7/21/17 was down -0.28 to 91.53. The QQQs are now trading discount to the component by -9.58 and they are getting short-term. The model missed a bit on projecting the change in the component today but the fact is that packers still have those more expensive hogs that the purchased yesterday and they WILL come to market in the next few days and be supportive to the index. Cutouts yesterday were at 104.05. On year ago they were at 90.29. That extra $13.76 puts a little jingle in packers' pockets and they seem to be willing to share it with their producers.

And they should!

he 6-day moving average carcass weight was steady at #. That's -1.51# year/year. Packer hogs are lighter by -1.05#. They seem to be getting a bit heavier now.

Riding with a boat boat load of QQQS waiting for a move that fundamentally appears probable is giving me a rough ride. Fortunately catching calendar spreads and getting them delivered across the pond keep adding a little to my account so I am inclined to keep following the fundamentals on the QQQs.

Best wishes,

dhm