8/9/16 was down -$0.69 and the model projects that the component on yesterday's kill will shed between -0.50 and -0.80. This price cutting just goes on and on and ON. Cutouts were weak again yesterday being down 0.69 and it was especially the bellies that were the drag. Doesn't the consumer know we are in the BLT season?

Packers made only a fair purchase at 89.4% of the moving average daily purchases yesterday. I'm going to be especially interested in the 201 report today to see if the carcass weight of packer hogs is still very, very low.

I have not been able to get my model to project a cash settlement index for the QQQs, We are now down to just a couple of days and the "Gap" is still at -2.08. It looks to me like a "Buy" on the QQQs with only four more days of data to get us to the cash settlement. Must spend a little time on the model today. Would hate to miss out on a good expiration seasonality. That is when I often make some of my best trades.

Still short the VVVs but do have two long QQQs.

Best wishes,

dhm