Portfolio, January 1, 2013

S&P 500:         1426 (101.5%)

Portfolio: $537,077 (107.4%)

XBI      2010 shares    $176,638

ITB      8160 shares    $172,747

DGS     3790 shares    $187,680

Cash                            $10

Notes: The portfolio is up 7.4 percent since May 1, compared with 1.5% for the S&P500.  Note the portfolio lost an additional 3% relative to the market during July, when it was out of the market for a couple days while changing positions.