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
AT&T Inc Com COMMON 00206r102 1,072 32,844 SH   SOLE   30,339 0 2,505
AVX Corp COMMON 002444107 1,909 133,745 SH   SOLE   114,089 0 19,656
Abbott Laboratories COMMON 002824100 4,212 90,906 SH   SOLE   68,814 0 22,092
Activision Blizzard COMMON 00507V109 7,616 335,147 SH   SOLE   238,016 0 97,131
Aetna COMMON 00817Y108 11,224 105,364 SH   SOLE   78,462 0 26,902
Agrium COMMON 008916108 1,279 12,265 SH   SOLE   11,015 0 1,250
Allstate COMMON 020002101 1,630 22,905 SH   SOLE   21,335 0 1,570
American Eagle Outfitters COMMON 02553E106 6,856 401,400 SH   SOLE   311,949 0 89,451
Amgen COMMON 031162100 9,199 57,549 SH   SOLE   43,783 0 13,766
Anworth Mortgage Asset Corp COMMON 037347101 1,471 289,076 SH   SOLE   250,239 0 38,837
Apache COMMON 037411105 2,991 49,576 SH   SOLE   38,308 0 11,268
Apple Computer COMMON 037833100 12,098 97,228 SH   SOLE   74,571 0 22,657
Archer-Daniels-Midland COMMON 039483102 8,947 188,751 SH   SOLE   145,500 0 43,252
BB&T Corporation COMMON 054937107 5,009 128,463 SH   SOLE   96,396 0 32,067
Baker Hughes COMMON 057224107 6,138 96,543 SH   SOLE   69,820 0 26,723
Bank of NY Mellon Corp. COMMON 064058100 6,620 164,503 SH   SOLE   118,209 0 46,294
Barrick Gold COMMON 067901108 2,104 191,992 SH   SOLE   140,845 0 51,147
Baxter International COMMON 071813109 7,055 102,996 SH   SOLE   80,025 0 22,971
Benchmark Electronics COMMON 08160h101 6,222 258,932 SH   SOLE   192,272 0 66,660
BHP Billiton COMMON 088606108 1,967 42,321 SH   SOLE   37,733 0 4,588
BioMed Realty COMMON 09063H107 7,454 328,967 SH   SOLE   252,666 0 76,300
Bristow Group Inc COMMON 110394103 5,557 102,054 SH   SOLE   73,590 0 28,464
Brocade Communications Systems COMMON 111621306 5,603 472,258 SH   SOLE   321,347 0 150,911
CSX COMMON 126408103 1,048 31,653 SH   SOLE   27,199 0 4,454
CA Inc. COMMON 12673P105 6,644 203,754 SH   SOLE   162,407 0 41,347
California Water Service COMMON 130788102 3,594 146,631 SH   SOLE   96,464 0 50,167
Canadian Imperial Bank of Commerce (CIBC) COMMON 136069101 4,415 60,901 SH   SOLE   45,844 0 15,057
Capital One Financial COMMON 14040H105 6,038 76,599 SH   SOLE   55,615 0 20,984
Cardinal Health COMMON 14149Y108 1,599 17,710 SH   SOLE   15,595 0 2,115
Caterpillar COMMON 149123101 5,306 66,302 SH   SOLE   50,954 0 15,348
Celanese Corp COMMON 150870103 6,686 119,689 SH   SOLE   87,668 0 32,021
Chesapeake Energy COMMON 165167107 1,569 110,837 SH   SOLE   77,396 0 33,442
Cisco Systems COMMON 17275R102 8,761 318,291 SH   SOLE   240,056 0 78,234
Coach COMMON 189754104 7,596 183,355 SH   SOLE   139,350 0 44,005
Comcast Corp CL A COMMON 20030N101 8,365 148,128 SH   SOLE   106,121 0 42,007
Conagra Foods COMMON 205887102 6,788 185,833 SH   SOLE   136,074 0 49,759
Corning COMMON 219350105 8,406 370,622 SH   SOLE   292,432 0 78,190
Credit Suisse Group COMMON 225401108 2,518 93,492 SH   SOLE   63,451 0 30,041
Deere & Co. COMMON 244199105 5,994 68,360 SH   SOLE   51,956 0 16,404
Denbury Resources COMMON 247916208 82 11,290 SH   SOLE   9,781 0 1,509
Diamond Offshore COMMON 25271c102 1,418 52,917 SH   SOLE   39,441 0 13,476
Diodes COMMON 254543101 596 20,880 SH   SOLE   6,214 0 14,666
Direxion Daily Mid Cap Bull 3X Shares ETF 25459W730 260 2,313 SH   SOLE   1,921 0 392
Direxion Daily Real Estate Bull 3X Shrs ETF 25459W755 250 2,844 SH   SOLE   2,353 0 491
Direxion Daily Dev Mkts Bull 3X Shrs ETF 25459W789 755 11,472 SH   SOLE   9,548 0 1,924
Direxion Daily Small Cap Bull 3X Shares ETF 25459W847 366 4,071 SH   SOLE   3,340 0 731
Direxion Daily S&P500 Bull 3X Shares ETF 25459W862 503 5,690 SH   SOLE   4,646 0 1,044
Direxion Daily Emrg Mkts Bull 3X Shares ETF 25459Y686 414 17,488 SH   SOLE   14,827 0 2,661
Disney, Walt COMMON 254687106 11,657 111,132 SH   SOLE   82,004 0 29,127
ENI SPA ADR COMMON 26874r108 1,225 35,398 SH   SOLE   28,025 0 7,373
Entergy COMMON 29364G103 4,273 55,139 SH   SOLE   44,893 0 10,246
Ericsson COMMON 294821608 6,354 506,334 SH   SOLE   379,571 0 126,763
Exxon Mobil COMMON 30231G102 5,915 69,592 SH   SOLE   48,649 0 20,943
Fluor COMMON 343412102 4,348 76,062 SH   SOLE   58,558 0 17,504
Foot Locker COMMON 344849104 3,004 47,683 SH   SOLE   33,944 0 13,739
Freeport McMoran Copper & Gold COMMON 35671D857 3,349 176,725 SH   SOLE   131,448 0 45,278
General Electric Co. COMMON 369604103 1,890 76,159 SH   SOLE   62,295 0 13,864
Gilead Sciences COMMON 375558103 4,443 45,281 SH   SOLE   33,836 0 11,445
Global X FTSE Colombia 20 ETF ETF 37950e200 1,420 135,399 SH   SOLE   135,399 0 0
Global X MSCI Norway ETF ETF 37950E747 1,400 120,047 SH   SOLE   120,047 0 0
Goldman Sachs Group COMMON 38141G104 3,628 19,303 SH   SOLE   13,201 0 6,102
Goodyear Tire COMMON 382550101 5,724 211,361 SH   SOLE   160,106 0 51,255
HSBC Holdings PLC COMMON 404280406 1,911 44,869 SH   SOLE   35,039 0 9,830
Halliburton Co. COMMON 406216101 3,655 83,284 SH   SOLE   56,228 0 27,056
HollyFrontier Corp COMMON 436106108 5,808 144,238 SH   SOLE   112,467 0 31,771
Honda Motor COMMON 438128308 1,503 45,882 SH   SOLE   37,961 0 7,921
Ingram Micro COMMON 457153104 4,353 173,290 SH   SOLE   114,855 0 58,435
Intel COMMON 458140100 8,099 259,006 SH   SOLE   198,376 0 60,631
Int'l Business Machines COMMON 459200101 5,918 36,872 SH   SOLE   28,547 0 8,325
Int'l Game Technology COMMON 459902102 4,867 279,554 SH   SOLE   187,403 0 92,151
iShares MSCI Frontier 100 ETF 464286145 817 27,463 SH   SOLE   22,971 0 4,492
iShares Emerging Markets High Yield Bond ETF 464286285 9,209 192,607 SH   SOLE   175,197 0 17,410
iShares MSCI Singapore Index ETF 464286673 2,915 227,756 SH   SOLE   218,961 0 8,795
iShares MSCI South Korea Index ETF 464286772 5,765 100,719 SH   SOLE   97,119 0 3,600
iShares MSCI Malaysia Index Fund ETF 464286830 2,864 215,515 SH   SOLE   207,639 0 7,876
iShares MSCI Hong Kong Index ETF 464286871 5,938 270,770 SH   SOLE   260,524 0 10,246
iShares Barclays TIPS Bond ETF 464287176 856 7,539 SH   SOLE   5,927 0 1,612
iShares S&P 500 ETF 464287200 253 1,217 SH   SOLE   0 0 1,217
iShares Barclays MBS Bond ETF 464288588 15,070 136,577 SH   SOLE   121,132 0 15,445
iShares MSCI All Peru Capped Index Fund ETF 464289842 1,456 51,167 SH   SOLE   51,167 0 0
iShares Floating Rate Note ETF 46429B655 17,642 348,385 SH   SOLE   306,892 0 41,493
JP Morgan Chase COMMON 46625H100 8,230 135,845 SH   SOLE   102,705 0 33,140
Jabil Circuit COMMON 466313103 2,031 86,853 SH   SOLE   77,355 0 9,498
Johnson & Johnson COMMON 478160104 6,226 61,885 SH   SOLE   48,245 0 13,640
Keycorp COMMON 493267108 1,602 113,132 SH   SOLE   98,192 0 14,940
Kimberly Clark COMMON 494368103 1,483 13,849 SH   SOLE   11,594 0 2,255
Kohl's COMMON 500255104 7,365 94,116 SH   SOLE   68,257 0 25,859
Lexmark International COMMON 529771107 4,844 114,408 SH   SOLE   94,274 0 20,134
Eli Lilly & Co. COMMON 532457108 6,569 90,417 SH   SOLE   65,320 0 25,097
MDC Holdings COMMON 552676108 7,665 268,945 SH   SOLE   203,983 0 64,962
Manpower Inc. COMMON 56418H100 9,484 110,081 SH   SOLE   82,002 0 28,079
Marathon Oil COMMON 565849106 3,348 128,232 SH   SOLE   92,786 0 35,446
Market Vectors Russia ETF ETF 57060U506 5,214 306,163 SH   SOLE   296,020 0 10,143
Market Vectors EM Local Curr Bond ETF ETF 57060U522 8,015 398,375 SH   SOLE   366,616 0 31,759
Market Vectors Emerging Markets High Yield Bond ETF ETF 57061R403 18,467 788,164 SH   SOLE   717,144 0 71,020
Metlife COMMON 59156r108 5,532 109,435 SH   SOLE   82,104 0 27,331
Microsoft COMMON 594918104 8,094 199,082 SH   SOLE   154,096 0 44,986
Mosaic Company New COMMON 61945c103 5,271 114,431 SH   SOLE   81,712 0 32,719
New York Community COMMON 649445103 1,770 105,818 SH   SOLE   86,399 0 19,419
Newmont Mining Corp Holding Co. COMMON 651639106 939 43,247 SH   SOLE   36,120 0 7,127
Nippon Telegraph and Telephone COMMON 654624105 6,759 219,291 SH   SOLE   159,813 0 59,478
Norfolk Southern COMMON 655844108 8,651 84,059 SH   SOLE   61,880 0 22,179
Nvidia COMMON 67066G104 7,130 340,732 SH   SOLE   245,063 0 95,669
Old National Bancorp COMMON 680033107 4,680 329,813 SH   SOLE   247,403 0 82,410
Oracle COMMON 68389X105 6,763 156,724 SH   SOLE   111,779 0 44,945
PNC Bank COMMON 693475105 5,493 58,909 SH   SOLE   42,867 0 16,042
PetMed Express COMMON 716382106 2,335 141,371 SH   SOLE   121,371 0 20,000
Pfizer COMMON 717081103 2,479 71,247 SH   SOLE   50,804 0 20,443
PIMCO 0-5 Year High Yield Corporate Bond Index ETF ETF 72201R783 13,866 136,599 SH   SOLE   121,999 0 14,600
PowerShares DB Commodity Fund ETF 73935S105 1,436 84,100 SH   SOLE   70,374 0 13,726
ProShares Short Russell2000 ETF 74347R826 631 43,000 SH   SOLE   0 0 43,000
Prudential COMMON 744320102 7,547 93,973 SH   SOLE   71,811 0 22,162
Qualcomm COMMON 747525103 2,069 29,834 SH   SOLE   27,229 0 2,605
Rayonier COMMON 754907103 971 36,032 SH   SOLE   28,231 0 7,801
Rayonier Advanced Materials COMMON 75508b104 174 11,675 SH   SOLE   8,957 0 2,718
Royal Dutch Shell A COMMON 780259206 3,358 56,293 SH   SOLE   42,129 0 14,164
SPDR S&P China ETF 78463x400 5,940 70,176 SH   SOLE   67,527 0 2,649
SPDR Barclays Short Term High Yield Bond ETF 78468R408 30,598 1,048,231 SH   SOLE   946,551 0 101,680
St. Jude Medical COMMON 790849103 7,272 111,193 SH   SOLE   80,658 0 30,535
Sanofi COMMON 80105n105 1,217 24,608 SH   SOLE   22,184 0 2,424
Energy Select Sector SPDR ETF 81369y506 4,445 57,297 SH   SOLE   56,778 0 519
Industrial Select Sector SPDR ETF 81369y704 4,380 78,536 SH   SOLE   77,834 0 702
Utilities Select Sector SPDR ETF 81369y886 4,424 99,580 SH   SOLE   98,656 0 924
Seventy Seven Energy Inc COMMON 818097107 59 14,316 SH   SOLE   12,045 0 2,271
SpartanNash Co COMMON 847215100 3,098 98,163 SH   SOLE   74,705 0 23,458
Staples COMMON 855030102 5,504 337,983 SH   SOLE   254,190 0 83,793
Symantec COMMON 871503108 6,981 298,761 SH   SOLE   236,502 0 62,259
Target COMMON 87612E106 6,367 77,580 SH   SOLE   56,519 0 21,061
Tidewater COMMON 886423102 693 36,183 SH   SOLE   29,901 0 6,282
Total SA ADR COMMON 89151e109 3,003 60,480 SH   SOLE   50,362 0 10,118
The Travelers Companies COMMON 89417e109 1,616 14,945 SH   SOLE   12,386 0 2,559
Trinity Industries COMMON 896522109 4,538 127,789 SH   SOLE   103,962 0 23,827
Tutor Perini Corp COMMON 901109108 5,380 230,421 SH   SOLE   166,872 0 63,549
Tyson Foods COMMON 902494103 6,362 166,099 SH   SOLE   125,132 0 40,966
Universal Corp. COMMON 913456109 1,084 22,976 SH   SOLE   20,523 0 2,453
Vanguard Short-Term Bond ETF ETF 921937827 16,281 202,200 SH   SOLE   180,717 0 21,483
Vanguard Global ex-U.S. Real Estate ETF ETF 922042676 825 14,665 SH   SOLE   12,284 0 2,381
Vanguard Interm-Tm Corp Bond Index ETF ETF 92206C870 14,747 168,158 SH   SOLE   150,511 0 17,647
Wal-Mart Stores COMMON 931142103 6,421 78,071 SH   SOLE   60,712 0 17,359
Waste Management COMMON 94106L109 8,586 158,326 SH   SOLE   120,212 0 38,114
Wells Fargo & Co. COMMON 949746101 6,184 113,683 SH   SOLE   86,360 0 27,323
Whirpool COMMON 963320106 6,836 33,831 SH   SOLE   25,391 0 8,440
Yamana Gold COMMON 98462Y100 3,851 1,072,810 SH   SOLE   835,712 0 237,098
Axis Capital COMMON G0692U109 5,635 109,244 SH   SOLE   79,632 0 29,612
Eaton Corp PLC COMMON G29183103 8,407 123,735 SH   SOLE   95,914 0 27,821
Ensco PLC COMMON G3157S106 2,647 125,616 SH   SOLE   102,143 0 23,473
Marvell Tech COMMON g5876h105 4,252 289,219 SH   SOLE   194,564 0 94,655
Medtronic PLC COMMON g5960l103 1,511 19,377 SH   SOLE   17,351 0 2,026
Paragon Offshore COMMON g6s01w108 538 413,652 SH   SOLE   308,986 0 104,666
Seagate Tech COMMON g7945m107 6,429 123,568 SH   SOLE   94,769 0 28,799
Ship Finance Int'l COMMON G81075106 3,329 224,961 SH   SOLE   177,332 0 47,629
Tsakos Energy COMMON G9108L108 1,618 197,837 SH   SOLE   143,011 0 54,826
Royal Caribbean Cruises COMMON v7780t103 11,853 144,817 SH   SOLE   101,128 0 43,689
Navios Maritime Holdings Inc. COMMON Y62196103 5,092 1,218,205 SH   SOLE   951,733 0 266,472