7/27/15 was down 0.12 to 78.30. The surge in the QQQs now has them premium to the component by a couple of tics. It doesn't seem quite right that the QQQs should be showing some strength when the Index is in a down trend. But it happens regularly. I gave you all fair notice this morning to get long because I had placed a short!!!

The six-day moving average carcass weight dipped to 210.25# this morning. Both packer and non-packer hogs were down about a third of a pound. Perhaps hot weather is beginning to take its toll on the growth rate of hogs.

Best wishes,

dhm