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
AbbVie Inc COM 00287Y109 44,022 762,150 SH   SOLE   516,400 0 245,750
Amazon Com Inc COM 023135106 3,160 9,800 SH   SOLE   9,800 0 0
American Airlines Group Inc COM 02376R102 32,215 907,975 SH   SOLE   613,625 0 294,350
Amgen Inc COM 031162100 446 3,175 SH   SOLE   3,175 0 0
Apple Inc COM 037833100 36,759 364,855 SH   SOLE   248,530 0 116,325
Automatic Data Processing COM 053015103 525 6,325 SH   SOLE   6,325 0 0
Bank of America Corp COM 060505104 36,786 2,157,525 SH   SOLE   1,475,400 0 682,125
BlackRock Inc COM 09247X101 492 1,500 SH   SOLE   1,500 0 0
Comcast Corp-Class A COM 20030N101 387 7,200 SH   SOLE   7,200 0 0
Consumer Discretionary Select COM 81369Y407 47,372 710,325 SH   SOLE   464,975 0 245,350
Consumer Staples Select Sector COM 81369Y308 61,274 1,358,325 SH   SOLE   910,675 0 447,650
Costco Wholesale Corp COM 22160K105 451 3,600 SH   SOLE   3,600 0 0
CVS Caremark Corp COM 126650100 450 5,650 SH   SOLE   5,650 0 0
Delta Airlines COM 247361702 36,295 1,004,000 SH   SOLE   677,350 0 326,650
Ecolab Inc COM 278865100 41,703 363,175 SH   SOLE   245,625 0 117,550
Energy Select Sector SPDR COM 81369Y506 33,289 367,350 SH   SOLE   251,075 0 116,275
F5 Networks Inc COM 315616102 38,683 325,775 SH   SOLE   220,525 0 105,250
Financial Select Sector SPDR F COM 81369Y605 9,302 401,450 SH   SOLE   275,200 0 126,250
Gilead Sciences Inc COM 375558103 41,949 394,075 SH   SOLE   267,050 0 127,025
Goldman Sachs Group Inc COM 38141G104 37,958 206,775 SH   SOLE   141,300 0 65,475
Google Inc- CL A COM 38259P508 17,632 29,965 SH   SOLE   20,565 0 9,400
Google Inc-CL C COM 38259P706 25,690 44,495 SH   SOLE   30,220 0 14,275
Health Care Select Sector SPDR COM 81369Y209 51,123 799,925 SH   SOLE   541,075 0 258,850
iShares Barclays 1-3 Year Cr COM 464288646 16,287 154,700 SH   SOLE   45,300 0 109,400
iShares Barclays MBS Bond Fund COM 464288588 5,049 46,700 SH   SOLE   21,300 0 25,400
iShares iBoxx $ Investment Gra COM 464287242 5,592 47,300 SH   SOLE   23,650 0 23,650
Ishares Iboxx H/Y Corp Bond COM 464288513 441 4,800 SH   SOLE   0 0 4,800
iShares Intermediate Credit COM 464288638 3,447 31,535 SH   SOLE   0 0 31,535
iShares S&P US Preferred Stock COM 464288687 487 12,330 SH   SOLE   0 0 12,330
iShares U.S. Home Construction COM 464288752 43,717 1,943,850 SH   SOLE   1,307,500 0 636,350
Johnson & Johnson COM 478160104 4,362 40,925 SH   SOLE   25,775 0 15,150
Lam Research Corp COM 512807108 32,065 429,250 SH   SOLE   290,900 0 138,350
Macy's Inc COM 55616P104 425 7,300 SH   SOLE   7,300 0 0
Metlife Inc COM 59156R108 39,347 732,450 SH   SOLE   494,350 0 238,100
Office Depot Inc COM 676220106 16,886 3,285,125 SH   SOLE   2,250,425 0 1,034,700
Oshkosh Corp COM 688239201 31,252 707,850 SH   SOLE   477,950 0 229,900
Pepsico Inc COM 713448108 482 5,175 SH   SOLE   5,175 0 0
PowerShares Senior Loan Portfo COM 73936Q769 515 21,200 SH   SOLE   0 0 21,200
Schlumberger Ltd COM 806857108 36,941 363,275 SH   SOLE   246,175 0 117,100
Schwab U.S. REIT ETF COM 808524847 1,835 53,875 SH   SOLE   53,875 0 0
T-Mobile US Inc COM 872590104 41,112 1,424,050 SH   SOLE   964,400 0 459,650
TE Connectivity Ltd COM H84989104 452 8,175 SH   SOLE   8,175 0 0
Technology Select Sector SPDR COM 81369Y803 93,791 2,350,650 SH   SOLE   1,562,050 0 788,600
Tesla Motors Inc COM 88160R101 25,224 103,940 SH   SOLE   66,940 0 37,000
TJX Companies Inc COM 872540109 396 6,700 SH   SOLE   6,700 0 0
Tyco International Ltd COM H89128104 31,769 712,800 SH   SOLE   481,800 0 231,000
Union Pacific Corp COM 907818108 33,364 307,725 SH   SOLE   208,650 0 99,075
Vanguard Int'l Equity Index COM 922042775 9,058 183,960 SH   SOLE   183,960 0 0
Vanguard Intermediate-Term Cor COM 92206C870 3,680 42,900 SH   SOLE   21,450 0 21,450
Whirlpool Corp COM 963320106 422 2,900 SH   SOLE   2,900 0 0
Banco Bradesco ADR 059460303 172 12,075 SH   SOLE   12,075 0 0
Bancolombia SA Spon ADR ADR 05968L102 216 3,810 SH   SOLE   3,810 0 0
Credicorp ADR G2519Y108 230 1,500 SH   SOLE   1,500 0 0
Gerdau SA Spon ADR ADR 373737105 169 35,175 SH   SOLE   35,175 0 0
ICICI Bank Ltd Spon ADR ADR 45104G104 247 5,025 SH   SOLE   5,025 0 0
Petroleo Brasileiro SA Spon AD ADR 71654V101 175 11,750 SH   SOLE   11,750 0 0
Taiwan Semiconductor - SP ADR ADR 874039100 343 17,000 SH   SOLE   17,000 0 0
Tata Motors Ltd ADR 876568502 202 4,625 SH   SOLE   4,625 0 0
Vale SA Spon ADR ADR 91912E105 161 14,650 SH   SOLE   14,650 0 0