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    Fasten your seat belt!

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    mrtopstep

    by mrtopstep

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    http://mrtopstep.com George Cavaligos, MF Global - Fasten your seat belts gang; we are seeing historic drops in TY open interest over the last 3 days, down 99k on Wednesday and more than 204k over the last 3 trading days. My memory isn’t what it used to be but that kind of drop is certainly among the biggest I can recall, once that short covering is finished will there still be buyers? The TYU1 made a one tick higher high last evening taking out the afternoon electronic highs at 123.16+ and then seeing some long liquidation trading down to 123.07, holding above the support at 123.04-123.05 at least for the moment. The NFP data tomorrow is the key and I would think that there will be a bit more short covering today as the overnight trade still looks consolidative and not too toppy yet.

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    **Filmed on the trading floor at the CME Group. Produced by MrTopStep with MarketHEIST