Hello, I am dabbling in seasonal spreads lately. I studied a lot of calendar spreads over years of daily datas in ags, meats, metals and energy and I finally made a selection based on consistency of returns. It seems seasonal spreads are best working in bearish/stagnating/slightly bullish outright scenario with contango, and poorly working in a 2008 style exploding inverted market . A lot of MRCI spreads featured in their encyclopedia had an awful year in 2008 because of this, so I apply a filter on "exploding markets" before taking a trade. Do you agree with this? Do you see an other filter I should apply( fundamentals, cost of carry...)? Thanks a lot.