warm-up.

I am quite impressed with how actively the Feb cattle/hog spread is trading. Almost every day I am able to scale in and out of the trade several times and some of the trades are really quite nice. I keep thinking it might dip to the 75 level so I rode one down this morning and now back up. I may get another chance to cover it one of these days.

In looking at the MMMs, I see there have been some fairly large blocks trade this morning. I few days ago I was thinking about trying to sell the June at 65. I probably would not have been filled, but it turns out to have been the right idea. It may get back to the 65 level yet.

Best wishes,

dhm