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
Consumer Staples Select Sector ETF 81369Y308 7,095 165,084 SH   DFND 1 165,084 0 0
Financial Select Sector SPDR ETF 81369Y605 926 42,350 SH   SOLE   42,350 0 0
Health Care Select Sector SPDR ETF 81369Y209 7,303 131,732 SH   DFND 1 131,732 0 0
Market Vectors Gold Miners ETF ETF 57060U100 268 12,675 SH   SOLE   12,675 0 0
Market Vectors Steel ETF 57060U308 1,243 25,000 SH   SOLE   25,000 0 0
PowerShares QQQ ETF 73935A104 900 10,237 SH   SOLE   10,237 0 0
PowerShares QQQ ETF 73935A104 7,815 88,847 SH   DFND 1 88,847 0 0
SPDR S&P ETF 78462F103 2,401 12,998 SH   DFND 1 12,998 0 0
SPDR S&P Midcap ETF 78467Y107 7,234 29,622 SH   DFND 1 29,622 0 0
SPDR S&P Retail ETF 78464A714 7,678 87,148 SH   DFND 1 87,148 0 0
Technology Select Sector SPDR ETF 81369Y803 870 24,350 SH   SOLE   24,350 0 0
Vanguard Information Technolog ETF 92204A702 886 9,895 SH   SOLE   9,895 0 0
iShares Dow Jones US Basic Mat ETF 464287838 7,768 95,400 SH   SOLE   95,400 0 0
iShares Dow Jones US Financial ETF 464287788 897 11,189 SH   SOLE   11,189 0 0
iShares Dow Jones US Financial ETF 464287770 919 10,975 SH   SOLE   10,975 0 0
iShares Dow Jones US Oil & Gas ETF 464288851 1,811 22,000 SH   SOLE   22,000 0 0
iShares Goldman Sachs Software ETF 464287515 877 10,685 SH   SOLE   10,685 0 0
iShares Russell Midcap Value I ETF 464287473 7,317 111,355 SH   DFND 1 111,355 0 0
iShares U.S. Regional Banks ET ETF 464288778 1,884 57,000 SH   SOLE   57,000 0 0
iShares US Healthcare ETF 464287762 1,782 15,300 SH   SOLE   15,300 0 0
ConocoPhillips COM 20825C104 1,173 16,610 SH   SOLE   16,610 0 0
First Majestic Silver Corp COM 32076V103 712 72,690 SH   SOLE   72,690 0 0
Intel COM 458140100 1,224 47,154 SH   SOLE   47,154 0 0
Windstream Corp COM 97382A101 2,589 324,427 SH   SOLE   324,427 0 0
Yahoo COM 984332106 1,015 25,100 SH   SOLE   25,100 0 0
iShares Nasdaq Biotechnology ETF 464287556 2,176 9,585 SH   SOLE   9,585 0 0
iShares Nasdaq Biotechnology ETF 464287556 4,248 18,709 SH   DFND 1 18,709 0 0
Gastar Exploration COM 367299203 224 32,318 SH   SOLE   32,318 0 0
Imperial Petrolium Recovery COM 453079105 0 22,000 SH   SOLE   22,000 0 0
iShares MSCI South Korea Index ETF 464286772 791 12,230 SH   SOLE   12,230 0 0
iShares MSCI Spain Index ETF 464286764 8,437 218,750 SH   SOLE   218,750 0 0
Goldcorp ADR 380956409 441 20,364 SH   SOLE   20,364 0 0
SPDR Gold Shares ETF 78463V107 3,720 32,037 SH   SOLE   32,037 0 0
iShares Silver Trust ETF 46428Q109 4,150 221,814 SH   SOLE   221,814 0 0