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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 #3:

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.

VALE - Vale S.A. engages in the research, production, and marketing of iron ore and pellets, nickel, fertilizers, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment engages in the extraction of iron ore and pellet production, as well as operation of transport systems in Brazil, including railroads, ports, and terminals related to mining operations. This segment is also involved in the production of manganese and ferroalloys; and mining of coal. The company?s Base Metals segment produces non-ferrous minerals, including nickel and copper; and aluminum products. Vale S.A.?s Fertilizers segment provides potash, phosphates, and nitrogen. The company?s Logistic Services segment offers cargo transportation services, such as rail transport, port, and shipping services for third parties. In addition, Vale S.A. generates energy through hydroelectric plants and centers in Brazil, Canada, and Indonesia; and has a natural gas exploration portfolio of 18 blocks in 4 petroleum basins in Brazil. The company was formerly known as Companhia Vale do Rio Doce and changed its name to Vale S.A. in May 2009. Vale S.A. was founded in 1942 and is based in Rio de Janeiro, Brazil.

UNXL - Uni-Pixel, Inc. delivers performance engineered films to the display, touch screen, and flexible electronics market segments in the United States. The company offers finger print resistant and hard coat protective cover films for various touch enabled devices. It is also involved in developing indium tin oxide less touch films and flexible electronic films for roll to roll printing of flexible thin-film conductor patterns. It sells its products under the Diamond Guard and Clearly Superior brand, as well as under private labels to original equipment manufacturers. The company offers its products for touch panel sensors, cover glass replacements, protective cover films, and antenna and custom circuitry applications. Uni-Pixel, Inc. is headquartered in The Woodlands, Texas.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.