MCM JULY recommendations.

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.

CNC - Centene Corporation operates as a multiline healthcare company in the United States. It operates through two segments, Medicaid Managed Care and Specialty Services. The Medicaid Managed Care segment provides Medicaid and Medicaid-related health plan coverage to individuals through government subsidized programs, including Medicaid, the State childrenÂ’s health insurance program, foster care, and Medicare special needs plans, as well as aged, blind, or disabled programs. Its health plans principally provide primary and specialty physician care, inpatient and outpatient hospital care, transportation assistance, emergency and urgent care, vision care, prenatal care, dental care, laboratory and x-ray services, immunizations, prescriptions and over-the-counter drugs, home health and durable medical equipment, behavioral health and substance abuse services, therapies, social work services, care coordination, and 24-hour nurse advice line. The Specialty Services segment manages behavioral healthcare for members; provides health insurance to individual customers and their families; implements life and health management programs; offers long-term care services to the elderly and people with disabilities; administers routine and medical surgical eye care benefits through its network of eye care providers; provides telehealth services; and offers progressive pharmacy benefits management services, including claims processing, pharmacy network management, benefit design consultation, drug utilization review, formulary and rebate management, specialty and mail order pharmacy services, and patient and physician intervention services.

NTAP - NetApp, Inc. engages in the design, manufacturing, marketing, and technical support of networked storage solutions. It supplies enterprise storage and data management software, and hardware products and services. The company offers Data ONTAP, an operating system that supports storage area network (SAN) and network-attached storage (NAS) environments; storage efficiency technologies, including FlexVol, FlexClone, and Deduplication technologies; storage management and application integration software, such as OnCommand management software; fabric-attached storage unified storage systems, which support a range of data for users on various platforms; and virtual storage tier; V-Series network-based virtualization solutions that provide SAN and NAS access to the data stored in heterogeneous storage arrays.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

We are recommending a credit spread for Portfolio #2in the following issue.

We are recommending the following specific credit spread on BIDU
.

Call credit spread = Bearsh call spread.

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