you are getting the money I am losing on the long QQQs I have in my account. I would hate to see it going to Goldman!

If the QQQs head lower on Monday, I will turn-off the spigot and you will have to find someone else to get money from.

From the afternoon reports on Friday the model calculated that the Purchase Index will drop $0.48 and the CME Component on the 7/18 kill will shed something like -0.15 to -0.45. I hope the packers get their data to the USDA on time on Monday so we can have the final Purchase Index for Friday before the market opens on Monday.

On average over the past ten-years from this date to the expiration of the QQQs the index has gained 2.28. The most it ever gained was 12.21 in 2011 and the most it lost during the 10-year span was -9.90 in 2009. I suppose this tells us that the index can easily make a 10-point move one way or the other this time of the year.

With the QQQs trading at a discount of 6.33 below the Thursday component, it is obvious that traders think the index is headed lower. Only once in the last ten-years has the index dropped more than 4.00 from now to August expiry and that was in 2009 when the index coughed up -9.90 points.

Best wishes,

dhm