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

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

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

GDX - The GDX Gold miners investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. Such companies may include small- and medium-capitalization companies and foreign issuers. The Gold Miners Index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.

credit spreads - Bearish Call spreads.

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

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

IBM - International Business Machines Corporation provides information technology (IT) products and services worldwide. The companyÂ’s Global Technology Services segment provides IT infrastructure and business process services, including outsourcing, process, integrated technology, cloud, and technology support. Its Global Business Services segment offers consulting solutions for strategy and transformation, application innovation, enterprise applications, and smarter analytics; and application management, maintenance, and support services. International Business Machines CorporationÂ’s Software segment offers middleware and operating systems software, such as WebSphere software to integrate and manage business processes; and information management software for database and enterprise content management, information integration, data governance, data warehousing and analytics, business analytics and intelligence, and predictive analytics. This segment also provides Tivoli software for cloud and datacenter management, enterprise endpoint and mobile device management, asset and facilities management, storage management, and security systems; Rational software that supports software development; and Mobile Software for platform and application development, mobile security, and mobile device management. The companyÂ’s Systems and Technology segment provides computing power and storage solutions; and semiconductor technology, products, and packaging solutions. Its Global Financing segment provides lease and loan financing to end users; commercial financing to dealers and remarketers of IT products; and remanufacturing and remarketing services for equipment. The company was formerly known as Computing-Tabulating-Recording Co. and changed its name to International Business Machines Corporation in 1924. International Business Machines Corporation was founded in 1910 and is headquartered in Armonk, New York.

AAPL - Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications. It offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets; 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, and iPod shuffle. The company also provides iTunes app and the iTunes Store; Mac App Store that allows customers to discover, download, and install Mac applications; iCloud, a cloud service; Apple Pay for making mobile payments; Apple TV, a portfolio of consumer and professional software applications; iOS and OS X operating systems software; iLife, a consumer-oriented digital lifestyle software application suite; iWork, an integrated productivity suite designed to help users create, present, and publish documents, presentations, and spreadsheets; and other application software, including Final Cut Pro, Logic Pro X, and its FileMaker Pro database software. In addition, it offers various Apple-branded and third-party Mac-compatible and iOS-compatible accessories, including headphones, cases, displays, storage devices, and various other connectivity and computing products and supplies. The company sells and delivers digital content and applications through the iTunes Store, App Store, iBooks Store, and Mac App Store; and sells 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. It serves consumers, and small and mid-sized businesses, as well as education, enterprise, and government customers. The company was founded in 1977 and is headquartered in in Cupertino, California.

MRK - Merck & Co., Inc. provides various health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products worldwide. The companyÂ’s Pharmaceutical segment offers human health pharmaceutical products, such as therapeutic and preventive agents for the treatment of human disorders in the areas of cardiovascular, diabetes and obesity, respiratory, women's health and endocrine, inflammatory and infectious diseases, oncology, ophthalmology, immunology, infectious diseases, and others. This segment also provides vaccines, including preventive pediatric, adolescent, and adult vaccines. Its Animal Health segment discovers, develops, manufactures, and markets animal health products comprising vaccines, antibiotics, and anti-inflammatory drugs for respiratory diseases, as well as products for the treatment of fertility disorders. The companyÂ’s Consumer Care segment develops, manufactures, and sells over-the-counter products consisting of non-drowsy antihistamines; decongestant-free cold/flu medicine for people with high blood pressure; nasal decongestant sprays; and products for occasional constipation, frequent heartburn, and overactive bladder in women; foot care products, including topical antifungal, and foot and sneaker odor/wetness products; and sun care products, such as sun care lotions, sprays, and dry oils. The company serves drug wholesalers and retailers, hospitals, government agencies, physicians, physician distributors, veterinarians, animal producers, food chain and mass merchandiser outlets, club stores, and specialty channels, as well as managed health care providers, such as health maintenance organizations, pharmacy benefit managers, and other institutions. It has collaborations with AstraZeneca LP, Pfizer Inc., Samsung Bioepis Co., Ltd., Sanofi Pasteur S.A., and Sysmex Inostics GmbH. The company was founded in 1891 and is headquartered in Whitehouse Station, New Jersey.

We are recommending the following specific credit spreads for Portfolio #2:

Call credit spreads - Bearish Call spreads.

Put credit spreads - Bullish Put spreads.

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

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

SLV - The Silver Trust ETF seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trustâ??s expenses and liabilities. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of silver. The Trust receives silver deposited with it in exchange for the creation of Baskets of Shares, sells silver as necessary to cover the Trust expenses and other liabilities and delivers silver in exchange for Baskets of Shares surrendered to it for redemption.

JCP - J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, as well as provides various services, including styling salon, optical, portrait photography, and custom decorating. As of August 5, 2014, it operated 1,100 stores. The company also sells its products through its Website, jcp.com. J. C. Penney Company, Inc. was founded in 1902 and is based in Plano, Texas.

We are adding the following specific credit spreads for Portfolio #3:

Call credit spread - Bearish Call Spread.