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
ABBVIE INC. COM 00287Y109 454 7,750 SH   SOLE   7,750 0 0
ACE LIMITED COM H0023R105 334 3,000 SH   SOLE   3,000 0 0
ACTAVIS PLC COM BD1NQJ9 2,192 7,366 SH   SOLE   7,366 0 0
ACTIVISION BLIZZARD INC COM 00507V109 3,000 132,000 SH   SOLE   132,000 0 0
ALCATEL-LUCENT (ADR) COM 013904305 2,033 545,000 SH   SOLE   545,000 0 0
ALEXION PHARMACEUTICALS, INC. COM 015351109 6,014 34,700 SH   SOLE   34,700 0 0
ALIBABA GROUP HLDS LTD COM 01609W102 1,655 19,888 SH   SOLE   19,888 0 0
AMAZON.COM INC. COM 023135106 2,977 8,000 SH   SOLE   8,000 0 0
AMERICAN EXPRESS CO. COM 025816109 5,367 68,700 SH   SOLE   68,700 0 0
ANTHEM INC(WELLPOINT) COM 036752103 5,868 38,000 SH   SOLE   38,000 0 0
APPLE INC COM 037833100 10,545 84,750 SH   SOLE   84,750 0 0
APPLIED MATERIALS COM 038222105 2,030 90,000 SH   SOLE   90,000 0 0
ARM HOLDINGS PLC (ADR) COM 042068106 271 5,500 SH   SOLE   5,500 0 0
ATMEL CORP COM 049513104 3,457 420,000 SH   SOLE   420,000 0 0
BAIDU, INC. COM 056752108 1,896 9,100 SH   SOLE   9,100 0 0
BANK OF AMERICA COM 060505104 5,294 344,000 SH   SOLE   344,000 0 0
BLACKROCK INC COM 09247X101 3,728 10,190 SH   SOLE   10,190 0 0
BNP PARIBAS COM 05565A202 608 20,000 SH   SOLE   20,000 0 0
BROADCOM CORP - CL A COM 111320107 4,494 103,800 SH   SOLE   103,800 0 0
BROADSOFT INC COM 11133B409 2,429 72,600 SH   SOLE   72,600 0 0
CARDICA INC. COM 14141R101 132 210,000 SH   SOLE   210,000 0 0
CARDINAL HEALTH COM 14149Y108 3,665 40,600 SH   SOLE   40,600 0 0
CHEVRON COM 166764100 1,984 18,900 SH   SOLE   18,900 0 0
CITIGROUP COM 172967424 1,120 21,730 SH   SOLE   21,730 0 0
CITRIX SYSTEM COM 177376100 4,963 77,700 SH   SOLE   77,700 0 0
COMCAST CORPORATION COM 20030N101 1,581 28,000 SH   SOLE   28,000 0 0
CONOCOPHILIPS COM 20825C104 1,065 17,100 SH   SOLE   17,100 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 1,471 26,100 SH   SOLE   26,100 0 0
DRYSHIPS, INC. COM MHY2109Q1 415 545,828 SH   SOLE   545,828 0 0
ERICSSON COM 294821608 2,046 163,000 SH   SOLE   163,000 0 0
EXXON COM 30231G102 7,395 87,000 SH   SOLE   87,000 0 0
FREEPORT-MCMORAN COPPER&GOLD COM 35671D857 474 25,000 SH   SOLE   25,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 4,199 22,340 SH   SOLE   22,340 0 0
GOOGLE INC - CL A COM 38259P508 1,276 2,300 SH   SOLE   2,300 0 0
GOOGLE INC NON-VOTING CL C COM 38259P706 1,260 2,300 SH   SOLE   2,300 0 0
HEALTH NET COM 42222G108 2,637 43,600 SH   SOLE   43,600 0 0
HOLLYFRONTIER CORP COM 436106108 2,013 50,000 SH   SOLE   50,000 0 0
HUMANA INC COM 444859102 534 3,000 SH   SOLE   3,000 0 0
INTEL CORP COM 458140100 750 24,000 SH   SOLE   24,000 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 6,388 39,800 SH   SOLE   39,800 0 0
JP MORGAN COM 46625H100 7,439 122,800 SH   SOLE   122,800 0 0
JUNIPER NETWORKS COM 48203R104 2,439 108,000 SH   SOLE   108,000 0 0
KUSHNER-LOCKE CO COM 501337109 0 352,050 SH   SOLE   352,050 0 0
LONGTOP FINANCIAL ADR COM 543189108 3 94,200 SH   SOLE   94,200 0 0
LYDONDELLBASELL INDU - CL A COM N53745100 1,054 12,000 SH   SOLE   12,000 0 0
MEDIVATION, INC. COM 58501N101 1,807 14,000 SH   SOLE   14,000 0 0
MERCK & CO. INC. COM 58933Y105 2,250 39,150 SH   SOLE   39,150 0 0
METTLER TOLEDO COM 592688105 3,517 10,700 SH   SOLE   10,700 0 0
MICROSOFT CORP COM 594918104 7,631 187,700 SH   SOLE   187,700 0 0
MORGAN STANLEY COM 617446448 7,847 219,870 SH   SOLE   219,870 0 0
NIKE INC. COM 654106103 401 4,000 SH   SOLE   4,000 0 0
NXP SEMICONDUCTORS COM N6596X109 2,810 28,000 SH   SOLE   28,000 0 0
OCCIDENTAL PETROLEUM COM 674599105 657 9,000 SH   SOLE   9,000 0 0
PACIFIC DRILLING COM L7257P106 1,945 500,000 SH   SOLE   500,000 0 0
PFIZER COM 717081103 2,940 84,500 SH   SOLE   84,500 0 0
PRUDENTIAL PLC COM 74435k204 499 10,000 SH   SOLE   10,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 470 42,264 SH   SOLE   42,264 0 0
RANGE RESOURCES COM 75281A109 1,080 20,759 SH   SOLE   20,759 0 0
REGENERON PHARMACTCLS COM 75886F107 2,483 5,500 SH   SOLE   5,500 0 0
SANDISK CORP COM 80004C101 891 14,000 SH   SOLE   14,000 0 0
SAP CORP COM 803054204 974 13,500 SH   SOLE   13,500 0 0
SCORPIO BULKERS ORD COM Y7546A106 237 100,000 SH   SOLE   100,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 1,041 20,000 SH   SOLE   20,000 0 0
SHIRE PLC-ADR COM 82481R106 1,890 7,900 SH   SOLE   7,900 0 0
SILICON LABORATORIES COM 826919102 5,686 112,000 SH   SOLE   112,000 0 0
STONEPATH GROUP INC COM 861837102 0 679,800 SH   SOLE   679,800 0 0
TAIWAN SEMICONDUCTOR MFG CO COM 874039100 5,252 223,670 SH   SOLE   223,670 0 0
THE BOEING CO COM 097023105 672 4,475 SH   SOLE   4,475 0 0
THERMO FISHER SCIENTIFIC COM 883556102 3,762 28,000 SH   SOLE   28,000 0 0
TOLL BROTHERS, INC COM 889478103 787 20,000 SH   SOLE   20,000 0 0
TRANSOCEAN INC COM H8817H100 513 35,000 SH   SOLE   35,000 0 0
TWENTY-FIRST CENTURY FOX COM 90130A101 271 8,000 SH   SOLE   8,000 0 0
TWITTER INC COM 90184L102 4,758 95,000 SH   SOLE   95,000 0 0
UNITEDHEALTH GROUP COM 91324P102 7,405 62,600 SH   SOLE   62,600 0 0
US BANCORP COM 902973304 912 20,880 SH   SOLE   20,880 0 0
VERTEX PHARMACEUTICALS COM 92532F100 4,282 36,300 SH   SOLE   36,300 0 0
VIPSHOP HOLDINGS INC. ADR COM 92763W103 2,762 93,820 SH   SOLE   93,820 0 0
VMWARE INC-CLASS A COM 928563402 3,772 46,000 SH   SOLE   46,000 0 0
WALT DISNEY CO. COM 254687106 781 7,450 SH   SOLE   7,450 0 0
WELLS FARGO&COMPANY COM 949746101 2,863 52,635 SH   SOLE   52,635 0 0
YY INC. COM 98426T106 2,160 39,600 SH   SOLE   39,600 0 0
ZOETIS INC COM 98978V103 2,926 63,200 SH   SOLE   63,200 0 0
ZYNGA, INC. COM 98986T108 2,251 790,000 SH   SOLE   790,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 52,965 1,086,680 SH   SOLE   1,086,680 0 0
DB COMMODITY INDEX FUND ETF 73935S105 2,759 161,600 SH   SOLE   161,600 0 0
GUGGENHEIM S&P 500 EQUAL WEIGH ETF 78355W106 7,770 95,872 SH   SOLE   95,872 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 23,075 575,000 SH   SOLE   575,000 0 0
ISHARES 20+ YEAR TREASURY BOND ETF 464287432 13,682 104,691 SH   SOLE   104,691 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 40,220 832,200 SH   SOLE   832,200 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 13,313 87,600 SH   SOLE   87,600 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 13,372 120,000 SH   SOLE   120,000 0 0
ISHARES DJ HOME ETF 464288752 157,784 5,589,242 SH   SOLE   5,589,242 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 95,252 1,200,863 SH   SOLE   1,200,863 0 0
ISHARES JAPAN ETF 464286848 14,660 1,170,000 SH   SOLE   1,170,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 6,583 93,636 SH   SOLE   93,636 0 0
ISHARES NORTH AMER NATURAL RES ETF 464287374 115,318 3,071,870 SH   SOLE   3,071,870 0 0
ISHARES RUSSELL 2000 GROWTH ET ETF 464287648 1,199 7,910 SH   SOLE   7,910 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 3,338 19,462 SH   SOLE   19,462 0 0
ISHARES S&P100 ETF ETF 464287101 3,574 39,600 SH   SOLE   39,600 0 0
MARKET VECTORS GOLD MINERS ETF 57060U100 8,755 480,000 SH   SOLE   480,000 0 0
MID-CAP INDEX ETF 78467Y107 9,927 35,808 SH   SOLE   35,808 0 0
MKT VCT JUNR GOLD ETF 57061R544 3,405 150,000 SH   SOLE   150,000 0 0
MKT VECTORS OIL SERVICES ETF 57060U191 1,685 50,000 SH   SOLE   50,000 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 6,585 133,540 SH   SOLE   133,540 0 0
POWERSHARES S&P 500 LOW ETF 73937B779 1,254 33,050 SH   SOLE   33,050 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 2,743 83,391 SH   SOLE   83,391 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 21,969 176,645 SH   SOLE   176,645 0 0
S&P 500 PURE GROWTH ETF 78355W403 9,331 112,310 SH   SOLE   112,310 0 0
S&P 500 PURE VALUE ETF 78355W304 8,095 149,944 SH   SOLE   149,944 0 0
S&P500 POWERSHARES VALUE LINE ETF 73935X682 2,054 87,538 SH   SOLE   87,538 0 0
SELECT SECTOR SPDR-AGRICULTURE ETF 57060U605 204,483 3,814,984 SH   SOLE   3,814,984 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 83,112 1,103,019 SH   SOLE   1,103,019 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 34,065 439,100 SH   SOLE   439,100 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 113,720 4,716,700 SH   SOLE   4,716,700 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 70,010 965,660 SH   SOLE   965,660 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 166,696 2,988,983 SH   SOLE   2,988,983 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 64,029 1,312,613 SH   SOLE   1,312,613 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 101,185 2,441,731 SH   SOLE   2,441,731 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 14,555 327,600 SH   SOLE   327,600 0 0
SPDR BARCLAYS CAPITAL HY BOND ETF 78464A417 10,803 275,445 SH   SOLE   275,445 0 0
SPDR S&P METALS&MINING ETF 78464A755 49,364 1,815,537 SH   SOLE   1,815,537 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 189,017 3,658,863 SH   SOLE   3,658,863 0 0
SPDR-S&P 500 INDEX ETF 78462F103 55,144 267,133 SH   SOLE   267,133 0 0
SPDR-S&P DIVIDEND ETF 78464A763 1,417 18,115 SH   SOLE   18,115 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 39,942 1,002,800 SH   SOLE   1,002,800 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 9,814 181,000 SH   SOLE   181,000 0 0