dodged a bullet on the cattle/hog spreads. I had orders working for an $85 spread on the April spreads last week, being Monday I bumped them up to 86 thinking I would be lowering them back down after the first hour of trade. My thinking turned out to be foolish thunking(that's not a typo) that's how I label impatient guesses that create lot's of logic to fool me into acting before the time is ripe for picking. It didn't take me long to decide I had no business holding that spread very long. It was way too hot for me to hold onto. I was more than happy to cut it loose with a $1.20 loss rather than wait to watch it take $2. At the moment I'm still shaking at the thought that I was THUNKING about grabbing an $82 spread, it sends shivers down my spine that I was entertaining that action. A $5 loss is not in my vocabulary, even though it somehow seems to find me once or twice a year. This is what I hate about Mondays, they seem more prone to catching me with my pants down. My error session in front of the mirror reminds me that I seldom have orders working the first 60 minutes of Monday morning trade. The few times I do have a high percentage outcome with negative results as today. I can just be thankful I didn't suffer more from this lazy, unfocused, overconfident blunder.

tomorrow I may like the sound of an $87 spread but it sure looks like the April spreads may try to keep pace with the Feb spreads above $90 until we get the Feb hogs off the board and maybe even the Feb cattle 2 weeks later. Hogs may not be able to find much upside but I have to believe cattle have another $15 drop waiting to happen by the time April cattle expire. We are now in the time frame when I can think about the June/June spreads @ the 72-75 spread area. Upside target on June LC @ 150 and downside target on June hogs @ 75. I just don't know if both markets will trade those objectives at the same time. I usually have to sell the cattle first and buy the hogs later to get the best spread.