4/7/15 was UP +0.22 to 60.10. The JJJs are premium to the component by 2.55 with 6-days of data to get to our cash settlement figure. The model shows that an average daily gain of +0.48 is needed to move the index to the JJJs which are trading now at 62.80. My call is that the index will not experience a rally that great so I am short the JJJs.

Best wishes,

dhm