4/26/17 was up +0.36 and the model projects that the component on yesterday's kill will change in the range of +0.15 to -0.15. This may be the signal that the index has now posted the low for this cycle and we are seeing the spring/summer rally now underway. It is still uncertain how fast it will climb or how high it will go. The KKKs are trading premium to the component with just 11-trading days after today. It may be a stretch for the index to close that "Gap". There is some risk that the KKKs will need to cough-up a little of that premium. June may be able to keep its premium - too much time to tell.

Best wishes,

dhm