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

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

ARMH - ARM Holdings plc, together with its subsidiaries, engages in the design of microprocessors, physical intellectual property (IP), and related technology and software. It also sells development tools that enhance the performance of embedded applications. The company operates in three segments: the Processor Division, the Physical IP Division, and the System Design Division. Its products include microprocessors cores that consist of specific functions, such as graphics IP, fabric IP, embedded software IP, and configurable digital signal processing IP; physical IP components for the design and manufacture of integrated circuits, which comprise embedded memory, standard cell, and input/output components; and software development tools that assist software design engineers in the design and deployment of code, from applications running on open operating systems to low-level firmware. The company also offers support, maintenance, and training services, as well as design consulting services. ARM Holdings plc licenses and sells its technology and products to electronics companies, which in turn manufacture, market, and sell microprocessors, application-specific integrated circuits, microcontrollers, and application-specific standard processors to systems companies for incorporation into various end products, as well as licenses and sells development tools directly to systems companies and provides support services to licensees, systems companies, and other systems designers. It operates in Europe, the United States, and the Asia Pacific.

KBH - Kaufman and Broad Homes operates as a homebuilding and financial services company in the United States. The company constructs and sells various homes, including attached and detached single-family residential homes, townhomes, and condominiums primarily for first-time, move-up, and active adult homebuyers. It also provides title and insurance services to homebuyers. As of November 30, 2012, the company delivered 6,282 homes. It has operations in Arizona, California, Colorado, Florida, Maryland, Nevada, New Mexico, North Carolina, Texas, and Virginia. The company was formerly known as Kaufman and Broad Home Corporation and changed its name to KB Home in 2001. KB Home was founded in 1957 and is headquartered in Los Angeles, California.

In addition we will be adding a call spread on USG which will complete an iron butterfly, alone with our current USG put spread.

We will be placing The USG June 27/26 call spread , which will be listed below.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

USG call spread completing iron butterfly.

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

FFIV - F5 Networks, Inc. provides application delivery networking technology that secures and optimizes the delivery of network-based applications, and the security, performance, and availability of servers and other network resources. It offers Local Traffic Manager, which provides intelligent load-balancing and traffic management; Global Traffic Manager that automatically directs users to the closest or best-performing data center; Access Policy Manager, which provides secure, granular, and context-aware control of access to applications; and Application Security Manager, an application firewall. The company also provides Link Controller that monitors the health and availability of each connection in organizations with more than one Internet service provider; WAN Optimization Manager, which integrates application delivery with WAN optimization technologies; WebAccelerator that speeds Web transactions by optimizing individual network object requests, connections, and end-to-end transactions from browser to databases; and Message Security, which extends security for message applications to the edge of the corporate network and eliminates unwanted e- mail. In addition, it offers BIG-IP and VIPRION application delivery controllers; Edge Gateway, a remote access product that provides context-aware, policy controlled, and remote access to applications at LAN speed; Enterprise Manager, which allows customers to discover and view its products in a single window; Traffix Signaling Delivery Controller for diameter signaling and routing; and ARX product family, a series of high performance and enterprise-class intelligent file virtualization devices.

In addition we will be adding a call spread on PM which will complete an iron condor, alone with our current PM put spread.

We will be placing The PM June 95/97.5 call spread , which will be listed below.

We are recommending the following specific credit spreads.

Call credit spreads = bearish Call spreads.

PM call spread which completes our iron condor.

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MCM July 2013 recommendations begin next weekend.