2PAGE
011 1
M AR C H
Market Haven Monthly
W e wanted to let our readers know that we
are making some changes to the strategy this
month. We will be replacing our old Timing
Model with a new Timing Model.
The old Timing Model essentially used three
variables in allocating between stocks and cash.
We have known of the deficiencies of the model
for some time and have been researching
enhancements to the strategy for a number of
months now.
Let us give you some examples of
shortcomings. Over the last decade, the Timing
Model handled the 2000-2002 downturn very
well by pulling out of stocks at the end of 1999
just before they went on their three year losing
streak. Great, right? Unfortunately, because
p/e’s were still very high, the model missed the
rally in stocks from 2003 to 2007. When stocks
capitulated from their overvalued levels in
2008, then the strategy worked fabulously. It
also picked stocks as a buy at the beginning of
2009. Nice job. Again, unfortunately, due to the
secular environment, the model was only
invested for part of the rally, getting out in the
MARKET HAVEN MONTHLY
third quarter of 2009. It was then out of the
market for much of 2010. Ouch.
In longer term measurements, the strategy has
been satisfactory in delivering returns. Over the
last four years, returns totaled +80% versus the
market’s -13%. However, we believe that a
portfolio manager utilizing the old Timing
Model would be too susceptible to job risk based
on some of the model’s decisions. For example,
who can afford to wait for five years on the side
lines as the market advances +80% before being
its
justified? Most people stop believing you after a
year of being wrong and the rest quit on you
after three years. The model just couldn’t
address the market during some of these key
moments.
Happily, we have a replacement model, which
we will still refer to as our Timing Model. We’ve
backtested it to 1926 and are pleased with its
performance all along the way. No model is
perfect and our new model is no exception to
that. However, we believe this model will be a
dramatic improvement over our last model.
 PAGE 2 MARKET HAVEN MONTHLY

We’ve kept the three factors used previously and a long-only portfolio that is simply either 100%
added four more. These factors encompass such invested in the stock market or completely out
things as market valuation, earnings of the market based on the application of our
expectations, secular investor sentiment, the seven factor model. Rebalancing was conducted
monetary landscape, and the interest rate quarterly. No leverage was applied and no
environment. shorting was used. We just wanted to assess the
ability of the model to
We understand that
pick good times to be in
it is fundamentally
the market and out of
undesirable to
the market.
makes change in
mid-stream. At the The top table compares
same time, we want five year period gross
to set the returns of the market to
expectation that we the model. The model
are constantly shows well. It
striving to grow and outperformed the
learn. That doesn’t market in all but one
mean we take model five year period. The
changes lightly. We average
don’t. Rigorous outperformance for the
testing has been five year increments is
conducted over an +31%, which works out
extended time frame to +4.8% annualized.
and we believe this
The bottom table shows
strategy will yield
annual numbers since
better results going
2000. This has been a
forward.
volatile decade in particular. In our view, if a
Let us share with you some of our conclusions. model can navigate both the long-term and the
Hopefully you’ll find confidence in these results. more recent environment well, then it shows
Nearby are two tables which show the results of some promise. You can see that the comparative
 PAGE 3 MARKET HAVEN MONTHLY

results were equally impressive as in prior years that we have been managing the strategy.
decades. The seven factor model outperformed From 2007 through 2010, the market’s price
the market by +10% annually. It showed only return was about -12.7%. This compares to
one down year versus the market’s four in the +80.2% for the old model and +196.7% for the
past 11 years. new model. The new model outperformed the
S&P 500 every year.
We could go on
The old model
with different
outperformed the
statistics about the
market half the time
standard deviation
because it was
of returns,
reliant on p/e’s
drawdowns versus
correcting to normal
the market, etc.
levels.
Suffice it to say, the
results are all This is a unique
impressive versus period of time much
like the period
the market. If
2003-2007 because
anyone desires
of the suspension of
anymore statistical
normal valuation
data about the
beliefs driven by
strategies, we
Fed policy. Their
would be happy to
market intervention
make it available.
has led to an
The last thing we unprecedentedly
wanted to bring up steep yield curve
to facilitate the and elevated equity
transition to the risk premiums. So it
new model is the comparative results of the fully is a good time period to be testing the results of
integrated new Long/Short Timing Model this model because it is such a tricky
versus the old long/short model for the past four environment.
 PAGE 4 MARKET HAVEN MONTHLY

You need to know that the decision to switch to Static Model is +50%. Our Timing Model, on the
the new model was not based on these recent other hand, factors in market valuations. Net
return results in an effort to cherry pick the best long exposure is -30%.
returns. Yes, we want to do our best to improve
Strategy Static Timing
returns going forward. The last thing we want is Model Model

to delude ourselves into thinking we’re better Long Exposure +80% 0%

than we are by revising history. That’s a course
destined for future doom. We are hoping that by
spending several pages outlining our thought
process that our sincerity will come through.
At the same time, it is very easy for investors to
fall in love with their own ideas and processes to
the point that they never evolve. We must stay
humble because the markets will continue to
humble us.
Where’s the Value?
Stocks
Short Exposure -30% -30%
Net Exposure +50% -30%
P/E’s are at 17.5x which means limited upside
and lots of downside potential. Earnings
information, the rising yield environment, and
even price momentum all point to a weakening
rally. The only pause at this point is the Fed’s
loose monetary policy which still has the
potential to provide some more strength to
equities. Nevertheless, we wouldn’t advise
investors to be greedy and try to time the tops.
When conditions are iffy, move some money to
the sidelines while you know you have it.

Our Static Model is an easy way to hedge out

Sectors
much of the market risk in an unemotional way.
Relative to the market as a whole, our screens
Through regular rebalancing and a fairly
are showing that the best places to find value are
conservative asset allocation, the portfolio has
in consumer discretionary, materials, and
done a good job of dampening volatility risk.
financials.
Additionally, the beta of our long portfolio has
historically been about 1.3 allowing investors to
get full market exposure while leaving some
cash on the sidelines. Net long exposure for the
 PAGE 5 MARKET HAVEN MONTHLY

Nevertheless, large, stable, profitable,

diversified behemoths are becoming better
values every month and that’s a good thing. The
most short opportunities continue to exist at the
lower capitalization ranges.

Rising bond yields have steepened the yield

curve, making the profit environment for
financials a more attractive place to be. It has
had the opposite effect on utilities which Recent Price Strength
continue to be an unattractive space. Oil
continues to run, and with it oil stocks, as civil For the last 120 days, energy has been the story.
unrest spreads throughout the middle east. The sector has significantly outperformed all
Interestingly, you’d think that there would be other sectors. The higher yielding stocks in the
less attractive values in the energy space, but utilities, telecommunications, and consumer
our screens are finding more value. But we’d be staples sectors continue to lag in a big way. The
very selective here. We still like energy longer- disparity is significant.
term for the greater secular forces, but these
skirmishes in the news currently, while
significant to the countries that experience
them, will only have a temporary effect on oil
prices.

Market Cap

Mega cap stocks became cheaper relative to

smaller companies in February. It is a general
rule of thumb that loose monetary policy
benefits smaller companies and this most recent
experience seems to be no different.
 PAGE 6 MARKET HAVEN MONTHLY

Volatility

Last month was a volatile one for volatility. (Can

we say that?) The VIX began the month at 19.5,
promptly dropped to 15.7, spiked to 22.1, and
then ended the month at 20.4 as if not much
happened. If you observed our entry levels, you
would have had a nice month. Below 16.6 we
target 100% exposure to volatility. Up to 22.7 we
are 75%, and only 50% exposed to volatility up
to 28.9.

Commodities

GLD rallied almost +8% during February.

Hopefully all of our readers used the last
pullback to add to their gold holdings.

With all of the political unrest in the world (e.g.,

Libya, Egypt, Tunisia, Ivory Coast) and the
natural disasters (e.g., Russian droughts,
Australian floods) dominating the headlines, it’s
no wonder that agricultural prices have run up
dramatically. While we are bullish on
commodity prices longer term, these short-term
factors are a bit different than our long-term
reason for investing in commodities. We
continue to hold our commodity positions.
 PAGE 7
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.
Diversification is an important part of our
investment process. We like to have between 30
and 40 names in the long portfolio and more
than that in our short portfolio. We let the ideas
that are working continue to run. Conversely,
the ideas that are not working become a smaller
proportion of the portfolio simply by the
diminishing market cap they exhibit. This also
lends to the comfort we have taking chances on
stocks that may have headline or operational
risk from time to time.
Don’t forget to do your own homework. We’re
not your financial advisor so we do not know
your specific financial situation and what makes
sense for you individually.
CNOOC Limited (CEO) - long
CEO is China’s largest offshore producer of
crude oil and natural gas. Based in Hong Kong,
it is also one of the largest offshore producers in
Indonesia. Its market cap is $102 billion. The
MARKET HAVEN MONTHLY
company is conservatively capitalized,
immensely profitable, and focused on the
biggest growth area of the world. Based on last
year’s cash payouts, the dividend yield is around
2.3%, which is better than the S&P 500. ROE
has hovered between 25% and 35% for much of
the last 10 years, yet the price-to-earnings ratio
is only 10.4x. There doesn’t seem to be a lot of
risk with the stock in our opinion.
Credicorp Limited (BAP) - long
BAP is the largest financial services company in
Peru and also one of the oldest. With a market
cap of $8 billion, BAP provides commercial
banking, investment banking, and insurance
services internationally. It has a yield of 2%. It’s
ROE has expanded from single digits to over
20% over the last decade while its tangible book
value has doubled. We admit that at 3x p/b, the
stock isn’t crazy cheap, but it seems cheap for
what you are buying and makes sense as part of
a diversified portfolio focusing on emerging
growth. Earnings are expected to grow at a
+25% clip over the next few years and the p/e of
the stock is only 11.6x.
Abbott Laboratories (ABT) - long
ABT is a $74 billion drug company with a
diversified revenue stream that covers areas
relating to diabetes, diagnostics, molecular
 PAGE 8 MARKET HAVEN MONTHLY

analysis, nutrition, animal health, and vascular. One of the hardest things to do sometimes is
The stock has suffered from much of the same recommend a stock after you’ve owned it and
overhang that the rest of the healthcare sector watch is appreciate +45%. Nevertheless, that’s
has experienced. We believe long-term what we’re doing with the $6 billion
demographics will eventually become the manufacturer of communications equipment for
overwhelming tailwind. ABT’s yield has steadily the commercial and governmental markets. New
risen year after year and is better than 10-year products have bolstered recent sales at the
Treasuries at 4%. Earnings are expected to grow company. The company’s primary business has
around 9% per year and with ROE’s in excess of been tied to military operations which could
25%, investors at these levels will be well-served experience some volatility as government
longer-term. officials try to reduce spending. At the same
time, the global trend is toward greater
Newmont Mining Corp (NEM) - long integration which means more exposure to other
economies and political regimes. HRS provides
NEM is one of the world’s largest gold producers
products that are sure to stay at the center of
and also mines copper. They cover the world
that global progress. The stock is attractively
from the U.S. to Australia, Peru, Indonesia,
priced even after its recent run. It sports an
Ghana, Canada, Bolivia, New Zealand, and
earnings yield of 9%. The dividend yield is 2.1%.
Mexico. We believe that strong gold and copper
The dividend has grown 80% since 2007. The
prices will continue to contribute to solid growth
stock is a buy in our opinion.
in NEM’s bottom line. The $27 billion company
is trading at 10.5x earnings and is expected to
grow at 14% per year for the near future. The
dividend isn’t great, but better than nothing at
1%. To boot, the company raised its dividend
50% in 2010 from 10 cents/qtr to 15 cents/qtr.
NEM has low debt and should be able to
withstand some volatility in the metals markets.

Harris Corp (HRS) - long

 PAGE 9 MARKET HAVEN MONTHLY

Portfolio Changes Last Month

December 2010
No trades were made on either the long side or
the short side during the month of February. Harbin Electric (HRBN) – buy

Trina Solar (TSL) – hold

Best Buy (BBY) – buy

Previously Mentioned Ideas MasterCard (MA) – buy

Cliffs Natural Resources (CLF) – hold

Below are the investment ideas that we have
highlighted in past issues. Additionally, we have
updated the current model recommendation for
November 2010
each stock.
Global Payments (GPN) - buy

Research In Motion (RIMM) - buy

February 2011 Cash America International (CSH) - buy

LHC Group (LHCG) – buy Telecom Argentina (TEO) - buy

Compania Cervecerias Unidas SA (CCU) – buy Cephalon (CEPH) - buy

NetEase.com Inc (NTES) – buy

Aflac Inc. (AFL) – buy October 2010

Microsoft Corp. (MSFT) – buy Alpha Natural Resources (ANR) - hold

True Religion Apparel (TRLG) - buy

January 2011 St. Jude Medical (STJ) - buy

Global Payments (GPN) – buy General Dynamics (GD) - buy

Amedisys (AMED) – buy Kraft Foods (KFT) - buy

Warnaco Group (WRC) – buy

Alliance Resource Parnters LP (ARLP) – buy

BHP Billiton ADR (BHP) – buy

 PAGE 10 MARKET HAVEN MONTHLY

Newsletter Portfolio Performance

 PAGE 11 MARKET HAVEN MONTHLY

Newsletter Portfolio Performance

 MARKET HAVEN MONTHLY

Long Portfolio
Portion Of Current
Symbol Name Price Fund Shares Held Value Rating
CTSH COGNIZANT TECH SOLUTIONS'A' $76.51 7.3% 980.00 $74,979.80 Hold
NOV National Oilwell Varco Inc $79.83 6.2% 800.00 $63,864.00 Hold
DECK DECKERS OUTDOOR $88.30 4.6% 540.00 $47,682.00 Hold
WDC WESTERN DIGITAL $31.19 4.3% 1,400.00 $43,666.00 Hold
JOYG Joy Global Inc $93.93 4.1% 450.00 $42,268.50 Hold
COH COACH INC $54.53 3.7% 690.00 $37,625.70 Hold
INT WORLD FUEL SERVICES $41.36 3.5% 880.00 $36,396.80 Hold
FCX FREEPT-MCMO COPPER & GOLD CL B $52.45 3.2% 620.00 $32,519.00 Hold
ESV Ensco PLC $55.41 3.0% 560.00 $31,029.60 Hold
HLF Herbalife, Limited $78.20 3.0% 390.00 $30,498.00 Hold
MUR MURPHY OIL $73.47 2.6% 360.00 $26,449.20 Hold
MIDD MIDDLEBY CORP $89.99 2.6% 300.00 $26,997.00 Hold
NTRI NUTRI/SYSTEM INC $13.89 2.5% 1,820.00 $25,279.80 Hold
PCP PRECISION CASTPARTS $142.23 2.4% 170.00 $24,179.10 Hold
ARLP ALLIANCE RESOURCE PARTNERS LP $76.40 2.4% 320.00 $24,448.00 Buy
MA Mastercard Inc $246.71 2.4% 100.00 $24,671.00 Buy
GD GENERAL DYNAMICS $75.94 2.2% 300.00 $22,782.00 Buy
HUM HUMANA INC $62.60 2.2% 360.00 $22,536.00 Hold
BHP BHP Billiton Ltd $93.91 2.2% 240.00 $22,538.40 Buy
HRS HARRIS CORP $46.45 2.1% 470.00 $21,831.50 Buy
GPN Global Payments Inc $47.96 2.1% 460.00 $22,061.60 Buy
BYI Bally Technologies Inc $38.42 2.0% 540.00 $20,746.80 Hold
ANR Alpha Natural Resources Inc $54.65 2.0% 370.00 $20,220.50 Hold
TPC Tutor Perini Corp $23.43 1.9% 830.00 $19,446.90 Hold
FRX FOREST LABORATORIES INC $31.88 1.8% 580.00 $18,490.40 Hold
KCI Kinetic Concepts,Inc. $47.34 1.8% 380.00 $17,989.20 Hold
ATW ATWOOD OCEANICS $45.59 1.8% 410.00 $18,691.90 Hold
JCOM J2 GLOBAL COMMUNICATIONS NEW $29.13 1.8% 650.00 $18,934.50 Hold
GRMN GARMIN LTD $33.17 1.7% 520.00 $17,248.40 Hold
NE Noble Corp $44.19 1.6% 380.00 $16,792.20 Hold
ACN Accenture Plc $52.18 1.6% 320.00 $16,697.60 Hold
ENDP ENDO PHARMACEUTICALS HLDS INC $34.33 1.5% 460.00 $15,791.80 Buy
CEPH CEPHALON INC $56.22 1.5% 270.00 $15,179.40 Hold
WMT WAL-MART STORES $51.75 1.4% 280.00 $14,490.00 Hold
AMED AMEDISYS INC $35.32 1.4% 420.00 $14,834.40 Hold
LHCG LHC Group, LLC $30.24 1.4% 460.00 $13,910.40 Buy
MDT MEDTRONIC INC $39.88 1.1% 290.00 $11,565.20 Hold
ALGT Allegiant Travel Company $41.10 1.1% 280.00 $11,508.00 Hold
ESLT ELBIT SYSTEMS $50.51 1.0% 200.00 $10,102.00 Buy
BBY BEST BUY CO INC $32.37 0.9% 290.00 $9,387.30 Hold
 MARKET HAVEN MONTHLY

Short Portfolio
Portion Of Current
Symbol Name Price Fund Shares Held Value Rating
WY WEYERHAEUSER CO $24.20 3.8% -3,541.00 ($85,692.20) Short
ARMH ARM HOLDINGS ADS $30.11 3.2% -2,410.00 ($72,565.10) Short
N NetSuite Inc $30.69 2.4% -1,760.00 ($54,014.40) Hold
FXEN FX ENERGY INC $11.73 2.1% -4,010.00 ($47,037.30) Short
PEGA PEGASYSTEMS INC $40.31 1.8% -1,030.00 ($41,519.30) Hold
VRX Valeant Pharmaceuticals Intern $40.11 1.8% -1,033.00 ($41,433.63) Short
EBS Emergent BioSolutions, Incorporated $21.24 1.8% -1,920.00 ($40,780.61) Hold
HUSA Houston American Energy Corporation $16.27 1.8% -2,490.00 ($40,512.30) Short
SFE SAFEGUARD SCIENTIFICS $21.08 1.8% -1,900.00 ($40,051.81) Short
MAKO MAKO Surgical Corporation $20.78 1.7% -1,890.00 ($39,274.20) Short
NATI NATL INSTRUMENTS $31.24 1.7% -1,215.00 ($37,956.60) Short
PXD PIONEER NATURAL RES $102.86 1.6% -350.00 ($36,001.00) Short
HNR Harvest Natural Resources Inc $13.88 1.5% -2,510.00 ($34,838.80) Short
CRR CARBO CERAMICS INC $119.57 1.5% -290.00 ($34,675.30) Short
BAGL Einstein Noah Restaurant Group $16.12 1.4% -1,990.00 ($32,078.80) Short
HOT STARWOOD HOTELS&RESWORLDWIDE $61.55 1.4% -520.00 ($32,006.00) Short
AH Accretive Health Inc $20.50 1.4% -1,560.00 ($31,980.00) Short
IGTE iGate Corporation $18.47 1.3% -1,660.00 ($30,660.20) Hold
TLM TALISMAN ENERGY $24.52 1.3% -1,210.00 ($29,669.20) Short
FL Foot Locker Inc $19.29 1.3% -1,530.00 ($29,513.70) Hold
MCHP MICROCHIP TECHNOLOGY $37.33 1.3% -790.00 ($29,490.70) Hold
BCO Brink's Co/The $30.90 1.3% -950.00 ($29,355.00) Short
ACXM ACXIOM CORP $17.12 1.3% -1,710.00 ($29,275.20) Hold
SWK Stanley Black & Decker Inc $75.11 1.3% -383.00 ($28,767.13) Hold
CMO CAPSTEAD MORTGAGE(NEW) $13.06 1.3% -2,190.00 ($28,601.40) Hold
NOG Northern Oil & Gas, Incorporated $31.70 1.3% -900.00 ($28,530.00) Short
BG Bunge Ltd $71.49 1.2% -380.00 ($27,166.20) Short
COG CABOT OIL & GAS 'A' $45.79 1.2% -590.00 ($27,016.10) Hold
PTIE PAIN THERAPEUTICS $6.71 1.2% -4,020.00 ($26,974.20) Hold
DUF Duff & Phelps Corporation $16.44 1.2% -1,640.00 ($26,961.60) Hold
EXP Eagle Materials Inc $31.85 1.2% -830.00 ($26,435.50) Short
MCCC MEDIACOM COMMUNIC'A' $8.81 1.1% -2,950.00 ($25,989.50) Short
FICO Fair Isaac Inc $28.40 1.1% -910.00 ($25,844.00) Hold
MNTA Momenta Pharmaceuticals Inc $13.81 1.1% -1,850.00 ($25,548.50) Hold
GEO Geo Group Inc/The $25.03 1.1% -1,010.00 ($25,280.30) Hold
FO FORTUNE BRANDS $61.57 1.1% -410.00 ($25,243.70) Short
MF MF Global Holdings Ltd $8.49 1.1% -2,960.00 ($25,130.40) Short
TIF TIFFANY & CO $61.15 1.1% -410.00 ($25,071.50) Hold
STMP STAMPS.COM INC $13.39 1.1% -1,870.00 ($25,039.30) Short
NOVL NOVELL INC $5.91 1.1% -4,220.00 ($24,919.10) Short
LTD Limited Brands $32.32 1.1% -770.00 ($24,886.40) Hold
MAN MANPOWER INC $64.51 1.1% -380.00 ($24,513.80) Short
MSCC MICROSEMI CORP $22.35 1.1% -1,080.00 ($24,138.00) Short
LUX LUXOTTICA GROUP ADS $30.78 1.1% -780.00 ($24,008.40) Hold
KW Kennedy-Wilson Holdings Inc $11.00 1.1% -2,180.00 ($23,980.00) Hold
ALX ALEXANDER'S, INC $393.55 1.0% -60.00 ($23,613.00) Short
BMS BEMIS CO $32.65 1.0% -720.00 ($23,508.00) Hold
STEI STEWART ENTERPRISES INC CL A $7.63 1.0% -3,080.00 ($23,500.40) Short
EQT EQT Corp $48.72 1.0% -480.00 ($23,385.60) Short
FDX FEDEX CORP $89.88 1.0% -260.00 ($23,368.80) Hold
GKSR G & K SERVICES CL'A' $32.74 1.0% -710.00 ($23,245.40) Short
LGF LIONS GATE ENTERTAINMENT $5.96 1.0% -3,860.00 ($23,005.60) Short
BMRN BIOMARIN PHARMACEUTICAL INC $24.58 1.0% -920.00 ($22,613.51) Short
PFS Provident Financial $14.78 1.0% -1,510.00 ($22,317.80) Hold
CRTX Cornerstone Therapeutics Inc $5.49 1.0% -4,030.00 ($22,124.70) Short
ALE Allete Inc $37.56 1.0% -580.00 ($21,784.80) Hold
VVUS VIVUS INC $7.64 0.9% -2,820.00 ($21,544.80) Hold
CFR CULLEN/FROST BANKERS $59.39 0.9% -360.00 ($21,380.40) Hold
PC Panasonic Corp $13.42 0.9% -1,590.00 ($21,337.80) Hold
WTR Aqua America Inc $22.32 0.9% -930.00 ($20,757.60) Hold
NVEC NVE Corporation $59.15 0.9% -350.00 ($20,702.50) Hold
 MARKET HAVEN MONTHLY

BTX BIOTIME INC $7.01 0.9% -2,940.00 ($20,609.40) Short

RIGL RIGEL PHARMACEUTICALS $7.30 0.9% -2,800.00 ($20,440.00) Hold
HTLD HEARTLAND EXPRESS $16.63 0.9% -1,200.00 ($19,956.00) Hold
CBSH COMMERCE BANCSHARES $40.00 0.9% -497.00 ($19,880.00) Hold
XXIA IXIA $17.71 0.8% -1,090.00 ($19,303.90) Short
TXI TEXAS INDUS $40.13 0.8% -480.00 ($19,262.40) Hold
CADX Cadence Pharmaceuticals, Incorporated $7.61 0.8% -2,510.00 ($19,101.10) Short
CYN CITY NATIONAL $59.49 0.8% -320.00 ($19,036.80) Hold
CMA COMERICA INC $38.83 0.8% -470.00 ($18,250.10) Hold
CVC CABLEVISION SYS'A' $36.98 0.8% -480.00 ($17,750.35) Hold
AA ALCOA INC $16.68 0.8% -1,060.00 ($17,680.80) Hold
MYGN MYRIAD GENETICS $18.47 0.7% -920.00 ($16,992.40) Hold
OMER Omeros Corp $6.56 0.7% -2,580.00 ($16,924.80) Hold
LM LEGG MASON INC $36.12 0.7% -460.00 ($16,615.20) Hold
OMX OfficeMax Inc $13.77 0.7% -1,150.00 ($15,835.50) Hold
XNPT XenoPort, Incorporated $7.18 0.7% -2,110.00 ($15,149.80) Hold
ONB OLD NATL BANCORP(IND) $11.17 0.6% -1,130.00 ($12,622.10) Hold
MLM MARTIN MARIETTA MATERIALS $88.08 0.5% -140.00 ($12,331.20) Short
CWT CALIF WATER SVC GRP DELAWARE $35.13 0.5% -350.00 ($12,295.50) Hold
CGA China Green Agriculture Inc $8.00 0.5% -1,510.00 ($12,080.00) Short
OREX Orexigen Therapeutics, Incorporated $3.30 0.5% -3,620.00 ($11,946.00) Hold
IDRA Idera Pharmaceuticals Inc $2.70 0.5% -4,000.00 ($10,800.00) Short
CNW Con-way Inc $32.19 0.5% -330.00 ($10,622.70) Hold
JNY The Jones Group Inc $13.50 0.5% -770.00 ($10,395.00) Hold
BXS BANCORPSOUTH $15.78 0.4% -640.00 ($10,099.20) Hold
HQS HQ Sustainable Maritime Indust $4.17 0.4% -2,290.00 ($9,549.30) Hold
FTR Frontier Communications Corp $8.42 0.4% -1,040.00 ($8,756.80) Hold
PBCT PEOPLE'S BANK $13.11 0.4% -660.00 ($8,652.60) Hold
BKS BARNES & NOBLE $13.71 0.4% -600.00 ($8,226.00) Hold