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

We are recommending a credit spread for our Portfolio #1 in the following issue(s).

We are recommending a BX call spread on BX to complete an iron butterfly when joined with our existing put spread position on BX.

These spreads will not require any additional margin with the right broker.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish call spreads.

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We are recommending this credit spread for our Portfolio #3 in the following issue(s).

We are recommending a APOL Put spread on APOL to complete an iron condor when joined with our existing call spread position on APOL.

These spreads will not require any additional margin with the right broker.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish put spreads.