10/13/15 was up +$0.20 and the model projects that the component on yesterday's kill will be up between +0.10 and +0.40. At this point with the VVVs priced mildly above the component, there seems to be little to be gained in going to cash settlement with the VVVs. The VVVs have behaved essentially in line with the strong long-term historical tendency to show some strength going toward their expiration. It's nice to have prices work out so well.

I have now turned my attention to the V6/Z6 spread. It appears to be under-priced down near the two point level so I have been buying and will add more if there is another leg down. With the V5/Z5s expiring today, I have plenty of room in my boat. Actually it is riding a little high in the water. I'm also friendly toward the M/N spread below 0.400.

Best wishes,

dhm