23-Mar-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.09	1.96	HOLD
ACAS	Investment Services	LONG	8.94	0.68	HOLD
ACHN	Major Drugs	SHORT	9.92	-0.10	HOLD
AM	Printing and Publishing	LONG	15.92	1.47	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.72	0.26	HOLD
BBOX	Computer Networks	LONG	24.80	0.90	HOLD
CECO	Schools	LONG	8.54	-1.39	HOLD
CIEN	Communications Equipment	SHORT	15.88	1.21	HOLD
CVG	Computer Services	LONG	13.63	-2.78	HOLD
DNDN	Biotechnology and Drugs	SHORT	10.05	2.19	HOLD
DSX	Water Transportation	LONG	8.68	0.93	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.46	1.12	HOLD
EWD	Misc. Financial Services	SHORT	28.44	1.50	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.82	1.24	HOLD
FSLR	Semiconductors	LONG	26.11	-3.12	HOLD
HNR	Oil and Gas Operations	LONG	7.46	0.27	HOLD
IDIX	Biotechnology and Drugs	SHORT	10.01	-1.48	HOLD
IGE	Misc. Financial Services	LONG	39.98	1.27	HOLD
IXN	Misc. Financial Services	SHORT	70.04	0.16	HOLD
KWK	Oil and Gas Operations	LONG	5.40	1.89	HOLD
MIL	Business Services	LONG	7.63	0.13	HOLD
TPC		LONG	15.60	2.77	HOLD
PCYC	Biotechnology and Drugs	SHORT	28.10	0.14	HOLD
RDEA	Biotechnology and Drugs	SHORT	22.84	1.20	HOLD
REGN	Biotechnology and Drugs	SHORT	119.18	1.00	HOLD
RIMM	Communications Equipment	LONG	13.66	-0.87	HOLD
RSH	Retail (Technology)	LONG	6.50	0.62	HOLD
SYT	Chemical Manufacturing	LONG	67.52	2.79	HOLD
TC	Metal Mining	LONG	7.00	1.74	HOLD
VRTX	Biotechnology and Drugs	SHORT	41.34	1.72	HOLD
VVUS	Biotechnology and Drugs	SHORT	21.31	2.40	HOLD
VWO	Misc. Financial Services	SHORT	43.31	0.73	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.54
SHORTS				0.89
TOTAL				-0.34
S&P 500				0.32
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-18.19	3.27	-18.90	-5.30	-0.92
S&P 500	8.17	5.60	-18.61	1.39	0.42

23-Mar-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, BBOX, CECO, CVG, DSX, FSLR, HNR, IGE,
KWK, MIL, RIMM, RSH, SYT, TC, TPC
Pre Opening Shorts: ACHN, ARIA, CIEN, DNDN, ELGX, EWD, EXAS, IDIX, IXN,
PCYC, RDEA, REGN, VRTX, VVUS, VWO

22-Mar-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	14.83	-2.05	HOLD
ACAS	Investment Services	LONG	8.97	-1.54	HOLD
ACHN	Major Drugs	SHORT	9.99	-4.03	HOLD
AM	Printing and Publishing	LONG	15.69	-2.73	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.68	2.68	HOLD
BBOX	Computer Networks	LONG	24.58	-1.32	HOLD
CECO	Schools	LONG	8.66	0.23	HOLD
CIEN	Communications Equipment	SHORT	15.69	-0.57	HOLD
CVG	Computer Services	LONG	14.02	10.31	HOLD
DNDN	Biotechnology and Drugs	SHORT	9.83	-2.87	HOLD
DSX	Water Transportation	LONG	8.60	-3.04	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.30	-1.38	HOLD
EWD	Misc. Financial Services	SHORT	28.02	-1.68	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.70	-0.21	HOLD
FSLR	Semiconductors	LONG	26.95	2.35	HOLD
HNR	Oil and Gas Operations	LONG	7.44	-2.11	HOLD
IDIX	Biotechnology and Drugs	SHORT	10.16	-3.15	HOLD
IGE	Misc. Financial Services	LONG	39.48	-2.35	HOLD
IXN	Misc. Financial Services	SHORT	69.93	-0.21	HOLD
KWK	Oil and Gas Operations	LONG	5.30	-5.86	HOLD
MIL	Business Services	LONG	7.62	0.93	HOLD
TPC		LONG	15.18	-1.87	HOLD
PCYC	Biotechnology and Drugs	SHORT	28.06	0.47	HOLD
RDEA	Biotechnology and Drugs	SHORT	22.57	1.07	HOLD
REGN	Biotechnology and Drugs	SHORT	118.00	0.49	HOLD
RIMM	Communications Equipment	LONG	13.78	-1.85	HOLD
RSH	Retail (Technology)	LONG	6.46	-0.31	HOLD
SYT	Chemical Manufacturing	LONG	65.69	0.46	HOLD
TC	Metal Mining	LONG	6.88	-1.43	HOLD
VRTX	Biotechnology and Drugs	SHORT	40.64	-1.10	HOLD
VVUS	Biotechnology and Drugs	SHORT	20.81	-1.33	HOLD
VWO	Misc. Financial Services	SHORT	43.00	-1.56	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.72
SHORTS				-0.89
TOTAL				0.17
S&P 500				-0.72
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-17.88	3.25	-18.90	-5.28	-0.91
S&P 500	7.82	5.57	-18.61	1.34	0.40

21-Mar-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.44	0.00	HOLD
ACAS	Investment Services	LONG	9.11	0.00	HOLD
ACHN	Major Drugs	SHORT	10.54	0.00	HOLD
AM	Printing and Publishing	LONG	16.13	-1.83	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.27	1.46	HOLD
BBOX	Computer Networks	LONG	24.91	-1.15	HOLD
CECO	Schools	LONG	8.64	2.13	HOLD
CIEN	Communications Equipment	SHORT	15.78	-0.69	HOLD
CVG	Computer Services	LONG	12.71	-0.55	HOLD
DNDN	Biotechnology and Drugs	SHORT	10.12	1.91	HOLD
DSX	Water Transportation	LONG	8.87	0.68	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.50	2.91	SHORT
EWD	Misc. Financial Services	SHORT	28.47	-1.52	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.72	-0.82	HOLD
FSLR	Semiconductors	LONG	26.33	-4.12	HOLD
HNR	Oil and Gas Operations	LONG	7.60	-0.13	HOLD
IDIX	Biotechnology and Drugs	SHORT	10.49	0.58	SHORT
IGE	Misc. Financial Services	LONG	40.43	-0.81	HOLD
IXN	Misc. Financial Services	SHORT	70.08	-0.07	HOLD
KWK	Oil and Gas Operations	LONG	5.63	-3.26	HOLD
MIL		LONG	7.55	-0.53	HOLD
TPC		LONG	15.47	0.52	HOLD
PCYC	Biotechnology and Drugs	SHORT	27.93	6.52	HOLD
RDEA	Biotechnology and Drugs	SHORT	22.33	2.90	SHORT
REGN	Biotechnology and Drugs	SHORT	117.43	0.83	HOLD
RIMM	Communications Equipment	LONG	14.04	-0.50	HOLD
RSH	Retail (Technology)	LONG	6.48	-2.41	HOLD
SPY	Misc. Financial Services	SHORT	140.21	-0.16	COVER
SYT	Chemical Manufacturing	LONG	65.39	0.76	HOLD
TC	Metal Mining	LONG	6.98	0.43	HOLD
VRTX	Biotechnology and Drugs	SHORT	41.09	0.42	HOLD
VVUS	Biotechnology and Drugs	SHORT	21.09	1.30	SHORT
VWO	Misc. Financial Services	SHORT	43.68	0.23	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.63
SHORTS				0.68
TOTAL				-1.31
S&P 500				-0.16
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-18.01	3.28	-18.90	-5.28	-0.92
S&P 500	8.61	5.64	-18.61	1.46	0.44

21-Mar-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, BBOX, CECO, CVG, DSX, FSLR, HNR, IGE,
KWK, MIL, RIMM, RSH, SYT, TC, TPC
Pre Opening Shorts: ACHN, ARIA, CIEN, DNDN, EWD, EXAS, IXN, PCYC, REGN,
SPY, VRTX, VWO

20-Mar-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.44	0.00	HOLD
ACAS	Investment Services	LONG	9.11	0.00	HOLD
ACHN	Major Drugs	SHORT	10.54	0.00	HOLD
AM	Printing and Publishing	LONG	16.43	0.12	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.05	-1.18	HOLD
BBOX	Computer Networks	LONG	25.20	-1.25	HOLD
CECO	Schools	LONG	8.46	-0.70	HOLD
CIEN	Communications Equipment	SHORT	15.89	-0.81	HOLD
CVG	Computer Services	LONG	12.78	-0.23	HOLD
DNDN	Biotechnology and Drugs	SHORT	9.93	-1.29	HOLD
DSX	Water Transportation	LONG	8.81	-2.33	HOLD
EWD	Misc. Financial Services	SHORT	28.89	-2.07	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.80	-2.39	HOLD
FSLR	Semiconductors	LONG	27.46	-4.22	HOLD
HNR	Oil and Gas Operations	LONG	7.61	-3.91	HOLD
IGE	Misc. Financial Services	LONG	40.76	-1.55	HOLD
IXN	Misc. Financial Services	SHORT	70.14	-0.18	HOLD
KWK	Oil and Gas Operations	LONG	5.82	-2.02	HOLD
MIL	Business Services	LONG	7.59	-0.26	HOLD
TPC		LONG	15.39	-0.90	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.22	-1.09	HOLD
REGN	Biotechnology and Drugs	SHORT	116.46	0.96	HOLD
RIMM	Communications Equipment	LONG	14.11	-2.49	HOLD
RSH	Retail (Technology)	LONG	6.64	0.30	HOLD
SPY	Misc. Financial Services	SHORT	140.44	-0.29	HOLD
SYT	Chemical Manufacturing	LONG	64.90	-0.57	HOLD
TC	Metal Mining	LONG	6.95	-1.97	HOLD
VRTX	Biotechnology and Drugs	SHORT	40.92	-1.73	HOLD
VWO	Misc. Financial Services	SHORT	43.58	-1.40	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.29
SHORTS				-0.96
TOTAL				-0.34
S&P 500				-0.29
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-16.97	3.15	-18.90	-5.20	-0.87
S&P 500	8.78	5.65	-18.61	1.49	0.45

20-Mar-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, BBOX, CECO, CVG, DSX, FSLR, HNR, IGE,
KWK, MIL, RIMM, RSH, SYT, TC, TPC
Pre Opening Shorts: ACHN, ARIA, CIEN, DNDN, EWD, EXAS, IXN, PCYC, REGN,
SPY, VRTX, VWO

19-Mar-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	15.44	0.00	HOLD
ACAS	Investment Services	LONG	9.11	0.00	HOLD
ACHN	Major Drugs	SHORT	10.54	0.00	HOLD
AM	Printing and Publishing	LONG	16.41	1.36	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.23	-1.17	HOLD
BBOX	Computer Networks	LONG	25.52	-1.35	HOLD
CECO	Schools	LONG	8.52	-0.23	HOLD
CIEN	Communications Equipment	SHORT	16.02	0.19	HOLD
CVG	Computer Services	LONG	12.81	-0.31	HOLD
DNDN	Biotechnology and Drugs	SHORT	10.06	-0.89	HOLD
DSX	Water Transportation	LONG	9.02	-1.10	HOLD
EWD	Misc. Financial Services	SHORT	29.49	0.41	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.04	0.80	HOLD
FSLR	Semiconductors	LONG	28.67	-1.41	HOLD
HNR	Oil and Gas Operations	LONG	7.92	1.54	HOLD
IGE	Misc. Financial Services	LONG	41.40	0.56	HOLD
IXN	Misc. Financial Services	SHORT	70.27	0.75	HOLD
KWK	Oil and Gas Operations	LONG	5.94	3.30	HOLD
MIL	Business Services	LONG	7.61	-0.39	HOLD
TPC		LONG	15.53	-0.64	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.51	4.25	HOLD
REGN	Biotechnology and Drugs	SHORT	115.35	0.02	HOLD
RIMM	Communications Equipment	LONG	14.47	0.63	HOLD
RSH	Retail (Technology)	LONG	6.62	0.00	HOLD
SPY	Misc. Financial Services	SHORT	140.85	0.39	HOLD
SYT	Chemical Manufacturing	LONG	65.27	-0.34	HOLD
TC	Metal Mining	LONG	7.09	1.29	HOLD
VRTX	Biotechnology and Drugs	SHORT	41.64	-3.03	HOLD
VWO	Misc. Financial Services	SHORT	44.20	-0.56	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.17
SHORTS				0.10
TOTAL				0.07
S&P 500				0.39
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-16.64	3.12	-18.90	-5.16	-0.85
S&P 500	9.10	5.69	-18.61	1.54	0.47

19-Mar-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, BBOX, CECO, CVG, DSX, FSLR, HNR, IGE,
KWK, MIL, RIMM, RSH, SYT, TC, TPC
Pre Opening Shorts: ACHN, ARIA, CIEN, DNDN, EWD, EXAS, IXN, PCYC, REGN,
SPY, VRTX, VWO