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

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

OIH - The Oil Services ETF investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® US Listed Oil Services 25 Index (the "Oil Services Index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The Oil Services Index is comprised of common stocks and depositary receipts of U.S. exchange-listed companies in the oil services sector. Such companies may include small- and medium-capitalization companies and foreign companies that are listed on a U.S. exchange. The fund is non-diversified.

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.

AEM - Agnico Eagle Mines Limited (Agnico Eagle) is a Canada-based gold mining company. The Company has nine mines located in Canada, Finland and Mexico, with exploration and development activities in each of these regions, as well as in the United States. The Company operates through three segments: Northern Business, Southern Business and Exploration. The Northern Business segment operates LaRonde mine, Lapa mine, Goldex mine, Meadowbank mine, Meliadine project and Kittila mine. The Southern Business segment operates the Pinos Altos mine, Creston Mascota deposit at Pinos Altos and La India project. The Exploration segment operates United States Exploration office, Europe Exploration office, Canada Exploration offices and Latin America Exploration office. The Company also operates Canadian Malartic Mine. The Company’s wholly owned subsidiary includes Cayden Resources Inc.

LL - Lumber Liquidators Holdings, Inc. is a retailer of hardwood flooring in North America. The Company offers an extensive selection of premium hardwood flooring products under multiple proprietary brands at low prices designed to appeal to a diverse customer base. The Company and its subsidiaries operate through a network of around 318 Lumber Liquidators stores with 309 located throughout the United States and nine in Ontario, Canada. The Company offers an extensive assortment of exotic and domestic hardwood species, engineered hardwood, laminate, vinyl plank, bamboo and cork direct to the consumer. It also provides a wide selection of flooring enhancements and accessories, including moldings, noise-reducing underlay, adhesives and flooring tools. The Company’s customer is the homeowner, or a contractor on behalf of a homeowner. The Company’s subsidiaries include Lumber Liquidators, Inc., Lumber Liquidators Services, LLC and Lumber Liquidators Canada Inc.

DAL - Delta Air Lines, Inc. (Delta) provides scheduled air transportation for passengers and cargo throughout the United States and around the world. The Company’s global route network gives it a presence in domestic and international market. Its route network is centered on a system of hub and international gateway airports that it operates in Amsterdam, Atlanta, Cincinnati, Detroit, Minneapolis-St. Paul, New York-LaGuardia, New York-JFK, Paris-Charles de Gaulle, Salt Lake City, Seattle and Tokyo-Narita. Its route network includes its international joint ventures, transatlantic joint venture with Air France-KLM and Alitalia, and transatlantic joint venture with Virgin Atlantic; its alliances with other foreign airlines, including Aeroméxico and GOL and its membership in SkyTeam, a global airline alliance; its domestic marketing alliance with Alaska Airlines, which supplements its west coast service; and agreements with multiple domestic regional carriers, which operate as Delta Connection.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

Put credit spreads = Bullish Put spreads.

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

XOM - Exxon Mobil Corporation (ExxonMobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. The Company engages in energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. ExxonMobil has interests in electric power generation facilities. The Company has divisions and affiliates including ExxonMobil, Exxon, Esso, Mobil or XTO. The Company’s ongoing activities are in United States, Canada / South America, Europe, Africa, Asia and Australia / Oceania.

HOG - Harley-Davidson, Inc. is the parent company for the groups of companies doing business as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). The Company operates in the Motorcycles and Related Products (Motorcycles) segment and the Financial Services (Financial Services) segment. The Motorcycles segment designs, manufactures and sells at wholesale street-legal Harley-Davidson motorcycles as well as a line of motorcycle parts, accessories, general merchandise and related services. The Company’s products are sold to retail customers through a network of independent dealers. The Company conducts business on a global basis, with sales in North America, Europe/Middle East/Africa (EMEA), Asia-Pacific and Latin America. The Financial Services segment consists of HDFS, which provides wholesale and retail financing and provides insurance and insurance-related programs primarily to Harley-Davidson dealers and their retail customers.

WMT - Wal-Mart Stores, Inc. (Walmart) operates retail and other stores in various formats, including membership clubs. The Company operates through three business segments: Walmart U.S., Walmart International and Sam's Club. The Walmart U.S. segment includes the Company's mass merchant concept in the United States, operating under the Walmart or Wal-Mart brand with various formats, including supercenters, discount stores, Neighborhood Markets and other small stores, as well as walmart.com. The Walmart International segment consists of the Company's operations outside of the United States, including various retail websites. Walmart International operates retail, wholesale and other types of units, including restaurants and some banks. The Sam's Club segment includes the warehouse membership clubs in the United States, as well as samsclub.com.

GLD - The Gold ETF investment seeks to replicate the performance, net of expenses, of the price of gold bullion. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.

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 APRIL 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.

ESV - Ensco plc (Ensco) is the United Kingdom-based offshore contract drilling company. The Company offers offshore drilling rig fleet, ultra-deepwater fleet and jackup fleet. Ensco owns and operates an offshore drilling rig fleet of 74 rigs. The Company’s target market includes oil companies, in addition to many independent operators. The Company’s operations and drilling contracts span across 20 countries on six continents around the world. The markets in which the Company operates include the U.S. Gulf of Mexico, Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia. The Company provides drilling services on a day-rate contract basis. It operates through three segments: Floaters, Jackups and Other. The Floaters segment includes the Company’s drillships and semisubmersible rigs. The Jackups segment offers contract drilling services. The other segment comprises management services on rigs owned by third parties.

MGM - MGM Resorts International is a hospitality Company. The Company’s primary business is the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities. The Company operates through two segments, namely wholly owned domestic resorts and MGM China. The Company operates 15 wholly owned resorts in the United States. MGM China's operations consist of the MGM Macau resort and casino (MGM Macau). The Company’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. All of its casino resorts operate 24 hours a day, every day of the year, with the exception of Grand Victoria which operates 22 hours a day, every day of the year. At its wholly owned domestic resorts, the Company’s primary casino and hotel operations are owned and managed by the Company.

NEM - Newmont Mining Corporation (Newmont) is a production-stage mining company. The Company is focused on gold production. Newmont is also engaged in the exploration for and acquisition of gold and copper properties. Its operations and/or assets are in the United States, Australia, Peru, Indonesia, Ghana, Mexico, Suriname and New Zealand. The Company’s operating segments are North America, South America, Australia/New Zealand, Indonesia and Africa. The North America segment consists of Nevada in the United States and La Herradura in Mexico. The South America segment consists of Yanacocha and Conga in Peru. Its Australia/New Zealand segment consists of Boddington in Australia and other smaller operations in Australia and New Zealand. Its Indonesia segment consists of Batu Hijau in Indonesia. Its Africa segment consists of Ahafo and Akyem in Ghana.

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.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.