final Purchase Index will be late.
There is a good chance, nitetime, that at -8.5 the K/M spread is a bit mis-priced. I keep looking at the Q/V and when it gets up to 15.5 iat may also be a bit mis-priced. On average on this date over the past eight years it was priced at about 11.50 and on average over the past eight years it has gone to cash settlement at 13.46. Last year it went to cash settlement at 3.15. That is the lowest cash settlement for the past eight-years. The highest cash settlement was 19.75 posted in 2014 and the average cash settlement has been 11.49. I guess it is possible that 2019 will be a repeat of 2014 and the Q/V shoots the moon. Generally I like to trade the Q/V from the long side but this high spread has be thinking short.