Below are MNI-Pi estimates of futures.........>

BONDS: Below are MNI-Pi estimates of futures market positions for faster money

based upon observations of correlations between daily market direction changes

and open interest movements over the past 6 weeks, excluding contract roll

distortions. The most recent week of positioning change is in (parentheses): 

- DU: Flat (reduce longs) 

- OE: Short (short cover)

- RX: Short(set shorts)

- UB: Flat (reduce longs)

- OAT: Flat (reduce longs)

- BTP: Flat (reduce longs)

- Gilt: Very Long (set shorts)

- The big story is the large reduction of long Bund positions at the back end of

2017. All German contracts show little in the way of net positioning. The only

story worth highlighting is the Gilt. On a daily basis there is a very high

correlation between the direction of the market and changes in open interest,

strongly hinting that the market is being dominated by longs.