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

We are recommending credit spreads for our Portfolio #1 in the following issues.

YHOO - Yahoo! Inc. (Yahoo!) is a global technology company. Through the Company’s technology and insights, Yahoo! delivers digital content and experiences, across devices and globally. The Company provides online properties and services (Yahoo! Properties) to users, as well as a range of marketing services designed to reach and connect with those users on Yahoo! and through a distribution network of third-party entities (Affiliates). These Affiliates integrate its advertising offerings into their Websites or other offerings (those Websites and other offerings, Affiliate sites). The Company generates revenue from the display of graphical advertisements (display advertising), the display of text-based links to advertisers’ Websites (search advertising), and other sources. Effective January 7, 2014, Yahoo Inc acquired Aviate. In August 15, 2014, IOOF Yahoo! Inc. acquired Clarity Ray. In August 2014, the Company acquired Flurry. Effective September 05, 2014, Yahoo Inc acquired Luminate Inc.

INTC - Intel incorporated in 1968, designs and manufactures integrated digital technology platforms. A platform consists of a microprocessor and chipset. The Company sells these platforms primarily to original equipment manufacturers (OEMs), original design manufacturers (ODMs), and industrial and communications equipment manufacturers in the computing and communications industries. The Company’s platforms are used in a range of applications, such as personal computers (PCs) (including Ultrabook systems), data centers, tablets, smartphones, automobiles, automated factory systems and medical devices. The Company also develops and sells software and services primarily focused on security and technology integration. In February 2014, M/A-COM Technology Solutions Holdings Inc announced that its subsidiary Mindspeed Technologies Inc completed the sale of assets of its wireless infrastructure business unit to Intel Corporation.

JDSU - JDS Uniphase Corporation is a provider of communications test and measurement solutions and optical products for telecommunications service providers, wireless operators, cable operators, network-equipment manufacturers (NEMs), and enterprises. The Company operates in three segments: Communications Test and Measurement (CommTest), Communications and Commercial Optical Products (CCOP), and Optical Security and Performance Products (OSP). The Company also provides anti-counterfeiting technologies for currencies and other high value documents and products. In addition it delivers commercial lasers for manufacturing applications. In January 2014, the Company acquired Network Instruments, a developer of enterprise network and application performance management solutions.

FCX - Freeport-McMoRan Inc. is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources and a production profile. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits, mining operations in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa and oil and natural gas assets in North America. The Company’s mining operations are in North America, South America, Indonesia and Africa. The Company has seven operating copper mines in North America, including Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. The Company has four operating copper mines in South America, including Cerro Verde in Peru, and El Abra, Candelaria and Ojos del Salado in Chile. Indonesia mining includes PT-FI’s Grasberg minerals district. Africa mining includes TFM's Tenke minerals district.

SLV - Silver ETF Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’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.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

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We are recommending credit spreads for March 2014 in the following positions for Portfolio #2:

CAT - Caterpillar Inc. (Caterpillar) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Resource Industries, Construction Industries, and Power Systems - and also provides financing and related services through its Financial Products segment. The Company’s Construction Industries segment is responsible for supporting customers using machinery in infrastructure and building construction applications. The Resource Industries segment is primarily responsible for supporting customers using machinery in mine and quarry applications. Power Systems segment is primarily responsible for supporting customers using reciprocating engines, turbines and related parts across industries serving electric power, industrial, petroleum and marine applications as well as rail-related businesses.

QCOM - QUALCOMM Incorporated (Qualcomm), is engaged in design, manufacture, have manufactured on its behalf and market digital communications products and services based on code division multiple access (CDMA), Orthogonal Frequency Division Multiplexing (OFDMA) and other technologies. The Company operates in four segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); Qualcomm Wireless & Internet (QWI), and Qualcomm Strategic Initiatives (QSI). The Company develops and supply integrated circuits and system software based on CDMA, OFDMA and other technologies for uses in voice and data communications, networking, application processing, multimedia and global positioning system products. Effective June 18, 2014, Qualcomm Inc acquired Black Sand Technologies Inc, an Austin-based manufacturer of semiconductors. Effective July 3, 2014, Qualcomm acquired Wilocity Ltd. Effective September 15, 2014, Qualcomm Inc acquired Euvision Technologies BV.

UTX - United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. The Company operates in six segments:Otis, Carrier and UTC Fire & Security (collectively referred to as the commercial businesses) serve customers in the commercial, government infrastructure and residential property sectors worldwide. Pratt & Whitney, Hamilton Sundstrand and Sikorsky (collectively referred to as the aerospace businesses) primarily serves commercial and government customers in both the original equipment and aftermarket parts and services markets of the aerospace industry. Hamilton Sundstrand, Pratt & Whitney and UTC Fire & Security also serve customers in certain industrial markets.In April 2014, United Technologies Corp announced that Interlogix, part of UTC Building & Industrial Systems, a unit of United Technologies Corp acquired Ultra High Speed (UHS) from Australian company Hills Ltd.

DIS - The Walt Disney Company together with its subsidiaries and affiliates is a diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Media Networks comprise an array of broadcast, cable, radio, publishing and digital businesses across two divisions – the Disney/ABC Television Group and ESPN Inc. Walt Disney Parks and Resorts (WDP&R) is a provider of family travel and leisure experiences. The Walt Disney Studio brings movies, music and stage plays to consumers throughout the world. Disney Consumer Products (DCP) delivers product experiences across thousands of categories from toys and apparel to books and fine art. Disney Interactive is a creator of interactive entertainment across all current and emerging digital media platforms.

AAPL - Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players and sells a variety of related software, services, peripherals, networking solutions and third-party digital content and applications. The Company's products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud and a variety of accessory, service and support offerings. The Company offers a range of mobile communication and media devices, personal computing products and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions and third-party hardware and software products. The Company's primary products include iPhone, iPad, Mac, iPod, iTunes, Mac App Store, iCloud, Operating System Software, Application Software and Other Application Software.

Call credit spreads = Bearish Call spreads.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish Put spreads.

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We are recommending credit spreads for March 2014 in the following positions for Portfolio #3:

X - United States Steel Corporation is an integrated steel producer. The company manufactures a range of value-added steel sheet and tubular products for the automotive, appliance, container, industrial machinery, construction and oil and gas industries. The Company’s integrated steel facilities include Gary Works, which is made up of Gary Works in Gary, Ind., East Chicago Tin in East Chicago, Ind., and Midwest Plant in Portage, Ind.; Great Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley Works, which includes Edgar Thomson Plant and Irvin Plant near Pittsburgh, Pa., and Fairless Plant near Philadelphia, Pa.; Granite City Works in Granite City, Ill.; Fairfield Works in Fairfield, Ala.; U. S. Steel Canada's Lake Erie Works in Nanticoke, Ontario, and U. S. Steel Košice in the Slovak Republic. The Company has three reportable operating segments: Flat-rolled Products, U. S. Steel Europe and Tubular Products. Other businesses include railroad services and real estate operations.

ESI - ITT Educational Services, Inc. (ITT/ESI) is a provider of postsecondary degree programs in the United States. As of December 31, 2011, the Company offered master, bachelor and associate degree programs to approximately 73,000 students. As of December 31, 2011, the Company had 144 locations (including 141 campuses and three learning sites) in 39 states. In addition, ITT/ESI offered one or more of its online programs to students who were located in 48 states. The Company designs its education programs, after consultation with employers and other constituents, to help graduates prepare for careers in various fields involving their areas of study. The Company provides career-oriented education programs under the Daniel Webster College (DWC) name. On August 1, 2013, the Company announced that it has acquired Cable Holdings, LLC.

P - Pandora Media, Inc. (Pandora) provides internet radio services in the United States. The Company offers radio services on smartphones, tablets, traditional computers and car audio systems, as well as a range of other internet-connected devices. . The Music Genome Project and its playlist generating algorithms predict listener music preferences, play music content suited to the tastes of each individual listener and introduce listeners to music they will love. When a listener enters a single song, artist or genre to start a station, a process it calls seeding, the Pandora service generates a station that plays music it thinks that listener will enjoy. Pandora provides service through two models: Free Service and Pandora One. The Company generates revenue from advertising. It also offers a subscription service to listeners.

BBRY - BlackBerry Limited is a provider of wireless solution, comprised of smartphones, service and software. The Company is engaged in the development of integrated hardware, software and services that support multiple wireless network standards. The Company’s portfolio includes the BlackBerry wireless solution, the BlackBerry Wireless Handheld product line, software development tools and other software and hardware. The Company’s focuses on four business areas, which include devices business, enterprise services, QNX embedded business and messaging. The Company’s products and services are, namely BlackBerry Smartphones, which includes BlackBerry 10 smartphones, powered by the BlackBerry 10 OS, and BlackBerry 7 smartphones, powered by the BlackBerry 7 OS; BlackBerry Enterprise Service, which include BlackBerry enterprise service (BES) 10 and BES 12, QNX and BMM. In addition, the Company’s secure enterprise mobility offering provides encryption and anti-eavesdropping services.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.