12/4/15 was down -0.15 and the model projects that the component on yesterday's kill will change in the range of +0.15 to -0.15. Yesterday it appeared that the down trend was coming to an end. Today that is less certain.

The ZZZs are now trading premium to the component by +0.47. Traders may keep the ZZZ close to the index now.

Yesterday I piled a bunch of long G/J spreads on my boat. Have made three trips to the bank this morning and would be more than happy to make a few more before the day ends.

Best wishes,

dhm