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

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

FE - FirstEnergy Corp., a diversified energy holding company, engages in the generation, transmission, and distribution of electricity in the United States. The company operates in Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates fossil, hydroelectric, nuclear, and wind and solar generating facilities. The company also provides energy-related products and services to wholesale and retail customers. It operates an electric distribution system, including 266,757 miles of overhead pole line and underground conduit carrying primary, secondary, and street lighting circuits, as well as owns substations with a total installed transformer capacity of approximately 144,776,431 kilovolt-amperes. The company distributes electricity through 10 utility operating companies within 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. FirstEnergy Corp. was founded in 1996 and is headquartered in Akron, Ohio.

GDX - Gold Miners ETF -The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The fund invests at least 80% of its total assets in common stocks and ADRs of companies involved in the gold mining industry. Such companies may include medium-capitalization companies and foreign issuers. The fund normally invests at least 80% of its total assets in securities that comprise the Gold Miners Index. The Gold Miners Index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.

Call credit spreads = Bearish Call spreads.

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

We are recommending credit spreads for our Portfolio #2 in the following issues.

GLD - Gold Trust ETF.The investment seeks to replicate the performance, net of expenses, of the price of gold bullion. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.

Call credit spreads = Bearish Call spreads.

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

JCP - J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., operates department stores. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings. It also provides various services, such as styling salon, optical, portrait photography, and custom decorating. As of February 2, 2013, it operated 1,104 department stores in 49 states and Puerto Rico. The company also sells its products through its Internet Website, jcp.com. The company was founded in 1902 and is based in Plano, Texas.

VVUS - VIVUS, Inc., a biopharmaceutical company, engages in developing and commercializing therapies to address unmet needs in obesity, sleep apnea, diabetes, and sexual health. The company offers Qsymia, a drug for the treatment of obesity as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with an initial body mass index of 30 or greater, or 27 or greater in the presence of at least one weight-related comorbidity, such as hypertension, type 2 diabetes mellitus, or high cholesterol; and STENDRA for the treatment of erectile dysfunction. It also completed Phase II clinical studies of Qsymia for the treatment of obstructive sleep apnea; and Qsymia for the treatment of type 2 diabetes. The company has an agreement with Mitsubishi Tanabe Pharma Corporation for the development and commercialization of avanafil, a PDE5 inhibitor compound for the oral and local treatment of male and female sexual dysfunction. VIVUS, Inc. was founded in 1991 and is headquartered in Mountain View, California.

SLV - Ishares Silver 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.

We will have additional spreads over the weekend for the February cycle as usual, but here a a few positions I want to introduce a day earlier.