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

We are recommending credit spreads for February 2014 in the following positions for Portfolio #1:

GPS - The Gap, Inc. operates as an apparel retail company. It offers apparel, accessories, and personal care products for men, women, children, and babies under the Gap, Old Navy, Banana Republic, Piperlime, Athleta, and Intermix brands worldwide. Its products include maternity apparel; loungewear, sleepwear, intimates, and active apparel for women; and handbags, shoes, jewelry, personal care products, and eyewear for men and women; women?s apparel, footwear, and accessories for sports and fitness activities, including crossover apparel and casualwear; and luxury and contemporary apparel and accessories. The company also has franchise agreements with unaffiliated franchisees to operate stores in Asia, Australia, Eastern Europe, Latin America, the Middle East, and Africa under the Gap and Banana Republic brands. The Gap, Inc. offers its products through company-operated stores, franchise stores, e-commerce sites, and catalogs. As of November 2, 2013, it had 3,515 store locations.The Gap, Inc. was founded in 1969 and is headquartered in San Francisco, California.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

We are also recommending these credit spreads for our Portfolio #1 in the following issue(s).

We are recommending call credit spread on FAST to complete an iron condor when joined with our existing put spread position on FAST .

This spread will require no additional margin with the right broker.

We are recommending call credit spread on TSL to complete an iron condor when joined with our existing put spread position on TSL .

This spread will require an additional margin $2,000 as the strike price difference is 2 points and not 1 point like our put position.

We are recommending the following specific credit spread(s) for the issues above.

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 February 2014 in the following positions for Portfolio #2:

NKE - NIKE, Inc., together with its subsidiaries, engages in the design, development, marketing, and sale of athletic footwear, apparel, equipment, and accessories, as well as in the provision of services to men, women, and kids worldwide. The company offers products in seven categories, including running, basketball, football, men?s training, women?s training, NIKE sportswear, and action sports Under the NIKE and Jordan brand names. It also markets products designed for kids, as well as for other athletic and recreational uses, such as baseball, cricket, golf, lacrosse, outdoor activities, football, tennis, volleyball, walking, and wrestling. The company offers performance equipment, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment, golf clubs, and other equipment under the NIKE brand name for sports activities; various plastic products to other manufacturers; athletic and casual footwear, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks; and action sports and youth lifestyle apparel and accessories under the Hurley trademark. It sells its products to footwear stores, sporting goods stores, athletic specialty stores, department stores, skate, tennis and golf shops, and other retail accounts through NIKE-owned retail stores; Internet Websites (direct to consumer operations); and a mix of independent distributors and licensees. As of May 31, 2013, the NIKE Brand had 645 DTC stores. The company was founded in 1964 and is headquartered in Beaverton, Oregon.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

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

We are also recommending these credit spreads for our Portfolio #2 in the following issue(s).

We are recommending a call credit spread on AXP to complete an iron condor when joined with our existing put spread position on AXP .

This spread will require no additional margin with the right broker.

We are also recommending call credit spread on STZ to complete an iron butterfly when joined with our existing put spread position on STZ .

This spread will require no additional margin with the right broker.

We are recommending the following specific credit spread(s) for the above issues.

call credit spreads = Bearish call spreads.