can make work.

Rather than trade the individual legs of the short June cattle/hog spread and legging into the spread, I just trade the spread. When the spread was above 40, it just looked outside of its appropriate long-term trading range which I think is 15 to 30. So I sold and am patiently holding from 42.85 to see if it will drop below 30 sometime between now and June. As I wait, I am piling on another one or two on rallies and covering them on dips for a point or two. It seems that every couple of days I can flip one. Yesterday I picked up 1.125 and am now waiting for another rally to sell another or a dip to cover one and head to the bank. Looking at the declining hog kill rate, it seems doubtful to me that the June cattle/hog spread will creep back above the life of contract high of 45.00 - - - but I could be wrong.

Best wishes,

dhm