We are adding the following credit spreads to our JUNE recommended list.

We are recommending credit spreads in the following issues.

ESI - ITT Educational Services, Inc. provides postsecondary degree programs in the United States. The company offers master, bachelor, associate, and career-oriented education programs in various fields, such as information technology, electronics technology, drafting and design, business, criminal justice, and health sciences. Its information technology programs include network administration, technical support, network technology, and systems technology; and electronics technology programs comprise electronics product design and fabrication, communications, computer technology, industrial electronics, instrumentation, and telecommunications. The company?s drafting and design programs comprise computer aided drafting, electrical and electronics drafting, mechanical drafting, architectural and construction drafting, civil drafting, interior design, landscape architecture, and multimedia communications; business programs include accounting, business administration, financial services, marketing and advertising, and manufacturing; and criminal justice programs consist of corrections, security and policing, investigations, and cyber security.

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.

TCk - Teck Resources Limited operates as a diversified mining, mineral processing, and metallurgical company. The company engages in a range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling, and research. It produces copper and metallurgical coal; zinc, lead, and molybdenum concentrates; specialty metals comprising cadmium, germanium, and indium; precious metals consisting of silver and gold; advanced materials, such as low alpha lead, high purity copper plating anodes, and indium powder for semiconductor and integrated circuit, thermal interface, solar panel, and next generation technology applications; and chemicals and fertilizer products.

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. The Tabular Products segment offers seamless and electric resistance welded; steel casing and tubing; and standard and line pipe, and mechanical tubing products to oil and gas, and petrochemical industries.

We are recommending the following specific credit spreads.

Call Credit Spreads = Bearish Call Spreads.