We are beginning the January 2011 cycle with the following recommendations.

We are recommending credit spreads in the following issues.

CELG - Celgene Corporation discovers, develops, and commercializes innovative therapies to treat cancer and immune-inflammatory diseases in the United States, Europe, and internationally. Its commercial stage products include REVLIMID for the treatment in combination with dexamethasone for multiple myeloma patients, as well as patients with transfusion-dependent anemia; and THALOMID to treat, in combination with dexamethasone, patients with newly diagnosed multiple myeloma, as well as for the prevention and suppression of cutaneous manifestations of erythema nodosum leprosum recurrence. The company also sells VIDAZA, used to subtypes of myelodysplastic syndromes; RITALIN to treat attention deficit hyperactivity disorder; FOCALIN to prevent oncology-related disorders; and ALKERAN to treat multiple myeloma and carcinoma of the ovary.

KO - The Coca-Cola Company manufactures, distributes, and markets nonalcoholic beverage concentrates and syrups worldwide. It principally offers sparkling and still beverages. The companyÂ’s sparkling beverages include nonalcoholic ready-to-drink beverages with carbonation, such as energy drinks, and carbonated waters and flavored waters. Its still beverages consist of nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, noncarbonated energy drinks, juices and juice drinks, ready-to-drink teas and coffees, and sports drinks. The Coca-Cola Company also offers fountain syrups, syrups, and concentrates, such as flavoring ingredients and sweeteners. It markets its nonalcoholic beverages primarily under the Coca-Cola, Diet Coke, Fanta, and Sprite names.

MHS - Medco Health Solutions, Inc., a healthcare company, provides clinically driven pharmacy services for private and public employers, health plans, labor unions, government agencies, and individuals in the United States and internationally. The companyÂ’s products and services include clinical management that comprises coverage management and utilization management programs; and RationalMed service, which analyzes patientsÂ’ available prescriptions, inpatient and outpatient medical and laboratory claim records, and engages physicians, pharmacists, and patients in making changes, as well as provides benefit plan designs.

MO - Altria Group, Inc., through its subsidiaries, engages in the manufacture and sale of cigarettes, wine, and other tobacco products in the United States and internationally. It primarily offers cigarettes under the Marlboro, Virginia Slims, and Parliament brands; smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands, as well as Marlboro snus; and machine-made large cigars and pipe tobacco. The company also maintains a portfolio of leveraged and direct finance leases principally in transportation, including aircraft, as well as power generation and manufacturing equipment, and facilities. It serves wholesalers, including distributors; large retail organizations, such as chain stores; and the armed services.

PRU - Prudential Financial, Inc., through its subsidiaries, provides various financial products and services in the United States, Asia, Europe, and Latin America. The company operates through three divisions: The U.S. Retirement Solutions and Investment Management, The U.S. Individual Life and Group Insurance, and The International Insurance and Investments. The U.S. Retirement Solutions and Investment Management division offers individual variable and fixed annuity products, as well as provides retirement investment and income products and services to retirement plan sponsors in the public, private, and not-for-profit sectors. This division also provides investment management and advisory services to the public and private marketplace. The U.S. Individual Life and Group Insurance division provides individual variable life, term life, and universal life insurance products; and group life, long-term and short-term group disability, long-term care, and group corporate-owned and trust-owned life insurance products to institutional clients.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish Put Spreads.