14-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.80	-1.18	HOLD
ALJ	Oil and Gas Operations	LONG	14.01	0.72	HOLD
ATVI	Software and Programming	SHORT	11.41	-0.70	HOLD
BAS	Oil Well Services and Equipment	LONG	10.27	-0.58	HOLD
BBT	Regional Banks	SHORT	28.29	-1.01	HOLD
BIG	Retail (Specialty)	LONG	27.22	-1.95	HOLD
BLX	Regional Banks	SHORT	20.70	0.58	HOLD
BOKF	Regional Banks	SHORT	54.67	-0.24	HOLD
CEF	Misc. Financial Services	SHORT	22.19	-0.98	HOLD
CENTA	Personal and Household Prods.	LONG	9.61	-0.93	HOLD
CET	Misc. Financial Services	SHORT	19.25	-0.10	HOLD
ESI	Schools	LONG	19.37	-1.12	HOLD
FHN	Regional Banks	SHORT	9.40	-1.05	HOLD
FRED	Retail (Department and Discount)	LONG	12.94	-0.17	HOLD
FTK	Oil Well Services and Equipment	LONG	11.70	-0.26	HOLD
GBX	Railroads	LONG	18.87	0.00	HOLD
GLD	Misc. Financial Services	SHORT	164.13	-0.15	HOLD
HBC	Regional Banks	SHORT	52.03	0.60	HOLD
HCBK	SandLs/Savings Banks	SHORT	7.99	-0.62	HOLD
IAU	Misc. Financial Services	SHORT	16.48	-0.11	HOLD
IPAR	Personal and Household Prods.	LONG	20.04	-2.81	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.37	0.06	HOLD
JBT	Misc. Capital Goods	LONG	16.66	0.66	HOLD
KEG	Oil Well Services and Equipment	LONG	6.52	0.62	HOLD
KMR	Oil Well Services and Equipment	SHORT	74.05	0.78	HOLD
KRNY	SandLs/Savings Banks	SHORT	8.97	0.90	HOLD
LCC	Airline	LONG	12.83	-1.08	HOLD
LINE	Oil and Gas Operations	SHORT	36.17	-1.44	HOLD
NAFC	Retail (Grocery)	LONG	20.88	0.48	HOLD
NILE	Retail (Specialty)	LONG	37.91	1.66	HOLD
NR	Oil Well Services and Equipment	LONG	7.74	1.18	HOLD
NVS	Major Drugs	SHORT	63.19	0.19	HOLD
OMX		LONG	9.65	0.00	HOLD
SLV	Misc. Financial Services	SHORT	31.17	-1.14	HOLD
SONC	Restaurants	LONG	10.42	0.29	HOLD
STRA	Schools	LONG	59.40	-1.59	HOLD
TCB	Regional Banks	SHORT	11.71	-0.34	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.59	1.42	HOLD
TKC	Communications Services	SHORT	15.57	0.06	HOLD
USB	Regional Banks	SHORT	31.40	-0.54	HOLD
USNA	Conglomerates	LONG	38.42	-8.24	HOLD
USTR	Office Supplies	LONG	30.62	0.23	HOLD
V	Consumer Financial Services	SHORT	146.82	-0.26	HOLD
VALE	Metal Mining	SHORT	19.70	3.36	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.05	-0.15	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.69	2.16	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.47
SHORTS				-0.08
TOTAL				-0.39
S&P 500				-0.37
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-35.24	5.33	-39.77	-4.04	-0.54
S&P 500	11.23	5.19	-18.60	1.18	0.33

14-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CENTA, ESI, FRED, FTK, GBX, IPAR, JBT,
KEG, LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, FHN, GLD, HBC,
HCBK, IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

13-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	17.00	0.18	HOLD
ALJ	Oil and Gas Operations	LONG	13.90	0.36	HOLD
ATVI	Software and Programming	SHORT	11.49	-0.09	HOLD
BAS	Oil Well Services and Equipment	LONG	10.33	-7.35	HOLD
BBT	Regional Banks	SHORT	28.58	-0.90	HOLD
BIG	Retail (Specialty)	LONG	27.76	0.40	HOLD
BLX	Regional Banks	SHORT	20.58	-1.25	HOLD
BOKF	Regional Banks	SHORT	54.80	0.11	HOLD
CEC	Restaurants	LONG	31.45	-0.25	SELL
CEF	Misc. Financial Services	SHORT	22.41	-1.67	HOLD
CENTA	Personal and Household Prods.	LONG	9.70	-3.00	BUY
CET	Misc. Financial Services	SHORT	19.27	-0.83	HOLD
DUK	Electric Utilities	SHORT	63.92	-0.59	COVER
ESI	Schools	LONG	19.59	0.82	HOLD
FHN	Regional Banks	SHORT	9.50	-0.42	HOLD
FRED	Retail (Department and Discount)	LONG	12.96	-0.38	HOLD
FTK	Oil Well Services and Equipment	LONG	11.73	-2.01	HOLD
GBX	Railroads	LONG	18.87	-0.68	HOLD
GLD	Misc. Financial Services	SHORT	164.37	-0.84	HOLD
HBC	Regional Banks	SHORT	51.72	-0.14	HOLD
HCBK	SandLs/Savings Banks	SHORT	8.04	0.25	SHORT
IAU	Misc. Financial Services	SHORT	16.51	-0.84	HOLD
IPAR	Personal and Household Prods.	LONG	20.62	0.39	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.36	0.06	HOLD
JBT	Misc. Capital Goods	LONG	16.55	-0.30	HOLD
KEG	Oil Well Services and Equipment	LONG	6.48	-6.09	HOLD
KMR	Oil Well Services and Equipment	SHORT	73.48	0.07	HOLD
KRNY	SandLs/Savings Banks	SHORT	8.89	0.00	HOLD
LCC	Airline	LONG	12.97	2.13	HOLD
LINE	Oil and Gas Operations	SHORT	36.70	-1.74	HOLD
NAFC	Retail (Grocery)	LONG	20.78	-1.24	HOLD
NILE	Retail (Specialty)	LONG	37.29	-0.48	HOLD
NR	Oil Well Services and Equipment	LONG	7.65	-1.54	HOLD
NVS	Major Drugs	SHORT	63.08	-0.25	HOLD
OMX		LONG	9.65	0.84	HOLD
SLV	Misc. Financial Services	SHORT	31.53	-2.59	HOLD
SONC	Restaurants	LONG	10.39	-0.95	HOLD
STRA	Schools	LONG	60.36	1.50	HOLD
TCB	Regional Banks	SHORT	11.75	0.00	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.46	0.00	HOLD
TKC	Communications Services	SHORT	15.58	-0.89	HOLD
USB	Regional Banks	SHORT	31.57	-0.94	HOLD
USNA	Conglomerates	LONG	41.87	-1.44	HOLD
USTR	Office Supplies	LONG	30.55	-0.65	HOLD
V	Consumer Financial Services	SHORT	147.20	-0.46	HOLD
VALE	Metal Mining	SHORT	19.06	0.95	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.11	0.10	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.40	-1.69	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.81
SHORTS				-0.54
TOTAL				-0.26
S&P 500				-0.61
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.99	5.36	-39.77	-4.00	-0.54
S&P 500	11.64	5.15	-18.60	1.23	0.34

13-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CEC, ESI, FRED, FTK, GBX, IPAR, JBT, KEG,
LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, DUK, FHN, GLD, HBC,
IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

12-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.97	1.19	HOLD
ALJ	Oil and Gas Operations	LONG	13.85	-0.22	HOLD
ATVI	Software and Programming	SHORT	11.50	-0.69	HOLD
BAS	Oil Well Services and Equipment	LONG	11.15	-0.71	HOLD
BBT	Regional Banks	SHORT	28.84	1.34	HOLD
BIG	Retail (Specialty)	LONG	27.65	-2.16	HOLD
BLX	Regional Banks	SHORT	20.84	-0.33	HOLD
BOKF	Regional Banks	SHORT	54.74	-0.51	HOLD
CEC	Restaurants	LONG	31.53	-1.25	HOLD
CEF	Misc. Financial Services	SHORT	22.79	1.24	HOLD
CET	Misc. Financial Services	SHORT	19.47	-0.10	HOLD
DUK	Electric Utilities	SHORT	64.30	0.03	HOLD
ESI	Schools	LONG	19.43	2.10	HOLD
FHN	Regional Banks	SHORT	9.54	1.06	HOLD
FRED	Retail (Department and Discount)	LONG	13.01	-0.08	HOLD
FTK	Oil Well Services and Equipment	LONG	11.97	-0.17	HOLD
GBX	Railroads	LONG	19.00	-2.81	HOLD
GLD	Misc. Financial Services	SHORT	165.77	0.07	HOLD
HBC	Regional Banks	SHORT	51.79	-0.10	HOLD
IAU	Misc. Financial Services	SHORT	16.65	0.06	HOLD
IPAR	Personal and Household Prods.	LONG	20.54	-1.20	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.35	-0.74	HOLD
JBT	Misc. Capital Goods	LONG	16.60	-1.43	HOLD
KEG	Oil Well Services and Equipment	LONG	6.90	0.73	HOLD
KMR	Oil Well Services and Equipment	SHORT	73.43	-0.97	HOLD
KRNY	SandLs/Savings Banks	SHORT	8.89	-2.31	HOLD
LCC	Airline	LONG	12.70	-1.40	HOLD
LINE	Oil and Gas Operations	SHORT	37.35	-1.14	HOLD
NAFC	Retail (Grocery)	LONG	21.04	-0.57	HOLD
NILE	Retail (Specialty)	LONG	37.47	-4.10	HOLD
NR	Oil Well Services and Equipment	LONG	7.77	-1.15	HOLD
NVS	Major Drugs	SHORT	63.24	0.06	HOLD
OMX		LONG	9.57	-1.34	HOLD
SLV	Misc. Financial Services	SHORT	32.37	1.44	HOLD
SONC	Restaurants	LONG	10.49	0.87	HOLD
STRA	Schools	LONG	59.47	1.07	HOLD
TCB	Regional Banks	SHORT	11.75	0.26	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.46	-0.59	HOLD
TKC	Communications Services	SHORT	15.72	-0.88	HOLD
USB	Regional Banks	SHORT	31.87	-0.31	HOLD
USNA	Conglomerates	LONG	42.48	-1.19	HOLD
USTR	Office Supplies	LONG	30.75	-0.10	HOLD
V	Consumer Financial Services	SHORT	147.88	-0.69	HOLD
VALE	Metal Mining	SHORT	18.88	0.59	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.07	-0.89	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.63	-0.51	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.72
SHORTS				-0.08
TOTAL				-0.63
S&P 500				0.05
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.83	5.37	-39.77	-3.97	-0.54
S&P 500	12.33	5.09	-18.60	1.32	0.36

11-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.77	-0.06	HOLD
ALJ	Oil and Gas Operations	LONG	13.88	0.43	HOLD
ATVI	Software and Programming	SHORT	11.58	1.31	HOLD
BAS	Oil Well Services and Equipment	LONG	11.23	1.72	HOLD
BBT	Regional Banks	SHORT	28.46	0.35	HOLD
BIG	Retail (Specialty)	LONG	28.26	-1.19	HOLD
BLX	Regional Banks	SHORT	20.91	0.87	HOLD
BOKF	Regional Banks	SHORT	55.02	0.11	HOLD
CEC	Restaurants	LONG	31.93	1.79	HOLD
CEF	Misc. Financial Services	SHORT	22.51	-0.53	HOLD
CET	Misc. Financial Services	SHORT	19.48	0.72	HOLD
DUK	Electric Utilities	SHORT	64.28	-0.06	HOLD
ESI	Schools	LONG	19.03	0.11	HOLD
FHN	Regional Banks	SHORT	9.45	0.85	HOLD
FRED	Retail (Department and Discount)	LONG	13.02	-0.08	HOLD
FTK	Oil Well Services and Equipment	LONG	11.99	1.87	HOLD
GBX	Railroads	LONG	19.55	0.26	HOLD
GLD	Misc. Financial Services	SHORT	165.65	-0.09	HOLD
HBC	Regional Banks	SHORT	51.84	0.58	HOLD
IAU	Misc. Financial Services	SHORT	16.64	-0.06	HOLD
IPAR	Personal and Household Prods.	LONG	20.79	1.71	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.48	1.98	HOLD
JBT	Misc. Capital Goods	LONG	16.84	0.36	HOLD
KEG	Oil Well Services and Equipment	LONG	6.85	1.18	HOLD
KMR	Oil Well Services and Equipment	SHORT	74.15	-0.87	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.10	0.11	HOLD
LCC	Airline	LONG	12.88	0.78	HOLD
LINE	Oil and Gas Operations	SHORT	37.78	0.67	HOLD
NAFC	Retail (Grocery)	LONG	21.16	0.24	HOLD
NILE	Retail (Specialty)	LONG	39.07	2.73	HOLD
NR	Oil Well Services and Equipment	LONG	7.86	1.29	HOLD
NVS	Major Drugs	SHORT	63.20	1.02	HOLD
OMX		LONG	9.70	1.78	HOLD
SLV	Misc. Financial Services	SHORT	31.90	-0.75	HOLD
SONC	Restaurants	LONG	10.40	0.00	HOLD
STRA	Schools	LONG	58.84	1.82	HOLD
TCB	Regional Banks	SHORT	11.72	0.95	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.51	0.95	HOLD
TKC	Communications Services	SHORT	15.86	-0.31	HOLD
USB	Regional Banks	SHORT	31.97	0.22	HOLD
USNA	Conglomerates	LONG	42.99	-0.65	HOLD
USTR	Office Supplies	LONG	30.92	-0.26	HOLD
V	Consumer Financial Services	SHORT	148.90	0.16	HOLD
VALE	Metal Mining	SHORT	18.77	2.12	HOLD
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	39.42	1.36	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.70	4.90	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.96
SHORTS				0.43
TOTAL				0.54
S&P 500				0.68
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.40	5.42	-39.77	-3.89	-0.53
S&P 500	12.27	5.10	-18.60	1.32	0.36

11-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CEC, ESI, FRED, FTK, GBX, IPAR, JBT, KEG,
LCC, NAFC, NILE, NR, OMX, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, DUK, FHN, GLD, HBC,
IAU, ISBC, KMR, KRNY, LINE, NVS, SLV, TCB, TFSL, TKC, USB, V, VALE

10-Dec-2012 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Services	SHORT	16.78	-0.36	HOLD
ALJ	Oil and Gas Operations	LONG	13.82	1.25	HOLD
ATVI	Software and Programming	SHORT	11.43	0.79	HOLD
BAS	Oil Well Services and Equipment	LONG	11.04	-1.16	HOLD
BBT	Regional Banks	SHORT	28.36	-0.21	HOLD
BIG	Retail (Specialty)	LONG	28.60	1.49	HOLD
BLX	Regional Banks	SHORT	20.73	-1.29	HOLD
BOKF	Regional Banks	SHORT	54.96	-0.18	HOLD
CEC	Restaurants	LONG	31.37	-1.07	HOLD
CEF	Misc. Financial Services	SHORT	22.63	-0.83	HOLD
CET	Misc. Financial Services	SHORT	19.38	0.33	HOLD
CSE	Regional Banks	SHORT	7.78	-1.77	COVER
DUK	Electric Utilities	SHORT	64.32	0.00	HOLD
ESI	Schools	LONG	19.01	0.16	HOLD
FHN	Regional Banks	SHORT	9.37	-0.43	HOLD
FRED	Retail (Department and Discount)	LONG	13.03	-1.59	HOLD
FTK	Oil Well Services and Equipment	LONG	11.77	-2.00	HOLD
GBX	Railroads	LONG	19.50	1.30	HOLD
GLD	Misc. Financial Services	SHORT	165.80	0.38	HOLD
HBC	Regional Banks	SHORT	51.54	-0.27	HOLD
IAU	Misc. Financial Services	SHORT	16.65	0.36	HOLD
IPAR	Personal and Household Prods.	LONG	20.44	-0.15	HOLD
ISBC	SandLs/Savings Banks	SHORT	17.14	0.00	HOLD
JBT	Misc. Capital Goods	LONG	16.78	0.00	HOLD
KEG	Oil Well Services and Equipment	LONG	6.77	-0.44	HOLD
KMR	Oil Well Services and Equipment	SHORT	74.80	0.97	HOLD
KRNY	SandLs/Savings Banks	SHORT	9.09	-0.22	HOLD
LCC	Airline	LONG	12.78	0.08	HOLD
LINE	Oil and Gas Operations	SHORT	37.53	-0.13	SHORT
NAFC	Retail (Grocery)	LONG	21.11	0.43	HOLD
NILE	Retail (Specialty)	LONG	38.03	-1.66	HOLD
NR	Oil Well Services and Equipment	LONG	7.76	0.91	HOLD
NVS	Major Drugs	SHORT	62.56	0.39	HOLD
OMX		LONG	9.53	-1.75	BUY
SLV	Misc. Financial Services	SHORT	32.14	0.34	HOLD
SONC	Restaurants	LONG	10.40	1.17	HOLD
STRA	Schools	LONG	57.79	1.69	HOLD
TCB	Regional Banks	SHORT	11.61	0.52	HOLD
TFSL	SandLs/Savings Banks	SHORT	8.43	-0.12	HOLD
TKC	Communications Services	SHORT	15.91	-1.24	HOLD
USB	Regional Banks	SHORT	31.90	-0.37	HOLD
USNA	Conglomerates	LONG	43.27	-1.03	HOLD
USTR	Office Supplies	LONG	31.00	0.78	HOLD
V	Consumer Financial Services	SHORT	148.66	0.07	HOLD
VALE	Metal Mining	SHORT	18.38	2.22	SHORT
VQ	Oil and Gas Operations	LONG	12.49	0.00	HOLD
WGL	Natural Gas Utilities	LONG	38.89	0.39	HOLD
XTXI	Oil Well Services and Equipment	LONG	13.06	4.40	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.22
SHORTS				-0.14
TOTAL				0.36
S&P 500				0.04
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-34.76	5.38	-39.77	-3.97	-0.54
S&P 500	11.52	5.16	-18.60	1.23	0.34

10-Dec-2012 Daily positions

Pre Opening Longs: ALJ, BAS, BIG, CEC, ESI, FRED, FTK, GBX, IPAR, JBT, KEG,
LCC, NAFC, NILE, NR, SONC, STRA, USNA, USTR, VQ, WGL, XTXI
Pre Opening Shorts: AB, ATVI, BBT, BLX, BOKF, CEF, CET, CSE, DUK, FHN, GLD,
HBC, IAU, ISBC, KMR, KRNY, NVS, SLV, TCB, TFSL, TKC, USB, V