FOR 3/2/17 WAS DOWN -$0.29 and the model projects that the component on yesterday's kill will drop between -0.30 and -0.60. If we get a -0.50 drop for yesterday's kill, it will only take an average drop of -0.14 for the next 31-trading days to close the "Gap". Looking at the weakness in the cutouts, especially the bellies, I'm getting the feeling that is likely to happen. The mildly higher than expected kill rate so far this week is supporting that feeling.

I plan to keep the short puts covered with short futures and will keep looking for suckers that ITZ tosses back to augment the returns from the calendar spread trades.

Best wishes,

dhm