7/21/15 was DOWN -0.50. That is very much in line with what the model projected and the "Gap" between the component and the QQQs has been cut to -0.58 with the QQQs discounted.

The six-day moving average carcass weightfirmed to 210.92#. That is -2.28# yr/yr and +7.47# over 2013. Lots of pork is being produced this summer. That is needed since there is a shortage of beef.

That was a great call you made on the "Lift-off, ITZ" and I thank you for it. Otherwise I might have been caught short because the fundamentals don't look to great.

Best wishes,

dhm