We are adding several positions to our January Recommended list.

We are recommending credit spreads in the following issues.

ESI - ITT EDUCATIONAL SERVICES, INC. is a leading proprietary provider of technical postsecondary degree programs in the United States based on student enrollment. The Co. offers associate's and bachelor's degree programs where authorized and, to a lesser extent, non-degree diploma programs to over 20,000 students through a system of 54 ITT Technical Institutes located in 25 states. These programs are designed, after consultation with employers, to provide students with the knowledge and skills necessary for entry- level employment in technical positions in a variety of industries.

RIG - Transocean LTD., formerly Transocean Inc., is an international provider of offshore contract drilling services for oil and gas wells. The company offers deepwater and harsh environment drilling, oil and gas drilling management, and drilling engineering and project management services, as well as explores, develops, and produces oil and gas resources. The company is based in Houston, Texas.

ARO - Aeropostale, Inc. is a mall-based, specialty retailer of casual apparel and accessories, principally targeting fourteen to seventeen year-old young women and men. The Company provides customers with a focused selection of high-quality, active-oriented, fashion and fashion basic merchandise at compelling values. Aeropostale maintains control over its proprietary brands by designing, sourcing, marketing and selling all of its own merchandise. Aeropostale products are currently purchased only in its stores, on-line through its e-commerce website or at organized sales events at college campuses.

VPRT - Vistaprint N.V. is an online provider of coordinated portfolios of marketing products and services to small businesses globally. The company provides small businesses and consumers per year with the easiest way to make an impression at the best price. With a unique business model supported by proprietary technologies, high-volume production facilities, and direct marketing expertise, Vistaprint offers a wide variety of products for both small businesses and the home. The Company offers a range of products and services ranging from printed business cards, brochures and post cards to apparel, invitations and announcements, holiday cards, calendars, creative design services, copywriting services, direct mail services, promotional gifts, signage, Website design and hosting services, and e-mail marketing services.

We are recommending the following specific credit spreads.

call credit spreads = bearish call spreads.

put credit spreads = bullish put spreads.