I cant find anything fancy to report in hogs after they staged a possible upside break out yesterday. Volume was not heavy at just 35,700. Open interest did almost nothing, up 270 cars. We did notice the volume in hog puts, at over 8,000 was four times the volume in hog calls. The most active put was the Dec 55 putsare you kidding? The next highest volume put was in the Dec 60 puts which saw volume of just over 900 while open interest in this put increased by over 400. No doubt traders holding puts before yesterday are now actively rolling up their strike prices. Consider that the Oct contract, in mid-Aug staged a similar upside breakout from a bull flag formation. The contract went higher one addition session and they staged a massive outside day lower close. The contract then proceeded to break for four weeks and over $10. We suspect the Dec contract could be setting up a similar type pattern and fundamental situation.

I don't have anything to say this morning about hogs except "they don't have to be greasy to be slippery"!!

Dewey