We are adding the following recommendations to our April portfolio.

We are recommending credit spreads in the following issues.

CLF - Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore pellets, lump and fines iron ore, and metallurgical coal. The company operates six iron ore mines in Michigan, Minnesota, and Eastern Canada; and two coking coal mines in West Virginia and Alabama. It also owns two iron ore mining complexes in Western Australia; a coking and thermal coal mine located in Queensland, Australia; and a Brazilian iron ore project in Latin America. The company, formerly known as Cleveland-Cliffs Inc, was founded in 1847 and is headquartered in Cleveland, Ohio.

CREE - Cree, Inc. develops and manufactures light emitting diode (LED) products, silicon carbide (SiC) and gallium nitride (GaN) material products, and power and radio frequency (RF) products. Its LED products include LED chips used in various applications, including video screens, gaming displays, function indicator lights, and automotive backlighting; LED components; and LED lighting products. The company’s SiC and GaN materials comprise SiC and GaN wafers, which are used in manufacturing LEDs, RF and microwave devices, and power devices, as well as in research and development. Its power and RF products include power switching devices made from SiC, including 600 and 1,200-volt Schottky diode products that are used in power factor correction circuits for power supplies in computer servers and other applications, such as solar inverters; and RF microwave devices made from SiC or GaN, which include 10-watt and 60-watt SiC transistors, and metal-semiconductor field effect transistor products, as well as GaN high electron mobility transistors and monolithic microwave integrated circuits for broadband amplifiers or for WiMAX applications.

JSDU - JDS Uniphase Corporation provides communications test and measurement solutions, and optical products to telecommunications service providers, cable operators, and network equipment manufacturers. The companyÂ’s Communications Test and Measurement segment supplies instruments, service-assurance systems, and services to enable the design, deployment, and maintenance of communication equipment and networks. This segmentÂ’s product portfolio includes test tools and platforms for optical transport networks, xDSL services, data networks, cable networks, digital video broadcast, fiber characterization services, and storage networks. Its Communications and Commercial Optical Products segment provides components, modules, subsystems, and solutions used by communications equipment providers for telecommunications and enterprise data communications. This segmentÂ’s product portfolio comprises transmitters, receivers, amplifiers, ROADMs, optical transceivers, multiplexers and demultiplexers, switches, optical-performance monitors and couplers, splitters, and circulators. In addition, this segment offers diode, direct-diode, diode-pumped solid-state, and gas lasers; photovoltaics products comprising concentrated photovoltaic cells and receivers for generating energy from sunlight; and fiber-optic-based systems for delivering and measuring electrical power. The Advanced Optical Technologies segment provides optical solutions for security and brand-differentiation applications and thin film coatings for a range of public and private-sector markets. Its product applications include computer-driven projectors, intelligent lighting systems, office equipment, security products, and decorative surface treatments.

JNPR - Juniper Networks, Inc. designs, develops, and sells products and services that provide network infrastructure used for the deployment of services and applications over a single Internet Protocol (IP) based network worldwide. The company’s Infrastructure segment provides routing and switching products that control and direct network traffic. Its products include IP routing and carrier Ethernet routing portfolio, and Ethernet switching portfolio comprising T-series, M-series, E-series, MX-series, and EX-series, as well as JCS, TX, and TX plus products. The company’s SLT segment offers firewall virtual private network systems and appliances, SRX services gateways, secure socket layer virtual private network appliances, intrusion detection and prevention appliances, the J-series router product family, and wide area network optimization platforms. Its products protect the network and data on the network, enhances existing bandwidth, and accelerates applications. In addition, the company provides Junos platform comprising the Junos Space network application platform and Junos Pulse integrated, multi-service network client, which enables its customers to expand network software into application space and deploy software clients to control delivery.

AEM - Agnico-Eagle Mines Limited, through its subsidiaries, engages in the exploration, development, and production of gold in Canada, Finland, Mexico, the United States, and Argentina. It also explores for silver, zinc, copper, and lead. The company holds interests in the LaRonde, Goldex, and Lapa mines located in the Quebec region; the Kittila mine in Finland; the Pinos Altos mine located in Mexico; and the Meadowbank mine in Nunavut. As of December 31, 2009, the companyÂ’s land holdings in Canada consisted of 78 projects comprised of 2,911 mineral titles covering an aggregate of 222,825 hectares. Land holdings in the United States consisted of 11 properties comprised of 3,058 mineral titles covering an aggregate of 26,176 hectares. Land holdings in Finland consisted of 3 properties comprised of 168 mineral titles covering an aggregate of 20,030 hectares. Land holdings in Mexico consisted of 4 projects comprised of 47 mining concession titles covering an aggregate of 63,990 hectares. Land holdings in Argentina consisted of 1 project with 2 mineral titles covering an aggregate of 2,691 hectares.

COH - Coach, Inc. engages in the design and marketing of accessories and gifts for men and women in the United States and internationally. The companyÂ’s primary products include handbags, womenÂ’s and menÂ’s accessories, footwear and jewelry products, wearables, business cases, sunwear products, travel bags, fragrance products, and watches. Its accessories product line comprises womenÂ’s small leather goods, including money pieces, wristlets, and cosmetic cases; menÂ’s small leather goods comprising wallets and card cases; novelty accessories, such as time management and electronic accessories; key rings and charms; and womenÂ’s and menÂ’s belts. The companyÂ’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.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

CLOSING OUT THE COH put credit spread.

We are also going to close out our COH 52.5/50 put spread the spread is $1.40 - $1.60. Try to split the bid/ask for $1.50 NET DEBIT.

Of course, that will depend on how we open tomorrow. But we will be closing the position out on Monday.