Wednesday, December 1, 2010
Saturday, November 20, 2010
Hedging with Butterfly Put Spreads
In times of a declining market and rising volatility, it can be hard to dish out the higher costs of put option premiums. One way to do this more cost effectively is to purchase something called a butterfly put spread. The good is that these spreads will cost you much less (especially in times of rising volatility) than purchasing just put options, however the bad is that these limit the potential gains (or protection) AND if the market or equity drops too much in value you could still lose your premium paid just as if the the market or equity didn't drop enough for the spread to pay off. I will give you an example in this article using a major index ETF. This article is for educational purpose only I am not recommending buying or selling anything mentioned.
Hedging an entire portfolio with out of the money butterfly put spreads:
The market is up over 15% since late August, so it may be worth looking at buying some protection. First I will have to develop targets: how much I am willing to lose before my protection kicks in, how much I want to hedge, and the time period I want to hedge for. The more and longer that I choose to hedge, the greater the cost.
Let's say I can stomach losing 5% from the current market levels and I think the market is due for a 15% pull back from current levels over the next 2 months. I would then use these targets to develop my option strategy.
Step 1: Using the very popular, very liquid S&P 500 SPDR ETF (SPY) I would purchase the January 114 put options. Note how I got the 114 strike put option. I stated I can withstand declines of 5% from current market levels (at the time of this writing SPY is at 120.29), so a 5% decline from here would put the SPY at roughly 114.
Step 2: I would then sell TWO contracts for every ONE purchased of the SPY January 102 put options. Note how I got the 102 strike put options. I stated I expect a total decline of 15% from the current levels near 120 on the SPY which comes out to 102.
Step 3: I would then purchase the January 90 put options. Note how I got the 90 strike put options. This is just the difference of the contracts in step one and two subtracted from contract in step two. In this case the difference is 12 so we take 12 and subtract it from 102 which gives us 90.
As of current market data each spread can be purchased for $108. If I were to just purchase put options it would cost $173. If the market in fact sells off this would give me protection from roughly 1,140 down to 1,020 on the S&P 500. The maximum profit from this spread would occur if the SPY closed at 102 per share on January options expiration. This would return $1200 per spread or a return of 1,111%. The most that can be lost from this spread is the premium paid of $108, and would result if the SPY closed at or above 114 per share or at or below 90 per share on January options expiration. The two break even points would be the SPY at 112.92 and 91.08 on January options expiration. Commissions were not factored in the calculations above.
This completes the butterfly put spread. Note for safety and saving on transaction costs it should not be done as shown above in three different steps. Most brokerages today have a butterfly put spread order entry form. If they do not I suggest using a two part put spread approach which every brokerage should certainly have. Using put spreads I would first get long the 114/102 put spread, and then get short the 102/90 put spread. This is the exact same spread and should only be entered if brokerages do not offer butterfly put spreads. To learn more about options in general or to get a better understanding of stock options and different option strategies please check out my Simplified Stock Option Trading E-Books. If one has a more tech heavy portfolio it may be a better idea to structure a butterfly put spread using the PowerShares QQQ ETF (QQQQ). If small cap stocks are a holding in the portfolio one should also consider opening butterfly put spreads on the iShares Russell 2000 Index ETF (IWM).
Disclosure: Long SPY December 115 Put Options Sphere: Related Content
Hedging an entire portfolio with out of the money butterfly put spreads:
The market is up over 15% since late August, so it may be worth looking at buying some protection. First I will have to develop targets: how much I am willing to lose before my protection kicks in, how much I want to hedge, and the time period I want to hedge for. The more and longer that I choose to hedge, the greater the cost.
Let's say I can stomach losing 5% from the current market levels and I think the market is due for a 15% pull back from current levels over the next 2 months. I would then use these targets to develop my option strategy.
Step 1: Using the very popular, very liquid S&P 500 SPDR ETF (SPY) I would purchase the January 114 put options. Note how I got the 114 strike put option. I stated I can withstand declines of 5% from current market levels (at the time of this writing SPY is at 120.29), so a 5% decline from here would put the SPY at roughly 114.
Step 2: I would then sell TWO contracts for every ONE purchased of the SPY January 102 put options. Note how I got the 102 strike put options. I stated I expect a total decline of 15% from the current levels near 120 on the SPY which comes out to 102.
Step 3: I would then purchase the January 90 put options. Note how I got the 90 strike put options. This is just the difference of the contracts in step one and two subtracted from contract in step two. In this case the difference is 12 so we take 12 and subtract it from 102 which gives us 90.
As of current market data each spread can be purchased for $108. If I were to just purchase put options it would cost $173. If the market in fact sells off this would give me protection from roughly 1,140 down to 1,020 on the S&P 500. The maximum profit from this spread would occur if the SPY closed at 102 per share on January options expiration. This would return $1200 per spread or a return of 1,111%. The most that can be lost from this spread is the premium paid of $108, and would result if the SPY closed at or above 114 per share or at or below 90 per share on January options expiration. The two break even points would be the SPY at 112.92 and 91.08 on January options expiration. Commissions were not factored in the calculations above.
This completes the butterfly put spread. Note for safety and saving on transaction costs it should not be done as shown above in three different steps. Most brokerages today have a butterfly put spread order entry form. If they do not I suggest using a two part put spread approach which every brokerage should certainly have. Using put spreads I would first get long the 114/102 put spread, and then get short the 102/90 put spread. This is the exact same spread and should only be entered if brokerages do not offer butterfly put spreads. To learn more about options in general or to get a better understanding of stock options and different option strategies please check out my Simplified Stock Option Trading E-Books. If one has a more tech heavy portfolio it may be a better idea to structure a butterfly put spread using the PowerShares QQQ ETF (QQQQ). If small cap stocks are a holding in the portfolio one should also consider opening butterfly put spreads on the iShares Russell 2000 Index ETF (IWM).
These are just examples and are not recommendations to buy or sell any security; if you're more bullish/bearish, you’ll want to adjust the strike price and expiration accordingly.
The reason option volumes have surged in the last five years is because they are a great way to hedge your portfolio as well as create income off of your shares (see chart here). Keep in mind when using this strategy it is essential that broker commissions are low enough to profit from the position.Disclosure: Long SPY December 115 Put Options Sphere: Related Content
Friday, September 24, 2010
Google Strategy Update
Hey guys, hope all is well. I wanted to update you all on that Google option strategy I did last week. I took my money off the table Friday with a nice profit. I still have some call spreads open which are now free and I have limit order in to sell them for $2,400 and $2,600 which I believe will be tough to get this week unless Google buries the upper strike price. I believe I want to get out before earnings just because I feel more comfortable and even though I may kick myself for leaving $500 on the table, it's a lot better than kicking myself for having them expire worthless! Anyway, I wanted to share my family companies cheese blog with you all. Lots of cool (cheesy) stuff there so check out my cheese blog.
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Monday, September 20, 2010
Time for Google to Run: How I'm Playing It
Trading at just 21X earnings and projected earnings growth of 14% in 2011, Google has become an oversold value stock. With Google (GOOG) pinning to 490 on options expiration Friday, it confirmed a nice breakout and could be a potential trend reversal for the search giant. As an options trader these pattern breakouts are key when choosing my strategies. Following the marked up chart of Google below, I will highlight some key points which led me to put on a bullish option strategy.
(Click chart to enlarge)
Why I am bullish: From the chart above you can see Google broke a major down triangle on September 13 (blue lines). This breakout projects Google back up between 520 and 550 per share. However that is just the beginning... You can also see from this chart above a very choppy inverse head and shoulders pattern with the neckline coming in around 510 per share (yellow dotted line). This 510 level is a key resistance area and if it can break above that (as the triangle breakout suggests) the stock could run back up and test its recent high near 590 per share.
How I am playing it: I am playing quite conservative by purchasing October Call Spreads. I plan on purchasing October 510 calls (the neckline breakout point) and selling the October 540 calls against them. I can get into each spread for a net debit of around $550 which doesn't seem too expensive considering an earnings report falls in that time frame. The reason I'm not purchasing just October calls is because I don't want to purchase too much volatility with the Google earnings announcement falling before expiration (selling an upper call against the lower call will help offset this). The reason I'm not purchasing November calls or call spreads because I don't want to purchase too much time in case Google sells off. If significant profits can be taken, I may choose to close my position before earnings.
Number Crunch: The most that can be lost from each 510/540 call spread is $550 (plus commissions) and will result if Google closes at or below 510 per share on October expiration. The break even point from this spread is shares of Google at 515.50 (less commissions) per share on October expiration, anything above that price until 540 per share will result in unrealized profit. If Google closes at or above 540 per share on October options expiration it will return the maximum of $3,000 per spread or 545%.
As stated, I believe Google is oversold and will use any dips after earnings or in the near future to accumulate shares for my investment account. I still think in order to get some real momentum behind this stock, Google needs to purchase shares back of the company, do a stock split, or declare a dividend... I would be a fan of all three.
The ideas outlined above are bullish strategies and should not be considered if you think the stock will sell off in the near future. However if you feel the stock could move higher in the near future, this strategy could yield a nice gain. To get a better understanding of stock options and different option strategies please check out my Simplified Stock Option Trading E-Books.
Disclosure: Long GOOG October 510 Calls, Short GOOG October 540 Calls Sphere: Related Content
(Click chart to enlarge)Why I am bullish: From the chart above you can see Google broke a major down triangle on September 13 (blue lines). This breakout projects Google back up between 520 and 550 per share. However that is just the beginning... You can also see from this chart above a very choppy inverse head and shoulders pattern with the neckline coming in around 510 per share (yellow dotted line). This 510 level is a key resistance area and if it can break above that (as the triangle breakout suggests) the stock could run back up and test its recent high near 590 per share.
How I am playing it: I am playing quite conservative by purchasing October Call Spreads. I plan on purchasing October 510 calls (the neckline breakout point) and selling the October 540 calls against them. I can get into each spread for a net debit of around $550 which doesn't seem too expensive considering an earnings report falls in that time frame. The reason I'm not purchasing just October calls is because I don't want to purchase too much volatility with the Google earnings announcement falling before expiration (selling an upper call against the lower call will help offset this). The reason I'm not purchasing November calls or call spreads because I don't want to purchase too much time in case Google sells off. If significant profits can be taken, I may choose to close my position before earnings.
Number Crunch: The most that can be lost from each 510/540 call spread is $550 (plus commissions) and will result if Google closes at or below 510 per share on October expiration. The break even point from this spread is shares of Google at 515.50 (less commissions) per share on October expiration, anything above that price until 540 per share will result in unrealized profit. If Google closes at or above 540 per share on October options expiration it will return the maximum of $3,000 per spread or 545%.
As stated, I believe Google is oversold and will use any dips after earnings or in the near future to accumulate shares for my investment account. I still think in order to get some real momentum behind this stock, Google needs to purchase shares back of the company, do a stock split, or declare a dividend... I would be a fan of all three.
The ideas outlined above are bullish strategies and should not be considered if you think the stock will sell off in the near future. However if you feel the stock could move higher in the near future, this strategy could yield a nice gain. To get a better understanding of stock options and different option strategies please check out my Simplified Stock Option Trading E-Books.
These are just examples and are not recommendations to buy or sell any security; if you're more bullish/bearish, you’ll want to adjust the strike price and expiration accordingly.
The reason option volumes have surged in the last five years is because they are a great way to hedge your portfolio as well as create income off of your shares (see chart here). Keep in mind when using this strategy it is essential that broker commissions are low enough to profit from the position.Disclosure: Long GOOG October 510 Calls, Short GOOG October 540 Calls Sphere: Related Content
Friday, September 10, 2010
Still Bullish on QCOM, but Taking Some Profits
Today I am looking at closing out my October in the money call options on Qualcomm (QCOM) but purchasing longer dated call spreads... I purchased the October $37 call options for $1.19 before they reported earnings and popped. I am not looking at closing all of the contracts for a slight premium and rolling into January 41 strike calls but on half of the contracts writing the January 47.50 strike calls against them. This was I have some serious upside potential but I am taking all of my money off the table plus a couple hundred bucks. I still see some room to the upside on Qualcomm which is why I am choosing to create spreads on only half of my January option position, the other half I will either take profits or convert into either diagonal call spreads or vertical call spreads on continued strength in the underlying. To read more about these types of spreads check out my option ebooks here.
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Wednesday, September 1, 2010
An Alternate Investment: Domain Name Investing
I am just writing a quick post to inform everybody on domain name investing. If you have a catchy name or idea you can register a .com name for $11 a year. I just purchased the domain name BetterCheddar.com for my cheese company and I plan on having it forward directly to my site shortly. I paid a nice premium for this domain so you never know who will want to buy your domain names or ideas if you register them today! I registered a catchy name in 2008, BellaMozzarella.com which is Italian for beautiful Mozzarella. This page forwards directly to our Mozzarella Cheese page and I am still very happy with the purchase. If you ever have a good idea I encourage you to spend the $11 to register the domain name, because thousands of companies and individuals search catchy domain names for their business or if you happen to register someones business name before it is their name you could really hit a home run. I just thought I know this is a blog for stock, futures, and options but I figured I would throw a curve ball in to my redaers and inform them of an alternate investment.
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Thursday, August 5, 2010
Anticipating Another BIG Move - A Look at Doji Candlesticks
Once again I find myself writing about another anticipated big move. Once again we Doji'd on the S&P 500 index, this one being the highest quality Doji we've seen in a long time. The S&P 500 traded in a decent range Thursday, but managed to close just 3 hundredths of a point or 0.03 points above the open. This price action means a big move is expected and likely. The bad thing about doji's is that we cannot predict which way the move will be (bullish or bearish). I am guessing the way we move depends on the unemployment number released at 8:30 AM EST Friday. I would assume, if we get a better than expected unemployment situation number Friday it will be bullish, and the opposite holds true (bearish move) if we get a worse than expected unemployment number... However crazier things have happened. The chart below is a prime example of a doji on the S&p 500 index.
Yea so, what's the big deal if we don't know which way it is going to move? This is true, however this is ideal for an option strangle or straddle position which is exactly what I was opening near the close of trade Thursday. Using the weekly options (newer and still testing) I purchased both the 113 strike call and put options on the S&P 500 SPDR (SPY). Each straddle ran me about $130 which means a move of 1% or greater in the S&P 500 index should make this position profitable. The worst case is if the SPY closes at exactly 113 (unlikely) I would lose 100% of the premium paid or $130 for each straddle I opened. If the market opens up flat I may decide to add to this straddle as the market should have a large swing based on Thursday's price action. If you would like to learn more about trading stock options and different strategies used to make money in any market check out my stock option trading ebooks here.
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Yea so, what's the big deal if we don't know which way it is going to move? This is true, however this is ideal for an option strangle or straddle position which is exactly what I was opening near the close of trade Thursday. Using the weekly options (newer and still testing) I purchased both the 113 strike call and put options on the S&P 500 SPDR (SPY). Each straddle ran me about $130 which means a move of 1% or greater in the S&P 500 index should make this position profitable. The worst case is if the SPY closes at exactly 113 (unlikely) I would lose 100% of the premium paid or $130 for each straddle I opened. If the market opens up flat I may decide to add to this straddle as the market should have a large swing based on Thursday's price action. If you would like to learn more about trading stock options and different strategies used to make money in any market check out my stock option trading ebooks here.
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Saturday, July 24, 2010
How I'm Playing the Risk Trade
Three stocks which did very well for my portfolio this past week were: Qualcomm (QCOM), American Express (AXP), and Trina Solar (TSL). I will continue to hold the majority of my long positions (as this entire market moves as a whole these days) until I see the risk trade come off the table. Copper trading above $3.10 and holding is a signal that the risk trade is coming back for the time being. I'd like to see copper futures settle above $3.22 and then $3.40. I've moved my stops to $3.08 now and this position has been working very well for me! For a less risky investor or someone who cannot trade futures check out Freeport-Mcmoran (FCX), Cliffs Natural Resources (CLF), and the most diversified way to play the Metals & Mining SPDR (XME).
I have purchased December 50 strike call options and will look to turn the position into a vertical call spread. I will decide to write upper calls against my lower calls as I'll be watching the ETF near close everyday and monitor the price action. It is also worth noting I may look to write nearer term strikes out on strength; such as the August 56 or September 58, etc... on strength in the XME. To learn how to create similar option strategies and for information on options in general check out my Options Trading Books. Sphere: Related Content
I have purchased December 50 strike call options and will look to turn the position into a vertical call spread. I will decide to write upper calls against my lower calls as I'll be watching the ETF near close everyday and monitor the price action. It is also worth noting I may look to write nearer term strikes out on strength; such as the August 56 or September 58, etc... on strength in the XME. To learn how to create similar option strategies and for information on options in general check out my Options Trading Books. Sphere: Related Content
Wednesday, July 21, 2010
Risk Trade Coming Back
That inverted hammer pattern on copper futures worked like a charm. However we must break through the $3.10 resistance level with two consecutive closes above it. If it does I'm watching material stock names including Cliffs Natural Resources (CLF), Freeport-Mcmoran (FCX) and the the metal and mining SPDR ETF (XME). Stops in on copper futures at $2.99
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Tuesday, July 20, 2010
Big Call Option Bet on Telecommunications Sector Index Fund (IYZ)
Tuesday, very heavy volume traded for the September 20 calls on (IYZ). Most traded near the bid price of $35 (0.35) so it could be slightly more bearish. 15,000 contracts traded on an open interest of zero. I actually liked the price-action on Sprint (S), so I will be watching that out of the group. I also will be watching price-action on AT&T (T) and Verizon (VZ) the next few days.
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Thursday, July 15, 2010
Expecting an Above Average Move Part 2
Last week I wrote about an expected above average move on the S&P 500 index. The open and close price were different by just 3 pennies which indicated a very strong doji. Yesterday the S&P 500 index opened and closed within 44 cents which is still considered a doji, just not as strong. I am expecting an above average move today (>1%). I may take a shot at strangling the S&P 500 ETF (SPY) at open. I would look at purchasing the 110 calls and the 109 puts, or if it opens near 110 I may take a shot at a straddle.
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Thursday, July 8, 2010
Time for Another Bounce? Three Stocks I'll Be Watching Today
Morning traders, I'd like to see a follow through of yesterday's price-action. If we get a move higher today, I think we could bounce back as high as 1150 on the S&P 500. Watch 106.77 on the SPY as it is a gap we need to fill. If we fill it and start heading lower, I think we could sell off. However if we fill it and keep rallying we could be heading as high as 1100 very short term. Three stocks on my watch list today are: Teva Pharmaceutical (TEVA) which put in a nice doji, Sourcefire (FIRE) which put in a very nice hammer, and Gafisa (GFA) which broke out yesterday and the chart predicts it back as high as 16 a share.
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Wednesday, July 7, 2010
Doji Confirmed! SPY Option Straddles Paid Off Big!
As stated this morning I expected a major move in the equity markets based on Tuesday's price action - I just didn't know the direction. As stated I was looking at opening option straddle positions on the widely traded S&P 500 SPDR (SPY). An option straddle is ideal for this type of situation.
Many use straddles before big events such as earnings, but be careful as the volatility will collapse following earnings and if the stock moves less than the derivative market is anticipating (which happens more times than you may think) you could lose much of the premium paid. To learn about straddles check out my Advanced Option E-book! But getting back to today's trade, once the market volatility came in from the initial spike at open, I took a slightly bullish bias and straddled the SPY by purchasing the 104 weekly put options and the 104 weekly call options. These new weekly options are ideal for this type of trade (closed at the end of day) as the premiums paid are very small. I am glad to say I closed my position at roughly 3:55 PM banking a very nice one day gain! Happy trading! Sphere: Related Content
Many use straddles before big events such as earnings, but be careful as the volatility will collapse following earnings and if the stock moves less than the derivative market is anticipating (which happens more times than you may think) you could lose much of the premium paid. To learn about straddles check out my Advanced Option E-book! But getting back to today's trade, once the market volatility came in from the initial spike at open, I took a slightly bullish bias and straddled the SPY by purchasing the 104 weekly put options and the 104 weekly call options. These new weekly options are ideal for this type of trade (closed at the end of day) as the premiums paid are very small. I am glad to say I closed my position at roughly 3:55 PM banking a very nice one day gain! Happy trading! Sphere: Related Content
S&P 500 Chart Predicts a Major Move
Happy lucky 7's day (7/7)! I'm expecting a big move in the major indices today as the S&P 500 had a doji candle pattern yesterday. Doji candle patterns do not predict the direction of the move, they just predict the magnitude. The S&P 500 index closed 0.03 below the open price which is a major doji on an index of 1,000 plus! Last time I noticed a doji was on the S&P 500 ETF (SPY) was on May 19 and that was followed with a huge move the following day. I now see a major doji on the actual index so time will tell if it works again. I'll look at opening straddles on both the S&P 500 and the Powershares QQQ at open today. The chart below is the of the S&P 500 and you can see the doji candle pattern we had on July 6, 2010.
Click chart to enlarge
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Click chart to enlarge
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Wednesday, June 30, 2010
Held Some Major Support on the S&P 500
Traders, we held 1040 as you probably know from all of the talking heads on TV. Tomorrow should be interesting and should let us know if we will get any bounce higher. I believe we can bounce as high as 1130-1150 on the S&P 500 before we know where we could be going. A break and close on heavier volume below 1040 is bearish, and a break and close above 1130 on heavier volume is bullish.
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Monday, June 28, 2010
Into Copper Futures with a Tight Stop Loss
Copper futures continue to look good to me. Setting stops at $3.05 with open profit take. Also looking at Freeport-McMoRan Copper & Gold Inc. (FCX) and the SPDR S&P Metals and Mining ETF (XME).
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Saturday, June 26, 2010
CBOE Should Benefit from Weekly Options
First it started with the major ETF's such as the SPY, and QQQQ, but as of yesterday they have weekly options on very heavily traded individual stocks like Bank of America (BAC) and Citigroup (C). There is a ton of money to be made if you can trade these weekly options in this range bound market (from 1040 to 1130). With all of that being said, I strongly believe the newly listed HOT IPO Chicago Board Options Exchange (CBOE) will benefit from it...
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Russell Reconstitution 2010 Entire List of Changes
Hey guys sorry it's been a while since I've posted anything. I have been extremely busy. Here is a (long) list of companies which were rebalanced during the Russell Reconstitution yesterday. I have split the list into two categories; additions and deletions from the index. If you were wondering about the huge volume spike on these names, this will explain it.
Added to the Index
Deleted from the index
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Added to the Index
| Company | Symbol | Sector |
| 1ST UNITED BANCORP INC | FUBC | Financial Services |
| A H BELO CORP | AHC | Consumer Discretionary |
| ABRAXAS PETE CORP | AXAS | Energy |
| ACCENTURE PLC IRELAND | ACN | Producer Durables |
| ACCRETIVE HEALTH INC | AH | Health Care |
| ACE LTD | ACE | Financial Services |
| ALCON INC | ACL | Health Care |
| ALEXZA PHARMACEUTICALS | ALXA | Health Care |
| ALIMERA SCIENCES INC | ALIM | Health Care |
| ALPHA & OMEGA SEMICON | AOSL | Technology |
| AMERICAN DG ENERGY INC | ADGE | Utilities |
| AMERICAN OIL & GAS INC | AEZ | Energy |
| ANTARES PHARMA INC | AIS | Health Care |
| ANTHERA PHARMACEUTICALS | ANTH | Health Care |
| AOXING PHARMACEUTICAL CO | AXN | Health Care |
| APPLIED ENERGETICS INC | AERG | Producer Durables |
| ARCTIC CAT INC | ACAT | Consumer Discretionary |
| ARLINGTON ASSET INVT | AI | Financial Services |
| ARTHROCARE CORP | ARTC | Health Care |
| ASPEN TECHNOLOGY INC | AZPN | Technology |
| ASPENBIO PHARMA INC | APPY | Health Care |
| ASTA FDG INC | ASFI | Financial Services |
| AVAGO TECHNOLOGIES LTD | AVGO | Technology |
| AVEO PHARMACEUTICALS INC | AVEO | Health Care |
| AXCELIS TECHNOLOGIES INC | ACLS | Technology |
| AXT INC | AXTI | Technology |
| BALLANTYNE STRONG INC | BTN | Producer Durables |
| BALTIC TRADING LIMITED | BALT | Producer Durables |
| BARRY R G CORP OHIO | DFZ | Consumer Discretionary |
| BEASLEY BROADCAST GROUP | BBGI | Consumer Discretionary |
| BELL MICROPRODUCTS INC | BELM | Technology |
| BERKSHIRE HATHAWAY INC | BRK.B | Financial Services |
| BIOSANTE PHARMACEUTICALS | BPAX | Health Care |
| BIOTIME INC | BTIM | Health Care |
| BOFI HLDG INC | BOFI | Financial Services |
| BON-TON STORES INC | BONT | Consumer Discretionary |
| BRIDGFORD FOODS CORP | BRID | Consumer Staples |
| CALIPER LIFE SCIENCES | CALP | Health Care |
| CALIX INC | CALX | Technology |
| CALLON PETROLEUM CO | CPE | Energy |
| CAMAC ENERGY INC | CAK | Energy |
| CAMBIUM LEARNING GRP INC | ABCD | Consumer Discretionary |
| CAPITAL GOLD CORP | CGC | Materials & Processing |
| CAPSTONE TURBINE CORP | CPST | Energy |
| CASELLA WASTE SYSTEMS | CWST | Consumer Discretionary |
| CASUAL MALE RETAIL GROUP | CMRG | Consumer Discretionary |
| CDC CORP | CHINA | Technology |
| CENTER FINANCIAL CORP | CLFC | Financial Services |
| CERUS CORP | CERS | Health Care |
| CHATHAM LODGING TR | CLDT | Financial Services |
| CHICAGO BRIDGE & IRON | CBI | Producer Durables |
| CIT GROUP INC | CIT | Financial Services |
| CNH GLOBAL N V | CNH | Producer Durables |
| CODEXIS INC | CDXS | Health Care |
| COLEMAN CABLE INC | CCIX | Producer Durables |
| COMBINATORX INC | CRXX | Health Care |
| COMMERCIAL VEH GROUP INC | CVGI | Producer Durables |
| COMPX INTERNATIONAL | CIX | Materials & Processing |
| CONEXANT SYSTEMS INC | CNXT | Technology |
| CONVIO INC | CNVO | Technology |
| COOPER INDUSTRIES PLC | CBE | Producer Durables |
| CORCEPT THERAPEUTICS INC | CORT | Health Care |
| CORE LABORATORIES N V | CLB | Energy |
| COVIDIEN PLC | COV | Health Care |
| CULP INC | CFI | Materials & Processing |
| CUMULUS MEDIA INC | CMLS | Consumer Discretionary |
| CYTRX CORP | CYTR | Health Care |
| DELTA APPAREL INC | DLA | Consumer Discretionary |
| DEX ONE CORP | DEXO | Consumer Discretionary |
| DIGIMARC CORPORATION | DMRC | Technology |
| DISCOVERY COMMUNICATNS | DISCA | Consumer Discretionary |
| DOUGLAS DYNAMICS INC | PLOW | Producer Durables |
| DYNAVAX TECHNOLOGIES | DVAX | Health Care |
| DYNAVOX INC | DVOX | Technology |
| EMPIRE RESORTS INC | NYNY | Consumer Discretionary |
| ENCORE BANCSHARES INC | EBTX | Financial Services |
| ENERGY PARTNERS LTD | EPL | Energy |
| ENERGY XXI (BERMUDA) LTD | EXXI | Energy |
| ENTERCOM COMMUNICATIONS | ETM | Consumer Discretionary |
| ENTRAVISION COMM | EVC | Consumer Discretionary |
| EURAND N V | EURX | Health Care |
| EVOLUTION PETROLEUM CORP | EPM | Energy |
| EXACT SCIENCES CORP | EXAS | Health Care |
| EXCEL MARITIME CARRIERS | EXM | Producer Durables |
| EXCEL TR INC | EXL | Financial Services |
| EXPRESS INC | EXPR | Consumer Discretionary |
| FEDERAL AGRIC MTG CO | AGM | Financial Services |
| FIBERTOWER CORP | FTWR | Utilities |
| FINANCIAL ENGINES INC | FNGN | Financial Services |
| FINISAR CORP | FNSR | Technology |
| FIRST INTST BANCSYSTEM | FIBK | Financial Services |
| FIVE STAR QUALITY CARE | FVE | Health Care |
| FSI INTL INC | FSII | Technology |
| GASTAR EXPL LTD | GST | Energy |
| GENERAL GROWTH PPTYS INC | GGP | Financial Services |
| GEORGIA GULF CORP | GGC | Materials & Processing |
| GERBER SCIENTIFIC INC | GRB | Producer Durables |
| GERDAU AMERISTEEL CORP | GNA | Materials & Processing |
| GEROVA FINANCIAL GROUP | GFC | Financial Services |
| GLOBAL GEOPHYSICAL SVCS | GGS | Energy |
| GLOBALSTAR INC | GSAT | Utilities |
| GLOBE SPECIALTY METALS | GSM | Materials & Processing |
| GOLDEN STAR RES LTD CDA | GSS | Materials & Processing |
| GOLUB CAP BDC INC | GBDC | Financial Services |
| GRAY TELEVISION INC | GTN | Consumer Discretionary |
| GREEN BANKSHARES INC | GRNB | Financial Services |
| GUIDANCE SOFTWARE INC | GUID | Technology |
| HALLADOR ENERGY CO | HNRG | Energy |
| HANMI FINANCIAL CORP | HAFC | Financial Services |
| HEALTHTRONICS INC | HTRN | Health Care |
| HFF INC | HF | Financial Services |
| HOKU CORPORATION | HOKU | Energy |
| HOUSTON AMERICAN ENERGY | HUSA | Energy |
| HUDSON HIGHLAND GROUP | HHGP | Producer Durables |
| HUDSON VALLEY HOLDING | HUVL | Financial Services |
| HUTCHINSON TECHNOLOGY | HTCH | Technology |
| HYPERCOM CORP | HYC | Technology |
| ICO GLOBAL COMM HLDGS | ICOG | Utilities |
| IDT CORP | IDT | Utilities |
| IKANOS COMMUNICATIONS | IKAN | Technology |
| INGERSOLL-RAND PLC | IR | Producer Durables |
| INHIBITEX INC | INHX | Health Care |
| INOVIO PHARMACEUTICALS | INO | Health Care |
| INTEGRATED SILICON S | ISSI | Technology |
| IRIDIUM COMMUNICATIONS | IRDM | Utilities |
| JAGUAR MNG INC | JAG | Materials & Processing |
| JAMBA INC | JMBA | Consumer Discretionary |
| JAZZ PHARMACEUTICALS INC | JAZZ | Health Care |
| JOES JEANS INC | JOEZ | Consumer Discretionary |
| JOHNSON OUTDOORS INC | JOUT | Consumer Discretionary |
| KEITHLEY INSTRS INC | KEI | Producer Durables |
| KENNEDY-WILSON HLDGS INC | KW | Financial Services |
| KERYX BIOPHARMACEUTICALS | KERX | Health Care |
| KID BRANDS INC | KID | Consumer Discretionary |
| KIT DIGITAL INC | KITD | Technology |
| KMG CHEMICALS INC | KMGB | Materials & Processing |
| KODIAK OIL & GAS CORP | KOG | Energy |
| KRATOS DEFENSE & SEC SOL | KTOS | Producer Durables |
| L & L ENERGY INC | LLEN | Energy |
| LACROSSE FOOTWEAR INC | BOOT | Consumer Discretionary |
| LADENBURG THALMAN FIN | LTS | Financial Services |
| LEAR CORP | LEA | Consumer Discretionary |
| LECG CORP | XPRT | Producer Durables |
| LEE ENTERPRISES INC | LEE | Consumer Discretionary |
| LIBBEY INC | LBY | Consumer Discretionary |
| LIFETIME BRANDS INC | LCUT | Consumer Discretionary |
| LIMONEIRA CO | LMNR | Consumer Staples |
| LIONS GATE ENTMNT CORP | LGF | Consumer Discretionary |
| LOCAL COM CORP | LOCM | Technology |
| LTX-CREDENCE CORP | LTXC | Technology |
| LYDALL INC | LDL | Producer Durables |
| MAGMA DESIGN AUTOMATION | LAVA | Technology |
| MAGNUM HUNTER RES CORP | MHR | Energy |
| MARINEMAX INC | HZO | Consumer Discretionary |
| MARLIN BUSINESS SVCS | MRLN | Producer Durables |
| MATTSON TECHNOLOGY INC | MTSN | Technology |
| MAXLINEAR INC | MXL | Technology |
| MCCLATCHY CO | MNI | Consumer Discretionary |
| MEDIA GENERAL INC | MEG | Consumer Discretionary |
| MERU NETWORKS INC | MERU | Technology |
| METALS USA HLDGS CORP | MUSA | Materials & Processing |
| MGP INGREDIENTS INC | MGPI | Consumer Staples |
| MIDWESTONE FINL GROUP | MOFG | Financial Services |
| MILLER PETE INC | MILL | Energy |
| MINDSPEED TECHNOLOGIES | MSPD | Technology |
| MOSYS INC | MOSY | Technology |
| MPG OFFICE TRUST INC | MPG | Financial Services |
| NANOMETRICS INC | NANO | Technology |
| NATIONAL AMERN UNIV | NAUH | Consumer Discretionary |
| NATURES SUNSHINE PRODS | NATR | Consumer Staples |
| NEOSTEM INC | NBS | Health Care |
| NETWORK ENGINES INC | NENG | Technology |
| NEURALSTEM INC | CUR | Health Care |
| NEWCASTLE INVT CORP | NCT | Financial Services |
| NEXSTAR BROADCASTING GRP | NXST | Consumer Discretionary |
| NORANDA ALUM HLDG CORP | NOR | Materials & Processing |
| NYMOX PHARMACEUTICAL | NYMX | Health Care |
| OCCAM NETWORKS INC | OCNW | Technology |
| OCLARO INC | OCLR | Technology |
| ONE LIBERTY PROPERTIES | OLP | Financial Services |
| P A M TRANSN SVCS INC | PTSI | Producer Durables |
| PARK OHIO HOLDINGS CORP | PKOH | Producer Durables |
| PDF SOLUTIONS INC | PDFS | Technology |
| PDI INC | PDII | Producer Durables |
| PEREGRINE PHARMA INC | PPHM | Health Care |
| PGT INC | PGTI | Materials & Processing |
| PHARMACYCLICS INC | PCYC | Health Care |
| PILGRIMS PRIDE CORP NEW | PPC | Consumer Staples |
| PINNACLE AIRL CORP | PNCL | Producer Durables |
| PRESSTEK INC | PRST | Producer Durables |
| PRIMERICA INC | PRI | Financial Services |
| PROSPECT MEDICAL HLDGS | PZZ | Health Care |
| PURE BIOSCIENCE | PURE | Health Care |
| QUALITY DISTRIBUTION INC | QLTY | Producer Durables |
| RADIO ONE INC | ROIAK | Consumer Discretionary |
| RAM ENERGY RESOURCES INC | RAME | Energy |
| REACHLOCAL INC | RLOC | Consumer Discretionary |
| RENTECH INC | RTK | Materials & Processing |
| RESOLUTE ENERGY CORP | REN | Energy |
| RETAIL OPPORTUNITY INVTS | ROIC | Financial Services |
| RICHARDSON ELECTRONICS | RELL | Technology |
| ROADRUNNER TRNSN SVCS | RRTS | Producer Durables |
| RODMAN & RENSHAW CAP GP | RODM | Financial Services |
| RURAL/METRO CORP | RURL | Health Care |
| SANFILIPPO JOHN B & SON | JBSS | Consumer Staples |
| SANMINA SCI CORP | SANM | Technology |
| SCORPIO TANKERS INC | STNG | Producer Durables |
| SELECT COMFORT CORP | SCSS | Consumer Discretionary |
| SENOMYX INC | SNMX | Materials & Processing |
| SENORX INC | SENO | Health Care |
| SHILOH INDUSTRIES INC | SHLO | Materials & Processing |
| SIRIUS XM RADIO INC | SIRI | Consumer Discretionary |
| SOLTA MEDICAL INC | SLTM | Health Care |
| SOMAXON PHARMACEUTICALS | SOMX | Health Care |
| SONIC SOLUTIONS | SNIC | Technology |
| SPANSION INC | CODE | Technology |
| SPECTRUM BRANDS HOLDINGS | SPB | Consumer Staples |
| SPS COMM INC | SPSC | Technology |
| SS&C TECHNOLOGIES HLDGS | SSNC | Technology |
| STAAR SURGICAL CO | STAA | Health Care |
| STREAM GLOBAL SVCS INC | SGS | Producer Durables |
| SUMMER INFANT INC | SUMR | Consumer Discretionary |
| SUPERMEDIA INC | SPMD | Consumer Discretionary |
| SXC HEALTH SOLUTIONS | SXCI | Health Care |
| SYNERON MEDICAL LTD | ELOS | Health Care |
| TARGACEPT INC | TRGT | Health Care |
| TAYLOR CAPITAL GROUP INC | TAYC | Financial Services |
| TELENAV INC | TNAV | Technology |
| TESCO CORP | TESO | Energy |
| TESSCO TECHNOLOGIES INC | TESS | Technology |
| THERMADYNE HLDGS CORP | THMD | Producer Durables |
| THL CR INC | TCRD | Financial Services |
| THOMAS PROPERTIES GROUP | TPGI | Financial Services |
| THOMPSON CREEK METALS | TC | Materials & Processing |
| THOMSON REUTERS CORP | TRI | Financial Services |
| TPC GROUP INC | TPCG | Materials & Processing |
| TRANSATLANTIC PETROLEUM | TAT | Energy |
| TRANSCEPT PHARM INC | TSPT | Health Care |
| TWO HBRS INVT CORP | TWO | Financial Services |
| TYCO INTERNATIONAL LTD | TYC | Producer Durables |
| U S ENERGY CORP | USEG | Materials & Processing |
| ULTRA CLEAN HOLDINGS INC | UCTT | Technology |
| ULTRA PETROLEUM CORP | UPL | Energy |
| UNILIFE CORP NEW | UNIS | Health Care |
| UQM TECHNOLOGIES INC | UQM | Producer Durables |
| VERSO PAPER CORP | VRS | Materials & Processing |
| VIASYSTEMS GROUP INC | VIAS | Technology |
| VIRGINIA COMM BANCORP | VCBI | Financial Services |
| VIRNETX HOLDING CORP | VHC | Technology |
| VISTAPRINT N V | VPRT | Consumer Discretionary |
| VONAGE HLDGS CORP | VG | Utilities |
| WABASH NATIONAL CORP | WNC | Producer Durables |
| WARNER CHILCOTT PLC | WCRX | Health Care |
| WAVE SYSTEMS CORP | WAVX | Technology |
| WEATHERFORD INTL | WFT | Energy |
| WEST COAST BANCORP | WCBO | Financial Services |
| WESTWOOD ONE INC | WWON | Consumer Discretionary |
| WINMARK CORP | WINA | Consumer Discretionary |
| XERIUM TECHNOLOGIES INC | XRM | Producer Durables |
| XYRATEX LTD | XRTX | Technology |
| ZIOPHARM ONCOLOGY INC | ZIOP | Health Care |
Deleted from the index
| Company | Symbol | Sector |
| ACTIVIDENTITY CORP | ACTI | Technology |
| ADOLOR CORP | ADLR | Health Care |
| AGFEED INDUSTRIES INC | FEED | Consumer Staples |
| AMERICAN CARESOURCE HLDG | ANCI | Health Care |
| AMERICAN DAIRY INC | ADY | Consumer Staples |
| AMERICAN ORIENTAL BIOENG | AOB | Health Care |
| AMERICAN REALTY INVESTOR | ARL | Financial Services |
| AMICUS THERAPEUTICS INC | FOLD | Health Care |
| AMPAL AMERICAN ISRAEL | AMPL | Financial Services |
| AMREP CORP | AXR | Consumer Discretionary |
| ARYX THERAPEUTICS INC | ARYX | Health Care |
| ASCENT SOLAR TECH INC | ASTI | Energy |
| ASIAINFO HOLDINGS INC | ASIA | Technology |
| AUBURN NATL BANCORP | AUBN | Financial Services |
| BANK KY FINL CORP | BKYF | Financial Services |
| BANNER CORP | BANR | Financial Services |
| BAR HBR BANKSHARES | BHB | Financial Services |
| BENIHANA INC | BNHNA | Consumer Discretionary |
| BIODELIVERY SCIENCES | BDSI | Health Care |
| BOLT TECHNOLOGY CORP | BOLT | Energy |
| BOVIE MEDICAL CORP | BVX | Health Care |
| BRONCO DRILLING CO INC | BRNC | Energy |
| BROOKLYN FEDERAL BANCORP | BFSB | Financial Services |
| CALLIDUS SOFTWARE INC | CALD | Technology |
| CAPE BANCORP INC | CBNJ | Financial Services |
| CARDIAC SCIENCE CORP | CSCX | Health Care |
| CARDIOVASCULAR SYS INC | CSII | Health Care |
| CARDIUM THERAPEUTICS INC | CXM | Health Care |
| CELL THERAPEUTICS INC | CTIC | Health Care |
| CENTER BANCORP INC | CNBC | Financial Services |
| CENTRAL PACIFIC FINL | CPF | Financial Services |
| CHASE CORP | CCF | Materials & Processing |
| CHEVIOT FINANCIAL CORP | CHEV | Financial Services |
| CHICOPEE BANCORP INC | CBNK | Financial Services |
| CHINA AUTOMOTIVE SYSTEMS | CAAS | Consumer Discretionary |
| CHINA BAK BATTERY INC | CBAK | Producer Durables |
| CHINA FIRE & SEC GROUP | CFSG | Producer Durables |
| CHINA GREEN AGRICULTURE | CGA | Consumer Staples |
| CHINA HOUSING & LAND DEV | CHLN | Financial Services |
| CHINA INFORMATION SEC | CPBY | Technology |
| CHINA PRECISION STEEL | CPSL | Materials & Processing |
| CHINA SEC & SURVE TECH | CSR | Producer Durables |
| CHINA SKY ONE MED INC | CSKI | Health Care |
| CHINA TRANSINFO TECHNLGY | CTFO | Technology |
| CHINA-BIOTICS INC | CHBT | Consumer Staples |
| CHINACAST EDU CORP | CAST | Consumer Discretionary |
| CITIZENS HLDG CO MISS | CIZN | Financial Services |
| COGO GROUP INC | COGO | Technology |
| COMMUNICATIONS SYSTEMS | JCS | Technology |
| CREDO PETROLEUM CORP | CRED | Energy |
| CTC MEDIA INC | CTCM | Consumer Discretionary |
| CUBIC ENERGY INC | QBC | Energy |
| DISCOVERY COMMUNICATIONS | DISCK | Consumer Discretionary |
| DISCOVERY LABORATORIES | DSCO | Health Care |
| DOVER DOWNS GAMING & ENT | DDE | Consumer Discretionary |
| DUOYUAN PRINTING INC | DYP | Producer Durables |
| DYNAMICS RESEARCH CORP | DRCO | Technology |
| EASTERN CO | EML | Materials & Processing |
| EASTERN INSURANCE HLDGS | EIHI | Financial Services |
| ELOYALTY CORP | ELOY | Technology |
| EMCORE CORP | EMKR | Technology |
| ENGLOBAL CORP | ENG | Producer Durables |
| ENTEROMEDICS INC | ETRM | Health Care |
| ENTERPRISE BANCORP INC | EBTC | Financial Services |
| EVERGREEN ENERGY INC | EEE | Energy |
| FARMERS CAPITAL BK CORP | FFKT | Financial Services |
| FIRST ACCEPTANCE CORP | FAC | Financial Services |
| FIRST CALIFORNIA FINL GR | FCAL | Financial Services |
| FIRST DEFIANCE FINANCIAL | FDEF | Financial Services |
| FIRST FINL NORTHWEST | FFNW | Financial Services |
| FIRST FINL SVC CORP | FFKY | Financial Services |
| FRISCHS RESTAURANTS INC | FRS | Consumer Discretionary |
| FUQI INTERNATIONAL INC | FUQI | Consumer Discretionary |
| FUSHI COPPERWELD INC | FSIN | Materials & Processing |
| GENERAL STEEL HOLDINGS | GSI | Materials & Processing |
| GEOKINETICS INC | GOK | Energy |
| GRAMERCY CAPITAL CORP | GKK | Financial Services |
| GRAN TIERRA ENERGY INC | GTE | Energy |
| GREAT WOLF RESORTS INC | WOLF | Consumer Discretionary |
| GSE SYS INC | GVP | Technology |
| GTX INC | GTXI | Health Care |
| GUARANTY BANCORP | GBNK | Financial Services |
| HAMPTON ROADS BANKSHARES | HMPR | Financial Services |
| HARBIN ELECTRIC INC | HRBN | Producer Durables |
| HARVARD BIOSCIENCE INC | HBIO | Health Care |
| HEMISPHERX BIOPHARMA INC | HEB | Health Care |
| HERITAGE CRYL CLEAN INC | HCCI | Producer Durables |
| HICKORY TECH CORP | HTCO | Utilities |
| HQ SUSTAINABLE MARITIM | HQS | Consumer Staples |
| HURCO COMPANIES INC | HURC | Producer Durables |
| IDERA PHARMACEUTICALS | IDRA | Health Care |
| IMERGENT INC | IIG | Technology |
| INCONTACT INC | SAAS | Utilities |
| INDEPENDENCE HOLDING CO | IHC | Financial Services |
| INFORMATION SERVICES GRP | III | Financial Services |
| INNODATA ISOGEN INC | INOD | Producer Durables |
| INNOSPEC INC | IOSP | Materials & Processing |
| INSMED INC | INSM | Health Care |
| INTEGRATED ELECTRICAL SV | IESC | Producer Durables |
| IPASS INC | IPAS | Consumer Discretionary |
| ISTA PHARMACEUTICALS INC | ISTA | Health Care |
| JACKSON HEWITT TAX SVC | JTX | Consumer Discretionary |
| JAVELIN PHARMACEUTICALS | JAV | Health Care |
| K V PHARMACEUTICAL CO | KV.A | Health Care |
| KENTUCKY FIRST FEDERAL | KFFB | Financial Services |
| KOHLBERG CAPITAL CORP | KCAP | Financial Services |
| LAKES ENTERTAINMENT INC | LACO | Consumer Discretionary |
| LEGACY BANCORP INC | LEGC | Financial Services |
| LIHUA INTERNATIONAL INC | LIWA | Producer Durables |
| LUBYS INC | LUB | Consumer Discretionary |
| LULULEMON ATHLETICA INC | LULU | Consumer Discretionary |
| MANNATECH INC | MTEX | Consumer Staples |
| MATRIXX INITIATIVES INC | MTXX | Health Care |
| MEMSIC INC | MEMS | Technology |
| MERCADOLIBRE INC | MELI | Consumer Discretionary |
| MERCER INS GROUP INC | MIGP | Financial Services |
| MOLECULAR INSIGHT PHARMA | MIPI | Health Care |
| MYRIAD PHARMA INC | MYRX | Health Care |
| NESS TECHNOLOGIES INC | NSTC | Technology |
| NET 1 UEPS TECHNOLOGIES | UEPS | Financial Services |
| NIGHTHAWK RADIOLOGY HLDG | NHWK | Health Care |
| NIVS INTELLIMEDIA TECH | NIV | Consumer Discretionary |
| NOBEL LEARNING CMNTYS | NLCI | Consumer Discretionary |
| NORTHEAST CMNTY BANCORP | NECB | Financial Services |
| NORTHRIM BANCORP INC | NRIM | Financial Services |
| NORWOOD FINANCIAL CORP | NWFL | Financial Services |
| NOVAMED INC | NOVAD | Health Care |
| ODYSSEY MARINE EXPLOR | OMEX | Producer Durables |
| OHIO VY BANC CORP | OVBC | Financial Services |
| OILSANDS QUEST INC | BQI | Energy |
| OLD POINT FINL CORP | OPOF | Financial Services |
| OLD SECOND BANCORP INC | OSBC | Financial Services |
| OMEGA PROTEIN CORP | OME | Consumer Staples |
| ONCOGENEX PHARMAS INC | OGXI | Health Care |
| ORCHIDS PAPER PRODS COMP | TIS | Consumer Staples |
| ORION ENERGY SYSTEMS INC | OESX | Materials & Processing |
| OVERHILL FARMS INC | OFI | Consumer Staples |
| OXIGENE INC | OXGN | Health Care |
| PACIFIC CAPITAL BANCORP | PCBC | Financial Services |
| PAR TECHNOLOGY CORP | PTC | Technology |
| PARAMOUNT GOLD & SILVER | PZG | Materials & Processing |
| PARKERVISION INC | PRKR | Technology |
| PC MALL INC | MALL | Technology |
| PENNICHUCK CORP | PNNW | Utilities |
| PEOPLES FINL CORP MISS | PFBX | Financial Services |
| PERMA-FIX ENVIRONMENTAL | PESI | Producer Durables |
| PERVASIVE SOFTWARE INC | PVSW | Technology |
| PHOENIX TECHNOLOGIES LTD | PTEC | Technology |
| PONIARD PHARMA INC | PARD | Health Care |
| PORTEC RAIL PRODUCTS INC | PRPX | Producer Durables |
| PREMIERWEST BANCORP | PRWT | Financial Services |
| PRIMEENERGY CORP | PNRG | Energy |
| PROTALIX BIOTHERAPEUTICS | PLX | Health Care |
| PRUDENTIAL BANCORP INC | PBIP | Financial Services |
| QC HOLDINGS INC | QCCO | Financial Services |
| RADNET INC | RDNT | Health Care |
| RAE SYSTEMS INC | RAE | Producer Durables |
| RASER TECHNOLOGIES INC | RZ | Energy |
| READING INTERNATIONAL | RDI | Consumer Discretionary |
| REPLIGEN CORP | RGEN | Health Care |
| REPROS THERAPEUTICS INC | RPRX | Health Care |
| REPUBLIC FIRST BANCORP | FRBK | Financial Services |
| RESOURCE AMERICA INC | REXI | Financial Services |
| REWARDS NETWORK INC | DINE | Financial Services |
| ROCKWELL MEDICAL TECH | RMTI | Health Care |
| SHENGDA TECH INC | SDTH | Materials & Processing |
| SHORE BANCSHARES INC | SHBI | Financial Services |
| SMARTHEAT INC | HEAT | Producer Durables |
| SMITHTOWN BANCORP INC | SMTB | Financial Services |
| SOHU COM INC | SOHU | Technology |
| SOUTH FINANCIAL GROUP | TSFG | Financial Services |
| STANLEY FURNITURE CO INC | STLY | Consumer Discretionary |
| STARTEK INC | SRT | Producer Durables |
| STERLING FINL CORP WA | STSA | Financial Services |
| SULPHCO INC | SUF | Energy |
| SUN BANCORP INC NJ | SNBC | Financial Services |
| SUREWEST COMMUNICATIONS | SURW | Utilities |
| SUTOR TECH GROUP LTD | SUTR | Materials & Processing |
| SYMS CORP | SYMS | Consumer Discretionary |
| TGC INDUSTRIES INC | TGE | Energy |
| TODD SHIPYARDS CORP | TOD | Producer Durables |
| TOREADOR RESOURCES CORP | TRGL | Energy |
| TOWN SPORTS INTL | CLUB | Consumer Discretionary |
| TRANS1 INC | TSON | Health Care |
| TRANSCONTINENTAL REALTY | TCI | Financial Services |
| TREE.COM INC | TREE | Financial Services |
| U S GEOTHERMAL INC | HTM | Energy |
| U S GLOBAL INVS INC | GROW | Financial Services |
| ULTRALIFE CORPORATION | ULBI | Producer Durables |
| UNITED SECURITY BANC INC | USBI | Financial Services |
| UNIVERSAL TRAVEL GROUP | UTA | Consumer Discretionary |
| URANERZ ENERGY CORP | URZ | Materials & Processing |
| UTAH MED PRODS INC | UTMD | Health Care |
| VALENCE TECHNOLOGY INC | VLNC | Producer Durables |
| VALHI INC | VHI | Materials & Processing |
| WEB.COM GROUP INC | WWWW | Technology |
| WESTMORELAND COAL CO | WLB | Energy |
| WILBER CORP | GIW | Financial Services |
| WILLIS LEASE FINANCE | WLFC | Producer Durables |
| WONDER AUTO TECH INC | WATG | Consumer Discretionary |
| YADKIN VALLEY FINL CORP | YAVY | Financial Services |
| YRC WORLDWIDE INC | YRCW | Producer Durables |
| ZALE CORP | ZLC | Consumer Discretionary |
| ZHONGPIN INC | HOGS | Consumer Staples |
| ZION OIL & GAS INC | ZN | Energy |
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