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### POV: LIKELY LARGE SHORT UNWIND...>

US TSY FUTURES
US TSY FUTURES: ### POV: LIKELY LARGE SHORT UNWIND IN PROGRESS
- Regarding all the Block buys in Dec 2Y futures today (+36,000 from 105-10.25
to -13), it will be interesting to see Friday's CFTC COT positioning data
(covers today's trade).
- Last Friday's Commitment Of Traders (COT) report showed large specs extended
positions to new record shorts (-333,480 futures only; -330,636 futures &
options).
- Of note, large specs also extended record short in Ultra-bonds last Friday
(-259,949 futures only; -260,602 futures and options).
- Today also saw start of early roll volume from December to March futures
(-20,856 FVZ/FVH 2.75) well ahead of November 30 final notice date when March
futures take lead.

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