The Final Purchase Index for 6/25 - - -

was up $1.07 and the model projects that the CME Index component on the 6/25/14 kill will move up between 1.00 and 1.30.

The HEN4 is premium to the index by 5.94. Historically in the last ten-years the index has never gained that much from this date until the expiration of the NNNs. The maximum it has gained was in 2008 when it tacked on 1.80. On average the index dropped 3.47 from this date to the last trading day.

This morning I sold my last long NNN and have now taken on a couple of short NNNs. Generally I am a very good fade!

Best wishes,