| Dear Friend,
It was a quiet week with 7 of 11 portfolios making gains. The main feature of this week's report is a discussion of long-term vertical credit put spreads which might increase returns for many of our 10K Strategy portfolios as well as enable us to get more conservative with the regular calendar and diagonal spreads. Enjoy the full report.
And have a great Memorial Day weekend while you remember those who served.
Terry
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