24-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.39	-0.26	HOLD
ACAS	Investment Services	LONG	8.86	-0.34	HOLD
ACHN	Major Drugs	SHORT	10.51	0.10	HOLD
AM	Printing and Publishing	LONG	14.90	-0.67	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.06	-0.92	HOLD
BBOX	Computer Networks	LONG	28.41	-0.07	HOLD
CECO	Schools	LONG	11.93	3.56	HOLD
CET	Misc. Financial Services	LONG	21.97	0.00	HOLD
CIEN	Communications Equipment	SHORT	15.68	1.62	HOLD
DNDN	Biotechnology and Drugs	SHORT	14.86	2.91	HOLD
DSX	Water Transportation	LONG	9.22	0.55	HOLD
EWD	Misc. Financial Services	SHORT	29.58	1.23	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.32	1.41	HOLD
FSLR	Semiconductors	LONG	35.58	-4.35	HOLD
HNR	Oil and Gas Operations	LONG	6.89	1.32	HOLD
IGE	Misc. Financial Services	LONG	42.54	0.05	HOLD
ITT	Misc. Capital Goods	LONG	23.37	-0.26	HOLD
IXN	Misc. Financial Services	SHORT	67.24	0.84	HOLD
KWK	Oil and Gas Operations	LONG	6.08	-1.78	HOLD
PCYC	Biotechnology and Drugs	SHORT	24.65	-2.14	HOLD
REGN	Biotechnology and Drugs	SHORT	103.22	-0.10	HOLD
RIMM	Communications Equipment	LONG	14.72	0.34	HOLD
RSH	Retail (Technology)	LONG	7.18	-0.83	HOLD
SPY	Misc. Financial Services	SHORT	136.93	0.22	HOLD
SYT	Chemical Manufacturing	LONG	66.63	0.51	HOLD
TC	Metal Mining	LONG	8.82	-1.67	HOLD
VRTX	Biotechnology and Drugs	SHORT	38.39	-0.65	HOLD
VWO	Misc. Financial Services	SHORT	44.53	0.86	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.24
SHORTS				0.45
TOTAL				-0.69
S&P 500				0.22
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-7.76	3.11	-17.53	-2.56	-0.45
S&P 500	5.60	5.35	-18.61	1.08	0.31

23-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.46	0.06	HOLD
ACAS	Investment Services	LONG	8.79	1.74	HOLD
ACHN	Major Drugs	SHORT	10.12	-1.94	HOLD
AM	Printing and Publishing	LONG	15.00	0.00	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.20	4.68	HOLD
BBOX	Computer Networks	LONG	28.43	2.49	HOLD
CECO	Schools	LONG	11.52	2.04	HOLD
CET	Misc. Financial Services	LONG	21.97	-0.14	HOLD
CIEN	Communications Equipment	SHORT	15.43	3.28	HOLD
CNO	Insurance (Life)	LONG	7.69	4.34	SELL
DNDN	Biotechnology and Drugs	SHORT	14.44	5.17	HOLD
DSX	Water Transportation	LONG	9.17	0.44	HOLD
EWD	Misc. Financial Services	SHORT	29.22	1.00	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.19	3.72	HOLD
FSLR	Semiconductors	LONG	37.20	-8.03	HOLD
HNR	Oil and Gas Operations	LONG	6.80	-0.58	HOLD
IGE	Misc. Financial Services	LONG	42.52	0.83	HOLD
ITT	Misc. Capital Goods	LONG	23.43	2.72	HOLD
IXN	Misc. Financial Services	SHORT	66.68	0.28	HOLD
KWK	Oil and Gas Operations	LONG	6.19	5.81	HOLD
PCYC	Biotechnology and Drugs	SHORT	25.19	1.98	HOLD
REGN	Biotechnology and Drugs	SHORT	103.32	3.75	HOLD
RIMM	Communications Equipment	LONG	14.67	0.07	HOLD
RSH	Retail (Technology)	LONG	7.24	1.26	HOLD
SPY	Misc. Financial Services	SHORT	136.63	0.44	HOLD
SYT	Chemical Manufacturing	LONG	66.29	0.90	HOLD
TC	Metal Mining	LONG	8.97	0.11	HOLD
VRTX	Biotechnology and Drugs	SHORT	38.64	2.77	HOLD
VWO	Misc. Financial Services	SHORT	44.15	-0.23	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.83
SHORTS				2.08
TOTAL				-1.25
S&P 500				0.44
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.92	3.20	-17.53	-2.23	-0.41
S&P 500	5.37	5.33	-18.61	1.04	0.30

22-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.47	-0.19	HOLD
ACAS	Investment Services	LONG	8.70	0.23	HOLD
ACHN	Major Drugs	SHORT	10.58	-0.94	HOLD
AM	Printing and Publishing	LONG	15.00	0.20	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.52	0.41	HOLD
BBOX	Computer Networks	LONG	27.74	-1.49	HOLD
CECO	Schools	LONG	11.29	-0.18	HOLD
CET	Misc. Financial Services	LONG	22.00	-0.27	HOLD
CIEN	Communications Equipment	SHORT	14.94	-4.11	HOLD
CNO	Insurance (Life)	LONG	7.37	-1.47	HOLD
DNDN	Biotechnology and Drugs	SHORT	13.73	-1.86	HOLD
DSX	Water Transportation	LONG	9.13	-0.54	HOLD
EWD	Misc. Financial Services	SHORT	28.93	-0.96	HOLD
EXAS	Biotechnology and Drugs	SHORT	8.86	-0.34	HOLD
FSLR	Semiconductors	LONG	40.45	-4.55	HOLD
HNR	Oil and Gas Operations	LONG	6.84	-2.01	HOLD
IGE	Misc. Financial Services	LONG	42.17	0.29	HOLD
ITT	Misc. Capital Goods	LONG	22.81	-0.09	HOLD
IXN	Misc. Financial Services	SHORT	66.49	-0.37	HOLD
KWK	Oil and Gas Operations	LONG	5.85	-2.50	HOLD
PCYC	Biotechnology and Drugs	SHORT	24.70	-3.14	HOLD
REGN	Biotechnology and Drugs	SHORT	99.59	0.33	HOLD
RIMM	Communications Equipment	LONG	14.66	-1.48	HOLD
RSH	Retail (Technology)	LONG	7.15	-1.52	HOLD
SPY	Misc. Financial Services	SHORT	136.03	-0.32	HOLD
SYT	Chemical Manufacturing	LONG	65.76	1.86	HOLD
TC	Metal Mining	LONG	8.96	0.56	HOLD
VRTX	Biotechnology and Drugs	SHORT	37.60	-0.45	HOLD
VWO	Misc. Financial Services	SHORT	44.25	0.33	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.77
SHORTS				-0.95
TOTAL				0.18
S&P 500				-0.32
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-5.99	3.31	-17.53	-1.88	-0.35
S&P 500	4.91	5.27	-18.61	0.97	0.27

21-Feb-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.50	0.06	HOLD
ACAS	Investment Services	LONG	8.78	-1.24	HOLD
ACHN	Major Drugs	SHORT	10.94	-0.91	HOLD
AM	Printing and Publishing	LONG	14.97	0.27	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.46	-2.95	HOLD
BBOX	Computer Networks	LONG	28.16	-1.81	BUY
CECO	Schools	LONG	11.31	-2.67	HOLD
CET	Misc. Financial Services	LONG	22.06	-0.02	HOLD
CIEN	Communications Equipment	SHORT	15.58	-8.35	HOLD
CNO	Insurance (Life)	LONG	7.48	1.77	BUY
DNDN	Biotechnology and Drugs	SHORT	13.99	-2.17	HOLD
DSX	Water Transportation	LONG	9.18	-5.46	HOLD
EWD	Misc. Financial Services	SHORT	29.21	0.90	HOLD
EXAS	Biotechnology and Drugs	SHORT	8.89	-4.51	HOLD
FSLR	Semiconductors	LONG	42.38	-0.49	HOLD
HNR	Oil and Gas Operations	LONG	6.98	2.05	HOLD
HOFT	Furniture and Fixtures	LONG	12.92	2.46	SELL
IGE	Misc. Financial Services	LONG	42.03	0.91	HOLD
ITT	Misc. Capital Goods	LONG	22.83	0.48	HOLD
IXN	Misc. Financial Services	SHORT	66.74	0.33	HOLD
JST	Electronic Instr. and Controls	LONG	8.76	-0.57	SELL
KWK	Oil and Gas Operations	LONG	6.00	-0.33	BUY
PCYC	Biotechnology and Drugs	SHORT	25.50	4.17	HOLD
REGN	Biotechnology and Drugs	SHORT	99.26	-3.89	HOLD
RIMM	Communications Equipment	LONG	14.88	-1.26	HOLD
RSH	Retail (Technology)	LONG	7.26	-7.87	BUY
RTEC	Semiconductors	LONG	10.55	-2.59	SELL
SENEA	Food Processing	LONG	27.28	-1.69	SELL
SPY	Misc. Financial Services	SHORT	136.47	0.04	HOLD
SYT	Chemical Manufacturing	LONG	64.56	1.62	HOLD
TC	Metal Mining	LONG	8.91	1.37	BUY
VRTX	Biotechnology and Drugs	SHORT	37.77	-3.75	HOLD
VWO	Misc. Financial Services	SHORT	44.10	-0.40	HOLD
XRTX	Computer Storage Devices	LONG	17.21	0.94	SELL
TODAY SUMMARY				GAINS(%)
LONGS				-0.42
SHORTS				-1.79
TOTAL				1.37
S&P 500				0.04
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-6.22	3.28	-17.53	-1.97	-0.37
S&P 500	5.24	5.31	-18.61	1.03	0.29

21-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