10/5/15 was up +$0.52 and the model projects that the CME Lean Hog Index component on the 10/5/15 kill will move up between 0.25 and +0.55. With the VVVs trading essentially at yesterday's component value, it appears to me that the VVVs are being under-valued by "The Market". If the VVVs dip to 73.15, I'm going to be buying. I suppose in a way I have been buying already because I was just able to take profits on four short V/Z spreads that I sold yesterday. Now I want to sell the spread again at 8.375.

But it might not get back there. If the V/Z spread dips I still have plenty of short ones to cover.

Best wishes,

dhm