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 3,658 89,447 SH   SOLE   67,484 0 21,963
Activision Blizzard COMMON 00507V109 7,589 340,335 SH   SOLE   241,969 0 98,366
Aetna COMMON 00817Y108 9,181 113,229 SH   SOLE   86,126 0 27,103
Agrium COMMON 008916108 1,047 11,427 SH   SOLE   10,460 0 967
Allstate COMMON 020002101 1,316 22,410 SH   SOLE   20,659 0 1,751
American Eagle Outfitters COMMON 02553E106 4,622 411,970 SH   SOLE   309,391 0 102,580
American Software COMMON 029683109 1,131 114,427 SH   SOLE   108,902 0 5,525
Amgen COMMON 031162100 6,654 56,216 SH   SOLE   42,300 0 13,916
Anworth Mortgage Asset Corp COMMON 037347101 1,426 276,451 SH   SOLE   234,913 0 41,538
Apache COMMON 037411105 5,336 53,035 SH   SOLE   39,673 0 13,362
Apple Computer COMMON 037833100 9,168 98,651 SH   SOLE   75,376 0 23,275
Archer-Daniels-Midland COMMON 039483102 8,580 194,522 SH   SOLE   150,488 0 44,034
AVX Corp COMMON 002444107 1,557 117,248 SH   SOLE   102,797 0 14,451
Baker Hughes COMMON 057224107 7,032 94,447 SH   SOLE   67,383 0 27,064
Bank of NY Mellon Corp. COMMON 064058100 6,163 164,435 SH   SOLE   118,105 0 46,330
Barrick Gold COMMON 067901108 4,747 259,414 SH   SOLE   201,603 0 57,811
Baxter International COMMON 071813109 7,319 101,227 SH   SOLE   77,896 0 23,331
BB&T Corporation COMMON 054937107 5,092 129,152 SH   SOLE   96,890 0 32,262
Benchmark Electronics COMMON 08160h101 6,489 254,680 SH   SOLE   187,586 0 67,094
BHP Billiton COMMON 088606108 2,698 39,422 SH   SOLE   35,196 0 4,226
BioMed Realty COMMON 09063H107 6,852 313,891 SH   SOLE   240,559 0 73,331
Bristow Group Inc COMMON 110394103 8,069 100,092 SH   SOLE   71,291 0 28,801
Brocade Communications Systems COMMON 111621306 4,297 467,110 SH   SOLE   313,304 0 153,806
CA Inc. COMMON 12673P105 1,439 50,086 SH   SOLE   41,133 0 8,953
California Water Service COMMON 130788102 3,578 147,855 SH   SOLE   96,500 0 51,355
Canadian Imperial Bank of Commerce (CIBC) COMMON 136069101 5,395 59,303 SH   SOLE   44,419 0 14,884
Capital One Financial COMMON 14040H105 6,118 74,064 SH   SOLE   52,799 0 21,265
Cardinal Health COMMON 14149Y108 1,246 18,175 SH   SOLE   16,285 0 1,890
Caterpillar COMMON 149123101 7,017 64,568 SH   SOLE   49,119 0 15,449
Celanese Corp COMMON 150870103 7,625 118,623 SH   SOLE   86,131 0 32,492
Chesapeake Energy COMMON 165167107 3,450 111,002 SH   SOLE   75,637 0 35,366
Cisco Systems COMMON 17275R102 7,907 318,187 SH   SOLE   237,441 0 80,745
Coach COMMON 189754104 1,190 34,811 SH   SOLE   30,909 0 3,902
Comcast Corp CL A COMMON 20030N101 8,367 155,866 SH   SOLE   112,669 0 43,196
Conagra Foods COMMON 205887102 5,427 182,845 SH   SOLE   132,345 0 50,500
Consumer Staples Select Sector SPDR ETF 81369y308 2,667 59,767 SH   SOLE   58,865 0 902
Corning COMMON 219350105 8,079 368,073 SH   SOLE   287,794 0 80,279
Credit Suisse Group COMMON 225401108 3,479 122,636 SH   SOLE   86,575 0 36,061
CSX COMMON 126408103 930 30,169 SH   SOLE   25,668 0 4,501
Deere & Co. COMMON 244199105 6,047 66,783 SH   SOLE   50,465 0 16,318
Diamond Offshore COMMON 25271c102 2,791 56,228 SH   SOLE   42,623 0 13,605
Diodes COMMON 254543101 605 20,880 SH   SOLE   6,214 0 14,666
Direxion Daily Dev Mkts Bull 3X Shrs ETF 25459W789 1,234 15,042 SH   SOLE   13,756 0 1,286
Direxion Daily Emrg Mkts Bull 3X Shares ETF 25459Y686 1,299 42,023 SH   SOLE   38,525 0 3,498
Direxion Daily S&P500 Bull 3X Shares ETF 25459W862 756 9,940 SH   SOLE   9,082 0 858
Disney, Walt COMMON 254687106 10,453 121,911 SH   SOLE   91,287 0 30,624
DuPont COMMON 263534109 3,171 48,454 SH   SOLE   37,441 0 11,013
Eaton Corp PLC COMMON G29183103 9,560 123,867 SH   SOLE   95,336 0 28,531
Eli Lilly & Co. COMMON 532457108 5,579 89,741 SH   SOLE   64,277 0 25,464
ENI SPA ADR COMMON 26874r108 3,206 58,401 SH   SOLE   48,424 0 9,977
Ensco PLC COMMON G3157S106 6,220 111,928 SH   SOLE   85,901 0 26,027
Entergy COMMON 29364G103 4,433 53,997 SH   SOLE   44,703 0 9,294
Ericsson COMMON 294821608 5,951 492,626 SH   SOLE   369,969 0 122,657
Exxon Mobil COMMON 30231G102 6,113 60,712 SH   SOLE   47,440 0 13,272
Financials Select Sector SPDR ETF 81369y605 1,366 60,072 SH   SOLE   59,159 0 913
Foot Locker COMMON 344849104 2,418 47,675 SH   SOLE   33,193 0 14,482
Freeport McMoran Copper & Gold COMMON 35671D857 6,113 167,487 SH   SOLE   121,740 0 45,747
General Electric Co. COMMON 369604103 1,480 56,300 SH   SOLE   46,579 0 9,721
Goldman Sachs Group COMMON 38141G104 3,265 19,498 SH   SOLE   13,307 0 6,191
Halliburton Co. COMMON 406216101 5,377 75,724 SH   SOLE   49,878 0 25,846
HollyFrontier Corp COMMON 436106108 6,222 142,420 SH   SOLE   108,717 0 33,703
HSBC Holdings PLC COMMON 404280406 2,225 43,805 SH   SOLE   32,210 0 11,595
Ingram Micro COMMON 457153104 5,063 173,335 SH   SOLE   114,532 0 58,803
Intel COMMON 458140100 8,018 259,486 SH   SOLE   197,245 0 62,242
Int'l Business Machines COMMON 459200101 6,424 35,441 SH   SOLE   27,388 0 8,053
Int'l Game Technology COMMON 459902102 5,522 347,070 SH   SOLE   249,458 0 97,612
iShares Barclays MBS Bond ETF 464288588 16,698 154,299 SH   SOLE   144,654 0 9,645
iShares Barclays TIPS Bond ETF 464287176 1,011 8,766 SH   SOLE   7,769 0 997
iShares Emerging Markets High Yield Bond ETF 464286285 9,587 180,722 SH   SOLE   170,497 0 10,225
iShares Floating Rate Note ETF 46429B655 25,185 495,758 SH   SOLE   470,697 0 25,061
iShares Gold Trust ETF 464285105 746 57,910 SH   SOLE   52,731 0 5,179
iShares MSCI Australia Index ETF 464286103 2,985 114,232 SH   SOLE   109,528 0 4,704
iShares MSCI Brazil Capped Index Fund ETF 464286400 5,848 122,402 SH   SOLE   117,439 0 4,963
iShares MSCI Singapore Index ETF 464286673 5,932 438,722 SH   SOLE   420,685 0 18,037
Jabil Circuit COMMON 466313103 1,734 82,981 SH   SOLE   74,127 0 8,854
Johnson & Johnson COMMON 478160104 4,866 46,512 SH   SOLE   35,851 0 10,661
JP Morgan Chase COMMON 46625H100 7,821 135,728 SH   SOLE   102,348 0 33,379
Keycorp COMMON 493267108 1,460 101,862 SH   SOLE   93,169 0 8,693
Kimberly Clark COMMON 494368103 1,348 12,120 SH   SOLE   11,110 0 1,010
KLA-Tencor COMMON 482480100 5,637 77,605 SH   SOLE   58,460 0 19,145
Kohl's COMMON 500255104 4,866 92,375 SH   SOLE   66,353 0 26,022
Lexmark International COMMON 529771107 5,136 106,653 SH   SOLE   88,988 0 17,665
Manpower Inc. COMMON 56418H100 9,577 112,865 SH   SOLE   84,329 0 28,536
Marathon Oil COMMON 565849106 6,451 161,591 SH   SOLE   126,840 0 34,751
Market Vectors EM Local Curr Bond ETF ETF 57060U522 8,204 337,624 SH   SOLE   320,151 0 17,473
Market Vectors Emerging Markets High Yield Bond ETF ETF 57061R403 18,170 688,010 SH   SOLE   648,423 0 39,587
Market Vectors Russia ETF ETF 57060U506 5,822 221,116 SH   SOLE   212,466 0 8,650
Marvell Tech COMMON g5876h105 4,060 283,313 SH   SOLE   188,492 0 94,821
MDC Holdings COMMON 552676108 6,277 207,236 SH   SOLE   157,311 0 49,925
Medtronic COMMON 585055106 1,212 19,010 SH   SOLE   16,585 0 2,425
Metlife COMMON 59156r108 5,841 105,127 SH   SOLE   77,250 0 27,877
Microsoft COMMON 594918104 9,131 218,975 SH   SOLE   172,857 0 46,118
Mosaic Company New COMMON 61945c103 5,571 112,667 SH   SOLE   79,933 0 32,734
Navios Maritime Holdings Inc. COMMON Y62196103 10,039 992,004 SH   SOLE   751,510 0 240,494
New York Community COMMON 649445103 1,636 102,371 SH   SOLE   84,068 0 18,303
Newmont Mining Corp Holding Co. COMMON 651639106 1,281 50,344 SH   SOLE   38,817 0 11,527
Nippon Telegraph and Telephone COMMON 654624105 6,862 219,872 SH   SOLE   160,698 0 59,174
Norfolk Southern COMMON 655844108 9,063 87,969 SH   SOLE   65,351 0 22,618
Novartis COMMON 66987V109 7,599 83,941 SH   SOLE   65,199 0 18,742
Nvidia COMMON 67066G104 6,221 335,556 SH   SOLE   238,625 0 96,931
Old National Bancorp COMMON 680033107 4,164 291,574 SH   SOLE   213,389 0 78,185
Oracle COMMON 68389X105 6,262 154,501 SH   SOLE   109,211 0 45,290
Pepsico COMMON 713448108 2,004 22,433 SH   SOLE   17,115 0 5,318
PetMed Express COMMON 716382106 1,792 132,974 SH   SOLE   112,495 0 20,479
PetSmart COMMON 716768106 4,000 66,895 SH   SOLE   49,339 0 17,556
Pfizer COMMON 717081103 1,977 66,601 SH   SOLE   46,514 0 20,087
PIMCO 0-5 Year High Yield Corporate Bond Index ETF ETF 72201R783 16,236 151,920 SH   SOLE   143,429 0 8,491
PNC Bank COMMON 693475105 5,173 58,096 SH   SOLE   41,878 0 16,218
Portugal Telecom Spons ADR COMMON 737273102 4,578 1,250,689 SH   SOLE   938,265 0 312,424
PowerShares DB Agriculture Fund ETF 73936B408 756 27,546 SH   SOLE   25,186 0 2,360
PowerShares DB Base Metals Fund ETF 73936B705 890 52,432 SH   SOLE   48,255 0 4,177
ProShares Short Russell2000 ETF 74347R826 790 49,300 SH   SOLE   0 0 49,300
Protective Life COMMON 743674103 9,637 138,995 SH   SOLE   106,391 0 32,604
Prudential COMMON 744320102 7,516 84,666 SH   SOLE   62,470 0 22,196
Rayonier COMMON 754907103 1,747 49,143 SH   SOLE   34,046 0 15,097
Rayonier Advanced Materials COMMON 75508b104 634 16,350 SH   SOLE   11,328 0 5,023
Royal Caribbean Cruises COMMON v7780t103 8,794 158,161 SH   SOLE   110,585 0 47,576
Royal Dutch Shell A COMMON 780259206 4,427 53,739 SH   SOLE   38,866 0 14,874
Sanofi COMMON 80105n105 1,082 20,344 SH   SOLE   19,286 0 1,058
Seagate Tech COMMON g7945m107 6,986 122,955 SH   SOLE   94,310 0 28,645
Ship Finance Int'l COMMON G81075106 4,111 221,137 SH   SOLE   170,410 0 50,727
SpartanNash Company COMMON 847215100 2,053 97,709 SH   SOLE   73,280 0 24,429
SPDR Barclays Short Term High Yield Bond ETF 78468R408 33,089 1,068,759 SH   SOLE   1,009,249 0 59,510
St. Jude Medical COMMON 790849103 7,680 110,899 SH   SOLE   80,098 0 30,801
Staples COMMON 855030102 3,873 357,280 SH   SOLE   267,738 0 89,542
Symantec COMMON 871503108 6,840 298,702 SH   SOLE   231,035 0 67,667
Target COMMON 87612E106 4,385 75,661 SH   SOLE   54,517 0 21,144
Technology Select Sector SPDR ETF 81369Y803 1,355 35,336 SH   SOLE   34,803 0 533
The Travelers Companies COMMON 89417e109 1,315 13,984 SH   SOLE   11,608 0 2,376
Titan International COMMON 88830M102 4,756 282,770 SH   SOLE   204,550 0 78,220
Total SA ADR COMMON 89151e109 4,447 61,598 SH   SOLE   51,602 0 9,996
Tsakos Energy COMMON G9108L108 1,373 205,269 SH   SOLE   148,609 0 56,660
Tutor Perini Corp COMMON 901109108 7,229 227,770 SH   SOLE   164,361 0 63,409
Tyson Foods COMMON 902494103 6,132 163,341 SH   SOLE   121,745 0 41,595
U R S COMMON 903236107 3,969 86,576 SH   SOLE   57,303 0 29,273
Utilities Select Sector SPDR ETF 81369y886 2,750 62,135 SH   SOLE   61,197 0 938
Vanguard Global ex-U.S. Real Estate ETF ETF 922042676 871 14,998 SH   SOLE   13,823 0 1,175
Vanguard Interm-Tm Corp Bond Index ETF ETF 92206C870 16,289 188,181 SH   SOLE   177,234 0 10,947
Vanguard Short-Term Bond ETF ETF 921937827 23,573 293,421 SH   SOLE   278,103 0 15,318
Vanguard Telecom Services ETF ETF 92204A884 1,379 15,683 SH   SOLE   15,439 0 244
Wal-Mart Stores COMMON 931142103 5,681 75,673 SH   SOLE   58,407 0 17,266
Waste Management COMMON 94106L109 7,315 163,541 SH   SOLE   124,561 0 38,980
Wells Fargo & Co. COMMON 949746101 6,274 119,370 SH   SOLE   91,923 0 27,447
Whirpool COMMON 963320106 8,480 60,914 SH   SOLE   44,767 0 16,146
Yamana Gold COMMON 98462Y100 2,618 318,513 SH   SOLE   248,247 0 70,265