10/23/15 was down -$0.30 and the model projects that the COMPONENT on Friday's kill will drop between -0.15 and -0.45. Packers were able to make a solid purchase on Friday with their lower bids - 125.2% of the moving average daily purchases.

The ZZZs are now trading discount to the component by ten points. That is quite a "Gap" and may be somewhat supportive of the ZZZs. The weakness of the cutouts has me thinking that packers are going to be dropping their bids. And the market thinks that too, but ten points is a lot of "Gap".

It doesn't look like your longs are hurting you today, Dewey.

Best wishes,

dhm