5/20/16 kill was up +-.10 to 78.98. That small gain, together with the dip in the MMMs has closed the "Gap" to 0.10. If there is some weakness in the index (as I suspect) the MMMs may have to give up a bit more.

There was not much strength in the M/N spread but enough to cause me to kick five off my boat and onto someone else's. Still have some more to peddle. I have nearly a month to get the job done.

Best wishes,

dhm