7-28-14 was UP 0.05 to 78.35. This breaks the long down-trend that has been going on since 7/14/15. Traders are quick to jump on this trend-reversal and have now pumped the QQQs up to the point that they are premium to the component by +2.42 and there are just 12-trading days of life left in the QQQs. With the volatility that we have seen lately, that "Gap" can close in a hurry from either direction.

My bias is that I better not touch the QQQs as out-rights but did put a long Q/V spread on deck @ 13.75 and am now heading across the pond to see if I can peddle it to someone. The prospects look promising at this point.

The six-day moving average carcass weight was a bit firm this morning at 210.32#. That is -3.00# year/year but it is now +7.45# over 2013. I think packers are liking heavier hogs. Packer hogs are coming to market about 2.5# heavier than non-packer hogs.

Best wishes,

dhm