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
Adobe Systems Inc COM 00724F101 2,873 9,750 SH   OTR 1 9,750 0 0
Adobe Systems Inc COM 00724F101 181 615 SH   SOLE   615 0 0
Amazon.com Inc COM 023135106 1,515 800 SH   OTR 1 800 0 0
Alphabet Inc COM 02079K107 146 135 SH   SOLE   135 0 0
Appfolio Inc COM 03783C100 982 9,600 SH   OTR 1 9,600 0 0
Arbor Realty Trust I nc COM 038923108 2,406 198,528 SH   OTR 1 198,528 0 0
ARCH CAPITAL GROUP COM G0450A105 274 7,400 SH   OTR 1 7,400 0 0
ARGO GROUP INT. COM G0464B107 666 9,000 SH   OTR 1 9,000 0 0
AstroNova, Inc. COM 04638F108 41 1,600 SH   OTR 1 1,600 0 0
Atlassian Corp PLC COM G06242104 576 4,400 SH   OTR 1 4,400 0 0
AudioCodes Ltd COM M15342104 1,296 83,699 SH   OTR 1 83,699 0 0
Automatic Data Processing Inc COM 053015103 172 1,039 SH   SOLE   1,039 0 0
AutoZone Inc COM 053332102 990 900 SH   OTR 1 900 0 0
Biospecifics Technol gies Corp. COM 090931106 466 7,800 SH   OTR 1 7,800 0 0
Boeing Co/The COM 097023105 1,365 3,750 SH   OTR 1 3,750 0 0
Booz Allen Hamilton Holding Corp COM 099502106 470 7,100 SH   OTR 1 7,100 0 0
Cadence Design Syste ms Inc COM 127387108 2,273 32,100 SH   OTR 1 32,100 0 0
Capital Southwest Corp COM 140501107 2,036 97,200 SH   OTR 1 97,200 0 0
Cargurus Inc COM 141788109 1,520 42,100 SH   OTR 1 42,100 0 0
Chipotle Mexican Gri ll Inc COM 169656105 2,196 3,000 SH   OTR 1 3,000 0 0
Ciena Corp COM 171779309 633 15,400 SH   OTR 1 15,400 0 0
Communication Services Select Sector SPD ETF 81369Y852 4,103 83,358 SH   SOLE   83,358 0 0
Consumer Discretionary Select Sector SPD ETF 81369Y407 5,699 47,812 SH   SOLE   47,812 0 0
Consumer Discretionary Select Sector SPD ETF 81369Y407 4,077 34,206 SH   SOLE   34,206 0 0
Consumer Staples Select Sector SPDR Fund ETF 81369Y308 4,001 68,896 SH   SOLE   68,896 0 0
Copart Inc COM 217204106 695 9,300 SH   OTR 1 9,300 0 0
Costco Wholesale Cor p COM 22160K105 1,903 7,200 SH   OTR 1 7,200 0 0
CyberArk Software Lt d COM M2682V108 2,909 22,756 SH   OTR 1 22,756 0 0
Darden Restaurants I nc COM 237194105 852 7,000 SH   OTR 1 7,000 0 0
Descartes Systems Group, Inc. COM 249906108 340 9,200 SH   OTR 1 9,200 0 0
DEXCOM INC COM COM 252131107 524 3,500 SH   OTR 1 3,500 0 0
DHT Holdings, Inc. COM Y2065G121 266 45,000 SH   OTR 1 45,000 0 0
DINE BRANDS GLOBAL COM 254423106 344 3,600 SH   OTR 1 3,600 0 0
DMC Global Inc. COM 23291C103 1,153 18,200 SH   OTR 1 18,200 0 0
DUCOMMUN INC COM 264147109 740 16,410 SH   OTR 1 16,410 0 0
Enbridge Inc COM 29250N105 440 12,200 SH   OTR 1 12,200 0 0
Energy Select Sector SPDR Fund ETF 81369Y506 4,265 66,940 SH   SOLE   66,940 0 0
Etsy Inc COM 29786A106 430 7,000 SH   OTR 1 7,000 0 0
EVERTEC Inc COM 30040P103 991 30,300 SH   OTR 1 30,300 0 0
Facebook Inc COM 30303M102 186 963 SH   SOLE   963 0 0
Fair Isaac Corp COM 303250104 471 1,500 SH   OTR 1 1,500 0 0
Federal Signal Corp COM 313855108 1,624 60,700 SH   OTR 1 60,700 0 0
Financial Select Sec tor SPDR Fund ETF 81369Y605 5,188 187,980 SH   SOLE   187,980 0 0
Financial Select Sec tor SPDR Fund ETF 81369Y605 4,116 149,141 SH   SOLE   149,141 0 0
Fortinet Inc COM 34959E109 2,493 32,450 SH   OTR 1 32,450 0 0
Fox Factory Holding Corp COM 35138V102 990 12,000 SH   OTR 1 12,000 0 0
Globant SA COM L44385109 697 6,900 SH   OTR 1 6,900 0 0
GOLDMAN SACHS ACCESS HY CORP ETF ETF 381430453 12,435 252,000 SH   SOLE   252,000 0 0
Health Care Select S ector SPDR Fund ETF 81369Y209 5,688 61,516 SH   SOLE   61,516 0 0
HEICO Corp COM 422806109 1,417 10,625 SH   OTR 1 10,625 0 0
Iec Electronics Corp COM 44949L105 17 2,652 SH   OTR 1 2,652 0 0
Industrial Select Se ctor SPDR Fund ETF 81369Y704 6,788 87,755 SH   SOLE   87,755 0 0
Industrial Select Se ctor SPDR Fund ETF 81369Y704 4,124 53,314 SH   SOLE   53,314 0 0
Innovative Industria l Properties Inc COM 45781V101 667 5,400 SH   OTR 1 5,400 0 0
iRadimed Corp COM 46266A109 987 48,247 SH   OTR 1 48,247 0 0
iShares 1-3 Year Tre asury Bond ETF ETF 464287457 1,608 18,969 SH   SOLE   18,969 0 0
iShares 1-3 Year Treasury Bond ETF ETF 464287457 1,694 19,977 SH   SOLE   19,977 0 0
iShares Core S&P 500 ETF ETF 464287200 4,363 14,802 SH   SOLE   14,802 0 0
iShares Core S&P 500 ETF ETF 464287200 2,435 8,260 SH   SOLE   8,260 0 0
iShares Core S&P Mid -Cap ETF ETF 464287507 3,176 16,350 SH   SOLE   16,350 0 0
iShares Core S&P Mid-Cap ETF ETF 464287507 2,117 10,898 SH   SOLE   10,898 0 0
iShares Core U.S. Ag gregate Bond ETF ETF 464287226 9,558 85,834 SH   SOLE   85,834 0 0
iShares Edge MSCI Mi n Vol USA ETF ETF 46429B697 4,623 74,883 SH   SOLE   74,883 0 0
iShares Edge MSCI Min Vol USA ETF ETF 46429B697 2,435 39,439 SH   SOLE   39,439 0 0
ISHARES MSCI CHINA ETF ETF 46429B671 2,062 34,679 SH   SOLE   34,679 0 0
iShares Nasdaq Biote chnology ETF ETF 464287556 3,411 31,263 SH   SOLE   31,263 0 0
iShares Russell 2000 ETF ETF 464287655 2,364 15,205 SH   SOLE   15,205 0 0
iShares Russell 2000 ETF ETF 464287655 1,588 10,211 SH   SOLE   10,211 0 0
iShares TIPS Bond ET F ETF 464287176 9,496 82,227 SH   SOLE   82,227 0 0
iShares U.S. Medical Devices ETF ETF 464288810 3,211 13,339 SH   SOLE   13,339 0 0
Jernigan Capital, Inc. COM 476405105 410 20,000 SH   OTR 1 20,000 0 0
Keysight Technologie s Inc COM 49338L103 826 9,200 SH   OTR 1 9,200 0 0
Kinsale Capital Grou p Inc COM 49714P108 265 2,900 SH   OTR 1 2,900 0 0
KORNIT DIGITAL LMTD COM M6372Q113 674 21,300 SH   OTR 1 21,300 0 0
LAMAR ADVERTISING COM 512816109 444 5,500 SH   OTR 1 5,500 0 0
LAWSON PRODUCTS INC COM 520776105 219 5,965 SH   OTR 1 5,965 0 0
LHC Group Inc COM 50187A107 275 2,300 SH   OTR 1 2,300 0 0
Lululemon Athletica Inc COM 550021109 2,487 13,800 SH   OTR 1 13,800 0 0
Malibu Boats Inc COM 56117J100 713 18,344 SH   OTR 1 18,344 0 0
Mastercard Inc COM 57636Q104 2,143 8,100 SH   OTR 1 8,100 0 0
Match Group Inc COM 57665R106 632 9,400 SH   OTR 1 9,400 0 0
Materials Select Sec tor SPDR Fund ETF 81369Y100 4,829 82,555 SH   SOLE   82,555 0 0
Materials Select Sec tor SPDR Fund ETF 81369Y100 4,114 70,321 SH   SOLE   70,321 0 0
Medpace Holdings Inc COM 58506Q109 307 4,700 SH   OTR 1 4,700 0 0
Mellanox Technologie s Ltd COM M51363113 1,129 10,200 SH   OTR 1 10,200 0 0
Microsoft Corp. COM 594918104 185 1,381 SH   SOLE   1,381 0 0
Napco Security Techn ologies Inc COM 630402105 258 8,700 SH   OTR 1 8,700 0 0
Nice Ltd COM 653656108 1,288 9,400 SH   OTR 1 9,400 0 0
NIKE Inc. COM 654106103 156 1,858 SH   SOLE   1,858 0 0
NMI Holdings Inc COM 629209305 792 27,900 SH   OTR 1 27,900 0 0
O'Reilly Automotive Inc COM 67103H107 157 425 SH   SOLE   425 0 0
Palo Alto Networks I nc COM 697435105 408 2,000 SH   OTR 1 2,000 0 0
Paycom Software Inc COM 70432V102 3,321 14,650 SH   OTR 1 14,650 0 0
Progressive Corp/The COM 743315103 1,671 20,900 SH   OTR 1 20,900 0 0
Qualys Inc COM 74758T303 1,367 15,700 SH   OTR 1 15,700 0 0
QuinStreet Inc COM 74874Q100 564 35,600 SH   OTR 1 35,600 0 0
Real Estate Select S ector SPDR Fund ETF 81369Y860 3,969 107,945 SH   SOLE   107,945 0 0
Repligen Corp COM 759916109 430 5,000 SH   OTR 1 5,000 0 0
RESTAURANT BRAND INT COM 76131D103 2,434 35,000 SH   OTR 1 35,000 0 0
Ross Stores Inc COM 778296103 1,209 12,200 SH   OTR 1 12,200 0 0
Sapiens I'ntl Corporation N.V. COM G7T16G103 770 46,300 SH   OTR 1 46,300 0 0
ServiceNow Inc COM 81762P102 2,453 8,900 SH   OTR 1 8,900 0 0
SPDR Bloomberg Barcl ays High Yield Bond ETF 78468R622 4,172 38,297 SH   SOLE   38,297 0 0
Starbucks Corp. COM 855244109 187 2,236 SH   SOLE   2,236 0 0
SUN COMMUNITIES COM 866674104 885 6,900 SH   OTR 1 6,900 0 0
Technology Select Se ctor SPDR Fund ETF 81369Y803 12,801 163,861 SH   SOLE   163,861 0 0
Technology Select Se ctor SPDR Fund ETF 81369Y803 4,109 52,602 SH   SOLE   52,602 0 0
Telefonaktiebolaget LM Ericsson COM 294821608 421 44,300 SH   OTR 1 44,300 0 0
Twitter Inc COM 90184L102 1,047 30,000 SH   OTR 1 30,000 0 0
Ubiquiti Networks In c COM 90347A100 1,762 13,400 SH   OTR 1 13,400 0 0
UFP Technologies Inc COM 902673102 291 7,000 SH   OTR 1 7,000 0 0
Universal Display Co rp COM 91347P105 489 2,600 SH   OTR 1 2,600 0 0
Utilities Select Sec tor SPDR Fund ETF 81369Y886 3,984 66,818 SH   SOLE   66,818 0 0
VanEck Vectors Gold Miners ETF ETF 92189F106 2,075 81,201 SH   SOLE   81,201 0 0
Veeva Systems Inc COM 922475108 1,913 11,800 SH   OTR 1 11,800 0 0
VeriSign Inc COM 92343E102 544 2,600 SH   OTR 1 2,600 0 0
Verisk Analytics Inc COM 92345Y106 557 3,800 SH   OTR 1 3,800 0 0
Visa Inc. COM 92826C839 183 1,053 SH   SOLE   1,053 0 0
Voc Energy Trust COM 91829B103 83 16,379 SH   OTR 1 16,379 0 0
WIX.com, Ltd. COM M98068105 441 3,100 SH   OTR 1 3,100 0 0
Xilinx Inc COM 983919101 1,757 14,900 SH   OTR 1 14,900 0 0
Zoetis Inc COM 98978V103 186 1,638 SH   SOLE   1,638 0 0
Zoetis Inc COM 98978V103 1,578 13,900 SH   OTR 1 13,900 0 0