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

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

TOL - Toll Brothers, Inc., together with its subsidiaries, designs, builds, markets, and arranges finance for detached and attached homes in luxury residential communities in the Unites States. It is also involved in building and selling homes in urban infill markets. In addition, the company owns, develops, and operates golf courses and country clubs that are associated with various planned communities. The company serves move-up, empty-nester, active-adult, age-qualified, and second-home buyers in 19 states in the United States. Toll Brothers, Inc. was founded in 1967 and is headquartered in Horsham, Pennsylvania.

X - United States Steel Corporation produces and sells flat-rolled and tubular steel products in North America and Europe. The company operates in three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, rounds, strip mill plates, sheets, and tin mill products, as well as produces iron ore and coke. This segment serves customers in the service center, conversion, transportation, construction, container, appliance, and electrical markets. The USSE segment provides slabs, sheets, strip mill plates, tin mill products, and spiral welded pipes, as well as heating radiators and refractory ceramic materials. This segment serves customers in the construction, service center, conversion, container, transportation, appliance and electrical, oil, gas, and petrochemical markets. The Tubular segment offers seamless and electric resistance welded steel casing and tubing; and standard and line pipe and mechanical tubing products. This segment serves customers in the oil, gas, and petrochemical markets. The company also provides railroad services; and owns, develops, and manages various real estate assets. The company was founded in 1901 and is headquartered in Pittsburgh, Pennsylvania.

AMBA - Ambarella, Inc. develops semiconductor processing solutions for video that enable high-definition (HD) video capture, sharing, and display. The company?s system-on-a-chip designs fully integrate HD video processing, image processing, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption. Its solutions enable the creation of video content for wearable sports cameras, automotive aftermarket cameras, Internet protocol (IP) security cameras, digital still cameras, telepresence cameras, and camcorders in the camera market; and manage IP video traffic, broadcast encoding, and IP video delivery applications in the infrastructure market. The company sells its solutions to original design manufacturers and original equipment manufacturers directly or through logistics providers. Ambarella, Inc. was founded in 2004 and is headquartered in Santa Clara, California. Primary steel operations are the Gary (Indiana) Works, the Fairfield (Alabama) Works near Birmingham, the Mon Valley Works ( which includes the Edgar Thomson steelmaking and Irvin finishing operations) on the Monongahela River near Pittsburgh, and U. S. Steel Kosice in the Slovak Republic.

Call credit spreads = Bearish Call spreads.

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

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

CREE - Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, and Taiwan. The company?s LED Products segment provides blue and green LED chips that are used in various applications, including video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications. Its Lighting Products segment offers LED and traditional lighting systems for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting, and parking structures. The company?s Power and RF Products segment provides SiC-based power products, such as Schottky diodes, SiC metal semiconductor field-effect transistors, and SiC power modules that are used in power supplies in computer servers, solar inverters, uninterruptible and industrial power supplies, and other applications; and RF devices, including a range of GaN high electron mobility transistors (HEMTs) and monolithic microwave integrated circuits (MMICs) for military, telecom, and other commercial applications, as well as provides foundry services for GaN HEMTs and MMICs that allow customers to design their own custom RF circuits. It also provides semiconductor materials and devices primarily based on SiC, gallium nitride (GaN), and related compounds. Cree, Inc. was founded in 1987 and is headquartered in Durham, North Carolina.

TWTR - Twitter, Inc. is a global platform for public self-expression and conversation in real time. It provides various products for users, including Twitter that allows users to express themselves and create, distribute, and discover content; Vine, a mobile application available on the iOS, Android, and Windows operating systems that enables users to create and distribute short looping videos; and #Music, a mobile application that helps users discover new music and artists based on Tweets. The company also provides a set of tools, public APIs, and embeddable widgets that developers can use to contribute their content to its platform; distribute Twitter content across their properties; and enhance their Websites and applications with Twitter content. In addition, Twitter, Inc. offers promoted products, including promoted tweets, promoted accounts, and promoted trends that enable its advertisers to promote their brands, products, and services; and provides subscription access to its data feed for data partners. The company was founded in 2006 and is headquartered in San Francisco, California.

DE - Deere & Company, together with its subsidiaries, manufactures and distributes agriculture and turf, and construction and forestry equipment worldwide. The company?s Agriculture and Turf segment provides agriculture and turf equipment, and related service parts, including large, medium, and utility tractors; loaders; combines, corn pickers, cotton and sugarcane harvesters, and related front-end equipment and sugarcane loaders; and tillage, seeding, and application equipment, such as sprayers, nutrient management, and soil preparation machinery. It also provides hay and forage equipment comprising self-propelled forage harvesters and attachments, balers, and mowers; and riding lawn equipment and walk-behind mowers, golf course equipment, utility vehicles, and commercial mowing equipment. In addition, this segment offers integrated agricultural management systems technology and solutions; precision agricultural irrigation equipment and supplies; landscape and nursery products; and other outdoor power products. Its Construction and Forestry segment provides backhoe loaders that are used in construction, earthmoving, material handling, and timber harvesting applications; crawler dozers and loaders; four-wheel-drive loaders; excavators; motor graders; articulated dump trucks; landscape loaders; skid-steer loaders; and log skidders, feller bunchers, log loaders, log forwarders, log harvesters, and related attachments. The company?s Financial Services segment finances sales and leases new and used agriculture and turf equipment, and construction and forestry equipment. It also provides wholesale financing to dealers of the foregoing equipment; finances retail revolving charge accounts and operating loans; and crop risk-mitigation products and extended equipment warranties. The company markets its products primarily through independent retail dealer networks and retail outlets. Deere & Company was founded in 1837 and is headquartered in Moline, Illinois.

Call credit spreads = Bearish call spreads.

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

CLF - Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines located in Michigan and Minnesota; four metallurgical coal mines located in West Virginia and Alabama; and one thermal coal mine located in West Virginia. The company also operates two iron ore mines in eastern Canada that primarily produce iron ore concentrate and iron ore pellets; Koolyanobbing complex situated in northeast of the town of Southern Cross, which produces lump and fines iron ore; and three North American coal mining complexes. In addition, it owns and operates various exploration projects, such as the Chromite Project located in James Bay lowlands of northern Ontario; the Decar Property situated in British Columbia; and the Labrador Trough South property located in Fermont, Québec. The company sells its iron products to integrated steel companies and Asian steel producers; and metallurgical coal to integrated steel and coke producers in Europe, North America, China, India, and South America, as well as thermal coal to energy companies and distributors in North America and Europe. The company, formerly known as Cleveland-Cliffs Inc., was founded in 1847 and is headquartered in Cleveland, Ohio.

SYMC - Symantec Corporation and its subsidiaries provide security, backup, and availability solutions worldwide. Its products and services protect people and information in any digital environment from mobile devices, enterprise data centers, and cloud-based systems. The company operates through User Productivity & Protection, Information Security, and Information Management segments. The User Productivity & Protection segment compises endpoint security and management, encryption, and mobile offerings. The Information Security segment includes next generation security capabilities, such as mail and Web security, authentication services, data center security, managed security services, hosted security services, and data loss prevention. The Information Management segment comprises offerings related to backup and recovery, information intelligence, which includes archiving and e-discovery, and information availability. The company markets and sells its products and related services through its direct sales force and eCommerce platform, as well as through distributors, direct marketers, Internet-based resellers, system builders, Internet service providers, wireless carriers, original equipment manufacturers, specialized partners, value-added resellers, large account resellers, managed service providers, system integrators, and in retail locations. Symantec Corporation was founded in 1982 and is headquartered in Mountain View, California.

GOGO - Gogo Inc. provides in-flight Internet connectivity and wireless in-cabin digital entertainment solutions in the United States and internationally. The company operates through Commercial Aviation and Business Aviation segments. The Commercial Aviation segment offers ?Gogo? branded in-flight connectivity and wireless digital entertainment solutions to commercial airline passengers in the continental United States, including Alaska through its network of cell towers, airborne equipment, and air-to-ground spectrum. The Business Aviation segment provides equipment for in-flight connectivity with voice and data services to the business aviation market. Its services comprise Gogo Biz, its in-flight broadband service, and satellite-based voice and data services through strategic alliances with satellite companies. This segment serves business aircraft manufacturers, owners, and operators, as well as government and military entities. The company offers a suite of connectivity solutions and other services, including passenger connectivity, passenger entertainment, in-flight portal, and operations-oriented communications services. As of December 31, 2012, it had 1,811 commercial aircraft online. The company was founded in 1991 and is headquartered in Itasca, Illinois.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.