4-14-15 was up +0.58 to 62.45. That has closed the "Gap" to 0.45. The component on today's kill will need to add 0.925 to bring the Index up to the JJJs for cash settlement. We have not seen a one-day gain like that for quite a while and I doubt that we will see it today so I want to be short the JJJs going into cash settlement.

The weakness in the MMMs today has pushed the "Gap" down to 13.25 - a much more reasonable number for the Index to add getting to cash settlement but it is still quite a bit more than the average of +8.11 that we have seen over the past eleven years. Even though I prefer the short side of the MMMs, I just bought a scalper at 75.70. It is possible that technical/emotional factors drove the MMMs too low for right now. I also took profits on two short MMMs on the way down.

Yesterday I loaded my boat with five more long K/M spreads. I was able to bank two of them yesterday and just had a Ka-Ching experience on the other three. When the K/M dipped this morning, I was trying to buy two more at -8.075 but the market turned a bit in front of my order. Now that I have dumped these three, it will be easier to accept the risk of more longs if we get another dip.

Best wishes,

dhm