7/31/19 was up +0.38 and the model projects the component on yesterday's kill will move up between +0.40 and +0.70. The QQQs are now trading discount to the component by -5.18. Traders have concluded that this market is headed lower. It appears that the "Gap" will widen when the 11:00 report comes out with a move higher by the component.

With their lower bids, packer rounded up 96.1% of the daily moving average of total hogs and and 109.2% on the Index hogs.

It looks like we are headed for that 10-point ITZ move.

Best wishes,

Doc