7/10/17 was UP $0.36 AND the model projects that the component on yesterday's kill will be up between +0.15 and +0.45. So much for the end of the up-trend in hog prices. Packers did not get a very good purchase of hogs yesterday getting only 77.0% of the moving average daily purchases of index hogs. This may be setting the stage for packers to bid higher again today.

The component will need to drop an average of -0.20 per day to get the index down to where the NNNs settled yesterday. Looking at the strong cutouts and the low number of hogs purchased yesterday, I don't think it will happen so I am still long the NNNs.

And one QQQ that is giving me a fit.

Best wishes,

dhm