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
GERDAU S A SPON ADR REP PFD 373737105 43 35,600 SH   SOLE   35,600 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 74,650 1,036,380 SH   SOLE   684,805 0 351,575
ICICI BK LTD ADR 45104G104 126 16,050 SH   SOLE   16,050 0 0
ABBVIE INC COM 00287Y109 36,051 608,550 SH   SOLE   401,700 0 206,850
ADVANCED SEMICONDUCTOR ENGR SPONSORED ADR 00756M404 95 16,750 SH   SOLE   16,750 0 0
ALPHABET INC CAP STK CL A 02079K305 19,104 24,555 SH   SOLE   16,400 0 8,155
ALPHABET INC CAP STK CL C 02079K107 11,590 15,273 SH   SOLE   9,783 0 5,490
AMAZON COM INC COM 023135106 36,920 54,625 SH   SOLE   36,275 0 18,350
AMGEN INC COM 031162100 588 3,625 SH   SOLE   0 0 3,625
AUTOMATIC DATA PROCESSING IN COM 053015103 597 7,050 SH   SOLE   0 0 7,050
BECTON DICKINSON & CO COM 075887109 616 4,000 SH   SOLE   0 0 4,000
BLACKROCK INC COM 09247X101 37,551 110,275 SH   SOLE   73,100 0 37,175
CARNIVAL CORP PAIRED CTF 143658300 34,930 641,150 SH   SOLE   425,000 0 216,150
CITIGROUP INC COM NEW 172967424 33,125 640,100 SH   SOLE   423,725 0 216,375
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 19,876 254,300 SH   SOLE   167,450 0 86,850
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 29,688 588,000 SH   SOLE   398,050 0 189,950
COSTCO WHSL CORP NEW COM 22160K105 43,741 270,845 SH   SOLE   179,345 0 91,500
CVS HEALTH CORP COM 126650100 601 6,150 SH   SOLE   0 0 6,150
ECOLAB INC COM 278865100 26,705 233,480 SH   SOLE   154,905 0 78,575
E M C CORP MASS COM 268648102 627 24,425 SH   SOLE   2,900 0 21,525
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 12,200 202,250 SH   SOLE   129,225 0 73,025
FACEBOOK INC CL A 30303M102 34,807 332,575 SH   SOLE   219,100 0 113,475
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 53,651 2,251,425 SH   SOLE   1,480,925 0 770,500
FIRST TR EXCHANGE TRADED FD DJ INTERNT IDX 33733E302 25,759 345,250 SH   SOLE   235,175 0 110,075
HILTON WORLDWIDE HLDGS INC COM 43300A104 2,360 110,300 SH   SOLE   110,300 0 0
HOME DEPOT INC COM 437076102 582 4,400 SH   SOLE   0 0 4,400
HONEYWELL INTL INC COM 438516106 39,059 377,125 SH   SOLE   251,025 0 126,100
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 52,390 988,300 SH   SOLE   667,300 0 321,000
ISHARES TR 1-3 YR CR BD ETF 464288646 3,789 36,220 SH   SOLE   33,600 0 2,620
ISHARES TR IBOXX INV CP ETF 464287242 3,565 31,270 SH   SOLE   29,910 0 1,360
ISHARES TR INTERM CR BD ETF 464288638 7,951 74,115 SH   SOLE   0 0 74,115
ISHARES TR NASDQ BIOTEC ETF 464287556 2,563 7,575 SH   SOLE   7,575 0 0
ISHARES TR US HOME CONS ETF 464288752 892 32,900 SH   SOLE   32,900 0 0
JPMORGAN CHASE & CO COM 46625H100 31,973 484,225 SH   SOLE   316,350 0 167,875
JOHNSON & JOHNSON COM 478160104 1,708 16,625 SH   SOLE   11,725 0 4,900
KROGER CO COM 501044101 42,424 1,014,200 SH   SOLE   671,700 0 342,500
OFFICE DEPOT INC COM 676220106 1,517 268,900 SH   SOLE   268,900 0 0
OLD DOMINION FGHT LINES INC COM 679580100 17,090 289,325 SH   SOLE   191,825 0 97,500
ORACLE CORP COM 68389X105 579 15,850 SH   SOLE   1,750 0 14,100
PIONEER NAT RES CO COM 723787107 16,099 128,400 SH   SOLE   84,400 0 44,000
ROPER TECHNOLOGIES INC COM 776696106 674 3,550 SH   SOLE   0 0 3,550
SCHLUMBERGER LTD COM 806857108 20,902 299,675 SH   SOLE   201,475 0 98,200
SCHWAB STRATEGIC TR US REIT ETF 808524847 2,136 53,875 SH   SOLE   53,875 0 0
TE CONNECTIVITY LTD REG SHS H84989104 607 9,400 SH   SOLE   0 0 9,400
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 95,740 2,235,350 SH   SOLE   1,524,600 0 710,750
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 12,829 296,425 SH   SOLE   195,400 0 101,025
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 3,482 41,410 SH   SOLE   35,550 0 5,860
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 7,986 183,960 SH   SOLE   183,960 0 0
DISNEY WALT CO COM DISNEY 254687106 654 6,225 SH   SOLE   725 0 5,500
WHIRLPOOL CORP COM 963320106 30,094 204,900 SH   SOLE   135,850 0 69,050