18-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	8.72	-3.96	HOLD
ACHN	Major Drugs	SHORT	6.50	0.00	HOLD
AFFY	Biotechnology and Drugs	SHORT	13.06	-2.43	HOLD
ALNY	Biotechnology and Drugs	SHORT	9.91	-0.90	HOLD
APOL	Schools	LONG	32.02	0.44	HOLD
ARIA	Biotechnology and Drugs	SHORT	15.98	-1.96	HOLD
ARLP	Coal	LONG	56.67	-3.67	HOLD
AZN	Biotechnology and Drugs	LONG	41.46	-0.46	HOLD
BRKS	Semiconductors	LONG	9.93	0.10	HOLD
CEF	Misc. Financial Services	LONG	19.82	2.85	HOLD
CSC	Computer Services	SHORT	25.75	-0.08	HOLD
CVG	Computer Services	LONG	12.99	-1.74	HOLD
ASNA	Retail (Apparel)	LONG	19.27	1.85	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.27	-4.97	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.41	-0.10	HOLD
ESI	Schools	LONG	60.61	-1.64	HOLD
EXAS	Biotechnology and Drugs	SHORT	9.88	-1.30	HOLD
GDX	Misc. Financial Services	SHORT	41.62	0.68	HOLD
IAG	Gold and Silver	LONG	9.74	0.10	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.08	-5.61	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.08	-5.97	HOLD
ITRI	Electronic Instr. and Controls	SHORT	33.50	-1.21	HOLD
KKD	Retail (Grocery)	LONG	6.01	1.86	HOLD
KRO	Chemical Manufacturing	LONG	16.88	-1.17	HOLD
MNTA	Biotechnology and Drugs	LONG	13.83	-1.00	HOLD
PAAS	Gold and Silver	LONG	15.95	-0.56	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.73	0.13	HOLD
RES	Oil Well Services and Equipment	LONG	10.06	-0.59	HOLD
RIG	Oil Well Services and Equipment	SHORT	42.40	-1.76	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.55	-2.96	HOLD
SLV	Misc. Financial Services	LONG	27.79	2.02	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.25	-10.90	HOLD
STRA	Schools	LONG	91.93	-0.02	HOLD
TNH	Chemical Manufacturing	LONG	175.20	-3.77	HOLD
VALE	Metal Mining	LONG	18.10	0.95	HOLD
VVUS	Biotechnology and Drugs	SHORT	22.40	-2.18	HOLD
VWO	Misc. Financial Services	SHORT	37.71	-0.64	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.44
SHORTS				-2.34
TOTAL				1.90
S&P 500				-0.86
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-31.76	5.25	-35.03	-5.17	-0.77
S&P 500	0.50	5.88	-18.61	0.07	0.02

18-May-2012 Daily positions

Pre Opening Longs: ACAS, APOL, ARLP, ASNA, AZN, BRKS, CEF, CVG, ESI, IAG,
KKD, KRO, MNTA, PAAS, RES, SLV, STRA, TNH, VALE
Pre Opening Shorts: ACHN, AFFY, ALNY, ARIA, CSC, DNDN, DXCM, EXAS, GDX,
IDIX, ITMN, ITRI, RDEA, RIG, RIGL, SQNM, VVUS, VWO

17-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.08	-2.16	HOLD
ACHN	Major Drugs	SHORT	6.50	-2.84	HOLD
AFFY	Biotechnology and Drugs	SHORT	13.39	-6.75	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.00	-2.82	HOLD
APOL	Schools	LONG	31.88	-0.31	HOLD
ARIA	Biotechnology and Drugs	SHORT	16.30	-6.96	HOLD
ARLP	Coal	LONG	58.83	1.07	HOLD
AZN	Biotechnology and Drugs	LONG	41.65	-1.42	HOLD
BRKS	Semiconductors	LONG	9.92	-1.49	HOLD
CEF	Misc. Financial Services	LONG	19.27	2.77	HOLD
CSC	Computer Services	SHORT	25.77	-2.46	HOLD
CVG	Computer Services	LONG	13.22	-0.45	HOLD
ASNA	Retail (Apparel)	LONG	18.92	-2.82	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.65	-11.25	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.42	-0.76	HOLD
ESI	Schools	LONG	61.62	-1.49	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.01	-1.09	HOLD
GDX	Misc. Financial Services	SHORT	41.34	4.50	HOLD
IAG	Gold and Silver	LONG	9.73	5.19	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.56	-6.14	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.72	-4.88	HOLD
ITRI	Electronic Instr. and Controls	SHORT	33.91	-2.99	HOLD
KKD	Retail (Grocery)	LONG	5.90	-6.79	HOLD
KRO	Chemical Manufacturing	LONG	17.08	-8.27	HOLD
MNTA	Biotechnology and Drugs	LONG	13.97	-0.29	HOLD
PAAS	Gold and Silver	LONG	16.04	7.65	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.70	-0.16	HOLD
RES	Oil Well Services and Equipment	LONG	10.12	-3.34	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.16	0.58	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.78	-3.59	HOLD
SLV	Misc. Financial Services	LONG	27.24	3.31	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.77	-7.20	HOLD
STRA	Schools	LONG	91.95	-1.69	HOLD
TNH	Chemical Manufacturing	LONG	182.06	-7.55	HOLD
VALE	Metal Mining	LONG	17.93	-3.50	HOLD
VVUS	Biotechnology and Drugs	SHORT	22.90	-5.39	HOLD
VWO	Misc. Financial Services	SHORT	37.94	-1.33	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.14
SHORTS				-3.42
TOTAL				2.28
S&P 500				-1.48
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-33.03	5.51	-35.03	-5.14	-0.81
S&P 500	1.36	5.81	-18.61	0.19	0.06

17-May-2012 Daily positions

Pre Opening Longs: ACAS, APOL, ARLP, ASNA, AZN, BRKS, CEF, CVG, ESI, IAG,
KKD, KRO, MNTA, PAAS, RES, SLV, STRA, TNH, VALE
Pre Opening Shorts: ACHN, AFFY, ALNY, ARIA, CSC, DNDN, DXCM, EXAS, GDX,
IDIX, ITMN, ITRI, RDEA, RIG, RIGL, SQNM, VVUS, VWO

16-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.28	-1.49	HOLD
ACHN	Major Drugs	SHORT	6.69	-1.91	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.36	-0.49	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.29	-1.72	HOLD
APOL	Schools	LONG	31.98	-0.03	HOLD
ARIA	Biotechnology and Drugs	SHORT	17.52	1.45	HOLD
ARLP	Coal	LONG	58.21	-0.89	HOLD
AZN	Biotechnology and Drugs	LONG	42.25	-0.33	HOLD
BRKS	Semiconductors	LONG	10.07	-0.10	HOLD
CEF	Misc. Financial Services	LONG	18.75	-0.90	HOLD
CSC	Computer Services	SHORT	26.42	0.19	HOLD
CVG	Computer Services	LONG	13.28	-0.15	HOLD
ASNA	Retail (Apparel)	LONG	19.47	-0.56	HOLD
DNDN	Biotechnology and Drugs	SHORT	8.62	-2.49	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.50	0.57	HOLD
ESI	Schools	LONG	62.55	2.21	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.12	-1.36	HOLD
GDX	Misc. Financial Services	SHORT	39.56	0.56	HOLD
IAG	Gold and Silver	LONG	9.25	-1.80	HOLD
IDIX	Biotechnology and Drugs	SHORT	9.12	5.56	HOLD
ITMN	Biotechnology and Drugs	SHORT	11.27	-1.91	HOLD
ITRI	Electronic Instr. and Controls	SHORT	34.96	-10.12	HOLD
KKD	Retail (Grocery)	LONG	6.33	-1.25	HOLD
KRO	Chemical Manufacturing	LONG	18.62	-3.02	HOLD
MNTA	Biotechnology and Drugs	LONG	14.01	-0.71	HOLD
PAAS	Gold and Silver	LONG	14.90	-1.19	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.75	0.03	HOLD
RES	Oil Well Services and Equipment	LONG	10.47	-1.69	HOLD
RIG	Oil Well Services and Equipment	SHORT	42.91	-0.90	HOLD
RIGL	Biotechnology and Drugs	SHORT	8.07	0.62	HOLD
SLV	Misc. Financial Services	LONG	26.37	-1.83	HOLD
SQNM	Medical Equipment and Supplies	SHORT	5.14	0.98	HOLD
STRA	Schools	LONG	93.53	1.46	HOLD
TNH	Chemical Manufacturing	LONG	196.49	-1.67	HOLD
VALE	Metal Mining	LONG	18.58	-2.31	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.20	1.87	HOLD
VWO	Misc. Financial Services	SHORT	38.45	-1.59	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.86
SHORTS				-0.59
TOTAL				-0.26
S&P 500				-0.38
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.53	5.83	-35.03	-5.10	-0.85
S&P 500	2.89	5.69	-18.61	0.42	0.13

16-May-2012 Daily positions

Pre Opening Longs: ACAS, APOL, ARLP, ASNA, AZN, BRKS, CEF, CVG, ESI, IAG,
KKD, KRO, MNTA, PAAS, RES, SLV, STRA, TNH, VALE
Pre Opening Shorts: ACHN, AFFY, ALNY, ARIA, CSC, DNDN, DXCM, EXAS, GDX,
IDIX, ITMN, ITRI, RDEA, RIG, RIGL, SQNM, VVUS, VWO

15-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.42	-1.26	HOLD
ACHN	Major Drugs	SHORT	6.82	-1.02	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.43	1.76	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.47	-1.32	SHORT
APOL	Schools	LONG	31.99	0.19	HOLD
ARIA	Biotechnology and Drugs	SHORT	17.27	1.53	HOLD
ARLP	Coal	LONG	58.73	1.05	HOLD
AZN	Biotechnology and Drugs	LONG	42.39	-1.10	HOLD
BRKS	Semiconductors	LONG	10.08	-1.66	HOLD
CEF	Misc. Financial Services	LONG	18.92	-1.82	HOLD
CSC	Computer Services	SHORT	26.37	-0.83	HOLD
CVG	Computer Services	LONG	13.30	-0.23	HOLD
ASNA	Retail (Apparel)	LONG	19.58	-2.64	HOLD
DNDN	Biotechnology and Drugs	SHORT	8.84	-2.38	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.44	1.85	HOLD
ESI	Schools	LONG	61.20	0.00	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.26	-2.19	HOLD
GDX	Misc. Financial Services	SHORT	39.34	-3.98	HOLD
HGSI	Biotechnology and Drugs	SHORT	14.56	0.90	COVER
IAG	Gold and Silver	LONG	9.42	-5.71	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.64	2.73	HOLD
ITMN	Biotechnology and Drugs	SHORT	11.49	-0.43	HOLD
ITRI	Electronic Instr. and Controls	SHORT	38.89	-2.11	HOLD
KKD	Retail (Grocery)	LONG	6.41	0.16	HOLD
KRO	Chemical Manufacturing	LONG	19.20	-1.13	HOLD
MNTA	Biotechnology and Drugs	LONG	14.11	-0.28	HOLD
PAAS	Gold and Silver	LONG	15.08	-5.28	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.74	0.09	HOLD
RES	Oil Well Services and Equipment	LONG	10.65	-4.23	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.30	-2.32	HOLD
RIGL	Biotechnology and Drugs	SHORT	8.02	-1.96	HOLD
SLV	Misc. Financial Services	LONG	26.86	-2.04	HOLD
SQNM	Medical Equipment and Supplies	SHORT	5.09	-0.97	HOLD
STRA	Schools	LONG	92.18	0.47	HOLD
TNH	Chemical Manufacturing	LONG	199.83	0.54	HOLD
VALE	Metal Mining	LONG	19.02	-1.55	HOLD
VVUS	Biotechnology and Drugs	SHORT	23.76	-0.08	HOLD
VWO	Misc. Financial Services	SHORT	39.07	-0.75	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.39
SHORTS				-0.56
TOTAL				-0.83
S&P 500				-0.57
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.35	5.81	-34.86	-5.11	-0.85
S&P 500	3.28	5.66	-18.61	0.48	0.15

15-May-2012 Daily positions

Pre Opening Longs: ACAS, APOL, ARLP, ASNA, AZN, BRKS, CEF, CVG, ESI, IAG,
KKD, KRO, MNTA, PAAS, RES, SLV, STRA, TNH, VALE
Pre Opening Shorts: ACHN, AFFY, ARIA, CSC, DNDN, DXCM, EXAS, GDX, HGSI,
IDIX, ITMN, ITRI, RDEA, RIG, RIGL, SQNM, VVUS, VWO

14-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.54	-1.60	HOLD
ACHN	Major Drugs	SHORT	6.89	-4.31	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.18	-1.25	HOLD
APOL	Schools	LONG	31.93	1.88	HOLD
ARIA	Biotechnology and Drugs	SHORT	17.01	0.24	SHORT
ARLP	Coal	LONG	58.12	-0.45	HOLD
AZN	Biotechnology and Drugs	LONG	42.86	-1.36	BUY
BRKS	Semiconductors	LONG	10.25	-1.06	BUY
CEF	Misc. Financial Services	LONG	19.27	-2.92	HOLD
CSC	Computer Services	SHORT	26.59	-1.92	HOLD
CVG	Computer Services	LONG	13.33	5.29	HOLD
ASNA	Retail (Apparel)	LONG	20.11	-1.90	HOLD
DNDN	Biotechnology and Drugs	SHORT	9.06	0.00	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.25	-1.06	SHORT
ELGX	Medical Equipment and Supplies	SHORT	14.22	-5.14	COVER
ESI	Schools	LONG	61.20	-1.58	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.49	-2.15	HOLD
GDX	Misc. Financial Services	SHORT	40.97	-3.42	SHORT
HGSI	Biotechnology and Drugs	SHORT	14.43	-1.84	SHORT
HNR	Oil and Gas Operations	LONG	5.61	-6.66	SELL
IAG	Gold and Silver	LONG	9.99	-7.93	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.41	-0.94	HOLD
ITMN	Biotechnology and Drugs	SHORT	11.54	-3.91	HOLD
ITRI	Electronic Instr. and Controls	SHORT	39.73	-1.17	SHORT
KKD	Retail (Grocery)	LONG	6.40	-2.29	HOLD
KRO	Chemical Manufacturing	LONG	19.42	-5.18	BUY
MNTA	Biotechnology and Drugs	LONG	14.15	-0.77	HOLD
PAAS	Gold and Silver	LONG	15.92	-3.81	BUY
RDEA	Biotechnology and Drugs	SHORT	31.71	-0.09	HOLD
REGN	Biotechnology and Drugs	SHORT	131.61	-1.85	COVER
RES	Oil Well Services and Equipment	LONG	11.12	-3.14	HOLD
RIG	Oil Well Services and Equipment	SHORT	44.33	-3.10	SHORT
RIGL	Biotechnology and Drugs	SHORT	8.18	-1.56	HOLD
RIMM	Communications Equipment	LONG	11.80	0.00	SELL
SLV	Misc. Financial Services	LONG	27.42	-2.35	HOLD
SQNM	Medical Equipment and Supplies	SHORT	5.14	-0.77	HOLD
STRA	Schools	LONG	91.75	0.31	BUY
SYT	Chemical Manufacturing	LONG	65.77	-1.92	SELL
TNH	Chemical Manufacturing	LONG	198.75	-2.93	HOLD
VALE	Metal Mining	LONG	19.32	-3.35	HOLD
VVUS	Biotechnology and Drugs	SHORT	23.78	-3.72	HOLD
VWO	Misc. Financial Services	SHORT	39.37	-2.27	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.92
SHORTS				-2.14
TOTAL				0.22
S&P 500				-1.11
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-33.81	5.70	-34.46	-5.13	-0.85
S&P 500	3.88	5.63	-18.61	0.58	0.17

14-May-2012 Daily positions

Pre Opening Longs: ACAS, APOL, ARLP, ASNA, CEF, CVG, ESI, HNR, IAG, KKD,
MNTA, RES, RIMM, SLV, SYT, TNH, VALE
Pre Opening Shorts: ACHN, AFFY, CSC, DNDN, ELGX, EXAS, IDIX, ITMN, RDEA,
REGN, RIGL, SQNM, VVUS, VWO