12/31/14 was down -$0.14 and the model projects that the CME Index component on the 12-31-14 kill will drop between -0.15 and -0.45. It appears that the down trend is still intact. Packers purchased 103.0% of the moving average daily purchases. It doesn't seem to me that is a very strong purchase with few hogs probably being purchased yesterday. They did have very large numbers scheduled on Wednesday so they may not have need to make a large purchase .

My suspicion is that the number of hogs available for slaughter is going to tighter in in front of the GGGs going to cash settlement and we will see the Index move up enough to close the 3.65 "Gap" we now have. But before that happens, I think the emotions of the market place may cause the GGGs to dip to 79.80 so I'm wanting to buy again at that point. I do have a few GGGs in my boat in case the "Down Move" does not materialize. I will try to scalp in and out of the market with them.

Best wishes,

dhm