We are recommending the following credit spreads to the January 2014 expiration cycle.

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

VLO - Valero Energy Corporation operates as an independent petroleum refining and marketing company. The company operates through three segments: Refining, Ethanol, and Retail. The Refining segment engages in refining, wholesale marketing, product supply and distribution, and transportation operations. It produces conventional gasoline, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products. This segment also offers conventional blendstock for oxygenate blending, reformulated gasoline blendstock for oxygenate blending, gasoline meeting the specifications of the California Air Resources Board (CARB), CARB diesel fuel, and low-sulfur and ultra-low-sulfur diesel fuel. The Ethanol segment produces ethanol and distillers grains. The Retail segment sells motor fuels at convenience stores, filling stations, and card locks; convenience store merchandise and services in convenience stores; and home heating oil to residential customers. Valero Energy Corporation markets its refined products through bulk and rack marketing network; and sells refined products through a network of approximately 1,880 company-owned and leased retail sites and other under the Valero, Diamond Shamrock, Shamrock, Ultramar, Beacon, and Texaco names in the U.S., Canada, the U.K., Aruba, and Ireland. It owns approximately 16 petroleum refineries with a combined throughput capacity of approximately 3.0 million barrels per day; and operates 10 ethanol plants with a combined nameplate production capacity of approximately 1.1 billion gallons per year. The company was formerly known as Valero Refining and Marketing Company and changed its name to Valero Energy Corporation in August 1997. Valero Energy Corporation was founded in 1955 and is headquartered in San Antonio, Texas.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish Put spreads.

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We are recommending credit spreads for Janaury 2014 in the following positions for Portfolio #2:

COH - Coach, Inc. designs and markets bags, accessories, business cases, footwear, wearables, jewelry, sunwear, travel bags, watches, and fragrances for women and men in the United States and internationally. The company offers handbags, money pieces, wristlets, rings, charms, and cosmetic cases for women; and business cases, computer bags, messenger-style bags, totes, wallets, card cases, belts, as well as time management and electronic accessories for men. It provides wearables, such as scarves, jackets, gloves, and hats; jewelry comprising bracelets, necklaces, rings, and earrings made with sterling silver, leather, and non-precious metals; and travel bags, including luggage, travel kits, and valet trays. The company also offers fragrances comprising eau de perfume spray, eau de toilette spray, purse spray, body lotion, and body splashes for women; and fragrances for men, as well as footwear, watches, and sunglasses. In addition, the company licenses rights to distribute the Coach brand products, including footwear, eyewear, watches, and fragrances. Coach, Inc. markets its products to consumers through a network of company-operated stores in North America, Japan, Hong Kong, Macau, Mainland China, Taiwan, Malaysia, Korea, and Singapore, as well as through Internet, department stores, and specialty stores. The company also sells its products to wholesale customers and distributors in approximately 25 countries. As of June 29, 2013, the company operated 351 retail and 193 factory leased stores located in North America; 191 coach-operated department store shop-in-shops, retail stores, and factory stores in Japan; and 281 coach-operated department store shop-in-shops, retail stores, and factory stores in Hong Kong, Macau, Mainland China, Singapore, Taiwan, Malaysia, and Korea. Coach, Inc. was founded in 1941 and is headquartered in New York, New York.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish Put spreads.

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We are recommending credit spreads for January 2014 in the following positions for Portfolio #3:

NO additional recommendations for Portfolio #3 at this time.