surprise me in this phase of the Hog Cycle. If this trade war were to end and exports were to pick up a bit, 69.00 on the QQQs would be a done deal. It appears that packers are moving their hogs to market at a rapid clip. I don't think that is a bullish scenario. I just sold a couple of Q/V spreads at 16.10. Generally I like to buy the Q/V spreads but this price level seems a bit too high to me. On average over the past seven years the Q/V spread expired at 14.93 but in 2014 it expired at 19.75 and I suppose it could do that again this year. In 2016 it went off the board way down at 7.15. The Q/V spread can really jump around a L O T ! !

Best wishes,

dhm