25-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.17	-0.22	HOLD
ACHN	Major Drugs	SHORT	7.35	0.41	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.07	-1.26	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.43	0.00	HOLD
APOL	Schools	LONG	33.12	1.88	HOLD
ARIA	Biotechnology and Drugs	SHORT	16.77	-0.47	HOLD
ARLP	Coal	LONG	58.99	0.29	HOLD
AZN	Biotechnology and Drugs	LONG	41.23	0.12	HOLD
BRKS	Semiconductors	LONG	9.69	0.10	HOLD
CEF	Misc. Financial Services	LONG	19.15	1.11	HOLD
CSC	Computer Services	SHORT	26.62	0.64	HOLD
CVG	Computer Services	LONG	13.98	0.65	HOLD
ASNA	Retail (Apparel)	LONG	18.90	-0.11	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.11	-1.52	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.79	2.86	HOLD
ESI	Schools	LONG	57.90	2.70	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.24	0.59	HOLD
GDX	Misc. Financial Services	SHORT	44.91	0.63	HOLD
IAG	Gold and Silver	LONG	10.87	1.30	HOLD
IDIX	Biotechnology and Drugs	SHORT	9.68	-3.97	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.73	5.30	HOLD
ITRI	Electronic Instr. and Controls	SHORT	35.33	0.08	HOLD
KKD	Retail (Grocery)	LONG	6.48	1.73	HOLD
KRO	Chemical Manufacturing	LONG	17.44	-2.02	HOLD
MNTA	Biotechnology and Drugs	LONG	13.78	0.00	HOLD
PAAS	Gold and Silver	LONG	16.91	0.30	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.87	-0.25	HOLD
RES	Oil Well Services and Equipment	LONG	10.68	-0.93	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.14	0.02	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.51	1.49	HOLD
SLV	Misc. Financial Services	LONG	27.64	0.73	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.32	-0.46	HOLD
STRA	Schools	LONG	89.40	3.65	HOLD
TNH	Chemical Manufacturing	LONG	200.00	-0.67	HOLD
VALE	Metal Mining	LONG	18.27	0.27	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.59	-0.73	HOLD
VWO	Misc. Financial Services	SHORT	37.58	-0.40	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.57
SHORTS				0.16
TOTAL				0.41
S&P 500				-0.32
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-33.25	5.47	-35.03	-5.13	-0.80
S&P 500	2.32	5.68	-18.61	0.33	0.10

25-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

24-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.19	0.88	HOLD
ACHN	Major Drugs	SHORT	7.32	3.10	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.25	0.49	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.43	1.26	HOLD
APOL	Schools	LONG	32.51	-0.02	HOLD
ARIA	Biotechnology and Drugs	SHORT	16.85	0.24	HOLD
ARLP	Coal	LONG	58.82	0.62	HOLD
AZN	Biotechnology and Drugs	LONG	41.18	0.29	HOLD
BRKS	Semiconductors	LONG	9.68	-1.63	HOLD
CEF	Misc. Financial Services	LONG	18.94	-0.26	HOLD
CSC	Computer Services	SHORT	26.45	-0.82	HOLD
CVG	Computer Services	LONG	13.89	2.81	HOLD
ASNA	Retail (Apparel)	LONG	18.92	-2.42	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.22	-1.77	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.49	-1.41	HOLD
ESI	Schools	LONG	56.38	-2.98	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.18	0.30	HOLD
GDX	Misc. Financial Services	SHORT	44.63	0.43	HOLD
IAG	Gold and Silver	LONG	10.73	5.40	HOLD
IDIX	Biotechnology and Drugs	SHORT	10.08	8.27	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.19	1.09	HOLD
ITRI	Electronic Instr. and Controls	SHORT	35.30	-0.14	HOLD
KKD	Retail (Grocery)	LONG	6.37	-0.93	HOLD
KRO	Chemical Manufacturing	LONG	17.80	-1.11	HOLD
MNTA	Biotechnology and Drugs	LONG	13.78	-1.71	HOLD
PAAS	Gold and Silver	LONG	16.86	-1.58	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.95	0.25	HOLD
RES	Oil Well Services and Equipment	LONG	10.78	-1.28	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.13	-0.80	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.40	-2.89	HOLD
SLV	Misc. Financial Services	LONG	27.44	1.44	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.34	2.12	HOLD
STRA	Schools	LONG	86.25	-0.71	HOLD
TNH	Chemical Manufacturing	LONG	201.35	0.42	HOLD
VALE	Metal Mining	LONG	18.22	-0.71	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.77	0.90	HOLD
VWO	Misc. Financial Services	SHORT	37.73	-0.61	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.18
SHORTS				0.56
TOTAL				-0.74
S&P 500				0.20
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-33.52	5.53	-35.03	-5.13	-0.81
S&P 500	2.66	5.66	-18.61	0.38	0.12

24-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

23-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.11	1.11	HOLD
ACHN	Major Drugs	SHORT	7.10	2.45	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.18	0.07	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.30	2.39	HOLD
APOL	Schools	LONG	32.51	1.48	HOLD
ARIA	Biotechnology and Drugs	SHORT	16.81	1.33	HOLD
ARLP	Coal	LONG	58.46	2.04	HOLD
AZN	Biotechnology and Drugs	LONG	41.06	-1.35	HOLD
BRKS	Semiconductors	LONG	9.84	-0.61	HOLD
CEF	Misc. Financial Services	LONG	18.99	-1.61	HOLD
CSC	Computer Services	SHORT	26.67	1.06	HOLD
CVG	Computer Services	LONG	13.51	0.90	HOLD
ASNA	Retail (Apparel)	LONG	19.39	0.62	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.35	-4.55	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.64	0.66	HOLD
ESI	Schools	LONG	58.11	0.02	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.15	-1.17	HOLD
GDX	Misc. Financial Services	SHORT	44.44	4.47	HOLD
IAG	Gold and Silver	LONG	10.18	4.41	HOLD
IDIX	Biotechnology and Drugs	SHORT	9.31	7.26	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.08	-1.56	HOLD
ITRI	Electronic Instr. and Controls	SHORT	35.35	0.26	HOLD
KKD	Retail (Grocery)	LONG	6.43	2.06	HOLD
KRO	Chemical Manufacturing	LONG	18.00	1.29	HOLD
MNTA	Biotechnology and Drugs	LONG	14.02	-0.64	HOLD
PAAS	Gold and Silver	LONG	17.13	5.20	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.87	0.03	HOLD
RES	Oil Well Services and Equipment	LONG	10.92	4.90	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.48	0.69	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.62	0.26	HOLD
SLV	Misc. Financial Services	LONG	27.05	-1.06	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.25	-2.97	HOLD
STRA	Schools	LONG	87.87	1.61	HOLD
TNH	Chemical Manufacturing	LONG	200.50	-2.26	HOLD
VALE	Metal Mining	LONG	18.35	1.72	HOLD
VVUS	Biotechnology and Drugs	SHORT	24.55	2.46	HOLD
VWO	Misc. Financial Services	SHORT	37.96	-0.81	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.04
SHORTS				0.69
TOTAL				0.36
S&P 500				0.05
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-32.98	5.44	-35.03	-5.14	-0.80
S&P 500	2.46	5.68	-18.61	0.35	0.11

23-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

22-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	9.01	0.56	HOLD
ACHN	Major Drugs	SHORT	6.93	-3.88	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.17	0.50	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.06	-0.10	HOLD
APOL	Schools	LONG	32.04	-1.63	HOLD
ARIA	Biotechnology and Drugs	SHORT	16.59	-1.37	HOLD
ARLP	Coal	LONG	57.29	-0.90	HOLD
AZN	Biotechnology and Drugs	LONG	41.62	-1.40	HOLD
BRKS	Semiconductors	LONG	9.90	-0.70	HOLD
CEF	Misc. Financial Services	LONG	19.30	-2.28	HOLD
CSC	Computer Services	SHORT	26.39	-0.60	HOLD
CVG	Computer Services	LONG	13.39	-0.37	HOLD
ASNA	Retail (Apparel)	LONG	19.28	0.05	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.70	0.79	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.57	-1.12	HOLD
ESI	Schools	LONG	58.10	-3.23	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.27	1.08	HOLD
GDX	Misc. Financial Services	SHORT	42.54	-1.09	HOLD
IAG	Gold and Silver	LONG	9.75	-1.91	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.68	4.33	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.24	-3.49	HOLD
ITRI	Electronic Instr. and Controls	SHORT	35.26	0.40	HOLD
KKD	Retail (Grocery)	LONG	6.30	-4.83	HOLD
KRO	Chemical Manufacturing	LONG	17.77	-1.33	HOLD
MNTA	Biotechnology and Drugs	LONG	14.11	-1.88	HOLD
PAAS	Gold and Silver	LONG	16.32	-0.61	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.86	-0.06	HOLD
RES	Oil Well Services and Equipment	LONG	10.41	-1.70	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.18	-0.94	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.60	-1.68	HOLD
SLV	Misc. Financial Services	LONG	27.33	-1.26	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.38	-0.68	HOLD
STRA	Schools	LONG	86.48	-6.18	HOLD
TNH	Chemical Manufacturing	LONG	205.14	3.43	HOLD
VALE	Metal Mining	LONG	18.04	-2.59	HOLD
VVUS	Biotechnology and Drugs	SHORT	23.96	1.44	HOLD
VWO	Misc. Financial Services	SHORT	38.26	-0.83	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.51
SHORTS				-0.41
TOTAL				-1.11
S&P 500				0.17
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-33.21	5.50	-35.03	-5.14	-0.81
S&P 500	2.40	5.69	-18.61	0.35	0.11

22-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

21-May-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAS	Investment Services	LONG	8.96	2.75	HOLD
ACHN	Major Drugs	SHORT	7.21	10.92	HOLD
AFFY	Biotechnology and Drugs	SHORT	14.10	7.92	HOLD
ALNY	Biotechnology and Drugs	SHORT	10.07	1.61	HOLD
APOL	Schools	LONG	32.57	1.72	HOLD
ARIA	Biotechnology and Drugs	SHORT	16.82	5.26	HOLD
ARLP	Coal	LONG	57.81	2.01	HOLD
AZN	Biotechnology and Drugs	LONG	42.21	1.81	HOLD
BRKS	Semiconductors	LONG	9.97	0.40	HOLD
CEF	Misc. Financial Services	LONG	19.75	-0.35	HOLD
CSC	Computer Services	SHORT	26.55	3.11	HOLD
CVG	Computer Services	LONG	13.44	3.46	HOLD
ASNA	Retail (Apparel)	LONG	19.27	0.00	HOLD
DNDN	Biotechnology and Drugs	SHORT	7.64	5.09	HOLD
DXCM	Medical Equipment and Supplies	SHORT	10.69	2.69	HOLD
ESI	Schools	LONG	60.04	-0.94	HOLD
EXAS	Biotechnology and Drugs	SHORT	10.16	2.83	HOLD
GDX	Misc. Financial Services	SHORT	43.01	3.34	HOLD
IAG	Gold and Silver	LONG	9.94	2.05	HOLD
IDIX	Biotechnology and Drugs	SHORT	8.32	2.97	HOLD
ITMN	Biotechnology and Drugs	SHORT	10.61	5.26	HOLD
ITRI	Electronic Instr. and Controls	SHORT	35.12	4.84	HOLD
KKD	Retail (Grocery)	LONG	6.62	10.15	HOLD
KRO	Chemical Manufacturing	LONG	18.01	6.69	HOLD
MNTA	Biotechnology and Drugs	LONG	14.38	3.98	HOLD
PAAS	Gold and Silver	LONG	16.42	2.95	HOLD
RDEA	Biotechnology and Drugs	SHORT	31.88	0.47	HOLD
RES	Oil Well Services and Equipment	LONG	10.59	5.27	HOLD
RIG	Oil Well Services and Equipment	SHORT	43.59	2.81	HOLD
RIGL	Biotechnology and Drugs	SHORT	7.73	2.38	HOLD
SLV	Misc. Financial Services	LONG	27.67	-0.43	HOLD
SQNM	Medical Equipment and Supplies	SHORT	4.41	3.76	HOLD
STRA	Schools	LONG	92.18	0.27	HOLD
TNH	Chemical Manufacturing	LONG	198.33	13.20	HOLD
VALE	Metal Mining	LONG	18.52	2.32	HOLD
VVUS	Biotechnology and Drugs	SHORT	23.62	5.45	HOLD
VWO	Misc. Financial Services	SHORT	38.58	2.31	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				3.02
SHORTS				4.06
TOTAL				-1.04
S&P 500				1.72
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-32.47	5.37	-35.03	-5.16	-0.79
S&P 500	2.22	5.71	-18.61	0.32	0.10