We are starting off September with the following recommendations.

We are recommending credit spreads in the following issues.

PG - The Procter & Gamble Company manufactures and markets a broad range of consumer products in many countries throughout the world. Products fall into five business segments: fabric and home care, paper, beauty care, health care, and food and beverage. Today, P&G markets more than 250 products to more than five billion consumers in 130 countries.

EXPD - Expeditors International of Washington, Inc. is engaged in the business of providing global logistics services. The company offers its customers a seamless international network supporting the movement and strategic positioning of goods. The company's services include the consolidation or forwarding of air and ocean freight. In each U.S. office, and in many overseas offices, the company acts as a customs broker. The company also provides additional services including distribution management, vendor consolidation, cargo insurance, and purchase order management.

KDN - Kaydon Corporation is a leading designer and manufacturer of custom-engineered, critical performance products for a broad and diverse customer base.The Company's principal products include bearing systems and components and filters and filter housings, but also custom rings, shaft seals, specialty retaining rings, specialty balls, hydraulic cylinders, slip-rings, fuel cleansing systems, industrial presses and metal alloy products.

TECH - Techne Corporation is a holding company which has two wholly-owned operating subsidiaries: Research and Diagnostic Systems, Inc. and R&D Systems Europe Ltd. Research and Diagnostic Systems, Inc. is a specialty manufacturer of biological products. R&D Europe distributes Research and Diagnostic Systems' biotechnology products in Europe. Its two major operating segments are hematology controls, which are used in hospital and clinical laboratories to check the accuracy of blood analysis instruments, and biotechnology products including purified proteins and antibodies.

SPWRA - SunPower Corp. designs and manufactures high-efficiency silicon solar cells and solar panels based on an all-back contact cell design. SunPower's solar cells and panels generate electricity from sunlight for residential, commercial and remote power applications. Its proprietary all back contact silicon solar cell technology produces more power per square foot compared to conventional solar cells.

We are recommending the following specific credit spreads.

call credit spreads = bearish call spreads.