9/30/15 was up +$0.62. The model is not yet spitting out a projected change in the component but I suspect it will be up between +o.25 and +0.50. It appears that the up-trend is still in place. Traders are expecting the Index to climb a bit more because they have bid the VVVs premium to the component by about a point. My bias is that the Index will gain enough to push the VVVs up a little but I'm not going to bet the farm on that happening.

I piled some short V/Z spreads onto my boat this morning on the spike and have now cleared off half of them. Will put them back on if we spike again and take off the rest of them on a dip.

Best wishes,

dhm