Do You Think the Market Might Be Getting Ahead of Itself?

Since October 21st we've seen 23 basis points of narrowing in cash index spreads while derivatives are in a comparatively smaller 11 basis point. So right around that third week of October is when we started to see cash spreads begin to catch up to derivatives. And I think just from a fundamental perspective that looks like an attractive sell point to me. Dan, you said earlier the Ice Family Index now at 148 basis points off from the peaks of 171 basis points.