10/1/15 was up +0.27 to 73.192. Traders has bumped the VVVs up to the point that they are premium to the component by 0.73. "The Market" has now joined the crowd thinking that the up-trend in the Index will continue until we go to cash settlement and this will be supportive to the VVVs.

I have been able to pile V/Z spreads onto my boat this morning and get them off profitably. I'm now heading back to port with the intention of loading on some more short V/Zs at 82.275. It isn't often that I have been able to flip spreads the way I have been able to today.

Best wishes,

dhm