8/10/17 was down -0.36 to 85.05. The QQQs are trading discount to the component by -0.45. The model calculates that it will require a daily drop of -0.36 for the next two days to close that "Gap". It appears that is just about the trajectory that we are on.

The 6-day moving average carcass weight firmed to 207.08#. That is -0.38# year over year. Packer hogs are -0.96# under non-packer hogs. Packers continue to own a large portion of the daily hog kill.

I'm going to go to cash settlement with quite a few QQQs most of which are now off-set with short calls. The long QQQs have given me a very nice ride. Now I have to turn my attention to the VVVs that are trading discount to the component by -17.06. Traders are planning a huge cuts by the packers. Now to see if I can figure out whether they are right or not.

Best wishes,

dhm