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
Financial Select Sector SPDR ETF 81369Y605 823 42,350 SH   SOLE   42,350 0 0
Market Vectors Gold Miners ETF ETF 57060U100 1,779 72,644 SH   SOLE   72,644 0 0
PowerShares QQQ ETF 73935A104 750 10,537 SH   SOLE   10,537 0 0
PowerShares QQQ ETF 73935A104 6,552 91,936 SH   DFND 1 91,936 0 0
SPDR S&P ETF 78462F103 6,331 39,469 SH   DFND 1 39,469 0 0
SPDR S&P Midcap ETF 78467Y107 6,305 30,011 SH   DFND 1 30,011 0 0
SPDR S&P Retail ETF 78464A714 7,005 91,448 SH   DFND 1 91,448 0 0
Technology Select Sector SPDR ETF 81369Y803 737 24,100 SH   SOLE   24,100 0 0
Utilities Spyder ETF 81369Y886 3 100 SH   SOLE   100 0 0
Utilities Spyder ETF 81369Y886 6,251 166,122 SH   DFND 1 166,122 0 0
Vanguard Information Technolog ETF 92204A702 732 9,895 SH   SOLE   9,895 0 0
iShares Dow Jones US Financial ETF 464287788 818 11,439 SH   SOLE   11,439 0 0
iShares Dow Jones US Financial ETF 464287770 806 11,275 SH   SOLE   11,275 0 0
iShares Dow Jones US Pharmaceu ETF 464288836 1,786 17,925 SH   SOLE   17,925 0 0
iShares Dow Jones US Telecom ETF 464287713 1,721 66,600 SH   SOLE   66,600 0 0
iShares Goldman Sachs Software ETF 464287515 717 10,560 SH   SOLE   10,560 0 0
iShares Russell Midcap Value I ETF 464287473 6,618 114,269 SH   DFND 1 114,269 0 0
Merck COM 58933Y105 759 16,350 SH   SOLE   16,350 0 0
iShares Nasdaq Biotechnology ETF 464287556 3,698 21,271 SH   SOLE   21,271 0 0
iShares Nasdaq Biotechnology ETF 464287556 7,193 41,373 SH   DFND 1 41,373 0 0
iShares Russell 2000 Value Ind ETF 464287630 5,289 61,575 SH   SOLE   61,575 0 0
iShares Russell 2000 Value Ind ETF 464287630 2,922 34,017 SH   DFND 1 34,017 0 0
Chesapeake Granite Wash Trust COM 165185109 2,887 187,395 SH   SOLE   187,395 0 0
Gastar Exploration COM 367299203 94 35,318 SH   SOLE   35,318 0 0
Imperial Petrolium Recovery COM 453079105 0 22,000 SH   SOLE   22,000 0 0
Knight Capital Group, Inc. COM 499005106 41 11,550 SH   SOLE   11,550 0 0
iShares MSCI South Korea Index ETF 464286772 655 12,330 SH   SOLE   12,330 0 0
iShares MSCI Spain Index ETF 464286764 6,674 241,050 SH   SOLE   241,050 0 0
SPDR Gold Shares ETF 78463V107 6,383 53,591 SH   SOLE   53,591 0 0
United States Natural Gas ETF 912318201 6,002 316,773 SH   SOLE   316,773 0 0
iShares Silver Trust ETF 46428Q109 3,159 166,566 SH   SOLE   166,566 0 0