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

We are recommending credit spreads on the following issues.

RYL-The Ryland Group, Inc. operates as a homebuilder and a mortgage-finance company in the United States. It engages in the design, construction, and sale of homes, as well as provides mortgage origination, title insurance, escrow, and insurance services. The company offers single-family detached homes; and attached homes, such as townhomes and condominiums, as well as sells land and lots. It builds homes for entry-level buyers, as well as for first- and second- time move-up buyers. The Ryland Group, Inc. was founded in 1967 and is headquartered in Westlake Village, California.

We are recommending the following specific spread for our Portfolio #1 in

Call credit spread = Bearish call spread.

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

We are recommending credit spreads on the following issues.

FIO - Fusion-io, Inc. develops, markets, and sells storage memory platforms in the United States and internationally. It offers integrated hardware and software solutions for enterprises, hyperscale datacenters, and small to medium enterprises that accelerate databases, virtualization, mission-critical applications, cloud computing, big data, and information systems in legacy, open, and proprietary architectures. The companyÂ’s products include ioDrive, ioScale, and ioFX enterprise grade PCIe-products placed in x86 servers or workstations that leverage flash to directly accelerate locally hosted applications; ION Data Accelerator or ioControl shared acceleration software products that allow flash memory acceleration to be deployed centrally and accessed by various servers connected to a storage area network; and ioTurbine, ioCache, and ioVDI virtualization acceleration software products that virtualize available flash to apply acceleration for active data while directing persistent data to existing shared storage infrastructure. Its products are used in various markets, such as financial services, Internet, technology, education, retail, manufacturing, energy, life sciences, and government. Fusion-io, Inc. sells its products directly, as well as through original equipment manufacturers and other channel partners. The company was formerly known as Fusion Multisystems, Inc. and changed its name to Fusion-io, Inc. in June 2010. Fusion-io, Inc. was founded in 2005 and is headquartered in Salt Lake City, Utah.

We are recommending the following specific spread for our Portfolio #3 in

Call credit spread = Bearish call spread.