On April 7 (check the archive) we noted that the gravitational pull of the ZIRP was still a force of nature even though QE was getting all the attention. Well here's a nugget that won't make it on Fast Money, the EDU11 is marking a new "since inception" contract high. "Extended period" is old enough for kindergarten.
When Euro-yen contracts all melted up to 99.85 in the Lost Decade, a standard short bet floated around the floor. You could only lose $375/million so why not take a flyer on Japan improving and sell it? Well, multiple expiry and years later, it still didn't make money. Let's hope the US isn't embracing the same mistake.