someplace along the way between now and 6/14/16, ITZ. The bullish euphoria has pumped a lot of premium into the MMMs. On average over the past 12-years between now and the MMMs going to cash settlement the Index has gained +2.44. In 2013 it tacked on 21.07 and in 2015 it coughed up -16.01. During that 12-year period it has gained in 6-years and lost in 6-years. The average up year was 10.64 and the average of the down years was -5.76.

In four years it has gained more than ten points.

That nearly ten-point "Gap" is quite a head-wind that the bulls are facing.

Best wishes,

dhm