21-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.75	0.00	HOLD
ANN	Women's Apparel Retailers	LONG	42.05	12.95	HOLD
AVB	Residential REITs	SHORT	129.84	0.88	HOLD
BIG	Discount Stores - NEC	LONG	38.02	1.52	HOLD
BLT	Integrated Mining	LONG	12.23	1.07	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	39.98	-0.03	HOLD
DEI	Commercial REITs - NEC	SHORT	27.16	1.15	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.70	0.45	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	64.09	1.26	HOLD
EQR	Residential REITs	SHORT	57.19	-0.05	HOLD
GG	Gold - NEC	SHORT	26.66	-0.04	HOLD
GPI	New Car Dealers	LONG	68.19	-0.67	HOLD
GPRE	Industrial Gas	LONG	30.43	0.56	HOLD
HTS	Mortgage REITs	SHORT	19.55	0.51	HOLD
KOP	Commodity Chemicals - NEC	LONG	41.60	0.92	HOLD
KRNY	Commercial Banks	SHORT	15.02	-1.83	HOLD
LNG	Natural Gas Pipeline	SHORT	54.04	0.67	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	34.17	1.03	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.46	-0.76	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.26	1.53	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.73	0.52	HOLD
O	Commercial REITs - NEC	SHORT	41.10	0.91	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.32	-2.80	HOLD
PLD	Industrial REITs	SHORT	40.59	0.84	HOLD
PZZA	Restaurants & Bars - NEC	LONG	53.39	-2.04	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.41	2.35	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	149.99	-2.28	HOLD
SLV	Investment Trusts	SHORT	19.52	0.03	HOLD
SNX	Computer Peripherals	LONG	61.44	-1.41	HOLD
STM	Semiconductors - NEC	SHORT	9.33	-0.74	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	13.85	-0.22	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.56	1.48	HOLD
VMW	IT Services & Consulting - NEC	SHORT	109.21	-1.32	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	64.54	-0.65	HOLD
WNR	Petroleum Refining	LONG	40.90	-2.92	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.81
SHORTS				-0.05
TOTAL				0.86
S&P 500				-0.38
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	50105279.72	16816809.43	-20.17	0.00	356.38
S&P 500	49.74	5.81	-18.61	2.43	0.76

21-Mar-2014 Daily positions

Pre Opening Longs: ALJ, ANN, BIG, BLT, DENN, GPI, GPRE, KOP, MTRX, NR,
PDLI, PZZA, SCSS, SNX, SWHC, TWI, WNR
Pre Opening Shorts: AVB, CCL, DEI, DVN, EQR, GG, HTS, KRNY, LNG, MWE, NVS,
O, PLD, ROMA, SHPG, SLV, STM, VMW, WES

20-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.75	0.57	HOLD
ANN	Women's Apparel Retailers	LONG	37.23	-0.48	HOLD
AVB	Residential REITs	SHORT	128.71	-0.26	HOLD
BIG	Discount Stores - NEC	LONG	37.45	-0.13	HOLD
BLT	Integrated Mining	LONG	12.10	-1.22	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	39.99	1.57	HOLD
DEI	Commercial REITs - NEC	SHORT	26.85	-0.26	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.67	-0.15	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	63.29	-0.27	HOLD
EQR	Residential REITs	SHORT	57.22	0.77	HOLD
GG	Gold - NEC	SHORT	26.67	-0.07	HOLD
GPI	New Car Dealers	LONG	68.65	2.40	HOLD
GPRE	Industrial Gas	LONG	30.26	1.99	HOLD
HTS	Mortgage REITs	SHORT	19.45	0.26	HOLD
KOP	Commodity Chemicals - NEC	LONG	41.22	0.44	HOLD
KRNY	Commercial Banks	SHORT	15.30	0.13	HOLD
LNG	Natural Gas Pipeline	SHORT	53.68	-0.90	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.82	-0.18	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.96	1.52	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.09	1.56	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.31	0.12	HOLD
O	Commercial REITs - NEC	SHORT	40.73	-0.44	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.56	-0.58	HOLD
PLD	Industrial REITs	SHORT	40.25	0.57	HOLD
PZZA	Restaurants & Bars - NEC	LONG	54.50	2.27	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.01	-0.41	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	153.49	-1.13	HOLD
SLV	Investment Trusts	SHORT	19.52	-1.36	HOLD
SNX	Computer Peripherals	LONG	62.32	0.32	HOLD
STM	Semiconductors - NEC	SHORT	9.40	1.95	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	13.88	0.00	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.29	-2.24	HOLD
VMW	IT Services & Consulting - NEC	SHORT	110.67	1.21	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	64.96	1.23	HOLD
WNR	Petroleum Refining	LONG	42.13	3.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.45
SHORTS				0.24
TOTAL				0.20
S&P 500				0.58
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	49635556.19	16810571.53	-20.17	0.00	357.30
S&P 500	50.98	5.66	-18.61	2.55	0.78

20-Mar-2014 Daily positions

Pre Opening Longs: ALJ, ANN, BIG, BLT, DENN, GPI, GPRE, KOP, MTRX, NR,
PDLI, PZZA, SCSS, SNX, SWHC, TWI, WNR
Pre Opening Shorts: AVB, CCL, DEI, DVN, EQR, GG, HTS, KRNY, LNG, MWE, NVS,
O, PLD, ROMA, SHPG, SLV, STM, VMW, WES

19-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.66	-1.51	HOLD
ANN	Women's Apparel Retailers	LONG	37.41	0.38	HOLD
AVB	Residential REITs	SHORT	129.04	-0.80	HOLD
BIG	Discount Stores - NEC	LONG	37.50	1.79	HOLD
BLT	Integrated Mining	LONG	12.25	-0.41	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	39.37	-0.61	HOLD
DEI	Commercial REITs - NEC	SHORT	26.92	-1.79	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.68	-1.62	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	63.46	-0.05	HOLD
EQR	Residential REITs	SHORT	57.28	-1.93	HOLD
GG	Gold - NEC	SHORT	26.69	-3.44	HOLD
GPI	New Car Dealers	LONG	67.04	-1.89	HOLD
GPRE	Industrial Gas	LONG	29.67	2.06	HOLD
HTS	Mortgage REITs	SHORT	19.40	-2.27	HOLD
KOP	Commodity Chemicals - NEC	LONG	41.04	-2.33	HOLD
KRNY	Commercial Banks	SHORT	15.28	-0.78	HOLD
LNG	Natural Gas Pipeline	SHORT	54.17	3.67	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.88	-0.88	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	64.97	-0.82	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	10.92	-3.36	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.21	-1.73	HOLD
O	Commercial REITs - NEC	SHORT	40.91	-3.19	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.61	0.00	HOLD
PLD	Industrial REITs	SHORT	40.02	-2.01	HOLD
PZZA	Restaurants & Bars - NEC	LONG	53.29	-2.56	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.08	0.12	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	155.25	-0.31	HOLD
SLV	Investment Trusts	SHORT	19.79	-1.10	HOLD
SNX	Computer Peripherals	LONG	62.12	-1.74	HOLD
STM	Semiconductors - NEC	SHORT	9.22	-1.50	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	13.88	-1.00	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.71	0.59	HOLD
VMW	IT Services & Consulting - NEC	SHORT	109.35	-0.79	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	64.17	-1.03	HOLD
WNR	Petroleum Refining	LONG	40.71	-0.95	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.78
SHORTS				-1.08
TOTAL				0.29
S&P 500				-0.53
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	49084548.60	16711427.12	-20.17	0.00	358.01
S&P 500	50.11	5.74	-18.61	2.48	0.76

18-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.90	1.47	HOLD
ANN	Women's Apparel Retailers	LONG	37.27	-0.67	HOLD
AVB	Residential REITs	SHORT	130.08	-0.02	HOLD
BIG	Discount Stores - NEC	LONG	36.84	1.43	HOLD
BLT	Integrated Mining	LONG	12.30	1.15	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	39.61	2.04	HOLD
DEI	Commercial REITs - NEC	SHORT	27.41	1.71	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.79	1.04	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	63.49	1.10	HOLD
EQR	Residential REITs	SHORT	58.41	0.07	HOLD
GG	Gold - NEC	SHORT	27.64	-1.18	HOLD
GPI	New Car Dealers	LONG	68.33	0.84	HOLD
GPRE	Industrial Gas	LONG	29.07	2.22	HOLD
HTS	Mortgage REITs	SHORT	19.85	1.33	HOLD
KOP	Commodity Chemicals - NEC	LONG	42.02	1.06	HOLD
KRNY	Commercial Banks	SHORT	15.40	1.72	HOLD
LNG	Natural Gas Pipeline	SHORT	52.25	1.24	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	34.18	3.42	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.51	1.88	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.30	1.62	HOLD
NVS	Pharmaceuticals - NEC	SHORT	82.64	0.60	HOLD
O	Commercial REITs - NEC	SHORT	42.26	-0.42	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.61	4.62	HOLD
PLD	Industrial REITs	SHORT	40.84	0.84	HOLD
PZZA	Restaurants & Bars - NEC	LONG	54.69	0.22	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.06	0.12	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	155.73	0.04	HOLD
SLV	Investment Trusts	SHORT	20.01	-1.57	HOLD
SNX	Computer Peripherals	LONG	63.22	3.05	HOLD
STM	Semiconductors - NEC	SHORT	9.36	1.19	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.02	1.37	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.60	1.92	HOLD
VMW	IT Services & Consulting - NEC	SHORT	110.22	0.44	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	64.84	-0.75	HOLD
WNR	Petroleum Refining	LONG	41.10	1.76	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				1.57
SHORTS				0.54
TOTAL				1.03
S&P 500				0.71
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	48915984.61	16703749.87	-20.17	0.00	359.65
S&P 500	50.91	5.64	-18.61	2.56	0.78

18-Mar-2014 Daily positions

Pre Opening Longs: ALJ, ANN, BIG, BLT, DENN, GPI, GPRE, KOP, MTRX, NR,
PDLI, PZZA, SCSS, SNX, SWHC, TWI, WNR
Pre Opening Shorts: AVB, CCL, DEI, DVN, EQR, GG, HTS, KRNY, LNG, MWE, NVS,
O, PLD, ROMA, SHPG, SLV, STM, VMW, WES

17-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.67	-1.69	HOLD
ANN	Women's Apparel Retailers	LONG	37.52	-0.03	HOLD
AVB	Residential REITs	SHORT	130.10	0.27	HOLD
BIG	Discount Stores - NEC	LONG	36.32	-0.33	HOLD
BLT	Integrated Mining	LONG	12.16	0.41	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	38.82	1.04	HOLD
DEI	Commercial REITs - NEC	SHORT	26.95	0.34	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.72	-0.44	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	62.80	0.10	HOLD
EQR	Residential REITs	SHORT	58.37	0.52	HOLD
GG	Gold - NEC	SHORT	27.97	-2.51	HOLD
GPI	New Car Dealers	LONG	67.76	1.36	HOLD
GPRE	Industrial Gas	LONG	28.44	2.30	HOLD
HTS	Mortgage REITs	SHORT	19.59	-0.10	HOLD
KOP	Commodity Chemicals - NEC	LONG	41.58	-0.22	HOLD
KRNY	Commercial Banks	SHORT	15.14	2.30	HOLD
LNG	Natural Gas Pipeline	SHORT	51.61	0.08	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.05	0.36	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	64.30	0.45	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.12	1.65	HOLD
NVS	Pharmaceuticals - NEC	SHORT	82.15	0.69	HOLD
O	Commercial REITs - NEC	SHORT	42.44	0.28	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.23	-0.36	HOLD
PLD	Industrial REITs	SHORT	40.50	0.77	HOLD
PZZA	Restaurants & Bars - NEC	LONG	54.57	1.92	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.04	0.06	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	155.66	1.14	HOLD
SLV	Investment Trusts	SHORT	20.33	-1.41	HOLD
SNX	Computer Peripherals	LONG	61.35	2.05	HOLD
STM	Semiconductors - NEC	SHORT	9.25	1.31	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	13.83	-0.65	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.25	-0.11	HOLD
VMW	IT Services & Consulting - NEC	SHORT	109.74	4.02	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	65.33	1.21	HOLD
WNR	Petroleum Refining	LONG	40.39	-0.66	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.33
SHORTS				0.55
TOTAL				-0.22
S&P 500				0.90
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	48457207.91	16697181.85	-20.17	0.00	360.58
S&P 500	49.84	5.74	-18.61	2.47	0.76

17-Mar-2014 Daily positions

Pre Opening Longs: ALJ, ANN, BIG, BLT, DENN, GPI, GPRE, KOP, MTRX, NR,
PDLI, PZZA, SCSS, SNX, SWHC, TWI, WNR
Pre Opening Shorts: AVB, CCL, DEI, DVN, EQR, GG, HTS, KRNY, LNG, MWE, NVS,
O, PLD, ROMA, SHPG, SLV, STM, VMW, WES