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

We are recommending this credit spread for our Portfolio #2 in the following issue(s).

We are recommending a OUTR August 60/57.5 put spread on OUTR to complete an iron butterfly when joined with our existing call spread position on OUTR .

We are also recommending a SAP August 75/72.50 put spread on SAP to complete an iron butterfly when joined with our existing call spread position on SAP .

These spreads will not require any additional margin with the right brokerage firms.

We are recommending the following specific credit spread(s).

Put credit spreads = Bullish put spreads.