We are recommending the following credit spreads to add to our August positions.

We are recommending credit spreads in the following issues:

SCHN - Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill.

SGR - SHAW GROUP, INC. is a worldwide provider of industrial piping systems, serving primarily the electric power, chemical and refining sectors. The Company, primarily through its subsidiaries has facilities or offices in the United States, Venezuela, Bahrain and Canada.

BIIB - DEC Pharmaceuticals Corporation is a biopharmaceutical company engaged primarily in the research, development and commercialization of targeted therapies for the treatment of cancer and autoimmune and inflammatory diseases. Their first commercial product, Rituxan, and our most advanced product candidate, ZEVALIN, are for use in the treatment of certain B-cell non-Hodgkin's lymphomas. They are also developing products for the treatment of various autoimmune diseases (such as psoriasis, rheumatoid arthritis and lupus).

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads