due to packer submission problems. With cutouts showing weakness on Friday, I'm suspecting the MMMs will be challenged to hold their Friday's gains and we will see some weakness today.

The MMMs settled premium to the component by 7.25. There are ten days of data before we get to cash settlement and the model calculates that it will take an average daily gain of +0.77 to close that "Gap". Since the MMMs became front month the component has gained an average of +0.41 per day. The weak cutouts Friday has me thinking that a gain of +0.77 per day is a tall order that will not happen. Only twice in the last eleven years have we seen the index gain more than 7.25 in the last ten-days before the MMMs go to cash settlement.

I'm still short the MMMs and just added a couple more..

Best wishes,

dhm .