We are adding the following spreads to our MCM July recommended list.

We are recommending credit spreads in the following issues:

ARE - Alexandria Real Estate Equities, Inc., Landlord and Developer of Choice to the Life Science Industry, is a publicly-traded real estate investment trust focused principally on the ownership, operation, management, selective redevelopment, development and acquisition of life science properties. Our properties are designed and improved for lease primarily to institutional, pharmaceutical, biotechnology, medical device, life science product, service, biodefense and translational medicine entities, as well as governmental agencies.

BTH - Blyth, Inc. operates in the home fragrance products market. The company is engaged in the design, manufacture, marketing and distribution of an extensive line of home fragrance products primarily including scented candles, potpourri, outdoor citronella candles and environmental fragrance products. The company also offers a broad range of candle accessories, decorative gift bags and tags and seasonal decorations. It is also a producer of portable heating fuel and other institutional products sold, under various brand names, both domestically and internationally.

BJ - BJS Warehouse offers an assortment of brand name food and general merchandise items within a wide range of product categories. In order to achieve high sales volumes and rapid inventory turnover, merchandise selections are generally limited to items that are brand name leaders in their categories. Since warehouse clubs sell a diversified selection of product categories, the company attracts customers from a wide range of other wholesale and retail distribution channels, such as supermarkets, supercenters, department stores, drug stores, and discount stores.

CAT - Caterpillar Inc is the world's largest manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company is one of only a handful of U.S. companies that leads its industry while competing globally from a principally domestic manufacturing base. The company records more than half of its sales to overseas customers. Their products are used in the construction, road building, mining, forestry, energy, transportation and material-handling industries.

AMAG - AMAG Pharmaceuticals, Inc. is a biopharmaceutical company that utilizes its proprietary nanoparticle technology for the development and commercialization of therapeutic iron compounds to treat anemia and novel imaging agents to aid in the diagnosis of cancer and cardiovascular disease. Ferumoxytol, the company's key product candidate, is being developed for use as an intravenous iron replacement therapeutic for the treatment of iron deficiency anemia in chronic kidney disease patients.Combidex®, the company's other product under development, is an investigational functional molecular imaging agent consisting of iron oxide nanoparticles for use in conjunction with magnetic resonance imaging to aid in the differentiation of cancerous from normal lymph nodes. In March 2005, the company received an approvable letter from the FDA with respect to Combidex, subject to certain conditions.


Call credit spreads - bearish call spreads






Put credit spreads - bullish put spreads


MCM DJX JULY credit spread position(s)