We are starting off the February list a week early with the following recommendations.

The market will now face a test of what to do with that 60% plus run up in prices from 2009.

Always remember, those stock buyers still have to get to the profit window and the profit window after a market run up is to take those profits by selling.

Deferring taxes from 2009 could have been a factor from not taking profits off the table last year, however; what is the reason not to now.

Stay tuned as this week should answer a lot of questions regarding this extended run up of prices.

In the meantime, we are recommending a few early February credit spreads in the following issues.

CHA - China Telecom Corporation is a state-owned telecommunications company in China. They operate local telephone networks in ten provinces in China. They operate domestic and international fixed-line networks and infrastructure including wireless local loop, as well as telecom network-based voice, data, video, multimedia and information services. They are also engaged in international telecom service settlement and expand into overseas markets.

SID - CIA SIDERUR-ADR, through the combining of its own mines, steel mill, railroads, ports and service and distribution centers within the scope of its operations, makes them the largest integrated steel-making complex in Latin America. Leader of the Brazilian steel industry, the company has the capacity to produce 5 million tonnes a year of crude steel.

WYNN - Wynn Resorts Limited and its wholly-owned subsidiaries Wynn Las Vegas and Wynn Capital will own and operate Le Reve, which they've designed to be the preeminent luxury hotel and destination casino resort in Las Vegas. Le Reve will be situated at the site of the former Desert Inn & Casino on the Las Vegas Strip in Las Vegas, Nevada.

We are recommending the following specific credit spreads.
Call credits spreads = bear credit spreads.