28-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAT	Auto & Truck Manufacturers - NEC	LONG	47.28	-0.51	BUY
ALJ	Petroleum Refining	LONG	14.48	-0.28	HOLD
ANN	Women's Apparel Retailers	LONG	40.73	0.34	HOLD
AUY	Integrated Mining	SHORT	8.98	0.79	SHORT
AVB	Residential REITs	SHORT	130.13	0.46	HOLD
BIG	Discount Stores - NEC	LONG	37.20	1.92	HOLD
BLT	Integrated Mining	LONG	11.77	-0.51	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	37.24	-0.21	HOLD
DEI	Commercial REITs - NEC	SHORT	27.18	0.70	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.39	-0.31	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	65.79	1.70	HOLD
EQR	Residential REITs	SHORT	57.39	0.35	HOLD
GG	Gold - NEC	SHORT	25.11	0.88	HOLD
GPI	New Car Dealers	LONG	64.51	0.34	HOLD
GPRE	Industrial Gas	LONG	28.95	3.73	HOLD
HTS	Mortgage REITs	SHORT	18.65	0.92	HOLD
KOP	Commodity Chemicals - NEC	LONG	40.44	0.77	HOLD
KRNY	Commercial Banks	SHORT	14.65	-0.41	HOLD
LAD	New Car Dealers	LONG	64.80	1.27	BUY
LNG	Natural Gas Pipeline	SHORT	54.87	1.37	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.25	-1.16	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.32	1.78	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.18	1.18	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.59	0.27	HOLD
O	Commercial REITs - NEC	SHORT	40.75	0.33	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	7.99	-3.15	HOLD
PLD	Industrial REITs	SHORT	40.54	1.05	HOLD
PZZA	Restaurants & Bars - NEC	LONG	51.51	0.45	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.77	3.43	SELL
SHPG	Pharmaceuticals - NEC	SHORT	148.22	-2.04	HOLD
SLV	Investment Trusts	SHORT	19.06	0.32	HOLD
SNX	Computer Peripherals	LONG	58.70	-0.25	HOLD
STM	Semiconductors - NEC	SHORT	9.17	-1.08	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.33	2.36	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.50	1.31	HOLD
VMW	IT Services & Consulting - NEC	SHORT	106.29	-0.35	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	65.94	0.59	HOLD
WNR	Petroleum Refining	LONG	38.65	1.79	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.70
SHORTS				0.35
TOTAL				0.36
S&P 500				0.49
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	49357078.78	16858038.30	-20.17	0.00	344.75
S&P 500	49.17	5.95	-18.61	2.33	0.75

28-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

27-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	14.52	-1.36	HOLD
ANN	Women's Apparel Retailers	LONG	40.59	-0.05	HOLD
AVB	Residential REITs	SHORT	129.54	0.50	HOLD
BIG	Discount Stores - NEC	LONG	36.50	-1.32	HOLD
BLT	Integrated Mining	LONG	11.83	-0.50	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	37.32	-0.85	HOLD
DEI	Commercial REITs - NEC	SHORT	26.99	0.78	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.41	0.47	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	64.69	1.08	HOLD
EQR	Residential REITs	SHORT	57.19	0.11	HOLD
GG	Gold - NEC	SHORT	24.89	1.30	HOLD
GPI	New Car Dealers	LONG	64.29	-0.91	HOLD
GPRE	Industrial Gas	LONG	27.91	-2.72	HOLD
HTS	Mortgage REITs	SHORT	18.48	0.05	HOLD
KOP	Commodity Chemicals - NEC	LONG	40.13	-0.35	HOLD
KRNY	Commercial Banks	SHORT	14.71	-0.14	HOLD
LNG	Natural Gas Pipeline	SHORT	54.13	-0.59	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.64	0.81	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	64.18	-1.46	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.05	5.04	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.37	0.32	HOLD
O	Commercial REITs - NEC	SHORT	40.80	0.05	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.25	2.17	HOLD
PLD	Industrial REITs	SHORT	40.12	0.53	HOLD
PZZA	Restaurants & Bars - NEC	LONG	51.28	-0.85	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.18	-1.83	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	151.30	0.27	HOLD
SLV	Investment Trusts	SHORT	18.99	-0.16	HOLD
SNX	Computer Peripherals	LONG	58.85	-1.65	HOLD
STM	Semiconductors - NEC	SHORT	9.27	0.22	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.00	-0.85	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.26	0.25	HOLD
VMW	IT Services & Consulting - NEC	SHORT	106.66	1.04	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	65.55	0.74	HOLD
WNR	Petroleum Refining	LONG	37.97	-2.49	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.36
SHORTS				0.20
TOTAL				-0.56
S&P 500				-0.21
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	49110434.22	16854342.44	-20.17	0.00	346.11
S&P 500	48.44	6.04	-18.61	2.27	0.74

27-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

26-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	14.72	-3.54	HOLD
ANN	Women's Apparel Retailers	LONG	40.61	-1.79	HOLD
AVB	Residential REITs	SHORT	130.05	-1.16	HOLD
BIG	Discount Stores - NEC	LONG	36.99	0.24	HOLD
BLT	Integrated Mining	LONG	11.89	-2.06	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	37.64	-1.00	HOLD
DEI	Commercial REITs - NEC	SHORT	26.98	-0.30	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.38	-2.15	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	64.00	0.06	HOLD
EQR	Residential REITs	SHORT	57.13	-1.21	HOLD
GG	Gold - NEC	SHORT	24.57	-3.72	HOLD
GPI	New Car Dealers	LONG	64.88	-2.98	HOLD
GPRE	Industrial Gas	LONG	28.69	-2.65	HOLD
HTS	Mortgage REITs	SHORT	18.47	-0.43	HOLD
KOP	Commodity Chemicals - NEC	LONG	40.27	-2.02	HOLD
KRNY	Commercial Banks	SHORT	14.73	-1.93	HOLD
LNG	Natural Gas Pipeline	SHORT	54.45	0.11	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.37	-2.37	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.13	0.00	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	10.52	-3.84	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.11	-0.93	HOLD
O	Commercial REITs - NEC	SHORT	40.78	-1.14	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.07	-1.28	HOLD
PLD	Industrial REITs	SHORT	39.91	-1.38	HOLD
PZZA	Restaurants & Bars - NEC	LONG	51.72	-1.67	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.50	-1.57	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	150.89	1.38	HOLD
SLV	Investment Trusts	SHORT	18.99	-1.20	HOLD
SNX	Computer Peripherals	LONG	59.84	-2.56	HOLD
STM	Semiconductors - NEC	SHORT	9.25	-0.43	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.12	0.79	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.22	-0.98	HOLD
VMW	IT Services & Consulting - NEC	SHORT	105.56	-4.11	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	65.07	0.35	HOLD
WNR	Petroleum Refining	LONG	38.94	-1.29	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.87
SHORTS				-0.90
TOTAL				-0.97
S&P 500				-0.72
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	49390900.81	16843569.61	-20.17	0.00	348.72
S&P 500	48.75	5.99	-18.61	2.31	0.74

26-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

25-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.26	-0.52	HOLD
ANN	Women's Apparel Retailers	LONG	41.35	-1.64	HOLD
AVB	Residential REITs	SHORT	131.57	1.50	HOLD
BIG	Discount Stores - NEC	LONG	36.90	-1.52	HOLD
BLT	Integrated Mining	LONG	12.14	0.17	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	38.02	-4.95	HOLD
DEI	Commercial REITs - NEC	SHORT	27.06	0.56	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.52	-0.76	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	63.96	0.08	HOLD
EQR	Residential REITs	SHORT	57.83	1.65	HOLD
GG	Gold - NEC	SHORT	25.52	-0.12	HOLD
GPI	New Car Dealers	LONG	66.87	-1.52	HOLD
GPRE	Industrial Gas	LONG	29.47	-3.60	HOLD
HTS	Mortgage REITs	SHORT	19.05	-1.24	HOLD
KOP	Commodity Chemicals - NEC	LONG	41.09	0.20	HOLD
KRNY	Commercial Banks	SHORT	15.02	0.40	HOLD
LNG	Natural Gas Pipeline	SHORT	54.39	0.33	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	34.18	0.65	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.13	0.17	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	10.94	1.30	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.87	0.70	HOLD
O	Commercial REITs - NEC	SHORT	41.25	1.18	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.18	-0.12	HOLD
PLD	Industrial REITs	SHORT	40.48	0.92	HOLD
PZZA	Restaurants & Bars - NEC	LONG	52.60	-0.55	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.78	1.89	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	148.84	0.85	HOLD
SLV	Investment Trusts	SHORT	19.22	0.05	HOLD
SNX	Computer Peripherals	LONG	61.41	0.79	HOLD
STM	Semiconductors - NEC	SHORT	9.29	0.32	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.01	1.37	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.40	-0.65	HOLD
VMW	IT Services & Consulting - NEC	SHORT	110.08	1.21	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	64.84	0.64	HOLD
WNR	Petroleum Refining	LONG	39.45	-0.85	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.32
SHORTS				0.22
TOTAL				-0.54
S&P 500				0.47
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	49795628.40	16833462.43	-20.17	0.00	351.64
S&P 500	49.83	5.83	-18.61	2.42	0.76

25-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

24-Mar-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ALJ	Petroleum Refining	LONG	15.34	-2.60	HOLD
ANN	Women's Apparel Retailers	LONG	42.04	-0.02	HOLD
AVB	Residential REITs	SHORT	129.63	-0.16	HOLD
BIG	Discount Stores - NEC	LONG	37.47	-1.45	HOLD
BLT	Integrated Mining	LONG	12.12	-0.90	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	40.00	0.05	HOLD
DEI	Commercial REITs - NEC	SHORT	26.91	-0.92	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.57	-1.94	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	63.91	-0.28	HOLD
EQR	Residential REITs	SHORT	56.89	-0.52	HOLD
GG	Gold - NEC	SHORT	25.55	-4.16	HOLD
GPI	New Car Dealers	LONG	67.90	-0.43	HOLD
GPRE	Industrial Gas	LONG	30.57	0.46	HOLD
HTS	Mortgage REITs	SHORT	19.29	-1.33	HOLD
KOP	Commodity Chemicals - NEC	LONG	41.01	-1.42	HOLD
KRNY	Commercial Banks	SHORT	14.96	-0.40	HOLD
LNG	Natural Gas Pipeline	SHORT	54.21	0.31	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.96	-0.61	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.02	-0.67	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	10.80	-4.09	HOLD
NVS	Pharmaceuticals - NEC	SHORT	81.30	-0.53	HOLD
O	Commercial REITs - NEC	SHORT	40.77	-0.80	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.19	-1.56	HOLD
PLD	Industrial REITs	SHORT	40.11	-1.18	HOLD
PZZA	Restaurants & Bars - NEC	LONG	52.89	-0.94	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SCSS	Furniture	LONG	17.45	0.23	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	147.59	-1.60	HOLD
SLV	Investment Trusts	SHORT	19.21	-1.59	HOLD
SNX	Computer Peripherals	LONG	60.93	-0.83	HOLD
STM	Semiconductors - NEC	SHORT	9.26	0.33	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	13.82	-0.22	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.52	-0.27	HOLD
VMW	IT Services & Consulting - NEC	SHORT	108.76	-0.41	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	64.43	-0.17	HOLD
WNR	Petroleum Refining	LONG	39.79	-2.71	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-1.14
SHORTS				-0.74
TOTAL				-0.40
S&P 500				-0.41
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	50004241.91	16824441.10	-20.17	0.00	354.13
S&P 500	49.12	5.91	-18.61	2.36	0.75

24-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