with the Feb cattle hog spreads. Start working the April and preferably June spreads. Don't let the logic of the thought that hogs have more downside before they are a buy, interfere with a short cattle/long hog spread. The Big Picture shows cattle still in the top 25% of their 5 year trading range and hogs have just hit the top end of the bottom 25% of its 5 year trading range. Hogs may not find big rallies but the downside has less potential than cattle. Hogs are back to their 2010 lows. The cattle market with the over expanded spread can drop $30 if it only wants to challenge the 2013 lows. At some point I expect one of those spreads to reap a $20 profit for those with the courage to ride it that long.