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
Abbott Laboratories COMMON 002824100 3,290 85,845 SH   SOLE   64,048 0 21,797
Activision Blizzard COMMON 00507V109 5,988 335,830 SH   SOLE   237,500 0 98,330
Aetna COMMON 00817Y108 7,688 112,084 SH   SOLE   84,563 0 27,521
Agrium COMMON 008916108 971 10,610 SH   SOLE   9,765 0 845
Allstate COMMON 020002101 1,103 20,221 SH   SOLE   18,569 0 1,652
American Eagle Outfitters COMMON 02553E106 5,674 394,054 SH   SOLE   293,336 0 100,718
American Software COMMON 029683109 3,042 308,241 SH   SOLE   240,842 0 67,399
Anworth Mortgage Asset Corp COMMON 037347101 1,151 273,396 SH   SOLE   231,858 0 41,538
Apache COMMON 037411105 4,342 50,525 SH   SOLE   37,236 0 13,289
Apple Computer COMMON 037833100 7,747 13,806 SH   SOLE   10,494 0 3,312
Archer-Daniels-Midland COMMON 039483102 8,270 190,562 SH   SOLE   146,680 0 43,882
AVX Corp COMMON 002444107 1,272 91,291 SH   SOLE   79,115 0 12,176
Baker Hughes COMMON 057224107 5,122 92,681 SH   SOLE   65,684 0 26,997
Bank of NY Mellon Corp. COMMON 064058100 5,561 159,144 SH   SOLE   113,440 0 45,704
Barrick Gold COMMON 067901108 4,397 249,389 SH   SOLE   194,802 0 54,587
Baxter International COMMON 071813109 6,865 98,705 SH   SOLE   75,450 0 23,254
BB&T Corporation COMMON 054937107 5,344 143,193 SH   SOLE   110,856 0 32,337
Benchmark Electronics COMMON 08160h101 5,772 250,076 SH   SOLE   183,074 0 67,002
BHP Billiton COMMON 088606108 2,605 38,203 SH   SOLE   33,952 0 4,251
BioMed Realty COMMON 09063H107 5,417 298,960 SH   SOLE   229,531 0 69,429
Bristow Group Inc COMMON 110394103 7,470 99,515 SH   SOLE   70,769 0 28,746
Brocade Communications Systems COMMON 111621306 3,992 450,053 SH   SOLE   296,874 0 153,179
CA Inc. COMMON 12673P105 1,393 41,403 SH   SOLE   33,835 0 7,568
California Water Service COMMON 130788102 3,319 143,866 SH   SOLE   92,677 0 51,189
Canadian Imperial Bank of Commerce (CIBC) COMMON 136069101 4,822 56,455 SH   SOLE   41,733 0 14,722
Capital One Financial COMMON 14040H105 5,351 69,854 SH   SOLE   49,601 0 20,253
Cardinal Health COMMON 14149Y108 1,220 18,267 SH   SOLE   16,377 0 1,890
Caterpillar COMMON 149123101 5,728 63,077 SH   SOLE   47,669 0 15,408
Celanese Corp COMMON 150870103 6,319 114,250 SH   SOLE   81,861 0 32,389
Chesapeake Energy COMMON 165167107 2,909 107,191 SH   SOLE   71,981 0 35,210
Cisco Systems COMMON 17275R102 6,260 278,844 SH   SOLE   199,723 0 79,121
Comcast Corp CL A COMMON 20030N101 8,589 165,276 SH   SOLE   120,758 0 44,518
Corning COMMON 219350105 6,402 359,275 SH   SOLE   281,821 0 77,454
Credit Suisse Group COMMON 225401108 3,760 121,140 SH   SOLE   83,542 0 37,598
CSX COMMON 126408103 859 29,840 SH   SOLE   25,339 0 4,501
Deere & Co. COMMON 244199105 5,937 65,010 SH   SOLE   48,732 0 16,278
Diamond Offshore COMMON 25271c102 2,776 48,774 SH   SOLE   36,873 0 11,901
Diodes COMMON 254543101 496 21,063 SH   SOLE   6,397 0 14,666
Direxion Daily Developed Markets Bull 3x ETF 25459W789 1,039 13,942 SH   SOLE   13,808 0 134
Direxion Daily Emerging Markets Bull 3x ETF 25459Y686 1,415 49,319 SH   SOLE   48,820 0 499
Direxion Daily Mid Cap Bull 3X Shares ETF 25459W730 344 4,306 SH   SOLE   4,264 0 42
Direxion Daily Real Estate Bull 3x ETF 25459W755 336 8,867 SH   SOLE   8,796 0 71
Direxion Daily S&P 500 Bull 3X Shares ETF 25459W862 796 12,483 SH   SOLE   12,364 0 119
Direxion Daily Small Cap Bull 3X Shares ETF 25459W847 348 4,494 SH   SOLE   4,451 0 43
Disney, Walt COMMON 254687106 9,416 123,241 SH   SOLE   92,541 0 30,700
DuPont COMMON 263534109 3,373 51,916 SH   SOLE   40,750 0 11,165
Eaton Corp PLC COMMON G29183103 9,310 122,307 SH   SOLE   93,823 0 28,484
ENI SPA ADR COMMON 26874r108 2,811 57,966 SH   SOLE   48,019 0 9,947
Ensco PLC COMMON G3157S106 5,707 99,813 SH   SOLE   74,410 0 25,403
Entergy COMMON 29364G103 1,545 24,412 SH   SOLE   19,397 0 5,015
Ericsson COMMON 294821608 5,704 465,998 SH   SOLE   344,611 0 121,387
Exxon Mobil COMMON 30231G102 6,528 64,510 SH   SOLE   51,302 0 13,208
Foot Locker COMMON 344849104 2,386 57,573 SH   SOLE   42,290 0 15,283
Freeport McMoran Copper & Gold COMMON 35671D857 5,617 148,836 SH   SOLE   110,014 0 38,822
General Dynamics COMMON 369550108 6,189 64,768 SH   SOLE   47,630 0 17,138
Goldman Sachs Group COMMON 38141G104 3,347 18,880 SH   SOLE   12,717 0 6,163
Google COMMON 38259p508 254 227 SH   SOLE   100 0 127
Halliburton Co. COMMON 406216101 3,732 73,530 SH   SOLE   47,771 0 25,759
Hasbro COMMON 418056107 8,682 157,823 SH   SOLE   117,332 0 40,491
HollyFrontier Corp COMMON 436106108 6,505 130,905 SH   SOLE   100,175 0 30,730
HSBC Holdings PLC COMMON 404280406 2,068 37,503 SH   SOLE   29,664 0 7,839
Ingram Micro COMMON 457153104 3,949 168,331 SH   SOLE   109,721 0 58,610
Intel COMMON 458140100 6,518 251,070 SH   SOLE   189,260 0 61,810
Int'l Business Machines COMMON 459200101 6,346 33,833 SH   SOLE   25,843 0 7,990
iShares Barclays MBS Bond Fund ETF 464288588 25,531 244,157 SH   SOLE   235,963 0 8,194
iShares Barclays TIPS Bond Fund ETF 464287176 1,359 12,370 SH   SOLE   12,318 0 52
iShares Emerging Markets High Yield Bond Fund ETF 464286285 9,559 193,939 SH   SOLE   188,014 0 5,925
iShares MSCI United Kingdom Index Fund ETF 464286699 2,960 141,745 SH   SOLE   135,610 0 6,135
iShares MSCI Korea Index Fund ETF 464286772 5,862 90,640 SH   SOLE   86,797 0 3,843
iShares MSCI Peru Cap ETF 464289842 5,636 167,441 SH   SOLE   162,154 0 5,287
iShares U.S. Floating Rate Note < 5 Years ETF 46429B655 27,372 539,673 SH   SOLE   521,605 0 18,068
JP Morgan Chase COMMON 46625H100 8,076 138,092 SH   SOLE   104,683 0 33,409
Keycorp COMMON 493267108 1,348 100,437 SH   SOLE   91,744 0 8,693
Kimberly Clark COMMON 494368103 1,150 11,008 SH   SOLE   9,998 0 1,010
KLA-Tencor COMMON 482480100 4,893 75,906 SH   SOLE   56,823 0 19,083
Kohl's COMMON 500255104 5,000 88,098 SH   SOLE   62,256 0 25,842
Lexmark International COMMON 529771107 3,666 103,196 SH   SOLE   85,613 0 17,583
Manpower Inc. COMMON 56418H100 9,717 113,173 SH   SOLE   83,672 0 29,501
Marathon Oil COMMON 565849106 5,598 158,589 SH   SOLE   123,883 0 34,706
Market Vectors Emerging Markets High Yield Bond ETF 57061R403 8,687 347,071 SH   SOLE   335,603 0 11,468
Market Vectors Emerging Markets Local Currency Bond ETF 57060U522 9,683 411,160 SH   SOLE   398,989 0 12,171
Market Vectors Russia ETF ETF 57060U506 5,774 200,006 SH   SOLE   191,559 0 8,447
Marvell Tech COMMON g5876h105 4,025 279,881 SH   SOLE   185,016 0 94,865
MDC Holdings COMMON 552676108 6,486 201,179 SH   SOLE   151,451 0 49,728
Medtronic COMMON 585055106 1,062 18,507 SH   SOLE   16,082 0 2,425
Merck & Co. COMMON 58933Y105 1,717 34,302 SH   SOLE   30,262 0 4,040
Metlife COMMON 59156r108 5,460 101,255 SH   SOLE   73,920 0 27,335
Microchip Tech COMMON 595017104 3,854 86,117 SH   SOLE   68,555 0 17,562
Microsoft COMMON 594918104 8,087 216,059 SH   SOLE   170,296 0 45,763
Mosaic Company New COMMON 61945c103 5,056 106,949 SH   SOLE   74,403 0 32,546
Navios Maritime Holdings Inc. COMMON Y62196103 11,296 1,012,199 SH   SOLE   767,052 0 245,148
New York Community COMMON 649445103 1,716 101,838 SH   SOLE   83,535 0 18,303
Newmont Mining Corp Holding Co. COMMON 651639106 1,146 49,758 SH   SOLE   38,231 0 11,527
Nippon Telegraph and Telephone COMMON 654624105 5,802 214,589 SH   SOLE   155,510 0 59,079
Norfolk Southern COMMON 655844108 8,251 88,887 SH   SOLE   66,253 0 22,634
Novartis COMMON 66987V109 6,800 84,596 SH   SOLE   65,840 0 18,756
Nvidia COMMON 67066G104 5,239 327,035 SH   SOLE   230,395 0 96,640
Oracle COMMON 68389X105 5,645 147,553 SH   SOLE   104,883 0 42,670
Pepsico COMMON 713448108 1,834 22,111 SH   SOLE   16,762 0 5,349
PetMed Express COMMON 716382106 2,027 121,889 SH   SOLE   101,492 0 20,397
Pfizer COMMON 717081103 1,931 63,034 SH   SOLE   43,017 0 20,017
PIMCO 0-5 Year High Yield Corporate Bond Fund ETF 72201R783 19,024 178,864 SH   SOLE   172,409 0 6,455
PNC Bank COMMON 693475105 4,379 56,448 SH   SOLE   40,282 0 16,166
Portugal Telecom Spons ADR COMMON 737273102 5,203 1,204,368 SH   SOLE   892,737 0 311,631
ProShares Short 20 plus Year Treasury ETF 74347X849 218 6,625 SH   SOLE   0 0 6,625
ProShares Short Russell2000 ETF 74347R826 928 55,000 SH   SOLE   0 0 55,000
Proshares Ultra Vix Short Term Futures ETF 74347w346 13,566 808,452 SH   SOLE   791,281 0 17,171
ProShares UltraShort MSCI Europe ETF 74348A301 506 33,525 SH   SOLE   33,230 0 295
Protective Life COMMON 743674103 7,077 139,695 SH   SOLE   106,795 0 32,900
Prudential COMMON 744320102 7,661 83,068 SH   SOLE   60,911 0 22,157
Rayonier COMMON 754907103 1,876 44,551 SH   SOLE   30,798 0 13,753
Royal Caribbean Cruises COMMON v7780t103 7,621 160,714 SH   SOLE   112,585 0 48,129
Royal Dutch Shell A COMMON 780259206 3,648 51,180 SH   SOLE   36,349 0 14,830
Seagate Tech COMMON g7945m107 11,809 210,282 SH   SOLE   161,708 0 48,574
Ship Finance Int'l COMMON G81075106 3,631 221,685 SH   SOLE   171,018 0 50,667
Spartan Stores COMMON 846822104 2,374 97,779 SH   SOLE   73,260 0 24,519
St. Jude Medical COMMON 790849103 6,824 110,152 SH   SOLE   78,311 0 31,841
Staples COMMON 855030102 5,403 340,048 SH   SOLE   251,781 0 88,267
Target COMMON 87612E106 4,235 66,939 SH   SOLE   47,050 0 19,889
Titan International COMMON 88830M102 4,933 274,340 SH   SOLE   196,386 0 77,954
Total SA ADR COMMON 89151e109 3,749 61,182 SH   SOLE   51,157 0 10,025
Tsakos Energy COMMON G9108L108 1,207 200,815 SH   SOLE   142,623 0 58,191
Tutor Perini Corp COMMON 901109108 5,952 226,318 SH   SOLE   161,990 0 64,328
Tyson Foods COMMON 902494103 9,262 276,801 SH   SOLE   203,323 0 73,478
U R S COMMON 903236107 4,269 80,554 SH   SOLE   51,585 0 28,969
Vanguard Intermediate Term Corporate Bond Fund ETF 92206C870 18,103 218,895 SH   SOLE   211,857 0 7,038
Vanguard Short-Term Bond ETF 921937827 23,550 294,635 SH   SOLE   283,273 0 11,362
Vanguard Short-Term Corporate Bond Fund ETF 92206C409 18,085 226,686 SH   SOLE   218,291 0 8,395
Walgreen COMMON 931422109 8,667 150,884 SH   SOLE   111,567 0 39,317
Wal-Mart Stores COMMON 931142103 5,562 70,682 SH   SOLE   53,568 0 17,114
Waste Management COMMON 94106L109 7,195 160,355 SH   SOLE   121,558 0 38,797
Wells Fargo & Co. COMMON 949746101 5,244 115,512 SH   SOLE   88,277 0 27,235
Whirpool COMMON 963320106 9,238 58,895 SH   SOLE   42,791 0 16,104
Xyratex COMMON G98268108 4,749 357,365 SH   SOLE   245,257 0 112,108
Yamana Gold COMMON 98462Y100 2,596 301,180 SH   SOLE   233,377 0 67,803