11/19/15 was down -$0.02 and the model projects that the CME Lean Hog Index component on the 11/19/15 kill will drop between -0.15 and -0.45. Packers still have some less expensive hogs purchased and most likely they will have burdened the component a little yesterday. It does appear that the Purchase Index is bottoming out, though and it usually leads the CME Index by a couple of days or more.

Yesterday my bias shifted from being bearish to somewhat neutral and this morning I woke up and found what may turn out to be "Horn Buttons" forming. So far today I have scalped one of the ZZZs from the long side.

Best wishes,

dhm

PS: Greg - Yesterday I was able to take profits on a long K/M spread I had be riding for a while. They really take patience.