down -$0.89 and the model projects that the component on the 9/4/15 kill will be down between -0.45 and -0.75. That will be a fair sized hair cut and in keeping with what we often see following the Labor Day holiday. My screen says that the VVVs are going to "Gap" way high on the opening. I guess traders are looking at the -6.39 "Gap" that settled Friday and thinking it is way to wide.

I have various spreads in place with short V/Zs being the biggest position. Will just try to hand on today. Am flat the outrights.

Best wishes,

dhm