whether Dennis likes the new trading hours or not but I do. It gives me a chance to calculate the final Purchase Index before the market opens and having the final Purchase Index seems to be a handy trading tool for me.

From the noon reports the model projects that the Purchase Index for today will drop -$0.19 and the component on today's kill will be nearly unchanged - in the range of +0.15 to -0.15. There is often a significant change from now until we get a final Purchase Index. At this point things look to be steady.

Spreads are doing nothing for me today but scalping is A-OK. I have been working mostly from the long side.

You have probably loaded up a few more longs, too.

Best wishes,

dhm