3/16/17 was down -$0.01 and the model projects that the component on yesterday's kill will change in the range of down -0.20 to up +0.10. The JJJs settled discount to the component by -1.82. The way packers can move the index around, that is not enough "Gap" to be very significant in terms of pricing the JJJs.

Packers made a purchase that was a little soft yesterday at 86.4% of the moving average daily purchases.

'm like you, ITZ, I don't know where the JJJs are headed. I'm short some 65 and 66 puts and they are not causing any grief at this point. But I'm watching them. I have plenty of calendar spreads on my boat but generally have room for a few more.

Today I will watch for set ups to buy dips and sell rallies but if the rally comes first I will sell the rally and look to buy a dip.

Best wishes,

dhm