7/20/16 was down 0.73 to 77.50. The sell-off in the QQQs has opened the "Gap" to -1.88 with the QQQs discounted to the component. Traders are still thinking lower on the packer bids. They might be right. Packers have really been hurrying their hogs to their packing plants lately. Packer hogs are only 0.09# heavier than non-packers. In April they were moving toward being four pounds heavier. The six-day moving average carcass weight was up a little at 209.59#.

Index hogs were lighter at 208.18# and that was down a little.

It looks to me like the data may be telling us that the index is headed lower. I saw a "J" hook on the down trend line of the QQQs just now and tried to sell it but had my order out-of-whack just a little and didn't get the job done.

I have made a couple of trips to the bank on the profits from a couple of the Q/V spreads I bought yesterday.

Best wishes,

dhm