10-27-14 took a major thumping, dropping -2.17 to 95.39. That has closed the CME Index to ZZZ futures gap to 4.89. Looking at the way packers are cutting their bids, it is altogether possible that the Index will fall enough to push the ZZZs back down a little.

When the component is falling over two-points a day, it doesn't take long to close a 4.89 Gap.

I still have a pesky short ZZZ but have been able to scalp enough from the short side to mostly cushion the draw down it is causing.

I keep watching to see if the Z/G spread is going to rally enough to enable me to sell more but it isn't giving me the bounce that I'm looking for.

Best wishes,

dhm