10/4/16 was down -$1.05 and the model projects that the component on the 10/4/16 kill will drop between -0.60 and -0.90. Yesterday drop in he Purchase Index was the largest one-day drop we have seen since 9/23/16 when it dropped -$1.23. Even with that bid drop, the model projects that the "Gap" of -6.55 is too wide and the VVVs will rally at least a point from yesterday's settle by next Friday when we go to cash settlement. So I am still long the VVVs but now quite a much as yesterday because I lightened my load when they rallied and was waiting for a lower settle before completely reloading my boat. I think there was a great re-loading opportunity at the settle yesterday and I chickened-out.

Packers purchased 81.6% of the moving average daily purchases yesterday. That is a rather "Normal" Tuesday purchase.

Best wishes,

dhm