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
ARCH COAL INC com 39380100 188 105,600 SH   SOLE 0 105,600 0 0
ALPHA NATURAL RESOURCES INC com 02076X102 212 126,950 SH   SOLE 0 126,950 0 0
ALLIED NEVADA GOLD CORP com 019344100 30 35,000 SH   SOLE 0 35,000 0 0
YAMANA GOLD INC com 98462Y100 229 56,865 SH   SOLE 0 56,865 0 0
ABRAXAS PETROLEUM CORP com 3830106 74 25,000 SH   SOLE 0 25,000 0 0
BP PLC-SPONS ADR spons adr 55622104 590 15,470 SH   SOLE 0 15,470 0 0
PEABODY ENERGY CORP com 704549104 89 11,514 SH   SOLE 0 11,514 0 0
DRYSHIPS INC shs Y2109Q101 85 80,000 SH   SOLE 0 80,000 0 0
FLEXTRONICS INTL LTD F ord 999900002 244 21,860 SH   SOLE 0 21,860 0 0
HERCULES OFFSHORE INC com 427093109 50 50,000 SH   SOLE 0 50,000 0 0
HIMAX TECHNOLOGIES INC spons adr 43289P106 501 62,138 SH   SOLE 0 62,138 0 0
HIMAX TECHNOLOGIES INC Call call 43289P106 20 100 SH   SOLE 0 100 0 0
HEWLETT-PACKARD COMPANY com 428236103 342 8,525 SH   SOLE 0 8,525 0 0
CHIPMOS TECHNOLOGIES BERMUDA shs G2110R114 7,160 307,020 SH   SOLE 0 307,020 0 0
INTEL CORP com 458140100 221 6,090 SH   SOLE 0 6,090 0 0
KINROSS GOLD CORP com no par 496902404 231 81,943 SH   SOLE 0 81,943 0 0
MICRON TECHNOLOGY INC com 595112103 367 10,470 SH   SOLE 0 10,470 0 0
NEW GOLD INC com 644535106 151 35,000 SH   SOLE 0 35,000 0 0
RUBICON MINERALS CORP com 780911103 146 150,000 SH   SOLE 0 150,000 0 0
TRANSOCEAN LTD reg shs H8817H100 199 10,863 SH   SOLE 0 10,863 0 0
STAPLES INC com 855030102 197 10,887 SH   SOLE 0 10,887 0 0
STEEL DYNAMICS INC com 858119100 197 10,000 SH   SOLE 0 10,000 0 0
TECK RESOURCES LTD-CLS B cl b 878742204 187 13,700 SH   SOLE 0 13,700 0 0
TOWER SEMICONDUCTOR LTD shs new M87915274 367 27,542 SH   SOLE 0 27,542 0 0
TOWER SEMICONDUCTOR LTD Call call M87915274 101 300 SH   SOLE 0 300 0 0
VALE SA-SP ADR adr 91912E105 309 37,813 SH   SOLE 0 37,813 0 0
WEATHERFORD INTERNATIONAL PL ord shs G48833100 115 10,000 SH   SOLE 0 10,000 0 0
WARREN RESOURCES INC com 93564A100 46 28,670 SH   SOLE 0 28,670 0 0