11/10/15 was down -$1.24 and the model projects that the component on yesterday's kill will drop between -1.20 and -1.50. With their lower bids, packers made a puny purchase at just 78.7% of the moving average daily purchases. With the cut outs being down yesterday, the Index in a powerful down-trend and yesterday's further erosion of the Purchase Index, then the ZZZs should head toward limit up this morning??

I don't think so!!

So I probed the short side of the ZZZs at 55.725 and was waiting for near limit to add more short ZZZs. But "The Market" seemed to come to its senses before it got there and I stand at the dock with my boat heading out to sea with a single short ZZZ aboard! There is a lot of day left and the near-limit move may still happen. I was able to take profits on a long G/J spread which I will replace at -6.20 if they head higher. A further rise in the spread and I sell more of my inventory.

Best wishes,

dhm