8/3/15 was UP +0.34 to 78.86. With the QQQs trading at 80.35, they are premium to the component by 1.49. So traders think we are going to see the Index "Pop" a little.

And they might be right.

However there is one thing I noticed in the data this morning.

A rather large number of packer hogs were killed yesterday - 37.44% of the kill. That is a number somewhat higher than usual and it dropped the 6-day moving average carcass weight on packer hogs by -0.49#. It just might be that packers are hurrying some of their hogs to market while prices are firm as retailers stock up for the Labor Day trade.

The 6-day moving average carcass weight did drop to 209.89# so hot weather is probably taking its toll on hog growth. It has been a while since we have been below 210#. Non-packer hogs were also lighter but not as much as packer hogs.

I just switched from long QQQs to short QQQs. I hope I don't get switched!

I have had a little spread activity today which is always good if its profit taking.

Best wishes,

dhm