We are starting out the August cycle with the following recommendations.

We are recommending credit spreads in the following issues.

LULU - Lululemon Athletica Inc. engages in the design, manufacture, and distribution of athletic apparel and accessories for women, men, and female youth in Canada, the United States, and Australia. The company?s apparel products include fitness pants, shorts, tops, and jackets for healthy lifestyle activities, such as yoga, running, and general fitness. Its fitness-related accessories comprise an array of items, such as bags, socks, underwear, yoga mats, instructional yoga DVDs, and water bottles. The company sells its products through its retail stores; independent franchises; and a network of wholesale accounts that includes yoga studios, health clubs, and fitness centers, as well as directly through e-commerce.

AU - AngloGold Ashanti Limited engages in the mining, extraction, and production of gold in South Africa and internationally. As of December 31, 2008, the company owned seven deep-level and one surface mining operations in South Africa; eight gold mining operations in Africa; one operating gold mine in Australia; one operating gold mine in southwest of Colorado Springs, Colorado; two gold mining operations in Brazil; and one gold mining operation in Argentina. It also held interests in mining properties located in Mali, Ghana, Namibia, the northeast of the Republic of Guinea, and southwest of the town of Mwanza in the northwest of Tanzania. In addition, the company had proved and probable ore reserves of 74.9 million ounces of gold. AngloGold Ashanti also offers various by-products recovered as a result of the processing of gold ores, which include uranium, copper, sulphur, and silver. It has a strategic alliance with Thani Dubai Mining Limited to explore, develop, and operate mines in the Middle East and parts of north Africa; and a joint venture agreement with The De Beers Group to explore for and the mining of gold and other minerals and metals. The company was founded in 1944 and is headquartered in Johannesburg, South Africa.

JCG -J.Crew Group, Inc. operates as an integrated multi-brand, multi-channel, and specialty retailer in the United States. The company designs, contracts for the manufacture of, markets, and distributes women?s, men?s, and children?s apparel; shoes; and accessories under the J.Crew, crewcuts, and Madewell brand names. Its J.Crew brand offers an assortment of women?s and men?s apparel and accessories, including wedding, swimwear, loungewear, outerwear, shoes, bags, belts, hair accessories, and jewelry.

FDX - FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates in four segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services. The FedEx Express segment offers various shipping services for the delivery of packages and freight. This segment also provides international trade services specializing in customs brokerage, and ocean and air cargo distribution; customs clearance services, as well as global trade data, an information tool that allows customers to track and manage imports; and international trade advisory services, including assistance with the customs-trade partnership against terrorism program, as well as publishes customs duty and tax information in various customs areas.

NKE - Nike, Inc. designs, develops, and markets footwear, apparel, equipment, and accessory products worldwide. The company offers various categories of shoes, including running, training, basketball, soccer, sport-inspired urban shoes, and kids? shoes. It also provides shoes for aquatic activities, baseball, football, cheerleading, golf, lacrosse, outdoor activities, skateboarding, tennis, volleyball, walking, wrestling, and various athletic and recreational uses. In addition, the company offers sports-inspired lifestyle apparel, athletic bags, and accessory items. Further, it provides a line of performance equipment, including bags, socks, sport balls, eyewear, timepieces, electronic devices, bats, gloves, protective equipment, golf clubs, and various equipments designed for sports activities under the NIKE brand name, as well as markets apparel with licensed college and professional team and league logos.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

Put credit spreads = bullish call spreads.