27-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.32	2.46	HOLD
CASC	Auto and Truck Parts	LONG	57.54	0.17	HOLD
CVV	Semiconductors	LONG	13.42	5.67	HOLD
DUSA	Biotechnology and Drugs	LONG	4.62	1.54	HOLD
FLOW	Misc. Capital Goods	LONG	3.80	2.70	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.61	1.24	HOLD
HITK	Biotechnology and Drugs	LONG	39.57	2.65	HOLD
HOFT	Furniture and Fixtures	LONG	12.23	-0.24	HOLD
JRN	Printing and Publishing	LONG	5.17	-0.19	HOLD
JST	Electronic Instr. and Controls	LONG	8.79	1.33	HOLD
KIRK	Retail (Specialty)	LONG	14.29	1.93	HOLD
MIND	Oil Well Services and Equipment	LONG	22.35	-1.19	HOLD
REX	Chemical Manufacturing	LONG	25.50	0.43	HOLD
RTEC	Semiconductors	LONG	10.12	0.70	HOLD
SENEA	Food Processing	LONG	28.79	-0.62	HOLD
SPY	Misc. Financial Services	SHORT	131.82	-0.05	HOLD
TSEM	Semiconductors	LONG	0.70	-3.13	HOLD
VDSI	Software and Programming	LONG	8.33	1.83	HOLD
XRTX	Computer Storage Devices	LONG	16.15	1.89	HOLD
ZLC	Retail (Specialty)	LONG	2.92	1.04	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.01
SHORTS				-0.05
TOTAL				1.06
S&P 500				-0.05
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.90	3.34	-17.53	-1.97	-0.37
S&P 500	1.66	4.88	-18.61	0.38	0.10

26-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.12	3.18	HOLD
CASC	Auto and Truck Parts	LONG	57.44	-0.10	HOLD
CVV	Semiconductors	LONG	12.70	-3.42	HOLD
DUSA	Biotechnology and Drugs	LONG	4.55	0.44	HOLD
FLOW	Misc. Capital Goods	LONG	3.70	-0.27	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.48	-2.96	HOLD
HITK	Biotechnology and Drugs	LONG	38.55	0.92	HOLD
HOFT	Furniture and Fixtures	LONG	12.26	0.16	HOLD
JRN	Printing and Publishing	LONG	5.18	2.78	HOLD
JST	Electronic Instr. and Controls	LONG	8.68	0.29	HOLD
KIRK	Retail (Specialty)	LONG	14.02	-2.84	HOLD
MIND	Oil Well Services and Equipment	LONG	22.62	-2.71	HOLD
REX	Chemical Manufacturing	LONG	25.39	-0.74	HOLD
RTEC	Semiconductors	LONG	10.05	0.20	HOLD
SENEA	Food Processing	LONG	28.97	2.55	HOLD
SPY	Misc. Financial Services	SHORT	131.88	-0.51	HOLD
TSEM	Semiconductors	LONG	0.72	3.90	HOLD
VDSI	Software and Programming	LONG	8.18	-2.39	HOLD
XRTX	Computer Storage Devices	LONG	15.85	-0.75	HOLD
ZLC	Retail (Specialty)	LONG	2.89	1.40	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.02
SHORTS				-0.51
TOTAL				0.49
S&P 500				-0.51
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.89	3.20	-17.53	-2.40	-0.44
S&P 500	1.70	4.89	-18.61	0.39	0.10

25-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	7.87	-0.25	HOLD
CASC	Auto and Truck Parts	LONG	57.50	4.05	HOLD
CVV	Semiconductors	LONG	13.15	4.61	HOLD
DUSA	Biotechnology and Drugs	LONG	4.53	-1.74	HOLD
FLOW	Misc. Capital Goods	LONG	3.71	2.49	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.80	-2.79	HOLD
HITK	Biotechnology and Drugs	LONG	38.20	0.76	HOLD
HOFT	Furniture and Fixtures	LONG	12.24	2.09	HOLD
JRN	Printing and Publishing	LONG	5.04	0.40	HOLD
JST	Electronic Instr. and Controls	LONG	8.65	0.58	HOLD
KIRK	Retail (Specialty)	LONG	14.43	-0.48	HOLD
MIND	Oil Well Services and Equipment	LONG	23.25	-0.64	HOLD
REX	Chemical Manufacturing	LONG	25.58	0.43	HOLD
RTEC	Semiconductors	LONG	10.03	-0.69	HOLD
SENEA	Food Processing	LONG	28.25	-1.77	HOLD
SPY	Misc. Financial Services	SHORT	132.56	0.84	HOLD
TSEM	Semiconductors	LONG	0.69	-1.30	HOLD
VDSI	Software and Programming	LONG	8.38	1.45	HOLD
XRTX	Computer Storage Devices	LONG	15.97	1.14	HOLD
ZLC	Retail (Specialty)	LONG	2.85	0.71	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.45
SHORTS				0.84
TOTAL				-0.38
S&P 500				0.84
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.35	3.14	-17.53	-2.62	-0.47
S&P 500	2.23	4.97	-18.61	0.51	0.14

24-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	7.89	-0.13	HOLD
CASC	Auto and Truck Parts	LONG	55.26	2.30	HOLD
CVV	Semiconductors	LONG	12.57	-3.23	HOLD
DUSA	Biotechnology and Drugs	LONG	4.61	-1.50	HOLD
FLOW	Misc. Capital Goods	LONG	3.62	2.26	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	11.11	1.37	HOLD
HITK	Biotechnology and Drugs	LONG	37.91	0.11	HOLD
HOFT	Furniture and Fixtures	LONG	11.99	-1.64	HOLD
JRN	Printing and Publishing	LONG	5.02	1.21	HOLD
JST	Electronic Instr. and Controls	LONG	8.60	-3.59	HOLD
KIRK	Retail (Specialty)	LONG	14.50	1.61	HOLD
MIND	Oil Well Services and Equipment	LONG	23.40	-2.42	HOLD
REX	Chemical Manufacturing	LONG	25.47	1.84	HOLD
RTEC	Semiconductors	LONG	10.10	1.61	HOLD
SENEA	Food Processing	LONG	28.76	0.24	HOLD
SPY	Misc. Financial Services	SHORT	131.46	-0.11	HOLD
TSEM	Semiconductors	LONG	0.70	0.73	HOLD
VDSI	Software and Programming	LONG	8.26	1.60	HOLD
XRTX	Computer Storage Devices	LONG	15.79	0.57	HOLD
ZLC	Retail (Specialty)	LONG	2.83	-0.70	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.11
SHORTS				-0.11
TOTAL				0.23
S&P 500				-0.11
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.99	3.19	-17.53	-2.47	-0.45
S&P 500	1.38	4.85	-18.61	0.32	0.08

23-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	7.90	0.38	HOLD
CASC	Auto and Truck Parts	LONG	54.02	0.54	HOLD
CVV	Semiconductors	LONG	12.99	0.08	HOLD
DUSA	Biotechnology and Drugs	LONG	4.68	0.21	HOLD
FLOW	Misc. Capital Goods	LONG	3.54	-3.54	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.96	-2.49	HOLD
HITK	Biotechnology and Drugs	LONG	37.87	0.96	HOLD
HOFT	Furniture and Fixtures	LONG	12.19	-0.89	HOLD
JRN	Printing and Publishing	LONG	4.96	0.20	HOLD
JST	Electronic Instr. and Controls	LONG	8.99	-2.07	HOLD
KIRK	Retail (Specialty)	LONG	14.27	0.78	HOLD
MIND	Oil Well Services and Equipment	LONG	23.98	-1.32	HOLD
REX	Chemical Manufacturing	LONG	25.01	2.08	HOLD
RTEC	Semiconductors	LONG	9.94	1.43	HOLD
SENEA	Food Processing	LONG	28.69	4.33	HOLD
SPY	Misc. Financial Services	SHORT	131.61	0.05	HOLD
TSEM	Semiconductors	LONG	0.70	-3.19	HOLD
VDSI	Software and Programming	LONG	8.13	-0.85	HOLD
XRTX	Computer Storage Devices	LONG	15.70	-1.88	HOLD
ZLC	Retail (Specialty)	LONG	2.85	-2.06	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.37
SHORTS				0.05
TOTAL				-0.42
S&P 500				0.05
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.17	3.17	-17.53	-2.55	-0.46
S&P 500	1.50	4.87	-18.61	0.35	0.09

23-Jan-2012 Daily positions

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