04-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	12.43	-0.64	HOLD
ACAS	Investment Services	LONG	9.64	-0.92	HOLD
ACHN	Major Drugs	SHORT	5.99	-6.84	HOLD
AM	Printing and Publishing	LONG	15.15	-2.45	HOLD
CECO	Schools	LONG	6.44	-5.57	HOLD
CIEN	Communications Equipment	SHORT	13.30	-4.86	HOLD
CVG	Computer Services	LONG	12.90	-0.85	HOLD
DNDN	Biotechnology and Drugs	SHORT	11.33	-0.53	HOLD
DSX	Water Transportation	LONG	7.80	1.43	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.38	-0.35	HOLD
EWD	Misc. Financial Services	SHORT	27.38	-2.39	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.02	-0.74	HOLD
HNR	Oil and Gas Operations	LONG	6.11	-4.83	HOLD
IDIX	Biotechnology and Drugs	SHORT	7.60	-6.98	HOLD
IGE	Misc. Financial Services	LONG	36.93	-2.22	HOLD
IXN	Misc. Financial Services	SHORT	67.00	-2.20	HOLD
KWK	Oil and Gas Operations	LONG	4.44	-1.99	HOLD
MIL	Business Services	LONG	7.12	-1.66	HOLD
TPC	Construction Services	LONG	14.41	-4.88	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.55	-1.63	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.70	0.00	HOLD
REGN	Biotechnology and Drugs	SHORT	131.40	-1.88	HOLD
RIMM	Communications Equipment	LONG	12.01	-0.25	HOLD
RSH	Retail (Technology)	LONG	5.08	-1.36	HOLD
SYT	Chemical Manufacturing	LONG	69.23	-1.90	HOLD
TC	Metal Mining	LONG	5.53	-2.12	HOLD
VRTX	Biotechnology and Drugs	SHORT	37.41	-1.84	HOLD
VVUS	Biotechnology and Drugs	SHORT	23.13	-2.32	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-2.01
SHORTS				-2.50
TOTAL				0.49
S&P 500				-1.62
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-25.68	4.12	-27.04	-5.45	-0.83
S&P 500	6.12	5.56	-18.61	0.94	0.28

04-May-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, CIEN, DNDN, ELGX, EWD, EXAS, IDIX, IXN, PCYC,
RDEA, REGN, VRTX, VVUS

03-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	12.51	3.47	HOLD
ACAS	Investment Services	LONG	9.73	-1.07	HOLD
ACHN	Major Drugs	SHORT	6.43	-2.43	HOLD
AM	Printing and Publishing	LONG	15.53	-1.90	HOLD
CECO	Schools	LONG	6.82	1.04	HOLD
CIEN	Communications Equipment	SHORT	13.98	-2.24	HOLD
CVG	Computer Services	LONG	13.01	-1.96	HOLD
DNDN	Biotechnology and Drugs	SHORT	11.39	-3.64	HOLD
DSX	Water Transportation	LONG	7.69	-3.63	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.43	-1.77	HOLD
EWD	Misc. Financial Services	SHORT	28.08	-0.43	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.10	-1.37	HOLD
HNR	Oil and Gas Operations	LONG	6.42	-9.19	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.17	-7.47	HOLD
IGE	Misc. Financial Services	LONG	37.76	-2.07	HOLD
IXN	Misc. Financial Services	SHORT	68.51	-1.05	HOLD
KWK	Oil and Gas Operations	LONG	4.53	1.80	HOLD
MIL	Business Services	LONG	7.24	-2.56	HOLD
TPC	Construction Services	LONG	15.15	-2.63	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.99	0.30	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.70	0.00	HOLD
REGN	Biotechnology and Drugs	SHORT	133.92	-2.47	HOLD
RIMM	Communications Equipment	LONG	12.04	-5.94	HOLD
RSH	Retail (Technology)	LONG	5.15	2.59	HOLD
SYT	Chemical Manufacturing	LONG	70.57	-0.79	HOLD
TC	Metal Mining	LONG	5.65	-5.36	HOLD
VRTX	Biotechnology and Drugs	SHORT	38.11	-0.65	HOLD
VVUS	Biotechnology and Drugs	SHORT	23.68	-2.95	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.88
SHORTS				-2.01
TOTAL				0.13
S&P 500				-0.77
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-26.05	4.20	-27.04	-5.44	-0.84
S&P 500	7.86	5.55	-18.61	1.21	0.36

03-May-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, CIEN, DNDN, ELGX, EWD, EXAS, IDIX, IXN, PCYC,
RDEA, REGN, VRTX, VVUS

02-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	12.09	-4.20	HOLD
ACAS	Investment Services	LONG	9.84	1.60	HOLD
ACHN	Major Drugs	SHORT	6.59	-0.15	HOLD
AM	Printing and Publishing	LONG	15.83	-0.31	HOLD
CECO	Schools	LONG	6.75	-3.02	HOLD
CIEN	Communications Equipment	SHORT	14.30	-2.85	HOLD
CVG	Computer Services	LONG	13.27	-1.04	HOLD
DNDN	Biotechnology and Drugs	SHORT	11.82	1.37	HOLD
DSX	Water Transportation	LONG	7.98	0.13	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.69	-1.74	HOLD
EWD	Misc. Financial Services	SHORT	28.20	-0.95	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.24	-0.87	HOLD
HNR	Oil and Gas Operations	LONG	7.07	2.32	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.83	2.79	HOLD
IGE	Misc. Financial Services	LONG	38.56	-1.76	HOLD
IXN	Misc. Financial Services	SHORT	69.24	0.00	HOLD
KWK	Oil and Gas Operations	LONG	4.45	-8.44	HOLD
MIL	Business Services	LONG	7.43	0.95	HOLD
TPC	Construction Services	LONG	15.56	1.70	HOLD
PCYC	Biotechnology and Drugs	SHORT	26.91	-0.85	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.70	-0.06	HOLD
REGN	Biotechnology and Drugs	SHORT	137.31	2.18	HOLD
RIMM	Communications Equipment	LONG	12.80	-5.04	HOLD
RSH	Retail (Technology)	LONG	5.02	-2.90	HOLD
SYT	Chemical Manufacturing	LONG	71.17	1.02	HOLD
TC	Metal Mining	LONG	5.97	-0.17	HOLD
VRTX	Biotechnology and Drugs	SHORT	38.36	-0.23	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.40	0.93	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.28
SHORTS				-0.03
TOTAL				-1.24
S&P 500				-0.29
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-26.14	4.23	-27.04	-5.44	-0.85
S&P 500	8.69	5.57	-18.61	1.34	0.40

02-May-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, CIEN, DNDN, ELGX, EWD, EXAS, IDIX, IXN, PCYC,
RDEA, REGN, VRTX, VVUS

01-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	12.62	-4.75	HOLD
ACAS	Investment Services	LONG	9.68	-2.66	HOLD
ACHN	Major Drugs	SHORT	6.60	-0.75	HOLD
AM	Printing and Publishing	LONG	15.88	-0.75	HOLD
CECO	Schools	LONG	6.96	-2.38	HOLD
CIEN	Communications Equipment	SHORT	14.72	-0.67	HOLD
CVG	Computer Services	LONG	13.41	0.30	HOLD
DNDN	Biotechnology and Drugs	SHORT	11.66	0.13	HOLD
DSX	Water Transportation	LONG	7.97	1.40	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.95	-0.20	HOLD
EWD	Misc. Financial Services	SHORT	28.46	0.46	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.33	-4.09	HOLD
HNR	Oil and Gas Operations	LONG	6.91	0.44	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.59	-2.05	HOLD
IGE	Misc. Financial Services	LONG	39.25	1.11	HOLD
IXN	Misc. Financial Services	SHORT	69.32	0.30	HOLD
KWK	Oil and Gas Operations	LONG	4.86	3.40	HOLD
MIL	Business Services	LONG	7.36	-1.60	HOLD
TPC	Construction Services	LONG	15.30	0.59	HOLD
PCYC	Biotechnology and Drugs	SHORT	27.14	-1.52	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.72	-0.47	HOLD
REGN	Biotechnology and Drugs	SHORT	134.38	-0.65	HOLD
RIMM	Communications Equipment	LONG	13.48	-5.73	HOLD
RSH	Retail (Technology)	LONG	5.17	-0.19	HOLD
SYT	Chemical Manufacturing	LONG	70.45	0.60	HOLD
TC	Metal Mining	LONG	5.98	0.84	HOLD
VRTX	Biotechnology and Drugs	SHORT	38.45	-0.08	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.17	-0.19	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.63
SHORTS				-0.75
TOTAL				0.13
S&P 500				0.62
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-25.22	4.08	-27.04	-5.45	-0.82
S&P 500	9.02	5.57	-18.61	1.39	0.42

01-May-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, CIEN, DNDN, ELGX, EWD, EXAS, IDIX, IXN, PCYC,
RDEA, REGN, VRTX, VVUS

30-Apr-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ABH	Paper and Paper Products	LONG	13.25	-0.30	HOLD
ACAS	Investment Services	LONG	9.94	3.16	HOLD
ACHN	Major Drugs	SHORT	6.65	-3.62	HOLD
AM	Printing and Publishing	LONG	16.00	2.89	HOLD
CECO	Schools	LONG	7.13	-3.13	HOLD
CIEN	Communications Equipment	SHORT	14.82	-1.79	HOLD
CVG	Computer Services	LONG	13.37	-0.67	HOLD
DNDN	Biotechnology and Drugs	SHORT	11.65	2.60	HOLD
DSX	Water Transportation	LONG	7.86	-1.50	HOLD
ELGX	Medical Equipment and Supplies	SHORT	14.98	0.07	HOLD
EWD	Misc. Financial Services	SHORT	28.33	0.21	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.77	-2.36	HOLD
HNR	Oil and Gas Operations	LONG	6.88	-0.58	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.77	2.57	HOLD
IGE	Misc. Financial Services	LONG	38.82	0.41	HOLD
IXN	Misc. Financial Services	SHORT	69.08	-0.92	HOLD
KWK	Oil and Gas Operations	LONG	4.70	6.09	HOLD
MIL	Business Services	LONG	7.48	-0.53	HOLD
TPC	Construction Services	LONG	15.21	-2.37	HOLD
PCYC	Biotechnology and Drugs	SHORT	27.56	-3.57	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.87	0.06	HOLD
REGN	Biotechnology and Drugs	SHORT	135.26	-3.39	HOLD
RIMM	Communications Equipment	LONG	14.30	1.92	HOLD
RSH	Retail (Technology)	LONG	5.18	-3.36	HOLD
SYT	Chemical Manufacturing	LONG	70.03	-0.45	HOLD
TC	Metal Mining	LONG	5.93	-2.47	HOLD
VRTX	Biotechnology and Drugs	SHORT	38.48	-0.36	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.22	-3.70	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.06
SHORTS				-1.09
TOTAL				1.03
S&P 500				-0.39
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-25.31	4.11	-27.04	-5.44	-0.83
S&P 500	8.34	5.56	-18.61	1.30	0.39

30-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, CIEN, DNDN, ELGX, EWD, EXAS, IDIX, IXN, PCYC,
RDEA, REGN, VRTX, VVUS