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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
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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
COSTCO WHSL CORP NEW COM 22160K105 211 1,832 SH   SOLE   1,832 0 0
GENERAL ELECTRIC CO COM 369604103 491 18,666 SH   SOLE   18,666 0 0
HOME DEPOT INC COM 437076102 270 3,330 SH   SOLE   3,330 0 0
ISHARES EMU ETF 464286608 7,122 168,300 SH   SOLE   168,300 0 0
ISHARES MSCI ITALCPD ETF 464286855 10,583 608,921 SH   SOLE   608,921 0 0
ISHARES TRANS AVG ETF 464287192 5,092 34,637 SH   SOLE   34,637 0 0
ISHARES RUS MDCP VAL ETF 464287473 4,458 61,400 SH   SOLE   61,400 0 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 39,483 880,329 SH   SOLE   880,329 0 0
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 4,128 322,265 SH   SOLE   322,265 0 0
POWERSHARES ETF TRUST DYN PHRMA PORT 73935X799 11,068 181,213 SH   SOLE   181,213 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 14,823 157,839 SH   SOLE   157,839 0 0
RYDEX ETF TRUST GUG S&P500 EQ WT 78355W106 7,042 91,800 SH   SOLE   91,800 0 0
RYDEX ETF TRUST GUG S&P500 PU GR 78355W403 30,846 398,995 SH   SOLE   398,995 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 14,850 148,347 SH   SOLE   148,347 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 607 11,235 SH   SOLE   11,235 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 15,589 360,278 SH   SOLE   360,278 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 60,243 307,800 SH Put SOLE   307,800 0 0
VANGUARD INDEX FDS MCAP VL IDXVIP 922908512 8,607 99,000 SH   SOLE   99,000 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 24,699 411,998 SH   SOLE   411,998 0 0