We are starting out the MCM month of JULY 2011 with the following recommendations.

We are recommending credit spreads in the following issues.

MOS - The Mosaic Company engages in the production and marketing of concentrated phosphate and potash crop nutrients for the agriculture industry worldwide. The company produces phosphate crop nutrients for use in crop nutrients and feed phosphate for animal feed ingredients. It also produces and sells potash for use as fertilizers and animal feed ingredients, as well as in industrial applications. Potash is also used for de-icing and as a water softener regenerant. In addition, The Mosaic Company produces and/or markets phosphate-, potash-, and nitrogen-based crop nutrients and animal feed ingredients, as well as operates sales offices, crop nutrient blending and bagging facilities, port terminals, and warehouses. It sells its products primarily to wholesale distributors, retail chains, cooperatives, independent retailers, and national accounts.

SUN - Sunoco, Inc., through its subsidiaries, manufactures and markets various petroleum, commodity, and intermediate petrochemicals products in the United States. It operates in five segments: Refining and Supply, Retail Marketing, Chemicals, Logistics, and Coke. The Refining and Supply segment manufactures and sells petroleum products, including gasoline; middle distillates, such as jet fuel, heating oil, and diesel fuel; and residual fuel oil, as well as commodity petrochemicals, including refinery-grade propylene, benzene, cumene, toluene, and xylene to wholesale and industrial customers. The Retail Marketing segment engages in the retail sale of gasoline and middle distillates, as well as the operation of a network of 4,711 retail outlets in 23 states, primarily on the East Coast and in the Midwest region of the United States. The Chemicals segment manufactures, distributes, and markets commodity and intermediate petrochemicals, which include aromatic derivatives comprising phenol, acetone, bisphenol-A, and other phenol derivatives; and polypropylene. The Logistics segment operates refined product and crude oil pipelines and terminals, and conducts crude oil acquisition and marketing activities primarily in the northeast, midwest and south central regions of the United States.

X - United States Steel Corporation, through its subsidiaries, engages in the production and sale of steel products primarily in North America and Europe. The company operates through three segments: Flat-rolled Products, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-rolled Products segment offers slabs, rounds, strip mill plates, sheets, and tin mill products. This segment serves service center, conversion, transportation, construction, container, and appliance and electrical markets in North America. It also produces iron ore pellets and coke. The USSE segment offers slabs, sheets, strip mill plates, tin mill products, and spiral welded pipes, as well as heating radiators and refractory ceramic materials in Europe. This segment serves construction, service center, conversion, container, transportation, appliance and electrical, oil and gas, and petrochemical industries. The Tabular Products segment offers seamless and electric resistance welded; steel casing and tubing; and standard and line pipe, and mechanical tubing products to oil and gas, and petrochemical industries.

AKAM - Akamai Technologies, Inc. provides services for accelerating and improving the delivery of content and applications over the Internet in the United States and internationally. The company offers Application Performance solutions that improve the performance of dynamic applications used by enterprises to connect with their employees, suppliers, and customers. Its Application Performance solutions include Web Application Accelerator, which enables enterprises to run various applications; and IP Application Accelerator that is designed to address core Internet weaknesses to optimize the performance and real-time sensitivity associated with IP-enabled applications delivered over Internet-related protocols. It also provides Digital Asset solutions that enable enterprises to execute their large file management and distribution strategies. The company?s Digital Asset solutions include Akamai Media Delivery solution that delivers media content on behalf of its customers; and Electronic Software Delivery solution, which handles the distribution of software for its customers. In addition, it offers Dynamic Site solutions, which accelerate business-to-consumer Websites that integrate collaborative content and applications into their online architecture; Advertising Decision solutions that enable advertisers, agencies, publishers, and networks to buy and sell advertising; and custom solutions to commercial and government customers.

RIMM - Research In Motion Limited (RIM) designs, manufactures, and markets wireless solutions for the worldwide mobile communications market. The company, through the development of integrated hardware, software, and services, provides platforms and solutions for seamless access to time-sensitive information, including email, phone, short messaging service, and Internet and Intranet-based applications and browsing. Its products and services principally comprise the BlackBerry wireless platform, the RIM Wireless Handheld product line, software development tools, and other software and hardware. The company?s BlackBerry smartphones use wireless, push-based technology that delivers data to mobile users? business and consumer applications. Its BlackBerry smartphone portfolio includes BlackBerry Bold series, the BlackBerry Torch, BlackBerry Curve series, the BlackBerry Style, BlackBerry Storm series, the BlackBerry Tour, BlackBerry Pearl series, and the BlackBerry PlayBook tablet. The company?s BlackBerry enterprise solutions comprise BlackBerry enterprise server, BlackBerry enterprise server express, BlackBerry mobile voice system, and hosted BlackBerry services. Its technology also enables third party developers and manufacturers to enhance their products and services through software development kits, wireless connectivity to data, and third-party support programs. In addition, the company offers BlackBerry technical support services, non-warranty repairs, and nonrecurring engineering services. Further, it provides BlackBerry App World that offers BlackBerry smartphone users an electronic catalogue that aids in the discovery and download/purchase of applications directly from their BlackBerry smartphone.

EBAY - eBay Inc. provides online marketplaces for the sale of goods and services, as well as other online commerce, platforms, and online payment solutions to individuals and businesses in the United States and internationally. The company?s Marketplaces segment provides the infrastructure to enable online commerce on a range of platforms, including the eBay.com platform, and its localized platforms. Its online platforms also consist of StubHub, a secondary tickets marketplace; Shopping.com, an online shopping comparison Website; Rent.com, an apartment listing service platform; and Half.com, a fixed price media marketplace. This segment also operates classifieds Websites, such as Den Bla Avis, BilBasen, Gumtree, Kijiji, LoQUo, Marktplaats.nl, and mobile.de, as well as eBay Classifieds, including eBay Anuncios, eBay Kleinanzeigen, and eBay Annunci. In addition, its eBay.com platform provides services comprising feedback forums, safeharbor programs, verified rights owner programs, customer support, pre-trade and post-trade tools and services, powerseller programs, eBay top-rated seller programs, top buyer programs, coupons and buyer rewards, and eBay buyer protection services. The company?s Payments segment operates online payment solutions, such as PayPal, which enables individuals and businesses to send and receive payments online; and Bill Me Later solution that enables the United States merchants to offer, the United States consumers to obtain, credit at the point of sale for ecommerce transactions through Bill Me Later?s relationship with a chartered financial institution. eBay Inc. was founded in 1995 and is headquartered in San Jose, California.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.