9/10/15 was down -0.43 to 72.49. The VVVs are now trading discount to the component by -5.18. As is so often the case, when a trend is under way, the index will move and futures will match the move and the "Gap" will persist. We are seeing some closure of the "Gap" but it is tending to be quite persistent.

Last year on this date the VVVs were trading premium to the component by +4.225. My but what a difference a year makes. I just bought another VVV. That may be my ticket to a humble pie dinner with Dewey.

Have made a few more trips to the bank with the profits from more of the short V/Z spreads. My boat is beginning to bobble around like cork. A little more weakness in the spread and I will begin loading long V/Z spreads.

Best wishes,

dhm