We are recommending the following credit spreads for the January 2015 expiration cycle.

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

T - AT&T Inc. provides telecommunications services to consumers and businesses in the United States and internationally. Its Wireless segment offers various wireless voice, data, text, and other services, including local wireless communications services, long-distance services, and roaming services. This segment also sells various handsets, wirelessly enabled computers, and personal computer wireless data cards through its owned stores, agents, or third-party retail stores; and accessories comprising carrying cases, hands-free devices, batteries, battery chargers, and other items to consumers, as well as to agents and third-party distributors. As of December 31, 2013, this segment served approximately 110 million wireless subscribers. The company?s Wireline segment provides data services, such as switched and dedicated transport, DSL Internet access, network integration, managed Web-hosting, packet, and enterprise networking services, as well as local, interstate, and international wholesale networking capacity to other service providers. This segment also offers voice services consisting of local and long-distance services; wholesale switched access services to other service providers; and outsourcing services, integration services and customer premises equipment, and government-related services. This segment served approximately 12 million retail consumer access lines, 10 million retail business access lines, and 2 million wholesale access lines. The company has strategic relationship with IBM to provide businesses with a source for network security and threat management. The company was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in November 2005. AT&T, Inc. was founded in 1983 and is based in Dallas, Texas.

we are recommending the following specific credit spread(s) for Portfolio #1:

Call credit spreads - Bearish Call spreads.

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

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

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

AAPL - Apple 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.

DIS - The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive. The Media Networks segment operates broadcast and cable television networks, domestic television stations, and radio networks and stations; and is involved in the television production and television distribution operations. Its cable networks include ESPN, Disney Channels, and ABC Family, as well as UTV/Bindass and Hungama. This segment owns eight domestic television stations. The Parks and Resorts segment owns and operates the Walt Disney World Resort in Florida that includes theme parks; hotels; vacation club properties; a retail, dining, and entertainment complex; a sports complex; conference centers; campgrounds; golf courses; water parks; and other recreational facilities. This segment also operates Disneyland Resort in California; Disney Resort& Spa in Hawaii; Disney Vacation Club, Disney Cruise Line, and Adventures by Disney; and Disneyland Paris, Hong Kong Disneyland Resort, and Shanghai Disney Resort, as well as licenses the operations of Tokyo Disneyland Resort in Japan. The Studio Entertainment segment produces and acquires live-action and animated motion pictures, direct-to-video content, musical recordings, and live stage plays. The Consumer Products segment licenses trade names, characters, and visual and literary properties to retailers, show promoters, and publishers; publishes entertainment and educational books, magazines, comic books; and operates English language learning centers. This segment is involved in the retail, online, and wholesale distribution of products through the Disney Store and DisneyStore.com. The Interactive segment creates and delivers entertainment and lifestyle content across interactive media platforms. The company was founded in 1923 and is based in Burbank, California.

YHOO - Yahoo! Inc. operates as a technology company worldwide. The company offers Yahoo Search that serves as a starting point to navigate the Internet and discover information; and Yahoo Answers, which enables users to seek, discover, and share knowledge and opinions across mobile phones, tablets, and desktop. It also provides Yahoo Mail that connects users to the people and things; Yahoo Messenger, an instant messaging service; and Yahoo Groups, which enable users to join groups based on shared interests and involvements. In addition, the company offers digital magazines comprising Yahoo.com that brings together the relevant content; My Yahoo, a customizable homepage; Yahoo Weather, which provides users with weather conditions and information for various locations; Yahoo News, which offers news in text, photos, and video; Yahoo Sports that serves digital sports enthusiasts; Yahoo Finance that offers financial data, information, and tools that enable users to make financial decisions; and Yahoo Entertainment and Lifestyles, a collection of properties focused on various trends and information in culture, women?s issues, and media. Further, it provides video content through Yahoo Screen and Yahoo Smart TV; Flickr, a Web and mobile photo management and sharing service; and Tumblr that offers a Web service and mobile applications. Additionally, the company offers the Yahoo Bing Network that connects advertisers with an audience of various users; Native Advertising, which provides various ways for advertisers to engage their audience across devices on Yahoo?s network of consumer products; Yahoo Audience Ads, Yahoo Premium Ads, and Yahoo Video; and ad platforms comprising Yahoo Ad Manager, Yahoo Ad Manager Plus, and Yahoo Ad Exchange. Yahoo! Inc. was founded in 1994 and is headquartered in Sunnyvale, California, with additional offices in the Americas, Asia Pacific, Europe, the Middle East, and Africa.

BABA - Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People?s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online business-to-business marketplace that focuses on global trade among businesses; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace. The company also provides pay-for-performance and display marketing services through its Alimama marketing technology platform; Taobao Ad Network and Exchange (TANX), a real-time online advertising exchange in China; and data management platform that allows participants on TANX to evaluate and select online advertising inventory using behavioral data, as well as data from browsing behavior and shopping history. In addition, it offers cloud computing services, including elastic computing, database services, and storage and large scale computing services through its Alibaba Cloud Computing platform; Web hosting and domain name registration services; payment and escrow services for buyers and sellers; and develops and operates mobile Web browsers. The company provides its solutions primarily for businesses. Alibaba Group Holding Limited was founded in 1999 and is headquartered in Hangzhou, the People?s Republic of China.

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

Put credit spreads - Bullish Put spreads.

We will also be adding a Put spread on QCOM which when completed will create an iron condor on QCOM when combined with our current open QCOM Call spread.

We also, will be adding a Put spread on XOM which when completed will create an iron condor on XOM when combined with our current open XOM Call spread.

The QCOM and XOM put spread recommendations that will complete the iron condors are listed below.

Put credit spreads - Bullish Put spreads.

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

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

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

SLW - Silver Wheaton Corp. operates as a precious metals streaming company worldwide. The company has 20 long-term purchase agreements and 1 early deposit long-term purchase agreement associated with silver and/or gold relating to 24 different mining assets. It has silver and gold interests primarily in the San Dimas, Zinkgruvan, Yauliyacu, Stratoni, Mineral Park, Los Filos, Peñasquito, Campo Morado, Keno Hill, Neves-Corvo, the Cozamin, the Minto mine, Barrick, Aljustrel, 777, Salobo, and Sudbury mines; and the Rosemont, Loma de La Plata, Constancia, and Toroparu projects. The company was founded in 2004 and is headquartered in Vancouver, Canada.

NBR - Nabors Industries Ltd., together with its subsidiaries, provides drilling and rig services; and completion and production services. It offers equipment manufacturing, instrumentation optimization software, and directional drilling services. The company also provides completion, life-of-well maintenance, and eventual plugging and abandonment of a well. The company markets approximately 485 land drilling rigs for oil and gas land drilling operations in the United States, Canada, and approximately 20 other countries worldwide. It also markets approximately 445 rigs for land well-servicing and workover services in the United States; and approximately 104 rigs for land well-servicing and workover services in Canada. In addition, the company provides 38 platform, 8 jackup, and 4 barge rigs in the United States and internationally. Further, it offers a range of hydraulic fracturing, cementing, nitrogen, and acid pressure pumping services; and ancillary well-site services, such as engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection, and other support services. Additionally, the company manufactures, leases, or sells top drives for a range of drilling applications, directional drilling systems, rig instrumentation and data collection equipment, pipeline handling equipment, and rig reporting software. The company was founded in 1968 and is headquartered in Hamilton.

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

Call credit spread - Bearish Call Spread.
%img13%