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

We are recommending credit spreads in the following issues.

ANF - Abercrombie & Fitch Co., through its subsidiaries, operates as a specialty retailer of casual apparel for men, women, and kids. The company sells casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories under the Abercrombie & Fitch, abercrombie kids, and Hollister brands. It also offers bras, underwear, sleepwear, and at-home products for girls under the Gilly Hicks brand. The company sells products through its stores; direct-to-consumer operations; and Websites, which comprise abercrombie.com, abercrombiekids.com, hollisterco.com, and gillyhicks.com. As of October 29, 2011, it operated a total of 1,092 stores, including 316 Abercrombie & Fitch stores, 179 abercrombie kids stores, 501 Hollister Co. stores, and 18 Gilly Hicks stores in the United States; and 10 Abercrombie & Fitch stores, 4 abercrombie kids stores, 63 Hollister Co. stores, and 1 Gilly Hicks store internationally. The company was founded in 1892 and is headquartered in New Albany, Ohio.

RIG - Transocean Ltd. provides offshore contract drilling services for oil and gas wells worldwide. It offers deepwater and harsh environment drilling, oil and gas drilling management, and drilling engineering and drilling project management services. The company also offers well and logistics services. In addition, it engages in oil and gas exploration, development, and production activities primarily in the United States offshore Louisiana and Texas, and in the United Kingdom sector of the North Sea. As of February 10, 2011, the company owned, had partial ownership interests in, and operated 138 mobile offshore drilling units, including 47 high-specification floaters, 25 midwater floaters, 9 high-specification jackups, 54 standard jackups, and 3 other rigs, as well as 1 ultra-deepwater floater and 3 high-specification jackups under construction. Transocean Ltd. was founded in 1953 and is based in Zug, Switzerland.

UA - Under Armour, Inc. develops, markets, and distributes performance apparel, footwear, and accessories for men, women, and youth worldwide. It offers products made from moisture-wicking synthetic fabrics designed to regulate body temperature. The company provides its products in three fit types: compression, fitted, and loose, extending across the sporting goods, outdoor, and active lifestyle markets. Its footwear products comprise football, baseball, lacrosse, softball, and soccer cleats; slides; performance training footwear; and running and basketball footwear. The company also provides baseball batting, football, golf, and running gloves, as well as licenses bags, socks, headwear, custom-molded mouth guards, and eyewear that are designed to be used and worn before, during, and after competition. It offers its products under ?UNDER ARMOUR? brand name. The company sells its products through retail stores, as well as directly to consumers through its own factory house and specialty stores, Website, and catalogs. The company was founded in 1996 and is headquartered in Baltimore, Maryland.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads

Put credit spreads = Bullish put spreads