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
Financial Select Sector SPDR ETF 81369Y605 843 42,350 SH   SOLE   42,350 0 0
Health Care Select Sector SPDR ETF 81369Y209 3,672 72,587 SH   DFND 1 72,587 0 0
Market Vectors Gold Miners ETF ETF 57060U100 321 12,813 SH   SOLE   12,813 0 0
PowerShares QQQ ETF 73935A104 831 10,537 SH   SOLE   10,537 0 0
PowerShares QQQ ETF 73935A104 7,252 91,936 SH   DFND 1 91,936 0 0
SPDR S&P ETF 78462F103 6,631 39,469 SH   DFND 1 39,469 0 0
SPDR S&P Midcap ETF 78467Y107 6,792 30,011 SH   DFND 1 30,011 0 0
SPDR S&P Retail ETF 78464A714 7,500 91,448 SH   DFND 1 91,448 0 0
Technology Select Sector SPDR ETF 81369Y803 772 24,100 SH   SOLE   24,100 0 0
Vanguard Information Technolog ETF 92204A702 799 9,895 SH   SOLE   9,895 0 0
iShares Dow Jones US Basic Mat ETF 464287838 8,878 120,000 SH   SOLE   120,000 0 0
iShares Dow Jones US Financial ETF 464287788 838 11,439 SH   SOLE   11,439 0 0
iShares Dow Jones US Financial ETF 464287770 836 11,275 SH   SOLE   11,275 0 0
iShares Goldman Sachs Software ETF 464287515 806 10,560 SH   SOLE   10,560 0 0
iShares Russell Midcap Value I ETF 464287473 6,960 114,269 SH   DFND 1 114,269 0 0
ConocoPhillips COM 20825C104 1,183 17,015 SH   SOLE   17,015 0 0
First Majestic Silver Corp COM 32076V103 890 75,040 SH   SOLE   75,040 0 0
Intel COM 458140100 1,136 49,565 SH   SOLE   49,565 0 0
Windstream Corp COM 97382A101 2,551 319,250 SH   SOLE   319,250 0 0
Yahoo COM 984332106 833 25,100 SH   SOLE   25,100 0 0
iShares Nasdaq Biotechnology ETF 464287556 1,970 9,400 SH   SOLE   9,400 0 0
iShares Nasdaq Biotechnology ETF 464287556 8,672 41,373 SH   DFND 1 41,373 0 0
Gastar Exploration COM 367299203 140 35,318 SH   SOLE   35,318 0 0
Imperial Petrolium Recovery COM 453079105 1 22,000 SH   SOLE   22,000 0 0
iShares MSCI South Korea Index ETF 464286772 758 12,330 SH   SOLE   12,330 0 0
iShares MSCI Spain Index ETF 464286764 7,893 227,150 SH   SOLE   227,150 0 0
Goldcorp ADR 380956409 598 23,000 SH   SOLE   23,000 0 0
SPDR Gold Shares ETF 78463V107 4,113 32,087 SH   SOLE   32,087 0 0
iShares Goldman Sachs Natural ETF 464287374 1,888 45,550 SH   SOLE   45,550 0 0
iShares Silver Trust ETF 46428Q109 4,651 222,519 SH   SOLE   222,519 0 0