6-30-14 kill was up 0.76 to 127.88. With the weakness of the NNNs, their premium to the CME Index has now closed to 3.12 with 9-trading days until the NNNs go off the board.

Over the past 10-years, the average change in the index from this date until the NNNs expire it a drop of 2.39. The most it gained was in 2005 when it gained 2.88. In 2011 the index actually dropped 7.16 during the last 9-trading days.

What's it going to do this year?

I really don't know but history tells us that there is a tendency for demand to weaken enough to keep a lid on much up-side move in the index from now until 7/15/14 when we will go to cash settlement.

Best wishes,

dhm