understand your itchy finger wanting to get long the MMMs. I don't think for a minute that the MMMs will be below 78 when they go to cash settlement on 6/14/16 even though they are now premium to the component by a whooping 10.85. On average in the past twelve years the index has gained 5.27 from this point until the MMMs go to cash settlement. The most they gained during that time period was 21.20 in 2113 and the most they have lost was 21.10 in 2015. In five of the last twelve years the index has gained more than 10 points.

It was actually lower in four of the twelve years.

What does this mean?

It means there will be plenty of action and profitable opportunities galore if you can stay on the right side of the action. Just don't put your fishing gear away!

And me?

I'll just keep on tot'en spreads across the pond with my trusty little boat and hoping I don't get it over-loaded and have it get swamped.

Best wishes,

dhm