1/14/16 was up $0.19. This was the third consecutive up day for the Purchase Index. It appears that the long spring up-trend is now underway. But it won't be straight up and ITZ will be able to do plenty of fishing in this pond.

On average over the past 11-years the index has gained 3.59 between now and the expiration of the GGGs. In 2015 it lost 14.29 and it gained 12.15 in 2004. With the "Gap" at +6.85, traders are expecting a sizeable move up. I have a tendency to agree with them.

Best wishes,

dhm