7/17/18 was down -0.64 and the model projects that the component on yesterday's kill will drop between -0.40 and -0.70. This down trend is alive and well! The QQQs settled discount to the component by 11.48. That is an "Industrial Strength Gap" to close in less than a month. Packers are sure moving their hogs to market at a brisk clip. Yesterday packers purchased 99.4% of the moving average of daily purchases of total hogs and 105.9% of the Index hogs.

I would like to be short the QQQs but that very large "Gap" has me on the side lines. I did pull off a couple of QQQ scalps yesterday and flipped a couple of Q/V spreads.

Best wishes,

dhm