1/5/16 was up 0.39 to 53.48. The "Gap" is now 7.50 with the GGGs being premium to the component. I think it is going to be a stretch for the "Gap" to be entirely closed by the Index moving up. Based solely on historical performance, it would appear that the GGGs will need to cave in a little. But "Historicals" don't rule. It's the supply/demand factors here and now that matters. The fact is that the index has collapsed more than usual.

This is forcing me to be very cautious and most of my trades are now spreads. I have been able to make a couple of scalloping trades in the GGGs today. Yesterday was a very active spread trading day for me. This is making the New Year a very good year for me.

Best wishes,

dhm