8/7/ was down -0.54 and the model projects the component on yesterday's kill will drop between -0.40 and -0.70. It takes drops bigger than that to close the "Gap".

Packers purchased 101.9% of the daily moving average of total hog purchases and 108.3% on the Index hogs. Packers continue to round-up with lower and lower bids.

It appears that the seasonality high was posted on 8/2/19 at 84.68 and we are now searching for the low currently projected to be 64.40 about the time the ZZZs go to cash settlement.

Still long the QQQs as we head to cash settlement.

Best wishes,

Doc