8/11/15 was down -$0.33 and the model projects that the CME Lean Hog Index component on the 8/11/15 kill will drop between -0.10 and -0.40. The surge the QQQs have put on this morning, the closes the "Gap" to -1.19 with the QQQs carrying a discount to the component. I'm missing the guidance of a projected cash settlement index from the model but there is not much trend here and without that the model does not perform very well.

Packers made only a fair purchase with their lower bids yesterday getting 90.8% of the moving average daily purchases.

I was long a handful of QQQs but this surge gave me an opportunity to lighten the load on my boat and I am now down to a single long.

Best wishes,

dhm