9/22/16 was down -$0.37 and the model projects that the component on yesterday's kill will drop between -0.35 and -0.65. There is little doubt, the down-trend remains in full force. The kill this week is coming in strong and cut-outs showed some weakness again yesterday. It is difficult to put together a bullish scenario for the VVVs with only 15-trading-days after today.

However -

There is this "Gap" of -6.05 to consider. This is the environment were a limit "Gap-closing-move" could occur in a moments notice if technical/emotional forces go to work. That would be the kind of a move that a fisherman like ITZ could make some mighty nice catches. It's the kind of a market that I can't trade effectively. I just have to hunker down until the storm passes and hope saner heads eventually prevail.

Over the weekend I will be up-dating my model to make a projected cash settlement index for the VVVs. It may be close to where the VVVs are trading, Dunno.

Still short the VVVs.

Best wishes,

dhm