8/10/16 was down -0.76 to 67.82. That cuts the QQQ discount to -0.57 and the VVV's stands at a much more reasonable -6.97.

The six-day moving average carcass weight was steady to mildly firm at 207.92#. That is -1.81# year/year. Packer hogs were a little heavier on yesterday's kill but they obviously have reduced their inventory of market hogs. Packer hogs are only 0.27# heavier than non-packer hogs. Index hogs continue to be lighter at 207.26#.

The model projects that the cash settlement index for the QQQs will be 67.07 with a range of 66.82 to 67.32. I had not intended to go to cash settlement with any buy have decided to take a handful or so of shorts to cash settlement. It caught me leaning the wrong way and "The Market" clawed back some of the "Green" I thought was safely in the bank.

The "Gap" closing move did come today. I knew I did not have a strategy to trade it. Am waiting to hear if ITZ's fishing lines snagged a few.

Best wishes,

dhm