5/8/15 was up +0.95 to 78.46. The KKKs are now premium to the component by +2.24 with four more days of data before cash settlement. The model is now projecting that the cash settlement index for the KKKs will be 81.26 with a range of 80.26 to 81.76. This morning the KKKs dipped and I bought one. The small rally give me a few tics and I grabbed them since I have plenty more Long KKKKs hanging around. I am now waiting for another dip to buy again or a rally to cash in a bunch of KKKs. There are still a bunch of K/M spreads sitting on the deck of my boat waiting to be off loaded. Shortly after the opening it appeared that one would be gone but it didn't happen - - -yet. The weakness in the MMMs makes me think it may happen later today.

Best wishes,

dhm