the QQQs also as well as a few Q/V spreads. Relative to the ZZZs, I don't dare touch them as outrights but the +4.25 spread over the GGGs seems to me to be too much so I have shorted some Z/G spreads and have been scaling in and out of them with some success. Prior to this year the highest the spread had ever been in the last twelve-years was 3.575 on 12/7/04. The Z/G spread was plumb off the chart at +7.25 which it hit on 6/27/14.

Best wishes,

dhm