10/29/15 was down -$1.00 and the model projects that the component on yesterday's kill will drop between -0.55 and -0.85. Considering the way cutouts tanked yesterday, there may be something left to this down trend. The ZZZs are trading discount to the component by 11.78 so packers have a lot of room to cut their bids without forcing the ZZZs lower -

But -

Traders tend to second guess where the Index might go so I suppose it's a guess where we go from here.

Best wishes,

dhm