	HOLD
HOFT	Furniture and Fixtures	LONG	11.41	3.26	HOLD
JRN	Printing and Publishing	LONG	4.62	-0.65	HOLD
JST	Electronic Instr. and Controls	LONG	8.29	-1.89	HOLD
KIRK	Retail (Specialty)	LONG	13.07	0.54	HOLD
MIND	Oil Well Services and Equipment	LONG	22.22	2.82	HOLD
MSPD	Semiconductors	LONG	4.59	1.32	HOLD
OVTI	Semiconductors	LONG	12.63	0.96	HOLD
REX	Chemical Manufacturing	LONG	21.92	0.97	HOLD
RTEC	Semiconductors	LONG	9.09	-0.55	HOLD
SENEA	Food Processing	LONG	26.24	0.11	HOLD
SPY	Misc. Financial Services	SHORT	126.39	0.89	HOLD
SWIR	Communications Equipment	LONG	6.97	4.19	HOLD
TSEM	Semiconductors	LONG	0.62	-0.03	HOLD
VDSI	Software and Programming	LONG	6.78	2.73	HOLD
ZLC	Retail (Specialty)	LONG	4.01	0.75	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.93
SHORTS				0.89
TOTAL				0.03
S&P 500				0.89
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.79	3.26	-17.53	-2.56	-0.48
S&P 500	-3.14	4.30	-18.61	-0.90	-0.21

23-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

22-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.72	-0.23	HOLD
CASC	Auto and Truck Parts	LONG	46.64	-0.17	HOLD
CSS	Printing and Publishing	LONG	20.08	-0.59	HOLD
CVV	Semiconductors	LONG	12.10	3.60	HOLD
DUSA	Biotechnology and Drugs	LONG	4.50	2.97	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.67	1.11	HOLD
HOFT	Furniture and Fixtures	LONG	11.05	0.09	HOLD
JRN	Printing and Publishing	LONG	4.65	1.97	HOLD
JST	Electronic Instr. and Controls	LONG	8.45	-1.51	HOLD
KIRK	Retail (Specialty)	LONG	13.00	1.88	HOLD
MIND	Oil Well Services and Equipment	LONG	21.61	-1.82	HOLD
MSPD	Semiconductors	LONG	4.53	2.49	HOLD
OVTI	Semiconductors	LONG	12.51	8.78	HOLD
REX	Chemical Manufacturing	LONG	21.71	-2.21	HOLD
RTEC	Semiconductors	LONG	9.14	4.46	HOLD
SENEA	Food Processing	LONG	26.21	0.50	HOLD
SPY	Misc. Financial Services	SHORT	125.27	0.89	HOLD
SWIR	Communications Equipment	LONG	6.69	1.21	HOLD
TSEM	Semiconductors	LONG	0.62	1.47	HOLD
VDSI	Software and Programming	LONG	6.60	1.69	HOLD
ZLC	Retail (Specialty)	LONG	3.98	0.25	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.24
SHORTS				0.89
TOTAL				0.35
S&P 500				0.89
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.80	3.26	-17.53	-2.57	-0.48
S&P 500	-4.00	4.20	-18.61	-1.18	-0.27

22-Dec-2011 Daily positions

Pre Opening Longs: BBW, CASC, CSS, CVV, DUSA, FRPT, HGG, HOFT, JRN, JST,
KIRK, MIND, MSPD, OVTI, REX, RTEC, SENEA, SWIR, TSEM, VDSI, ZLC
Pre Opening Shorts: SPY

21-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.74	-0.34	HOLD
BGFV	Retail (Specialty)	LONG	11.02	1.47	SELL
CASC	Auto and Truck Parts	LONG	46.72	1.76	HOLD
CSS	Printing and Publishing	LONG	20.20	-1.13	HOLD
CVV	Semiconductors	LONG	11.68	1.13	BUY
DUSA	Biotechnology and Drugs	LONG	4.37	2.58	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.52	-1.60	HOLD
HOFT	Furniture and Fixtures	LONG	11.04	1.75	HOLD
JRN	Printing and Publishing	LONG	4.56	1.33	HOLD
JST	Electronic Instr. and Controls	LONG	8.58	-0.23	HOLD
KIRK	Retail (Specialty)	LONG	12.76	-1.09	HOLD
MIND	Oil Well Services and Equipment	LONG	22.01	10.11	HOLD
MSPD	Semiconductors	LONG	4.42	-2.64	HOLD
OVTI	Semiconductors	LONG	11.50	-2.95	HOLD
REX	Chemical Manufacturing	LONG	22.20	0.45	HOLD
RTEC	Semiconductors	LONG	8.75	-0.91	HOLD
SENEA	Food Processing	LONG	26.08	0.38	HOLD
SPY	Misc. Financial Services	SHORT	124.17	0.19	HOLD
SWIR	Communications Equipment	LONG	6.61	2.16	HOLD
TSEM	Semiconductors	LONG	0.61	-3.46	HOLD
VDSI	Software and Programming	LONG	6.49	-7.81	HOLD
ZLC	Retail (Specialty)	LONG	3.97	-1.00	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.05
SHORTS				0.19
TOTAL				-0.25
S&P 500				0.19
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.12	3.22	-17.53	-2.74	-0.50
S&P 500	-4.84	4.11	-18.61	-1.46	-0.32

21-Dec-2011 Daily positions

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

20-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	43.65	2.71	SELL
BBW	Retail (Specialty)	LONG	8.77	6.43	HOLD
BGFV	Retail (Specialty)	LONG	10.86	8.49	HOLD
CASC	Auto and Truck Parts	LONG	45.91	2.94	HOLD
CRRC	Printing and Publishing	LONG	11.45	6.41	SELL
CSS	Printing and Publishing	LONG	20.43	4.08	HOLD
DUSA	Biotechnology and Drugs	LONG	4.26	5.19	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	99.90	1.95	SELL
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.74	1.33	HOLD
HOFT	Furniture and Fixtures	LONG	10.85	2.84	BUY
JRN	Printing and Publishing	LONG	4.50	6.38	HOLD
JST	Electronic Instr. and Controls	LONG	8.60	2.02	HOLD
KIRK	Retail (Specialty)	LONG	12.90	4.12	HOLD
MIND	Oil Well Services and Equipment	LONG	19.99	0.71	BUY
MSPD	Semiconductors	LONG	4.54	3.89	HOLD
OVTI	Semiconductors	LONG	11.85	7.73	HOLD
REX	Chemical Manufacturing	LONG	22.10	5.54	HOLD
RTEC	Semiconductors	LONG	8.83	2.67	HOLD
SENEA	Food Processing	LONG	25.98	4.80	HOLD
SPY	Misc. Financial Services	SHORT	123.93	3.03	HOLD
SWIR	Communications Equipment	LONG	6.47	6.59	HOLD
TSEM	Semiconductors	LONG	0.63	3.75	HOLD
VDSI	Software and Programming	LONG	7.04	0.14	BUY
ZLC	Retail (Specialty)	LONG	4.01	2.56	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				4.27
SHORTS				3.03
TOTAL				1.24
S&P 500				3.03
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.89	3.26	-17.53	-2.63	-0.49
S&P 500	-5.03	4.09	-18.61	-1.53	-0.34

20-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

19-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ANDE	Crops	LONG	42.50	-0.86	HOLD
BBW	Retail (Specialty)	LONG	8.24	-2.72	HOLD
BGFV	Retail (Specialty)	LONG	10.01	-0.30	HOLD
CASC	Auto and Truck Parts	LONG	44.60	-1.89	HOLD
CRRC	Printing and Publishing	LONG	10.76	2.28	HOLD
CSS	Printing and Publishing	LONG	19.63	-0.15	HOLD
DUSA	Biotechnology and Drugs	LONG	4.05	-3.11	HOLD
ESGR	Insurance (Prop. and Casualty)	LONG	97.99	-1.73	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.73	HOLD
HGG	Retail (Technology)	LONG	13.56	-2.93	HOLD
JRN	Printing and Publishing	LONG	4.23	-8.44	HOLD
JST	Electronic Instr. and Controls	LONG	8.43	-4.64	HOLD
KIRK	Retail (Specialty)	LONG	12.39	-0.48	HOLD
MSPD	Semiconductors	LONG	4.37	-1.80	HOLD
OVTI	Semiconductors	LONG	11.00	-5.34	HOLD
REX	Chemical Manufacturing	LONG	20.94	-2.10	HOLD
RTEC	Semiconductors	LONG	8.60	-0.35	HOLD
SENEA	Food Processing	LONG	24.79	-0.56	HOLD
SPY	Misc. Financial Services	SHORT	120.29	-1.07	HOLD
SWIR	Communications Equipment	LONG	6.07	-4.71	HOLD
TSEM	Semiconductors	LONG	0.61	-3.17	HOLD
ZLC	Retail (Specialty)	LONG	3.91	-2.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-2.13
SHORTS				-1.07
TOTAL				-1.06
S&P 500				-1.07
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-8.03	3.13	-17.53	-3.20	-0.57
S&P 500	-7.82	3.88	-18.61	-2.52	-0.52

19-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