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

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

MSFT - Microsoft Corporation develops, licenses, and supports software, services, and hardware devices. Its Windows division offers Windows operating system; Windows Services suite of applications and Web services, including Outlook.com and SkyDrive; Surface RT and Pro devices; and PC accessories. The company?s Server and Tools division provides server software, cloud-based services, and solutions; and training and certification to developers and information technology professionals, as well as builds standalone and software development lifecycle tools for software architects, developers, testers, and project managers. Its products include Windows Server operating systems, Windows Azure, Microsoft SQL Server, Windows Intune, Windows Embedded, Visual Studio, System Center products, Microsoft consulting services, and Premier product support services. The company?s Online Services division offers online information and content, including Bing, Bing Ads, and MSN. Its Microsoft Business division provides software and online services, such as Microsoft Office system consisting of Microsoft Office, SharePoint, Exchange, Lync, Yammer, and Microsoft Office project and office Visio; and Microsoft Dynamics business solutions, including Microsoft Dynamics ERP and Dynamics CRM, as well as Microsoft Office Web Apps and Microsoft Office 365, which are online service offerings. The company?s Entertainment and Devices division offers products and services designed to entertain and connect people. Its products include Xbox entertainment platform, including Xbox 360 gaming and entertainment console, Kinect for Xbox 360, Xbox 360 video games, and Xbox 360 accessories; Xbox LIVE; Skype; and Windows Phone. The company markets and distributes its products through original equipment manufacturers, distributors, and resellers, as well as online. It has a strategic partnership with DocuSign, Inc. and Ooyala. Microsoft Corporation was founded in 1975 and is headquartered in Redmond, Washington.

C - Citigroup Inc., a diversified financial services holding company, provides various financial products and services to consumers, corporations, governments, and institutions. The company?s Global Consumer Banking segment provides traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services. It offers various banking, credit card lending, and investment services through a network of local branches, offices, and electronic delivery systems. As of December 31, 2013, this segment operated 3,729 branches in 36 countries. The company?s Institutional Clients Group segment provides a range of banking, and financial products and services to corporate, institutional, public sector, and high-net-worth clients. This segment offers various wholesale banking products and services, including fixed income and equity sales and trading, foreign exchange, prime brokerage, and equity and fixed income research services. It also provides corporate lending, investment banking and advisory services, and private banking, as well as derivative services. In addition, this segment provides cash management and trade finance services for corporations, financial institutions, and public sector entities; securities services to investors, such as asset managers; custody and clearing services to intermediaries, including broker-dealers; and depository and agency/trust services to multinational corporations and governments. The company was founded in 1812 and is based in New York, New York.

AOL - AOL Inc. provides various digital brands, products and services to consumers, advertisers, publishers and subscribers worldwide. Its Brand Group segment offers content created by journalists, politicians, celebrities, academics, policy experts, freelance writers and bloggers, curated content, curated and aggregated content from third parties, and user-generated content through AOL.com and The Huffington Post sites, as well as Engadget, StyleList, and TechCrunch branded properties. This segment also consists of entertainment brands, such as Moviefone and Games.com; technology and marketplace brands comprising DailyFinance; and lifestyle brands, including Kitchen Daily, StyleMePretty, and Makers, as well as operates MapQuest, which offers online mapping and directions services. AOL Inc.?s Membership Group segment provides online storage, privacy, and security solutions to technical support, back-up and unlimited dial-up Internet access options, computer protection, and partner discounts; computer tools, maintenance, online technical support, anti-virus software, identity theft protection, online and social media privacy and reputation monitoring, online learning and other lifestyle services; and communications tools, such as AOL Mail, an e-mail service. The company?s AOL Networks segment offers interconnected programmatic, video, and premium advertising services for advertisers and publishers through Advertising.com, AOP, Adap.tv, Marketplace, The AOL On Network, Be On, ADTECH, and Pictela platforms. AOL Inc. distributes its content, products, and services through subscription access services; open Web, the Apple App Store, the Google Play Store, the Amazon Appstore, and the Android Market; and toolbars, widgets, co-branded portals and Websites, mobile aggregators, third party Websites, and social networks, as well as through search engine marketing and optimization distribution methods. The company was founded in 1985 and is headquartered in New York, New York.

Call credit spreads - Bearish Call spreads.

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We are recommending the following credit spreads to the JUNE 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 and Canada. It offers household essentials, including pharmacy, beauty, personal care, baby care, cleaning, and paper products; 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. The company 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. 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 and Target Credit Card. As of April 2, 2014, the company had 1,924 stores, including 1,797 in the United States and 127 in Canada. Target Corporation was founded in 1902 and is headquartered in Minneapolis, Minnesota.

PETM - PetSmart, Inc., together with its subsidiaries, operates as a specialty retailer of products, services, and solutions for pets in the United States, Puerto Rico, and Canada. The company offers consumables, such as pet food, treats, and litter; and hardgoods, which include pet supplies and other goods comprising collars, leashes, health care supplies, grooming and beauty aids, toys, apparel, and pet beds and carriers, as well as aquariums and habitats, accessories, décor, and filters for fish, birds, reptiles, and other small pets. It also provides fresh-water fish, small birds, reptiles, and small pets; and pet services, such as dog training, pet grooming, and pet adoption services. In addition, the company operates PetSmart PetsHotels that offer boarding for dogs and cats; provides personalized pet care, temperature controlled rooms and suites, daily specialty treats and play time, and day camp services for dogs; and operates veterinary hospitals, which offer services comprising routine examinations and vaccinations, dental care, a pharmacy, and surgical procedures. As of March 05, 2014, it operated approximately 1,333 pet stores; and 199 in-store PetSmart PetsHotel dog and cat boarding facilities. The company also offers pet food and pet products through an e-commerce site, PetSmart.com. PetSmart, Inc. was founded in 1986 and is based in Phoenix, Arizona.

Call credit spread - Bearish Call Spread.

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

We are recommending credit spreads for our Portfolio #3 in the following issues.

SUNE - SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through two segments, Solar Energy and Semiconductor Materials. The Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, operations, and maintenance portions of the downstream solar market. It also manufactures polysilicon, silicon wafers, and solar modules. As of December 31, 2013, this segment had interconnected approximately 816 solar power systems representing 1.3 gigawatts of solar energy generating capacity. The Semiconductor Materials segment offers prime wafers, including OPTIA wafers; epitaxial wafers, such as AEGIS wafers that consists of a thin silicon layer grown on the polished surface of the wafer; test/monitor wafers for testing semiconductor fabrication lines and processes; and silicon-on-insulator wafers for use in the chip making process. Its wafers are used as starting materials for the manufacture of various types of semiconductor devices, including microprocessor, memory, logic, and power devices. SunEdison, Inc. serves semiconductor device manufacturers, including the memory, microprocessor, and ASIC manufacturers; foundries; national retail chains and real estate property management firms; federal, state, and municipal governments; and utilities. It markets its semiconductor wafer products primarily through a direct sales force, as well as through local or regional solar channel partners. The company was formerly known as MEMC Electronic Materials, Inc. and changed its name to SunEdison, Inc. in May 2013. SunEdison, Inc. was founded in 1984 and is headquartered in St. Peters, Missouri.

YOKU - Youku Tudou Inc. operates as an Internet television company in the People?s Republic of China. Its Internet television platform enables consumers to search, view, and share video content across various devices. The company?s services for users comprise online video content library consisting primarily of professionally produced content, including television serial dramas, movies, current event reports, variety shows, and music videos. It also provides guided user-generated content through Youku Paike and Youku Niuren programs; and produces a range of content, such as sponsored Web serial dramas, reality shows, interviews, and variety shows under Youku Originals brand. The company?s other services for users include online video search and discovery; online community services; mobile video services; and P2P downloadable software client services. In addition, it offers online advertising services to various advertising companies operating in fast moving consumer goods, information technology services, automobile manufacturing, electronics, telecommunications, financial services, electronics, and Internet services. The company?s products and services for advertisers and customers comprise online advertising services, such as in-video, display, sponsorship, and other forms of advertisements; targeting solutions; viral video advertisements; product placements; and sub-licensing content and mobile value-added services, as well as subscription-based online video services that enable users to watch advertisement-free premium content, which include high-definition movies. Further, it offers technology consulting and administrative services, and advertising and copy right agency services. The company was formerly known as Youku Inc. and changed its name to Youku Tudou Inc. in August 2012. Youku Tudou Inc. was founded in 2005 and is headquartered in Beijing, the People?s Republic of China.

AMBA - Ambarella, Inc. develops semiconductor processing solutions for video that enable high-definition (HD) video capture, sharing, and display worldwide. The company?s system-on-a-chip designs integrated 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, and camcorders in the camera market; and manage IP video traffic, broadcast encoding, transcoding, and IP video delivery applications in the infrastructure market. The company sells its solutions to original design manufacturers and original equipment manufacturers through its direct sales force and logistics providers. Ambarella, Inc. was founded in 2004 and is headquartered in Santa Clara, California.

Call credit spread - Bearish Call Spread.