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

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

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, Taiwan, and internationally. 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, parking structures, and other applications. This segment sells its products to distributors, retailers, and customers. 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. Cree, Inc. was founded in 1987 and is headquartered in Durham, North Carolina.

MLNX - Mellanox Technologies, Ltd., a fabless semiconductor company, designs, manufactures, and sells interconnect products and solutions. The company?s products are used for computing, storage, and communications applications in the high-performance computing, Web 2.0, storage, financial services, enterprise data center, and cloud markets. Its products facilitate data transmission between servers, storage systems, communications infrastructure equipment, and other embedded systems. The company provides solutions based on InfiniBand, including switch and gateway integrated circuits (ICs), adapter cards, cables, modules, and software, as well as switch, gateway, and long-haul systems. It also provides 10/40/56Gb/s Ethernet solution for use in EDC, HPC, embedded environments, and hyperscale Web 2.0 and cloud data centers. In addition, the company offers adapters to server, storage, communications infrastructure, and embedded systems original equipment manufacturers (OEMs) as ICs or standard card form factors with PCI express interfaces; and switch ICs to server, storage, communications infrastructure, and embedded systems OEMs to create switching equipment. Further, it supports server operating systems, including Linux, Windows, AIX, HPUX, Solaris, and VxWorks. Mellanox Technologies, Ltd. markets its products under the Mellanox, BridgeX, ConnectX, CORE-Direct, InfiniBridge, InfiniHost, InfiniScale, PhyX, SwitchX, Virtual Protocol Interconnect, MLNX-OS, UFM, and Voltaire trademarks. The company sells its products through its direct sales force, a network of sales representatives, and independent distributors worldwide. Mellanox Technologies, Ltd. was incorporated in 1999 and is headquartered in Yokneam, Israel.

CCL - Carnival Corporation operates as a cruise company worldwide. It operates in two segments, North America; and Europe, Australia, & Asia. The company offers various cruise products and services through a fleet of 101 cruise ships under the brand names of Carnival Cruise Lines, Holland America Line, Princess Cruises, and Seabourn in North America; and AIDA Cruises, Costa, Cunard, Ibero Cruises, and P&O Cruises in Europe, Australia, and Asia. It also provides vacations to various cruise destinations; and owns and operates 11 hotels or lodges, and approximately 300 motorcoaches and 20 glass-domed railcars. The company sells its cruise services through travel agents, including wholesalers, general sales agents, and tour operators. Carnival Corporation was incorporated in 1972 and is headquartered in Miami, Florida.

So we are recommending the following specific credit spreads for Portfolio #1:

Call credit spreads - Bearish Call spreads.

================================================

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

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

AAPL - Apple Inc. and its wholly-owned subsidiaries design, manufacture, and market mobile communication and media devices, personal computers, and portable digital music players worldwide. It also sells software, services, peripherals, networking solutions, and third-party digital content and applications related to its products. The company offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets based on AppleÂ’s iOS Multi-Touch operating system; Mac, a line of desktop and portable personal computers; and iPod, a line of portable digital music and media players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic. It also provides Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and various accessories, service and support offerings; and manufactures the Apple LED Cinema Display and Thunderbolt Display. In addition, the company sells various other application software comprising Final Cut Pro, Logic Pro X, and its FileMaker Pro database software, as well as a range of Apple-branded and third-party Mac-compatible, and iOS-compatible peripheral products, including printers, storage devices, computer memory, digital video and still cameras, pointing devices, and various other computing products and supplies. Apple Inc. sells digital content and applications through the iTunes Store, App Store, iBooks Store, and Mac App Store; and its products through its retail stores, online stores, and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers, and value-added resellers. The company also sells a range of third-party products through its online and retail stores. It serves various consumers, small and mid-sized businesses, as well as education, enterprise, and government customers. Apple Inc. was founded in 1977 and is headquartered in Cupertino, California.

We are recommending the following IRON condor on AAPL. This would be the selling of a call credit spread and a put credit spread on the same issue in the same month.

We are recommending the following specific IRON condor for APPL below.

IRON CONDOR - Call credit spread = Bearish Call spread & Put credit spread = Bearish Put spread.

================================================

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

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

RMBS - Rambus Inc. operates as a technology solutions company in South Korea, the United States, Japan, Europe, Canada, Asia, and internationally. The company?s technology solutions include memory, chip interfaces and architectures, end-to-end security, and advanced LED lighting. It focuses on designing, developing, and licensing technology related to memory and interfaces; and providing various services, including know-how and technology transfer, product design and development, system integration, and other services. The company also focuses on the design, development, and licensing of technologies for chip and system security, and anti-counterfeiting, as well as offering semiconductor cores under the CryptoFirewall brand. In addition, it focuses on the design, development, and licensing of technologies for lighting. Rambus Inc. was founded in 1990 and is headquartered in Sunnyvale, California.

APOL - Apollo Education Group, Inc. provides private education services. It offers online and on-campus undergraduate, graduate, professional development, and other non-degree educational programs and services primarily to working learners in the United States and internationally. The company operates in University of Phoenix, Apollo Global, and Other segments. It offers various degree programs in advanced studies, business, criminal justice and security, education, health sciences and nursing, humanities and sciences, information systems and technology, and social sciences. The company also provides online financial services education programs, including certificate programs, Financial Industry Regulatory Authority securities license training, and continuing education courses; publishes research-based math curricula and adaptive learning software for middle school and high school students; and operates SkilledUp, an online career skills and learning marketplace designed to connect individuals to online learning offerings where they can acquire skills valued by technology companies. In addition, it offers accounting and law programs; recognized and government approved certificates, diplomas, and other qualifications in various disciplines and industries, such as health and wellness, business management and services, and community services; high school and executive education in medical, dental, and communications programs; and postsecondary education for adult learners, including undergraduate and graduate degrees primarily in business, and non-degree programs through distance education and learning in the classroom at campuses. The company was formerly known as Apollo Group, Inc. and changed its name to Apollo Education Group, Inc. in November 2013. Apollo Education Group, Inc. was founded in 1973 and is headquartered in Phoenix, Arizona.

Hence, we are adding the following specific credit spreads for Portfolio #3:

Call credit spread - Bearish Call Spread.