that hedging is a whole different ball game than speculating and you have taken on both challenges. I find just the speculating side tests me. I'm also thinking there may be a fall wash out for I am long the Q/V spread.. In 2014 we saw it run up and settle at 19.75. Over the past seven-years it has traded at an average of about 11.30 so it is a bit above average at this point but I don't view this as an average year. WE have the seasonal short supply working now and it will be supportive of the QQQs but it won't help the VVVs. That's when we will see things going the other way. The average expiration of the spread over the past seven years has been 14.93. I think we will see it higher than that this year.

Have a great weekend!!

Best wishes,

dhm