Update

Another exciting day at the salt mines (: There is so little movement in the market, traders are fighting over scraps at this point, while taking on an inordinate amount of risk in the process. No one can accurately pick a top at this point, so we won’t join in. The conditions are there, the price action is there, but if you’re a bear you need to have the stones to hold your position overnight, which almost no one is willing to do at this point. In other words, we should be near a turning point for the market. As of the close, the spread is close to what we paid for it originally.