| The 10 year has three times the open interest of the 30, and although they are still long 30 (not massively though, was higher at 255,000 on May 2, now 165,000, 193,000 last week, and 30 rallied more the last few days), the 10 is the important one to key on. You may be right about the crack boom part of the equation, almost looks like the Wizards might get tougher again. Maybe a 1-2-3-4 punch, Japan on July 14, ECB in early August, but light, the Fed on August 9th, and China MUST act? That would be the correct responsible policy BTW, given the big buildup in inflation and inflation psychology. |
