Looking for overnight rate to firm up.
Fed Fund options show dealers putting on July call fly trades looking for the over night rate to firm from current level of around 17 basis points to 25, which would put the contract at 9975. They are paying 1.25 for these hoping to make 6.25 at the end of July. If the rate stays at .13 area come July the trade will be worthless of course as July will move up above 9980.
Fed Fund option flows courtesy of Geocities
| House | Buy/Sell | Quantity | Strike | Price | Futures |
| 709 | Bot | 100 | J50/75p 1x2 | .25 | J9983+-4 |
| 287 | Bot | 500 | N68/75/81c Fly | 1.25 | N9976+-7 |
| 287 | Sold | 500 | N68/75/81c Fly | 1.25 | N9976+-7 |
| 560 | Bot | 500 | N68/75/81c Fly | 1.5 | N9976+-7 |
| 714 | Bot | 250 | M75/81p | 1.75 | M9981+-2 |
| 287 | Sold | 100 | M81 Strdl | 8 | M9981+-2 |
| 714 | Bot | 250 | N68/75/81c Fly | 1.25 | N9977-77+ |
| 709 | Bot | 500 | M68/75/81p Fly | 1.25 | M9981+-2 |
| 560 | Bot | 1000 | M68/75/81p Fly | 1.25 | M9981+-2 |
| 287 | Bot | 1250 | J50p | .50 | J9983+-4 |
| 374 | Bot | 250 | M+68/75p J-50p | Even | |
| 714 | Bot | 750 | M62/68p | .25 | M9981+-2 |
| 714 | Bot | 500 | M62/68/75p Fly | .25 | M9981+-2 |
| 287 | Sold | 500 | G81/87c | 5.25 | G9986+-87 |
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