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
ALCOA COM 013817101 129 15,900 SH   SOLE   15,900 0 0
ALCATEL-LUCENT COM 013904305 830 235,000 SH   SOLE   235,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,106 49,000 SH   SOLE   49,000 0 0
AMER INTL GROUP COM 026874784 515 10,600 SH   SOLE   10,600 0 0
AMERICAN RESIDENTIAL PPTY COM 02927E303 34 1,931 SH   SOLE   1,931 0 0
APPLE INC COM 037833100 2,074 4,350 SH   SOLE   4,350 0 0
ARCH COAL INC COM 039380100 296 72,100 SH   SOLE   72,100 0 0
AVON PRODS COM 054303102 14 700 SH   SOLE   700 0 0
BAKER HUGHES INC COM 057224107 231 4,700 SH   SOLE   4,700 0 0
BANCO SANTANDER S.A. COM 05964H105 687 84,088 SH   SOLE   84,088 0 0
BANK OF AMERICA COM 060505104 894 64,800 SH   SOLE   64,800 0 0
BANK OF AMERICA CORP WRNTS 060505146 536 88,000 SH   SOLE   88,000 0 0
BOSTON SCIENTIFIC COM 101137107 227 19,300 SH   SOLE   19,300 0 0
CIT GROUP COM 125581801 834 17,100 SH   SOLE   17,100 0 0
CISCO SYS COM 17275R102 726 31,000 SH   SOLE   31,000 0 0
CITIGROUP COM 172967424 1,494 30,800 SH   SOLE   30,800 0 0
CLIFFS NAT RES INC PFD 7.00 18683K408 129 6,500 SH   SOLE   6,500 0 0
DIAMOND FOODS INC COM 252603105 113 4,800 SH   SOLE   4,800 0 0
DIREXION DAILY S&P500 BEAR 3X COM 25459Y371 6,362 139,000 SH   SOLE   139,000 0 0
DIREXION BEAR MIDCAP 3X COM 25459Y421 907 38,000 SH   SOLE   38,000 0 0
E M C CORP MASS COM 268648102 800 31,300 SH   SOLE   31,300 0 0
FIFTH STREET FINANCE CORP COM 31678A103 93 9,000 SH   SOLE   9,000 0 0
FORD MOTOR COM 345370860 725 43,000 SH   SOLE   43,000 0 0
FUSION-IO INC COM 36112J107 1,071 80,000 SH   SOLE   80,000 0 0
GENERAL ELECTRIC COM 369604103 466 19,500 SH   SOLE   19,500 0 0
GOLDMAN SACHS GROUP COM 38141G104 1,028 6,500 SH   SOLE   6,500 0 0
GOLDMAN SACHS PFD 6.2 38144X500 10 400 SH   SOLE   400 0 0
INTEL CORP COM 458140100 468 20,400 SH   SOLE   20,400 0 0
JPMORGAN CHASE & CO WRNTS 46634E114 391 23,300 SH   SOLE   23,300 0 0
JAKKS PAC INC COM 47012E106 53 11,800 SH   SOLE   11,800 0 0
JOS A BANK CLOTHIERS INC COM 480838101 694 15,800 SH   SOLE   15,800 0 0
ELI LILLY & CO COM 532457108 881 17,500 SH   SOLE   17,500 0 0
M&T CAPITAL TRUST IV PFD 8.5 55292C203 8 300 SH   SOLE   300 0 0
MEDICAL PROPERTIES COM 58463J304 982 80,700 SH   SOLE   80,700 0 0
MORGAN STANLEY COM 617446448 1,409 52,300 SH   SOLE   52,300 0 0
OCH ZIFF CAP MGMT GROUP COM 67551U105 791 72,000 SH   SOLE   72,000 0 0
PROVINCE OF ONTARIO CONV BD 3.15 68323AAC8 267 250,000 PRN   SOLE   250,000 0 0
PBF ENERGY INC COM 69318G106 168 7,500 SH   SOLE   7,500 0 0
PACIFIC COAST OIL TR COM 694103102 611 38,000 SH   SOLE   38,000 0 0
PEABODY ENERGY CORP COM 704549104 242 14,000 SH   SOLE   14,000 0 0
PENNEY J C INC COM 708160106 1,400 159,000 SH   SOLE   159,000 0 0
PETROLEO BRASILEIRO SA PE COM 71654V408 476 30,700 SH   SOLE   30,700 0 0
PFIZER COM 717081103 597 20,800 SH   SOLE   20,800 0 0
POTASH CORP SASK INC COM 73755L107 328 10,500 SH   SOLE   10,500 0 0
PROSHR ULTRASHORT TR 20+TRS COM 74347B201 5,269 70,000 SH   SOLE   70,000 0 0
SILICON GRAPHICS INTL COR COM 82706L108 423 26,000 SH   SOLE   26,000 0 0
SUPERNUS PHARMACEUTICALS COM 868459108 306 41,700 SH   SOLE   41,700 0 0
TCP CAP CORP COM 87238Q103 179 11,000 SH   SOLE   11,000 0 0
TELLABS COM 879664100 55 24,000 SH   SOLE   24,000 0 0
UNITED CONTL HLDGS INC COM 910047109 875 28,500 SH   SOLE   28,500 0 0
VERIZON COM 92343V104 233 5,000 SH   SOLE   5,000 0 0
WALTER ENERGY INC COM 93317Q105 421 30,000 SH   SOLE   30,000 0 0
XYLEM INC COM 98419M100 737 26,400 SH   SOLE   26,400 0 0
NABORS INDUSTRIES LTD COM G6359F103 373 23,200 SH   SOLE   23,200 0 0