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

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

GRMN - Garmin Ltd., together with its subsidiaries, designs, develops, manufactures, and markets global positioning system (GPS) enabled products and other navigation, communication, and information products for the automotive/mobile, outdoor, fitness, marine, and general aviation markets worldwide. The company offers a range of automotive navigation products, and various products and applications designed for the mobile GPS market; GPS enabled handheld products for hunters, hikers, geocachers, outdoors enthusiasts, cyclists, and golfers; dog tracking systems; tracker systems; and training assistants for athletes. It also provides handhelds, network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, fish finders, radars, autopilots, VHF radios, marine networking products, and sounder products. In addition, the company offers GPS-enabled navigation, VHF communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems, automatic flight control systems, traffic advisory systems and traffic collision avoidance systems, terrain awareness and warning systems, instrument landing system receivers, surveillance products, audio panels, and cockpit datalink systems.

FSLR - First Solar,Inc.engages in the design, manufacture,and sale of solar modules using a thin-film semiconductor technology in the United States and internationally. The company is also involved in the design, construction, and sale of photovoltaic solar power systems. Its solar modules employ a thin layer of semiconductor material to convert sunlight into electricity. The company?s integrated solar power systems activities include project development; engineering, procurement, and construction services; operating and maintenance services; and project finance. First Solar, Inc. sells its solar modules to solar power system project developers, system integrators, and operators; investor owned utilities; independent power developers and producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

We are also recommending the following specific credit spread.

put credit spread = Bullish put spread.

This put credit spread , together with our existing call spread will complete an iron condor on our X position.