03-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	8.48	1.31	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.48	2.86	HOLD
BBW	Retail (Specialty)	LONG	8.47	0.24	HOLD
CASC	Auto and Truck Parts	LONG	57.50	-1.29	HOLD
CVV	Semiconductors	LONG	14.83	1.78	HOLD
DUSA	Biotechnology and Drugs	LONG	5.00	2.88	HOLD
HGG	Retail (Technology)	LONG	10.44	2.96	HOLD
HITK	Biotechnology and Drugs	LONG	40.45	-0.05	HOLD
HNR	Oil and Gas Operations	LONG	6.36	-1.09	HOLD
HOFT	Furniture and Fixtures	LONG	12.80	6.14	HOLD
JRN	Printing and Publishing	LONG	5.42	5.65	HOLD
JST	Electronic Instr. and Controls	LONG	8.55	0.71	HOLD
KIRK	Retail (Specialty)	LONG	17.05	2.83	HOLD
MIND	Oil Well Services and Equipment	LONG	22.99	5.94	HOLD
RIMM	Communications Equipment	LONG	16.88	-1.92	HOLD
REX	Chemical Manufacturing	LONG	26.62	1.91	HOLD
RTEC	Semiconductors	LONG	10.83	1.21	HOLD
SENEA	Food Processing	LONG	28.95	-1.03	HOLD
SPY	Misc. Financial Services	SHORT	134.54	1.40	HOLD
VDSI	Software and Programming	LONG	9.04	-0.22	HOLD
VWO	Misc. Financial Services	SHORT	44.21	1.68	HOLD
XRTX	Computer Storage Devices	LONG	17.00	1.86	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.57
SHORTS				1.98
TOTAL				-0.41
S&P 500				1.40
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-3.89	3.66	-17.53	-1.16	-0.24
S&P 500	3.76	5.15	-18.61	0.80	0.22

02-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	8.31	0.61	BUY
ARIA	Biotechnology and Drugs	SHORT	15.05	0.33	SHORT
BBW	Retail (Specialty)	LONG	8.45	0.12	HOLD
CASC	Auto and Truck Parts	LONG	58.25	0.66	HOLD
CVV	Semiconductors	LONG	14.57	-0.21	HOLD
DUSA	Biotechnology and Drugs	LONG	4.86	0.83	HOLD
FLOW	Misc. Capital Goods	LONG	3.84	-0.49	SELL
HGG	Retail (Technology)	LONG	10.14	1.10	HOLD
HITK	Biotechnology and Drugs	LONG	40.47	1.20	HOLD
HNR	Oil and Gas Operations	LONG	6.43	-1.53	BUY
HOFT	Furniture and Fixtures	LONG	12.06	0.00	HOLD
JRN	Printing and Publishing	LONG	5.13	-3.21	HOLD
JST	Electronic Instr. and Controls	LONG	8.49	-3.52	HOLD
KIRK	Retail (Specialty)	LONG	16.58	8.72	HOLD
MIND	Oil Well Services and Equipment	LONG	21.70	-0.96	HOLD
RIMM	Communications Equipment	LONG	17.21	3.05	BUY
REX	Chemical Manufacturing	LONG	26.12	-2.54	HOLD
RTEC	Semiconductors	LONG	10.70	4.09	HOLD
SENEA	Food Processing	LONG	29.25	-0.61	HOLD
SPY	Misc. Financial Services	SHORT	132.68	0.16	COVER
TSEM	Semiconductors	LONG	0.76	-0.51	SELL
VDSI	Software and Programming	LONG	9.06	3.90	HOLD
VWO	Misc. Financial Services	SHORT	43.48	0.39	SHORT
XRTX	Computer Storage Devices	LONG	16.69	0.60	HOLD
ZLC	Retail (Specialty)	LONG	2.76	-5.15	SELL
TODAY SUMMARY				GAINS(%)
LONGS				0.21
SHORTS				0.16
TOTAL				0.05
S&P 500				0.16
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-3.86	3.67	-17.53	-1.15	-0.24
S&P 500	2.32	4.95	-18.61	0.51	0.14

01-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.44	3.30	HOLD
CASC	Auto and Truck Parts	LONG	57.87	1.85	HOLD
CVV	Semiconductors	LONG	14.60	1.88	HOLD
DUSA	Biotechnology and Drugs	LONG	4.82	0.63	HOLD
FLOW	Misc. Capital Goods	LONG	3.86	2.39	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.03	-1.47	HOLD
HITK	Biotechnology and Drugs	LONG	39.99	2.59	HOLD
HOFT	Furniture and Fixtures	LONG	12.06	0.08	HOLD
JRN	Printing and Publishing	LONG	5.30	3.11	HOLD
JST	Electronic Instr. and Controls	LONG	8.80	0.57	HOLD
KIRK	Retail (Specialty)	LONG	15.25	1.73	HOLD
MIND	Oil Well Services and Equipment	LONG	21.91	-0.27	HOLD
REX	Chemical Manufacturing	LONG	26.80	4.28	HOLD
RTEC	Semiconductors	LONG	10.28	0.49	HOLD
SENEA	Food Processing	LONG	29.43	1.73	HOLD
SPY	Misc. Financial Services	SHORT	132.47	0.88	HOLD
TSEM	Semiconductors	LONG	0.76	1.85	HOLD
VDSI	Software and Programming	LONG	8.72	3.44	HOLD
XRTX	Computer Storage Devices	LONG	16.59	4.47	HOLD
ZLC	Retail (Specialty)	LONG	2.91	2.11	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.74
SHORTS				0.88
TOTAL				0.86
S&P 500				0.88
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-4.32	3.59	-17.53	-1.32	-0.27
S&P 500	2.16	4.93	-18.61	0.48	0.13

31-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.17	0.49	HOLD
CASC	Auto and Truck Parts	LONG	56.82	0.96	HOLD
CVV	Semiconductors	LONG	14.33	1.42	HOLD
DUSA	Biotechnology and Drugs	LONG	4.79	3.46	HOLD
FLOW	Misc. Capital Goods	LONG	3.77	-1.57	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.18	-3.42	HOLD
HITK	Biotechnology and Drugs	LONG	38.98	-0.76	HOLD
HOFT	Furniture and Fixtures	LONG	12.05	-0.41	HOLD
JRN	Printing and Publishing	LONG	5.14	0.59	HOLD
JST	Electronic Instr. and Controls	LONG	8.75	-0.23	HOLD
KIRK	Retail (Specialty)	LONG	14.99	4.39	HOLD
MIND	Oil Well Services and Equipment	LONG	21.97	-1.21	HOLD
REX	Chemical Manufacturing	LONG	25.70	0.19	HOLD
RTEC	Semiconductors	LONG	10.23	1.79	HOLD
SENEA	Food Processing	LONG	28.93	1.65	HOLD
SPY	Misc. Financial Services	SHORT	131.32	-0.04	HOLD
TSEM	Semiconductors	LONG	0.75	6.84	HOLD
VDSI	Software and Programming	LONG	8.43	2.31	HOLD
XRTX	Computer Storage Devices	LONG	15.88	-0.50	HOLD
ZLC	Retail (Specialty)	LONG	2.85	-3.39	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.63
SHORTS				-0.04
TOTAL				0.67
S&P 500				-0.04
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.14	3.46	-17.53	-1.64	-0.32
S&P 500	1.27	4.82	-18.61	0.29	0.08

30-Jan-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
BBW	Retail (Specialty)	LONG	8.13	-2.28	HOLD
CASC	Auto and Truck Parts	LONG	56.28	-2.19	HOLD
CVV	Semiconductors	LONG	14.13	5.29	HOLD
DUSA	Biotechnology and Drugs	LONG	4.63	0.22	HOLD
FLOW	Misc. Capital Goods	LONG	3.83	0.79	HOLD
FRPT	Aerospace and Defense	LONG	5.55	0.00	HOLD
HGG	Retail (Technology)	LONG	10.54	-0.66	HOLD
HITK	Biotechnology and Drugs	LONG	39.28	-0.73	HOLD
HOFT	Furniture and Fixtures	LONG	12.10	-1.06	HOLD
JRN	Printing and Publishing	LONG	5.11	-1.16	HOLD
JST	Electronic Instr. and Controls	LONG	8.77	-0.23	HOLD
KIRK	Retail (Specialty)	LONG	14.36	0.49	HOLD
MIND	Oil Well Services and Equipment	LONG	22.24	-0.49	HOLD
REX	Chemical Manufacturing	LONG	25.65	0.59	HOLD
RTEC	Semiconductors	LONG	10.05	-0.69	HOLD
SENEA	Food Processing	LONG	28.46	-1.15	HOLD
SPY	Misc. Financial Services	SHORT	131.37	-0.34	HOLD
TSEM	Semiconductors	LONG	0.70	0.65	HOLD
VDSI	Software and Programming	LONG	8.24	-1.08	HOLD
XRTX	Computer Storage Devices	LONG	15.96	-1.18	HOLD
ZLC	Retail (Specialty)	LONG	2.95	1.03	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.19
SHORTS				-0.34
TOTAL				0.15
S&P 500				-0.34
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.77	3.36	-17.53	-1.90	-0.36
S&P 500	1.31	4.83	-18.61	0.30	0.08