1/6/16 was up +0.04 to 53.52. We now have a "Gap" of 7.38 with the GGGs being premium to the component. The Index will have to tack on more than a paltry +0.04 each day if the Index is going to move up to close the "Gap". Historically the Index tends to be fairly flat between New Years and the expiration of the GGGs.

Scalping the GGGs has worked for me this morning and I was able to pile three long J/G spreads on my boat at -5.3. I now wanting to get them off and take a trip to the bank.

While on vacation I got behind in collecting data so am trying to get my hog pricing model up-to-date. Maybe I will get it done over the weekend.

Best wishes,

dhm