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Could the premium get even beefier? In a previous article, "A Beefy Premium" , we delved into the growing divergence between Live Cattle and Lean Hogs. Since then, this disparity has only broadened. Currently, we're seeing a historic peak in both the absolute price difference (Live Cattle – Lean Hog) and the price ratio (Live Cattle/Lean Hog). To comprehend the drivers of this divergence, we need to explore the fundamentals of each sector. Beef: USDA economists, Russell Knight and Hannah Taylor, have noted that the repercussions of drought are still impacting calf production. The twin challenges of poor pastures and dwindling hay supplies have made it difficult for farmers to sustain their breeding stock. This has prompted a surge in beef cow culling. With anticipated feed price reductions on the horizon, we predict a tilt towards placing more calves into feedlots in 2024, constricting the cattle supply even further. Interestingly, despite the tightening cattle supply, demand remains robust. Beef cutout prices reached a pinnacle in October, with prices generally maintaining historic highs on a monthly scale. Seasonally, prices are also expected to rise slightly going into November due to a holiday boost. A possible explanation for this sustained demand might be the surge in US wages. Empowered with heftier paychecks, consumers are more able to splurge on beef, ensuring packers to keep up their slaughter pace. Pork: On the hog front, this quarter reflects a modest uptick in inventory. In contrast to the cattle market, the decline in headcounts here isn’t as pronounced. A noteworthy correlation emerges between lean hogs and soybean meal. With soybean meal being a staple in animal feed production, its price directly influences producer margins. Factors like the Russia-Ukraine conflict, US droughts, and surging demand for soybean meal have propelled its prices in recent years. Even though the current prices are tapering off, the Soybean Meal/Lean Hogs ratio remains high, signaling shrinking profit margins for producers. Moreover, compared to other commodities, the USDA's support for the Hogs and Pigs market has been relatively scant. Another point of concern is the prevalence of negative news in the swine industry, such as the European swine industry suffering substantial financial losses in 2023, leading to an 8.5% drop in production. Or bouts of African Swine Fever, threatening global supplies. Such events have the potential to threaten producer’s profitability significantly which could work its way into structural long-term decline in supply. But as of now, this remains to be seen. Overall: Current evidence seems to be pointing to a stronger preference for beef given the unwavering demand despite supply shortage and climbing prices. Basic economics principlesnudge producers to markets with higher profitability, which could work its way into an increase in participants leading to supply eventually matching demand. Although this movement, if it happens, does not occur overnight, it will eventually lead to a convergence in prices between the two markets in the future. There are also other reasons that need not be as drastic that point towards a convergence in prices in the medium term: expectations of Live Cattle supply should improve next year; the road to the maximum willingness to pay for Live Cattle is shorter now. Hence, to express our continued bearish bias, we could consider a short on the spread of live cattle to lean hogs. Given that both Lean Hog & Live Cattle Futures have the same contract unit of 40,000 pounds and price quotation of US cents per pound, we can trade the spread of the two contracts using a 1:1 ratio. This involves selling one live cattle futures contract at the current price of 185.725 and buying one lean hog futures contract at the current price of 68.025 giving us a spread of 117.7. Each 0.00025 increment is equal to 10$. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description. Reference: usda.library.cornell.edu usda.library.cornell.edu beef2live.com www.cmegroup.com www.cmegroup.com
CME:LE1!Short
by inspirante
Limbo in December Live Cattle December Live Cattle has been in a virtual free-fall since making contract highs back on September 19th. We’ve sold off nearly $7 since scoring the new high. To say it’s been a remarkable year for live cattle futures would be an understatement - we’ve made all time highs, and bucked bearish seasonal tendencies along the way. The strength observed across the cattle contracts is well substantiated by national cash-trade transactions, and cattle on feed numbers - two of the most important components of fundamental analysis in the cattle markets. Where will we find support? If you look at the retracement from the contract’s low to the contract’s high, we are quickly approaching the 23.6% retracement level at 183.100. This could be viewed as our first major pocket of support, as it is both a significant fibonacci retracement level, but also a point where we saw prices pace through continuously between July and September. Trendline Support In the case that the 23.6% retracement does not hold, another key area to consider is long-held trendline support. Now, that could be a ways away from where we’re at. If price continues to free-fall, trendline support should come into play around 181. But, if prices stabilize and begin moving sideways over the course of the coming weeks, both trendline support and the 23.6% retracement level will converge. This convergence serves a “cluster” of evidence that provides more credibility to the support pocket. Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:LEZ2023
by Blue_Line_Futures
A Beefy Premium.Live cattle recently hit an all-time high, leaving us wondering if the rally has gone too far. The front month contract reached 177 on April 13, surpassing the previous record set in November 2014. Meanwhile, lean hogs have been trading lower since last year. One way to assess this trend is to look at the spread between the two livestock markets. Both the absolute price difference and the Live Cattle/Lean Hog ratio are currently at highs. The absolute price difference is at its second-highest level ever, with only March 2015 having a higher reading. The ratio spread, meanwhile, is trading at the higher end of the range since 2015. So, what's driving this trend? Well, we could start by looking at what caused the surge in 2015. A mix of live cattle rising and lean hog prices falling contributed to the surge in the spread as cattle inventories bottomed in 2014. Looking at the current supply dynamics, we see the smallest cattle herd in eight years, with the previous low marked by the 2014 episode and hog supplies on a downtrend but still above the previous decade’s average. As consumers become more environmentally conscious, they may prefer pork over beef due to the former’s lower environmental impact per calorie. Additionally, with the price gap between beef and pork increasing, price-sensitive consumers may switch to other protein sources as inflation continues to weigh on their mind. In the longer term, consumer preferences could flip to favour hogs over cattle. Seasonality effects are also pointing towards an unusual year. Historically, May marks the low point for the spread as hog prices run up towards the middle of the year. However, with May already underway, the spread is not close to any lows and lean hogs are still trading down. This suggests that the current year’s spread is trading abnormally high compared to past trends. Given that both Lean Hog & Live Cattle Futures have the same contract unit of 40,000 pounds and price quotation of US cents per pound, we can trade the spread of the two contracts using a 1:1 ratio. To express our bearish bias on the spread we can sell one contract of the Live Cattle Futures and buy one contract of the Lean Hog Futures. Keeping in mind the 2015 run took close to 1.5 years to bottom, we will place our stops further out at 110 and take profit at 45, giving the spread a longer horizon and more room to play out. Each 0.00025 increment equal to 10$. So, will you be switching from steaks to pork chops anytime soon? The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description. Reference: usda.library.cornell.edu usda.library.cornell.edu www.cmegroup.com www.cmegroup.com ourworldindata.org
CME:LE1!Short
by inspirante
Can Feeder Cattle Rebound with Lower Corn Prices? Feeder Cattle Technicals (August): Feeder cattle futures failed against our resistance pocket from 175.50-176.125 which put them in reverse. August feeders filled the illusive gap, which was a gap lower on June 13th but a gap higher on June 21st. Yesterday’s failure to get out above technical resistance was somewhat of a caution flag as it did mark lower highs, but no significant damage was done to the chart. Trendline support and the 50-day moving average remain intact, that comes in from 171.45 (50 dma)- 172.40 (trendline support from the May 23rd lows. Resistance: 175.50-176.125**, 176.80-177.075*** Pivot: 173.75-174.02 Support: 171.45 -172.40****, 169.40**, 167.325** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:GFQ2022
by OliverSloup_BlueLine
Feeders Find Strength Feeder Cattle Technicals (August): Feeder cattle gaped higher which was to be expected with the weaker grain trade. That gap is largely intact with today’s trade, except now it will act as support and not resistance. With that said, the fell flat against our resistant pocket above the old gap, we’ve had that defined as 175.50-176.125. This pocket represents previously important price points, along with the 100 and 200 day moving average. If corn futures are able to stabilize for the rest of the week as we head into options expiration, we could see the market consolidate back towards trendline support and the 50-day moving average. Resistance: 175.50-176.125**, 176.80-177.075*** Pivot: 173.75-174.02 Support: 170.975 -171.65****, 169.40**, 167.325** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:GFQ2022
by OliverSloup_BlueLine
Live Cattle Consolidate Tuesday’s Slaughter is estimated at 126,000. 4,000 more than last week and 4,000 more than the same week last year. Tuesday’s Cutout Values Choice: 267.56, Up 1.06 from the previous day. Select: 246.70, Up .31 from the previous day. Choice/Select Spread: 20.86 5 Area Average Cattle Price Live Steer: N/A Live Heifer: N/A Dressed Steer: N/A Dressed Heifer: N/A Live Cattle Technicals (August): It was more of the same for live cattle, trading on both sides of the 100-day moving average for the fourth consecutive session. If the Bulls can chew through resistance from 137.90-137.95, we could (finally) see an extension into the April 25th gap, 138.75-140.275. On the support side of things, 134.85-135.40 is the pocket the Bulls need to defend. This pocket represents previously important price points, along with the 50 and 200 day moving average. A break and close below that pocket would be a dagger in the heart for the Bull camp as it could spur a retracement back to the 132 area. Resistance: 137.90-137.95**, 138.75**, 140.275** Pivot: 136.60 Support: 134.85-135.35***, 132.45-132.775**, 129.975-130.725**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:LEQ2022
by OliverSloup_BlueLine
Are Cattle Futures on the Verge of a Bigger Rally? Friday’s Slaughter is estimated at 124,000. Unchanged from last week, but 6,000 more than the same week last year. Friday’s Cutout Values Choice: 266.26, Down .90 from the previous day. Select: 246.53, Up 1.15 from the previous day. Choice/Select Spread: 19.73 5 Area Average Cattle Price Live Steer: 143.73 Live Heifer: 142.94 Dressed Steer: 229.73 Dressed Heifer: 229.95 Live Cattle Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 10,576 futures/options through June 14th. Much of which was short covering (12,733 contracts). This expands their net long position to 31,926. Broken down, that is 76,596 longs VS 44,670 shorts. This is still a relatively neutral breakdown for the funds, which continues to favor the Bulls. Technicals (August): August live cattle were choppy to round out last week’s trade, finishing the session right near unchanged, which is also in line with the 100-day moving average, 136.62. Outside markets are firm this morning which may help provide a tailwind to the market. If the Bulls can chew through resistance from 137.90-137.95, we could (finally) see an extension into the April 25th gap, 138.75-140.275. On the support side of things, 134.85-135.35 is the pocket the Bulls need to defend. Resistance: 137.90-137.95**, 138.75**, 140.275** Pivot: 136.60 Support: 134.85-135.35***, 132.45-132.775**, 129.975-130.725**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:LEQ2022
by OliverSloup_BlueLine
Daily Live Cattle Fundamental and Technical Outlook (6.12.22)Tuesday’s Slaughter is estimated at 122,000. 4,000 less than last week, but unchanged from the same week last year. Tuesday’s Cutout Values Choice: 269.44, Down 1.10 from the previous day. Select: 246.82, Down .63 from the previous day. Choice/Select Spread: 22.62 5 Area Average Cattle Price Live Steer: 141.72 Live Heifer: 143.00 Dressed Steer: 225.58 Dressed Heifer: 226.00 Live Cattle Technicals (August): Tuesday was mostly a nothing burger, with futures trading on both sides of unchanged, only to finish the session near unchanged. As mentioned in yesterday’s report, the outside markets will be the driver, ahead of today’s Federal Reserve announcement. The market is pricing in a .75% rate hike. The announcement will be at 1:00pm CT and a press conference at 1:30pm CT will follow. Resistance: 136.025-136.625***, 137.90-137.95**, 138.75**, 140.275** Pivot: 135.10-135.475 Support: 132.45-132.775**, 129.975-130.725**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:LEQ2022
by OliverSloup_BlueLine
Live Cattle Fundamental and Technical UpdateMonday’s Slaughter is estimated at 125,000. Unchanged from last week, but 8,000 more than the same week last year. Monday’s Cutout Values Choice: 270.54, Down .78 from the previous day. Select: 247.45, Down 1.44 from the previous day. Choice/Select Spread: 23.09 5 Area Average Cattle Price Live Steer: 140.14 Live Heifer: 138.35 Dressed Steer: 226.03 Dressed Heifer: 225.95 Live Cattle Technicals (August): August live cattle got taken to the woodshed yesterday, along with nearly every other market out there as a risk-off sentiment fed on itself ahead of this week’s Federal Reserve meeting where the chances of a .75 rate hike went from 25% to 94% over the span of one trading session. As painful as yesterday may have been, it prices in the bearishness that comes with a more rapid rate increase and leaves room for outside markets to rally if the Fed only comes in with a .50 hike. If the Fed hiked rates a full point, that would obviously be another story. Needless to say, outside market money flow and sentiment will be a key catalyst through tomorrow’s Fed meeting. Resistance: 136.025-136.625***, 137.90-137.95**, 138.75**, 140.275** Pivot: 135.10-135.475 Support: 134.40-135.10***, 132.45-132.775**, 129.975-130.725**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:LEQ2022
by OliverSloup_BlueLine
Lean Hogs Defend Significant Support.....AGAIN Lean Hogs Technicals (July): Our "MUST HOLD" support pocket held again yesterday which was a silver lining, but I'm sure the Bulls would rather stop testing it. That pocket remains intact from 103.35-103.70. A failure here could take us back to fill the tiny gap left from May 16th, and potentially lower. On the resistance side of things, there are multiple hurdles for the Bulls. The first hurdle comes in right near where the market closed, 106.75-107.75. A close back above this pocket could help spark some buying interest which could take us back near the 50 and 100 day moving average, which coincides with trendline resistance from the March 31st high. Resistance: 106.75-107.75*** 110.50-111.625***, 114.00-114.825*** Support: 103.35-103.70****, 101.30-101.60**, 97.375-98.00**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:HEN2022
by OliverSloup_BlueLine
Feeder Cattle Need to Defend Support to Keep Momentum Feeder Cattle Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 3,798 futures/options contracts, through June 7th. This shrinks their net short position to 5,472. Broken down, that is 10,900 longs VS 16,372 shorts. Technicals (August): August feeder cattle retreated on Friday after failing against technical resistance, which we had outlined in previous reports as 176.75-177.075. This pocket represents previously important price points and the 100-day moving average. If the Bulls can eventually chew through this pocket, it would open the door for a potential run back near 182. On the support side of things, our first pocket from 174.00-174.30 remains intact after holding on Friday’s pullback. If that pocket gives way, we could retrace to last week’s breakout point and the 50-day moving average, 171.50-171.925. Resistance: 176.75-177.075***, 178.225**, 181.65-182.10**** Support: 174.00-174.30***, 172.90**, 171.50-171.925**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:GFQ2022
by OliverSloup_BlueLine
That’s going to be one expensive steak!Where can we feel the impact of high inflation most directly in our daily lives? Food and energy! Livestock is a market that certainly deserves more of our attention. Surging energy prices (especially natural gas) have led to high fertilizer prices, which pushed up grain prices. Eventually, that gets translated into higher prices for livestock which are heavily affected by the prices of corn and other feeds. The transmission takes time; therefore, the opportunity window to position ourselves is still open. It’s also a good time to stock up on some premium steaks in your freezer before they get a lot more expensive! December 2022 Live Cattle future has just broken out from a 10-week ascending triangle, which suggests that the next leg of the rally has likely started. Entry at 150.5, stop below 146.5. Targets are 155.5 and 160.5. Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
CME:LEZ2022Long
by inspirante
“FLASH CRASH” and Earths Real "Live Stock" Market“FLASH CRASHES” and the United States Stock Market: The term "Flash Crash" gained Genuine United States Popularity “unanimously” quite recently. A Economic “Flash Crash’ is a sudden flood of “electronic” “or human “pre-configured-sell-orders” that are issued “all of a sudden” because they are all “setup ahead of time”. Everyone wants to sell... So, a Flash Crash is a very rapid, deep, and volatile fall in security prices occurring within an extremely short time period. Some recent examples of a “Flash Crash” in the U.S. are on Wednesday March 18, 2015 when the US Dollar and entire US Economy fell more than 3% in under four minutes, or on August 24 of the same year when the S&P 500 opened and within minutes fell and lost 5% of Stocks in the S&P 500 that makes up about 75% of the total U.S. equity market loosing serious value in just a few minutes. There was also the fairly recent sudden drop by nearly 10% in just fifteen minutes (May 6, 2010). And lets all truly honestly forget about the recent 2020 sudden crash when the Dow Jones fell (2,000+ points) on fears of the global virus loosing trillions and trillions of dollars locally or about 30% of global stock market value in a few short weeks not just in the United States but in every country on Earth? The problem with modern “Flash Crashes” is actually mysterious. Both computers and humans are causing them. We know computers must be causing them because nearly 70%+ of all “real” traders are “high frequency mathemagical algorithms”. We are seeing some very very fast ups and even more sudden touch downs lows. Today the Stock Market and Capitalism maybe entirely unjustified. For example how can a companies value double or get to be 600% more valuables in a few minutes and “computer algorithms” agree with this idea? Its not just human fault. Its a modern “circuit breaker?” All of this suggests that more then 70% of all trading is mathematical algorithms speculation? Today “Flash Crash” are “frequent”. The problem is that just about everyone believes a very very serious crash will happen. Very very soon. Another day passes without a “Flash Crash”? Just sudden “redundant ups”? And yet everyone knows that we are about to get a “historic stimulus package” and begin printing money (globally) like the “Guinness Book of World Records” has never seen? What I’m very personally (very interested) in was the “crash before the crash”. What I’m talking about is the crash of 2015 before the 2020 crash. The key detail in our 2020 Crash was that it was “flash food crash” in Wuhan?! While I’m personally a vegetarian. In Asia there is a “stock” and real demand to “eat” exotic animals. The Wuhan “Huanan” market was a “Seafood Wholesale Market” not just “any animal market”. The Wuhan Seafood Market was wildly known to sell “live stock” and animal and not just “bats” “beavers” (pet dogs and cats as food?) or snakes or wolf puppies, turtles for food?, rats, frogs, and salamanders but also Wuhan was a “live stock” seafood marketplace? The “economic wolves” of China have banned live animal sales in Wuhan, after our deadly “food stock” virus. KEY FLASH CRASH TAKEAWAYS: “FLASH FOODS CRASH” “Earths Wildlife” and “live stock”?? “Sea Life” by Asher!
TVC:SPX
by idasuperman
1
Short Hog Spread entered 1-22-15. $480 profit, $990 margin. What an extremely sharp move after a crossover deep below overbought range, right before a huge day on 1-30-15. I wish I could say that I rode this all the way up to it's top but I had a nice little profit at 10.875 and exited when it leveled off after it's strong open just over 11.000. Looking at it now, a trailing stop using the last 14 days Average True Range, which was .6220, I would've given it room to do it's thing and captured it's peak right at close, but that's $250 worth of wiggle room, and it could've gone against me too. For those of you tracking me, this was the recommendation I emailed out on 1-22-15. Trade 4212, 15/15 years profitable, $681 avg profit, which we caught 70.4%. But this is a spread that's been profitable historically for the next 17 days, until 2-19. So I'll be looking for a dip to do it again. Will you be with me?
CME:HEM2015Long
by Trendingup101