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
ALCOA COM 013817101 169 15,900 SH   SOLE   15,900 0 0
ALCATEL-LUCENT COM 013904305 880 200,000 SH   SOLE   200,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,601 83,000 SH   SOLE   83,000 0 0
AMERICAN RESIDENTIAL PPTY COM 02927E303 772 45,000 SH   SOLE   45,000 0 0
APPLE INC COM 037833100 2,384 4,250 SH   SOLE   4,250 0 0
ARCH COAL INC COM 039380100 321 72,100 SH   SOLE   72,100 0 0
AVON PRODS COM 054303102 12 700 SH   SOLE   700 0 0
BANCO SANTANDER S.A. COM 05964H105 781 86,137 SH   SOLE   86,137 0 0
BANK OF AMERICA COM 060505104 978 62,800 SH   SOLE   62,800 0 0
BANK OF AMERICA CORP WRNTS 060505146 569 88,000 SH   SOLE   88,000 0 0
BARCLAYS BK PLC COM 06742E711 2,638 62,000 SH   SOLE   62,000 0 0
BROADCOM CORP COM 111320107 71 2,400 SH   SOLE   2,400 0 0
CIT GROUP COM 125581801 891 17,100 SH   SOLE   17,100 0 0
CISCO SYS COM 17275R102 695 31,000 SH   SOLE   31,000 0 0
CITIGROUP COM 172967424 1,584 30,400 SH   SOLE   30,400 0 0
CLIFFS NAT RES INC PFD 7.00 18683K408 149 6,500 SH   SOLE   6,500 0 0
DIGITAL RLTY TR INC COM 253868103 1,930 39,300 SH   SOLE   39,300 0 0
DIREXION DAILY S&P 500 BEAR 3X S&P BEAR 3X 25459Y371 997 30,000 SH   SOLE   30,000 0 0
DIREXION BEAR MIDCAP 3X DLY MCAP BEAR 3X 25459Y421 695 38,000 SH   SOLE   38,000 0 0
E M C CORP MASS COM 268648102 1,089 43,300 SH   SOLE   43,300 0 0
FIFTH STREET FINANCE CORP COM 31678A103 500 54,000 SH   SOLE   54,000 0 0
FORD MOTOR COM 345370860 663 43,000 SH   SOLE   43,000 0 0
FUSION-IO INC COM 36112J107 646 72,500 SH   SOLE   72,500 0 0
GENERAL ELECTRIC COM 369604103 524 18,700 SH   SOLE   18,700 0 0
GOLDMAN SACHS GROUP COM 38141G104 1,152 6,500 SH   SOLE   6,500 0 0
GOLDMAN SACHS PFD 6.2 38144X500 9 400 SH   SOLE   400 0 0
HCP, INC. COM 40414L109 73 2,000 SH   SOLE   2,000 0 0
INTEL CORP COM 458140100 529 20,400 SH   SOLE   20,400 0 0
ISHARES CHINA LG-CAP ETF CHINA LGCAP ETF 464287184 384 10,000 SH   SOLE   10,000 0 0
JPMORGAN CHASE & CO WRNTS 46634E114 204 10,500 SH   SOLE   10,500 0 0
JAKKS PAC INC COM 47012E106 76 11,300 SH   SOLE   11,300 0 0
ELI LILLY & CO COM 532457108 1,469 28,800 SH   SOLE   28,800 0 0
M&T CAPITAL TRUST IV PFD 8.5 55292C203 8 300 SH   SOLE   300 0 0
MKT VECTORS GOLD MINING ETF GOLD MINE ETF 57060U100 423 20,000 SH   SOLE   20,000 0 0
MAXIM INTEGRATED PRODS IN COM 57772K101 279 10,000 SH   SOLE   10,000 0 0
MEDALLION FINL CORP COM 583928106 65 4,500 SH   SOLE   4,500 0 0
MEDICAL PROPERTIES COM 58463J304 986 80,700 SH   SOLE   80,700 0 0
MERCK & CO. COM 58933Y105 295 5,900 SH   SOLE   5,900 0 0
MORGAN STANLEY COM 617446448 1,530 48,800 SH   SOLE   48,800 0 0
OCH ZIFF CAP MGMT GROUP COM 67551U105 696 47,000 SH   SOLE   47,000 0 0
PROVINCE OF ONTARIO CONV BD 3.15 12/ 68323AAC8 266 250,000 SH   SOLE   250,000 0 0
PACIFIC COAST OIL TR COM 694103102 900 71,000 SH   SOLE   71,000 0 0
PEABODY ENERGY CORP COM 704549104 59 3,000 SH   SOLE   3,000 0 0
PENNEY J C INC COM 708160106 1,203 131,500 SH   SOLE   131,500 0 0
PETROLEO BRASILEIRO SA PE COM 71654V408 423 30,700 SH   SOLE   30,700 0 0
PFIZER COM 717081103 438 14,300 SH   SOLE   14,300 0 0
POTASH CORP SASK INC COM 73755L107 1,104 33,500 SH   SOLE   33,500 0 0
PROSHR ULTRASHORT TR 20+TRS PSHR ULTSH 20 YRS 74347B201 4,752 60,000 SH   SOLE   60,000 0 0
RAYONIER INC COM 754907103 1,789 42,500 SH   SOLE   42,500 0 0
ST JOE CO COM 790148100 470 24,500 SH   SOLE   24,500 0 0
SILICON GRAPHICS INTL COR COM 82706L108 536 40,000 SH   SOLE   40,000 0 0
SUPERNUS PHARMACEUTICALS COM 868459108 228 30,300 SH   SOLE   30,300 0 0
UNITED CONTL HLDGS INC COM 910047109 170 4,500 SH   SOLE   4,500 0 0
WALTER ENERGY INC COM 93317Q105 1,364 82,000 SH   SOLE   82,000 0 0
XYLEM INC COM 98419M100 235 6,800 SH   SOLE   6,800 0 0
NABORS INDUSTRIES LTD COM G6359F103 394 23,200 SH   SOLE   23,200 0 0