We are recommending the following credit spreads to our MCM November expiration cycle.

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

MLNX - Mellanox Technologies, Ltd., a fabless semiconductor company, produces and supplies semiconductor interconnect products for computing, storage, and communications applications in the high-performance computing, Web 2.0, storage, financial services, database, cloud, and embedded markets. Its connectivity products facilitate data transmission between servers, storage systems, communications infrastructure equipment, and other embedded systems. The company provides solutions based on InfiniBand, including switch and gateway integrated circuits (ICs), adapter cards, cables, modules, and software, as well as switch, gateway, and long-haul systems. It also provides 10/40/56 gigabit Ethernet solution for use in EDC, HPC, embedded environments, and hyperscale Web 2.0 and cloud data centers. In addition, it offers adapters to server, storage, communications infrastructure, and embedded systems original equipment manufacturers (OEMs) as ICs or standard card form factors with PCI express interfaces; and switch ICs to server, storage, communications infrastructure, and embedded systems OEMs to create switching equipment. Further, it supports server operating systems, including Linux, Windows, AIX, HPUX, Solaris, and VxWorks. Mellanox technologies, Ltd. markets its products under the Mellanox, BridgeX, ConnectX, CORE-Direct, InfiniBridge, InfiniHost, InfiniScale, PhyX, SwitchX, Virtual Protocol Interconnect, and Voltaire trademarks. The company sells its products through its direct sales force, a network of sales representatives, and independent distributors worldwide. Mellanox Technologies, Ltd. was incorporated in 1999 and is headquartered in Yokneam, Israel.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish call spreads.

We are also recommending a put credit spread on ANF to complete an iron condor when joined with our existing call spread position on ANF.

This spread 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.

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

We are recommending the following credit spreads to the MCM October expiration cycle.

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

CREE - Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, and Taiwan. The companyÂ’s LED Products segment provides blue and green LED chips that are used in various applications, including video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications. Its Lighting Products segment offers LED and traditional lighting systems for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting, and parking structures. The companyÂ’s Power and RF Products segment provides SiC-based power products, such as Schottky diodes, SiC metal semiconductor field-effect transistors, and SiC power modules that are used in power supplies in computer servers, solar inverters, uninterruptible and industrial power supplies, and other applications; and RF devices, including a range of GaN high electron mobility transistors (HEMTs) and monolithic microwave integrated circuits (MMICs) for military, telecom, and other commercial applications, as well as provides foundry services for GaN HEMTs and MMICs that allow customers to design their own custom RF circuits. It also provides semiconductor materials and devices primarily based on SiC, gallium nitride (GaN), and related compounds. Cree, Inc. was founded in 1987 and is headquartered in Durham, North Carolina.

PM - Philip Morris International Inc., through its subsidiaries, manufactures and sells cigarettes and other tobacco products. The companyÂ’s portfolio of international and local brands include Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White. It also owns various local cigarette brands, such as Sampoerna, Dji Sam Soe, and U Mild in Indonesia; Fortune, Champion, and Hope in the Philippines; Diana in Italy; Optima and Apollo-Soyuz in Russia; Morven Gold in Pakistan; Boston in Colombia; Belmont, Canadian Classics, and Number 7 in Canada; Best and Classic in Serbia; f6 in Germany; Delicados in Mexico; Assos in Greece; and Petra in the Czech Republic and Slovakia. The company sells its products in approximately 180 countries in the European Union, Eastern Europe, the Middle East, Africa, Asia, Latin America, and Canada. Philip Morris International Inc. was incorporated in 1987 and is based in New York, New York.

We are recommending the following specific spreads.

Call credit spread = bearish call spread.

Put credit spread - bullish put spread.

We are also recommending a put credit spread on GLD to complete an iron condor when joined with our existing call spread position on GLD.

This spread 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.

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

We are recommending the following credit spreads to our MCM November expiration cycle.

We are recommending credit spreads in Portfolio #3 in the following issues.

NUAN - Nuance Communications, Inc. provides voice and language solutions for businesses and consumers worldwide. It provides dictation and transcription solutions and services that enable platforms to generate and distribute clinical documentation; clinical documentation improvement programs; and speech recognition solutions for radiology, cardiology, pathology, and related specialties enabling healthcare providers to dictate, edit, and sign reports without manual transcription. The company also offers mobile and consumer solutions comprising voice control and text-to-speech solutions; dictation applications; predictive text technologies; mobile messaging services; and dictation, Web search, and voicemail-to-text services for use in phones, cars, tablets, desktop and portable computers, personal navigation devices, and other consumer electronics. In addition, it provides customer service business intelligence and authentication solutions, such as speech recognition, natural language understanding, text-to-speech, biometric voice recognition, and analytics for enterprises in the telecommunications, financial services, travel, entertainment, and government sectors to support, understand, and communicate with customers. Further, the company offers document imaging, print management, and PDF solutions to printer manufacturers, home offices, small businesses, and enterprise customers; and software development toolkits to independent software vendors, as well as licenses its software to printer manufacturers; and Tweddle Connect, an application and content service delivery platform for in-car infotainment systems. Nuance Communications, Inc. markets and sells its products through direct sales force and a network of resellers, and its e-commerce Website. The company was formerly known as ScanSoft, Inc. and changed its name to Nuance Communications, Inc. in October 2005. Nuance Communications, Inc. was founded in 1992 and is headquartered in Burlington, Massachusetts.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish call spreads.

We are also recommending put credit spreads on GDX & HPQ to complete iron condors when joined with our existing call spread positions on GDX & HPQ.

The HPQ spread will not require any additional margin with the right brokerage firms.

The GDX spread will require additional margin as the this put spread has a 2 point strike price difference where as the call spread had only a 1 point strike price difference.

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

Put credit spread = Bullish put spread.