3/3/17 was down -$0.24 and the model projects that the component on Friday's kill will drop between -0,\.30 and -0.60. It looks like the down-trend is still in place. Packers made a solid purchase Friday at 119.1% of the moving average daily purchases. Friday's are usually big purchase days.

There are now 30 more days of data to get us to cash settlement. The JJJs are now trading discount to the component by -5.58. Assuming we get a drop of -0.50 in the component today, it will take an average daily drop of 0.17 to close the "Gap". The strength in the JJJs is suggesting that traders are thinking that won't happen and so we are seeing the JJJs up, up and away.

Ka!!! Ching!! Just took profits on two long Q/V spreads.

Still have four short puts covered with six short JJJs. It is not working today, I'll tell you that,

Best wishes,

dhm