p>We are adding the following credit spreads to our JULY recommended list.

We are recommedning credit spreads in the following issues.

COF - Capital One Financial Corporation operates as the bank holding company for the Capital One Bank (USA), National Association and Capital One, National Association, which provide various financial products and services in the United States, Canada, and the United Kingdom. The company offers various non-interest bearing and interest-bearing deposits, including demand deposits, money market deposits, negotiable order of withdrawal accounts, savings accounts, certificates of deposit, foreign time deposits, and other consumer time deposits. Its loan portfolio consists of credit card loans; consumer loans, such as automobile, home, and retail banking loans; and commercial loans, including commercial and multifamily real estate, middle market, specialty lending, and small-ticket commercial real estate loans. In addition, the company offers credit and debit card products, and mortgage banking and treasury management services.

CTXS - Citrix Systems, Inc. designs, develops, and markets technology solutions that deliver information technology services on-demand worldwide. It offers desktop solutions, including Citrix XenDesktop, an integrated desktop virtualization system; Citrix XenApp, an application virtualization solution; and Citrix XenClient, a bare-metal hypervisor, which runs directly on the client device hardware. The company also provides online services, comprising GoToMeeting for online meetings, sales demonstrations, and collaborative gatherings; GoToWebinar, which allows users to host, attend, or participate in a Webinar session; GoToTraining, a training tool that allows trainers to deliver content to various trainees; Integrated HiDef Audio, which provides a audio and Web experience; HiDef Audio that offers audio options with reservationless audio conferencing; GoToAssist, a remote technical-support solution; GoToManage solution for IT management; and GoToMyPC, which offers remote access to PC and Mac from an Internet-connected computer. In addition, it provides datacenter and cloud solutions, such as Citrix NetScaler, a Web application delivery controller; Citrix Access Gateway, a SSL/VPN that delivers applications with policy-based SmartAccess control; Citrix Repeater Solutions that provide application delivery to branch office users; Citrix XenServer, a platform for managing server virtualization in the datacenter; and Citrix Essentials for XenServer and Hyper-V solution for lab automation, high availability, provisioning, workflow orchestration, and integration with storage systems. Further, the company provides consulting, technical support, and product training and certification 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. The company also holds interests in various oil sands development assets; and owns or has interests in 13 mines in Canada, the United States, Chile, and Peru, as well as 1 metallurgical complex in Canada. In addition, it involves in exploration business in the Americas, the Asia Pacific, Europe, and Africa; and has partnership interests wind power project.

APKT - Acme Packet, Inc. provides session border controllers (SBCs). The SBCs enable service providers, enterprises, and contact centers to deliver interactive communications; voice, video, and multimedia sessions; and data services across Internet protocol (IP) network borders worldwide. The SBCs are deployed at the borders between IP networks, such as between two service providers; or between a service provider and its enterprise, residential, or mobile customers. The SBCs are the network elements capable of integrating the control of signaled messages and media flows. The company offers Acme Packet Net-Net OS, a software platform that offers border control functionality in terms of architectural flexibility, signaling protocol breadth, control function and feature depth, and carrier class availability and manageability. It also provides Acme Packet Net-Net platforms to address a range of interactive communications requirements; Acme Packet Net-Net OS-E, an enterprise SBC software; Net-Net EMS, a network element management application for the Net-Net family of products; and Acme Packet Net-Net Route Manager Central, an element management application. In addition, the company offers pre-installation and post-installation, and training services. Acme Packet, Inc. markets and sells its products and support services indirectly through distribution partners and directly through sales force. It serves local exchange and long distance providers, international service providers, cable operators, Internet telephony service providers, voice application service providers, wireless service providers, enterprises, contact centers, universities, and government agencies.

MCO - Moody?s Corporation, through its subsidiaries, provides credit ratings and related research, data, and analytical tools; risk management software; and quantitative credit risk measures, credit portfolio management solutions, and training services in the United States, Europe, the Middle East, and Africa. The company operates in two segments, MIS and MA. The MIS segment publishes credit ratings on a range of debt obligations, including various corporate and governmental obligations, structured finance securities, and commercial paper programs, as well as the entities that issue such obligations in markets worldwide. This segment provides ratings in approximately 110 countries. Its ratings are disseminated via press releases to the public through a range of print and electronic media, including the Internet and real-time information systems, which is used by securities traders and investors. As of December 31, 2009, MIS had ratings relationships with approximately 12,000 corporate issuers and approximately 25,000 public finance issuers. Additionally, the company rated and monitored ratings on approximately 106,000 structured finance obligations. The MA segment develops a range of products and services that support the risk management activities of institutional participants in financial markets. These offerings include quantitative credit risk scores, credit processing software, economic research, analytical models, financial data, securities pricing and valuation software products, and specialized advisory and training services

TM - Toyota Motor Corporation engages in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks, and related parts and accessories primarily in North America, Europe, and Asia. The company offers conventional engine vehicles, including subcompact and compact cars primarily consisting of Corolla sedan, Yaris, iQ, Scion xB, and Scion xD brands; mini-vehicles, passenger vehicles, commercial vehicles, and auto parts; mid-size models comprising Camry, REIZ, Avensis, and Mark X brands; and luxury vehicles under the Lexus and Crown brands, and Century limousines, as well as hybrid vehicles, which run on a combination of gasoline engine and motor primarily under the Prius brand. It also sells sports and specialty vehicles, which include Lexus SC and Scion tC brands; sport-utility vehicles, including Sequoia, 4Runner, RAV4, Highlander, FJ Cruiser, and Land Cruiser brands; pickup trucks that comprise Tacoma and Tundra brands; minivans and cab wagons that primarily include Alphard, Vellfire, Corolla Verso, Wish, Hiace, Regius Ace, Estima, Noah, Voxy, Sienta, Isis, Passo Sette, and Sienna brands; and trucks and buses. In addition, the company provides retail and wholesale financing, insurance services, vehicle and equipment leasing, and other financial services, including credit cards primarily to its dealers and their customers.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.