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

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

APOL - Apollo Education Group, Inc. offers educational programs and services, online and on-campus, at the undergraduate, master’s and doctoral levels. The Company’s learning platforms includes The University of Phoenix, Inc. (University of Phoenix); Apollo Global, Inc. (Apollo Global); Western International University, Inc. (Western International University); Institute for Professional Development (IPD); The College for Financial Planning Institutes Corporation (CFFP); Carnegie Learning, Inc. (Carnegie Learning), and Apollo Lightspeed, LLC (Apollo Lightspeed). In May 2014, the Company acquired 81% interest in Milpark Education (Pty) Ltd.

SLW - Silver Wheaton Corp. (Silver Wheaton) is a mining company, which generates its revenue primarily from the sale of silver. As of December 31, 2012, the Company had entered into 20 long-term silver purchase agreements and two long-term precious metal purchase agreements, relating to 23 different mining assets, whereby Silver Wheaton acquires silver and gold production from the counterparties for a per ounce cash payment. Its subsidiaries include Silver Wheaton (Caymans) Ltd. and Silverstone Resources (Barbados) Corp.

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

Call credit spreads - Bearish Call spreads.

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We are recommending the following credit spreads to the February 2015 expiration cycle.

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

CRM - Salesforce.com, Inc. is a provider of enterprise cloud computing and social enterprise solutions. The Company provides a customer and collaboration relationship management (CRM), applications through the Internet or cloud. Cloud computing refers to the use of Internet-based computing, storage and connectivity technology to deliver a variety of different services. The Company delivers its service through Internet browsers and mobile devices. It markets its social enterprise applications and platforms to businesses on a subscription basis, primarily through its direct sales efforts and indirectly through partners. In May 2013, salesForce.com Inc acquired Clipboard Inc. In July 2013, salesforce.com, Inc. completed its acquisition of ExactTarget Inc.

M - Macy’s, Inc. is an omni-channel retail company operating stores and Internet websites under two brands, Macy’s and Bloomingdale’s. The Company sells a range of merchandise, including apparel and accessories for men, women and children, cosmetics, home furnishings and other consumer goods. As of February 1, 2014, the operations of the Company included approximately 840 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names Macy’s and Bloomingdale’s, as well as macys.com and bloomingdales.com. The Company operates approximately 13 Bloomingdale’s Outlet stores. Bloomingdale's in Dubai, the United Arab Emirates is operated under a license agreement with Al Tayer Insignia, a company of Al Tayer Group, LLC.

KR - The Kroger Co. is a retailer in the United States. The Company also manufactures and processes some of the food for sale in its supermarkets. As of January 28, 2012, the Company operated, either directly or through its subsidiaries, 2,435 supermarkets and multi-department stores, 1,090 of which had fuel centers. Approximately 45% of these supermarkets were operated in Company-owned facilities, including some Company-owned buildings on leased land. As of January 28, 2012, the Company operated 2,435 supermarket and multi-department stores under banners, including Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry’s, King Soopers, QFC, Ralphs and Smith’s. Of these stores, 1,090 have fuel centers. It also operates 791 convenience stores, either directly or through franchisees, and 348 jewelry stores. In August 2014, the Company announced that it has completed the tender offer to purchase the interest of Vitacost.com.

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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MCM JANUARY 2015 recommendations.

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p>We are recommending credit spread for our Portfolio #1 in January for the following issue(s).

We are going to add a put spread on GDX , which when combined with our current call spread on GDX will give us an iron butterfly.

This call spread will not require any additional margin with the right broker-dealer.

We are recommending the following specific credit spread below for GDX.

Put credit spread - Bullish Put Spread.