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.

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.

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:

We are recommending a put credit spread on QCOM which when completed will give us an iron condor when combined with our current QCOM call spread.

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:

SLV - The 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.

JCP - J. C. Penney Company, Inc. is a holding company whose operating subsidiary is J. C. Penney Corporation, Inc. (JCP). The Company’s business consists of selling merchandise and services to consumers through its department stores and through its Internet Website. The Company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney and home furnishings. In addition, the Company’s department stores provide its customers with services, such as styling salon, optical, portrait photography and custom decorating. As of February 1, 2014, the Company supply chain network operated 25 facilities at 14 locations, of which nine were owned, with distribution activities housed in owned locations. The Company’s network includes 11 store merchandise distribution centers, seven regional warehouses, three jcpenney.com centers and four furniture distribution centers.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.