25-Apr-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAT	Auto & Truck Manufacturers - NEC	LONG	41.75	-1.49	HOLD
ANN	Women's Apparel Retailers	LONG	39.17	0.05	HOLD
APEI	General Education Services	LONG	33.86	-2.84	HOLD
AUY	Integrated Mining	SHORT	7.59	0.26	HOLD
AVB	Residential REITs	SHORT	135.33	1.04	HOLD
BIG		LONG	39.47	0.20	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	38.06	-0.29	HOLD
OUTR	Consumer Goods Rental	LONG	67.29	-0.62	HOLD
DEI	Commercial REITs - NEC	SHORT	27.33	-0.62	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.31	-2.62	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	70.40	-2.10	HOLD
EQR	Residential REITs	SHORT	58.66	0.20	HOLD
GPI	New Car Dealers	LONG	68.94	-0.65	HOLD
GPRE	Industrial Gas	LONG	28.81	-2.60	HOLD
HTS	Mortgage REITs	SHORT	19.68	-0.25	HOLD
KONG	Wireless Telecommunications Services - NEC	SHORT	10.04	-4.11	HOLD
KOP	Commodity Chemicals - NEC	LONG	43.08	-2.09	HOLD
KRNY	Commercial Banks	SHORT	14.45	-1.37	HOLD
LAD	New Car Dealers	LONG	71.47	0.04	HOLD
MT	Steel - NEC	SHORT	16.15	-2.00	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	31.42	-3.35	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	63.14	-1.88	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	12.24	5.52	HOLD
NVS	Pharmaceuticals - NEC	SHORT	84.47	-0.14	HOLD
O	Commercial REITs - NEC	SHORT	42.89	0.35	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.39	-0.36	HOLD
PIR	Home Furnishings Retailers - NEC	LONG	17.68	-0.67	HOLD
PLD	Industrial REITs	SHORT	40.73	-1.21	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SAFM	Animal Slaughtering & Processing	LONG	81.62	-0.65	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	162.45	-1.78	HOLD
SLV	Investment Trusts	SHORT	18.94	0.11	HOLD
SNN	Medical Devices & Implants	SHORT	76.90	0.69	HOLD
SNX	Computer Peripherals	LONG	68.46	-1.23	HOLD
STM	Semiconductors - NEC	SHORT	9.11	-1.41	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.03	-1.68	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	16.48	1.17	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	67.70	-1.67	HOLD
WNC	Heavy Trucks	LONG	13.57	-3.00	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.89
SHORTS				-0.81
TOTAL				-0.08
S&P 500				-0.82
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	113530056102484710000000.00	43226939193459902000000.00	-20.17	0.00	23263315.83
S&P 500	49.81	6.13	-18.61	2.23	0.73

25-Apr-2014 Daily positions

Pre Opening Longs: ACAT, ANN, APEI, BIG, DENN, GPI, GPRE, KOP, LAD, MTRX,
NR, OUTR, PDLI, PIR, SAFM, SNX, SWHC, TWI, WNC
Pre Opening Shorts: AUY, AVB, CCL, DEI, DVN, EQR, HTS, KONG, KRNY, MT, MWE,
NVS, O, PLD, ROMA, SHPG, SLV, SNN, STM, WES

24-Apr-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAT	Auto & Truck Manufacturers - NEC	LONG	42.38	-1.03	HOLD
ALJ	Petroleum Refining	LONG	16.48	-1.61	SELL
ANN	Women's Apparel Retailers	LONG	39.15	1.01	HOLD
APEI	General Education Services	LONG	34.85	-0.46	BUY
AUY	Integrated Mining	SHORT	7.57	-3.20	HOLD
AVB	Residential REITs	SHORT	133.94	0.44	HOLD
BIG		LONG	39.39	-0.56	HOLD
BLT	Integrated Mining	LONG	11.77	2.79	SELL
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	38.17	2.00	HOLD
OUTR	Consumer Goods Rental	LONG	67.71	-1.41	HOLD
DEI	Commercial REITs - NEC	SHORT	27.50	0.36	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.48	2.21	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	71.91	0.84	HOLD
EQR	Residential REITs	SHORT	58.54	1.19	HOLD
GG	Gold - NEC	SHORT	24.55	-0.65	COVER
GPI	New Car Dealers	LONG	69.39	6.87	HOLD
GPRE	Industrial Gas	LONG	29.58	-3.14	HOLD
HTS	Mortgage REITs	SHORT	19.73	0.00	HOLD
KONG	Wireless Telecommunications Services - NEC	SHORT	10.47	-3.23	SHORT
KOP	Commodity Chemicals - NEC	LONG	44.00	-1.85	HOLD
KRNY	Commercial Banks	SHORT	14.65	1.95	HOLD
LAD	New Car Dealers	LONG	71.44	1.90	HOLD
LNG	Natural Gas Pipeline	SHORT	57.75	0.28	COVER
MT	Steel - NEC	SHORT	16.48	0.12	SHORT
MTRX	Oil Related Services and Equipment - NEC	LONG	32.51	-2.25	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	64.35	-1.56	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.60	-0.77	HOLD
NVS	Pharmaceuticals - NEC	SHORT	84.59	-1.83	HOLD
O	Commercial REITs - NEC	SHORT	42.74	1.09	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.42	-0.71	HOLD
PIR	Home Furnishings Retailers - NEC	LONG	17.80	0.62	HOLD
PLD	Industrial REITs	SHORT	41.23	0.71	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SAFM	Animal Slaughtering & Processing	LONG	82.15	-0.28	BUY
SHPG	Pharmaceuticals - NEC	SHORT	165.40	0.73	HOLD
SLV	Investment Trusts	SHORT	18.92	1.23	HOLD
SNN	Medical Devices & Implants	SHORT	76.37	3.44	HOLD
SNX	Computer Peripherals	LONG	69.31	0.33	HOLD
STM	Semiconductors - NEC	SHORT	9.24	0.65	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.27	-1.31	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	16.29	-8.53	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	68.85	-0.23	HOLD
WNC	Heavy Trucks	LONG	13.99	2.04	BUY
WNR	Petroleum Refining	LONG	41.46	-0.17	SELL
TODAY SUMMARY				GAINS(%)
LONGS				-0.40
SHORTS				0.37
TOTAL				-0.77
S&P 500				0.20
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	113620317298916810000000.00	43206336557221870000000.00	-20.17	0.00	23727251.42
S&P 500	51.05	5.93	-18.61	2.36	0.75

24-Apr-2014 Daily positions

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

23-Apr-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAT	Auto & Truck Manufacturers - NEC	LONG	42.82	-0.02	HOLD
ALJ	Petroleum Refining	LONG	16.75	1.58	HOLD
ANN	Women's Apparel Retailers	LONG	38.76	-1.95	HOLD
AUY	Integrated Mining	SHORT	7.82	0.77	HOLD
AVB	Residential REITs	SHORT	133.35	-0.91	HOLD
BIG		LONG	39.61	1.05	HOLD
BLT	Integrated Mining	LONG	11.45	-2.14	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	37.42	0.13	HOLD
OUTR	Consumer Goods Rental	LONG	68.68	0.93	HOLD
DEI	Commercial REITs - NEC	SHORT	27.40	0.15	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.34	-2.46	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	71.31	0.96	HOLD
EQR	Residential REITs	SHORT	57.85	-0.48	HOLD
GG	Gold - NEC	SHORT	24.71	0.98	HOLD
GPI	New Car Dealers	LONG	64.93	0.31	HOLD
GPRE	Industrial Gas	LONG	30.54	-0.20	HOLD
HTS	Mortgage REITs	SHORT	19.73	-0.40	HOLD
KOP	Commodity Chemicals - NEC	LONG	44.82	-0.62	HOLD
KRNY	Commercial Banks	SHORT	14.37	-0.69	HOLD
LAD	New Car Dealers	LONG	70.11	3.01	HOLD
LNG	Natural Gas Pipeline	SHORT	57.59	-0.23	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.26	-1.68	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.37	0.32	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.69	-2.58	HOLD
NVS	Pharmaceuticals - NEC	SHORT	86.17	-0.45	HOLD
O	Commercial REITs - NEC	SHORT	42.28	-0.33	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.48	-0.82	HOLD
PIR	Home Furnishings Retailers - NEC	LONG	17.69	-1.39	HOLD
PLD	Industrial REITs	SHORT	40.94	-0.70	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	164.20	2.68	HOLD
SLV	Investment Trusts	SHORT	18.69	-0.11	HOLD
SNN	Medical Devices & Implants	SHORT	73.83	0.14	HOLD
SNX	Computer Peripherals	LONG	69.08	-1.09	HOLD
STM	Semiconductors - NEC	SHORT	9.18	0.55	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.46	1.40	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	17.81	-1.33	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	69.01	0.42	HOLD
WNR	Petroleum Refining	LONG	41.53	0.29	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				-0.41
SHORTS				0.14
TOTAL				-0.55
S&P 500				-0.23
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	114505042474065720000000.00	43185983147006902000000.00	-20.17	0.00	24255234.76
S&P 500	50.74	5.96	-18.61	2.34	0.75

23-Apr-2014 Daily positions

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

22-Apr-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAT	Auto & Truck Manufacturers - NEC	LONG	42.83	1.54	HOLD
ALJ	Petroleum Refining	LONG	16.49	1.10	HOLD
ANN	Women's Apparel Retailers	LONG	39.53	0.08	HOLD
AUY	Integrated Mining	SHORT	7.76	-0.13	HOLD
AVB	Residential REITs	SHORT	134.57	0.24	HOLD
BIG		LONG	39.20	-0.66	HOLD
BLT	Integrated Mining	LONG	11.70	0.60	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	37.37	0.38	HOLD
OUTR	Consumer Goods Rental	LONG	68.05	2.13	HOLD
DEI	Commercial REITs - NEC	SHORT	27.36	0.07	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.50	2.36	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	70.63	0.18	HOLD
EQR	Residential REITs	SHORT	58.13	-0.19	HOLD
GG	Gold - NEC	SHORT	24.47	1.58	HOLD
GPI	New Car Dealers	LONG	64.73	0.79	HOLD
GPRE	Industrial Gas	LONG	30.60	1.32	HOLD
HTS	Mortgage REITs	SHORT	19.81	1.07	HOLD
KOP	Commodity Chemicals - NEC	LONG	45.10	-0.11	HOLD
KRNY	Commercial Banks	SHORT	14.47	0.07	HOLD
LAD	New Car Dealers	LONG	68.06	0.10	HOLD
LNG	Natural Gas Pipeline	SHORT	57.72	1.44	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.83	1.61	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.16	-0.47	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	12.00	0.08	HOLD
NVS	Pharmaceuticals - NEC	SHORT	86.56	1.29	HOLD
O	Commercial REITs - NEC	SHORT	42.42	1.17	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.55	1.30	HOLD
PIR	Home Furnishings Retailers - NEC	LONG	17.94	0.22	HOLD
PLD	Industrial REITs	SHORT	41.23	-0.39	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	159.91	5.66	HOLD
SLV	Investment Trusts	SHORT	18.71	0.21	HOLD
SNN	Medical Devices & Implants	SHORT	73.73	0.29	HOLD
SNX	Computer Peripherals	LONG	69.84	0.19	HOLD
STM	Semiconductors - NEC	SHORT	9.13	2.58	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.26	-0.07	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	18.05	3.20	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	68.72	0.59	HOLD
WNR	Petroleum Refining	LONG	41.41	0.00	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.83
SHORTS				0.78
TOTAL				0.05
S&P 500				0.45
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	115128939051437130000000.00	43165090957369901000000.00	-20.17	0.00	24778043.58
S&P 500	51.10	5.90	-18.61	2.38	0.75

22-Apr-2014 Daily positions

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

21-Apr-2014 Daily performance

SYMBOL	INDUSTRY	POSITION	PRICE	DAY CHANGE(%)	ACTIONS
ACAT	Auto & Truck Manufacturers - NEC	LONG	42.18	-0.28	HOLD
ALJ	Petroleum Refining	LONG	16.31	3.62	HOLD
ANN	Women's Apparel Retailers	LONG	39.50	-1.25	HOLD
AUY	Integrated Mining	SHORT	7.77	-2.39	HOLD
AVB	Residential REITs	SHORT	134.25	0.46	HOLD
BIG		LONG	39.46	1.91	HOLD
BLT	Integrated Mining	LONG	11.63	-0.34	HOLD
CCL	Hotels, Motels & Cruise Lines - NEC	SHORT	37.23	-0.24	HOLD
OUTR	Consumer Goods Rental	LONG	66.63	1.69	HOLD
DEI	Commercial REITs - NEC	SHORT	27.34	0.15	HOLD
DENN	Restaurants & Bars - NEC	LONG	6.35	-0.16	HOLD
DVN	Oil & Gas Exploration and Production - NEC	SHORT	70.50	-0.28	HOLD
EQR	Residential REITs	SHORT	58.24	1.29	HOLD
GG	Gold - NEC	SHORT	24.09	2.08	HOLD
GPI	New Car Dealers	LONG	64.22	0.20	HOLD
GPRE	Industrial Gas	LONG	30.20	4.32	HOLD
HTS	Mortgage REITs	SHORT	19.60	-0.10	HOLD
KOP	Commodity Chemicals - NEC	LONG	45.15	0.38	HOLD
KRNY	Commercial Banks	SHORT	14.46	-0.28	HOLD
LAD	New Car Dealers	LONG	67.99	-0.54	HOLD
LNG	Natural Gas Pipeline	SHORT	56.90	2.93	HOLD
MTRX	Oil Related Services and Equipment - NEC	LONG	33.29	1.05	HOLD
MWE	Oil & Gas Refining and Marketing - NEC	SHORT	65.47	0.92	HOLD
NR	Oil Related Services and Equipment - NEC	LONG	11.99	0.00	HOLD
NVS	Pharmaceuticals - NEC	SHORT	85.46	0.93	HOLD
O	Commercial REITs - NEC	SHORT	41.93	0.10	HOLD
PDLI	Biotechnology & Medical Research - NEC	LONG	8.44	0.36	HOLD
PIR	Home Furnishings Retailers - NEC	LONG	17.90	0.67	HOLD
PLD	Industrial REITs	SHORT	41.39	0.24	HOLD
ROMA	Banks - NEC	SHORT	21.06	0.00	HOLD
SHPG	Pharmaceuticals - NEC	SHORT	151.35	2.71	HOLD
SLV	Investment Trusts	SHORT	18.67	-1.11	HOLD
SNN	Medical Devices & Implants	SHORT	73.52	0.35	HOLD
SNX	Computer Peripherals	LONG	69.71	-0.23	HOLD
STM	Semiconductors - NEC	SHORT	8.90	0.23	HOLD
SWHC	Industrial Machinery & Equipment - NEC	LONG	14.27	0.49	HOLD
TWI	Auto, Truck & Motorcycle Parts - NEC	LONG	17.49	-0.06	HOLD
WES	Oil & Gas Refining and Marketing - NEC	SHORT	68.32	1.30	HOLD
WNR	Petroleum Refining	LONG	41.41	0.34	HOLD
TODAY SUMMARY				GAINS(%)
LONGS				0.64
SHORTS				0.46
TOTAL				0.18
S&P 500				0.35
Since 10-Mar-2011	GAINS(%)	STD	MAX. FALL	SHARPE RATIO	CALMAR RATIO
Portfolio	115071393807098520000000.00	43147388306656854000000.00	-20.17	0.00	25265705.62
S&P 500	50.41	5.98	-18.61	2.32	0.75