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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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
WELLS FARGO & CO COM 949746101 400,530 7,800 SH   SOLE   7,800 0 0
JPMORGAN CHASE & CO COM 46625H100 378,014 6,200 SH   SOLE   6,200 0 0
BANK OF AMERICA CORP COM 060505104 377,036 24,200 SH   SOLE   24,200 0 0
COMCAST CORP-CLASS A COM 20030N101 3,412,800 60,000 SH   SOLE   60,000 0 0
QUALCOMM INC COM 747525103 274,023 5,100 SH   SOLE   5,100 0 0
MOLYCORP INC COM 608753109 6,171 85,000 SH   SOLE   85,000 0 0
NETEASE INC-ADR COM 64110W102 336,336 2,800 SH   SOLE   2,800 0 0
INCYTE CORP COM 45337C102 217,791 1,974 SH   SOLE   1,974 0 0
GANNETT CO INC COM 36473H104 308,593 20,950 SH   SOLE   20,950 0 0
PNC FINANCIAL SERVICES-CW18 WTS 693475121 4,526,732 185,674 SH   SOLE   185,674 0 0
ISHARES MSCI SOUTH AFRICA ET ETF 464286780 268,400 5,000 SH   SOLE   5,000 0 0
PRICELINE GROUP INC/THE COM 741503403 371,058 300 SH   SOLE   300 0 0
INTL BUSINESS MACHINES CORP COM 459200101 217,455 1,500 SH   SOLE   1,500 0 0
CHIMERA INVESTMENT CORP COM 16934Q208 748,720 56,000 SH   SOLE   56,000 0 0
TALEN ENERGY CORP COM 87422J105 131,300 13,000 SH   SOLE   13,000 0 0
JM SMUCKER CO/THE COM 832696405 1,644,036 14,410 SH   SOLE   14,410 0 0
DOW CHEMICAL CO/THE COM 260543103 5,020,160 118,400 SH   SOLE   118,400 0 0
DOW CHEMICAL CO/THE COM 260543103 762,500 1,000 SH Put SOLE   1,000 0 0
COWEN GROUP INC-CLASS A COM 223622101 68,856 15,100 SH   SOLE   15,100 0 0
TCF FINANCIAL CORP-CW18 WTS 872275128 299,431 144,200 SH   SOLE   144,200 0 0
CAPITAL ONE FINANCIAL C-CW18 WTS 14040H139 792,500 25,000 SH   SOLE   25,000 0 0
SIGMA DESIGNS INC COM 826565103 70,967 10,300 SH   SOLE   10,300 0 0
PAYPAL HOLDINGS INC COM 70450Y103 223,488 7,200 SH   SOLE   7,200 0 0
MARKET VECTORS GOLD MINERS ETF 57060U100 403,956 29,400 SH   SOLE   29,400 0 0
CTRIP.COM INTERNATIONAL-ADR COM 22943F100 202,176 3,200 SH   SOLE   3,200 0 0
CITIGROUP INC COM 172967424 510,983 10,300 SH   SOLE   10,300 0 0
PRECISION DRILLING CORP COM 74022D308 45,012 12,100 SH   SOLE   12,100 0 0
CABLE ONE INC COM 12685J105 251,652 600 SH   SOLE   600 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 312,510 5,500 SH   SOLE   5,500 0 0
COMERICA INC-CW18 WTS 200340115 2,305,000 184,400 SH   SOLE   184,400 0 0
URBAN EDGE PROPERTIES COM 91704F104 259,080 12,000 SH   SOLE   12,000 0 0
CARE CAPITAL PROPERTIES INC COM 141624106 200,873 6,100 SH   SOLE   6,100 0 0
INVESCO MORTGAGE CAPITAL COM 46131B100 183,600 15,000 SH   SOLE   15,000 0 0
JA SOLAR HOLDINGS CO LTD-ADR COM 466090206 79,560 10,200 SH   SOLE   10,200 0 0
SANOFI CVR COM 80105N113 14,424 75,800 SH   SOLE   75,800 0 0
GENERAL ELECTRIC CO COM 369604103 4,706,052 186,600 SH   SOLE   186,600 0 0
GENERAL ELECTRIC CO COM 369604103 1,518,750 1,500 SH Put SOLE   1,500 0 0
QUIKSILVER INC COM 74838C106 1,960 100,000 SH   SOLE   100,000 0 0
KLX INC COM 482539103 291,281 8,150 SH   SOLE   8,150 0 0
ABBVIE INC COM 00287Y109 348,224 6,400 SH   SOLE   6,400 0 0
TWENTY-FIRST CENTURY FOX-A COM 90130A101 3,507,400 130,000 SH   SOLE   130,000 0 0
MICROSOFT CORP COM 594918104 420,470 9,500 SH   SOLE   9,500 0 0
VALLEY NATIONAL BANCORP-CW18 WTS 919794131 10,761 76,000 SH   SOLE   76,000 0 0
ALIBABA GROUP HOLDING-SP ADR COM 01609W102 507,142 8,600 SH   SOLE   8,600 0 0
TOPBUILD CORP COM 89055F103 263,245 8,500 SH   SOLE   8,500 0 0
MATERIALS SELECT SECTOR SPDR ETF 81369Y100 371,256 9,300 SH   SOLE   9,300 0 0
JABIL CIRCUIT INC COM 466313103 205,804 9,200 SH   SOLE   9,200 0 0
VISTA OUTDOOR INC COM 928377100 319,896 7,200 SH   SOLE   7,200 0 0
BAXALTA INC COM 07177M103 239,476 7,600 SH   SOLE   7,600 0 0
ENERGIZER HOLDINGS INC COM 29272W109 274,841 7,100 SH   SOLE   7,100 0 0
BARNES & NOBLE EDUCATION INC COM 06777U101 212,257 16,700 SH   SOLE   16,700 0 0
SUPERVALU INC COM 868536103 83,288 11,600 SH   SOLE   11,600 0 0
ENERGY SELECT SECTOR SPDR ETF 81369Y506 2,386,800 39,000 SH   SOLE   39,000 0 0
CHEMOURS CO/THE COM 163851108 102,226 15,800 SH   SOLE   15,800 0 0
ISHARES MSCI MEXICO CAPPED ETF 464286822 216,552 4,200 SH   SOLE   4,200 0 0
AUTOZONE INC COM 053332102 217,149 300 SH   SOLE   300 0 0
BAIDU INC - SPON ADR COM 056752108 508,417 3,700 SH   SOLE   3,700 0 0