7/31/15 was down -$0.51 and the model projects that the CME Lean Hog Index component on the 7-31-15 kill will shed between -0.20 and -0.50. The up-trend that started ended up be mighty short lived and we are now back to the old pattern of down, down, down. I hesitate to venture a guess as to how long this down-trend will last. With ample numbers of heavy hogs, it could last long enough to put the QQQs to bed below where they are now tradingl.

That does not seem to be what traders are thinking because they have the QQQ bid premium to the index by 0.52 in the pre-opening.

Right now I am flat the QQQs but am willing to either buy or sell if a scalping set-up looks favorable. My boat is bobbling along quite empty as I look for a good spread opportunity to surface.

Best wishes,

dhm