Name of Issuer					Title of Class		CUSIP		Fair Market	Shares or	Investment Discretion				Managers		Voting Authority (Shares)
									Number		Value		Principal	(a) Sole	(b) Shared -	(c) Shared -			(a) Sole	(b) Shared	(c) None
											Amount		As Defined	Other

-------------------------------------       ---------------- 		--------------	 ---------	----------     ----
Apple Inc					COM			037833100	301,541 	516,338 	x				 				516,338
Bank of America Corp				COM			060505104	31,550 		3,857,008 	x				 				3,857,008
Beazer Homes USA Inc				COM			07556Q105	827 		254,614 	x				 				254,614
Boyd Gaming Corp				COM			103304101 	12,055 		1,674,323 	x				 				1,674,323
Broadcom Corp					CL A			111320107 	84,197 		2,491,023 	x				 				2,491,023
Calumet Specialty Products Partners LP		UT LTD PARTNER		131476103 	28,105 		1,181,885 	x				 				1,181,885
Celanese Corp Del				COM SER A		150870103 	5,193 		150,000 	x				 				150,000
CF Industries Holdings Inc			COM			125269100 	10,747 		55,470 		x				 				55,470
Chimera Investment Corp				COM			16934Q109	9,424 		3,993,384 	x				 				3,993,384
Citigroup Inc					COM NEW			172967424 	253,982 	9,266,022 	x				 				9,266,022
Dean Foods Co					COM			242370104 	40,909 		2,402,175 	x				 				2,402,175
Delphi Automotive PLC				SHS			G27823106	5,622 		220,466 	x				 				220,466
Delta Air Lines Inc				COM NEW			247361702 	104,283 	9,523,569 	x				 				9,523,569
EMC Corp					COM			268648102 	69,592 		2,715,261 	x				 				2,715,261
Ford Motor Co.					COM PAR $0.01		345370860 	73,406 		7,654,450 	x				 				7,654,450
Fusion-io Inc					COM			36112J107	29,705 		1,421,954 	x				 				1,421,954
General Motors Corp				*W EXP 07/10/201	37045V118	1,935 		175,561 	x				 				175,561
General Motors Corp				*W EXP 07/10/201	37045V126	1,190 		175,561 	x				 				175,561
General Motors Corp				COM			37045V100	92,947 		4,713,316 	x				 				4,713,316
Goodyear Tire & Rubber Co.			COM			382550101 	132,745 	11,240,072 	x				 				11,240,072
Google Inc					CALL			38259P908	520 		500 		x				 				500
Google Inc					CL A			38259P508	128,449 	221,437 	x				 				221,437
Huntsman Corp					COM			447011107 	81,781 		6,320,011 	x				 				6,320,011
International Paper Company			COM			460146103 	8,746 		302,537 	x				 				302,537
iShares DJ US Home Construction Index		DJ HOME CONSTN		464288752 	1,772 		105,499 	x				 				105,499
JetBlue Airways Corporation			COM			477143101 	4,332 		817,374 	x				 				817,374
Lam Research Corp				COM			512807108 	16,424 		435,200 	x				 				435,200
Macy's Inc					COM			55616P104	3,533 		102,865 	x				 				102,865
Marvell Technology Group Ltd.			ORD			G5876H105	26,807 		2,376,524 	x				 				2,376,524
Masco Corp					COM			574599106 	53,242 		3,838,622 	x				 				3,838,622
MFA Financial Inc				COM			55272X102	7,652 		969,783 	x				 				969,783
MGM Resorts International			COM			552953101 	22,346 		2,002,293 	x				 				2,002,293
Microsoft Corp					COM			594918104 	34,536 		1,129,000 	x				 				1,129,000
MPG Office Trust Inc				COM			553274101 	8,457 		4,207,354 	x				 				4,207,354
Mueller Water Products Inc.			COM			624758108 	31,077 		8,981,831 	x				 				8,981,831
NetApp Inc					COM			64110D104	24,673 		775,399 	x				 				775,399
Nuance Communications Inc			COM			67020Y100	6,903 		289,780 	x				 				289,780
Oracle Corp					COM			68389X105	92,004 		3,097,779 	x				 				3,097,779
Owens Corning Inc				COM			690742101 	64,391 		2,256,151 	x				 				2,256,151
Powershares QQQ Nasdaq 100			UNIT SER 1		73935A104	539,533 	8,409,182 	x				 				8,409,182
QUALCOMM Inc					COM			747525103 	128,330 	2,304,786 	x				 				2,304,786
Royal Bank Scotland Group PLC			SP ADR L RP PF		780097788 	7,202 		399,671 	x				 				399,671
Royal Bank Scotland Group PLC			SP ADR PREF M		780097796 	4,693 		267,889 	x				 				267,889
Royal Bank Scotland Group PLC			ADR PREF SER N		780097770 	23,642 		1,370,542 	x				 				1,370,542
Royal Bank Scotland Group PLC			ADR PREF SHS Q		780097754 	14,040 		779,137 	x				 				779,137
Royal Bank Scotland Group PLC			SP ADR PREF S		780097739 	8,170 		460,787 	x				 				460,787
Royal Bank Scotland Group PLC			SP ADR PREF T		780097713 	2,544 		129,450 	x				 				129,450
Sandisk Corp					COM			80004C101	24,399 		668,821 	x				 				668,821
SPDR S&P 500 ETF Trust				PUT			78462F953	2,450 		50,000 		x				 				50,000
SPDR S&P 500 ETF Trust				CALL			78462F903	9,300 		48,000 		x				 				48,000
The Hartford Financial Services Group		*W EXP 06/26/201	416515120 	12,946 		1,275,475 	x				 				1,275,475
The Hartford Financial Services Group		COM			416515104 	18,916 		1,072,956 	x				 				1,072,956
Two Harbors Investment Corp			COM			90187B101	28,076 		2,710,000 	x				 				2,710,000
United Continental Holdings Inc.		COM			910047109 	230,759 	9,484,558 	x				 				9,484,558
US Airways Group Inc				COM			90341W108	172,313 	12,926,695 	x				 				12,926,695
Valero Energy Corp				COM			91913Y100	55,718 		2,307,161 	x				 				2,307,161
Whirlpool Corp					COM			963320106 	43,006 		703,180 	x				 				703,180

SEC document