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We are recommending the following credit spreads to add to the September expiration cycle.

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

APOL - Apollo Group, Inc., through its subsidiaries, provides online and on-campus educational programs and services at the undergraduate, master?s, and doctoral levels. The company offers various degree programs in arts and sciences, business and management, criminal justice and security, education, health care, human services, nursing, psychology, and technology through its campus locations and learning centers in 40 states and the District of Columbia, and Puerto Rico, as well as through its online education delivery system. It also provides various degree programs in Chile and Mexico, and through online; financial services education programs, including Master of Science in three majors, as well as certification programs in retirement, asset management, and other financial planning areas; and training and education to professionals in the legal and finance industries through its schools in the United Kingdom and a network of offices in Europe. In addition, the company offers program development, administration, and management consulting services comprising degree program design, curriculum development, market research, student admissions, and accounting and administrative services to private colleges and universities for their working learners? programs; and sells books and other publications.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

We are trying to fill APOL again, but at difference strike prices ( see below )

We are also moving the DECK SEP 50 SHORT CALL STOP down to $3.20 STOP to close the position. IF the DECK 50 SHORT CALL is triggered we will than close out our DEC 52.5 LONG CALL at the Market.

If this STOP is not triggered tomorrow we will hold this order as a GTC and advise action tomorrow after the close.

I mentioned we would hold the CTRP spread position for another day, that is only if we do not get stopped out tomorrow.

We are also putting in a STOP order on our CTRP SHORT 15 CALL at $1.75 STOP.

There is a good chance this STOP might be triggered and if so we will accordingly close out our CTRP LONG 17 CALL at the Market.