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.

SHLD - Sears Holdings Corporation operates as a specialty retailer in the United States and Canada. The company?s Kmart segment operates stores that sell merchandise under Jaclyn Smith and Joe Boxer labels; and Sears brand products, such as Kenmore, Craftsman, and DieHard. This segment?s stores provide consumer electronics, seasonal merchandise, outdoor living, toys, lawn and garden equipment, food and consumables, and apparel; and operate in-store pharmacies. The company?s Sears Domestic segment operates stores that sell merchandise under the Kenmore, Craftsman, DieHard, Lands? End, Covington, Apostrophe, and Canyon River Blues brand names. Its stores provide appliances, consumer electronics, tools, sporting goods, outdoor living, lawn and garden equipment, home fashion products, apparel, footwear, jewelry, accessories, health and beauty products, pantry goods, household products, and toys, as well as automotive services and products. This segment also provides soft luggage; appliances and services to commercial customers in single-family residential construction/remodel, property management, multi-family new construction, and government/military sectors; premium appliance and plumbing fixtures to architects, designers, and new construction or remodeling customers; parts and repair services for appliances, lawn and garden equipment, consumer electronics, floor care products, and heating and cooling systems; and home improvement services. Sears Holdings Corporation?s Sears Canada segment engages in the retail of apparel and other softlines. The company operates approximately 2,019 full-line and 54 specialty retail stores in the United States; 475 full-line and specialty retail stores, as well as 1,512 catalog pick-up locations, 9 home services showrooms, and 101 travel offices in Canada; and kmart.com and sears.com Websites. Sears Holdings Corporation was founded in 1899 and is based in Hoffman Estates, Illinois.

CIEN - Ciena Corporation provides communications networking equipment, software, and services that support the transport, switching, aggregation, and management of voice, video, and data traffic worldwide. The company operates through Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services segments. The Converged Packet Optical segment offers networking solutions optimized for the convergence of coherent optical transport, OTN switching, and packet switching. Its products include the 6500 Packet-Optical Platform, CoreDirector Multiservice Optical Switches, 5430 Reconfigurable Switching System, and OTN configuration for the 5410 Reconfigurable Switching System. This segment also sells operating system software and enhanced software features embedded in each of these products. The Packet Networking segment principally provides the company?s 3000 family of service delivery switches and service aggregation switches, the 5000 series of service aggregation switches, and its Ethernet packet configuration for the 5410 Service Aggregation Switch. The Optical Transport segment transports voice, video, and data traffic at high transmission speeds. Its principal products include the 4200 Advanced Services Platform, Corestream Agility Optical Transport System, 5100/5200 Advanced Services Platform, Common Photonic Layer, and 6100 Multiservice Optical Platform. The Software and Services segment offers network software suite, including the OneControl Unified Management System, an integrated network and service management software designed to automate and simplify network management, operation, and service delivery; and the ON-Center Network & Service Management Suite, Ethernet Services Manager, Optical Suite Release, and network level applications. This segment also provides consulting, network design, installation and deployment, maintenance support, and training services. Ciena Corporation was founded in 1992 and is headquartered in Hanover, Maryland.

TSL - Trina Solar Limited, an integrated solar-power products manufacturer, engages in the design, development, manufacture, and sale of photovoltaic (PV) modules worldwide. The company provides mono- and multi-crystalline silicon ingots, wafers, cells, and related products. It offers monocrystalline PV modules ranging from 185 watts (W) to 210 W in power output; and multicrystalline PV modules ranging from 230 W to 310 W in power output for use in a range of residential, commercial, industrial, and other solar power generation systems. The company also designs and produces various PV modules, such as colored modules for architectural applications and larger sized modules for utility grid applications. It sells its products primarily to power plant developers and operators, distributors, wholesalers, and PV system integrators. Trina Solar Limited was founded in 1997 and is headquartered in Changzhou, the People?s Republic of China.

Call credit spreads = Bearish Call spreads.

Put credit spreads = Bullish Put spreads.

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

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.

TGT - Target Corporation operates general merchandise stores in the United States. The company offers household essentials, including pharmacy, beauty, personal care, baby care, cleaning, and paper products; hardlines comprising music, movies, books, computer software, sporting goods, and toys, as well as electronics that consist of video game hardware and software; apparel and accessories, such as apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes. It also provides food and pet supplies, including dry grocery, dairy, frozen food, beverages, candy, snacks, deli, bakery, meat, produce, and pet supplies; and home furnishings and décor, such as furniture, lighting, kitchenware, small appliances, home décor, bed and bath, home improvement, automotive, and seasonal merchandise comprising patio furniture and holiday décor. In addition, it offers in-store amenities. As of November 21, 2013, it had 1,919 stores, including 1,797 stores in the United States and 122 stores in Canada. The company distributes its merchandise through a network of distribution centers, as well as third parties and direct shipping from vendors. Further, it provides general merchandise through its Website, Target.com; and branded proprietary Target Debit Card. Target Corporation was founded in 1902 and is headquartered in Minneapolis, Minnesota.

LULU - Lululemon athletica inc., together with its subsidiaries, designs, manufactures, and distributes athletic apparel and accessories for women, men, and female youth. It operates in three segments: Corporate-Owned Stores, Direct To Consumer, and Other. The company?s line of apparel include fitness pants, shorts, tops, and jackets for healthy lifestyle activities, such as yoga, running, and general fitness. Its fitness-related accessories comprise bags, socks, underwear, yoga mats, instructional yoga DVDs, and water bottles. The company sells its products through a chain of corporate-owned and operated stores; direct to consumer through e-commerce Websites; and a network of wholesale channel, such as premium yoga studios, health clubs, and fitness centers. As of November 3, 2013, it operated 247 stores in North America and Australia under the lululemon athletica and ivivva athletica brand names. lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada.

STZ - Constellation Brands, Inc., together with its subsidiaries, produces and markets beverage alcohol. The company sells wine across various categories, including table wine, sparkling wine, and dessert wine; and spirits under the Robert Mondavi Brands, Clos du Bois, Estancia, Black Box, Arbor Mist, Blackstone, Rex Goliath, Simi, Toasted Head, Mark West, Ravenswood, Franciscan Estate, Ruffino, Wild Horse, Kim Crawford, Mount Veeder, Nobilo, Inniskillin, Jackson-Triggs, SVEDKA Vodka, Black Velvet Canadian Whisky, and Paul Masson Grande Amber Brandy brand names. It also produces and markets wine kits and beverage alcohol refreshment drinks; and bulk wine and other related products, as well as provides related services. In addition, the company imports, markets, and sells the Modelo Brands beer. Its products are primarily sold to wholesale distributors, importers, retailers, on-premise locations, and government alcohol beverage control agencies in the United States, Canada, the United Kingdom, Australia, and internationally. The company was founded in 1945 and is headquartered in Victor, New York.

Call credit spreads = Bearish Call spreads.

Put credit spreads = Bullish Put spreads.

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

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.

AMED - Amedisys, Inc., together with its subsidiaries, operates as a home health and hospice company. It operates in two segments, Home Health and Hospice. The Home Health segment offers a range of services in the homes of individuals who may be recovering from an illness, injury, or surgical procedure. This segment provides skilled nursing, home health aides, physical and occupational therapy, speech therapy, and medical social services; and chronic care clinical programs for patients with chronic diseases, such as cardiovascular, respiratory, diabetes, behavioral health, rehabilitative, and medical surgical conditions. The Hospice segment offers care that is designed to offer comfort and support for those who are facing a terminal illness, including heart disease, pulmonary disease, dementia, Alzheimer?s, HIV/AIDS, or cancer. As of December 31, 2012, the company owned and operated 435 Medicare-certified home health care centers, 97 Medicare-certified hospice care centers, and 2 hospice inpatient units in 38 states within the United States, the District of Columbia, and Puerto Rico. Amedisys, Inc. was founded in 1982 and is headquartered in Baton Rouge, Louisiana.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.