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    <nameOfIssuer>Janus Cap Global Life Sciences</nameOfIssuer>
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    <nameOfIssuer>Lazard Emerging Mkts Equity Po</nameOfIssuer>
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    <nameOfIssuer>S&amp;P 400 Mid-Cap Dep. Recpt.</nameOfIssuer>
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    <value>1744</value>
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      <sshPrnamt>43787</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>43787</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schlumberger Ltd.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10784</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10784</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Select Sector SPDR Consumer Di</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369y407</cusip>
    <value>8019</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89025</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>89025</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Select Sector SPDR Consumer St</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369y308</cusip>
    <value>5441</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100799</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>100799</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Select Sector SPDR Energy</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>9906</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144656</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>144656</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Select Sector SPDR Financial</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369y605</cusip>
    <value>15194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>587540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>587540</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Select Sector SPDR Industrial</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369y704</cusip>
    <value>2456</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34596</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>34596</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Select Sector SPDR Technology</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369y803</cusip>
    <value>21571</value>
    <shrsOrPrnAmt>
      <sshPrnamt>364996</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>364996</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>The Brink's Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>109696104</cusip>
    <value>1918</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22771</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>22771</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Toll Brothers, Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>889478103</cusip>
    <value>5737</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138335</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>138335</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Total Fina S.A. ADR (N/C 6/14/</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89151E109</cusip>
    <value>5127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95804</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>95804</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Union Pacific Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>208</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1796</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1796</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VanEck Vectors Oil Services ET</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92189F718</cusip>
    <value>7011</value>
    <shrsOrPrnAmt>
      <sshPrnamt>268914</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>268914</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Dividend Appreciation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921908844</cusip>
    <value>239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2525</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2525</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Emerging Market</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922042858</cusip>
    <value>3102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71195</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>71195</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard MSCI European Equity</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922042874</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3875</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard S&amp;P 500 UCITS ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>923536940</cusip>
    <value>2639</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55264</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>55264</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Viacom Inc. Class B NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92553p201</cusip>
    <value>6151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220926</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>220926</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Visa Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826c839</cusip>
    <value>7144</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67885</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>67885</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vista Outdoor Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>928377100</cusip>
    <value>501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21825</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21825</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vodafone Group ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92857w308</cusip>
    <value>9264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>325504</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>325504</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vodafone Group(British Pounds</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>GB00BH4HK</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WPX Energy Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98212b103</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>33687</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wal-Mart Stores</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>869</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11125</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Walt Disney Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6653</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6653</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wisdom Tree Europe Hedged Equi</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>97717X701</cusip>
    <value>14123</value>
    <shrsOrPrnAmt>
      <sshPrnamt>218285</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>218285</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wisdomtree Europe Smallcap Div</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>97717W869</cusip>
    <value>4213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>60638</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wisdomtree Germany Hedged Equi</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>97717W448</cusip>
    <value>3265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>103520</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>103520</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wisdomtree TR Japan Total Div</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>97717W851</cusip>
    <value>1815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33190</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>33190</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Zoetis Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98978v103</cusip>
    <value>9927</value>
    <shrsOrPrnAmt>
      <sshPrnamt>155687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>155687</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares MSCI China</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46429B671</cusip>
    <value>980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15540</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares MSCI Emerging Markets</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287234</cusip>
    <value>381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares MSCI Japan Index</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46434g822</cusip>
    <value>4406</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79080</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>79080</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares Russell 2000 Growth</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287648</cusip>
    <value>5945</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33219</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>33219</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares Russell 2000 Index</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287655</cusip>
    <value>528</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3565</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3565</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares S&amp;P MidCap 400 Index F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287507</cusip>
    <value>5346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29882</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>29882</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares US Basic Materials</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287838</cusip>
    <value>1213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12665</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12665</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares US Industrials</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287754</cusip>
    <value>958</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6915</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6915</None>
    </votingAuthority>
  </infoTable>
</informationTable>
