9/5/19 was down -0.64 to 6437. The VVVs are trading discount to the component by -0.32. It did not appear appropriate for the VVVs to be trading premium to the component so I came into today a tiny bit short the VVVs and when the Purchase Index confirmed the downtrend is still strong, I piled three more short VVVs onto my boat near the opening. It's fortunate that I did because I had a pair of long Z/G spreads that were getting moldy so I threw them back into the pond to let the sharks eat them. Sometimes I win and sometimes I lose. Mostly I have more winners than losers but not this year!

The VVVs are acting like they want to go limit down today.

Best wishes,

Doc