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
Abbott Laboratories COMMON 002824100 3,735 89,801 SH   SOLE   67,753 0 22,048
Activision Blizzard COMMON 00507V109 7,052 339,212 SH   SOLE   241,546 0 97,666
Aetna COMMON 00817Y108 9,068 111,951 SH   SOLE   84,793 0 27,158
Agrium COMMON 008916108 1,069 12,010 SH   SOLE   10,758 0 1,252
Allstate COMMON 020002101 1,395 22,732 SH   SOLE   20,981 0 1,751
American Eagle Outfitters COMMON 02553E106 5,967 410,981 SH   SOLE   309,910 0 101,072
American Software COMMON 029683109 1,009 114,349 SH   SOLE   109,024 0 5,325
Amgen COMMON 031162100 7,995 56,921 SH   SOLE   43,035 0 13,886
Anworth Mortgage Asset Corp COMMON 037347101 1,332 278,022 SH   SOLE   238,334 0 39,688
Apache COMMON 037411105 5,013 53,402 SH   SOLE   40,140 0 13,262
Apple Computer COMMON 037833100 9,973 98,990 SH   SOLE   75,995 0 22,995
Archer-Daniels-Midland COMMON 039483102 9,694 189,697 SH   SOLE   145,988 0 43,710
AVX Corp COMMON 002444107 1,634 123,077 SH   SOLE   106,151 0 16,926
Axis Capital COMMON G0692U109 5,080 107,331 SH   SOLE   78,143 0 29,188
Baker Hughes COMMON 057224107 6,254 96,125 SH   SOLE   69,301 0 26,824
Bank of NY Mellon Corp. COMMON 064058100 6,375 164,590 SH   SOLE   118,315 0 46,275
Barrick Gold COMMON 067901108 3,828 261,133 SH   SOLE   203,807 0 57,326
Baxter International COMMON 071813109 7,318 101,959 SH   SOLE   78,763 0 23,196
BB&T Corporation COMMON 054937107 4,822 129,602 SH   SOLE   97,330 0 32,272
Benchmark Electronics COMMON 08160h101 5,729 257,952 SH   SOLE   190,933 0 67,019
BHP Billiton COMMON 088606108 2,329 39,554 SH   SOLE   35,328 0 4,226
BioMed Realty COMMON 09063H107 6,403 317,003 SH   SOLE   244,321 0 72,681
Bristow Group Inc COMMON 110394103 6,826 101,575 SH   SOLE   72,967 0 28,608
Brocade Communications Systems COMMON 111621306 5,195 477,955 SH   SOLE   326,364 0 151,591
CA Inc. COMMON 12673P105 5,645 202,029 SH   SOLE   155,543 0 46,486
California Water Service COMMON 130788102 3,301 147,120 SH   SOLE   96,825 0 50,295
Canadian Imperial Bank of Commerce (CIBC) COMMON 136069101 5,375 59,817 SH   SOLE   45,083 0 14,734
Capital One Financial COMMON 14040H105 6,125 75,043 SH   SOLE   53,953 0 21,090
Cardinal Health COMMON 14149Y108 1,408 18,793 SH   SOLE   16,553 0 2,240
Caterpillar COMMON 149123101 6,489 65,521 SH   SOLE   50,127 0 15,394
Celanese Corp COMMON 150870103 7,029 120,119 SH   SOLE   87,923 0 32,197
Chesapeake Energy COMMON 165167107 2,594 112,835 SH   SOLE   77,469 0 35,366
Cisco Systems COMMON 17275R102 8,081 321,049 SH   SOLE   240,354 0 80,695
Coach COMMON 189754104 6,460 181,399 SH   SOLE   138,133 0 43,266
Comcast Corp CL A COMMON 20030N101 8,185 152,194 SH   SOLE   109,518 0 42,676
Conagra Foods COMMON 205887102 6,129 185,500 SH   SOLE   135,475 0 50,025
Corning COMMON 219350105 7,221 373,356 SH   SOLE   294,002 0 79,354
Credit Suisse Group COMMON 225401108 2,762 99,921 SH   SOLE   64,126 0 35,795
CSX COMMON 126408103 972 30,329 SH   SOLE   25,828 0 4,501
Deere & Co. COMMON 244199105 5,548 67,670 SH   SOLE   51,342 0 16,328
Diamond Offshore COMMON 25271c102 1,854 54,113 SH   SOLE   40,863 0 13,250
Diodes COMMON 254543101 502 20,980 SH   SOLE   6,214 0 14,766
Direxion Daily Dev Mkts Bull 3X Shrs ETF 25459W789 1,218 18,237 SH   SOLE   16,148 0 2,089
Direxion Daily Emrg Mkts Bull 3X Shares ETF 25459Y686 758 28,209 SH   SOLE   24,384 0 3,825
Direxion Daily Mid Cap Bull 3X Shares ETF 25459W730 359 4,312 SH   SOLE   3,837 0 475
Direxion Daily Real Estate Bull 3X Shrs ETF 25459W755 340 6,314 SH   SOLE   5,549 0 765
Direxion Daily S&P500 Bull 3X Shares ETF 25459W862 724 9,321 SH   SOLE   8,205 0 1,116
Direxion Daily Small Cap Bull 3X Shares ETF 25459W847 217 3,429 SH   SOLE   3,095 0 334
Disney, Walt COMMON 254687106 10,629 119,387 SH   SOLE   89,225 0 30,162
Eaton Corp PLC COMMON G29183103 7,896 124,595 SH   SOLE   96,371 0 28,224
Eli Lilly & Co. COMMON 532457108 5,858 90,327 SH   SOLE   65,123 0 25,204
ENI SPA ADR COMMON 26874r108 2,756 58,330 SH   SOLE   48,618 0 9,712
Ensco PLC COMMON G3157S106 4,522 109,455 SH   SOLE   84,693 0 24,762
Entergy COMMON 29364G103 4,240 54,829 SH   SOLE   44,970 0 9,859
Ericsson COMMON 294821608 6,271 498,117 SH   SOLE   375,410 0 122,707
Exxon Mobil COMMON 30231G102 5,798 61,644 SH   SOLE   48,297 0 13,347
Fluor COMMON 343412102 4,398 65,855 SH   SOLE   46,954 0 18,901
Foot Locker COMMON 344849104 2,618 47,037 SH   SOLE   33,130 0 13,907
Freeport McMoran Copper & Gold COMMON 35671D857 5,489 168,111 SH   SOLE   122,649 0 45,462
General Electric Co. COMMON 369604103 1,858 72,514 SH   SOLE   53,968 0 18,546
Goldman Sachs Group COMMON 38141G104 3,629 19,767 SH   SOLE   13,633 0 6,134
Halliburton Co. COMMON 406216101 5,178 80,269 SH   SOLE   53,383 0 26,886
HollyFrontier Corp COMMON 436106108 6,273 143,610 SH   SOLE   110,082 0 33,528
Honda Motor COMMON 438128308 1,307 38,113 SH   SOLE   31,642 0 6,471
HSBC Holdings PLC COMMON 404280406 2,307 45,344 SH   SOLE   33,474 0 11,870
Ingram Micro COMMON 457153104 4,488 173,868 SH   SOLE   115,540 0 58,328
Intel COMMON 458140100 9,100 261,337 SH   SOLE   199,325 0 62,012
Int'l Business Machines COMMON 459200101 6,782 35,728 SH   SOLE   27,551 0 8,177
Int'l Game Technology COMMON 459902102 4,862 288,179 SH   SOLE   193,667 0 94,512
iShares Barclays MBS Bond ETF 464288588 18,889 174,722 SH   SOLE   162,379 0 12,343
iShares Barclays TIPS Bond ETF 464287176 1,062 9,475 SH   SOLE   7,961 0 1,514
iShares Emerging Markets High Yield Bond ETF 464286285 9,708 191,405 SH   SOLE   178,610 0 12,795
iShares Floating Rate Note ETF 46429B655 38,529 757,990 SH   SOLE   715,498 0 42,492
iShares Gold Trust ETF 464285105 731 62,507 SH   SOLE   54,386 0 8,121
iShares MSCI Singapore Index ETF 464286673 3,152 236,257 SH   SOLE   227,215 0 9,042
Jabil Circuit COMMON 466313103 1,718 85,181 SH   SOLE   76,327 0 8,854
Johnson & Johnson COMMON 478160104 5,109 47,934 SH   SOLE   36,772 0 11,162
JP Morgan Chase COMMON 46625H100 8,211 136,312 SH   SOLE   102,950 0 33,361
Keycorp COMMON 493267108 1,376 103,235 SH   SOLE   94,542 0 8,693
Kimberly Clark COMMON 494368103 1,455 13,522 SH   SOLE   11,292 0 2,230
Kohl's COMMON 500255104 5,762 94,413 SH   SOLE   68,331 0 26,082
Lexmark International COMMON 529771107 4,562 107,349 SH   SOLE   90,034 0 17,315
Manpower Inc. COMMON 56418H100 7,859 112,109 SH   SOLE   83,858 0 28,251
Marathon Oil COMMON 565849106 6,084 161,844 SH   SOLE   127,078 0 34,766
Market Vectors EM Local Curr Bond ETF ETF 57060U522 8,256 362,094 SH   SOLE   340,984 0 21,110
Market Vectors Emerging Markets High Yield Bond ETF ETF 57061R403 20,015 784,608 SH   SOLE   733,325 0 51,283
Market Vectors Russia ETF ETF 57060U506 5,956 266,228 SH   SOLE   256,897 0 9,331
Marvell Tech COMMON g5876h105 3,879 287,768 SH   SOLE   192,972 0 94,796
MDC Holdings COMMON 552676108 5,225 206,366 SH   SOLE   159,076 0 47,290
Medtronic COMMON 585055106 1,186 19,152 SH   SOLE   16,977 0 2,175
Metlife COMMON 59156r108 5,709 106,265 SH   SOLE   78,653 0 27,612
Microsoft COMMON 594918104 9,761 210,542 SH   SOLE   164,459 0 46,083
Mosaic Company New COMMON 61945c103 5,044 113,584 SH   SOLE   81,135 0 32,449
Navios Maritime Holdings Inc. COMMON Y62196103 6,425 1,070,881 SH   SOLE   823,227 0 247,654
New York Community COMMON 649445103 1,664 104,844 SH   SOLE   84,941 0 19,903
Newmont Mining Corp Holding Co. COMMON 651639106 1,160 50,327 SH   SOLE   39,210 0 11,117
Nippon Telegraph and Telephone COMMON 654624105 6,859 220,466 SH   SOLE   161,632 0 58,834
Norfolk Southern COMMON 655844108 9,757 87,428 SH   SOLE   64,875 0 22,553
Novartis COMMON 66987V109 7,939 84,337 SH   SOLE   65,780 0 18,557
Nvidia COMMON 67066G104 6,251 338,797 SH   SOLE   242,641 0 96,156
Old National Bancorp COMMON 680033107 3,921 302,313 SH   SOLE   223,928 0 78,385
Oracle COMMON 68389X105 5,961 155,732 SH   SOLE   110,602 0 45,130
Paragon Offshore COMMON g6s01w108 2,943 478,523 SH   SOLE   375,659 0 102,864
Pepsico COMMON 713448108 2,094 22,498 SH   SOLE   17,180 0 5,318
PetMed Express COMMON 716382106 1,852 136,162 SH   SOLE   116,133 0 20,029
PetSmart COMMON 716768106 4,702 67,087 SH   SOLE   49,791 0 17,296
Pfizer COMMON 717081103 2,003 67,724 SH   SOLE   47,187 0 20,537
PIMCO 0-5 Year High Yield Corporate Bond Index ETF ETF 72201R783 18,023 173,879 SH   SOLE   162,917 0 10,962
PNC Bank COMMON 693475105 5,017 58,620 SH   SOLE   42,487 0 16,133
PowerShares DB Agriculture Fund ETF 73936B408 763 29,868 SH   SOLE   26,243 0 3,625
PowerShares DB Base Metals Fund ETF 73936B705 931 55,059 SH   SOLE   49,318 0 5,741
ProShares Short Russell2000 ETF 74347R826 847 49,300 SH   SOLE   0 0 49,300
Prudential COMMON 744320102 7,486 85,124 SH   SOLE   63,018 0 22,106
Rayonier COMMON 754907103 1,543 49,555 SH   SOLE   34,758 0 14,797
Rayonier Advanced Materials COMMON 75508b104 553 16,798 SH   SOLE   11,876 0 4,922
Royal Caribbean Cruises COMMON v7780t103 10,295 152,999 SH   SOLE   106,309 0 46,690
Royal Dutch Shell A COMMON 780259206 4,134 54,302 SH   SOLE   39,553 0 14,749
Sanofi COMMON 80105n105 1,166 20,665 SH   SOLE   19,624 0 1,041
Seagate Tech COMMON g7945m107 7,096 123,900 SH   SOLE   95,490 0 28,410
Ship Finance Int'l COMMON G81075106 3,744 221,304 SH   SOLE   171,492 0 49,812
SpartanNash Co COMMON 847215100 1,909 98,133 SH   SOLE   74,304 0 23,829
SPDR Barclays Short Term High Yield Bond ETF 78468R408 36,716 1,226,727 SH   SOLE   1,150,056 0 76,671
St. Jude Medical COMMON 790849103 6,728 111,888 SH   SOLE   81,127 0 30,761
Staples COMMON 855030102 4,207 347,678 SH   SOLE   259,321 0 88,357
Symantec COMMON 871503108 7,065 300,529 SH   SOLE   233,272 0 67,257
Target COMMON 87612E106 4,787 76,366 SH   SOLE   55,247 0 21,119
The Travelers Companies COMMON 89417e109 1,370 14,583 SH   SOLE   11,932 0 2,651
Tidewater COMMON 886423102 880 22,550 SH   SOLE   21,030 0 1,520
Titan International COMMON 88830M102 3,206 271,199 SH   SOLE   198,779 0 72,420
Total SA ADR COMMON 89151e109 4,000 62,058 SH   SOLE   52,022 0 10,036
Tsakos Energy COMMON G9108L108 1,324 207,546 SH   SOLE   150,883 0 56,663
Tutor Perini Corp COMMON 901109108 6,050 229,170 SH   SOLE   165,989 0 63,181
Tyson Foods COMMON 902494103 6,468 164,296 SH   SOLE   123,041 0 41,255
Vanguard Global ex-U.S. Real Estate ETF ETF 922042676 872 16,009 SH   SOLE   14,252 0 1,757
Vanguard Interm-Tm Corp Bond Index ETF ETF 92206C870 18,348 213,917 SH   SOLE   199,889 0 14,028
Vanguard Short-Term Bond ETF ETF 921937827 29,584 369,481 SH   SOLE   348,307 0 21,174
Wal-Mart Stores COMMON 931142103 5,883 76,928 SH   SOLE   59,397 0 17,531
Waste Management COMMON 94106L109 7,840 164,945 SH   SOLE   126,265 0 38,680
Wells Fargo & Co. COMMON 949746101 6,064 116,905 SH   SOLE   89,458 0 27,447
Whirpool COMMON 963320106 8,889 61,031 SH   SOLE   45,017 0 16,014
Yamana Gold COMMON 98462Y100 1,916 319,403 SH   SOLE   249,137 0 70,265