We are going to try one more time getting the AMAG and CYOU call spreads filled, as the volatilty and premiums are continuing to remain extremely low, once again as witnessed by the low price of the VIX volatility index.

We are extremely overbought and I am holding back on any put spreads until we get some type of pullback.

Hence, We are attempting to add the following April call spreads again.

We are recommending credit spreads in the following issues.

AMAG - AMAG Pharmaceuticals, Inc., a biopharmaceutical company, engages in the development and commercialization of therapeutic iron compounds to treat iron deficiency anemia (IDA) in the United States, Europe, and Japan. It also provides novel imaging agents to aid in the diagnosis of cancer and cardiovascular diseases. It offers Feraheme, an iron replacement therapeutic for the treatment of IDA in adult patients with chronic kidney disease; and GastroMARK used for delineating the bowel in magnetic resonance imaging (MRI). The company is also developing Feraheme, which is in Phase II clinical trials for use as a vascular-enhanced MRI agent for the assessment of peripheral arterial disease.

CYOU - Changyou.com Limited develops and operates online games in the People?s Republic of China. It engages in the development, operation, and licensing of massively multi-player online role-playing games (MMORPGs), which are interactive online games that might be played simultaneously by various game players. The company operates three MMORPGs, including Tian Long Ba Bu (TLBB), Blade Online (BO), and Blade Hero 2. As of December 31, 2009, these games had approximately 80.9 million aggregate registered accounts, 2.4 million aggregate active paying accounts, and 990,000 aggregate peak concurrent users.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.