03-Jan-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Management	SHORT	21.73	1.92	HOLD
ACCO	Business Support Supplies - NEC	LONG	6.58	-1.64	HOLD
ALJ	Petroleum Refining	LONG	16.45	-1.38	HOLD
ALNY	Biotechnology & Medical Research - NEC	SHORT	63.17	-1.08	HOLD
AVA	Multiline Utilities - NEC	LONG	27.97	0.43	HOLD
AVD	Agricultural Chemicals - NEC	LONG	24.37	1.50	HOLD
BAC	Banks - NEC	SHORT	16.40	1.86	HOLD
BHP	Integrated Mining	SHORT	67.52	0.79	HOLD
BLT	Integrated Mining	LONG	14.35	0.77	HOLD
CEC	Food Retail & Distribution - NEC	LONG	44.61	0.47	HOLD
CEF	Investment Trusts	SHORT	13.78	1.77	HOLD
CUK	Hotels, Motels & Cruise Lines - NEC	SHORT	40.90	0.44	HOLD
DENN	Restaurants & Bars - NEC	LONG	7.22	0.42	HOLD
ESI	Educational Services	LONG	35.08	3.91	HOLD
GG	Integrated Mining	SHORT	22.31	-1.37	HOLD
GPI	New Car Dealers	LONG	69.62	-0.74	HOLD
HSBC	Commercial Banks	SHORT	54.09	-0.88	HOLD
HEES	Consumer Goods Rental	LONG	29.11	0.69	HOLD
ISBC	Retail & Mortgage Banks	SHORT	25.51	0.59	HOLD
KOP	Commodity Chemicals - NEC	LONG	45.32	-0.57	HOLD
KRNY	Commercial Banks	SHORT	11.60	1.58	HOLD
MT	Steel - NEC	SHORT	17.47	-0.63	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	66.42	-0.15	HOLD
MYE	Plastic Container & Packaging	LONG	20.45	-0.39	HOLD
NJR	Natural Gas Distribution	LONG	45.10	0.67	HOLD
NP	Paper Mills & Products	LONG	42.87	0.47	HOLD
NVS	Pharmaceuticals - NEC	SHORT	79.16	0.56	HOLD
OMX	Office Supplies Wholesale	LONG	15.26	0.00	HOLD
SCCO	Specialty Mining & Metals - NEC	SHORT	28.56	-2.33	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.61	0.82	HOLD
PSA	Self-Storage REITs	SHORT	150.11	0.78	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SAH	Auto Vehicles, Parts & Service Retailers - NEC	LONG	23.84	-0.87	HOLD
SCSS	Furniture	LONG	21.35	0.80	HOLD
SLV	Investment Trusts	SHORT	19.42	0.99	HOLD
STC	Property Insurance	LONG	32.86	2.21	HOLD
TFSL	Banks - NEC	SHORT	12.00	-0.08	HOLD
TKC	Wireless Telecom	SHORT	12.73	-1.85	HOLD
TMP	Banks - NEC	SHORT	50.30	0.48	HOLD
TS	Construction & Engineering - NEC	SHORT	42.81	0.19	HOLD
V	Business Support Services - NEC	SHORT	221.16	0.07	HOLD
VALE	Steel - NEC	SHORT	14.33	-1.38	HOLD
VIP	Wireless Telecom	SHORT	12.40	-3.13	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	60.76	-0.86	HOLD
WNC	Heavy Trucks	LONG	12.34	0.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.40
SHORTS				-0.07
TOTAL				0.47
S&P 500				-0.03
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-0.42	12.63	-39.67	-0.01	-0.00
S&P 500	47.05	5.43	-18.61	2.67	0.78

02-Jan-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Management	SHORT	21.32	-0.09	HOLD
ACCO	Business Support Supplies - NEC	LONG	6.69	-0.45	HOLD
ALJ	Petroleum Refining	LONG	16.68	0.85	HOLD
ALNY	Biotechnology & Medical Research - NEC	SHORT	63.86	-0.68	HOLD
AVA	Multiline Utilities - NEC	LONG	27.85	-1.21	HOLD
AVD	Agricultural Chemicals - NEC	LONG	24.01	-1.15	HOLD
BAC	Banks - NEC	SHORT	16.10	3.40	HOLD
BHP	Integrated Mining	SHORT	66.99	-1.77	HOLD
BLT	Integrated Mining	LONG	14.24	-1.59	HOLD
CEC	Food Retail & Distribution - NEC	LONG	44.40	0.27	HOLD
CEF	Investment Trusts	SHORT	13.54	2.19	HOLD
CUK	Hotels, Motels & Cruise Lines - NEC	SHORT	40.72	-1.76	HOLD
DENN	Restaurants & Bars - NEC	LONG	7.19	0.00	HOLD
ESI	Educational Services	LONG	33.76	0.54	HOLD
GG	Integrated Mining	SHORT	22.61	4.34	HOLD
GPI	New Car Dealers	LONG	70.14	-1.24	HOLD
HSBC	Commercial Banks	SHORT	54.57	-1.02	HOLD
HEES	Consumer Goods Rental	LONG	28.91	-2.43	HOLD
ISBC	Retail & Mortgage Banks	SHORT	25.36	-0.86	HOLD
KOP	Commodity Chemicals - NEC	LONG	45.58	-0.37	HOLD
KRNY	Commercial Banks	SHORT	11.42	-1.81	HOLD
MT	Steel - NEC	SHORT	17.58	-1.46	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	66.52	0.59	HOLD
MYE	Plastic Container & Packaging	LONG	20.53	-2.79	HOLD
NJR	Natural Gas Distribution	LONG	44.83	-3.05	HOLD
NP	Paper Mills & Products	LONG	42.67	-0.23	HOLD
NVS	Pharmaceuticals - NEC	SHORT	78.72	-2.07	HOLD
OMX	Office Supplies Wholesale	LONG	15.26	0.00	HOLD
SCCO	Specialty Mining & Metals - NEC	SHORT	29.24	1.85	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.54	1.18	HOLD
PSA	Self-Storage REITs	SHORT	148.95	-1.04	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SAH	Auto Vehicles, Parts & Service Retailers - NEC	LONG	24.05	-1.76	HOLD
SCSS	Furniture	LONG	21.18	0.43	HOLD
SLV	Investment Trusts	SHORT	19.22	2.73	HOLD
STC	Property Insurance	LONG	32.15	-0.37	HOLD
TFSL	Banks - NEC	SHORT	12.01	-0.87	HOLD
TKC	Wireless Telecom	SHORT	12.97	-2.85	HOLD
TMP	Banks - NEC	SHORT	50.06	-2.59	HOLD
TS	Construction & Engineering - NEC	SHORT	42.73	-2.20	HOLD
V	Business Support Services - NEC	SHORT	221.01	-0.75	HOLD
VALE	Steel - NEC	SHORT	14.51	-4.85	HOLD
VIP	Wireless Telecom	SHORT	12.80	-1.08	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	61.29	-0.65	HOLD
WNC	Heavy Trucks	LONG	12.28	-0.57	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.70
SHORTS				-0.53
TOTAL				-0.17
S&P 500				-0.96
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	43.76	25.29	-39.69	0.54	0.34
S&P 500	47.10	5.41	-18.61	2.68	0.78

31-Dec-2013 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Management	SHORT	21.34	-0.65	HOLD
ACCO	Business Support Supplies - NEC	LONG	6.72	1.66	HOLD
ALJ	Petroleum Refining	LONG	16.54	2.48	HOLD
ALNY	Biotechnology & Medical Research - NEC	SHORT	64.30	-0.33	HOLD
AVA	Multiline Utilities - NEC	LONG	28.19	0.21	HOLD
AVD	Agricultural Chemicals - NEC	LONG	24.30	1.00	HOLD
BAC	Banks - NEC	SHORT	15.57	0.19	HOLD
BHP	Integrated Mining	SHORT	68.18	0.66	HOLD
BLT	Integrated Mining	LONG	14.47	0.49	HOLD
CEC	Food Retail & Distribution - NEC	LONG	44.28	0.32	HOLD
CEF	Investment Trusts	SHORT	13.25	0.30	HOLD
CUK	Hotels, Motels & Cruise Lines - NEC	SHORT	41.45	0.51	HOLD
DENN	Restaurants & Bars - NEC	LONG	7.19	-2.84	HOLD
ESI	Educational Services	LONG	33.58	0.93	HOLD
GG	Integrated Mining	SHORT	21.67	3.63	HOLD
GPI	New Car Dealers	LONG	71.02	-0.39	HOLD
HSBC	Commercial Banks	SHORT	55.09	0.62	HOLD
HEES	Consumer Goods Rental	LONG	29.63	2.46	HOLD
ISBC	Retail & Mortgage Banks	SHORT	25.58	0.08	HOLD
KOP	Commodity Chemicals - NEC	LONG	45.68	-0.70	HOLD
KRNY	Commercial Banks	SHORT	11.63	0.52	HOLD
MT	Steel - NEC	SHORT	17.84	0.68	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	66.13	0.38	HOLD
MYE	Plastic Container & Packaging	LONG	21.12	-1.35	HOLD
NJR	Natural Gas Distribution	LONG	46.20	0.70	HOLD
NP	Paper Mills & Products	LONG	42.71	-1.16	HOLD
NVS	Pharmaceuticals - NEC	SHORT	80.38	0.05	HOLD
OMX	Office Supplies Wholesale	LONG	15.26	0.00	HOLD
SCCO	Specialty Mining & Metals - NEC	SHORT	28.71	0.95	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.44	-0.35	HOLD
PSA	Self-Storage REITs	SHORT	150.52	-0.69	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SAH	Auto Vehicles, Parts & Service Retailers - NEC	LONG	24.47	-0.08	HOLD
SCSS	Furniture	LONG	21.09	-2.59	HOLD
SLV	Investment Trusts	SHORT	18.71	-0.74	HOLD
STC	Property Insurance	LONG	32.27	-0.34	HOLD
TFSL	Banks - NEC	SHORT	12.11	0.21	HOLD
TKC	Wireless Telecom	SHORT	13.35	-3.05	HOLD
TMP	Banks - NEC	SHORT	51.39	0.92	HOLD
TS	Construction & Engineering - NEC	SHORT	43.69	0.30	HOLD
V	Business Support Services - NEC	SHORT	222.68	0.80	HOLD
VALE	Steel - NEC	SHORT	15.24	0.13	HOLD
VIP	Wireless Telecom	SHORT	12.94	1.01	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	61.69	0.15	HOLD
WNC	Heavy Trucks	LONG	12.35	0.57	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.05
SHORTS				0.27
TOTAL				-0.21
S&P 500				0.47
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-2.20	12.41	-39.69	-0.06	-0.02
S&P 500	48.52	5.32	-18.61	2.81	0.80

30-Dec-2013 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
AB	Investment Management	SHORT	21.48	-1.01	HOLD
ACCO	Business Support Supplies - NEC	LONG	6.61	3.28	HOLD
ALJ	Petroleum Refining	LONG	16.14	-0.06	HOLD
ALNY	Biotechnology & Medical Research - NEC	SHORT	64.51	-1.00	HOLD
ATVI	Toys & Juvenile Products - NEC	SHORT	17.80	-0.11	COVER
AVA	Multiline Utilities - NEC	LONG	28.13	-0.07	HOLD
AVD	Agricultural Chemicals - NEC	LONG	24.06	-0.17	HOLD
BAC	Banks - NEC	SHORT	15.54	-0.83	HOLD
BHP	Integrated Mining	SHORT	67.73	0.47	HOLD
BLT	Integrated Mining	LONG	14.40	0.00	HOLD
BYI	Games, Toys & Children Vehicles	LONG	77.48	0.39	SELL
CEC	Food Retail & Distribution - NEC	LONG	44.14	-0.29	HOLD
CEF	Investment Trusts	SHORT	13.21	-2.87	HOLD
CUK	Hotels, Motels & Cruise Lines - NEC	SHORT	41.24	0.49	HOLD
DENN	Restaurants & Bars - NEC	LONG	7.40	-0.13	HOLD
ESI	Educational Services	LONG	33.27	-4.64	HOLD
GG	Integrated Mining	SHORT	20.91	-3.15	HOLD
GPI	New Car Dealers	LONG	71.30	0.54	HOLD
HSBC	Commercial Banks	SHORT	54.75	-0.02	HOLD
HEES	Consumer Goods Rental	LONG	28.92	-0.72	HOLD
ISBC	Retail & Mortgage Banks	SHORT	25.56	-0.39	HOLD
KOP	Commodity Chemicals - NEC	LONG	46.00	-0.65	HOLD
KRNY	Commercial Banks	SHORT	11.57	3.21	HOLD
MT	Steel - NEC	SHORT	17.72	-0.17	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.88	1.23	HOLD
MYE	Plastic Container & Packaging	LONG	21.41	-0.83	HOLD
NJR	Natural Gas Distribution	LONG	45.88	-1.42	HOLD
NP	Paper Mills & Products	LONG	43.21	-0.74	HOLD
NVS	Pharmaceuticals - NEC	SHORT	80.34	-0.06	HOLD
OMX	Office Supplies Wholesale	LONG	15.26	0.00	HOLD
SCCO	Specialty Mining & Metals - NEC	SHORT	28.44	1.90	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.47	0.95	HOLD
PSA	Self-Storage REITs	SHORT	151.57	0.30	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SAH	Auto Vehicles, Parts & Service Retailers - NEC	LONG	24.49	-0.33	HOLD
SCSS	Furniture	LONG	21.65	2.03	HOLD
SLV	Investment Trusts	SHORT	18.85	-2.18	HOLD
STC	Property Insurance	LONG	32.38	0.12	HOLD
TFSL	Banks - NEC	SHORT	12.09	0.00	HOLD
TKC	Wireless Telecom	SHORT	13.77	4.16	HOLD
TMP	Banks - NEC	SHORT	50.92	-0.66	HOLD
TS	Construction & Engineering - NEC	SHORT	43.56	-0.30	HOLD
V	Business Support Services - NEC	SHORT	220.91	0.56	HOLD
VALE	Steel - NEC	SHORT	15.22	-0.07	HOLD
VIP	Wireless Telecom	SHORT	12.81	-1.23	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	61.60	1.22	HOLD
WNC	Heavy Trucks	LONG	12.28	-0.32	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.15
SHORTS				-0.02
TOTAL				-0.13
S&P 500				-0.02
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	-1.85	12.44	-39.67	-0.05	-0.02
S&P 500	47.82	5.34	-18.61	2.77	0.79