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.

LEN - Lennar Corporation, together with its subsidiaries, engages in homebuilding, financial services, and real estate businesses in the United States. Its homebuilding operations include the construction and sale of single-family attached and detached homes; and the purchase, development, and sale of residential land. The company also provides primarily mortgage financing, title insurance, and closing services for the buyers of homes and others. In addition, it invests in distressed real estate assets, as well as engages in sourcing, underwriting, pricing, and monetizing real estate and real estate related assets, and providing similar services to others in markets across the country. As of November 30, 2011, Lennar Corporation owned 94,684 homesites and had access through option contracts to an additional 16,702 homesites. Lennar Corporation was founded in 1954 and is based in Miami, Florida.

BBRY - Research In Motion Limited designs, manufactures, and markets wireless solutions worldwide. It provides platforms and solutions, including email, voice, instant messaging, short message service, Internet and Intranet-based browsing, and multimedia content through developing integrated hardware, software, and services. The companyÂ’s BlackBerry smartphones use wireless, push-based technology that delivers data to mobile usersÂ’ business and consumer applications. Its BlackBerry smartphone portfolio includes BlackBerry Bold series, BlackBerry Torch series, BlackBerry Curve series, and the BlackBerry PlayBook tablet. The companyÂ’s BlackBerry enterprise solutions comprise BlackBerry enterprise server, BlackBerry enterprise server express, BlackBerry mobile voice system, and hosted BlackBerry services. It also offers development platform that allow third party commercial and enterprise software developers to build and deploy custom applications to run on BlackBerry smartphones, and products and technologies to third party developers, wireless carriers, and enterprise customers to develop distribute and manage these applications, as well as a range of software development tools. In addition, the company provides the BlackBerry Messenger Social Apps Platform; and push, payments, advertising, location, analytics, and scoreloop services, as well as the BlackBerry App World to discover and download/purchase of applications. Further, it offers BlackBerry Enterprise Server tools and technologies that enable secure and managed provisioning of applications; BlackBerry Enterprise App World that allows employees access to a catalogue of applications; and repair and maintenance services. The company sells its BlackBerry wireless solutions through wireless communications carriers and third party distribution channels. Research In Motion Limited was founded in 1984 and is based in Waterloo, Canada.

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.

LVS - Las Vegas Sands Corp., together with its subsidiaries, owns, develops, and operates various integrated resort properties primarily in the United States, Macau, and Singapore. It owns and operates The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, and The Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Macao casino, The Venetian Macao Resort Hotel, and the Four Seasons Hotel Macao in Macau, the PeopleÂ’s Republic of China. The company also owns and operates the Marina Bay Sands, a 55-story hotel towers in Singapore; and the Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada.

BIDU - Baidu, Inc. provides Internet search services. The company offers a Chinese language search platform on its Website, Baidu.com; and a Japanese language search platform on its Website, Baidu.jp. Its search services enable users to find relevant information online, including Web pages, news, images, documents, and multimedia files through the links provided on its Websites. The company also offers search products and Web directory; search-based community products; mobile search and related products; products and services for Websites and enterprises; e-commerce and entertainment products; and software and related search products. In addition, it provides online marketing and auction-based P4P services that enable its customers to reach users who search for information related to their products or services. The company serves online marketing customers consisting of small and medium sized enterprises, large domestic corporations, and Chinese divisions or subsidiaries of multinational corporations primarily operating in the medical, machinery, education, software and online games, tourism and ticketing, transportation, franchising, business services, electronic products, information technology services, financial services, construction and decoration, household appliances, and other industries. It sells its online marketing services directly, as well as through its distribution network. The company was formerly known as Baidu.com, Inc. and changed its name to Baidu, Inc. in December 2008. Baidu, Inc. was founded in 2000 and is headquartered in Beijing, the PeopleÂ’s Republic of China.

We are recommending the following specific credit spreads.

Call credit spreads = bearish Call spreads.