20-Apr-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	13.08	0.15	HOLD
ACAS	Investment Services	LONG	9.03	2.56	HOLD
ACHN	Major Drugs	SHORT	8.28	-0.24	HOLD
AM	Printing and Publishing	LONG	15.12	3.14	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.28	3.24	HOLD
CECO	Schools	LONG	6.90	0.44	HOLD
CIEN	Communications Equipment	SHORT	15.99	-3.79	HOLD
CVG	Computer Services	LONG	13.33	1.29	HOLD
DNDN	Biotechnology and Drugs	SHORT	10.35	3.19	HOLD
DSX	Water Transportation	LONG	7.98	3.37	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.02	4.55	HOLD
EWD	Misc. Financial Services	SHORT	28.12	1.85	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.15	0.69	HOLD
HNR	Oil and Gas Operations	LONG	6.27	-2.94	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.27	3.83	HOLD
IGE	Misc. Financial Services	LONG	37.69	-0.40	HOLD
IXN	Misc. Financial Services	SHORT	68.70	0.41	HOLD
KWK	Oil and Gas Operations	LONG	3.89	-1.77	HOLD
MIL	Business Services	LONG	7.60	0.00	HOLD
TPC		LONG	15.17	1.68	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.51	-0.86	HOLD
RDEA	Biotechnology and Drugs	SHORT	20.84	2.56	HOLD
REGN	Biotechnology and Drugs	SHORT	126.38	0.31	HOLD
RIMM	Communications Equipment	LONG	13.34	-0.97	HOLD
RSH	Retail (Technology)	LONG	6.23	-1.74	HOLD
SYT	Chemical Manufacturing	LONG	69.88	0.65	HOLD
TC	Metal Mining	LONG	6.17	-3.44	HOLD
VRTX	Biotechnology and Drugs	SHORT	36.58	-0.22	HOLD
VVUS	Biotechnology and Drugs	SHORT	22.95	3.42	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.13
SHORTS				1.35
TOTAL				-1.22
S&P 500				0.17
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-22.29	3.66	-24.73	-5.48	-0.81
S&P 500	6.86	5.55	-18.61	1.09	0.33

20-Apr-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, CECO, CVG, DSX, 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

19-Apr-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	13.06	0.00	HOLD
ACAS	Investment Services	LONG	8.81	2.26	HOLD
ACHN	Major Drugs	SHORT	8.30	-12.63	HOLD
AM	Printing and Publishing	LONG	14.66	-0.14	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.80	1.86	HOLD
CECO	Schools	LONG	6.87	-0.29	HOLD
CIEN	Communications Equipment	SHORT	16.62	0.54	HOLD
CVG	Computer Services	LONG	13.16	-1.28	HOLD
DNDN	Biotechnology and Drugs	SHORT	10.03	11.69	HOLD
DSX	Water Transportation	LONG	7.72	2.12	HOLD
ELGX	Medical Equipment and Supplies	SHORT	13.41	-0.15	HOLD
EWD	Misc. Financial Services	SHORT	27.61	0.44	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.08	-1.75	HOLD
HNR	Oil and Gas Operations	LONG	6.46	4.03	HOLD
IDIX	Biotechnology and Drugs	SHORT	7.97	1.34	HOLD
IGE	Misc. Financial Services	LONG	37.87	0.00	HOLD
IXN	Misc. Financial Services	SHORT	68.39	-1.11	HOLD
KWK	Oil and Gas Operations	LONG	3.96	-0.25	HOLD
MIL	Business Services	LONG	7.60	0.26	HOLD
TPC		LONG	14.92	-0.93	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.74	1.91	HOLD
RDEA	Biotechnology and Drugs	SHORT	20.32	0.25	HOLD
REGN	Biotechnology and Drugs	SHORT	125.99	1.53	HOLD
RIMM	Communications Equipment	LONG	13.47	2.05	HOLD
RSH	Retail (Technology)	LONG	6.34	4.79	HOLD
SYT	Chemical Manufacturing	LONG	69.43	1.14	HOLD
TC	Metal Mining	LONG	6.39	-0.93	HOLD
VRTX	Biotechnology and Drugs	SHORT	36.66	3.09	HOLD
VVUS	Biotechnology and Drugs	SHORT	22.19	0.23	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.86
SHORTS				0.52
TOTAL				0.34
S&P 500				-0.64
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-21.33	3.53	-24.73	-5.45	-0.78
S&P 500	6.68	5.55	-18.61	1.07	0.32

19-Apr-2012 Daily positions

Pre Opening Longs: ABH, ACAS, AM, CECO, CVG, DSX, 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

18-Apr-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	13.06	-1.88	HOLD
ACAS	Investment Services	LONG	8.61	-1.49	HOLD
ACHN	Major Drugs	SHORT	9.50	4.97	HOLD
AM	Printing and Publishing	LONG	14.68	-1.41	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.53	-0.75	HOLD
CECO	Schools	LONG	6.89	-2.55	HOLD
CIEN	Communications Equipment	SHORT	16.53	-0.60	HOLD
CVG	Computer Services	LONG	13.33	-1.19	HOLD
DNDN	Biotechnology and Drugs	SHORT	8.98	-3.34	HOLD
DSX	Water Transportation	LONG	7.56	-3.20	HOLD
ELGX	Medical Equipment and Supplies	SHORT	13.43	0.98	HOLD
EWD	Misc. Financial Services	SHORT	27.47	-1.51	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.26	-2.19	HOLD
HNR	Oil and Gas Operations	LONG	6.22	-5.18	HOLD
IDIX	Biotechnology and Drugs	SHORT	7.86	5.79	HOLD
IGE	Misc. Financial Services	LONG	37.87	-0.37	HOLD
IXN	Misc. Financial Services	SHORT	69.16	-0.67	HOLD
KWK	Oil and Gas Operations	LONG	3.97	-2.93	HOLD
MIL	Business Services	LONG	7.57	0.13	HOLD
TPC		LONG	15.07	-1.18	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.25	1.20	HOLD
RDEA	Biotechnology and Drugs	SHORT	20.27	-1.79	HOLD
REGN	Biotechnology and Drugs	SHORT	124.09	0.52	HOLD
RIMM	Communications Equipment	LONG	13.19	-1.64	HOLD
RSH	Retail (Technology)	LONG	6.05	-2.10	HOLD
SYT	Chemical Manufacturing	LONG	68.65	-2.64	HOLD
TC	Metal Mining	LONG	6.45	-2.42	HOLD
VRTX	Biotechnology and Drugs	SHORT	35.56	-2.36	HOLD
VVUS	Biotechnology and Drugs	SHORT	22.14	2.17	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-2.00
SHORTS				0.17
TOTAL				-2.17
S&P 500				-0.34
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-21.59	3.58	-24.73	-5.45	-0.79
S&P 500	7.37	5.56	-18.61	1.18	0.35

17-Apr-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	13.31	-0.52	HOLD
ACAS	Investment Services	LONG	8.74	1.63	HOLD
ACHN	Major Drugs	SHORT	9.05	3.19	HOLD
AM	Printing and Publishing	LONG	14.89	0.54	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.64	-0.14	HOLD
CECO	Schools	LONG	7.07	1.87	HOLD
CIEN	Communications Equipment	SHORT	16.63	3.81	HOLD
CVG	Computer Services	LONG	13.49	3.45	HOLD
DNDN	Biotechnology and Drugs	SHORT	9.29	5.45	HOLD
DSX	Water Transportation	LONG	7.81	0.90	HOLD
ELGX	Medical Equipment and Supplies	SHORT	13.30	0.15	HOLD
EWD	Misc. Financial Services	SHORT	27.89	1.57	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.49	2.64	HOLD
HNR	Oil and Gas Operations	LONG	6.56	9.15	HOLD
IDIX	Biotechnology and Drugs	SHORT	7.43	0.54	HOLD
IGE	Misc. Financial Services	LONG	38.01	1.63	HOLD
IXN	Misc. Financial Services	SHORT	69.63	1.93	HOLD
KWK	Oil and Gas Operations	LONG	4.09	1.24	HOLD
MIL	Business Services	LONG	7.56	0.53	HOLD
TPC		LONG	15.25	2.01	HOLD
PCYC	Biotechnology and Drugs	SHORT	25.94	2.41	HOLD
RDEA	Biotechnology and Drugs	SHORT	20.64	4.45	HOLD
REGN	Biotechnology and Drugs	SHORT	123.45	0.74	HOLD
RIMM	Communications Equipment	LONG	13.41	-0.07	HOLD
RSH	Retail (Technology)	LONG	6.18	3.17	HOLD
SYT	Chemical Manufacturing	LONG	70.51	0.16	HOLD
TC	Metal Mining	LONG	6.61	2.16	HOLD
VRTX	Biotechnology and Drugs	SHORT	36.42	2.62	HOLD
VVUS	Biotechnology and Drugs	SHORT	21.67	-0.82	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.86
SHORTS				2.04
TOTAL				-0.18
S&P 500				1.48
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-19.85	3.35	-24.73	-5.36	-0.73
S&P 500	7.73	5.57	-18.61	1.24	0.37

16-Apr-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	13.38	-0.37	HOLD
ACAS	Investment Services	LONG	8.60	1.53	HOLD
ACHN	Major Drugs	SHORT	8.77	-2.77	HOLD
AM	Printing and Publishing	LONG	14.81	0.61	HOLD
ARIA	Biotechnology and Drugs	SHORT	14.66	-0.68	HOLD
CECO	Schools	LONG	6.94	-0.72	HOLD
CIEN	Communications Equipment	SHORT	16.02	-0.87	HOLD
CVG	Computer Services	LONG	13.04	1.40	HOLD
DNDN	Biotechnology and Drugs	SHORT	8.81	-0.45	HOLD
DSX	Water Transportation	LONG	7.74	-0.26	HOLD
ELGX	Medical Equipment and Supplies	SHORT	13.28	-1.26	HOLD
EWD	Misc. Financial Services	SHORT	27.46	1.22	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.22	2.25	HOLD
HNR	Oil and Gas Operations	LONG	6.01	-1.31	HOLD
IDIX	Biotechnology and Drugs	SHORT	7.39	-5.86	HOLD
IGE	Misc. Financial Services	LONG	37.40	-0.77	HOLD
IXN	Misc. Financial Services	SHORT	68.42	-0.70	HOLD
KWK	Oil and Gas Operations	LONG	4.04	-1.94	HOLD
MIL	Business Services	LONG	7.52	-0.53	HOLD
TPC		LONG	14.95	-0.07	HOLD
PCYC	Biotechnology and Drugs	SHORT	25.33	-2.80	HOLD
RDEA	Biotechnology and Drugs	SHORT	19.76	0.92	HOLD
REGN	Biotechnology and Drugs	SHORT	122.54	-0.05	HOLD
RIMM	Communications Equipment	LONG	13.42	4.11	HOLD
RSH	Retail (Technology)	LONG	5.99	0.67	HOLD
SYT	Chemical Manufacturing	LONG	70.40	1.79	HOLD
TC	Metal Mining	LONG	6.47	-0.46	HOLD
VRTX	Biotechnology and Drugs	SHORT	35.49	-1.88	HOLD
VVUS	Biotechnology and Drugs	SHORT	21.85	-1.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.25
SHORTS				-1.02
TOTAL				1.26
S&P 500				-0.07
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-19.71	3.35	-24.73	-5.35	-0.72
S&P 500	6.16	5.54	-18.61	1.00	0.30