We are adding to our December positions the following spread recommendations.

We are recommending credit spreads in the following issues.

WHR - Whirlpool Corporation engages in the manufacture and marketing of home appliances worldwide. Its principal products include laundry appliances, refrigerators, cooking appliances, dishwashers, mixers, and other small household appliances. The company also produces hermetic compressors for refrigeration systems. It markets and distributes its products under various brand names, including Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Roper, Estate, Admiral, Gladiator, Inglis, Acros, Supermatic, Consul, Brastemp, Eslabón de Lujo, Bauknecht, Ignis, Laden, Polar, Privileg, and KIC in North America, Europe, Latin America, and Asia. Whirlpool Corporation sells its products to retailers, dealers, distributors, builders, and other manufacturers. The company was founded in 1898 and is based in Benton Harbor, Michigan.

ESI - ITT Educational Services, Inc. provides postsecondary degree programs in the United States. The company offers master, bachelor, associate, and career-oriented education programs in various fields, such as information technology, electronics technology, drafting and design, business, criminal justice, and health sciences. Its information technology programs include network administration, technical support, network technology, and systems technology; and electronics technology programs comprise electronics product design and fabrication, communications, computer technology, industrial electronics, instrumentation, and telecommunications. The company?s drafting and design programs comprise computer aided drafting, electrical and electronics drafting, mechanical drafting, architectural and construction drafting, civil drafting, interior design, landscape architecture, and multimedia communications; business programs include accounting, business administration, financial services, marketing and advertising, and manufacturing; and criminal justice programs consist of corrections, security and policing, investigations, and cyber security. Its health sciences programs consist of nursing and health information technology. As of June 30, 2011, ITT Educational Services, Inc. served approximately 78,000 students and had 135 locations, including 131 campuses and 4 learning sites in 38 states. The company was founded in 1946 and is headquartered in Carmel, Indiana.

AXP - American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company?s product portfolio consists of charge and credit card products; expense management products and services; consumer and business travel services; stored value cards, including travelers cheques and other prepaid products; network services; merchant acquisition and processing, point-of-sale, servicing and settlement, and marketing and information products and services for merchants; and fee services comprising market and trend analyses and related consulting services, fraud prevention services, and the design of customer loyalty and rewards programs. In addition, it publishes luxury lifestyle magazines; business and travel resources; general interest, cooking, travel, wine, cocktail, financial, and time management books; and international and electronic editions. The company sells its products and services to consumers, small businesses, mid-sized companies, and large corporations through direct mail, on-line applications, targeted direct and third-party sales forces, and direct response advertising worldwide. American Express Company was founded in 1850 and is headquartered in New York, New York.

MCD - McDonald?s Corporation, together with its subsidiaries, operates as a foodservice retailer worldwide. It franchises and operates McDonald?s restaurants that offer various food items, soft drinks, coffee, desserts, snacks, and other beverages, as well as full or limited breakfast menu. As of June 30, 2011, the company operated 32, 943 restaurants in 117 countries, including 26, 598 franchised restaurants; and 6,345 company operated restaurants. McDonald?s Corporation was founded in 1940 and is based in Oak Brook, Illinois.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads

Put credit spreads = Bullish put spreads

We will be looking to exit our APA credit spread if oil prices and Egypt do not move in positive directions. This could be as early as tomorrow or Tuesday at the latest.