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
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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
ALLEGIANT TRAVEL CO COM 01748X102 14,062 93,540 SH   SOLE   0 93,540 0
ALLIANCE DATA SYS CORP COM COM 018581108 34,706 121,330 SH   SOLE   0 121,330 0
ALLIANCEBERNSTEIN HLDG UNIT LT COM 01881G106 298 11,550 SH   SOLE   0 11,550 0
AMERICAN AIRLINES GROUP INC COM 02376R102 6,598 123,035 SH   SOLE   0 123,035 0
AMERICAN AXLE & MFG COM COM 024061103 18,826 833,380 SH   SOLE   0 833,380 0
AMERICAN CAPITAL LTD COM 02503Y103 282 19,300 SH   SOLE   0 19,300 0
ARRIS GROUP INC NEW COM COM 04270V106 17,936 594,110 SH   SOLE   0 594,110 0
ASBURY AUTOMOTIVE GP COM COM 043436104 6,651 87,605 SH   SOLE   0 87,605 0
American International Group COM 026874784 14,112 251,950 SH   SOLE   0 251,950 0
Annaly Mortgage Management COM 035710409 2,758 255,155 SH   SOLE   0 255,155 0
Apple Computer Inc. COM 037833100 16,648 150,828 SH   SOLE   0 150,828 0
BELLATRIX EXPLORATION COM COM 078314101 2,925 803,455 SH   SOLE   0 803,455 0
BOARDWALK PIPELIN PTNR UT LTD COM 096627104 734 41,300 SH   SOLE   0 41,300 0
Berkshire Hathaway CL B COM 084670702 16,918 112,675 SH   SOLE   0 112,675 0
Bristol Myers Squibb COM 110122108 12,531 212,290 SH   SOLE   0 212,290 0
CAREER EDUCATION CORP COM COM 141665109 172 24,700 SH   SOLE   0 24,700 0
CELANESE CORP-SERIES A COM 150870103 16,083 268,235 SH   SOLE   0 268,235 0
CELGENE CORP COM COM 151020104 9,647 86,240 SH   SOLE   0 86,240 0
COVIDIEN PLC SHS COM G2554F113 18,579 181,650 SH   SOLE   0 181,650 0
Citigroup Inc. COM 172967424 15,118 279,400 SH   SOLE   0 279,400 0
DIRECTV GROUP INC COM COM 25490a309 12,428 143,343 SH   SOLE   0 143,343 0
DISCOVER FINL SVCS COM COM 254709108 9,435 144,070 SH   SOLE   0 144,070 0
DSP GROUP INC COM COM 23332B106 303 27,860 SH   SOLE   0 27,860 0
Delta Air Lines COM 247361702 13,055 265,390 SH   SOLE   0 265,390 0
ELDORADO GOLD CORP NEW COM COM 284902103 769 126,450 SH   SOLE   0 126,450 0
EZCHIP SEMICONDUCTOR COM M4146Y108 7,730 403,855 SH   SOLE   0 403,855 0
FLYHT AEROSPACE SOLUTI COM COM 30252U105 7 22,000 SH   SOLE   0 22,000 0
GILEAD SCIENCES INC COM COM 375558103 20,638 218,945 SH   SOLE   0 218,945 0
General Electric COM 369604103 1,847 73,110 SH   SOLE   0 73,110 0
General Motors Co. COM 37045V100 2,423 69,420 SH   SOLE   0 69,420 0
HANESBRANDS INC COM COM 410345102 14,262 127,775 SH   SOLE   0 127,775 0
Halliburton Co. COM 406216101 485 12,330 SH   SOLE   0 12,330 0
INNOVATIVE SOLTNS&SUPP COM COM 45769N105 1,193 375,244 SH   SOLE   0 375,244 0
International Business Machine COM 459200101 817 5,090 SH   SOLE   0 5,090 0
J.P. Morgan Chase & Co. COM 46625H100 22,500 359,535 SH   SOLE   0 359,535 0
LATTICE SEMICONDUCTOR CORP COM 518415104 4,067 590,240 SH   SOLE   0 590,240 0
LINCOLN NATL CORP IND COM COM 534187109 17,776 308,235 SH   SOLE   0 308,235 0
MACROGENICS INC COM COM 556099109 587 16,725 SH   SOLE   0 16,725 0
MAGNUM HUNTER RES CORP COM COM 55973B102 2,195 699,005 SH   SOLE   0 699,005 0
Microsoft Corp COM 594918104 8,840 190,315 SH   SOLE   0 190,315 0
Morgan Stanley COM 617446448 12,415 319,970 SH   SOLE   0 319,970 0
NEUSTAR INC CL A COM 64126X201 6,995 251,625 SH   SOLE   0 251,625 0
ON SEMICONDUCTOR CORP COM COM 682189105 5,151 508,455 SH   SOLE   0 508,455 0
Oracle Corp COM 68389X105 6,442 143,255 SH   SOLE   0 143,255 0
PAN AMERICAN SILVER CP COM COM 697900108 191 20,710 SH   SOLE   0 20,710 0
Pfizer Inc COM 717081103 1,196 38,409 SH   SOLE   0 38,409 0
Pulte Homes, Inc. COM 745867101 599 27,900 SH   SOLE   0 27,900 0
QUANTUM FUEL SYS TECH COM NEW COM 74765E307 460 220,000 SH   SOLE   0 220,000 0
QUICKLOGIC CORP COM COM 74837P108 260 82,925 SH   SOLE   0 82,925 0
REX ENERGY CORP COM 761565100 4,978 976,090 SH   SOLE   0 976,090 0
Rush Enterprises CLA COM 781846209 12,339 385,002 SH   SOLE   0 385,002 0
Rush Enterprises CLB COM 781846308 2,633 93,502 SH   SOLE   0 93,502 0
SONIC AUTOMOTIVE INC CL A COM 83545G102 14,471 535,185 SH   SOLE   0 535,185 0
SPIRIT AIRLS INC COM COM 848577102 12,591 166,589 SH   SOLE   0 166,589 0
State Street Corp COM 857477103 18,533 236,093 SH   SOLE   0 236,093 0
TEEKAY TANKERS LTD CL A COM Y8565N102 262 51,795 SH   SOLE   0 51,795 0
TEVA PHARMACEUTCL INDS ADR COM 881624209 10,144 176,385 SH   SOLE   0 176,385 0
UNIVERSAL DISPLAY CORP COM COM 91347P105 5,869 211,505 SH   SOLE   0 211,505 0
WCI CMNTYS INC COM PAR $0.01 COM 92923C807 4,841 247,244 SH   SOLE   0 247,244 0
WESTPORT INNOVATIONS COM NEW COM 960908309 561 150,000 SH   SOLE   0 150,000 0
ZIX CORP COM COM 98974P100 48 13,295 SH   SOLE   0 13,295 0
DIANA SHIPPING INC PERP PFD SE PFD Y2066G112 301 12,530 SH   SOLE   0 12,530 0
MAGNUM HUNTER RES CORP CUM PFD PFD 55973B300 438 12,895 SH   SOLE   0 12,895 0
Muhlenkamp Fund MUT 56166Y438 230 3,870 SH   SOLE   0 3,870 0
POWERSHARES ETF TRUST DYNA BUY ETF 73935X286 5,782 120,330 SH   SOLE   0 120,330 0
DOUBLELINE INCOME SOLU COM CF 258622109 325 16,350 SH   SOLE   0 16,350 0
CALL ANNALY CAP MGMT INC $10 E CALL 0000A2CJ0 222 2,177 SH   SOLE   0 2,177 0
CALL CIGNA CORP $52.5 EXP 01/1 CALL 4104888 301 60 SH   SOLE   0 60 0
CALL CISCO SYSTEMS $22 EXP 01/ CALL 4675088 328 552 SH   SOLE   0 552 0
CALL GENERAL MOTORS CO $35 EXP CALL bbg005khn 1,117 3,546 SH   SOLE   0 3,546 0
CALL MICROSOFT CORP $28 EXP 01 CALL 4345707 1,735 1,000 SH   SOLE   0 1,000 0