Market manipulation reigns supreme. It’s hardly worth trying to decipher it, even though I suspected we would see a turn around today given the harsh words of Bill Grotesque yesterday. But as I say it is still a market; with broad picture trends, that take time to develop with thousands of players. Following the flows can provide some clues as it seemed to yesterday. Starting around midsession there was a fair amount of trades in 10yr. options targeting a move to the 126.5 area see below:
| JP Morg | B | 5,000 | TYZ126/126.5 cspread | 0.13 | 12514.5/15 |
| Paper | B | 1,000 | TYZ128/128.5 c spread | 0.04 | ^12511.5 |
| Paper | B | 500 | TYZ127c | 0.25 | 12513.5/14 |
| Paper | B | 1,000 | TYZ128c | 0.11 | 12511/11.5 |
| JP Morg | B | 3,000 | TYZ 125.5c vs -6K TYZ 124p | even and.01 call | 12511.5 to .13 |
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