We are recommending the following credit spreads to the December 2013 expiration cycle, some we will be trying again because we failed to get a fill today.

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

LEN - Lennar Corporation, together with its subsidiaries, engages in homebuilding, financial services, and real estate businesses in the United States. The company operates in Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, Homebuilding Houston, Financial Services, and Rialto Investments segments. Its homebuilding activities primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land. The company also offers financial services, including mortgage financing, title insurance, and closing services for buyers and others. In addition, it is involved in sourcing, underwriting, pricing, managing, and monetizing real estate and real estate related assets, as well as provision of real estate capital and asset management services. As of November 30, 2012, the company owned 107,138 home sites and had access through option contracts to an additional 21,346 home sites. Lennar Corporation has a strategic partnership with Codina Partners, LLC to develop a portion of Downtown Doral. The company was founded in 1954 and is headquartered in Miami, Florida.

VECO - Veeco Instruments Inc., together with its subsidiaries, designs, manufactures, and markets process equipment to make light emitting diodes (LEDs) and hard-disk drives worldwide. The company?s LED & Solar segment designs and manufactures metal organic chemical vapor deposition and molecular beam epitaxy systems and components for the manufacturers of LEDs, wireless components, power semiconductors, and concentrator photovoltaics, as well as to research and development applications. Its Data Storage segment designs and manufactures various systems, including ion beam etch, ion beam deposition, diamond-like carbon, physical vapor deposition, chemical vapor deposition, and slicing, dicing, and lapping systems to create thin film magnetic heads that read and write data on hard disk drives. The company was founded in 1945 and is headquartered in Plainview, New York.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

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We are recommending credit spreads for December 2013 in the following positions for Portfolio #3:

GPRN - Groupon, Inc. operates as a local commerce marketplace that connects merchants to consumers by offering goods and services at a discount in North America and internationally. The company also offers deals on products for which it acts as the merchant of record. It offers deals in various categories, including food and drink, events and activities, beauty and spa, fitness, health, home and auto, shopping, and education. The company emails its subscribers discounted offers on goods, services, and travel targeted by location, purchase history, and personal preferences. It also enables its customers to access its deals directly through its Website and mobile applications. The company was formerly known as ThePoint.com, Inc. and changed its name to Groupon, Inc. in October 2008. Groupon, Inc. was founded in 2008 and is headquartered in Chicago, Illinois.

BOYD - Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States. The company operates in five segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, Peninsula Gaming, and Atlantic City. It owns and operates 21 gaming entertainment properties located in Nevada, Illinois, Louisiana, Mississippi, Indiana, Kansas, Iowa, and New Jersey. The company also owns and operates a pari-mutuel jai-alai facility located in Dania Beach, Florida; a travel agency in Hawaii; and the Borgata Hotel Casino and Spa in Atlantic City, New Jersey. As of December 31, 2012, it owned and operated 1,255,576 square feet of casino space comprising 31,577 slot machines, 758 table games, and 11,416 hotel rooms. Boyd Gaming Corporation was founded in 1988 and is headquartered in Las Vegas, Nevada.

BBRY - BlackBerry Limited, formerly Research In Motion Limited, is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services, it provides platforms and solutions for seamless access to information, including e-mail, voice, instant messaging, short message service (SMS), Internet and intranet-based applications and browsing. The Company's technology also enables an array of third party developers and manufacturers to enhance their products and services through software development kits, wireless connectivity to data and third-party support programs. Its portfolio of products, services and embedded technologies are used by thousands of organizations and millions of consumers around the world and include the BlackBerry wireless solution, the RIM Wireless Handheld product line, the BlackBerry PlayBook tablet, software development tools and other software and hardware.

SLV - Ishares SLV Trust -The investment seeks to reflect the price of silver owned by the trust less the trust's expenses and liabilities. The fund is intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver. Although the fund is not the exact equivalent of an investment in silver, they provide investors with an alternative that allows a level of participation in the silver market through the securities market.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.