3/10/17 was down -$0.32 and the model projects that the component on Friday's kill will drop between -0.25 and -0.55. Packers made a solid purchase with their lower bids at 127.1% of the moving average daily purchases.

The JJJs are now trading discount to the component by -2.77. Today we are getting the point to point and a half move up in the JJJs I was expecting as part of the "Gap" closing dance. It is coming a bit earlier than I was expecting so it may dip and rally and dip and rally a few times before we get to cash settlement. I took profits on most of my long JJJs this morning and am feeling all right about the short puts.

Have delivered quite a few calendar spreads across the pond this morning and my boat is now able to take on some more but I still have plenty I can sell if some one needs them at my price.

Best wishes,

dhm