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We are recommending the following credit spreads to add to our MCM July 2012 expiration cycle.

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

BBY - Best Buy Co., Inc. operates as a retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances, and related services primarily in the United States, Europe, Canada, and China. The companyÂ’s stores offer video products, including televisions, e-readers, navigation products, digital cameras and accessories, digital camcorders and accessories, and DVD and Blu-ray players; and audio products, such as MP3 players and accessories, home theater audio systems and components, musical instruments, and mobile electronics comprising car stereo and satellite radio products. Its stores also provide computing and mobile phone products consisting of notebook and desktop computers, tablets, monitors, mobile phones and related subscription service commissions, hard drives and other storage devices, and networking equipment, as well as office supplies and other related accessories, such as printers; entertainment software products, including video gaming hardware and software, DVDs, Blu-rays, CDs, digital downloads, and computer software; and appliances, air conditioners, and housewares. In addition, the company offers service contracts, warranties, computer-related services, and product repair, as well as delivery and installation services for home theaters, and mobile audio and appliances; and snacks and beverages.

HP - Helmerich & Payne, Inc. engages in the contract drilling of oil and gas wells. It provides drilling rigs, equipments, personnel, and camps on a contract basis to explore for and develop oil and gas from onshore areas and fixed platforms, tension-leg platforms, and spars in offshore areas. The company conducts land drilling operations primarily in Oklahoma, California, Texas, Wyoming, Colorado, Louisiana, Mississippi, Pennsylvania, Utah, Arkansas, New Mexico, Alabama, Montana, North Dakota, and West Virginia; offshore drilling operations in the Gulf of Mexico, offshore of California, Trinidad, and Equatorial Guinea; and international land drilling operations in Ecuador, Colombia, Argentina, Mexico, Tunisia, and Bahrain. As of November 17, 2011, the company's existing fleet included 250 land rigs in the United States, 25 international land rigs, and 9 offshore platform rigs. The company also involved in the ownership, development, and operation of commercial real estate; and research and development of rotary steerable technology. Its properties comprise a shopping center containing approximately 441,000 leasable square feet; multi-tenant industrial warehouse properties of approximately 990,000 leasable square feet; and approximately 210 acres of undeveloped real estate.

TPX - Tempur-Pedic International Inc. engages in the manufacture, marketing, and distribution of bedding products in North America and internationally. It offers mattresses, pillows, and adjustable bed bases, as well as various cushions and other comfort products. The company sells its products under the TEMPUR and Tempur-Pedic brand names through furniture and bedding retailers, and non-spring and department stores; direct response program, Internet, and company-owned stores; hospitals, nursing homes, healthcare professionals, and medical retailers; and third party distributors. Tempur-Pedic International Inc. was founded in 1989 and is headquartered in Lexington, Kentucky.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.