10/13/14 was down $0.06. It has now been down three out of the last four days.

The model projects that the CME Index component on the 10-13-14 kill will be in the range of +0.05 and down -0.25. Yesterday the component surprised me and was significantly weaker than projected. If there is a surprise today, I think it will once again be weaker than projected.

The ZZZs are trading at a discount of 15.24 to the CME Index component. That is a mighty big discount and it will take an "ITZ" 15 point move by the ZZZs to close it. Actually, the thing that I think is more probable is that the CME Index will shed 15 points.

I'm wanting to get short the ZZZs but will wait for them to climb back to the 97 range to climb on.

Best wishes,

dhm