8/24/18 was down -0.36 and the model projects that the component of Friday's kill will drop between -0.55 and -0.85. The VVVs settled premium to the component by +2.13. Packers made a large purchase Friday at 123.9% of the moving average daily purchases. The bounce in the VVVs today is going to be a "Gap" closer.

I am still HODLing summer futures and waiting for a dip to add more but they are not dipping.

Best wishes,

dhm