NOT bullish!

Perhaps just about as significant as the H&P report was the cutout report showing pork was trounced quite badly today, the kill rate for the week is strong and the afternoon reports showed that packers gave their bid prices another haircut. I'm short some April 68 and 69 calls. At this point I'm thinking selling them was a good idea.

Last week I thought selling 65 and 66 puts was a good idea. Now that doesn't look like a very brainy idea. When the tide shifted, I took some profits on them and flipped to selling the calls.

Best wishes,

dhm