30-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.46	-0.94	HOLD
CASC	Auto and Truck Parts	LONG	47.17	-2.90	HOLD
CSS	Printing and Publishing	LONG	19.92	-0.90	HOLD
CVV	Semiconductors	LONG	12.03	4.52	HOLD
DUSA	Biotechnology and Drugs	LONG	4.38	-2.23	HOLD
FLOW	Misc. Capital Goods	LONG	3.50	-0.57	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	14.45	3.29	HOLD
HITK	Biotechnology and Drugs	LONG	38.89	-0.18	BUY
HOFT	Furniture and Fixtures	LONG	11.47	-2.38	HOLD
JRN	Printing and Publishing	LONG	4.40	-1.79	HOLD
JST	Electronic Instr. and Controls	LONG	8.11	-4.25	HOLD
KIRK	Retail (Specialty)	LONG	13.30	-0.30	HOLD
MIND	Oil Well Services and Equipment	LONG	21.84	-3.79	HOLD
MSPD	Semiconductors	LONG	4.58	8.27	HOLD
OVTI	Semiconductors	LONG	12.23	0.29	SELL
REX	Chemical Manufacturing	LONG	22.11	0.68	HOLD
RTEC	Semiconductors	LONG	9.26	-1.80	HOLD
SENEA	Food Processing	LONG	25.82	-3.69	HOLD
SPY	Misc. Financial Services	SHORT	125.50	-0.49	HOLD
TSEM	Semiconductors	LONG	0.63	2.91	HOLD
VDSI	Software and Programming	LONG	6.52	0.93	HOLD
ZLC	Retail (Specialty)	LONG	3.81	1.33	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.16
SHORTS				-0.49
TOTAL				0.33
S&P 500				-0.49
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.03	3.21	-17.53	-2.64	-0.48
S&P 500	-3.82	4.19	-18.61	-1.10	-0.25

30-Dec-2011 Daily positions

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

29-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.54	1.91	HOLD
CASC	Auto and Truck Parts	LONG	48.58	3.91	HOLD
CSS	Printing and Publishing	LONG	20.10	3.66	HOLD
CVV	Semiconductors	LONG	11.51	-3.68	HOLD
DUSA	Biotechnology and Drugs	LONG	4.48	2.05	HOLD
FLOW	Misc. Capital Goods	LONG	3.52	0.86	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.99	1.89	HOLD
HOFT	Furniture and Fixtures	LONG	11.75	0.73	HOLD
JRN	Printing and Publishing	LONG	4.48	1.59	HOLD
JST	Electronic Instr. and Controls	LONG	8.47	2.54	HOLD
KIRK	Retail (Specialty)	LONG	13.34	-0.82	HOLD
MIND	Oil Well Services and Equipment	LONG	22.70	1.84	HOLD
MSPD	Semiconductors	LONG	4.23	-1.40	HOLD
OVTI	Semiconductors	LONG	12.20	0.74	HOLD
REX	Chemical Manufacturing	LONG	21.96	-1.04	HOLD
RTEC	Semiconductors	LONG	9.43	2.84	HOLD
SENEA	Food Processing	LONG	26.81	0.37	HOLD
SPY	Misc. Financial Services	SHORT	126.12	1.03	HOLD
TSEM	Semiconductors	LONG	0.61	0.49	HOLD
VDSI	Software and Programming	LONG	6.46	0.00	HOLD
ZLC	Retail (Specialty)	LONG	3.76	-1.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.82
SHORTS				1.03
TOTAL				-0.22
S&P 500				1.03
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.34	3.18	-17.53	-2.79	-0.51
S&P 500	-3.35	4.26	-18.61	-0.96	-0.22

29-Dec-2011 Daily positions

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

28-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.38	-0.71	HOLD
CASC	Auto and Truck Parts	LONG	46.75	-0.28	HOLD
CSS	Printing and Publishing	LONG	19.39	-2.90	HOLD
CVV	Semiconductors	LONG	11.95	-1.24	HOLD
DUSA	Biotechnology and Drugs	LONG	4.39	-2.44	HOLD
FLOW	Misc. Capital Goods	LONG	3.49	-3.06	BUY
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.73	0.37	HOLD
HOFT	Furniture and Fixtures	LONG	11.66	0.91	HOLD
JRN	Printing and Publishing	LONG	4.41	-4.13	HOLD
JST	Electronic Instr. and Controls	LONG	8.26	-0.48	HOLD
KIRK	Retail (Specialty)	LONG	13.45	-1.10	HOLD
MIND	Oil Well Services and Equipment	LONG	22.29	-3.92	HOLD
MSPD	Semiconductors	LONG	4.29	-3.60	HOLD
OVTI	Semiconductors	LONG	12.11	-4.12	HOLD
REX	Chemical Manufacturing	LONG	22.19	-2.16	HOLD
RTEC	Semiconductors	LONG	9.17	-1.71	HOLD
SENEA	Food Processing	LONG	26.71	-1.11	HOLD
SPY	Misc. Financial Services	SHORT	124.83	-1.31	HOLD
SWIR	Communications Equipment	LONG	6.85	-1.72	SELL
TSEM	Semiconductors	LONG	0.61	-4.08	HOLD
VDSI	Software and Programming	LONG	6.46	-2.86	HOLD
ZLC	Retail (Specialty)	LONG	3.81	-1.55	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.85
SHORTS				-1.31
TOTAL				-0.54
S&P 500				-1.31
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.14	3.21	-17.53	-2.71	-0.50
S&P 500	-4.34	4.15	-18.61	-1.28	-0.28

28-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

27-Dec-2011 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.44	-1.63	HOLD
CASC	Auto and Truck Parts	LONG	46.88	1.01	HOLD
CSS	Printing and Publishing	LONG	19.97	-0.99	HOLD
CVV	Semiconductors	LONG	12.10	-0.40	HOLD
DUSA	Biotechnology and Drugs	LONG	4.50	-3.23	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	13.68	-2.22	HOLD
HOFT	Furniture and Fixtures	LONG	11.56	1.31	HOLD
JRN	Printing and Publishing	LONG	4.60	-0.43	HOLD
JST	Electronic Instr. and Controls	LONG	8.30	0.12	HOLD
KIRK	Retail (Specialty)	LONG	13.60	4.06	HOLD
MIND	Oil Well Services and Equipment	LONG	23.20	4.41	HOLD
MSPD	Semiconductors	LONG	4.45	-3.05	HOLD
OVTI	Semiconductors	LONG	12.63	0.00	HOLD
REX	Chemical Manufacturing	LONG	22.68	3.47	HOLD
RTEC	Semiconductors	LONG	9.33	2.64	HOLD
SENEA	Food Processing	LONG	27.01	2.93	HOLD
SPY	Misc. Financial Services	SHORT	126.49	0.08	HOLD
SWIR	Communications Equipment	LONG	6.97	0.00	HOLD
TSEM	Semiconductors	LONG	0.63	2.44	HOLD
VDSI	Software and Programming	LONG	6.65	-1.92	HOLD
ZLC	Retail (Specialty)	LONG	3.87	-3.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.24
SHORTS				0.08
TOTAL				0.16
S&P 500				0.08
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.64	3.27	-17.53	-2.48	-0.46
S&P 500	-3.07	4.31	-18.61	-0.87	-0.20

27-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