11/14/17 was down -0.22 to 66.26. The ZZZs are now trading discount to the component by -5.51. One-year ago on this date the Index was 48.31 and the ZZZs were at 46.125 putting the "Gap" at -2.19. Traders are seemingly more bearish this year than they were last year. Last year the ZZZs rallied and went to cash settlement at 57.59.

Could we get another rally like that this year?

Maybe!

Will we get another rally this year?

Dunno!

On the dip this morning I went long the ZZZs and have been busy taking profits on some long G/J spreads I bought yesterday. Have plenty more waiting to get off my boat but it feel good to have 20% of them gone.

Best wishes,

dhm