We are recommending the following credit spread to the September expiration cycle.

We are recommending this credit spread for our Portfolio #1 in the following issue.

We are recommending Put spread on HLT to complete an iron butterfly when joined with our existing Call spread position on HLT.

This spread will not cost you any additional margin with the right brokers.

We are recommending the following specific credit spread.

Put credit spread = Bullish put spread.

We are recommending a credit spread for our Portfolio #2 in the following issue.

We are also recommending a put spread on MRK to complete an iron butterfly when joined with our existing Call spread position on MRK.

However, this put spread will require an additional $2,500 of margin less the premum we receive as the strike prices are 5 points apart, as opposed to our call spread which is only 2.5 points apart.

We are recommending the following specific credit spread.

Put credit spread = Bullish put spread.

No additional recommendations for Portfolio #3 at this time.