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###POV. GERMAN CONTRACT ROLLS HAVE......>

BUNDS/CURVE
BUNDS/CURVE: ###POV. GERMAN CONTRACT ROLLS HAVE SIGNIFICANT POSITIONING BIAS.
- We have just published our MNI Pi (Positioning Indicator) for the futures
markets. 
- Firstly, it's worth pointing out that as we head for the contract roll season,
open interest levels are very elevated for the Schatz, Bobl and EuroBuxl
relative to 'normal' levels.
- In terms of positioning, the fast money in the market has become increasingly
short in the past few weeks with Schatz, Bobl and Bund contracts all showing
'very short' positioning. Only the Euro-Buxl has not followed this trend. 
- Heading into contract rolls, it is important to stress that the fast (recently
traded) positioning have much less impact upon rolls that the larger, more
stable positions from real money. Thus from a roll-perspective, the above
positions will put downward pressure on the price of the front-month suggesting
an early roll.

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