We are recommending the following credit spreads to start off the MCM June 2012 expiration cycle.

We are recommending credit spreads for Portfolio #1in the following issues.

AKAM - Akamai Technologies, Inc. provides content delivery and cloud infrastructure services for accelerating and improving applications over the Internet in the United States and internationally. The company offers application and cloud performance solutions to enhance the operation of the applications used by enterprises to connect with their employees, suppliers, and customers. Its solutions include Web Application Accelerator, which enables enterprises to run various applications; and IP Application Accelerator that is designed to optimize the performance, availability, and real-time sensitivity associated with IP-enabled applications delivered over Internet-related protocols. The company also provides video and software solutions that are designed to enable enterprises to execute their large file management and distribution strategies, which include media delivery solution to entertainment industry; and electronic software delivery solution that handles the distribution of software for its customers. In addition, it offers Website optimization services for accelerating business-to-consumer Websites that integrate collaborative content and applications into their online architecture; security and protection solutions that address the Internet security requirements; and network operator solutions, which provide custom solutions to commercial and government customers.

X - United States Steel Corporation engages in the production and sale of steel mill products in North America and Europe. The company operates in three segments: Flat-rolled Products (Flat-rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-rolled segment offers slabs, rounds, strip mill plates, sheets, and tin mill products. This segment serves customers in the service center, conversion, transportation, construction, container, appliance, and electrical markets. The USSE segment produces and sells slabs, sheets, strip mill plates, tin mill products, and spiral welded pipes, as well as heating radiators and refractory ceramic materials. This segment serves customers in construction, service center, conversion, container, transportation, appliance and electrical, oil, gas, and petrochemical markets. The Tubular segment produces and sells seamless and electric resistance welded steel casing and tubing; and standard, line pipe, and mechanical tubing products. This segment serves customers in the oil, gas, and petrochemical markets. United States Steel Corporation also provides transportation services, including railroad and barge operations. It also owns, develops, and manages various real estate assets comprising approximately 200,000 acres of surface rights primarily in Alabama, Illinois, Maryland, Michigan, Minnesota, and Pennsylvania, as well as approximately 4,000 acres of land in Ontario, Canada.

NEM - Newmont Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. The company?s assets or operations are located in the United States, Australia, Peru, Indonesia, Ghana, New Zealand, and Mexico. As of December 31, 2011, it had proven and probable gold reserves of approximately 98.8 million ounces and an aggregate land position of approximately 31,500 square miles. The company was founded in 1916 and is headquartered in Greenwood Village, Colorado.

GMCR- Green Mountain Coffee Roasters, Inc. engages in the specialty coffee and coffee maker business. The company sources, produces, and sells approximately 200 varieties of coffee, cocoa, teas, and other beverages in K-Cup portion packs and coffee in traditional packaging, including whole bean and ground coffee selections in bags and ground coffee in fractional packs for use in at-home (AH) and away-from-home (AFH). It sells its products primarily in North America through supermarkets, club stores, and convenience stores; in restaurants and hospitality; and to office coffee distributors, as well as directly to consumers through its Website. The company also manufactures gourmet single-cup brewing systems and brewing equipment. In addition, it sells AH single-cup brewers; accessories; and coffee, tea, hot cocoa, and other beverages in K-Cup portion packs, as well as offers other licensed roasters to retailers, department stores, and mass merchandisers. Further, the company sells AFH single-cup brewers to distributors for use in offices.

RIMM - Research In Motion Limited designs, manufactures, and markets wireless solutions for the mobile communications market worldwide. It provides platforms and solutions for access to information, including email, voice, instant messaging, short message service, Internet and Intranet-based browsing, and multimedia content through developing integrated hardware, software, and services. 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, BlackBerry Torch series, BlackBerry Curve 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. It also offers development platform that allow third party commercial and enterprise software developers to build and deploy custom applications to run on BlackBerry smartphones, and various products and technologies to third party developers, wireless carriers, and enterprise customers to develop distribute and manage these applications, as well as a range of software development tools.

We are recommending the following specific credit spreads for Portfolio #1.

Call credit spreads = bearish call spreads.

We are recommending credit spreads for Portfolio #2 in the following issues.

LULU - Lululemon athletica inc., together with its subsidiaries, designs, manufactures, and distributes athletic apparel for women, men, and female youth. The company?s line of apparel and accessories include fitness pants, shorts, tops, and jackets for healthy lifestyle activities, such as yoga, running, and general fitness. Its fitness-related accessories comprise bags, socks, underwear, yoga mats, instructional yoga DVDs, and water bottles. The company sells its products through a chain of corporate-owned and franchise stores; direct to consumer through e-commerce; and a network of wholesale channel, such as yoga studios, health clubs, and fitness centers. As of January 29, 2012, it had 47 stores in Canada, 108 stores in the United States, 18 stores in Australia, and 1 store in New Zealand under the lululemon athletica and ivivva athletica brand names. lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada

CLR - Continental Resources, Inc. engages in the exploration, development, and production of crude oil and natural gas primarily in the north, south, and east regions of the United States. The company primarily sells its oil and natural gas production to end users, as well as to midstream marketing companies or oil refining companies at the lease. As of December 31, 2011, its estimated proved reserves were 508.4 million barrels of crude oil equivalent, with estimated proved developed reserves of 205.2 million barrels of crude oil equivalent. The company had interests in 3,255 wells and served as the operator of 2,082 of these wells. Continental Resources, Inc. was founded in 1967 and is headquartered in Enid, Oklahoma.

NFLX - Netflix, Inc. provides Internet subscription services for TV shows and movies in the United States and internationally. The company offers its subscribers to watch unlimited TV shows and movies streamed over the Internet to their TVs, computers, and mobile devices. It also provides standard definition DVDs and Blu-ray discs to its subscribers. The company was founded in 1997 and is headquartered in Los Gatos, California.

IBM - International Business Machines Corporationprovides information technology (IT) products and services worldwide. The company operates in five segments: Global Technology Services, Global Business Services, Software, Systems and Technology, and Global Financing. The Global Technology Services segment provides IT infrastructure and business process services, including strategic outsourcing, process, integrated technology, and maintenance services, as well as technology- and process-based services. The Global Business Services segment offers consulting and systems integration, and application management services. The Software segment offers middleware and operating systems software, such as WebSphere software to integrate and manage business processes; information management software for database and enterprise content management, information integration, data warehousing, performance management business analytics, intelligence, and data analytics; Tivoli software for identity management, data security, storage management, cloud computing, enterprise mobility, and automation and provisioning of the datacenter; Lotus Software to connect people and processes for communication; rational software to support software development for IT and embedded systems; security systems software; and operating systems software.

We are recommending the following specific credit spreads for Portfolio #2.

Call credit spreads = bearish call spreads.