q7/18/17 was down -$0.53 and the model projects that the component on yesterday's kill will drop between -0.15 to -0.45. It just might be that a down-trend is now in place. With the QQQs having settled -12.09 lower than the component, there can still be a lot of cutting of packers' bids and have the QQQs show a bounce by the time we get to cash settlement. At any rate the "Gap" closing dance has now started.

Packers purchased 85% of the moving average daily purchases of total hogs and 99.4% of the moving average daily purchases of Index hogs. Producers of index hogs are willing sellers.

I'm a bit nervous about the long QQQs I was left with when the short NNNs expired. Dewey says I might be all right "IF - - -"

Actually, I'm thinking there is the possibility of a limit up move in the next month at some point as a part of the "Gap" closing dance.

Best wishes,

dhm