We are recommending the following credit spreads to our MCM June 2012 expiration cycle.

We are recommending credit spreads for Portfolio #1in the following issues.

IRM - Iron Mountain Incorporated, together with its subsidiaries, provides information management services primarily in North America, Europe, Latin America, and the Asia Pacific. The company offers records management services, including records management program development and implementation based on best-practices to help customers comply with specific regulatory requirements; implementation of policy-based programs that feature storage for various media comprising paper; flexible retrieval access and retention management; hybrid services to help organizations gain control over their paper records; and specialized services for vital records and regulated industries, such as healthcare, energy, government, and financial services. It also provides data protection and recovery services, such as disaster preparedness; off-site vaulting of data backup media for data recovery in the event of a disaster, human error, or virus; online backup and recovery solutions for desktop and laptop computers, and remote servers; and technology escrow services to protect and manage source code and other proprietary information. In addition, the company offers information destruction services that primarily consist of physical secure shredding operations; and is involved in the shredding of sensitive documents to third-party recyclers.

FSLR - First Solar,Inc.engages in the design, manufacture,and sale of solar modules using a thin-film semiconductor technology in the United States and internationally. The company is also involved in the design, construction, and sale of photovoltaic solar power systems. Its solar modules employ a thin layer of semiconductor material to convert sunlight into electricity. The companyÂ’s integrated solar power systems activities include project development; engineering, procurement, and construction services; operating and maintenance services; and project finance. First Solar, Inc. sells its solar modules to solar power system project developers, system integrators, and operators; investor owned utilities; independent power developers and producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.

MDT - Medtronic, Inc. manufactures and sells device-based medical therapies worldwide. It provides implantable cardioverter-defibrillators, cardiac resynchronization therapy devices, and cardiac pacemakers for the diagnosis, treatment, and management of heart rhythm disorders and heart failure; AF products; diagnostics and monitoring devices; and patient management tools. The company also offers percutaneous coronary and peripheral vascular interventions, and renal denervation for the treatment of coronary artery disease, peripheral vascular disease, and hypertension; endovascular stent grafts to treat abdominal and thoracic aortic aneurysms; and heart valves, arrested and beating heart surgery, and surgical ablation for various heart valve disorders. In addition, it provides external defibrillators, including defibrillator/monitors used by hospitals and emergency response personnel; and automated external defibrillators used in commercial and public settings for the sudden cardiac arrest treatment. Further, the company offers medical devices and implants for treating spine and the musculoskeletal system, such as thoracolumbar, cervical, and biologics products; and integrated diabetes management solutions, professional CGM, carelink therapy management software, and blood glucose meters.

We are recommending the following specific credit spreads.

Call credit spreads = bearish call spreads.

We are also recommending the following specific credit spread.

put credit spread = Bullish put spread.

This put credit spread , together with our existing call spread will complete an iron condor on our NEM position.