7/27/16 was down -0.28 to 74.34. The sell-off in the QQQs has opened the "Gap" to -3.54 with the component premium to the QQQs. Traders are really expecting the packers to take their bids down a notch in the next two weeks.

The six-day moving average carcass weight was down to 208.41# today. Tha is -1.97# yr/yr. Packers have moved their hogs out so fast that the carcass weight of packer hogs is just the same as the non-packer hogs. I think aggressive killing of packer hogs suggests they think hogs are going to be in plentiful supply and they can buy at a better price. Index hogs are lighter at 207.03# and that is down a little. Packer hogs dropped the most in weight.

I sold a trio of QQQs early this morning and am now flat but not "Flat Broke". Actually my bank accounts are quite a bit better off in spite of being clobbered by the long Q/V spreads I had to dump over-board yesterday.

Best wishes,

dhm