12/15/15 was down -$0.45 and the model projects that the component on yesterday's kill will shed between -0.15 and -0.45. On average year-after-year there is tendency for the CME Lean Hog Index to trade with a couple point range between the expiration of the ZZZs and the expiration of the ZZZs.

However in some years there is a major move. For instance, last year the index lost 24.63 points. With the index beaten down so much, it seems to me that there is relatively less risk in being long the GGGs than being short. If we get a 5-point "ITZ" addiction move, my bias is that it will more likely be up than down.

I may change that view when we get the next H&P Report but that seemed to be the message of the last one.

So -

I am long a couple of GGGs and have a few long G/J spreads.

Ka!! Ching!! I now have one less G/J spread and a little more "Jingle" in my pockets.

Best wishes,

dhm