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THE FOLLOWING ISSUES GO ON THE WATCH LIST

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The following issues have moved into the area that has alerted us to place
them on our WATCH LIST.

EPEX - With weakness in oil prices that has spilled over into the general energy
area ,EPEX dropped below our WATCH list target of $32. With the stock currently
trading at $30.46. We will be looking for support at the $30 area. If we can
not support this critical area, we may be forced to close out the current
position. WATCH very carefully.

GRA - Also has felt the effects of the sudden softening of oil and energy
related issues. GRA's break below $12 has this issue also placed on our WATCH list.
With GRA currently trading at $11.68 will be looking for support between the $11
and $11.50 area. Further weakness could cause us to be alerted to potentially
exiting this position on any major close below the $11 area

OVTI - The stocks current action over the past several sessions has caused OVTI
to drop below our target of $24.50. With OVTI currently (trading at $24.44),
which is only slightly below our WATCH list target price, so we have a little
more room to build a base at the $23.50 - $24.00 area.

VRX - Eventhough this issue is only at our WATCH list target of $17, and has not
violated our target price. We are going to include this issue
on our WATCH at this time. We are looking to hopefully build a base around the
$16.25- $16.50 area. We will keep you advised on any changes in our analysis.

Eventhough GRA, OVTI and VRX are on our WATCH LIST. Only EPEX is currently the one that we are considering possibly exiting at this time , if EPEX's weakness conitnues. The easing of energy prices may continue to put pressure on this issue and may cause us to potentially liquidate this position. We will keep you advised.


:THE WATCH LIST CURRENTLY INCLUDES THE FOLLOWING ISSUES

EPEX
GRA
OVTI
VRX


We will keep you advise of any changes. In addition these issues will stay on the watch list until these issues close above their pre-WATCH list prices or until we have to liquidate any of the positions

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