September Performance

The portfolio is up 1.3% for the month.Entire history since inception in table form is also here.

Month	Portfolio	S&P 500
Jul-09	1.7%	5.1%
Aug-09	4.0%	3.6%
Sep-09	4.7%	3.7%
Oct-09	7.0%	-1.9%
Nov-09	2.1%	6.0%
Dec-09	4.4%	1.9%
Jan-10	4.8%	-3.6%
Feb-10	-3.1%	3.1%
Mar-10	0.0%	6.0%
Apr-10	-1.0%	1.6%
May-10	-2.5%	-8.0%
Jun-10	3.9%	-5.2%
Jul-10	-0.3%	7.0%
Aug-10	1.3%	-4.5%
Sep-10	1.3%	8.9%

New Trade (Energy)

Long NAT at 26.76, Short ERF at 24.69

New Trade (Retail)

Long DKS at 28.12, Short ZUMZ at 21.33

Close Out (GDP Partial)

Close GDP at 14.26, Close the October short call at strike of 12.5 at 1.95 (Covered call trade). De-risking and not much theta lift at the current price.

Still keeping part of GDP/TLM pair open

New Trade (Industrial)

Long KDN at 33.72, Short WAB at 46.10

Close Out Call on EQR

Close out Call on EQR at 0.85. Bringing the portfolio closer to neutral.

New Trade (Machinery)

Long ITW at 47.04, Short IEX at 35.03

New Trade (Machinery)

Long PNR at 33.37, Short PLL at 41.27

Close Out (ATW/CRR)

ATW at 28.31, CRR at 79.21

New Trade (Insurance)

Long TRV at 49.85, Short AWH at 53.16

New Trade (Hotels)

Long MTN at 35.61, Short MAR at 35.52

Close Out (NE/BRS)

NE at 35.42, BRS at 35.72

Close Out JPM

Close out of JPM at 40.25, October call at 2.99

New Trade (Energy)

long ATW at 26.28, Short CRR at 79.9

New Trade (Energy)

Long NGS at 14.87, Short RDC at 28.28

Close Out (PDE/CAM)

PDE at 28.76, CAM at 38.24