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

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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
ACE LTD COM H0023R105 351 3,000 SH   SOLE   3,000 0 0
ACTIVISION BLIZZARD INC COM 00507V109 1,510 39,000 SH   SOLE   39,000 0 0
ALLERGAN PLC COM G0177J108 6,281 20,100 SH   SOLE   20,100 0 0
ALPHABET INC - CL A COM 02079K305 3,423 4,400 SH   SOLE   4,400 0 0
ALPHABET INC NON-VOTING CL C COM 02079K107 1,370 1,805 SH   SOLE   1,805 0 0
AMAZON.COM INC. COM 023135106 2,704 4,000 SH   SOLE   4,000 0 0
APPLE INC COM 037833100 7,210 68,500 SH   SOLE   68,500 0 0
ARM HOLDINGS PLC (ADR) COM 042068106 249 5,500 SH   SOLE   5,500 0 0
ATMEL CORP COM 049513104 491 57,000 SH   SOLE   57,000 0 0
BANK OF AMERICA COM 060505104 6,547 389,000 SH   SOLE   389,000 0 0
BLACKROCK INC COM 09247X101 541 1,590 SH   SOLE   1,590 0 0
BNP PARIBAS COM 05565A202 1,418 50,000 SH   SOLE   50,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 825 12,000 SH   SOLE   12,000 0 0
BROADCOM CORP - CL A COM 111320107 1,966 34,000 SH   SOLE   34,000 0 0
CARDICA INC. COM 14141R101 32 210,000 SH   SOLE   210,000 0 0
CELANESE CORP-SERIES A COM 150870103 875 13,000 SH   SOLE   13,000 0 0
CHEVRON COM 166764100 2,159 24,000 SH   SOLE   24,000 0 0
CITIGROUP COM 172967424 2,458 47,500 SH   SOLE   47,500 0 0
CITRIX SYSTEM COM 177376100 454 6,000 SH   SOLE   6,000 0 0
COMCAST CORPORATION COM 20030N101 1,580 28,000 SH   SOLE   28,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 1,265 23,600 SH   SOLE   23,600 0 0
DRYSHIPS, INC. COM 2109Q1017 95 545,828 SH   SOLE   545,828 0 0
ELECTRONIC ARTS COM 285512109 770 11,200 SH   SOLE   11,200 0 0
EXXON COM 30231G102 6,782 87,000 SH   SOLE   87,000 0 0
FACEBOOK COM 30303M102 1,308 12,500 SH   SOLE   12,500 0 0
FREEPORT-MCMORAN COPPER&GOLD COM 35671D857 203 30,000 SH   SOLE   30,000 0 0
GENERAL ELECTRIC CO. COM 369604103 2,997 96,198 SH   SOLE   96,198 0 0
GILEAD SCIENCES INC COM 375558103 1,037 10,250 SH   SOLE   10,250 0 0
GOLDMAN SACHS GROUP COM 38141G104 4,920 27,300 SH   SOLE   27,300 0 0
INTEL CORP COM 458140100 1,619 47,000 SH   SOLE   47,000 0 0
JP MORGAN COM 46625H100 8,511 128,900 SH   SOLE   128,900 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 782 9,000 SH   SOLE   9,000 0 0
MICROSOFT CORP COM 594918104 4,577 82,500 SH   SOLE   82,500 0 0
MORGAN STANLEY COM 617446448 4,263 134,000 SH   SOLE   134,000 0 0
NAVIOS MARITIME HOLDINGS INC. COM Y62196103 44 25,000 SH   SOLE   25,000 0 0
NXP SEMICONDUCTORS COM N6596X109 2,915 34,600 SH   SOLE   34,600 0 0
ORACLE CORP COM 68389X105 694 19,000 SH   SOLE   19,000 0 0
PACIFIC DRILLING COM L7257P106 84 100,000 SH   SOLE   100,000 0 0
PALO ALTO NETWORKS INC COM 697435105 352 2,000 SH   SOLE   2,000 0 0
PFIZER COM 717081103 791 24,500 SH   SOLE   24,500 0 0
PRUDENTIAL PLC COM 74435k204 902 20,000 SH   SOLE   20,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 467 42,264 SH   SOLE   42,264 0 0
RED HAT INC COM 756577102 828 10,000 SH   SOLE   10,000 0 0
REGENERON PHARMACTCLS COM 75886F107 1,941 3,575 SH   SOLE   3,575 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 733 20,000 SH   SOLE   20,000 0 0
SILICON LABORATORIES COM 826919102 1,747 36,000 SH   SOLE   36,000 0 0
STATE STREET CORP COM 857477103 531 8,000 SH   SOLE   8,000 0 0
STONEPATH GROUP INC COM 861837102 0 679,800 SH   SOLE   679,800 0 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 853 13,000 SH   SOLE   13,000 0 0
TRANSOCEAN INC COM H8817H100 433 35,000 SH   SOLE   35,000 0 0
WELLS FARGO&COMPANY COM 949746101 652 12,000 SH   SOLE   12,000 0 0
ZOETIS INC COM 98978V103 853 17,800 SH   SOLE   17,800 0 0
ZYNGA, INC. COM 98986T108 3,899 1,455,000 SH   SOLE   1,455,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 66,294 1,313,012 SH   SOLE   1,313,012 0 0
DB COMMODITY INDEX FUND ETF 73935S105 2,159 161,600 SH   SOLE   161,600 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 15,290 475,000 SH   SOLE   475,000 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 47,544 1,207,000 SH   SOLE   1,207,000 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 16,093 149,000 SH   SOLE   149,000 0 0
ISHARES JAPAN ETF 464286848 13,574 1,120,000 SH   SOLE   1,120,000 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 6,826 360,000 SH   SOLE   360,000 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 11,266 524,000 SH   SOLE   524,000 0 0
ISHARES MSCI UNITED KINGDOM ETF 46434V548 9,716 602,000 SH   SOLE   602,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 7,958 108,579 SH   SOLE   108,579 0 0
ISHARES RUSSELL 2000 GROWTH ET ETF 464287648 1,102 7,910 SH   SOLE   7,910 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 923 5,732 SH   SOLE   5,732 0 0
ISHARES S&P100 ETF ETF 464287101 18,152 199,097 SH   SOLE   199,097 0 0
MKT VECTORS OIL SERVICES ETF 57060U191 1,322 50,000 SH   SOLE   50,000 0 0
NASDAQ 100 MFC POWERSHARES ETF 73935A104 19,486 174,200 SH   SOLE   174,200 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 6,990 153,767 SH   SOLE   153,767 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 6,867 205,961 SH   SOLE   205,961 0 0
PUREFD SEC ETF ETF 30304R407 1,424 55,000 SH   SOLE   55,000 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 4,111 36,500 SH   SOLE   36,500 0 0
S&P 500 PURE GROWTH ETF 78355W403 1,871 23,188 SH   SOLE   23,188 0 0
S&P SM 600 GROWTH ETF 464287887 595 4,788 SH   SOLE   4,788 0 0
S&P500 POWERSHARES VALUE LINE ETF 73935X682 4,313 186,462 SH   SOLE   186,462 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 86,906 1,111,892 SH   SOLE   1,111,892 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 32,814 544,000 SH   SOLE   544,000 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 137,127 5,754,400 SH   SOLE   5,754,400 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 97,340 1,351,376 SH   SOLE   1,351,376 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 60,543 1,142,100 SH   SOLE   1,142,100 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 15,872 365,550 SH   SOLE   365,550 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 133,872 3,125,662 SH   SOLE   3,125,662 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 19,216 444,000 SH   SOLE   444,000 0 0
SPDR-S&P 500 INDEX ETF 78462F103 51,824 254,200 SH   SOLE   254,200 0 0
SPDR-S&P DIVIDEND ETF 78464A763 3,818 51,898 SH   SOLE   51,898 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 43,348 1,180,500 SH   SOLE   1,180,500 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 15,463 310,000 SH   SOLE   310,000 0 0