We are going to add the following credt spreads to our the December recommended list.

We are recommending credit spreads in the following issues.

JEF - Jefferies Group, Inc., together with its subsidiaries, operates as a securities and investment banking company in the Americas, Europe, and Asia. It operates in two segments, Capital Markets and Asset Management. The Capital Markets segment provides engages in securities execution operations, such as sales, trading, and research in equities, equity-linked, and fixed income securities, including investment grade corporate bonds, high yield and distressed securities, government and agency securities, mortgage- and asset-backed securities, municipal bonds, convertible securities, bank loans, leveraged loans, and emerging markets debt, as well as offers prime brokerage services. This segment also provides investment banking services comprising direct placements, private equity, private placements, initial public offerings, and follow-on offerings of equity and equity-linked convertible securities; debt financing for companies, governmental entities, and financial sponsors; and advisory services to buyers and sellers on sales, divestitures, acquisitions, mergers, tender offers, joint ventures, strategic alliances, and takeover defenses.

NFLX - Netflix, Inc. provides subscription based Internet services for TV shows and movies in the United States and internationally. The company allows its subscribers to watch unlimited TV shows and movies streamed over the Internet to their televisions, computers, and mobile devices. Its subscribers in the United States would also receive standard definition DVDs and Blu-ray discs delivered to their homes. As of June 30, 2011, the company had approximately 25 million subscribers. Netflix, Inc. was founded in 1997 and is headquartered in Los Gatos, California.

FSLR - First Solar, Inc. manufactures and sells solar modules using a thin-film semiconductor technology. It also designs, constructs, and sells photovoltaic solar power systems. The companyÂ’s solar modules employ a thin layer of semiconductor material to convert sunlight into electricity. Its integrated solar power systems activities include the project development; engineering, procurement, and construction services; operating and maintenance services; and project finance. The company sells solar modules to project developers, system integrators, and operators of renewable energy projects; and solar power systems to investor owned utilities, independent power developers and producers, and commercial and industrial companies, as well as other system owners.

FDX - FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates in four segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services. The FedEx Express segment offers various shipping services for the delivery of packages and freight. This segment also provides international trade services specializing in customs brokerage, and ocean and air freight forwarding services; customs clearance services, as well as global trade data, an information tool that allows customers to track and manage imports; and international trade advisory services, including assistance with the customs-trade partnership against terrorism program, as well as publishes customs duty and tax information in various customs areas. In addition, it offers supply chain solutions, including critical inventory logistics, transportation management, and temperature-controlled transportation services. The FedEx Ground segment provides business and residential ground package delivery services. It primarily serves customers in the small-package market in North America. The FedEx Freight segment offers less-than-truckload freight services, as well as freight-shipping services. As of May 31, 2011, this segment operated approximately 58,000 vehicles and trailers from a network of 366 service centers.

TIF - Tiffany & Co., through its subsidiaries, engages in the design, manufacture, and retail of fine jewelry worldwide. Its jewelry products include fine and solitaire jewelry; diamond engagement rings and wedding bands for brides and grooms; and non-gemstone, sterling silver, gold, and platinum jewelry. The company also provides timepieces, sterling silver goods, china, crystal, stationery, fragrances, personal accessories, and leather goods. Tiffany & Co. sells its products through retail sales, Internet and catalog sales, business-to-business sales, and wholesale distribution primarily in the Americas, the Asia-Pacific, and Europe. The company also sells its products through its stores, as well as through department store boutiques in Japan. As of January 31, 2011, it operated 233 TIFFANY & CO. stores and boutiques worldwide. The company was founded in 1837 and is headquartered in New York, New York.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

Put credit spreads = bullish put spreads.