4/15/16 was down $-0.34 and the model projects that the component on Friday's kill will be down between -0.10 and -0.40. The up-trend has now broken and we are now looking at a down trend.

How long will it last?

Dunno!

But the KKKs are trading premium to the Component by +7.77. I think the index will face a lot of head-wind in trying to gain that much in the next 20 trading days. I'm thinking I might go short a couple of KKKs if we get a bounce to the 74.75 area.

Best wishes,

dhm