3/8/17 kill dropped -0.09 to 72.55. There is still a -4.30 "Gap" with the JJJs at a discount to the component. The model projects that it will take a daily drop of -0.17 in the index component to close the "Gap". Looking at the data that may not be the direction the market is headed so I am sticking with some naked 65 and 66 puts and cautiously short the JJJs.

Packers are continuing to pack the daily kill with a larger-than-usual percentage of packer hogs. The packer hogs are not as much heavier than nn-packer hogs as they were. It is now down to a +3.10# difference.

I'm not getting a lot of action in the calendar spreads lately. Things should pick up on the next Goldman roll.

Best wishes,

dhm