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
Abbott Laboratories COMMON 002824100 3,400 88,280 SH   SOLE   66,317 0 21,963
Activision Blizzard COMMON 00507V109 6,920 338,574 SH   SOLE   240,208 0 98,366
Aetna COMMON 00817Y108 8,480 113,113 SH   SOLE   85,495 0 27,618
Agrium COMMON 008916108 1,064 10,915 SH   SOLE   10,036 0 879
Allstate COMMON 020002101 1,269 22,429 SH   SOLE   20,678 0 1,751
American Eagle Outfitters COMMON 02553E106 4,925 402,400 SH   SOLE   299,955 0 102,445
American Software COMMON 029683109 1,467 144,263 SH   SOLE   138,738 0 5,525
Anworth Mortgage Asset Corp COMMON 037347101 1,368 275,838 SH   SOLE   234,300 0 41,538
Apache COMMON 037411105 4,377 52,768 SH   SOLE   39,406 0 13,362
Apple Computer COMMON 037833100 7,514 13,999 SH   SOLE   10,674 0 3,325
Archer-Daniels-Midland COMMON 039483102 8,358 192,617 SH   SOLE   148,664 0 43,954
AVX Corp COMMON 002444107 1,526 115,798 SH   SOLE   101,347 0 14,451
Baker Hughes COMMON 057224107 6,113 94,022 SH   SOLE   66,958 0 27,064
Bank of NY Mellon Corp. COMMON 064058100 5,765 163,357 SH   SOLE   117,027 0 46,330
Barrick Gold COMMON 067901108 4,574 256,511 SH   SOLE   198,450 0 58,061
Baxter International COMMON 071813109 7,367 100,126 SH   SOLE   76,795 0 23,331
BB&T Corporation COMMON 054937107 5,196 129,354 SH   SOLE   97,017 0 32,337
Benchmark Electronics COMMON 08160h101 5,708 252,008 SH   SOLE   184,914 0 67,094
BHP Billiton COMMON 088606108 2,652 39,128 SH   SOLE   34,877 0 4,251
BioMed Realty COMMON 09063H107 6,338 309,343 SH   SOLE   236,012 0 73,331
Bristow Group Inc COMMON 110394103 7,616 100,843 SH   SOLE   72,011 0 28,832
Brocade Communications Systems COMMON 111621306 4,825 454,800 SH   SOLE   300,994 0 153,806
CA Inc. COMMON 12673P105 1,530 49,388 SH   SOLE   40,470 0 8,918
California Water Service COMMON 130788102 3,486 145,623 SH   SOLE   94,268 0 51,355
Canadian Imperial Bank of Commerce (CIBC) COMMON 136069101 4,972 57,684 SH   SOLE   42,800 0 14,884
Capital One Financial COMMON 14040H105 5,681 73,626 SH   SOLE   52,361 0 21,265
Cardinal Health COMMON 14149Y108 1,269 18,131 SH   SOLE   16,241 0 1,890
Caterpillar COMMON 149123101 6,392 64,330 SH   SOLE   48,881 0 15,449
Celanese Corp COMMON 150870103 6,539 117,798 SH   SOLE   85,306 0 32,492
Chesapeake Energy COMMON 165167107 2,800 109,303 SH   SOLE   73,937 0 35,366
Cisco Systems COMMON 17275R102 7,098 316,728 SH   SOLE   235,978 0 80,750
Comcast Corp CL A COMMON 20030N101 7,773 155,403 SH   SOLE   112,107 0 43,296
Conagra Foods COMMON 205887102 5,569 179,485 SH   SOLE   128,985 0 50,500
Corning COMMON 219350105 7,646 367,235 SH   SOLE   286,756 0 80,479
Credit Suisse Group COMMON 225401108 3,907 120,659 SH   SOLE   84,598 0 36,061
CSX COMMON 126408103 875 30,218 SH   SOLE   25,717 0 4,501
Deere & Co. COMMON 244199105 5,995 66,022 SH   SOLE   49,704 0 16,318
Diamond Offshore COMMON 25271c102 2,664 54,641 SH   SOLE   41,036 0 13,605
Diodes COMMON 254543101 550 21,063 SH   SOLE   6,397 0 14,666
Direxion Daily Developed Markets Bull 3x ETF 25459W789 1,142 15,608 SH   SOLE   15,130 0 478
Direxion Daily Emerging Markets Bull 3x ETF 25459Y686 1,407 53,876 SH   SOLE   52,181 0 1,695
Direxion Daily Mid Cap Bull 3X Shares ETF 25459W730 324 3,795 SH   SOLE   3,685 0 110
Direxion Daily Real Estate Bull 3x ETF 25459W755 338 6,826 SH   SOLE   6,609 0 217
Direxion Daily S&P 500 Bull 3X Shares ETF 25459W862 773 11,693 SH   SOLE   11,354 0 339
Direxion Daily Small Cap Bull 3X Shares ETF 25459W847 300 3,847 SH   SOLE   3,730 0 117
Disney, Walt COMMON 254687106 9,994 124,810 SH   SOLE   94,071 0 30,739
DuPont COMMON 263534109 3,465 51,640 SH   SOLE   40,519 0 11,122
Eaton Corp PLC COMMON G29183103 9,283 123,581 SH   SOLE   95,010 0 28,571
Eli Lilly & Co. COMMON 532457108 5,179 87,982 SH   SOLE   62,518 0 25,464
ENI SPA ADR COMMON 26874r108 2,919 58,186 SH   SOLE   48,239 0 9,947
Ensco PLC COMMON G3157S106 5,799 109,871 SH   SOLE   84,028 0 25,843
Entergy COMMON 29364G103 3,594 53,761 SH   SOLE   44,467 0 9,294
Ericsson COMMON 294821608 6,414 481,178 SH   SOLE   358,605 0 122,573
Exxon Mobil COMMON 30231G102 6,369 65,203 SH   SOLE   51,931 0 13,272
Foot Locker COMMON 344849104 2,721 57,911 SH   SOLE   42,723 0 15,188
Freeport McMoran Copper & Gold COMMON 35671D857 5,495 166,175 SH   SOLE   120,679 0 45,496
General Electric Co. COMMON 369604103 1,389 53,641 SH   SOLE   43,920 0 9,721
Global X FTSE Colombia 20 ETF 37950e200 4,332 232,527 SH   SOLE   221,710 0 10,817
Goldman Sachs Group COMMON 38141G104 3,149 19,218 SH   SOLE   13,027 0 6,191
Halliburton Co. COMMON 406216101 4,414 74,959 SH   SOLE   49,053 0 25,906
Hasbro COMMON 418056107 8,822 158,620 SH   SOLE   118,098 0 40,522
HollyFrontier Corp COMMON 436106108 6,689 140,588 SH   SOLE   106,885 0 33,703
HSBC Holdings PLC COMMON 404280406 2,188 43,045 SH   SOLE   31,800 0 11,245
Ingram Micro COMMON 457153104 5,013 169,599 SH   SOLE   110,796 0 58,803
Intel COMMON 458140100 6,674 258,573 SH   SOLE   196,331 0 62,242
Int'l Business Machines COMMON 459200101 6,698 34,796 SH   SOLE   26,743 0 8,053
Int'l Game Technology COMMON 459902102 4,734 336,707 SH   SOLE   241,116 0 95,591
iShares Barclays MBS Bond Fund ETF 464288588 13,873 130,720 SH   SOLE   125,047 0 5,673
iShares Barclays TIPS Bond Fund ETF 464287176 1,205 10,752 SH   SOLE   10,409 0 343
iShares Emerging Markets High Yield Bond Fund ETF 464286285 8,550 169,635 SH   SOLE   162,617 0 7,018
iShares MSCI Japan Index Fund ETF 464286848 3,808 336,071 SH   SOLE   320,068 0 16,003
iShares MSCI Korea Index Fund ETF 464286772 5,218 84,834 SH   SOLE   81,042 0 3,792
iShares MSCI Peru Cap ETF 464289842 5,036 155,927 SH   SOLE   149,311 0 6,616
iShares MSCI Singapore Index Fund ETF 464286673 3,764 288,174 SH   SOLE   274,844 0 13,330
iShares U.S. Floating Rate Note < 5 Years ETF 46429B655 27,297 538,290 SH   SOLE   514,529 0 23,761
Jabil Circuit COMMON 466313103 1,422 79,025 SH   SOLE   70,171 0 8,854
Johnson & Johnson COMMON 478160104 4,489 45,697 SH   SOLE   35,116 0 10,581
JP Morgan Chase COMMON 46625H100 8,482 139,711 SH   SOLE   106,331 0 33,379
Keycorp COMMON 493267108 1,452 101,937 SH   SOLE   93,244 0 8,693
Kimberly Clark COMMON 494368103 1,311 11,895 SH   SOLE   10,885 0 1,010
KLA-Tencor COMMON 482480100 5,305 76,736 SH   SOLE   57,591 0 19,145
Kohl's COMMON 500255104 5,150 90,663 SH   SOLE   64,641 0 26,022
Lexmark International COMMON 529771107 4,838 104,520 SH   SOLE   86,855 0 17,665
Manpower Inc. COMMON 56418H100 8,861 112,408 SH   SOLE   83,782 0 28,626
Marathon Oil COMMON 565849106 5,694 160,291 SH   SOLE   125,540 0 34,751
Market Vectors Emerging Markets High Yield Bond ETF 57061R403 15,555 604,313 SH   SOLE   578,535 0 25,778
Market Vectors Emerging Markets Local Currency Bond ETF 57060U522 4,325 183,554 SH   SOLE   176,281 0 7,273
Market Vectors Russia ETF ETF 57060U506 5,194 216,520 SH   SOLE   207,256 0 9,264
Marvell Tech COMMON g5876h105 4,394 278,991 SH   SOLE   184,099 0 94,892
MDC Holdings COMMON 552676108 5,788 204,656 SH   SOLE   154,819 0 49,837
Medtronic COMMON 585055106 1,159 18,828 SH   SOLE   16,403 0 2,425
Metlife COMMON 59156r108 5,459 103,391 SH   SOLE   75,514 0 27,877
Microsoft COMMON 594918104 8,894 216,978 SH   SOLE   170,860 0 46,118
Mosaic Company New COMMON 61945c103 5,497 109,938 SH   SOLE   77,204 0 32,734
Navios Maritime Holdings Inc. COMMON Y62196103 9,440 958,409 SH   SOLE   721,770 0 236,639
New York Community COMMON 649445103 1,645 102,351 SH   SOLE   84,048 0 18,303
Newmont Mining Corp Holding Co. COMMON 651639106 1,186 50,610 SH   SOLE   39,083 0 11,527
Nippon Telegraph and Telephone COMMON 654624105 5,930 217,704 SH   SOLE   158,480 0 59,224
Norfolk Southern COMMON 655844108 8,718 89,716 SH   SOLE   67,073 0 22,643
Novartis COMMON 66987V109 7,241 85,174 SH   SOLE   66,337 0 18,837
Nvidia COMMON 67066G104 5,909 329,948 SH   SOLE   233,017 0 96,931
Oracle COMMON 68389X105 6,228 152,235 SH   SOLE   106,945 0 45,290
Pepsico COMMON 713448108 1,876 22,468 SH   SOLE   17,119 0 5,349
PetMed Express COMMON 716382106 1,745 130,106 SH   SOLE   109,627 0 20,479
Pfizer COMMON 717081103 2,119 65,971 SH   SOLE   45,884 0 20,087
PIMCO 0-5 Year High Yield Corporate Bond Fund ETF 72201R783 15,707 147,327 SH   SOLE   141,075 0 6,252
PNC Bank COMMON 693475105 4,992 57,375 SH   SOLE   41,157 0 16,218
Portugal Telecom Spons ADR COMMON 737273102 5,253 1,230,138 SH   SOLE   917,947 0 312,191
ProShares Short 20 plus Year Treasury ETF 74347X849 201 6,625 SH   SOLE   0 0 6,625
ProShares Short Russell2000 ETF 74347R826 814 49,300 SH   SOLE   0 0 49,300
Protective Life COMMON 743674103 7,407 140,848 SH   SOLE   107,864 0 32,984
Prudential COMMON 744320102 7,120 84,110 SH   SOLE   61,899 0 22,211
Rayonier COMMON 754907103 2,205 48,024 SH   SOLE   33,646 0 14,378
Royal Caribbean Cruises COMMON v7780t103 8,801 161,305 SH   SOLE   113,112 0 48,193
Royal Dutch Shell A COMMON 780259206 3,860 52,830 SH   SOLE   37,956 0 14,874
Sanofi COMMON 80105n105 1,050 20,080 SH   SOLE   19,022 0 1,058
Seagate Tech COMMON g7945m107 6,836 121,730 SH   SOLE   93,235 0 28,495
Select Sector SPDR - Consumer Staples ETF 81369y308 1,344 31,208 SH   SOLE   30,756 0 452
Select Sector SPDR - Financial ETF 81369y605 1,411 63,147 SH   SOLE   62,265 0 882
Select Sector SPDR - Industrial ETF 81369y704 1,353 25,846 SH   SOLE   25,475 0 371
Select Sector SPDR - Utilities ETF 81369y886 1,364 32,891 SH   SOLE   32,413 0 478
Ship Finance Int'l COMMON G81075106 3,988 221,930 SH   SOLE   171,203 0 50,727
Spartan Stores COMMON 846822104 2,231 96,107 SH   SOLE   71,678 0 24,429
SPDR Barclays Short Term High Yield Bond ETF 78468R408 23,317 752,905 SH   SOLE   720,576 0 32,329
St. Jude Medical COMMON 790849103 7,170 109,649 SH   SOLE   78,798 0 30,851
Staples COMMON 855030102 3,962 349,409 SH   SOLE   260,244 0 89,165
Symantec COMMON 871503108 5,885 294,701 SH   SOLE   227,434 0 67,267
Target COMMON 87612E106 4,501 74,377 SH   SOLE   53,250 0 21,127
The Travelers Companies COMMON 89417e109 1,152 13,533 SH   SOLE   11,157 0 2,376
Titan International COMMON 88830M102 5,300 279,088 SH   SOLE   200,917 0 78,171
Total SA ADR COMMON 89151e109 4,038 61,561 SH   SOLE   51,536 0 10,025
Tsakos Energy COMMON G9108L108 1,573 202,728 SH   SOLE   144,246 0 58,481
Tutor Perini Corp COMMON 901109108 6,521 227,450 SH   SOLE   163,096 0 64,354
Tyson Foods COMMON 902494103 7,098 161,280 SH   SOLE   119,684 0 41,595
U R S COMMON 903236107 3,953 84,001 SH   SOLE   54,788 0 29,213
Vanguard Intermediate Term Corporate Bond Fund ETF 92206C870 15,429 181,565 SH   SOLE   173,870 0 7,695
Vanguard Short-Term Bond ETF 921937827 21,978 274,417 SH   SOLE   261,995 0 12,422
Vanguard Short-Term Corporate Bond Fund ETF 92206C409 455 5,685 SH   SOLE   5,683 0 2
Vanguard Telecommunication Services ETF 92204A884 1,066 12,520 SH   SOLE   12,298 0 222
Wal-Mart Stores COMMON 931142103 5,683 74,359 SH   SOLE   57,093 0 17,266
Waste Management COMMON 94106L109 6,845 162,697 SH   SOLE   123,692 0 39,005
Wells Fargo & Co. COMMON 949746101 5,846 117,534 SH   SOLE   90,087 0 27,447
Whirpool COMMON 963320106 8,991 60,159 SH   SOLE   44,013 0 16,146
Yamana Gold COMMON 98462Y100 2,733 311,244 SH   SOLE   242,560 0 68,683