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.

VECO - Veeco Instruments Inc. designs, manufactures and markets thin film equipment aligned with global megatrends. The Company’s equipment is sold to make electronic devices including light emitting diodes (LEDs), flexible organic LED (OLED) displays, hard-disk drives, solar cells, power semiconductors and wireless components. The Company has two segments, LED and Solar and Data Storage. The LED and Solar segment includes metal organic chemical vapor deposition (MOCVD), molecular beam epitaxy (MBE) and atomic layer deposition (ALD) technology. It’s MOCVD and MBE systems and components enable the manufacture of LEDs. Its ALD technology is used by the manufacturers of OLED displays. The Data Storage segment designs and manufactures systems used to create thin film magnetic heads that read and write data on hard disk drives. These include ion beam etch, ion beam deposition, diamond-like carbon, physical vapor deposition, chemical vapor deposition, and slicing, dicing and lapping systems.

ANF - Abercrombie & Fitch Co. (A&F), through its subsidiaries, is a specialty retailer that operates stores and direct-to-consumer operations. The Company operates in three segments: U.S. Stores, International Stores and Direct-to-Consumer. Through its channels, the Company sells an array of products, including: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids under the Abercrombie & Fitch, abercrombie kids, and Hollister brands. The Company also sells bras, underwear, personal care products, sleepwear and at-home products for girls through direct-to-consumer operations and Hollister stores under the Gilly Hicks brand. As of February 1, 2014, the Company operated 843 stores in the United States and 163 stores outside of the United States.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

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

LVS - Las Vegas Sands Corp. is a developer of destination properties (integrated resorts) that feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities. The Company owns and operates integrated resorts in Asia and the United States. The Company also offers players club loyalty programs at its properties, which provide access to rewards, privileges and members-only events. The Company's properties in the United States include The Venetian Resort Hotel Casino (The Venetian Las Vegas) and The Palazzo Resort Hotel Casino (The Palazzo), Five-Diamond luxury resorts on the Las Vegas Strip, as well as the Sands Expo and Convention Center (the Sands Expo Center) in Las Vegas, Nevada and the Sands Casino Resort Bethlehem (the Sands Bethlehem) in Bethlehem, Pennsylvania. The Company's principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States.

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.

KR - The Kroger Co. operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the United States. The Company also manufactures and processes some of the food for sale in its supermarkets. The Company operated, either directly or through its subsidiaries, approximately 2,640 supermarkets and multi-department stores, approximately 1,240 of which had fuel centers. Approximately 45% of these supermarkets were operated in Company-owned facilities, including some Company-owned buildings on leased land. The Company operates its 2,640 supermarket and multi-department stores under banners, including Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry’s, Harris Teeter, King Soopers, QFC, Ralphs and Smith’s.

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:

BBRY - BlackBerry Limited is a provider of wireless solution, comprised of smartphones, service and software. The Company provides hardware, software and services that support multiple wireless network standards, it provides platforms and solutions for seamless access to information, including email, voice, instant messaging, short message service, internet and intranet-based applications and browsing. 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 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 10 and BES 12, QNX and BMM.

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.

RMBS - Rambus Inc. is a technology solutions company. In addition to licensing, the Company is creating business opportunities through offering products and services. The Company generates revenue by licensing its inventions and solutions, whether in the form of patent licensing, solutions licensing, services or products, to market-leading companies. The Company also is exploring new areas within the semiconductor space such as computational sensing and imaging. The Company intends to continue to identify disruptions and opportunities in both traditional and technology fields, consistent with its goal of creating great value through its innovations and to make those technologies available through both its licensing and non-licensing business models.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.

In addition we will be adding a put spread on MGM, which when combined with our current MGM call spread will give us an iron butterfly on MGM.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish Put spreads.