We are recommending the following credit spreads to the MARCH expiration cycle.

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

FIO - Fusion-io, Inc. engages in the development, marketing, and sale of storage memory platforms for enterprise data decentralization primarily in the United States. Its integrated hardware and software platform enables the decentralization of data from legacy architectures and specialized hardware. The companyÂ’s storage memory platform includes ioDrive, ioFX, and ioCache products; directCache data-tiering software; ioTurbine virtualization software; ioSphere platform management software; and ION data accelerator software. Its products are used in various markets, such as financial services, Internet, technology, education, retail, manufacturing, energy, life sciences, and government. Fusion-io, Inc. sells its solutions through its direct sales force, original equipment manufacturers, and other channel partners. The company was formerly known as Fusion Multisystems, Inc. and changed its name to Fusion-io, Inc. in June 2010. Fusion-io, Inc. was founded in 2005 and is headquartered in Salt Lake City, Utah.

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.

FB - Facebook, Inc. operates as a social networking company worldwide. The company builds tools that enable users to connect, share, discover, and communicate with each other; enables developers to build social applications on Facebook or to integrate their Websites with Facebook; and offers products that enable advertisers and marketers to engage with its users. As of February 2, 2012, it had 845 million monthly users and 443 million daily users. The company was founded in 2004 and is headquartered in Menlo Park, California.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

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

RGLD - Royal Gold, Inc. , together with its subsidiaries, engages in the acquisition and management of precious metals royalties and similar production based interests. It owns royalty interests in various producing and development stage projects that explore for gold, silver, copper, nickel, zinc, lead, cobalt, and molybdenum. As of August 9, 2012, the company owned interests on 193 properties on 6 continents, including interests on 39 producing mines and 26 development stage projects. It holds royalty interests in properties primarily located in the United States, Chile, Canada, Mexico, Spain, Africa, Australia, Argentina, Bolivia, Brazil, Burkina Faso, Colombia, the Dominican Republic, Finland, Ghana, Guatemala, Honduras, Nicaragua, Peru, Russia, and Tunisia. Royal Gold, Inc. was founded in 1981 and is based in Denver, Colorado.

VMW - VMware, Inc. provides virtualization and virtualization-based cloud infrastructure solutions in the United States and internationally. The companyÂ’s products address planned and unplanned downtime management, system recoverability and reliability, backup and recovery, resource provisioning and management, capacity and performance management, and security issues. Its cloud infrastructure products and technologies include VMware vSphere, which is a data center platform that also enables live migration of actively running virtual machines across servers or storage locations without disruption or downtime; enables availability for all applications against hardware and operating system failures; and enables centralized point of control for cluster-level networking, as well as automatically manages the placement and balancing of a virtual machine across storage resources. The company also offers cloud application platform solutions that help organizations build, run, and manage enterprise applications in public, private, or hybrid clouds optimized for vSphere. In addition, it provides end-user computing solutions, which provide secure access to applications and data from various devices and location, as well as serves the corporate IT departments through managing and connecting end-user assets delivering them as a managed service. The companyÂ’s end-user computing solutions also provide the ability to manage software as a service, Windows, Mobile, or enterprise applications, as well as enhance communication and collaboration between end users. Further, it provides a range of professional services, such as consulting, education, and technical account manager services, as well as customer support services.

We are recommending the following specific credit spreads.

Call credit spreads = bearish Call spreads.