The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AbbVie Inc COM 00287Y109 48,293 737,975 SH   SOLE   492,225 0 245,750
American Airlines Group Inc COM 02376R102 48,956 912,850 SH   SOLE   610,400 0 302,450
Amgen Inc COM 031162100 617 3,875 SH   SOLE   3,875 0 0
Apple Inc COM 037833100 34,919 316,355 SH   SOLE   213,380 0 102,975
Automatic Data Processing COM 053015103 444 5,325 SH   SOLE   5,325 0 0
BlackRock Inc COM 09247X101 536 1,500 SH   SOLE   1,500 0 0
Comcast Corp-Class A COM 20030N101 493 8,500 SH   SOLE   8,500 0 0
Consumer Discretionary Select COM 81369Y407 9,904 137,275 SH   SOLE   85,275 0 52,000
Consumer Staples Select Sector COM 81369Y308 63,512 1,309,800 SH   SOLE   862,150 0 447,650
Costco Wholesale Corp COM 22160K105 638 4,500 SH   SOLE   4,500 0 0
CVS Caremark Corp COM 126650100 544 5,650 SH   SOLE   5,650 0 0
Delta Airlines COM 247361702 47,661 968,925 SH   SOLE   646,575 0 322,350
Ecolab Inc COM 278865100 36,856 352,625 SH   SOLE   235,075 0 117,550
Energy Select Sector SPDR COM 81369Y506 21,055 265,975 SH   SOLE   176,750 0 89,225
Financial Select Sector SPDR F COM 81369Y605 78,825 3,187,425 SH   SOLE   2,172,150 0 1,015,275
Ford Motor Company COM 345370860 36,953 2,384,075 SH   SOLE   1,589,075 0 795,000
General Motors Co COM 37045V100 29,230 837,300 SH   SOLE   526,550 0 310,750
Gilead Sciences Inc COM 375558103 19,955 211,700 SH   SOLE   141,825 0 69,875
Google Inc- CL A COM 38259P508 15,556 29,315 SH   SOLE   19,915 0 9,400
Google Inc-CL C COM 38259P706 22,804 43,320 SH   SOLE   29,045 0 14,275
Health Care Select Sector SPDR COM 81369Y209 80,170 1,172,425 SH   SOLE   781,725 0 390,700
Industrial Select Sect SPDR COM 81369Y704 36,041 637,000 SH   SOLE   418,200 0 218,800
iShares Barclays 1-3 Year Cr COM 464288646 12,264 116,600 SH   SOLE   45,300 0 71,300
iShares Barclays MBS Bond Fund COM 464288588 2,777 25,400 SH   SOLE   21,300 0 4,100
iShares iBoxx $ Investment Gra COM 464287242 2,824 23,650 SH   SOLE   23,650 0 0
iShares Intermediate Credit COM 464288638 3,448 31,535 SH   SOLE   0 0 31,535
iShares U.S. Home Construction COM 464288752 53,953 2,084,725 SH   SOLE   1,382,025 0 702,700
Johnson & Johnson COM 478160104 3,548 33,925 SH   SOLE   18,775 0 15,150
Lam Research Corp COM 512807108 42,750 538,825 SH   SOLE   359,050 0 179,775
Macy's Inc COM 55616P104 480 7,300 SH   SOLE   7,300 0 0
Metlife Inc COM 59156R108 38,524 712,225 SH   SOLE   474,125 0 238,100
Micron Technology Inc COM 595112103 39,222 1,120,300 SH   SOLE   745,725 0 374,575
Office Depot Inc COM 676220106 38,618 4,503,525 SH   SOLE   3,064,175 0 1,439,350
Oracle Corp COM 68389X105 634 14,100 SH   SOLE   14,100 0 0
Pepsico Inc COM 713448108 489 5,175 SH   SOLE   5,175 0 0
Schlumberger Ltd COM 806857108 29,678 347,475 SH   SOLE   233,025 0 114,450
Schwab U.S. REIT ETF COM 808524847 2,098 53,875 SH   SOLE   53,875 0 0
T-Mobile US Inc COM 872590104 44,452 1,650,025 SH   SOLE   1,101,050 0 548,975
TE Connectivity Ltd COM H84989104 465 7,350 SH   SOLE   7,350 0 0
Technology Select Sector SPDR COM 81369Y803 96,422 2,331,850 SH   SOLE   1,511,375 0 820,475
TJX Companies Inc COM 872540109 597 8,700 SH   SOLE   8,700 0 0
Tyco International Ltd COM G91442106 1,741 39,700 SH   SOLE   39,700 0 0
Union Pacific Corp COM 907818108 40,954 343,775 SH   SOLE   228,450 0 115,325
Vanguard Int'l Equity Index COM 922042775 8,620 183,960 SH   SOLE   183,960 0 0
Vanguard Intermediate-Term Cor COM 92206C870 1,847 21,450 SH   SOLE   21,450 0 0
Whirlpool Corp COM 963320106 591 3,050 SH   SOLE   3,050 0 0
Advanced Semiconductor Enginee ADR 00756M404 100 16,325 SH   SOLE   16,325 0 0
Banco Bradesco ADR 059460303 161 12,075 SH   SOLE   12,075 0 0
Credicorp ADR G2519Y108 240 1,500 SH   SOLE   1,500 0 0
Gerdau SA Spon ADR ADR 373737105 125 35,175 SH   SOLE   35,175 0 0
ICICI Bank Ltd Spon ADR ADR 45104G104 193 16,750 SH   SOLE   16,750 0 0
Petroleo Brasileiro SA Spon AD ADR 71654V101 104 13,775 SH   SOLE   13,775 0 0
Taiwan Semiconductor - SP ADR ADR 874039100 341 15,245 SH   SOLE   15,245 0 0
Vale SA Spon ADR ADR 91912E105 120 14,650 SH   SOLE   14,650 0 0