Well, they have Par calls!

The crossing up of 10 and 20 week moving averages is a classic long hold position in Eurodollars. The event in Sept. of 2010 is highlighted. The Muni dumping in Dec/Jan led to a cross down and liquidation early this year. BUT..a rare cross back up extremely close to the ceiling occurred in March. AT BEST- the implied yield is worth $1250US/million if absolutely nothing happens for 1 year.(rather than the 268bp and $6700US/million that the last cross delivered) A poor and boring bet given the state of the world. If anyone wonders why money is playing in sexier sandboxes, here's your answer.

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