17-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.50	1.57	HOLD
ACAS	Investment Services	LONG	8.91	-0.11	HOLD
ACHN	Major Drugs	SHORT	10.80	23.43	HOLD
AM	Printing and Publishing	LONG	14.93	-1.78	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.90	-3.87	HOLD
CECO	Schools	LONG	11.62	4.78	HOLD
CET	Misc. Financial Services	LONG	22.06	0.29	HOLD
CIEN	Communications Equipment	SHORT	17.00	-0.93	HOLD
DNDN	Biotechnology and Drugs	SHORT	14.30	-1.31	HOLD
DSX	Water Transportation	LONG	9.71	-0.41	HOLD
EWD	Misc. Financial Services	SHORT	28.97	0.77	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.31	-0.21	HOLD
FSLR	Semiconductors	LONG	42.59	7.25	HOLD
HNR	Oil and Gas Operations	LONG	6.84	2.86	HOLD
HOFT	Furniture and Fixtures	LONG	12.61	0.32	HOLD
IGE	Misc. Financial Services	LONG	41.66	0.07	HOLD
ITT	Misc. Capital Goods	LONG	22.72	0.98	HOLD
IXN	Misc. Financial Services	SHORT	66.52	0.12	HOLD
JST	Electronic Instr. and Controls	LONG	8.81	-2.00	HOLD
PCYC	Biotechnology and Drugs	SHORT	24.48	-0.53	HOLD
REGN	Biotechnology and Drugs	SHORT	103.28	-2.41	HOLD
RIMM	Communications Equipment	LONG	15.07	-2.08	HOLD
RTEC	Semiconductors	LONG	10.83	0.46	HOLD
SENEA	Food Processing	LONG	27.75	4.21	HOLD
SPY	Misc. Financial Services	SHORT	136.41	0.27	HOLD
SYT	Chemical Manufacturing	LONG	63.53	0.19	HOLD
VRTX	Biotechnology and Drugs	SHORT	39.24	4.67	HOLD
VWO	Misc. Financial Services	SHORT	44.26	0.20	HOLD
XRTX	Computer Storage Devices	LONG	17.05	-0.70	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.94
SHORTS				1.68
TOTAL				-0.75
S&P 500				0.27
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.14	3.18	-17.53	-2.34	-0.43
S&P 500	5.20	5.31	-18.61	1.03	0.29

17-Feb-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, CECO, CET, DSX, FSLR, HNR, HOFT, IGE,
ITT, JST, RIMM, RTEC, SENEA, SYT, XRTX
Pre Opening Shorts: ACHN, ARIA, CIEN, DNDN, EWD, EXAS, IXN, PCYC, REGN,
SPY, VRTX, VWO

16-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.27	1.87	HOLD
ACAS	Investment Services	LONG	8.68	-2.14	HOLD
ACHN	Major Drugs	SHORT	8.88	1.95	HOLD
AM	Printing and Publishing	LONG	15.20	3.12	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.50	2.99	HOLD
CECO	Schools	LONG	11.09	-1.07	HOLD
CET	Misc. Financial Services	LONG	21.93	0.05	HOLD
CIEN	Communications Equipment	SHORT	17.16	2.69	HOLD
DNDN	Biotechnology and Drugs	SHORT	14.49	-1.50	HOLD
DSX	Water Transportation	LONG	9.75	3.83	HOLD
EWD	Misc. Financial Services	SHORT	28.75	1.77	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.33	3.21	HOLD
FSLR	Semiconductors	LONG	39.71	1.53	HOLD
HNR	Oil and Gas Operations	LONG	6.65	3.74	HOLD
HOFT	Furniture and Fixtures	LONG	12.57	-3.97	HOLD
IGE	Misc. Financial Services	LONG	41.64	1.71	HOLD
ITT	Misc. Capital Goods	LONG	22.50	1.08	HOLD
IXN	Misc. Financial Services	SHORT	66.44	1.64	HOLD
JST	Electronic Instr. and Controls	LONG	8.99	1.47	HOLD
PCYC	Biotechnology and Drugs	SHORT	24.61	1.90	HOLD
REGN	Biotechnology and Drugs	SHORT	105.83	-2.59	HOLD
RIMM	Communications Equipment	LONG	15.39	3.99	HOLD
RTEC	Semiconductors	LONG	10.78	2.57	HOLD
SENEA	Food Processing	LONG	26.63	3.42	HOLD
SPY	Misc. Financial Services	SHORT	136.05	1.11	HOLD
SYT	Chemical Manufacturing	LONG	63.41	1.10	HOLD
VRTX	Biotechnology and Drugs	SHORT	37.49	2.77	HOLD
VWO	Misc. Financial Services	SHORT	44.17	1.01	HOLD
XRTX	Computer Storage Devices	LONG	17.17	3.75	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.53
SHORTS				1.41
TOTAL				0.12
S&P 500				1.11
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.81	3.22	-17.53	-2.22	-0.41
S&P 500	4.92	5.28	-18.61	0.98	0.28

16-Feb-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, CECO, CET, DSX, FSLR, HNR, HOFT, IGE,
ITT, JST, RIMM, RTEC, SENEA, SYT, XRTX
Pre Opening Shorts: ACHN, ARIA, CIEN, DNDN, EWD, EXAS, IXN, PCYC, REGN,
SPY, VRTX, VWO

15-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.03	-0.73	HOLD
ACAS	Investment Services	LONG	8.95	0.22	HOLD
ACHN	Major Drugs	SHORT	8.71	-6.65	HOLD
AM	Printing and Publishing	LONG	14.74	-1.99	BUY
ARIA	Biotechnology and Drugs	SHORT	15.05	-0.07	HOLD
BBW	Retail (Specialty)	LONG	8.13	-3.44	SELL
CECO	Schools	LONG	11.21	1.45	HOLD
CET	Misc. Financial Services	LONG	21.92	0.41	HOLD
CIEN	Communications Equipment	SHORT	16.71	-1.24	SHORT
DNDN	Biotechnology and Drugs	SHORT	14.71	5.15	HOLD
DSX	Water Transportation	LONG	9.39	-4.86	HOLD
DUSA	Biotechnology and Drugs	LONG	4.65	-3.53	SELL
EWD	Misc. Financial Services	SHORT	28.25	0.32	SHORT
EXAS	Biotechnology and Drugs	SHORT	9.04	-0.88	SHORT
FSLR	Semiconductors	LONG	39.11	-0.26	BUY
HNR	Oil and Gas Operations	LONG	6.41	-4.19	HOLD
HOFT	Furniture and Fixtures	LONG	13.09	-3.11	HOLD
IGE	Misc. Financial Services	LONG	40.94	0.00	HOLD
ITT	Misc. Capital Goods	LONG	22.26	-0.71	HOLD
IXN	Misc. Financial Services	SHORT	65.46	0.03	HOLD
JST	Electronic Instr. and Controls	LONG	8.86	-1.23	HOLD
MIND	Oil Well Services and Equipment	LONG	22.37	-3.83	SELL
PCYC	Biotechnology and Drugs	SHORT	24.15	-4.28	HOLD
REGN	Biotechnology and Drugs	SHORT	108.64	-1.33	HOLD
RIMM	Communications Equipment	LONG	14.80	1.58	HOLD
RTEC	Semiconductors	LONG	10.51	-4.54	HOLD
SENEA	Food Processing	LONG	25.75	-0.50	HOLD
SPY	Misc. Financial Services	SHORT	134.56	-0.47	HOLD
SYT	Chemical Manufacturing	LONG	62.72	-0.49	BUY
VRTX	Biotechnology and Drugs	SHORT	36.48	0.97	HOLD
VWO	Misc. Financial Services	SHORT	43.73	0.28	HOLD
XRTX	Computer Storage Devices	LONG	16.55	-1.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.67
SHORTS				-0.71
TOTAL				-0.96
S&P 500				-0.47
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.89	3.22	-17.53	-2.26	-0.41
S&P 500	3.77	5.14	-18.61	0.77	0.21

15-Feb-2012 Daily positions

Pre Opening Longs: ABH, ACAS, BBW, CECO, CET, DSX, DUSA, HNR, HOFT, IGE,
ITT, JST, MIND, RIMM, RTEC, SENEA, XRTX
Pre Opening Shorts: ACHN, ARIA, DNDN, IXN, PCYC, REGN, SPY, VRTX, VWO

14-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.13	-1.43	HOLD
ACAS	Investment Services	LONG	8.95	1.47	HOLD
ACHN	Major Drugs	SHORT	9.35	-3.21	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.06	-1.25	HOLD
BBW	Retail (Specialty)	LONG	8.42	-3.00	HOLD
CECO	Schools	LONG	11.05	-2.47	HOLD
CET	Misc. Financial Services	LONG	21.83	-0.67	HOLD
DNDN	Biotechnology and Drugs	SHORT	13.99	-3.25	HOLD
DSX	Water Transportation	LONG	9.87	3.68	HOLD
DUSA	Biotechnology and Drugs	LONG	4.82	1.69	HOLD
HNR	Oil and Gas Operations	LONG	6.69	-0.89	HOLD
HOFT	Furniture and Fixtures	LONG	13.51	-0.73	HOLD
IGE	Misc. Financial Services	LONG	40.94	-0.05	HOLD
ITT	Misc. Capital Goods	LONG	22.42	-0.13	HOLD
IXN	Misc. Financial Services	SHORT	65.44	0.15	HOLD
JST	Electronic Instr. and Controls	LONG	8.97	0.00	HOLD
MIND	Oil Well Services and Equipment	LONG	23.26	-1.82	HOLD
PCYC	Biotechnology and Drugs	SHORT	25.23	-0.86	HOLD
REGN	Biotechnology and Drugs	SHORT	110.10	-3.97	HOLD
RIMM	Communications Equipment	LONG	14.57	-2.21	HOLD
RTEC	Semiconductors	LONG	11.01	0.18	HOLD
SENEA	Food Processing	LONG	25.88	2.25	HOLD
SPY	Misc. Financial Services	SHORT	135.19	-0.13	HOLD
VRTX	Biotechnology and Drugs	SHORT	36.13	-0.06	HOLD
VWO	Misc. Financial Services	SHORT	43.61	-0.73	HOLD
XRTX	Computer Storage Devices	LONG	16.77	-0.95	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.30
SHORTS				-1.48
TOTAL				1.18
S&P 500				-0.13
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.96	3.33	-17.53	-1.89	-0.36
S&P 500	4.26	5.20	-18.61	0.87	0.24

14-Feb-2012 Daily positions

Pre Opening Longs: ABH, ACAS, BBW, CECO, CET, DSX, DUSA, HNR, HOFT, IGE,
ITT, JST, MIND, RIMM, RTEC, SENEA, XRTX
Pre Opening Shorts: ACHN, ARIA, DNDN, IXN, PCYC, REGN, SPY, VRTX, VWO

13-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.29	0.07	HOLD
ACAS	Investment Services	LONG	8.77	0.92	HOLD
ACHN	Major Drugs	SHORT	9.67	-2.32	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.25	4.06	HOLD
BBW	Retail (Specialty)	LONG	8.68	1.40	HOLD
CECO	Schools	LONG	11.33	2.72	HOLD
CET	Misc. Financial Services	LONG	21.98	0.21	HOLD
DNDN	Biotechnology and Drugs	SHORT	14.46	2.92	HOLD
DSX	Water Transportation	LONG	9.52	6.85	HOLD
DUSA	Biotechnology and Drugs	LONG	4.74	1.07	HOLD
HNR	Oil and Gas Operations	LONG	6.75	4.65	HOLD
HOFT	Furniture and Fixtures	LONG	13.61	2.25	HOLD
IGE	Misc. Financial Services	LONG	40.96	0.49	HOLD
ITT	Misc. Capital Goods	LONG	22.45	-0.66	HOLD
IXN	Misc. Financial Services	SHORT	65.34	0.76	HOLD
JST	Electronic Instr. and Controls	LONG	8.97	0.34	HOLD
MIND	Oil Well Services and Equipment	LONG	23.69	3.54	HOLD
PCYC	Biotechnology and Drugs	SHORT	25.45	9.56	HOLD
REGN	Biotechnology and Drugs	SHORT	114.65	12.31	HOLD
RIMM	Communications Equipment	LONG	14.90	-3.50	HOLD
RTEC	Semiconductors	LONG	10.99	1.29	HOLD
SENEA	Food Processing	LONG	25.31	0.20	HOLD
SPY	Misc. Financial Services	SHORT	135.36	0.74	HOLD
VRTX	Biotechnology and Drugs	SHORT	36.15	0.06	HOLD
VWO	Misc. Financial Services	SHORT	43.93	1.50	HOLD
XRTX	Computer Storage Devices	LONG	16.93	0.68	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.32
SHORTS				3.29
TOTAL				-1.96
S&P 500				0.74
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.89	3.22	-17.53	-2.27	-0.42
S&P 500	4.39	5.22	-18.61	0.90	0.25

13-Feb-2012 Daily positions

Pre Opening Longs: ABH, ACAS, BBW, CECO, CET, DSX, DUSA, HNR, HOFT, IGE,
ITT, JST, MIND, RIMM, RTEC, SENEA, XRTX
Pre Opening Shorts: ACHN, ARIA, DNDN, IXN, PCYC, REGN, SPY, VRTX, VWO