not for the faint hearted. Today the Feb cattle hog spread has traveled more than a two-point range. I feel lucky to have been on the right side of the move but I might just have well been on the wrong side.

Yesterday packers chose to kill some of their more expensive hogs and that pushed the component up to the max of the model's projection. That's the way it works sometimes.

I find that I am trading more spreads and less out-right positions.

Best wishes,

dhm