11-24-15 was UP +$0.19 and the model projects that the component on yesterday's kill will change in the range of -0.06 to +0.25.

It is a challenge for me to work on a liptop while I am in Atlanta so I didn't get a post made yesterday. The component on Monday's kill was up +0.06 to 55.50. It appears that the Index has moved through the trough and are now going to see an up-trend. I don't know how strong the up-trend will be nor how long it will last but I'm sure producers will welcome it.

The ZZZs are now trading premium to the component by +2.25 so traders are expecting quite a rally in the index.

I have been making quie a few trips to the bank by off-loading some spreads but my margin is not building much because some of the remaining spreads are becoming a burden especially the short Z.Gs. I continue to think the GGGs are under-priced relative to the ZZZs but what I think makes very little difference if the rest of the traders think otherwise.

Best wishes,

dhm