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MCM JANUARY 2009 POSITION RECOMMENDATIONS 12-27-08

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We are adding the following recommendations to our JANUARY RECOMMENDED LIST We are recommending credit spreads in the following issues:

CSX - CSX Corporation's unique combination of rail, container-shipping, intermodal and logistics services provides global reach that's second to none. The company's goal, advanced at each of its business units, is to provide efficient, competitive transportation and related services for customers.

R - Ryder System, Inc. provides a continuum of leading-edge logistics, supply chain and transportation management solutions worldwide. Product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, lead logistics management services and e-Commerce solutions that support clients entire supply chains.

COF - Capital One Financial is a holding company whose subsidiaries provide a variety of products and services to consumers using its proprietary information-based strategy. The corporation's principal subsidiary, Capital One Bank offers credit card products. Capital One Services, Inc., another subsidiary of the corporation, provides various operating, administrative and other services to the corporation and its subsidiaries.

SAP - Sap Ag Adr is the recognized leader in providing collaborative e-business solutions for all types of industries and for every major market. SAP has leveraged our extensive experience to deliver a comprehensive range of solutions to empower every aspect of business operations. By using SAP solutions, organizations of all sizes including small and midsize enterprises - can reduce costs, improve performance, and gain the agility to respond to changing business needs. SAP is the world's largest business software company and the world's third-largest independent software provider overall. SAP has also developed the SAP NetWeaver platform, which allows our customers to achieve more value from their IT investments.

We are recommending the following specific credit spreads

Call credit spreads - bearish call spreads

CSX $31.50


BUY CSX-AH CSX JAN $40.00 CALL DEBIT = $0.10
SELL CSX-AG CSX JAN $35.00 CALL CREDIT= $0.40
NET CREDIT = $0.30

INITIAL "NET- CREDIT TARGET= $0.30 or $30.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.30 = $300.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,700.00
RETURN ON INVESTMENT= 6.38%
EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $33.00
2. EQUITY ISSUES A STOP LIMIT will be placed on the SHORT STRIKE PRICE on any EQUITY OPTION that has
a STRIKE PRICE DIFFERENCE OF $5.00 or MORE.
THE STOP LIMIT ON THIS POSITION IS NOTED BELOW:
BUY POSITION STOP BELOW
CSX-AG EXIT >> = $2.20 STOP LIMIT

If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to then SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

R $35.98


BUY R-AI R JAN $45.00 CALL DEBIT = $0.30
SELL RA-H R JAN $40.00 CALL CREDIT= $0.65
NET CREDIT = $0.35

INITIAL "NET- CREDIT TARGET= $0.35 or $35.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.35 = $350.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,650.00
RETURN ON INVESTMENT= 7.53%
EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $37.50
2. EQUITY ISSUES A STOP LIMIT will be placed on the SHORT STRIKE PRICE on any EQUITY OPTION that has
a STRIKE PRICE DIFFERENCE OF $5.00 or MORE.
THE STOP LIMIT ON THIS POSITION IS NOTED BELOW:
BUY POSITION STOP BELOW
RA-H EXIT >> = $3.00 STOP LIMIT

If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to then SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

COF $29.48


BUY COF-AH COF JAN $40.00 CALL DEBIT = $0.20
SELL COF-AG COF JAN $35.00 CALL CREDIT= $0.70
NET CREDIT = $0.50

INITIAL "NET- CREDIT TARGET= $0.50 or $50.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.50 = $500.00
MARGIN REQUIRE. (x 10 CONTRACTS $4,500.00
RETURN ON INVESTMENT= 11.11%
EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $32.50
2. EQUITY ISSUES A STOP LIMIT will be placed on the SHORT STRIKE PRICE on any EQUITY OPTION that has
a STRIKE PRICE DIFFERENCE OF $5.00 or MORE.
THE STOP LIMIT ON THIS POSITION IS NOTED BELOW:
BUY POSITION STOP BELOW
COF-AG EXIT >> = $3.00 STOP LIMIT

If and when the STOP LIMIT IS EXECUTED - A contingency order should be in place to then SELL the LONG SIDE
of the Spread and close the position with a Market Order if and when the SHORT side needs to be STOPPED OUT

SAP $33.83


BUY SAP-AH SAP JAN $40.00 CALL DEBIT = $0.10
SELL SAP-AT SAP JAN $37.50 CALL CREDIT= $0.25
NET CREDIT = $0.15

INITIAL "NET- CREDIT TARGET= $0.15 or $15.00
POTENTIAL PROFIT (x 10 CONTRACTS @ $0.15 = $150.00
MARGIN REQUIRE. (x 10 CONTRACTS $2,350.00
RETURN ON INVESTMENT= 6.38%
EXIT STRATEGY = 1. WATCH LIST 2. MAXIMUM LOSS SPREAD PRICE DIFFERENCE
1. STOCK WILL BE PLACED ON WATCH LIST IF STOCK PRICE RISES TO: $35.00
2. ON SPREADS WITH 2.50 or less difference in STRIKE PRICES
THOSE POSITIONS. THEY WILL GO ON THE WATCH LIST AND BE FOLLOWED WITH INSTRUCTIONS
AS TO HOW TO PROCEED OR/WHAT EXIT POINT NEEDS TO BE ESTABLISHED

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