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 3,578 53,250 SH   SOLE   53,250 0 0
ACE LIMITED COM H0023R105 305 3,000 SH   SOLE   3,000 0 0
ACTIVISION BLIZZARD INC COM 00507V109 944 39,000 SH   SOLE   39,000 0 0
AETNA INC COM 00817Y108 1,275 10,000 SH   SOLE   10,000 0 0
ALEXION PHARMACEUTICALS, INC. COM 015351109 4,610 25,500 SH   SOLE   25,500 0 0
ALIBABA GROUP HLDS LTD COM 01609W102 1,070 13,000 SH   SOLE   13,000 0 0
ALLERGAN PLC COM G0177J108 4,663 15,366 SH   SOLE   15,366 0 0
AMAZON.COM INC. COM 023135106 2,605 6,000 SH   SOLE   6,000 0 0
ANTHEM INC(WELLPOINT) COM 036752103 6,237 38,000 SH   SOLE   38,000 0 0
APPLE INC COM 037833100 9,940 79,250 SH   SOLE   79,250 0 0
APPLIED MATERIALS COM 038222105 1,730 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 562 57,000 SH   SOLE   57,000 0 0
BAKER HUGHES INCORPORATED COM 057224107 10,797 175,000 SH   SOLE   175,000 0 0
BANK OF AMERICA COM 060505104 19,709 1,158,000 SH   SOLE   1,158,000 0 0
BLACKROCK INC COM 09247X101 550 1,590 SH   SOLE   1,590 0 0
BNP PARIBAS COM 05565A202 603 20,000 SH   SOLE   20,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 798 12,000 SH   SOLE   12,000 0 0
BROADCOM CORP - CL A COM 111320107 1,751 34,000 SH   SOLE   34,000 0 0
CARDICA INC. COM 14141R101 105 210,000 SH   SOLE   210,000 0 0
CARDINAL HEALTH COM 14149Y108 3,396 40,600 SH   SOLE   40,600 0 0
CELANESE CORP-SERIES A COM 150870103 4,313 60,000 SH   SOLE   60,000 0 0
CITIGROUP COM 172967424 15,578 282,000 SH   SOLE   282,000 0 0
CITRIX SYSTEM COM 177376100 898 12,800 SH   SOLE   12,800 0 0
COMCAST CORPORATION COM 20030N101 1,684 28,000 SH   SOLE   28,000 0 0
CONOCOPHILIPS COM 20825C104 1,050 17,100 SH   SOLE   17,100 0 0
CUMMINS, INC. COM 231021106 1,181 9,000 SH   SOLE   9,000 0 0
DELEK US HOLDINGS INC COM 246647101 920 25,000 SH   SOLE   25,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 1,360 23,600 SH   SOLE   23,600 0 0
DRYSHIPS, INC. COM MHY2109Q1 328 545,828 SH   SOLE   545,828 0 0
EMERSON ELECTRIC CO COM 291011104 2,993 54,000 SH   SOLE   54,000 0 0
EXXON COM 30231G102 5,242 63,000 SH   SOLE   63,000 0 0
FASTENAL CO COM 311900104 3,374 80,000 SH   SOLE   80,000 0 0
GENERAL ELECTRIC CO. COM 369604103 2,923 110,000 SH   SOLE   110,000 0 0
GILEAD SCIENCES INC COM 375558103 1,200 10,250 SH   SOLE   10,250 0 0
GOLDMAN SACHS GROUP COM 38141G104 17,547 84,040 SH   SOLE   84,040 0 0
GOOGLE INC - CL A COM 38259P508 2,646 4,900 SH   SOLE   4,900 0 0
GOOGLE INC NON-VOTING CL C COM 38259P706 1,200 2,305 SH   SOLE   2,305 0 0
GRAINGER WW INC COM 384802104 3,218 13,600 SH   SOLE   13,600 0 0
HCA HOLDINGS INC COM 40412C101 907 10,000 SH   SOLE   10,000 0 0
HEALTH NET COM 42222G108 872 13,600 SH   SOLE   13,600 0 0
HOLLYFRONTIER CORP COM 436106108 427 10,000 SH   SOLE   10,000 0 0
HUMANA INC COM 444859102 383 2,000 SH   SOLE   2,000 0 0
INTEL CORP COM 458140100 1,430 47,000 SH   SOLE   47,000 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,431 8,800 SH   SOLE   8,800 0 0
JD COM INC COM 47215P106 1,204 35,300 SH   SOLE   35,300 0 0
JP MORGAN COM 46625H100 20,010 295,300 SH   SOLE   295,300 0 0
JUNIPER NETWORKS COM 48203R104 909 35,000 SH   SOLE   35,000 0 0
KANSAS CITY SOUTHERN COM 485170302 207 2,265 SH   SOLE   2,265 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 7,453 72,000 SH   SOLE   72,000 0 0
MEDIVATION, INC. COM 58501N101 1,884 16,500 SH   SOLE   16,500 0 0
MERCK & CO. INC. COM 58933Y105 626 11,000 SH   SOLE   11,000 0 0
METTLER TOLEDO COM 592688105 1,810 5,300 SH   SOLE   5,300 0 0
MICROSOFT CORP COM 594918104 5,894 133,500 SH   SOLE   133,500 0 0
MORGAN STANLEY COM 617446448 16,287 419,870 SH   SOLE   419,870 0 0
NIKE INC. COM 654106103 432 4,000 SH   SOLE   4,000 0 0
NXP SEMICONDUCTORS COM N6596X109 2,750 28,000 SH   SOLE   28,000 0 0
OCCIDENTAL PETROLEUM COM 674599105 700 9,000 SH   SOLE   9,000 0 0
ORACLE CORP COM 68389X105 766 19,000 SH   SOLE   19,000 0 0
PACIFIC DRILLING COM L7257P106 1,120 400,000 SH   SOLE   400,000 0 0
PALO ALTO NETWORKS INC COM 697435105 349 2,000 SH   SOLE   2,000 0 0
PFIZER COM 717081103 4,845 144,500 SH   SOLE   144,500 0 0
PRUDENTIAL PLC COM 74435k204 486 10,000 SH   SOLE   10,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 485 42,264 SH   SOLE   42,264 0 0
REGENERON PHARMACTCLS COM 75886F107 3,864 7,575 SH   SOLE   7,575 0 0
SANDISK CORP COM 80004C101 1,048 18,000 SH   SOLE   18,000 0 0
SAP CORP COM 803054204 948 13,500 SH   SOLE   13,500 0 0
SCORPIO BULKERS ORD COM Y7546A106 163 100,000 SH   SOLE   100,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 950 20,000 SH   SOLE   20,000 0 0
SHIRE PLC-ADR COM 82481R106 2,004 8,300 SH   SOLE   8,300 0 0
SILICON LABORATORIES COM 826919102 1,944 36,000 SH   SOLE   36,000 0 0
STATE STREET CORP COM 857477103 1,232 16,000 SH   SOLE   16,000 0 0
STONEPATH GROUP INC COM 861837102 1 679,800 SH   SOLE   679,800 0 0
TAIWAN SEMICONDUCTOR MFG CO COM 874039100 6,170 271,670 SH   SOLE   271,670 0 0
THERMO FISHER SCIENTIFIC COM 883556102 2,725 21,000 SH   SOLE   21,000 0 0
TRANSOCEAN INC COM H8817H100 564 35,000 SH   SOLE   35,000 0 0
TWENTY-FIRST CENTURY FOX COM 90130A101 260 8,000 SH   SOLE   8,000 0 0
UNITEDHEALTH GROUP COM 91324P102 4,392 36,000 SH   SOLE   36,000 0 0
VERTEX PHARMACEUTICALS COM 92532F100 1,173 9,500 SH   SOLE   9,500 0 0
VIPSHOP HOLDINGS INC. ADR COM 92763W103 1,954 87,820 SH   SOLE   87,820 0 0
VMWARE INC-CLASS A COM 928563402 514 6,000 SH   SOLE   6,000 0 0
WALT DISNEY CO. COM 254687106 850 7,450 SH   SOLE   7,450 0 0
WELLS FARGO&COMPANY COM 949746101 10,911 194,000 SH   SOLE   194,000 0 0
YY INC. COM 98426T106 1,571 22,600 SH   SOLE   22,600 0 0
ZOETIS INC COM 98978V103 829 17,200 SH   SOLE   17,200 0 0
ZYNGA, INC. COM 98986T108 4,161 1,455,000 SH   SOLE   1,455,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 13,626 286,255 SH   SOLE   286,255 0 0
DB COMMODITY INDEX FUND ETF 73935S105 2,909 161,600 SH   SOLE   161,600 0 0
GUGGENHEIM S&P 500 EQUAL WEIGH ETF 78355W106 4,734 59,327 SH   SOLE   59,327 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 15,848 400,000 SH   SOLE   400,000 0 0
ISHARES 20+ YEAR TREASURY BOND ETF 464287432 4,303 36,636 SH   SOLE   36,636 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 33,196 691,000 SH   SOLE   691,000 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 13,138 87,600 SH   SOLE   87,600 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 13,054 120,000 SH   SOLE   120,000 0 0
ISHARES DJ HOME ETF 464288752 146,564 5,339,292 SH   SOLE   5,339,292 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 89,558 1,256,075 SH   SOLE   1,256,075 0 0
ISHARES JAPAN ETF 464286848 5,700 445,000 SH   SOLE   445,000 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 4,837 230,000 SH   SOLE   230,000 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 7,041 264,000 SH   SOLE   264,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 6,689 93,636 SH   SOLE   93,636 0 0
ISHARES NORTH AMER NATURAL RES ETF 464287374 113,841 3,137,842 SH   SOLE   3,137,842 0 0
ISHARES RUSSELL 2000 GROWTH ET ETF 464287648 1,223 7,910 SH   SOLE   7,910 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 6,792 40,072 SH   SOLE   40,072 0 0
ISHARES S&P100 ETF ETF 464287101 787 8,663 SH   SOLE   8,663 0 0
MARKET VECTORS GOLD MINERS ETF 57060U100 1,066 60,000 SH   SOLE   60,000 0 0
MID-CAP INDEX ETF 78467Y107 10,764 39,399 SH   SOLE   39,399 0 0
MKT VCT JUNR GOLD ETF 57061R544 483 20,000 SH   SOLE   20,000 0 0
MKT VECTORS OIL SERVICES ETF 57060U191 1,745 50,000 SH   SOLE   50,000 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 5,021 103,299 SH   SOLE   103,299 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 3,024 95,515 SH   SOLE   95,515 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 22,056 176,645 SH   SOLE   176,645 0 0
S&P 500 PURE GROWTH ETF 78355W403 9,788 120,590 SH   SOLE   120,590 0 0
S&P 500 PURE VALUE ETF 78355W304 9,627 179,681 SH   SOLE   179,681 0 0
S&P500 POWERSHARES VALUE LINE ETF 73935X682 2,016 87,538 SH   SOLE   87,538 0 0
SELECT SECTOR SPDR-AGRICULTURE ETF 57060U605 207,853 3,770,909 SH   SOLE   3,770,909 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 81,837 1,070,050 SH   SOLE   1,070,050 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 44,194 588,000 SH   SOLE   588,000 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 112,023 4,594,871 SH   SOLE   4,594,871 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 76,674 1,030,700 SH   SOLE   1,030,700 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 170,131 3,147,078 SH   SOLE   3,147,078 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 62,648 1,294,654 SH   SOLE   1,294,654 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 121,267 2,929,154 SH   SOLE   2,929,154 0 0
SPDR BARCLAYS CAPITAL HY BOND ETF 78464A417 10,585 275,445 SH   SOLE   275,445 0 0
SPDR S&P METALS&MINING ETF 78464A755 45,267 1,860,535 SH   SOLE   1,860,535 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 157,850 3,382,974 SH   SOLE   3,382,974 0 0
SPDR-S&P 500 INDEX ETF 78462F103 51,146 248,464 SH   SOLE   248,464 0 0
SPDR-S&P DIVIDEND ETF 78464A763 1,381 18,115 SH   SOLE   18,115 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 52,846 1,332,800 SH   SOLE   1,332,800 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 9,446 175,000 SH   SOLE   175,000 0 0