so no final Purchase Index yet. From the afternoon reports the model projected it would be up firmly by +0.75 and the component up between +0.40 and +0.70. The up-trend is still intact. The JJJs settled discount to the component by -3.65. It may be a little difficult to keep the JJJs down that low considering the strength of demand.

Often when there is a significant "Gap" on a new front month, we will see traders do a "Step-closing Dance". There is risk that will happen for the JJJs so I am long the JJJs.

Best wishes,

dhm