"Submission Problems" and that means that the morning reports will be late.
From the afternoon reports the model is projecting that the component on yesterday's kill will move up between +0.80 and +1.10. It appears that the down trend in the CME Index is broken and we are headed higher as the usual spring decline in the kill rate sets in. It is not at all clear to me how high the index will move or how fast it will move. The market has the JJJs at a premium of 2.52 to the index. That may be too low. And it has the MMMs at a 18.19 premium to the index. I think something like 10 to 12 is more appropriate.
This may mean that buying the J/M spread at -16 to -18 might make sense.
I'm still friendly to the idea of being short the MMMs.
Best wishes,
dhm