31-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	17.43	-0.29	HOLD
ALJ	Oil and Gas Operations	LONG	18.09	19.48	HOLD
ANDE	Crops	LONG	42.90	0.44	HOLD
ATVI	Software and Programming	SHORT	10.62	0.57	HOLD
BBT	Regional Banks	SHORT	29.11	0.90	HOLD
BIG	Retail (Specialty)	LONG	28.45	2.52	HOLD
BLX	Regional Banks	SHORT	21.56	2.08	HOLD
BOKF	Regional Banks	SHORT	54.46	0.42	HOLD
CEF	Misc. Financial Services	SHORT	21.03	0.48	HOLD
CENTA	Personal and Household Prods.	LONG	10.47	1.95	HOLD
CET	Misc. Financial Services	SHORT	19.98	4.01	HOLD
ESI	Schools	LONG	17.31	-0.80	HOLD
FHN	Regional Banks	SHORT	9.91	1.43	HOLD
FRED	Retail (Department and Discount)	LONG	13.31	0.45	HOLD
FTK	Oil Well Services and Equipment	LONG	12.20	3.83	HOLD
GBX	Railroads	LONG	16.17	2.67	HOLD
GLD	Misc. Financial Services	SHORT	162.02	0.92	HOLD
HBC	Regional Banks	SHORT	53.09	1.05	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.13	1.12	HOLD
IPAR	Personal and Household Prods.	LONG	19.46	-0.97	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.78	1.02	HOLD
KEG	Oil Well Services and Equipment	LONG	6.95	4.04	HOLD
KMR	Oil Well Services and Equipment	SHORT	75.46	2.81	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.75	2.52	HOLD
LAD	Retail (Specialty)	LONG	37.42	3.89	HOLD
LCC	Airline	LONG	13.50	5.55	HOLD
LINE	Oil and Gas Operations	SHORT	35.24	0.00	HOLD
NAFC	Retail (Grocery)	LONG	21.28	-0.09	HOLD
NILE	Retail (Specialty)	LONG	38.48	2.07	HOLD
NR	Oil Well Services and Equipment	LONG	7.85	1.03	HOLD
NVS	Major Drugs	SHORT	63.30	0.64	HOLD
OMX		LONG	9.76	5.06	HOLD
SLV	Misc. Financial Services	SHORT	29.37	0.93	HOLD
SONC	Restaurants	LONG	10.41	1.76	HOLD
STRA	Schools	LONG	56.17	1.54	HOLD
TCB	Regional Banks	SHORT	12.15	0.91	HOLD
TFSL	SandLs/Savings Banks	SHORT	9.62	2.01	HOLD
TKC	Communications Services	SHORT	16.14	0.56	HOLD
USB	Regional Banks	SHORT	31.94	0.82	HOLD
USNA	Conglomerates	LONG	32.93	4.21	HOLD
USTR	Office Supplies	LONG	30.99	2.41	HOLD
V	Consumer Financial Services	SHORT	151.58	1.97	HOLD
VALE	Metal Mining	SHORT	20.96	2.14	HOLD
WGL	Natural Gas Utilities	LONG	39.19	1.40	HOLD
XTXI	Oil Well Services and Equipment	LONG	14.34	3.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				2.99
SHORTS				1.26
TOTAL				1.73
S&P 500				1.70
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-35.31	5.34	-39.98	-3.96	-0.53
S&P 500	11.47	5.17	-18.60	1.18	0.33

31-Dec-2012 Daily positions

Pre Opening Longs: ALJ, ANDE, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

28-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	17.48	3.13	HOLD
ALJ	Oil and Gas Operations	LONG	15.14	-1.69	HOLD
ANDE	Crops	LONG	42.71	-1.32	BUY
ATVI	Software and Programming	SHORT	10.56	-0.28	HOLD
BAS	Oil Well Services and Equipment	LONG	10.89	-1.63	SELL
BBT	Regional Banks	SHORT	28.85	-0.72	HOLD
BIG	Retail (Specialty)	LONG	27.75	-0.43	HOLD
BLX	Regional Banks	SHORT	21.12	-0.56	HOLD
BOKF	Regional Banks	SHORT	54.23	-0.75	HOLD
CEF	Misc. Financial Services	SHORT	20.93	-0.95	HOLD
CENTA	Personal and Household Prods.	LONG	10.27	-2.47	HOLD
CET	Misc. Financial Services	SHORT	19.21	-1.23	HOLD
ESI	Schools	LONG	17.45	1.63	HOLD
FHN	Regional Banks	SHORT	9.77	-0.51	HOLD
FRED	Retail (Department and Discount)	LONG	13.25	-0.38	HOLD
FTK	Oil Well Services and Equipment	LONG	11.75	0.26	HOLD
GBX	Railroads	LONG	15.75	0.19	HOLD
GLD	Misc. Financial Services	SHORT	160.55	-0.38	HOLD
HBC	Regional Banks	SHORT	52.54	-0.47	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.04	-0.37	HOLD
IAU	Misc. Financial Services	SHORT	16.13	-0.43	COVER
IPAR	Personal and Household Prods.	LONG	19.65	0.00	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.60	-0.11	HOLD
KEG	Oil Well Services and Equipment	LONG	6.68	-2.91	HOLD
KMR	Oil Well Services and Equipment	SHORT	73.40	-0.14	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.51	-2.16	HOLD
LAD	Retail (Specialty)	LONG	36.02	-0.77	HOLD
LCC	Airline	LONG	12.79	-2.37	HOLD
LINE	Oil and Gas Operations	SHORT	35.24	-0.25	HOLD
NAFC	Retail (Grocery)	LONG	21.30	-0.47	HOLD
NILE	Retail (Specialty)	LONG	37.70	0.19	HOLD
NR	Oil Well Services and Equipment	LONG	7.77	-1.77	HOLD
NVS	Major Drugs	SHORT	62.90	-0.68	HOLD
OMX		LONG	9.29	-2.21	HOLD
SLV	Misc. Financial Services	SHORT	29.10	-0.48	HOLD
SONC	Restaurants	LONG	10.23	0.59	HOLD
STRA	Schools	LONG	55.32	-2.78	HOLD
TCB	Regional Banks	SHORT	12.04	-0.66	HOLD
TFSL	SandLs/Savings Banks	SHORT	9.43	0.86	HOLD
TKC	Communications Services	SHORT	16.05	0.06	HOLD
USB	Regional Banks	SHORT	31.68	-1.06	HOLD
USNA	Conglomerates	LONG	31.60	1.18	HOLD
USTR	Office Supplies	LONG	30.26	-1.27	HOLD
V	Consumer Financial Services	SHORT	148.65	-0.50	HOLD
VALE	Metal Mining	SHORT	20.52	-0.48	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	38.65	-0.59	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.88	0.00	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.77
SHORTS				-0.38
TOTAL				-0.39
S&P 500				-1.08
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-36.36	5.22	-39.77	-4.19	-0.55
S&P 500	9.60	5.39	-18.60	0.95	0.28

28-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

27-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.95	0.36	HOLD
ALJ	Oil and Gas Operations	LONG	15.40	-0.26	HOLD
ATVI	Software and Programming	SHORT	10.59	-0.75	HOLD
BAS	Oil Well Services and Equipment	LONG	11.06	-3.91	HOLD
BBT	Regional Banks	SHORT	29.05	-0.55	HOLD
BIG	Retail (Specialty)	LONG	27.87	-0.75	HOLD
BLX	Regional Banks	SHORT	21.24	0.14	HOLD
BOKF	Regional Banks	SHORT	54.64	0.61	HOLD
CEF	Misc. Financial Services	SHORT	21.13	0.52	HOLD
CENTA	Personal and Household Prods.	LONG	10.53	2.63	HOLD
CET	Misc. Financial Services	SHORT	19.45	0.00	HOLD
ESI	Schools	LONG	17.19	-0.17	HOLD
FHN	Regional Banks	SHORT	9.82	-1.01	HOLD
FRED	Retail (Department and Discount)	LONG	13.30	-0.23	HOLD
FTK	Oil Well Services and Equipment	LONG	11.73	-0.26	HOLD
GBX	Railroads	LONG	15.72	-2.66	HOLD
GLD	Misc. Financial Services	SHORT	161.16	0.24	HOLD
HBC	Regional Banks	SHORT	52.80	-0.02	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.07	-0.37	HOLD
IAU	Misc. Financial Services	SHORT	16.19	0.28	HOLD
IPAR	Personal and Household Prods.	LONG	19.65	-0.10	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.62	-0.11	HOLD
KEG	Oil Well Services and Equipment	LONG	6.88	-0.43	HOLD
KMR	Oil Well Services and Equipment	SHORT	73.50	-0.61	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.75	1.25	HOLD
LAD	Retail (Specialty)	LONG	36.30	0.97	HOLD
LCC	Airline	LONG	13.10	-0.98	HOLD
LINE	Oil and Gas Operations	SHORT	35.33	-1.99	HOLD
NAFC	Retail (Grocery)	LONG	21.40	1.23	HOLD
NILE	Retail (Specialty)	LONG	37.63	0.13	HOLD
NR	Oil Well Services and Equipment	LONG	7.92	1.80	HOLD
NVS	Major Drugs	SHORT	63.33	0.41	HOLD
OMX		LONG	9.49	0.90	HOLD
SLV	Misc. Financial Services	SHORT	29.24	0.79	HOLD
SONC	Restaurants	LONG	10.17	0.05	HOLD
STRA	Schools	LONG	56.90	-1.22	HOLD
TCB	Regional Banks	SHORT	12.12	-0.33	HOLD
TFSL	SandLs/Savings Banks	SHORT	9.35	1.08	HOLD
TKC	Communications Services	SHORT	16.06	2.55	HOLD
USB	Regional Banks	SHORT	32.02	-0.14	HOLD
USNA	Conglomerates	LONG	31.20	0.91	HOLD
USTR	Office Supplies	LONG	30.65	0.60	HOLD
V	Consumer Financial Services	SHORT	149.40	-0.24	HOLD
VALE	Metal Mining	SHORT	20.62	1.00	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	38.87	-0.51	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.88	-0.79	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.13
SHORTS				0.13
TOTAL				-0.26
S&P 500				-0.13
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-36.12	5.24	-39.77	-4.15	-0.55
S&P 500	10.80	5.25	-18.60	1.10	0.31

27-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

26-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.89	-0.76	HOLD
ALJ	Oil and Gas Operations	LONG	15.44	0.06	HOLD
ATVI	Software and Programming	SHORT	10.67	-0.09	HOLD
BAS	Oil Well Services and Equipment	LONG	11.51	1.50	HOLD
BBT	Regional Banks	SHORT	29.21	-0.10	HOLD
BIG	Retail (Specialty)	LONG	28.08	-1.65	HOLD
BLX	Regional Banks	SHORT	21.21	0.05	HOLD
BOKF	Regional Banks	SHORT	54.31	-1.63	HOLD
CEF	Misc. Financial Services	SHORT	21.02	-0.19	HOLD
CENTA	Personal and Household Prods.	LONG	10.26	-2.29	HOLD
CET	Misc. Financial Services	SHORT	19.45	-0.21	HOLD
ESI	Schools	LONG	17.22	0.94	HOLD
FHN	Regional Banks	SHORT	9.92	-0.60	HOLD
FRED	Retail (Department and Discount)	LONG	13.33	-3.34	HOLD
FTK	Oil Well Services and Equipment	LONG	11.76	-1.01	HOLD
GBX	Railroads	LONG	16.15	3.26	HOLD
GLD	Misc. Financial Services	SHORT	160.78	0.10	HOLD
HBC	Regional Banks	SHORT	52.81	0.23	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.10	0.12	HOLD
IAU	Misc. Financial Services	SHORT	16.15	0.12	HOLD
IPAR	Personal and Household Prods.	LONG	19.75	2.92	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.64	-0.34	HOLD
KEG	Oil Well Services and Equipment	LONG	6.91	1.47	HOLD
KMR	Oil Well Services and Equipment	SHORT	73.95	-1.22	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.63	0.31	HOLD
LAD	Retail (Specialty)	LONG	35.95	-1.80	HOLD
LCC	Airline	LONG	13.23	-0.75	HOLD
LINE	Oil and Gas Operations	SHORT	36.05	-1.02	HOLD
NAFC	Retail (Grocery)	LONG	21.14	-2.13	HOLD
NILE	Retail (Specialty)	LONG	37.58	-3.14	HOLD
NR	Oil Well Services and Equipment	LONG	7.78	-1.39	HOLD
NVS	Major Drugs	SHORT	63.07	0.00	HOLD
OMX		LONG	9.41	-2.79	HOLD
SLV	Misc. Financial Services	SHORT	29.01	0.24	HOLD
SONC	Restaurants	LONG	10.16	-1.50	HOLD
STRA	Schools	LONG	57.60	-0.10	HOLD
TCB	Regional Banks	SHORT	12.16	-0.90	HOLD
TFSL	SandLs/Savings Banks	SHORT	9.25	0.43	HOLD
TKC	Communications Services	SHORT	15.66	-0.32	HOLD
USB	Regional Banks	SHORT	32.26	-0.15	HOLD
USNA	Conglomerates	LONG	30.92	-4.83	HOLD
USTR	Office Supplies	LONG	30.47	-2.09	HOLD
V	Consumer Financial Services	SHORT	149.76	-0.94	HOLD
VALE	Metal Mining	SHORT	20.42	1.47	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.07	-1.39	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.99	-0.71	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.90
SHORTS				-0.23
TOTAL				-0.68
S&P 500				-0.42
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-35.95	5.26	-39.77	-4.13	-0.55
S&P 500	10.95	5.23	-18.60	1.12	0.32

26-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

24-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	17.02	1.73	HOLD
ALJ	Oil and Gas Operations	LONG	15.43	-2.53	HOLD
ATVI	Software and Programming	SHORT	10.68	0.28	HOLD
BAS	Oil Well Services and Equipment	LONG	11.34	-1.22	HOLD
BBT	Regional Banks	SHORT	29.24	-0.71	HOLD
BIG	Retail (Specialty)	LONG	28.55	-0.10	HOLD
BLX	Regional Banks	SHORT	21.20	-0.84	HOLD
BOKF	Regional Banks	SHORT	55.21	-0.31	HOLD
CEF	Misc. Financial Services	SHORT	21.06	-0.33	HOLD
CENTA	Personal and Household Prods.	LONG	10.50	2.04	HOLD
CET	Misc. Financial Services	SHORT	19.69	0.31	HOLD
ESI	Schools	LONG	17.06	-1.22	HOLD
FHN	Regional Banks	SHORT	9.98	-0.40	HOLD
FRED	Retail (Department and Discount)	LONG	13.79	-0.29	HOLD
FTK	Oil Well Services and Equipment	LONG	11.88	-1.66	HOLD
GBX	Railroads	LONG	15.64	-3.10	HOLD
GLD	Misc. Financial Services	SHORT	160.62	0.18	HOLD
HBC	Regional Banks	SHORT	52.69	0.06	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.09	-0.86	HOLD
IAU	Misc. Financial Services	SHORT	16.13	0.25	HOLD
IPAR	Personal and Household Prods.	LONG	19.19	-3.42	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.70	-0.51	HOLD
KEG	Oil Well Services and Equipment	LONG	6.81	-1.87	HOLD
KMR	Oil Well Services and Equipment	SHORT	74.86	-0.21	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.60	-2.04	HOLD
LAD	Retail (Specialty)	LONG	36.61	-0.38	HOLD
LCC	Airline	LONG	13.33	-0.82	HOLD
LINE	Oil and Gas Operations	SHORT	36.42	-0.97	HOLD
NAFC	Retail (Grocery)	LONG	21.60	-0.87	HOLD
NILE	Retail (Specialty)	LONG	38.80	-0.28	HOLD
NR	Oil Well Services and Equipment	LONG	7.89	-0.75	HOLD
NVS	Major Drugs	SHORT	63.07	-0.19	HOLD
OMX		LONG	9.68	-0.51	HOLD
SLV	Misc. Financial Services	SHORT	28.94	-0.21	HOLD
SONC	Restaurants	LONG	10.32	-0.19	HOLD
STRA	Schools	LONG	57.66	1.44	HOLD
TCB	Regional Banks	SHORT	12.27	0.00	HOLD
TFSL	SandLs/Savings Banks	SHORT	9.21	2.33	HOLD
TKC	Communications Services	SHORT	15.71	0.00	HOLD
USB	Regional Banks	SHORT	32.31	-0.52	HOLD
USNA	Conglomerates	LONG	32.49	-3.96	HOLD
USTR	Office Supplies	LONG	31.12	-0.11	HOLD
V	Consumer Financial Services	SHORT	151.18	0.27	HOLD
VALE	Metal Mining	SHORT	20.12	0.10	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.62	-0.43	HOLD
XTXI	Oil Well Services and Equipment	LONG	14.09	-0.98	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.92
SHORTS				-0.11
TOTAL				-0.82
S&P 500				-0.31
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-35.54	5.30	-39.77	-4.05	-0.54
S&P 500	11.42	5.18	-18.60	1.18	0.33

24-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

21-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.73	-1.47	HOLD
ALJ	Oil and Gas Operations	LONG	15.83	10.16	HOLD
ATVI	Software and Programming	SHORT	10.65	-1.21	HOLD
BAS	Oil Well Services and Equipment	LONG	11.48	-1.71	HOLD
BBT	Regional Banks	SHORT	29.45	-0.64	HOLD
BIG	Retail (Specialty)	LONG	28.58	2.22	HOLD
BLX	Regional Banks	SHORT	21.38	-0.47	HOLD
BOKF	Regional Banks	SHORT	55.38	0.49	HOLD
CEF	Misc. Financial Services	SHORT	21.13	0.33	HOLD
CENTA	Personal and Household Prods.	LONG	10.29	-0.19	HOLD
CET	Misc. Financial Services	SHORT	19.63	-0.86	HOLD
ESI	Schools	LONG	17.27	-5.73	HOLD
FHN	Regional Banks	SHORT	10.02	-1.38	HOLD
FRED	Retail (Department and Discount)	LONG	13.83	4.06	HOLD
FTK	Oil Well Services and Equipment	LONG	12.08	0.25	HOLD
GBX	Railroads	LONG	16.14	-11.12	HOLD
GLD	Misc. Financial Services	SHORT	160.32	0.37	HOLD
HBC	Regional Banks	SHORT	52.66	-0.74	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.16	-1.33	HOLD
IAU	Misc. Financial Services	SHORT	16.11	0.37	HOLD
IPAR	Personal and Household Prods.	LONG	19.87	-0.96	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.79	0.06	HOLD
KEG	Oil Well Services and Equipment	LONG	6.94	-2.66	HOLD
KMR	Oil Well Services and Equipment	SHORT	75.02	-1.16	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.80	0.10	HOLD
LAD	Retail (Specialty)	LONG	36.75	-1.42	HOLD
LCC	Airline	LONG	13.44	-0.74	HOLD
LINE	Oil and Gas Operations	SHORT	36.78	-0.80	HOLD
NAFC	Retail (Grocery)	LONG	21.79	-0.86	HOLD
NILE	Retail (Specialty)	LONG	38.91	-1.22	HOLD
NR	Oil Well Services and Equipment	LONG	7.95	-0.75	HOLD
NVS	Major Drugs	SHORT	63.19	-0.89	HOLD
OMX		LONG	9.73	-1.92	HOLD
SLV	Misc. Financial Services	SHORT	29.00	0.01	HOLD
SONC	Restaurants	LONG	10.34	-0.77	HOLD
STRA	Schools	LONG	56.84	-2.44	HOLD
TCB	Regional Banks	SHORT	12.27	-1.37	HOLD
TFSL	SandLs/Savings Banks	SHORT	9.00	0.67	HOLD
TKC	Communications Services	SHORT	15.71	-0.82	HOLD
USB	Regional Banks	SHORT	32.48	0.12	HOLD
USNA	Conglomerates	LONG	33.83	-4.68	HOLD
USTR	Office Supplies	LONG	31.16	0.02	HOLD
V	Consumer Financial Services	SHORT	150.77	-1.11	HOLD
VALE	Metal Mining	SHORT	20.10	-1.76	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.79	-0.45	HOLD
XTXI	Oil Well Services and Equipment	LONG	14.23	0.07	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.91
SHORTS				-0.56
TOTAL				-0.35
S&P 500				-0.90
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-35.03	5.36	-39.77	-3.95	-0.53
S&P 500	11.76	5.15	-18.60	1.23	0.34

21-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

20-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.98	0.71	HOLD
ALJ	Oil and Gas Operations	LONG	14.37	1.55	HOLD
ATVI	Software and Programming	SHORT	10.78	-0.64	HOLD
BAS	Oil Well Services and Equipment	LONG	11.68	2.10	HOLD
BBT	Regional Banks	SHORT	29.64	0.44	HOLD
BIG	Retail (Specialty)	LONG	27.96	-1.89	HOLD
BLX	Regional Banks	SHORT	21.46	1.32	HOLD
BOKF	Regional Banks	SHORT	55.11	-0.49	HOLD
CEF	Misc. Financial Services	SHORT	21.06	-2.77	HOLD
CENTA	Personal and Household Prods.	LONG	10.31	0.78	HOLD
CET	Misc. Financial Services	SHORT	19.80	0.66	HOLD
ESI	Schools	LONG	18.32	-5.81	HOLD
FHN	Regional Banks	SHORT	10.16	0.69	HOLD
FRED	Retail (Department and Discount)	LONG	13.29	-1.48	HOLD
FTK	Oil Well Services and Equipment	LONG	12.05	0.75	HOLD
GBX	Railroads	LONG	18.16	-11.89	HOLD
GLD	Misc. Financial Services	SHORT	159.73	-1.21	HOLD
HBC	Regional Banks	SHORT	53.03	0.40	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.27	0.61	HOLD
IAU	Misc. Financial Services	SHORT	16.05	-1.11	HOLD
IPAR	Personal and Household Prods.	LONG	20.06	0.41	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.78	-0.39	HOLD
KEG	Oil Well Services and Equipment	LONG	7.13	0.28	HOLD
KMR	Oil Well Services and Equipment	SHORT	75.90	0.93	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.79	5.84	HOLD
LAD	Retail (Specialty)	LONG	37.28	1.91	HOLD
LCC	Airline	LONG	13.54	0.45	HOLD
LINE	Oil and Gas Operations	SHORT	37.07	0.46	HOLD
NAFC	Retail (Grocery)	LONG	21.98	0.92	HOLD
NILE	Retail (Specialty)	LONG	39.39	-1.10	HOLD
NR	Oil Well Services and Equipment	LONG	8.01	2.96	HOLD
NVS	Major Drugs	SHORT	63.74	-0.33	HOLD
OMX		LONG	9.92	0.00	HOLD
SLV	Misc. Financial Services	SHORT	29.00	-3.69	HOLD
SONC	Restaurants	LONG	10.42	-0.19	HOLD
STRA	Schools	LONG	58.26	-0.08	HOLD
TCB	Regional Banks	SHORT	12.44	1.30	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.94	2.64	HOLD
TKC	Communications Services	SHORT	15.84	2.52	HOLD
USB	Regional Banks	SHORT	32.44	0.75	HOLD
USNA	Conglomerates	LONG	35.49	-4.08	HOLD
USTR	Office Supplies	LONG	31.15	-0.76	HOLD
V	Consumer Financial Services	SHORT	152.46	2.21	HOLD
VALE	Metal Mining	SHORT	20.46	0.94	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.97	0.53	HOLD
XTXI	Oil Well Services and Equipment	LONG	14.22	2.16	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.54
SHORTS				0.49
TOTAL				-1.04
S&P 500				0.58
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.80	5.38	-39.77	-3.91	-0.53
S&P 500	13.59	4.99	-18.60	1.46	0.39

20-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, KEG,
LAD, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

19-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.86	-1.63	HOLD
ALJ	Oil and Gas Operations	LONG	14.15	-1.80	HOLD
ATVI	Software and Programming	SHORT	10.85	-2.35	HOLD
BAS	Oil Well Services and Equipment	LONG	11.44	1.33	HOLD
BBT	Regional Banks	SHORT	29.51	-0.44	HOLD
BIG	Retail (Specialty)	LONG	28.50	-1.35	HOLD
BLX	Regional Banks	SHORT	21.18	0.76	HOLD
BOKF	Regional Banks	SHORT	55.38	0.69	HOLD
CEF	Misc. Financial Services	SHORT	21.66	-0.87	HOLD
CENTA	Personal and Household Prods.	LONG	10.23	3.02	HOLD
CET	Misc. Financial Services	SHORT	19.67	0.20	HOLD
ESI	Schools	LONG	19.45	-2.99	HOLD
FHN	Regional Banks	SHORT	10.09	-0.20	HOLD
FRED	Retail (Department and Discount)	LONG	13.49	-0.44	HOLD
FTK	Oil Well Services and Equipment	LONG	11.96	-0.17	HOLD
GBX	Railroads	LONG	20.61	1.18	HOLD
GLD	Misc. Financial Services	SHORT	161.68	-0.25	HOLD
HBC	Regional Banks	SHORT	52.80	1.03	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.22	-0.24	HOLD
IAU	Misc. Financial Services	SHORT	16.23	-0.31	HOLD
IPAR	Personal and Household Prods.	LONG	19.98	-0.99	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.85	0.01	HOLD
JBT	Misc. Capital Goods	LONG	17.26	0.06	SELL
KEG	Oil Well Services and Equipment	LONG	7.11	-0.84	HOLD
KMR	Oil Well Services and Equipment	SHORT	75.20	0.43	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.25	0.11	HOLD
LAD	Retail (Specialty)	LONG	36.58	1.53	BUY
LCC	Airline	LONG	13.48	4.09	HOLD
LINE	Oil and Gas Operations	SHORT	36.90	0.03	HOLD
NAFC	Retail (Grocery)	LONG	21.78	0.23	HOLD
NILE	Retail (Specialty)	LONG	39.83	0.61	HOLD
NR	Oil Well Services and Equipment	LONG	7.78	-2.14	HOLD
NVS	Major Drugs	SHORT	63.95	-0.02	HOLD
OMX		LONG	9.92	-1.10	HOLD
SLV	Misc. Financial Services	SHORT	30.11	-1.76	HOLD
SONC	Restaurants	LONG	10.44	-1.51	HOLD
STRA	Schools	LONG	58.31	-3.09	HOLD
TCB	Regional Banks	SHORT	12.28	0.08	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.71	-0.11	HOLD
TKC	Communications Services	SHORT	15.45	-1.34	HOLD
USB	Regional Banks	SHORT	32.20	-1.14	HOLD
USNA	Conglomerates	LONG	37.00	-5.25	HOLD
USTR	Office Supplies	LONG	31.39	0.51	HOLD
V	Consumer Financial Services	SHORT	149.16	-1.04	HOLD
VALE	Metal Mining	SHORT	20.27	-1.03	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.76	-0.15	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.92	0.51	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.45
SHORTS				-0.39
TOTAL				-0.06
S&P 500				-0.74
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.12	5.46	-39.77	-3.78	-0.52
S&P 500	12.94	5.04	-18.60	1.38	0.38

19-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, JBT,
KEG, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE