2PAGE

010 1 MARKET HAVEN MONTHLY

NO V E M B E R

Market Haven Monthly

T his month we changed the name of the
publication from Sensible Investing to Market
But for how long, no one knows. Adding fuel to
the run-up are analysts who predict S&P 500
Haven Monthly. So, please don’t be confused by earnings will continue to rise +17% year-over-
the title change. We’ve kept the same look and year by next September to $91. We believe that
substance. You will continue to see other estimate is too high and that a more appropriate
changes over the near future as estimate is trend earnings,
The price/earnings ratio
we respond to reader requests which should be closer to $80.
and develop our marketing is slightly elevated at
The price/earnings ratio is
strategy. 15.8x. As we noted last
slightly elevated at 15.8x. As
month, from a valuation
The month of October we noted last month, from a
continued the strong run that perspective, the market valuation perspective, the
began in September. The S&P does not look favorably market does not look
500 returned +3.7% for the priced. favorably priced. However, we
month, ending at a value of all know that valuation is not
1183. the primary driver of return in the short-term,
so patience may be in order here, especially for
The elections are upon us again and the Fed is
those who have already chosen to exit the
queuing up to announce its plans for future
market altogether. It is partially for this reason
monetary policy. We doubt there are too many
that, as a general rule of thumb, we encourage
surprises at this point in time. The Fed will
investors to almost always keep some minimal
continue its easy monetary stance, but will wait
exposure to equities, even when they are clearly
to announce anything until after the elections.
overvalued. When combined with a simple
Additionally, there is little doubt that the
rebalancing program, such a strategy will more
continued pumping of money into the economy
often than not prove beneficial.
will push assets up for a time indiscriminately.
 PAGE 2 MARKET HAVEN MONTHLY

Where’s the Value?

Stocks

This is still not a good time to be overweight

stocks. We would underweight stocks here.
Depending on your risk aversion, conservative
investors should be long 0% and more
We have a follow-up note on for-profit
aggressive investors should be long +70%. We
education companies like Apollo Group, Lincoln
would maintain short exposure of -30%. That
Educational Services, DeVry, ITT Educational
means a net exposure to stocks of between -30%
Services, et al. Last month we warned that while
and +40% depending on your investor profile.
these consumer discretionary companies
Personally, we prefer to keep at least some
appeared very high on our screens and looked to
exposure to stocks even when we believe they
be priced very attractively, investors should be
are overvalued because, though they are volatile,
very leery of them. Much to our surprise, the
they are usually one of the best longer-term
time was nearer than we thought. October was a
hedges to most of the economic shocks we are
dreadful month for these companies. For
likely to experience.
instance, Apollo Group began the month at $51
and ended the month at $37. That is a -27%
Sectors
drop in one month. We would advise investors

Relative to the market as a whole, our screens to continue to steer clear of these companies for
are showing that the best places to find value are the time being.
in consumer discretionary, industrials,
healthcare, telecom, and materials.
Market Cap

For a good part of this year, lower-quality and

smaller stocks outperformed. Over the last
month we have started to see large cap stocks
(greater than $10B) become more attractively
priced again.
 PAGE 3 MARKET HAVEN MONTHLY

would continue to bet on increasing yields. We

expect the yield curve to continue its flattening.
One way of playing the flattening yield curve is
to buy near term Treasuries (SHY) and short
longer-dated Treasuries (TLT). Or if you prefer
to bet aggressively on a yield rise in the long end
Recent Price Strength
of the yield curve you could buy TBT. Either

For the last 90 days, the Materials sector has way, we are nearing the end of 30 years in

continued its price strength due to concerns declining rates and the U.S. government cannot

about Fed monetary policy leading to a falling keep this game going on forever. Nevertheless,

dollar and growing global demand. Utilities and they can keep it going on for a long time so only

Telecom have backed off, being replaced by commit small amounts of money to this trade if

Technology and Consumer Discretionary. We you are interested in investing in this theme.

mentioned last month that there were more

Volatility
short opportunities in Utilities than long. This is
already starting to play out as investors who
The VIX has come down a little to 21, so we
have reached for yield in stocks to replace what
would only recommend 50% exposure to your
they lost in bonds will eventually realize that
normal position in volatility. If the VIX drops
price matters more than yield alone. In the end,
below 18, we would likely increase our exposure
rational investors will manufacture their
to volatility. Just a note here, VXX is the easiest
dividends (i.e., create “dividends” through
investment vehicle to employ to gain volatility
taking capital gains on non-dividend paying
exposure. The investment seeks to mimic the
stocks) before they overpay for that stream of
VIX. Problem is, it does a horrible job, only
income.
capturing 50% of the volatility on a good day.
Consider that for the one year time frame from
Bonds
the end of October 2009 to October month-end

Treasury yields fell a little on both the long-end 2010, VIX went from 31.7 to 21.2.

and the short-end of the yield curve. However, Simultaneously, the VXX went from 192.9 to

the yield curve continued its flattening. We 52.4 (split adjusted). The VIX declined by -33%

believe falling yields are unsustainable and while the VXX declined by -73%. The ratio of
 PAGE 4 MARKET HAVEN MONTHLY

VXX:VIX went from 6.1 to 2.5. The vehicle is

clearly not behaving the way an investor would
hope. We would advise you stay away from VXX
except for extreme VIX readings and very short
holding periods. Instead, we would recommend
investors use options to gain volatility exposure.

Visit Market Haven online at:

http://hedgedequity.wordpress.com
 PAGE 5
Some Investment Ideas
Here are a few names that have shown up
recently as potential investment ideas on our
screens. Some of these may appear in the
portfolios. Some may not simply because the
names currently in the portfolio haven’t worked
their way yet.
Global Payments (GPN) - long
Technology continues to finds its way into every
area of our lives and wallets. And GPN’s
electronic transaction processing services are no
different. The $3 billion company is taking
advantage of the rising global usage of card-
based payment methods that are continuing to
shift away from paper forms of payments. We
like that 45% of its revenues come from overseas
and that they are targeting emerging markets for
future growth. With an ROE of 20% and an
earnings yield of 7.6%, they look like a good buy
at these prices.
Research In Motion (RIMM) - long
The name Blackberry has become as ubiquitous
as blueberry pie. Okay, so that’s not the best
analogy. But you get our drift. Problem is,
investors don’t believe they can stand and
deliver against the likes of Apple and Google.
And the price shows it. Don’t count them out
MARKET HAVEN MONTHLY
yet. They estimate they added almost 5 million
subscribers during the most recent quarter. We
believe at a P/E of 9x, the risk is that RIMM
surprises to the upside from here.
Cash America Int’l (CSH) - long
This company is a little on the smaller side with
a market capitalization of $1 billion. America is
over-indebted and she is trying to de-lever her
balance sheet. (If we only had a nickel for every
time we said that phrase.) But banks are licking
their own wounds and are gun shy about
lending their capital out again after the last
fiasco. That means cash strapped people will
increasingly look for alternative sources of
funding for short-term cash needs. Enter CSH.
Cash flow growth has been over 22% annually.
Price-to-book is is 1.4x. Price-to-earnings is
8.5x. The price is right. The risk really lies with
how the government steps in to regulate this
industry. We think the company is worth the
risk.
Telecom Argentina (TEO) - long
Adding to general technology theme this month
is TEO. TEO is a major telecommunications
services provider to northern Argentina, offering
everything from fixed line to wireless to data.
We believe there’s lots of wireless growth yet to
happen in South America and Asia. TEO is very
 PAGE 6 MARKET HAVEN MONTHLY

profitable, has low debt, sports a 3.5% dividend General Dynamics (GD) - buy
yield, and has an earnings yield of 20%. There is Kraft Foods (KFT) - buy
a lot of volatility here, but the shares are priced
cheaply.

Cephalon (CEPH) - long

Cephalon focuses on developing treatments for

sleep disorders, neurological diseases, and
cancer. About half of CEPH’s sales come from
Provigil/Nuvigil (for sleep disorders) which is
set to come off patent in less than two years.
They continue to invest in R&D which we
believe will serve them well. But in the
meantime, the market has priced this profitable
company inexpensively. They don’t pay a
dividend unfortunately, but they produce a lot of
free cash flow that can be used for acquisitions
and additional pipeline investment.

Portfolio Changes Last Month

During the month of October we made no trades

in either the long or short portfolio.

Previously Mentioned Ideas

October 2010

Alpha Natural Resources (ANR) - buy

True Religion Apparel (TRLG) - buy

St. Jude Medical (STJ) - buy

 PAGE 7 MARKET HAVEN MONTHLY

Newsletter Portfolio Performance

 MARKET HAVEN MONTHLY

Long Portfolio
Inception Current
Symbol Price Shares Value Gains Today Return First Trade Last Trade Rating
ACN $45.42 320 $14,534.40 $4,439.85 0.18% 43.98% 25-Jun-09 25-Jun-09 Hold
ALGT $49.37 280 $13,823.60 $4,085.76 1.25% 41.96% 25-Jun-09 25-Jun-09 Hold
AMED $27.12 420 $11,389.60 ($10,468.20) 0.44% -47.89% 11-Jan-10 11-Jan-10 Buy
ANR $45.25 370 $16,742.50 $6,909.50 2.93% 70.27% 25-Jun-09 25-Jun-09 Hold
AOB $2.79 3,830 $10,685.70 ($4,419.57) 2.57% -29.26% 19-Nov-09 19-Nov-09 Hold
ARLP $60.64 320 $19,404.80 $9,189.81 2.24% 89.96% 25-Jun-09 25-Jun-09 Buy
ATW $34.33 410 $14,075.30 $4,015.50 2.78% 39.92% 25-Jun-09 25-Jun-09 Hold
BBY $43.71 290 $12,674.45 ($11,206.11) 2.23% -28.25% 24-Jan-07 25-Jun-09 Buy
BYI $37.98 540 $20,509.20 $10,475.95 1.88% 104.41% 27-Mar-09 27-Mar-09 Hold
CEPH $66.99 270 $18,087.30 $3,280.41 0.66% 22.15% 22-Oct-09 22-Oct-09 Hold
COH $52.06 690 $35,921.40 $15,892.60 3.09% 79.35% 1-Jul-08 1-Jul-08 Hold
CTSH $64.40 980 $63,113.08 $62,725.39 0.22% 194.61% 13-Oct-08 6-Nov-09 Hold
DECK $58.77 540 $31,735.80 $21,972.60 2.53% 225.06% 21-Jan-09 6-Jul-10 Buy
ENDP $35.87 460 $16,500.20 $6,469.20 -0.03% 64.49% 21-Jan-09 21-Jan-09 Buy
ESLT $53.28 200 $10,656.00 ($473.96) 1.54% -4.26% 18-May-09 18-May-09 Buy
ESV $49.48 560 $27,708.80 ($1,859.20) 4.63% -6.29% 20-Mar-07 20-Mar-07 Hold
FCX $101.95 310 $31,604.50 $6,701.77 5.01% 26.91% 23-Mar-10 23-Mar-10 Hold
FRX $33.80 580 $19,604.00 ($10,494.00) 0.21% -34.87% 20-Mar-07 20-Mar-07 Hold
GD $68.99 300 $20,697.15 $3,652.25 1.53% 21.43% 27-May-09 27-May-09 Buy
GRMN $31.88 520 $16,577.60 ($6,221.80) 1.98% -27.29% 6-May-08 6-May-08 Hold
HLF $64.99 390 $25,346.06 $10,384.16 2.22% 69.40% 22-Oct-09 22-Oct-09 Buy
HRS $46.98 470 $22,081.45 $7,180.70 1.93% 48.19% 6-Mar-09 6-Mar-09 Hold
HUM $59.21 360 $21,315.64 $6,318.45 -0.60% 42.13% 11-Nov-09 11-Nov-09 Hold
INT $29.25 880 $25,740.00 $12,619.82 1.92% 96.19% 17-Feb-09 8-Dec-09 Hold
JCOM $27.78 650 $18,057.00 $3,128.25 1.35% 20.95% 24-Sep-09 24-Sep-09 Hold
JOYG $73.72 450 $33,174.00 $23,058.18 4.07% 227.94% 21-Jan-09 21-Jan-09 Hold
KCI $39.54 380 $15,025.20 ($2,099.80) 1.10% -12.26% 3-Jun-08 3-Jun-08 Hold
LHCG $26.94 460 $12,392.40 ($2,586.40) 3.22% -17.27% 10-Mar-10 10-Mar-10 Buy
MA $253.62 100 $25,362.00 $5,651.50 0.71% 28.67% 20-Jul-10 20-Jul-10 Buy
MDT $35.65 290 $10,338.50 $228.90 0.68% 2.26% 25-Jun-09 25-Jun-09 Hold
MIDD $74.42 300 $22,326.00 $7,109.20 1.03% 46.72% 22-Oct-09 22-Oct-09 Hold
MUR $67.81 360 $24,411.60 ($4,024.40) 3.18% -14.15% 26-Mar-08 26-Mar-08 Hold
NE $36.23 380 $13,767.40 ($6,505.80) 4.38% -32.09% 31-Jul-08 31-Jul-08 Hold
NOV $58.00 800 $46,400.00 $16,615.00 4.09% 55.78% 20-Mar-07 1-Oct-07 Hold
NTRI $20.92 1,820 $38,074.40 $13,063.90 0.34% 52.23% 4-Mar-08 4-Mar-08 Hold
PCP $142.81 170 $24,277.70 $4,312.50 1.95% 21.60% 3-Jun-08 3-Jun-08 Hold
SOHU $74.70 240 $17,928.00 $4,662.60 -0.15% 35.15% 10-Mar-10 10-Mar-10 Hold
TPC $23.48 830 $19,488.40 ($2,608.57) 1.87% -11.81% 2-Sep-08 2-Sep-08 Buy
UEPS $12.12 780 $9,453.60 ($5,623.29) -0.57% -37.30% 10-Mar-10 10-Mar-10 Buy
WDC $33.59 1,400 $47,026.84 $15,477.24 0.93% 49.06% 18-Sep-07 18-Sep-07 Hold
WMT $55.30 280 $15,484.00 $1,632.23 0.71% 3.73% 24-Jan-07 24-Sep-09 Hold
 MARKET HAVEN MONTHLY

Short Portfolio
Inception Current
Symbol Price Shares Value Gains Today Return First Trade Last Trade Rating
ALE $36.42 -580 ($21,123.60) ($1,162.14) -1.08% -5.82% 20-Jul-10 20-Jul-10 Short
AA $13.49 -1,060 ($14,299.40) $647.60 -2.66% 4.33% 19-Oct-09 19-Oct-09 Hold
ACXM $18.09 -1,710 ($30,933.90) ($11,040.11) -0.56% -55.50% 10-Jul-08 10-Jul-08 Hold
ADCT $12.68 -2,070 ($26,247.81) ($12,887.25) 0.00% -28.93% 24-Jan-07 11-Aug-09 Hold
ARAY $6.74 -3,350 ($22,579.00) ($1,029.86) -2.74% -4.78% 14-Oct-08 14-Oct-08 Hold
ARMH $16.58 -2,410 ($39,958.04) ($25,138.93) 2.76% -169.64% 11-Aug-09 11-Aug-09 Short
AYI $52.40 -510 ($26,724.00) ($6,720.84) -2.18% -33.60% 7-Jun-10 7-Jun-10 Short
BAGL $11.33 -1,990 ($22,546.70) $2,550.53 -1.61% 10.16% 14-Apr-10 14-Apr-10 Short
BCO $26.17 -950 ($24,861.50) ($4,897.30) -2.91% -24.53% 7-Jun-10 7-Jun-10 Short
BKS $15.45 -600 ($9,270.00) $5,491.73 -2.93% 37.20% 11-Aug-09 11-Aug-09 Hold
BMS $31.43 -720 ($22,629.60) ($2,531.62) -1.42% -12.60% 11-Sep-08 11-Sep-08 Hold
BXS $13.86 -640 ($8,870.40) $6,081.21 -1.54% 40.67% 18-May-09 18-May-09 Hold
CADX $8.03 -2,510 ($20,155.30) $4,669.86 -2.95% 18.81% 5-May-10 5-May-10 Short
CBSH $37.31 -473 ($17,647.63) $2,250.25 -1.25% 11.31% 31-Jul-08 15-Dec-09 Hold
CFR $54.17 -360 ($19,501.20) $473.18 -1.31% 2.37% 11-Sep-08 11-Sep-08 Hold
CGA $7.88 -1,510 ($11,898.80) $12,972.37 -0.64% 52.16% 14-Dec-09 14-Dec-09 Short
CMA $37.49 -470 ($17,620.30) $2,335.26 -1.32% 11.70% 5-May-10 5-May-10 Hold
CMO $11.49 -2,190 ($25,163.10) ($201.01) -1.32% -0.81% 13-Apr-10 13-Apr-10 Short
CNW $35.00 -330 ($11,550.00) $3,465.61 0.88% 23.08% 11-Aug-09 11-Aug-09 Hold
COG $31.80 -590 ($18,762.00) ($3,963.50) -2.48% -26.78% 27-Mar-09 27-Mar-09 Hold
CRR $87.98 -290 ($25,514.20) ($5,624.84) -2.77% -28.28% 7-Jun-10 7-Jun-10 Short
CRTX $6.40 -4,030 ($25,792.00) ($687.25) -2.24% -2.74% 14-Apr-10 14-Apr-10 Short
CVC $28.69 -480 ($13,771.20) $10,195.37 -3.80% 34.03% 24-Jan-07 12-Mar-09 Hold
CWT $37.71 -350 ($13,198.50) $1,832.32 -1.75% 12.19% 17-Feb-09 17-Feb-09 Hold
CYN $54.00 -320 ($17,280.00) $2,575.28 -1.62% 12.97% 5-May-10 5-May-10 Hold
DUF $14.97 -1,640 ($24,550.80) $436.10 -4.03% 1.75% 5-May-10 5-May-10 Short
EBS $18.05 -1,920 ($34,656.00) ($12,445.82) 0.06% -56.04% 17-Apr-09 29-Oct-10 Hold
EQT $38.55 -480 ($18,504.00) $5,129.91 -2.12% 8.88% 16-Jul-07 18-Dec-07 Hold
EVR $32.30 -1,360 ($43,928.00) ($22,084.57) -2.15% -101.10% 17-Apr-09 17-Apr-09 Hold
EXP $26.17 -830 ($21,721.10) ($1,563.25) -2.79% -7.76% 20-Jul-10 20-Jul-10 Short
FDX $88.44 -260 ($22,994.40) ($3,327.61) -1.14% -16.92% 10-Jul-08 10-Jul-08 Hold
FICO $25.54 -910 ($23,241.40) ($3,164.25) -3.69% -15.76% 20-Jul-10 20-Jul-10 Short
FL $16.23 -1,530 ($24,831.90) ($6,857.45) -0.62% -38.15% 21-Jan-10 21-Jan-10 Short
FO $54.19 -410 ($22,217.90) ($7,156.19) -1.88% -47.51% 18-May-09 18-May-09 Hold
FTR $8.98 -1,040 ($9,339.20) $14,232.98 0.00% 47.58% 24-Jan-07 12-Mar-09 Hold
GEO $25.92 -1,010 ($26,179.10) $2,763.04 -0.50% 6.97% 26-Feb-08 7-Jun-10 Short
GKSR $28.10 -710 ($19,951.00) ($4,851.31) -4.19% -32.13% 19-Oct-09 19-Oct-09 Short
HNR $12.94 -2,510 ($32,479.40) ($13,137.23) -1.25% -67.92% 7-Jun-10 7-Jun-10 Short
HOT $57.36 -520 ($29,827.20) ($12,955.02) -4.01% -76.78% 19-Nov-09 19-Nov-09 Short
HQS $3.35 -2,290 ($7,671.50) $14,189.52 -1.21% 64.91% 17-Apr-09 17-Apr-09 Hold
HTLD $15.27 -1,200 ($18,324.00) $1,379.19 -0.86% 7.00% 11-Sep-08 11-Sep-08 Hold
HUSA $14.41 -2,490 ($35,880.90) ($14,613.17) -1.98% -68.71% 20-Jul-10 20-Jul-10 Short
ICE $113.49 -230 ($26,102.70) ($15,007.91) -0.88% -26.07% 1-Dec-06 13-Apr-10 Short
IDRA $2.82 -4,000 ($11,280.00) $14,100.73 0.35% 55.56% 13-Apr-10 13-Apr-10 Short
IGTE $20.71 -1,660 ($34,378.60) ($14,749.96) -0.49% -75.15% 7-Jun-10 7-Jun-10 Short
JNY $14.75 -770 ($11,357.50) $3,681.71 -1.94% 24.48% 19-Oct-09 19-Oct-09 Hold
KW $10.88 -2,180 ($23,718.40) ($2,545.92) -1.12% -12.02% 21-Jul-10 21-Jul-10 Short
LB $13.44 -2,200 ($29,557.00) ($4,312.18) -8.43% -17.08% 14-Dec-09 14-Dec-09 Hold
LM $34.08 -460 ($15,676.80) ($875.91) -3.49% -5.92% 19-Oct-09 19-Oct-09 Hold
LORL $59.63 -590 ($35,181.70) ($10,161.33) -5.00% -40.61% 5-May-10 5-May-10 Short
LTD $31.02 -770 ($23,885.40) ($8,938.62) -3.95% -59.80% 19-Oct-09 19-Oct-09 Hold
LUX $29.71 -780 ($23,170.68) ($3,144.22) -0.43% -15.70% 5-May-10 5-May-10 Hold
MAKO $10.88 -1,890 ($20,563.20) $4,229.04 -3.72% 17.06% 13-Apr-10 13-Apr-10 Short
MAN $57.63 -380 ($21,899.40) ($1,950.04) -2.42% -9.77% 5-May-10 5-May-10 Short
MCHP $33.97 -790 ($26,837.88) ($11,897.94) -3.35% -79.64% 17-Feb-09 17-Feb-09 Hold
MLM $85.40 -140 ($11,956.00) ($2,320.10) -3.79% -24.08% 6-Mar-09 6-Mar-09 Short
MNTA $16.12 -1,850 ($29,822.00) ($8,781.52) -2.61% -41.74% 20-Jul-10 20-Jul-10 Short
MPWR $15.19 -1,320 ($20,050.80) $2,013.13 9.85% 9.12% 17-Apr-09 17-Apr-09 Short
MYGN $20.91 -920 ($19,237.20) $5,588.26 -1.26% 22.51% 8-Oct-09 8-Oct-09 Hold
N $20.94 -1,760 ($36,854.40) ($14,994.07) 1.32% -68.59% 17-Apr-09 17-Apr-09 Hold
NATI $35.07 -540 ($18,937.80) ($4,005.99) -0.92% -26.83% 19-Oct-09 19-Oct-09 Hold
 MARKET HAVEN MONTHLY

NSM $13.96 -1,030 ($14,378.80) $7,528.07 -2.27% 15.64% 16-Jul-07 11-Aug-09 Hold
NVEC $48.74 -350 ($17,059.00) ($4,092.22) -1.27% -31.56% 19-May-09 19-May-09 Hold
OMER $8.16 -2,580 ($21,052.80) ($235.68) -1.75% -1.13% 20-Jul-10 20-Jul-10 Short
OMX $17.68 -1,150 ($20,332.00) ($5,332.69) -4.55% -35.55% 19-Oct-09 19-Oct-09 Hold
ONB $9.86 -1,130 ($11,136.15) $3,864.59 -2.66% 25.76% 18-May-09 18-May-09 Hold
OREX $5.61 -3,620 ($20,308.20) $4,539.78 -4.47% 18.27% 5-May-10 5-May-10 Short
PBCT $12.43 -660 ($8,203.80) $21,408.60 0.24% 72.30% 24-Jan-07 24-Jan-07 Hold
PC $14.47 -1,590 ($23,007.30) ($3,058.34) -1.90% -15.33% 20-Jul-10 20-Jul-10 Hold
PEGA $28.51 -1,030 ($29,365.30) ($14,290.57) -0.67% -94.80% 18-Feb-09 18-Feb-09 Hold
PFS $13.61 -1,510 ($20,551.10) ($5,488.59) -3.58% -36.44% 18-May-09 18-May-09 Hold
PTIE $8.80 -4,020 ($35,376.00) ($12,262.49) -2.56% -21.31% 13-Jul-07 14-Apr-10 Short
PXD $74.93 -350 ($26,225.50) ($11,074.19) -2.13% -73.09% 19-Oct-09 19-Oct-09 Short
RGA $51.23 -470 ($24,078.10) $1,145.97 -1.19% 4.54% 13-Apr-10 13-Apr-10 Short
RIGL $8.15 -2,800 ($22,820.00) ($3,108.74) -3.30% -15.77% 7-Jun-10 7-Jun-10 Short
SFE $15.14 -1,900 ($28,766.00) ($4,263.93) -1.61% -17.40% 6-May-10 6-May-10 Short
SHOO $40.96 -700 ($28,672.00) ($3,766.03) -1.06% -15.12% 5-May-10 5-May-10 Short
STEI $5.74 -3,080 ($17,679.20) $2,190.26 -2.68% 11.02% 5-May-10 5-May-10 Hold
SWK $62.71 -383 ($24,017.93) ($24,017.93) -1.46% 0.00% 15-Mar-10 15-Mar-10 Hold
TIF $55.49 -410 ($22,750.90) ($5,897.74) -2.95% -34.99% 19-Nov-09 19-Nov-09 Hold
TIVO $11.47 -1,740 ($19,957.80) ($7,111.98) -2.96% -55.36% 19-May-09 19-May-09 Hold
TLB $10.31 -1,680 ($17,320.80) $839.53 -3.20% 4.62% 21-Jan-10 21-Jan-10 Hold
TLM $19.71 -1,210 ($23,849.10) ($3,923.54) -2.82% -19.69% 5-May-10 5-May-10 Short
TSN $15.51 -1,790 ($27,762.90) ($12,909.13) -0.85% -86.91% 17-Feb-09 17-Feb-09 Hold
TXI $38.80 -480 ($18,624.00) ($1,500.20) -2.95% -8.76% 19-Nov-09 19-Nov-09 Hold
VRX $27.42 -1,033 ($28,324.76) ($28,324.76) 2.97% 0.00% 27-Sep-10 27-Sep-10 Short
VVUS $6.99 -2,820 ($19,714.62) $5,035.89 1.12% 20.35% 13-Apr-10 13-Apr-10 Short
WTR $21.56 -930 ($20,050.71) $17.45 -1.51% 0.09% 18-Dec-07 18-Dec-07 Hold
WY $16.94 -3,541 ($59,984.54) ($39,967.53) -3.17% -199.67% 20-Jul-10 1-Sep-10 Short
XNPT $8.15 -2,110 ($17,196.50) $2,638.33 -2.00% 13.30% 7-Jun-10 7-Jun-10 Short