9/1/15 was DOWN 0.77 to 76.01. The VVVs continue to be discounted to the component by more than seven points. This may be enough to serve as some support to keep the VVVs from falling out of bed and the historical tendency for the index to drop may temper the enthusiasm of the bulls. So we may have an environment that keeps volatility fairly high and that means opportunity for everyone to make or lose money.

When the V/Z spreads sold off earlier, I bought a few. They are all gone now and I am trying the short side. I hope I don't run into foul weather with them.

Best wishes,

dhm