8/2/16 was down -0.61 to 71.33. That makes the QQQs discounted to the component by -2.56 and the VVVs are discounted by -10.46.

The 6-day moving average carcass weight was down mildly at 207.78#. That is -1.89# year/year. Producers are being quite aggressive in shipping hogs. Index hogs are at 207.24# and that is now close to the weight of all hogs. Packer-hogs are only 0.09# heavier than non-packer hogs. Packers have really become current in their shipments.

My bearish bias on the VVVs is working a little today. I have been able to do a little scalping as the VVVs have moved up and down and that is helping a bit. Spread are not doing much for me today. I loaded my boat with kibg K/M a little prematurely and am now hanging on for a pop which may take a while to get here. I should have added move on the latest round of weakness but decided that I had enough of them on my boat. Now I'm trying to add a couple more if they dip again. There is a lot of time between now and 5/17/17 for technical/emotional factors to produce a small rally that will let me un-load some of them.

Best wishes,

dhm