6/27/14 kill was up 0.52 to 127.11. It appears to me that the rate the the CME Index has been climbing has now slowed which I have been expecting once the Independence Day trade surge passed.

The NNNs are now premium to the Index by 5.11. On average over the past 10-years, from this date until the NNNs die, the Index has fallen by 2.84. The most it gained during that time period was 2.32 in 2005. I believe the traders who shorted NNNs near limit up this morning will be well rewarded for taking the risk.

Best wishes,

dhm