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
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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
ACE LIMITED COM H0023R105 2,527 22,000 SH   SOLE   22,000 0 0
AGILENT TECHNOLOGY COM 00846U101 213 5,200 SH   SOLE   5,200 0 0
ALEXION PHARMACEUTICALS, INC. COM 015351109 2,590 14,000 SH   SOLE   14,000 0 0
ALIBABA GROUP HLDS LTD COM 01609W102 208 2,000 SH   SOLE   2,000 0 0
ALLERGAN INC. COM 018490102 4,252 20,000 SH   SOLE   20,000 0 0
AMAZON.COM INC. COM 023135106 2,483 8,000 SH   SOLE   8,000 0 0
AMERICAN EXPRESS CO. COM 025816109 3,873 41,632 SH   SOLE   41,632 0 0
AMERICAN INTL GROUP COM 026874784 560 10,000 SH   SOLE   10,000 0 0
ANTHEM INC(WELLPOINT) COM 036752103 4,386 34,900 SH   SOLE   34,900 0 0
APPLE INC COM 037833100 7,533 68,250 SH   SOLE   68,250 0 0
APPLIED MATERIALS COM 038222105 2,741 110,000 SH   SOLE   110,000 0 0
ARCHER DANIELS MIDLAND COM 039483102 1,040 20,000 SH   SOLE   20,000 0 0
BAIDU, INC. COM 056752108 1,163 5,100 SH   SOLE   5,100 0 0
BANK OF AMERICA COM 060505104 6,423 359,000 SH   SOLE   359,000 0 0
BIOGEN IDEC INC COM 09062X103 1,222 3,600 SH   SOLE   3,600 0 0
BLACKROCK INC COM 09247X101 1,573 4,400 SH   SOLE   4,400 0 0
BROADCOM CORP - CL A COM 111320107 2,990 69,000 SH   SOLE   69,000 0 0
CARDICA INC. COM 14141R101 147 210,000 SH   SOLE   210,000 0 0
CELANESE CORP-SERIES A COM 150870103 360 6,000 SH   SOLE   6,000 0 0
CHEVRON COM 166764100 4,487 40,000 SH   SOLE   40,000 0 0
CISCO SYSTEMS INC COM 17275R102 723 26,000 SH   SOLE   26,000 0 0
CITIGROUP COM 172967424 1,245 23,000 SH   SOLE   23,000 0 0
COMCAST CORPORATION COM 20030N101 2,610 45,000 SH   SOLE   45,000 0 0
CONOCOPHILIPS COM 20825C104 1,588 23,000 SH   SOLE   23,000 0 0
CUMMINS, INC. COM 231021106 476 3,300 SH   SOLE   3,300 0 0
DEXCOM INC. COM 252131107 688 12,500 SH   SOLE   12,500 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 7,544 115,200 SH   SOLE   115,200 0 0
EXXON COM 30231G102 12,758 138,000 SH   SOLE   138,000 0 0
FACEBOOK COM 30303M102 1,607 20,600 SH   SOLE   20,600 0 0
GENERAL ELECTRIC CO. COM 369604103 1,516 60,000 SH   SOLE   60,000 0 0
GILEAD SCIENCES INC COM 375558103 4,760 50,500 SH   SOLE   50,500 0 0
GOLDMAN SACHS GROUP COM 38141G104 581 3,000 SH   SOLE   3,000 0 0
GOOGLE INC - CL A COM 38259P508 1,221 2,300 SH   SOLE   2,300 0 0
GOOGLE INC NON-VOTING CL C COM 38259P706 1,211 2,300 SH   SOLE   2,300 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,284 8,000 SH   SOLE   8,000 0 0
JOHNSON & JOHNSON COM 478160104 1,255 12,000 SH   SOLE   12,000 0 0
JP MORGAN COM 46625H100 6,383 102,000 SH   SOLE   102,000 0 0
KUSHNER-LOCKE CO COM 501337109 0 352,050 SH   SOLE   352,050 0 0
LONGTOP FINANCIAL ADR COM 543189108 3 94,200 SH   SOLE   94,200 0 0
LYDONDELLBASELL INDU - CL A COM N53745100 238 3,000 SH   SOLE   3,000 0 0
MERCK & CO. INC. COM 58933Y105 1,306 23,000 SH   SOLE   23,000 0 0
MICRON TECH COM 595112103 420 12,000 SH   SOLE   12,000 0 0
MICROSOFT CORP COM 594918104 6,396 137,700 SH   SOLE   137,700 0 0
MORGAN STANLEY COM 617446448 5,044 130,000 SH   SOLE   130,000 0 0
NIKE INC. COM 654106103 1,058 11,000 SH   SOLE   11,000 0 0
NXP SEMICONDUCTORS COM N6596X109 2,216 29,000 SH   SOLE   29,000 0 0
OCCIDENTAL PETROLEUM COM 674599105 967 12,000 SH   SOLE   12,000 0 0
OMNICELL COM 68213N109 265 8,000 SH   SOLE   8,000 0 0
PANDORA MEDIA INC COM 698354107 1,088 61,000 SH   SOLE   61,000 0 0
PFIZER COM 717081103 1,526 49,000 SH   SOLE   49,000 0 0
PRECISION CASTPARTS COM 740189105 241 1,000 SH   SOLE   1,000 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 478 42,264 SH   SOLE   42,264 0 0
REGENERON PHARMACTCLS COM 75886F107 410 1,000 SH   SOLE   1,000 0 0
ROCKWELL AUTOMATON COM 773903109 222 2,000 SH   SOLE   2,000 0 0
SANDISK CORP COM 80004C101 2,352 24,000 SH   SOLE   24,000 0 0
SEAGATE TECHNOLOGY HOLDINGS COM G7945M107 2,361 35,500 SH   SOLE   35,500 0 0
SHIRE PLC-ADR COM 82481R106 425 2,000 SH   SOLE   2,000 0 0
STANDARD PACIFIC COM 85375C101 182 25,000 SH   SOLE   25,000 0 0
STONEPATH GROUP INC COM 861837102 0 679,800 SH   SOLE   679,800 0 0
TAIWAN SEMICONDUCTOR MFG CO COM 874039100 1,520 67,900 SH   SOLE   67,900 0 0
TEXAS INSTRUMENTS COM 882508104 428 8,000 SH   SOLE   8,000 0 0
THE BOEING CO COM 097023105 780 6,000 SH   SOLE   6,000 0 0
THE PRICELINE GROUP INC COM 741503403 2,737 2,400 SH   SOLE   2,400 0 0
TWENTY-FIRST CENTURY FOX COM 90130A101 1,037 27,000 SH   SOLE   27,000 0 0
UNITEDHEALTH GROUP COM 91324P102 2,578 25,500 SH   SOLE   25,500 0 0
US BANCORP COM 902973304 1,259 28,000 SH   SOLE   28,000 0 0
VCA INC. COM 918194101 244 5,000 SH   SOLE   5,000 0 0
VIPSHOP HOLDINGS INC. ADR COM 92763W103 1,442 73,820 SH   SOLE   73,820 0 0
WALT DISNEY CO. COM 254687106 942 10,000 SH   SOLE   10,000 0 0
WELLS FARGO&COMPANY COM 949746101 1,480 27,000 SH   SOLE   27,000 0 0
WESTERN DIGITAL CORP COM 958102105 1,716 15,500 SH   SOLE   15,500 0 0
YELP INC COM 985817105 2,546 46,520 SH   SOLE   46,520 0 0
YY INC. COM 98426T106 2,120 34,000 SH   SOLE   34,000 0 0
ZILLOW, INC. COM 98954A107 1,059 10,000 SH   SOLE   10,000 0 0
ZYNGA, INC. COM 98986T108 1,516 570,000 SH   SOLE   570,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 92,824 1,914,300 SH   SOLE   1,914,300 0 0
DB COMMODITY INDEX FUND ETF 73935S105 2,982 161,600 SH   SOLE   161,600 0 0
GLOBAL X SOCIAL MEDIA INDEX ETF 37950E416 1,982 110,000 SH   SOLE   110,000 0 0
GUGGENHEIM S&P 500 EQUAL WEIGH ETF 78355W106 8,462 105,710 SH   SOLE   105,710 0 0
ISHARE MSCI BRAZIL INDEX FUND ETF 464286400 3,657 100,000 SH   SOLE   100,000 0 0
ISHARE MSCI EMERGING MARKETS E ETF 464287234 22,592 575,000 SH   SOLE   575,000 0 0
ISHARES 20+ YEAR TREASURY BOND ETF 464287432 4,362 34,640 SH   SOLE   34,640 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 39,138 832,200 SH   SOLE   832,200 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 3,090 21,340 SH   SOLE   21,340 0 0
ISHARES CORE TOTAL US BOND ETF ETF 464287226 13,214 120,000 SH   SOLE   120,000 0 0
ISHARES DJ HOME ETF 464288752 183,594 7,094,043 SH   SOLE   7,094,043 0 0
ISHARES DJ US REAL ESTATE ETF 464287739 117,912 1,534,509 SH   SOLE   1,534,509 0 0
ISHARES JAPAN ETF 464286848 3,934 350,000 SH   SOLE   350,000 0 0
ISHARES MSCI AUSTRALIA INDEX F ETF 464286103 1,308 59,000 SH   SOLE   59,000 0 0
ISHARES MSCI CANADA INDEX ETF 464286509 1,789 62,000 SH   SOLE   62,000 0 0
ISHARES MSCI MEXICO ETF 464286822 2,969 50,000 SH   SOLE   50,000 0 0
ISHARES MSCI UNITED KINGDOM ETF 46434V548 2,164 120,000 SH   SOLE   120,000 0 0
ISHARES MSCI USA MOMENTUM FACT ETF 46432F396 6,373 93,636 SH   SOLE   93,636 0 0
ISHARES NORTH AMER NATURAL RES ETF 464287374 113,614 2,964,877 SH   SOLE   2,964,877 0 0
ISHARES S&P MIDCAP 400/VALUE E ETF 464287705 1,525 11,926 SH   SOLE   11,926 0 0
ISHARES S&P100 ETF ETF 464287101 3,601 39,600 SH   SOLE   39,600 0 0
MARKET VECTORS GOLD MINERS ETF 57060U100 11,340 617,000 SH   SOLE   617,000 0 0
MKT VCT JUNR GOLD ETF 57061R544 4,618 193,000 SH   SOLE   193,000 0 0
MKT VECTORS OIL SERVICES ETF 57060U191 1,329 37,000 SH   SOLE   37,000 0 0
POWERSHARES BUYBACK ACHIEVERS ETF 73935X286 6,417 133,540 SH   SOLE   133,540 0 0
POWERSHARES S&P 500 LOW ETF 73937B779 1,255 33,050 SH   SOLE   33,050 0 0
PROSHARES S&P500 HI DIV ETF 73937B654 2,739 83,391 SH   SOLE   83,391 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 6,483 54,200 SH   SOLE   54,200 0 0
S&P 500 PURE GROWTH ETF 78355W403 7,163 90,073 SH   SOLE   90,073 0 0
S&P 500 PURE VALUE ETF 78355W304 7,250 131,907 SH   SOLE   131,907 0 0
S&P500 HIGH QLTY PORTFOLIO ETF 73935X682 3,018 129,643 SH   SOLE   129,643 0 0
SELECT SECTOR SPDR-AGRICULTURE ETF 57060U605 211,093 4,018,532 SH   SOLE   4,018,532 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 111,479 1,545,100 SH   SOLE   1,545,100 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 53,223 672,350 SH   SOLE   672,350 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 168,312 6,805,988 SH   SOLE   6,805,988 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 125,804 1,839,775 SH   SOLE   1,839,775 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 207,163 3,661,423 SH   SOLE   3,661,423 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 80,206 1,651,011 SH   SOLE   1,651,011 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 199,661 4,828,561 SH   SOLE   4,828,561 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 30,820 652,680 SH   SOLE   652,680 0 0
SPDR BARCLAYS CAPITAL CONVERTI ETF 78464A359 28,022 597,603 SH   SOLE   597,603 0 0
SPDR BARCLAYS CAPITAL HY BOND ETF 78464A417 3,586 92,885 SH   SOLE   92,885 0 0
SPDR S&P METALS&MINING ETF 78464A755 46,254 1,498,843 SH   SOLE   1,498,843 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 147,807 3,088,323 SH   SOLE   3,088,323 0 0
SPDR-S&P 500 INDEX ETF 78462F103 63,660 309,721 SH   SOLE   309,721 0 0
SPDR-S&P DIVIDEND ETF 78464A763 1,427 18,115 SH   SOLE   18,115 0 0
VANGUARD FTSE DEVELOPED MARKET ETF 921943858 35,997 950,300 SH   SOLE   950,300 0 0
VANGUARD FTSE EUROPE ETF ETF 922042874 839 16,000 SH   SOLE   16,000 0 0