2 (8 oz.) pkgs. cream cheese, softened
1 (6 oz.) envelope Italian salad dressing mix
1/4 c. pimento-stuffed olives, chopped
1 c. pecans or walnuts, chopped
4 c. mild Cheddar cheese, shredded
2 tsp. olive juice

Combine all ingredients except pecans; mix well. Shape into ball, and coat with pecans or walnuts.