5/26/16 was DOWN -$0.34 and the model projects that the component on yesterday's kill will change in the range of +0.05 to -0.25. It is now looking more likely that the post-holiday surge is behind us and we may see a touch of weakness in the component for a week or so until the Independence Day holiday surge hits. This creates enough uncertainty to make for good fishing weather for ITZ. With a little luck there will be enough ripples in the pond to make spreading weather just fine also.

Last week and early this week I was able to bank most of my long M/N spreads. Yesterday I piled four more back onto my boat. Sometimes that spread goes up as we get close to expiration and sometimes it goes down. So I am risk to the whims of the "Trading Gremlins".

Best wishes,

dhm