12-1-14 was UP +0.21 TO 88.58. With the ZZZs showing a little weakness, that has cut the "Gap" to 1.09 with the ZZZs being premium to the Index component. That is not much of a "Gap" and I just have this feeling that the Index will show enough strength to close the gap.

However -

There is a good chance that traders will drive the ZZZs too low or too high in the next 9-days and some correction will be required to get them back into alignment with the Index.

The Feb cattle/hog spread that I sold this morning really treated me well. I suppose it is possible that we are going to get a 10-point ITZ-move but I went to the bank rather than wait for it except I did hang onto one.

If they rally, I will scale back in.

The Z/G spread has now closed back to ZERO. It almost always does before going to cash settlement.

Best wishes,

dhm