8/4/17 was down -$0.39 and the model projects that the kill on Friday will have an index component that will be between -0.30 and -0.60 lower. The downtrend is continuing. Packers did not get a very strong purchase Friday at 90.0% of the moving average daily purchases. Usually weekend purchases are usually quite large.

It now takes an average daily drop of -0.45 to close the "Gap" at cash settlement. I still think that is a bit much so I am still long the QQQ but not as much so as I once was.

Best wishes,

dhm