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
AGILENT TECHNOLOGIES COM 00846U101 214 5,000 SH   SOLE   5,000 0 0
ALCOA COM 013817101 285 36,500 SH   SOLE   36,500 0 0
ALCATEL-LUCENT SPONSORED ADR 013904305 602 330,500 SH   SOLE   330,500 0 0
ALTERA CORP COM 021441100 630 19,100 SH   SOLE   19,100 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 741 32,200 SH   SOLE   32,200 0 0
AMER INTL GROUP COM NEW 026874784 1,605 35,900 SH   SOLE   35,900 0 0
APPLE COMPUTER INC COM 037833100 1,745 4,400 SH   SOLE   4,400 0 0
ARCH COAL INC COM 039380100 186 49,100 SH   SOLE   49,100 0 0
AVON PRODS COM 054303102 65 3,100 SH   SOLE   3,100 0 0
BAKER HUGHES INC COM 057224107 447 9,700 SH   SOLE   9,700 0 0
BANCO SANTANDER S.A. ADR 05964H105 530 81,911 SH   SOLE   81,911 0 0
BANK OF AMERICA COM 060505104 898 69,800 SH   SOLE   69,800 0 0
BANK OF AMERICA CORP *W EXP 01/16/201 060505146 513 94,000 SH   SOLE   94,000 0 0
BOSTON SCIENTIFIC COM 101137107 179 19,300 SH   SOLE   19,300 0 0
CIT GROUP COM NEW 125581801 835 17,900 SH   SOLE   17,900 0 0
CVR REFINING LP COMUNIT REP LT 12663P107 180 6,000 SH   SOLE   6,000 0 0
CARLYLE GROUP LP COM UTS LTD PTN 14309L102 256 10,000 SH   SOLE   10,000 0 0
CISCO SYS COM 17275R102 864 35,500 SH   SOLE   35,500 0 0
CITIGROUP COM NEW 172967424 1,554 32,400 SH   SOLE   32,400 0 0
CLIFFS NAT RES INC PFD 7.00 18683K408 160 9,000 SH   SOLE   9,000 0 0
DELTA AIR LINES COM NEW 247361702 56 3,000 SH   SOLE   3,000 0 0
DIAMOND FOODS INC COM 252603105 210 10,100 SH   SOLE   10,100 0 0
DIREXION DAILY S&P500 BEAR 3X DRX S&P500BEAR 25459W151 824 75,300 SH   SOLE   75,300 0 0
E M C CORP MASS COM 268648102 763 32,300 SH   SOLE   32,300 0 0
EMERSON ELECTRIC COM 291011104 175 3,200 SH   SOLE   3,200 0 0
FACEBOOK INC CL A 30303M102 555 22,300 SH   SOLE   22,300 0 0
FORD MOTOR COM PAR $0.01 345370860 835 54,000 SH   SOLE   54,000 0 0
FUSION-IO INC COM 36112J107 1,225 86,000 SH   SOLE   86,000 0 0
GENERAL ELECTRIC COM 369604103 475 20,500 SH   SOLE   20,500 0 0
GENWORTH FINL INC COM CL A 37247D106 945 82,800 SH   SOLE   82,800 0 0
GOLDMAN SACHS GROUP COM 38141G104 1,195 7,900 SH   SOLE   7,900 0 0
GOLDMAN SACHS PFD 6.2 38144X500 60 2,400 SH   SOLE   2,400 0 0
HSBC FINANCE CORP PFD 6.36 40429C607 50 2,000 SH   SOLE   2,000 0 0
HALLIBURTON CO COM 406216101 146 3,500 SH   SOLE   3,500 0 0
HEWLETT-PACKARD COM 428236103 315 12,700 SH   SOLE   12,700 0 0
ICAHN ENTERPRISES LP DEPOSITARY UNIT 451100101 601 8,264 SH   SOLE   8,264 0 0
INTEL CORP COM 458140100 603 24,900 SH   SOLE   24,900 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 1,067 68,400 SH   SOLE   68,400 0 0
JAKKS PAC INC COM 47012E106 233 20,700 SH   SOLE   20,700 0 0
LUCENT TECHNOLOGIES CAP PFD TR CV 7.75 549462307 411 430 SH   SOLE   430 0 0
M&T CAPITAL TRUST IV PFD 8.5 55292C203 8 300 SH   SOLE   300 0 0
MORGAN STANLEY COM NEW 617446448 1,485 60,800 SH   SOLE   60,800 0 0
NOKIA CORP SPONSORED ADR 654902204 892 238,400 SH   SOLE   238,400 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 888 85,100 SH   SOLE   85,100 0 0
PROVINCE OF ONTARIO CONV BD 3.15 12/ 68323AAC8 313 295,000 PRN   SOLE   295,000 0 0
PBF ENERGY INC CL A 69318G106 259 10,000 SH   SOLE   10,000 0 0
PEABODY ENERGY CORP COM 704549104 326 22,300 SH   SOLE   22,300 0 0
PETROLEO BRASILEIRO SA PE SPONSORED ADR 71654V408 439 32,700 SH   SOLE   32,700 0 0
PFIZER COM 717081103 367 13,100 SH   SOLE   13,100 0 0
PROSHR ULTRASHORT TR 20+TRS PSHS ULTSH 20YRS 74347B201 6,644 91,725 SH   SOLE   91,725 0 0
QUALCOMM INC COM 747525103 141 2,300 SH   SOLE   2,300 0 0
RESOURCE CAP CORP COM 76120W302 43 7,000 SH   SOLE   7,000 0 0
SOUTHWEST AIRLINES COM 844741108 52 4,000 SH   SOLE   4,000 0 0
SUPERNUS PHARMACEUTICALS COM 868459108 352 54,700 SH   SOLE   54,700 0 0
SYNOVUS FINL CORP COM 87161C105 263 90,000 SH   SOLE   90,000 0 0
TELLABS COM 879664100 67 34,000 SH   SOLE   34,000 0 0
WALTER ENERGY INC COM 93317Q105 416 40,000 SH   SOLE   40,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 355 23,200 SH   SOLE   23,200 0 0