3/25/16 was down -$0.55 and the model projects that the component on Friday's kill will drop between -0.20 and -0.50. With the JJJs already trading premium to the component by +4.38 and only 14 trading days until we get to cash settlement, this does not sound like good news for the JJJ bulls to me. The pre-opening has JJJs bid to gap up on the opening. That sounds wrong to me but I''m often wrong.

If it does gap up, I will sell.

On Friday packers purchased 97.2% of the moving average daily purchases,

Best wishes,

dhm