We are recommending the following credit spreads to BEGIN the APRIL expiration cycle.

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

GM - General Motors Company (GM) designs, manufactures, and markets cars, crossovers, trucks, and automobile parts worldwide. The company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Opel, Holden, and Vauxhall brand names, as well as under the Alpheon, Jiefang, Baojun, and Wuling brand names. It also sells cars and trucks to dealers for consumer retail sales, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, the company offers connected safety, security and mobility solutions, and information technology services. The company, through its subsidiary, General Motors Financial Company, Inc. provides automotive financing services and lease products through GM dealerships in connection with the sale of used and new automobiles that target customers with sub-prime and prime credit bureau scores. The company was founded in 1908 and is based in Detroit, Michigan.

JCP - J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., operates department stores in the United States and Puerto Rico. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings. It also provides various services, such as styling salon, optical, portrait photography, and custom decorating. As of February 27, 2013, the company operated 1,100 stores. The company also sells its products through its Internet Web site, jcp.com. J. C. Penney Company, Inc. has strategic alliance with Martha Stewart Living Omnimedia, Inc. The company was founded in 1902 and is based in Plano, Texas.

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.

CRUS - Cirrus Logic, Inc., a fabless semiconductor company, develops signal processing integrated circuits (ICs) for audio and energy markets. The company's audio products include amplifiers, codecs, converters, and audio DSPs for applications, such as smartphones, tablets, home theater equipment, automotive entertainment systems, and professional audio gear. It also provides controllers for LED lighting products, as well as high-precision analog and mixed-signal products for energy measurement and energy exploration applications. The company sells its products through direct sales force, external sales representatives, and distributors. Cirrus Logic, Inc. was founded in 1984 and is headquartered in Austin, Texas.

STX - Seagate Technology Public Limited Companydesigns, manufactures, markets, and sells hard disk drives for enterprise storage, client compute, and client non-compute market applications worldwide. The company?s products are used in enterprise servers, mainframes, and workstations; desktop and notebook computers; and digital video recorders, gaming consoles, personal data backup systems, portable external storage systems, and digital media systems. It also provides data storage services, including online backup, data protection, and recovery solutions for small and medium-sized businesses. The company ships external backup storage solutions under its GoFlex, Backup Plus, and Expansion product lines, as well as under the Samsung brand name; and network attached storage solutions under its GoFlex Home and BlackArmor product lines. Seagate Technology Public Limited Company sells its products primarily to original equipment manufacturers, distributors, and retailers. The company has a strategic agreement with Virident Systems Inc. to deliver solutions for the enterprise flash storage market. Seagate Technology Public Limited Company was founded in 1979 and is headquartered in Dublin, Ireland.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

===================================

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

ESV - Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. It owns and operates an offshore drilling rig fleet of approximately 77 rigs, including 7 drill ships, 13 dynamically positioned semisubmersible rigs, 7 moored semisubmersible rigs, 49 jack up rigs, and 1 barge rig used to drill and complete oil and natural gas wells. The company?s drilling rigs are located in Brazil, Europe and Mediterranean region, the Middle East and Africa region, and the Asia Pacific rim region. It serves government owned, and independent oil and gas companies, as well as various independent operators. Ensco plc was founded in 1975 and is headquartered in London, the United Kingdom.

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.

RIG - Transocean Ltd. provides offshore contract drilling services for oil and gas wells worldwide. It offers deepwater and harsh environment drilling, oil and gas drilling management, and drilling engineering and drilling project management services, as well as logistics services. As of February 20, 2013, the company owned, had partial ownership interests in, and operated 82 mobile offshore drilling units, including 48 high-specification floaters, 25 midwater floaters, and 9 high-specification jackups, as well as had 6 ultra-deepwater drillships and 3 high-specification jackups under construction or under contract to be constructed. Transocean Ltd. was founded in 1953 and is based in Vernier, Switzerland.

We are recommending the following specific credit spreads.

Call credit spreads = bearish Call spreads.