We are starting out the April option cycle with the following recommendations.

We are recommending credit spreads in the following issues.

CELG - Celgene Corporation discovers, develops, and commercializes innovative therapies to treat cancer and immune-inflammatory diseases in the United States, Europe, and internationally. Its commercial stage products include REVLIMID for the treatment in combination with dexamethasone for multiple myeloma patients, as well as patients with transfusion-dependent anemia; and THALOMID to treat, in combination with dexamethasone, patients with newly diagnosed multiple myeloma, as well as for the prevention and suppression of cutaneous manifestations of erythema nodosum leprosum recurrence. The company also sells VIDAZA, used to subtypes of myelodysplastic syndromes; RITALIN to treat attention deficit hyperactivity disorder; FOCALIN to prevent oncology-related disorders; and ALKERAN to treat multiple myeloma and carcinoma of the ovary. Its development stage products consist of CC-4047, which is in Phase I and Phase II clinical trials for treating disease indications, including sickle cell anemia, myelofibrosis, and multiple myeloma; CC-10004, a Phase II clinical trial product for psoriasis and psoriatic arthritis; CC-11050, a Phase I clinical trial completed product for inflammatory conditions; CC-401, a Phase I clinical trial completed product to identify kinases that regulate pathways critical in inflammation and oncology; CC-930, a Phase Ib clinicial trial completed product for fibrotic conditions; and Amrubicin, a Phase III clinical trial product for small cell lung cancer treatment.

COH - Coach, Inc. engages in the design and marketing of accessories and gifts for men and women in the United States and internationally. The company?s primary products include handbags, women?s and men?s accessories, footwear and jewelry products, wearables, business cases, sunwear products, travel bags, fragrance products, and watches. Its accessories product line comprises women?s small leather goods, including money pieces, wristlets, and cosmetic cases; men?s small leather goods comprising wallets and card cases; novelty accessories, such as time management and electronic accessories; key rings and charms; and women?s and men?s belts. The company?s wearables product line consists of jackets, sweaters, gloves, hats and scarves, including cold weather and fashion goods for women. Its business cases product line includes computer bags, messenger-style bags, and totes for men. Coach, Inc. also offers luggage and related accessories, such as travel kits and valet trays; jewelry, including bangle bracelets, necklaces, rings, and earrings; and fragrance products comprising perfume sprays, purse sprays, body lotions, and body splashes. The company sells its products through company-operated stores; the Internet; and the Coach catalog, as well as through wholesale department stores and specialty stores.

LTM - Life Time Fitness, Inc. designs, develops, and operates sports and athletic, professional fitness, and family recreation and spa centers in the United States. The company provides various amenities and services, such as fitness studios; personal trainers and programming; educational seminars and fitness assessments; adult and youth programs, and activities; athletic events; cycle theatres; rock climbing walls; basketball courts; squash and/or racquetball courts; pilates and yoga studios; dry saunas; complimentary towel and locker service; indoor and outdoor aquatics centers; recreation pools; lap pool; whirlpools; an outdoor bistro; child center featuring a computer center, separate infant playroom, and children?s activities; and family locker room. It also offers cardio, resistance, and free-weight training equipment; a range of hair, nail, and skin care services, as well as therapeutic massage service; and nutritional food and beverage services. As of February 26, 2010, the company operated 86 centers primarily in 19 states, including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Tennessee, Texas, Utah, and Virginia.

X - United States Steel Corporation, through its subsidiaries, engages in the production and sale of steel products primarily in North America and Europe. The company operates through three segments: Flat-rolled Products, U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-rolled Products segment offers slabs, rounds, strip mill plates, sheets, and tin mill products. This segment serves service center, conversion, transportation, construction, container, and appliance and electrical markets in North America. It also produces iron ore pellets and coke. The USSE segment offers slabs, sheets, strip mill plates, tin mill products, and spiral welded pipes, as well as heating radiators and refractory ceramic materials in Europe. This segment serves construction, service center, conversion, container, transportation, appliance and electrical, oil and gas, and petrochemical industries.

APOL - Apollo Group, Inc. provides educational programs and services at the undergraduate, master?s, and doctoral levels. The company offers associate?s, bachelor?s, master?s, and doctoral degree programs in arts and sciences, business and management, criminal justice and security, counseling, education, human services, health care, psychology, technology, and nursing through its campus locations and learning centers in 39 states, the District of Columbia, and Puerto Rico, as well as through its online education delivery system. It also provides program development, administration, and management consulting services to private colleges and universities comprising degree program design, curriculum development, market research, student recruitment, accounting, and administrative services.

NVDA - Nvidia Corporation provides visual computing technologies that generate interactive graphics on workstations, personal computers, game consoles, and mobile devices. It operates in four segments: Graphic Processing Unit (GPU), Professional Solutions Business (PSB), Media and Communications Processor (MCP), and Consumer Products Business (CPB). The GPU segment offers GeForce products that support desktop and notebook personal computers, PCs, and plus memory products. The PSB segment provides NVIDIA Quadro professional workstation products and other professional graphics products, including NVIDIA Tesla high-performance computing products used in the manufacturing, entertainment, medical, science, and aerospace industries. This segment also offers RealityServer, which streams interactive and photorealistic 3D applications to Web- connected PCs, laptops, netbooks, or smart phones; Quadro Plex SVS, a visual computing platform for professionals who interact with 3D models and analyze data; and the OptiX ray tracing engine, an application acceleration engine for software developers. The MCP segment provides ION NVIDIA motherboard GPU that addresses the integrated core logic market. The CPB segment offers

We are recommending the following specific credit spreads.

Put credit spreads = bullish put spreads.

Call credit spreads = bearish call spreads.